Document:

SUPPLEMENTAL INDENTURE NUMBER ONE

TO THE

INDENTURE

DATED AS OF AUGUST 24, 2005

AMONG

MORTGAGEIT TRUST 2005-4, AS ISSUER

WELLS FARGO BANK, NATIONAL ASSOCIATION, AS SECURITIES ADMINISTRATOR

AND

DEUTSCHE BANK NATIONAL TRUST COMPANY, AS INDENTURE TRUSTEE

This SUPPLEMENTAL INDENTURE NUMBER ONE (this “Supplemental Indenture”) is made and entered into this 17th day of October 2005, by and among MORTGAGEIT TRUST 2005-4 (the “Issuer”), WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Securities Administrator”) and DEUTSCHE BANK NATIONAL TRUST COMPANY (the “Indenture Trustee”), in connection with the Indenture dated as of August 24, 2005 among the above mentioned parties (the “Indenture”), and the issuance of the Mortgage-Backed Notes, Series 2005-4. This Supplemental Indenture is made pursuant to Section 9.01(a) of the Indenture.

1.         Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Indenture.

2.         The definition of “Servicing Fee Rate” in Appendix A of the Indenture is hereby amended by deleting such definition in its entirety and replacing it with the following:

“Servicing Fee Rate:  With respect to any Mortgage Loan, 0.250% per annum.” 

3.         Except as amended above, the Indenture shall continue to be in full force and effect in accordance with its terms.

 

4.         The prior notice of this Supplemental Indenture required by Section 9.01(a) of the Indenture has been given by the Issuer to each of the Rating Agencies, currently Standard & Poor's, a Division of The Mcgraw-Hill Companies, Inc., and Moody's Investors Service, Inc.

5.         The opinions of counsel required by Section 9.01(a) of the Indenture have been received by the Indenture Trustee and Securities Administrator.

 

 

	
            6.
 	
            Counterparts.
 

This Supplemental Indenture may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

	
            7.
 	
            Governing Law.
 

This Supplemental Indenture 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 reference to or giving effect to its rules or principles governing conflicts of laws.

	
            8.
 	
            Severability of Provisions.
 

If any one or more of the covenants, agreements, provisions or terms of this Supplemental Indenture for any reason whatsoever shall be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Supplemental Indenture and shall in no way affect the validity or enforceability of the other provisions of this Supplemental Indenture or the Indenture.

	
            9.
 	
            Successors and Assigns.
 

The provisions of this Supplemental Indenture shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Noteholders.

	
            10.
 	
            Article and Section Headings.
 

The article and section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

 

 

IN WITNESS WHEREOF, the Issuer, Securities Administrator and the Indenture Trustee, have caused their duly authorized representatives to execute and deliver this Supplemental Indenture as of the date first above written.

MORTGAGEIT TRUST 2005-4, as Issuer

By:  Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee

 

 

	
      By: /S/ James P. Lawler                        
 

Name:  James P. Lawler

	
            Title:  
 	
            Vice President
 

DEUTSCHE BANK NATIONAL TRUST COMPANY,

as Indenture Trustee

	
      By: /S/ Barbara Campbell                        
 

Name:  Barbara Campbell

	
            Title:  
 	
            Vice President
 
	
      By:  /S/ Eiko Akiyama                        
 	
             

			

Name:  Eiko Akiyama

	
            Title:  
 	
            Associate
 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Securities Administrator 

	
      By: /S/ Dawn Hammond                        
 

Name:  Dawn Hammond

	
            Title:  
 	
            Vice PresidentEXECUTION COPY

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

                                    Depositor

                           DLJ MORTGAGE CAPITAL, INC.,

                                     Seller

                          WILSHIRE CREDIT CORPORATION,

                                    Servicer

                           OCWEN LOAN SERVICING, LLC,

                                    Servicer

                              INDYMAC BANK, F.S.B.,

                                    Servicer

                        SELECT PORTFOLIO SERVICING, INC.,

                                Special Servicer

                                       and

                           JPMORGAN CHASE BANK, N.A.,

                                     Trustee

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

                         POOLING AND SERVICING AGREEMENT
                          Dated as of September 1, 2005

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

                    HOME EQUITY MORTGAGE TRUST SERIES 2005-4
          HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4

<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
<S>              <C>
                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.01     Definitions
SECTION 1.02     Interest Calculations
SECTION 1.03     Allocation of Certain Interest Shortfalls

                                   ARTICLE II

          CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

SECTION 2.01     Conveyance of Mortgage Loans
SECTION 2.02     Acceptance by the Trustee
SECTION 2.03     Representations and Warranties of the Seller, the Servicers and the Special Servicer
SECTION 2.04     Representations and Warranties of the Depositor as to the Mortgage Loans
SECTION 2.05     Delivery of Opinion of Counsel in Connection with Substitutions
SECTION 2.06     Execution and Delivery of Certificates
SECTION 2.07     REMIC Matters
SECTION 2.08     Covenants of each Servicer
SECTION 2.09     Conveyance of REMIC Regular Interests and Acceptance of REMIC 1, REMIC 2 and REMIC 3 by the  Trustee;
                 Issuance of Certificates

                                   ARTICLE III

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

SECTION 3.01     Servicers to Service Mortgage Loans
SECTION 3.02     Subservicing; Enforcement of the Obligations of Subservicers
SECTION 3.03     [Reserved]
SECTION 3.04     Trustee to Act as Servicer
SECTION 3.05     Collection of Mortgage Loans; Collection Accounts; Certificate Account; Pre-Funding Account; Capitalized
                 Interest Account
SECTION 3.06     Establishment of and Deposits to Escrow Accounts; Permitted Withdrawals from Escrow Accounts; Payments of
                 Taxes, Insurance and Other Charges
SECTION 3.07     Access to Certain Documentation and Information Regarding the Mortgage Loans; Inspections
SECTION 3.08     Permitted Withdrawals from the Collection Accounts and Certificate Account
SECTION 3.09     Maintenance of Hazard Insurance and Mortgage Impairment Insurance; Claims; Restoration of Mortgaged Property
SECTION 3.10     Enforcement of Due-on-Sale Clauses; Assumption Agreements
SECTION 3.11     Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans
SECTION 3.12     Trustee to Cooperate; Release of Mortgage Files
SECTION 3.13     Documents, Records and Funds in Possession of a Servicer to be Held for the Trustee
SECTION 3.14     Servicing Fee
SECTION 3.15     Access to Certain Documentation
SECTION 3.16     Annual Statement as to Compliance
SECTION 3.17     Annual Independent Public Accountants' Servicing Statement; Financial Statements
SECTION 3.18     Maintenance of Fidelity Bond and Errors and Omissions Insurance
SECTION 3.19     Duties of the Credit Risk Manager
SECTION 3.20     Limitation Upon Liability of the Credit Risk Manager
SECTION 3.21     Advance Facility
SECTION 3.22     Special Serviced Mortgage Loans
SECTION 3.23     Maintenance of Credit Insurance Policy

                                   ARTICLE IV

                   DISTRIBUTIONS AND ADVANCES BY THE SERVICER

SECTION 4.01     Advances by the Servicer
SECTION 4.02     Priorities of Distribution
SECTION 4.03     [Reserved]
SECTION 4.04     [Reserved]
SECTION 4.05     Allocation of Realized Losses
SECTION 4.06     Monthly Statements to Certificateholders
SECTION 4.07     Distributions on the REMIC 1 Regular Interests and REMIC 2 Regular Interests
SECTION 4.08     [Reserved]
SECTION 4.09     Prepayment Charges
SECTION 4.10     Servicers to Cooperate

                                    ARTICLE V

                                THE CERTIFICATES

SECTION 5.01     The Certificates
SECTION 5.02     Certificate Register; Registration of Transfer and Exchange of Certificates
SECTION 5.03     Mutilated, Destroyed, Lost or Stolen Certificates
SECTION 5.04     Persons Deemed Owners
SECTION 5.05     Access to List of Certificateholders' Names and Addresses
SECTION 5.06     Maintenance of Office or Agency

                                   ARTICLE VI

        THE DEPOSITOR, THE SELLER, THE SERVICERS AND THE SPECIAL SERVICER

SECTION 6.01     Respective Liabilities of the Depositor, the Sellers, the Servicers and the Special Servicer
SECTION 6.02     Merger or Consolidation of the Depositor, the Seller, a Servicer or the Special Servicer
SECTION 6.03     Limitation on Liability of the Depositor, the Seller, the Servicers, the Special Servicer and Others
SECTION 6.04     Limitation on Resignation of a Servicer

                                   ARTICLE VII

                                     DEFAULT

SECTION 7.01     Events of Default
SECTION 7.02     Trustee to Act; Appointment of Successor
SECTION 7.03     Notification to Certificateholders

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

SECTION 8.01     Duties of the Trustee
SECTION 8.02     Certain Matters Affecting the Trustee
SECTION 8.03     Trustee Not Liable for Certificates or Mortgage Loans
SECTION 8.04     Trustee May Own Certificates
SECTION 8.05     Trustee's Fees and Expenses
SECTION 8.06     Eligibility Requirements for the Trustee and Custodian
SECTION 8.07     Resignation and Removal of the Trustee
SECTION 8.08     Successor Trustee
SECTION 8.09     Merger or Consolidation of the Trustee
SECTION 8.10     Appointment of Co-Trustee or Separate Trustee
SECTION 8.11     Tax Matters
SECTION 8.12     Commission Reporting

                                   ARTICLE IX

                                   TERMINATION

SECTION 9.01     Termination upon Liquidation or Purchase of the Mortgage Loans
SECTION 9.02     Final Distribution on the Certificates
SECTION 9.03     Additional Termination Requirements

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

SECTION 10.01    Amendment
SECTION 10.02    Recordation of Agreement; Counterparts
SECTION 10.03    Governing Law
SECTION 10.04    [Reserved]
SECTION 10.05    Notices
SECTION 10.06    Severability of Provisions
SECTION 10.07    Assignment
SECTION 10.08    Limitation on Rights of Certificateholders
SECTION 10.09    Certificates Nonassessable and Fully Paid
SECTION 10.10    Non-Solicitation
</TABLE>

<PAGE>

EXHIBITS
EXHIBIT A.       Form of Class A Certificates
EXHIBIT B.       Form of Subordinate Certificate
EXHIBIT C.       Form of Residual Certificate
EXHIBIT D.       Form of Notional Amount Certificate
EXHIBIT E.       Form of Class P Certificate
EXHIBIT F.       Form of Reverse Certificates
EXHIBIT G.       Form of Initial Certification of Custodian
EXHIBIT H.       Form of Final Certification of Custodian
EXHIBIT I.       Transfer Affidavit
EXHIBIT J.       Form of Transferor Certificate
EXHIBIT K.       Form of Investment Letter (Non-Rule 144A)
EXHIBIT L.       Form of Rule 144A Letter
EXHIBIT M.       Request for Release
EXHIBIT N.       Form of Subsequent Transfer Agreement
EXHIBIT O-1.     Form of Collection Account Certification
EXHIBIT O-2.     Form of Collection Account Letter Agreement
EXHIBIT P-1.     Form of Escrow Account Certification
EXHIBIT P-2.     Form of Escrow Account Letter Agreement
EXHIBIT Q.       [Reserved]
EXHIBIT R-1.     Form of Custodial Agreement for LaSalle Bank National
                 Association
EXHIBIT R-2.     Form of Custodial Agreement for Wells Fargo Bank, N.A
EXHIBIT S.       [Reserved]
EXHIBIT T.       Data Fields for IndyMac Serviced Loans Transferred to Wilshire
EXHIBIT U.       Charged Off Loan Data Report
EXHIBIT V.       Form of Monthly Statement to Certificateholders
EXHIBIT W.       Form of Depositor Certification
EXHIBIT X.       Form of Trustee Certification
EXHIBIT Y.       Form of Servicer Certification
EXHIBIT Z.       Information to be Provided by Servicer to Trustee
EXHIBIT AA       Form of Limited Power of Attorney
EXHIBIT BB.      Credit Insurance Policy
SCHEDULE I       Mortgage Loan Schedule
SCHEDULE II      Seller's Representations and Warranties
SCHEDULE IIIA    Wilshire Representations and Warranties
SCHEDULE IIIB    Ocwen Representations and Warranties
SCHEDULE IIIC    IndyMac Representations and Warranties
SCHEDULE IIID    SPS Representations and Warranties
SCHEDULE IV      Representations and Warranties for the Mortgage Loans

<PAGE>

                  THIS POOLING AND SERVICING AGREEMENT, dated as of September 1,
2005, among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a Delaware
corporation, as depositor (the "Depositor"), DLJ MORTGAGE CAPITAL, INC., a
Delaware corporation, as Seller (the "Seller"), WILSHIRE CREDIT CORPORATION, a
Nevada corporation, as servicer (a "Servicer" or "Wilshire"), OCWEN LOAN
SERVICING, LLC, a Delaware limited liability company, as servicer (a "Servicer"
or "Ocwen"), INDYMAC BANK, F.S.B., a federal savings bank, as servicer (a
"Servicer" or "IndyMac", and together with Wilshire and Ocwen, the "Servicers"),
SELECT PORTFOLIO SERVICING, INC., a Utah corporation, as special servicer (the
"Special Servicer" or "SPS") and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a
national banking association organized under the laws of the United States, as
trustee (the "Trustee").

                                 WITNESSETH THAT

                  In consideration of the mutual agreements herein contained,
the parties hereto agree as follows:

                              PRELIMINARY STATEMENT

                  The Depositor intends to sell pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund created hereunder. The Certificates will consist of twenty-three
classes of certificates, designated as (i) the Class A-1 Certificates, (ii) the
Class A-2A Certificates, (iii) the Class A-2B Certificates, (iv) the Class A-3
Certificates, (v) the Class A-4 Certificates, (vi) the Class M-1 Certificates,
(vii) the Class M-2 Certificates, (viii) the Class M-3 Certificates, (ix) the
Class M-4 Certificates, (x) the Class M-5 Certificates, (xi) the Class M-6
Certificates, (xii) the Class M-7 Certificates, (xiii) the Class M-8
Certificates, (xiv) the Class M-9A Certificates, (xv) the Class M-9F
Certificates, (xvi) the Class B-1 Certificates, (xvii) the Class B-2
Certificates, (xviii) the Class P Certificates, (xix) the Class X-1
Certificates, (xx) the Class X-2 Certificates, (xxi) the Class X-S Certificates,
(xxii) the Class A-R Certificates and (xxiii) the Class A-RL Certificates.

                                     REMIC 1
                                     -------

                  As provided herein, the Trustee will make an election to treat
the segregated pool of assets consisting of the Mortgage Loans and certain other
related assets subject to this Agreement (exclusive of the Pre-Funding Account,
the Capitalized Interest Account and the Subsequent Mortgage Loan Interest) as a
real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes, and such segregated pool of assets will be designated as "REMIC 1."
The Class A-RL Certificates will represent the sole class of "residual
interests" in REMIC 1 for purposes of the REMIC Provisions (as defined herein)
under federal income tax law. The following table irrevocably sets forth the
designation, the Uncertificated REMIC 1 Pass-Through Rate and the initial
Uncertificated Principal Balance for each of the "regular interests" in REMIC 1
(the "REMIC 1 Regular Interests"). None of the REMIC 1 Regular Interests will be
certificated. The latest possible maturity date (determined for purposes of
satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) of each of the REMIC
1 Regular Interests will be the Latest Possible Maturity Date as defined herein.

                       Uncertificated REMIC 1          Initial Uncertificated
  Designation             Pass-Through Rate              Principal Balance
  -----------             -----------------              -----------------
     LTI-1                   Variable(1)                   $ 619,379,380.54
    LTI-PF                   Variable(1)                   $  29,400,300.00
    LTI-S1                   Variable(1)                          (2)
    LTI-S2                   Variable(1)                          (2)
     LTI-P                   Variable(1)                   $         100.00
     LTI-R                   Variable(1)                   $         100.00

-------------------
(1)      Calculated as provided in the definition of Uncertificated REMIC 1
         Pass-Through Rate.

(2)      ______ REMIC 1 Regular Interest LTI-S1 and REMIC 1 Regular Interest
         LTI-S2 will not have an Uncertificated Principal Balance but will
         accrue interest on an uncertificated notional amount calculated in
         accordance with the definition of "Uncertificated Notional Amount"
         herein.

                                     REMIC 2
                                     -------

                  As provided herein, an election will be made to treat the
segregated pool of assets consisting of the REMIC 1 Regular Interests as a REMIC
for federal income tax purposes, and such segregated pool of assets will be
designated as REMIC 2. The Class R-2 Interest will represent the sole class of
"residual interests" in REMIC 2 for purposes of the REMIC Provisions under
federal income tax law (the "Class R-2 Interest"). The following table
irrevocably sets forth the designation, Uncertificated REMIC 2 Pass-Through Rate
and initial Uncertificated Principal Balance for each of the "regular interests"
in REMIC 2 (the "REMIC 2 Regular Interests"). None of the REMIC 2 Regular
Interests will be certificated. The latest possible maturity date (determined
for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) of
each of the REMIC 2 Regular Interests will be the Latest Possible Maturity Date
as defined herein.

                          Uncertificated REMIC 2        Initial Uncertificated
      Designation           Pass-Through Rate              Principal Balance
      -----------           -----------------              -----------------
        MTI-AA                 Variable(1)               $     635,804,086.93
        MTI-A-1                Variable(1)               $       1,000,000.00
       MTI-A-2A                Variable(1)               $       1,948,000.00
       MTI-A-2B                Variable(1)               $         649,400.00
        MTI-A-3                Variable(1)               $       1,000,000.00
        MTI-A-4                Variable(1)               $         199,400.00
        MTI-M-1                Variable(1)               $         329,600.00
        MTI-M-2                Variable(1)               $         336,000.00
        MTI-M-3                Variable(1)               $         128,000.00
        MTI-M-4                Variable(1)               $         150,400.00
        MTI-M-5                Variable(1)               $         131,200.00
        MTI-M-6                Variable(1)               $         105,600.00
        MTI-M-7                Variable(1)               $         115,200.00
        MTI-M-8                Variable(1)               $          86,400.00
       MTI-M-9F                Variable(1)               $          58,000.00
       MTI-M-9A                Variable(1)               $          47,600.00
        MTI-B-1                Variable(1)               $          51,200.00
        MTI-B-2                Variable(1)               $          64,000.00
        MTI-ZZ                 Variable(1)               $       6,575,593.61
         MTI-P                 Variable(1)               $             100.00
         MTI-R                 Variable(1)               $             100.00
         MTI-S                     (2)                             (3)
-------------------
(1)      Calculated as provided in the definition of Uncertificated REMIC 2
         Pass-Through Rate.

(2)      REMIC 2 Regular Interest MTI-S will not have an Uncertificated REMIC 2
         Pass-Through Rate, but will be entitled to 100% of the amounts
         distributed on REMIC 1 Regular Interest LTI-S1 and REMIC 1 Regular
         Interest LTI-S2.

(3)      ______ REMIC 2 Regular Interest MTI-S will not have an Uncertificated
         Principal Balance, but will have an Uncertificated Notional Amount
         equal to the Uncertificated Notional Amount of REMIC 1 Regular Interest
         LTI-S1 and REMIC 1 Regular Interest LTI-S2.

                                     REMIC 3

                  As provided herein, an election will be made to treat the
segregated pool of assets consisting of the REMIC 2 Regular Interests as a REMIC
for federal income tax purposes, and such segregated pool of assets will be
designated as REMIC 3. The Class R-3 Interest will represent the sole class of
"residual interests" in REMIC 3 for purposes of the REMIC Provisions under
federal income tax law (the "Class R-3 Interest"). The following table
irrevocably sets forth the designation, Pass-Through Rate, aggregate Initial
Certificate Principal Balance and minimum denominations for each Class of
Certificates comprising the interests representing "regular interests" in REMIC
3, and the Class A-R Certificates, Class A-RL Certificates and Class X-2
Certificates which are not "regular interests" in REMIC 3. The latest possible
maturity date (determined for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii)) of each of the Regular Certificates will be the Latest
Possible Maturity Date as defined herein.

<TABLE>
<CAPTION>
 ===================================================================================================================
                                                                                               Integral Multiples in
                  Class Certificate Balance     Pass-Through Rate     Minimum Denomination       Excess of Minimum
 -------------------------------------------------------------------------------------------------------------------
<S>               <C>                              <C>                <C>                            <C>
 Class A-1        $       100,000,000.00           Adjustable(1)      $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class A-2A       $       194,800,000.00           Adjustable(1)      $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class A-2B       $        64,940,000.00           Adjustable(1)      $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class A-3        $       100,000,000.00            4.7420%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class A-4        $        19,940,000.00           Adjustable(1)      $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class P          $               100.00            Variable(2)       $              100             N/A
 -------------------------------------------------------------------------------------------------------------------
 Class A-R        $               100.00            Variable(2)       $              100             N/A
 -------------------------------------------------------------------------------------------------------------------
 Class A-RL       $               100.00            Variable(2)       $              100             N/A
 -------------------------------------------------------------------------------------------------------------------
 Class M-1        $        32,960,000.00            5.4841%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-2        $        33,600,000.00            5.5906%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-3        $        12,800,000.00            5.5392%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-4        $        15,040,000.00            5.7010%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-5        $        13,120,000.00            5.6182%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-6        $        10,560,000.00            5.7216%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-7        $        11,520,000.00            5.7657%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-8        $         8,640,000.00            5.9694%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-9A       $         4,760,000.00           Adjustable(1)      $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class M-9F       $         5,800,000.00            6.4413%%(3)       $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class B-1        $         5,120,000.00            7.0000%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class B-2        $         6,400,000.00            7.0000%(3)        $           25,000             $1
 -------------------------------------------------------------------------------------------------------------------
 Class X-1        $                 0.00          Variable(4)(5)                     100%            $1
 -------------------------------------------------------------------------------------------------------------------
 Class X-2        $                 0.00               0.00%                         N/A             N/A
 -------------------------------------------------------------------------------------------------------------------
 Class X-S        $                 0.00(6)         Variable(7)                      100%            $1
 ===================================================================================================================
</TABLE>

-------------------
(1)      ______ The Class A-1, Class A-2A, Class A-2B, Class A-4 and Class M-9A
         Certificates have an adjustable rate and will receive interest pursuant
         to formulas based on LIBOR, subject to the Net Funds Cap.

(2)      ______ The initial pass-through rates on the Class P, Class A-R and
         Class A-RL Certificates will be approximately 8.844% per annum which is
         equal to the weighted average of the Net Mortgage Rates on the Initial
         Mortgage Loans and will vary after the first Distribution Date.

(3)      The Class A-3, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
         Class M-6, Class M-7, Class M-8, Class M-9F, Class B-1 and Class B-2
         Certificates have a fixed rate subject to the Net Funds Cap. The fixed
         rate will increase by 0.50% per annum after the Optional Termination
         Date.

(4)      ______ The Class X-1 Certificates will have an initial principal
         balance of $8,779,680.54 and will accrue interest on its notional
         amount. For any Distribution Date, the notional amount of the Class X-1
         Certificates will be equal to the Aggregate Collateral Balance minus
         the aggregate Class Certificate Balance of the Class A-R, Class A-RL
         and Class P Certificates immediately prior to such Distribution Date.
         The initial notional amount of the Class X-1 Certificates is
         $648,779,680.54.

(5)      The Class X-1 Certificates are variable rate and will accrue interest
         on a notional amount.

(6)      ______ For federal income tax purposes, the Class X-S Certificates will
         not have a Class Principal Balance, but will have a notional amount
         equal to the Uncertificated Notional Amount of REMIC 2 Regular Interest
         MTI-S.

(7)      ______ The Class X-S Certificates are an interest only Class and for
         each Distribution Date the Class X-S Certificates shall receive the
         aggregate Excess Servicing Fee. For federal income tax purposes, the
         Class X-S Certificates will not have a Pass-Through Rate, but will be
         entitled to 100% of the amounts distributed on REMIC 2 Regular Interest
         MTI-S.

                  Set forth below are designations of Classes of Certificates to
the categories used herein:

<TABLE>
<CAPTION>
<S>                                   <C>
Book-Entry Certificates.............  All Classes of Certificates other than the Physical Certificates.

ERISA-Restricted Certificates.......  Class A-R, Class A-RL, Class P and Class X Certificates.

LIBOR Certificates..................  Class A-1, Class A-2A, Class A-2B, Class A-4 and Class M-9A Certificates.

Notional Amount Certificates........  Class X-1 Certificates and Class X-S Certificates.

Class A Certificates................  Class A-1,  Class A-2A,  Class A-2B,  Class A-3, Class A-4, Class A-R and Class A-RL
                                      Certificates.

Class B Certificates................  Class B-1 Certificates and Class B-2 Certificates

Class M Certificates................  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
                                      M-8, Class M-9A and Class M-9F Certificates.

Offered Certificates................  All Classes of Certificates  (other than the Class B, Class P Certificates and Class
                                      X Certificates).

Physical Certificates...............  Class A-R, Class A-RL, Class P, Class B and Class X Certificates.

Private Certificates................  Class B, Class P and Class X Certificates.

Rating Agencies.....................  S&P, Fitch and Moody's.

Regular Certificates................  All  Classes of  Certificates  other  than the Class  A-R,  Class A-RL and Class X-2
                                      Certificates.

Residual Certificates...............  Class A-R Certificates and Class A-RL Certificates.

Senior Certificates.................  Class A-1,  Class A-2A,  Class A-2B,  Class A-3,  Class A-4,  Class P, Class A-R and
                                      Class A-RL Certificates.

Subordinate Certificates............  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
                                      M-8, Class M-9A, Class M-9F, Class B-1, Class B-2 and Class X-1 Certificates.

Minimum Denominations...............  Class A-1,  Class A-2A,  Class A-2B,  Class A-3,  Class A-4,  Class M-1,  Class M-2,
                                      Class M-3,  Class M-4,  Class M-5,  Class M-6,  Class M-7,  Class M-8,  Class M-9A,
                                      Class M-9F,  Class B-1 and Class B-2  Certificates:  $25,000 and multiples of $1 in
                                      excess thereof.

                                      Class A-R, Class A-RL and Class P Certificates: $100. The Class X-1 Certificates will
                                      be issued as a single Certificate with a Certificate Principal Balance of $0.00.
                                      The Class X-2 Certificates will be issued as a single Certificate and will
                                      not have a principal balance. The Class X-S Certificates will be issued as a single
                                      Certificate with an initial Notional Amount of $504,626,161.34.
</TABLE>

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

                  SECTION 1.01 Definitions.

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

                  Accepted Servicing Practices: With respect to any Mortgage
Loan, those mortgage servicing practices of prudent mortgage lending
institutions which service mortgage loans of the same type as such Mortgage Loan
in the jurisdiction where the related Mortgaged Property is located.

                  Advance: The payment required to be made by a Servicer with
respect to any Distribution Date pursuant to Section 4.01.

                  Aggregate  Collateral Balance: As of any date of determination
will be equal to the  Aggregate  Loan Balance plus the amount,  if any,  then on
deposit in the Pre-Funding Account.

                  Aggregate Loan Balance:  As of any  Distribution  Date will be
equal to the aggregate of the Stated  Principal  Balances of the Mortgage  Loans
determined as of the last day of the related Collection Period.

                  Aggregate  Subsequent  Transfer  Amount:  With  respect to any
Subsequent  Transfer  Date,  the aggregate  Stated  Principal  Balance as of the
applicable  Cut-off  Date of the  Subsequent  Mortgage  Loans  conveyed  on such
Subsequent  Transfer  Date,  as listed on the  revised  Mortgage  Loan  Schedule
delivered pursuant to Section 2.01(b); provided, however, that such amount shall
not exceed the amount on deposit in the Pre-Funding Account.

                  Agreement: This Pooling and Servicing Agreement and all
amendments or supplements hereto.

                  Ancillary Income:  All income derived from the Mortgage Loans,
other than Servicing Fees and Prepayment Charges,  including but not limited to,
late charges,  fees  received with respect to checks or bank drafts  returned by
the related bank for non-sufficient  funds,  assumption fees, optional insurance
administrative fees and all other incidental fees and charges.

                  Applied Loss Amount:  As to any  Distribution  Date, an amount
equal to the excess,  if any of (i) the aggregate Class Principal Balance of the
Certificates after giving effect to all Realized Losses incurred with respect to
the Mortgage Loans during the Due Period for such Distribution Date and payments
of principal on such Distribution Date and any amounts on deposit in the Reserve
Account over (ii) the Aggregate Collateral Balance for such Distribution Date.

                  Appraised Value: The amount set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the
Mortgaged Property.

                  Assignment Agreement: An assignment agreement between DLJ
Mortgage Capital, Inc. as Seller and the Depositor, whereby the Mortgage Loans
are transferred and limited representations and warranties relating to the
Mortgage Loans are made.

                  Assignment of Mortgage: An assignment of the Mortgage,  notice
of transfer or equivalent instrument in recordable form (except for the omission
of the name of the assignee if such  Mortgage is endorsed in blank),  sufficient
under the laws of the  jurisdiction  wherein the related  Mortgaged  Property is
located to reflect the  transfer of the  Mortgage to the Trustee for the benefit
of the Certificateholders.

                  Auction Purchaser: As defined in Section 9.01.

                  Auction Date: As defined in Section 9.01.

                  Available Funds: With respect to any Distribution Date (A) the
sum of (i) all Scheduled  Payments (net of the related  Expense Fees (other than
the  Excess  Servicing  Fee))  due on the Due Date in the  month  in which  such
Distribution Date occurs and received prior to the related  Determination  Date,
together with any Advances in respect thereof required pursuant to Section 4.01;
(ii) all Insurance  Proceeds,  Liquidation  Proceeds and Net Recoveries received
during  the month  preceding  the  month of such  Distribution  Date;  (iii) all
Curtailments  and Payoffs  received during the Prepayment  Period  applicable to
such Distribution  Date (excluding  Prepayment  Charges);  (iv) amounts received
with respect to such Distribution Date as the Substitution  Adjustment Amount or
Repurchase Price; (v) Compensating Interest Payments for such Distribution Date;
(vi)  with  respect  to the  Distribution  Date in  December  2005,  the  amount
remaining in the Pre-Funding  Account at the end of the Pre-Funding  Period; and
(vii)  amounts  withdrawn  from the Reserve  Account and added to the  Principal
Remittance  Amount for such  Distribution  Date  minus (B) as to clauses  (A)(i)
through (iv) above,  reduced by amounts in reimbursement for Advances previously
made and other  amounts as to which the  Servicers are entitled to be reimbursed
pursuant to Section 3.08.

                  Bankruptcy Code: The United States Bankruptcy Reform Act of
1978, as amended.

                  Book-Entry Certificates: As specified in the Preliminary
Statement.

                  Business  Day:  Any day other than (i) a Saturday or a Sunday,
or (ii) a day on which banking  institutions  in the City of New York, New York,
or the city in which the Corporate Trust Office of the Trustee, or the states in
which any  Servicer's  servicing  operations  are  located,  or savings and loan
institutions in the States of Illinois,  Texas, Oregon, California or Florida is
located are authorized or obligated by law or executive order to be closed.

                  Capitalized  Interest  Account:  The separate Eligible Account
designated as such and created and maintained by the Trustee pursuant to Section
3.05(g) hereof. The Capitalized Interest Account shall be treated as an "outside
reserve fund" under applicable Treasury regulations and shall not be part of any
REMIC.  Except as provided in Section 3.05(g) hereof, any investment earnings on
the Capitalized  Interest Account shall be treated as owned by the Depositor and
will be taxable to the Depositor.

                  Capitalized Interest Deposit: $429,823.81.

                  Capitalized Interest Requirement:  With respect to the October
2005 Distribution  Date, an amount equal to interest accruing during the related
Interest Accrual Period for the LIBOR  Certificates at a per annum rate equal to
(x) the weighted average  Pass-Through Rate of the Offered  Certificates and the
Class B Certificates  multiplied by (y) the Pre-Funded Amount outstanding at the
end of the related Due Period.  With respect to the November  2005  Distribution
Date, an amount equal to interest  accruing during the related  Interest Accrual
Period for the LIBOR  Certificates at a per annum rate equal to (x) the weighted
average   Pass-Through  Rate  of  the  Offered  Certificates  and  the  Class  B
Certificates  for such  Distribution  Date  multiplied by (y) the sum of (c) the
Pre-Funded  Amount at the end of the  related  Due Period and (d) the  aggregate
Stated  Principal  Balance of the  Subsequent  Mortgage Loans that do not have a
first Due Date prior to November 1, 2005,  transferred  to the Trust  during the
related Due Period.  With respect to the December  2005  Distribution  Date,  an
amount equal to interest accruing during the related Interest Accrual Period for
the LIBOR  Certificates  at a per annum rate equal to (x) the  weighted  average
Pass-Through  Rate of the Offered  Certificates and the Class B Certificates for
such Distribution Date multiplied by (y) the sum of (c) the Pre-Funded Amount at
the end of the related Due Period and (d) the aggregate Stated Principal Balance
of the related Subsequent Mortgage Loans that do not have a first Due Date prior
to December 1, 2005, transferred to the Trust during the related Due Period.

                  Carryforward  Interest:  For any Class of Certificates and any
Distribution  Date,  the sum of (1) the amount,  if any, by which (x) the sum of
(A) Current Interest for such Class for the immediately  preceding  Distribution
Date and (B) any unpaid Carryforward  Interest from previous  Distribution Dates
exceeds  (y) the  amount  paid in  respect  of  interest  on such  Class on such
immediately preceding Distribution Date, and (2) interest on such amount for the
related Interest Accrual Period at the applicable Pass-Through Rate.

                  Certificate: Any one of the Certificates executed by the
Trustee in substantially the forms attached hereto as exhibits.

                  Certificates: As specified in the Preliminary Statement.

                  Certificate Account: The separate Eligible Account created and
maintained  with the Trustee,  or any other bank or trust company  acceptable to
the Rating Agencies which is incorporated under the laws of the United States or
any  state  thereof  pursuant  to  Section  3.05,  which  account  shall  bear a
designation  clearly  indicating  that the funds  deposited  therein are held in
trust for the benefit of the Trustee on behalf of the  Certificateholders or any
other account  serving a similar  function  acceptable  to the Rating  Agencies.
Funds in the Certificate  Account may (i) be held uninvested  without  liability
for interest or compensation thereon or (ii) be invested at the direction of the
Trustee in  Eligible  Investments  and  reinvestment  earnings  thereon  (net of
investment  losses)  shall  be  paid  to the  Trustee.  Funds  deposited  in the
Certificate Account (exclusive of the Trustee Fee and other amounts permitted to
be  withdrawn  pursuant  to  Section  3.08)  shall  be  held  in  trust  for the
Certificateholders.

                  Certificate  Balance:  With respect to any  Certificate at any
date, the maximum dollar amount of principal to which the Holder thereof is then
entitled  hereunder,  such amount being equal to the Denomination  thereof minus
the sum of (i) all  distributions  of  principal  previously  made with  respect
thereto and (ii) all Realized Losses  allocated  thereto and, in the case of any
Subordinate Certificates, all other reductions in Certificate Balance previously
allocated thereto pursuant to Section 4.05.

                  Certificate Margin: As to each Class of LIBOR Certificates,
the applicable amount set forth below:

              Class                 Certificate Margin
              -----                 ------------------
                                      (1)         (2)
               A-1                   0.15%       0.30%
              A-2A                   0.11%       0.22%
              A-2B                   0.22%       0.44%
               A-4                   0.34%       0.68%
              M-9A                   1.80%       2.30%
-----------------
(1)      On or prior to the Optional Termination Date.

(2)      After the Optional Termination Date.

                  Certificate Owner: With respect to a Book-Entry Certificate,
the Person who is the beneficial owner of such Book-Entry Certificate.

                  Certificate Register: The register maintained pursuant to
Section 5.02.

                  Certificateholder  or  Holder:  The  person  in  whose  name a
Certificate is registered in the Certificate  Register,  except that, solely for
the purpose of giving any consent  pursuant to this  Agreement,  any Certificate
registered in the name of the Depositor or any affiliate of the Depositor  shall
be deemed not to be Outstanding and the Percentage  Interest  evidenced  thereby
shall not be taken into account in determining  whether the requisite  amount of
Percentage  Interests  necessary  to  effect  such  consent  has been  obtained;
provided,  however,  that if any such Person (including the Depositor) owns 100%
of  the  Percentage  Interests  evidenced  by  a  Class  of  Certificates,  such
Certificates  shall be deemed to be  Outstanding  for purposes of any  provision
hereof that requires the consent of the Holders of  Certificates of a particular
Class as a  condition  to the taking of any  action  hereunder.  The  Trustee is
entitled  to  rely  conclusively  on a  certification  of the  Depositor  or any
affiliate of the Depositor in determining  which  Certificates are registered in
the name of an affiliate of the Depositor.

                  Charged Off Loan:  With  respect to any  Distribution  Date, a
defaulted  Mortgage Loan that is (x) not an Old Republic Covered Loan or (y) for
which coverage under the Credit  Insurance Policy is no longer  available,  that
has not yet been  liquidated,  giving  rise to a Realized  Loss,  on the date on
which the related Servicer  determines,  pursuant to the procedures set forth in
Section 3.11,  that there will be (i) no Significant Net Recoveries with respect
to such Mortgage Loan or (ii) the potential Net Recoveries are anticipated to be
an amount,  determined by the related Servicer in its good faith judgment and in
light  of  other  mitigating  circumstances,  that is  insufficient  to  warrant
proceeding  through  foreclosure or other  liquidation of the related  Mortgaged
Property.

                  Class: All Certificates bearing the same class designation as
set forth in the Preliminary Statement.

                  Class A-R Certificates:  The Class A-R Certificates represents
beneficial ownership of the Class R-2 Interest and Class R-3 Interest.

                  Class A-RL Certificates: The sole class of residual interests
in REMIC 1.

                  Class A-1  Pass-Through  Rate:  With  respect  to the  initial
Interest Accrual Period,  based on a LIBOR  determination  date of September 28,
2005,   3.99063%  per  annum.  With  respect  to  any  Interest  Accrual  Period
thereafter, will be a per annum rate equal to the lesser of (i) the sum of LIBOR
plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-2A  Pass-Through  Rate:  With  respect to the  initial
Interest Accrual Period,  based on a LIBOR  determination  date of September 28,
2005,   3.95063%  per  annum.  With  respect  to  any  Interest  Accrual  Period
thereafter, will be a per annum rate equal to the lesser of (i) the sum of LIBOR
plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-2B  Pass-Through  Rate:  With  respect to the  initial
Interest Accrual Period,  based on a LIBOR  determination  date of September 28,
2005,   4.05063%  per  annum.  With  respect  to  any  Interest  Accrual  Period
thereafter, will be a per annum rate equal to the lesser of (i) the sum of LIBOR
plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-3  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  4.7420%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 5.2420% per annum and (ii) the Net
Funds Cap.

                  Class A-4  Pass-Through  Rate:  With  respect  to the  initial
Interest Accrual Period,  based on a LIBOR  determination  date of September 28,
2005,   4.18063%  per  annum.  With  respect  to  any  Interest  Accrual  Period
thereafter, will be a per annum rate equal to the lesser of (i) the sum of LIBOR
plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-R Pass-Through  Rate: With respect to the Distribution
Date in October 2005,  November 2005 or December 2005, a per annum rate equal to
the Initial  Mortgage  Loan Net WAC Rate,  and with respect to any  Distribution
Date thereafter, a per annum rate equal to the Net Funds Cap.

                  Class A-RL Pass-Through Rate: With respect to the Distribution
Date in October 2005,  November 2005 or December 2005, a per annum rate equal to
the Initial  Mortgage  Loan Net WAC Rate,  and with respect to any  Distribution
Date thereafter, a per annum rate equal to the Net Funds Cap.

                  Class B-1  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  7.000%  per annum and (ii) the Net Funds  Cap,  and (b) after the
Optional  Termination  Date, the lesser of (i) 7.500% per annum and (ii) the Net
Funds Cap.

                  Class B-1 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2,  Class M-3,  Class M-4,  Class M-5, Class M-6, Class M-7, Class
M-8, Class M-9A and Class M-9F  Certificates,  in each case, after giving effect
to payments on such  Distribution  Date and (ii) the Class Principal  Balance of
the Class B-1 Certificates  immediately  prior to such Distribution Date exceeds
(y) the  lesser  of (A)  the  product  of (i)  90.43%  and  (ii)  the  Aggregate
Collateral  Balance for such  Distribution  Date and (B) the amount,  if any, by
which (i) the Aggregate  Collateral  Balance for such  Distribution Date exceeds
(ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class B-2  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  7.000%  per annum and (ii) the Net Funds  Cap,  and (b) after the
Optional  Termination  Date, the lesser of (i) 7.500% per annum and (ii) the Net
Funds Cap.

                  Class B-2 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2,  Class M-3,  Class M-4,  Class M-5, Class M-6, Class M-7, Class
M-8,  Class M-9A,  Class M-9F and Class B-1  Certificates,  in each case,  after
giving effect to payments on such Distribution Date and (ii) the Class Principal
Balance of the Class B-2  Certificates  immediately  prior to such  Distribution
Date  exceeds  (y) the  lesser of (A) the  product  of (i)  92.40%  and (ii) the
Aggregate  Collateral  Balance for such Distribution Date and (B) the amount, if
any, by which (i) the Aggregate  Collateral  Balance for such  Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-1  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.4841%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 5.9841% per annum and (ii) the Net
Funds Cap.

                  Class M-1 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class  A-2B,  Class  A-3,  Class  A-4,  Class P, Class A-R and Class A-RL
Certificates  after giving effect to payments on such Distribution Date and (ii)
the Class Principal  Balance of the Class M-1 Certificates  immediately prior to
such  Distribution  Date exceeds (y) the lesser of (A) the product of (i) 53.14%
and (ii) the Aggregate Collateral Balance for such Distribution Date and (B) the
amount,  if any,  by  which  (i)  the  Aggregate  Collateral  Balance  for  such
Distribution Date exceeds (ii) 0.50% of the Aggregate  Collateral  Balance as of
the Cut-off Date.

                  Class M-2  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.5906%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.0906% per annum and (ii) the Net
Funds Cap.

                  Class M-2 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate Class A-1, Class A-2A, Class A-2B, Class A-3, Class
A-4,  Class P, Class A-R,  Class A-RL and Class M-1  Certificates  after  giving
effect  to  payments  on such  Distribution  Date and (ii) the  Class  Principal
Balance of the Class M-2  Certificates  immediately  prior to such  Distribution
Date  exceeds  (y) the  lesser of (A) the  product  of (i)  63.50%  and (ii) the
Aggregate  Collateral  Balance for such Distribution Date and (B) the amount, if
any, by which (i) the Aggregate  Collateral  Balance for such  Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-3  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.5392%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.0392% per annum and (ii) the Net
Funds Cap.

                  Class M-3 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1  and  Class  M-2  Certificates  after  giving  effect  to  payments  on such
Distribution  Date  and  (ii) the  Class  Principal  Balance  of the  Class  M-3
Certificates  immediately prior to such Distribution Date exceeds (y) the lesser
of (A) the product of (i) 67.44% and (ii) the Aggregate  Collateral  Balance for
such  Distribution  Date and (B) the amount,  if any, by which (i) the Aggregate
Collateral  Balance  for  such  Distribution  Date  exceeds  (ii)  0.50%  of the
Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-4  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.7010%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.2010% per annum and (ii) the Net
Funds Cap.

                  Class M-4 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2 and Class M-3  Certificates  after giving  effect to payments on
such  Distribution  Date and (ii) the Class  Principal  Balance of the Class M-4
Certificates  immediately prior to such Distribution Date exceeds (y) the lesser
of (A) the product of (i) 72.08% and (ii) the Aggregate  Collateral  Balance for
such  Distribution  Date and (B) the amount,  if any, by which (i) the Aggregate
Collateral  Balance  for  such  Distribution  Date  exceeds  (ii)  0.50%  of the
Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-5  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.6182%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.1182% per annum and (ii) the Net
Funds Cap.

                  Class M-5 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2,  Class M-3 and Class M-4  Certificates  after giving  effect to
payments on such  Distribution  Date and (ii) the Class Principal Balance of the
Class M-5 Certificates  immediately  prior to such Distribution Date exceeds (y)
the lesser of (A) the  product of (i) 76.12% and (ii) the  Aggregate  Collateral
Balance for such  Distribution Date and (B) the amount, if any, by which (i) the
Aggregate  Collateral  Balance for such  Distribution Date exceeds (ii) 0.50% of
the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-6  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.7216%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.2216% per annum and (ii) the Net
Funds Cap.

                  Class M-6 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2, Class M-3,  Class M-4 and Class M-5  Certificates  after giving
effect  to  payments  on such  Distribution  Date and (ii) the  Class  Principal
Balance of the Class M-6  Certificates  immediately  prior to such  Distribution
Date  exceeds  (y) the  lesser of (A) the  product  of (i)  79.38%  and (ii) the
Aggregate  Collateral  Balance for such Distribution Date and (B) the amount, if
any, by which (i) the Aggregate  Collateral  Balance for such  Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-7  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.7657%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.2657% per annum and (ii) the Net
Funds Cap.

                  Class M-7 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates after
giving effect to payments on such Distribution Date and (ii) the Class Principal
Balance of the Class M-7  Certificates  immediately  prior to such  Distribution
Date  exceeds  (y) the  lesser of (A) the  product  of (i)  82.93%  and (ii) the
Aggregate  Collateral  Balance for such Distribution Date and (B) the amount, if
any, by which (i) the Aggregate  Collateral  Balance for such  Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-8  Pass-Through  Rate:  With  respect  to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  5.9694%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.4694% per annum and (ii) the Net
Funds Cap.

                  Class M-8 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2,  Class  M-3,  Class  M-4,  Class  M-5,  Class M-6 and Class M-7
Certificates  after giving effect to payments on such Distribution Date and (ii)
the Class Principal  Balance of the Class M-8 Certificates  immediately prior to
such  Distribution  Date exceeds (y) the lesser of (A) the product of (i) 85.59%
and (ii) the Aggregate Collateral Balance for such Distribution Date and (B) the
amount,  if any,  by  which  (i)  the  Aggregate  Collateral  Balance  for  such
Distribution Date exceeds (ii) 0.50% of the Aggregate  Collateral  Balance as of
the Cut-off Date.

                  Class M-9A  Pass-Through  Rate:  With  respect to the  initial
Interest Accrual Period,  based on a LIBOR  determination  date of September 28,
2005,   5.64063%  per  annum.  With  respect  to  any  Interest  Accrual  Period
thereafter, will be a per annum rate equal to the lesser of (i) the sum of LIBOR
plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class M-9 Principal Payment Amount:  For any Distribution Date
on or after the  Stepdown  Date and as long as a Trigger  Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate  Class  Principal  Balance of the Class A-1,  Class
A-2A,  Class A-2B,  Class A-3, Class A-4, Class P, Class A-R, Class A-RL,  Class
M-1,  Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class
M-8 Certificates  after giving effect to payments on such  Distribution Date and
(ii) the aggregate Class Principal  Balance of the Class M-9A  Certificates  and
Class M-9F Certificates  immediately prior to such Distribution Date exceeds (y)
the lesser of (A) the  product of (i) 88.85% and (ii) the  Aggregate  Collateral
Balance for such  Distribution Date and (B) the amount, if any, by which (i) the
Aggregate  Collateral  Balance for such  Distribution Date exceeds (ii) 0.50% of
the Aggregate Collateral Balance as of the Cut-off Date.
                  Class M-9F  Pass-Through  Rate:  With  respect to the  initial
Interest  Accrual Period (a) on or prior to the Optional  Termination  Date, the
lesser of (i)  6.4413%  per annum and (ii) the Net Funds Cap,  and (b) after the
Optional  Termination Date, the lesser of (i) 6.9413% per annum and (ii) the Net
Funds Cap.

                  Class  X-1   Distributable   Amount:   With   respect  to  any
Distribution  Date, the amount of interest  accrued during the related  Interest
Accrual Period at the related Pass-Through Rate on the Class X-1 Notional Amount
for such Distribution Date.

                  Class  X-1   Notional   Amount:   Immediately   prior  to  any
Distribution  Date, with respect to the Class X-1 Certificates,  an amount equal
to the aggregate of the Uncertificated Principal Balances of the REMIC 2 Regular
Interests (other than REMIC 2 Regular Interests MTI-P and MTI-R).

                  Class  X-S   Notional   Amount:   Immediately   prior  to  any
Distribution  Date, with respect to the Class X-S Certificates,  an amount equal
to the  Stated  Principal  Balance  of the Ocwen  Serviced  Loans  and  Wilshire
Serviced Loans as of the Due Date in the month of such  Distribution Date (prior
to giving  effect to any Scheduled  Payments due on such Mortgage  Loans on such
Due Date).  For federal  income tax  purposes,  however,  the Class X-S Notional
Amount will equal the Uncertificated Notional Amount of REMIC 2 Regular Interest
MTI-S.

                  Class  P  Pass-Through  Rate:  With  respect  to the  Class  P
Certificates  and the  Distribution  Dates for October  2005,  November 2005 and
December 2005 a per annum rate equal to the Initial  Mortgage Loan Net WAC Rate,
and with respect to any Distribution Date thereafter,  a per annum rate equal to
the Net Funds Cap. For federal income tax purposes, however, with respect to any
Distribution  Date,  the Class P  Certificates  will be  entitled to 100% of the
interest accrued on REMIC 2 Regular Interest MTI-P.

                  Class Principal  Balance:  With respect to any Class and as to
any date of  determination,  the  aggregate of the  Certificate  Balances of all
Certificates  of such Class as of such date plus, in the case of any Subordinate
Certificates, any increase in the Class Principal Balance of such Class pursuant
to Section 4.02(vii) due to the receipt of Net Recoveries.

                  Class R-2 Interest: The sole class of residual interests in
REMIC 2.

                  Class R-3 Interest: The sole class of residual interests in
REMIC 3.

                  Closing Date: September 30, 2005.

                  Code: The Internal Revenue Code of 1986, as the same may be
amended from time to time (or any successor statute thereto).

                  Collection Accounts: The accounts established and maintained
by a Servicer in accordance with Section 3.05.

                  Collection Period:  With respect to any Distribution Date, the
period from the second day of the month immediately  preceding such Distribution
Date to and including the first day of the month of such Distribution Date.

                  Combined  Loan-to-Value  Ratio:  With  respect to any Mortgage
Loan  and  as of  any  date  of  determination,  the  fraction  (expressed  as a
percentage) the numerator of which is the sum of (i) original  principal balance
of the related Mortgage Loan at such date of  determination  and (ii) the unpaid
principal  balance  of  the  related  First  Mortgage  Loan  as of the  date  of
origination  of that  Mortgage  Loan  and the  denominator  of which is (a) with
respect to a  refinanced  Mortgage  Loan,  the  Appraised  Value of the  related
Mortgaged  Property at  origination  and (b) with respect to all other  Mortgage
Loans, the lesser of (i) the Appraised Value of the related Mortgage Property at
origination and (ii) the purchase price of the related Mortgaged Property.

                  Compensating  Interest Payment:  For any Distribution Date, an
amount to be paid by the applicable  Servicer for such Distribution  Date, equal
to the  lesser of (i) the sum of (x) an  amount  equal to 0.25% per annum on the
aggregate  Stated  Principal  Balance of the related  Mortgage  Loans  otherwise
payable to the  related  Servicer  on such  Distribution  Date  (prior to giving
effect to any Scheduled Payments due on the Mortgage Loans on such Due Date) and
(y)  any  Prepayment   Interest   Excess  payable  to  such  Servicer  for  such
Distribution Date and (ii) the aggregate  Prepayment  Interest Shortfall for the
Mortgage  Loans being  serviced by the related  Servicer  relating to  Principal
Prepayments received during the related Prepayment Period.

                  Corporate Trust Office: The designated office of the Trustee
in the State of New York at which at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 4 New York Plaza, 6th
Floor, New York, New York 10004-2477, Attention: Worldwide Securities
Services/Global Debt: Home Equity Mortgage Trust-2005-4.

                  Corresponding Certificate: With respect to (i) REMIC 2 Regular
Interest  MTI-P,  (ii) REMIC 2 Regular  Interest  MTI-R,  (iii)  REMIC 2 Regular
Interest MTI-A-1,  (iv) REMIC 2 Regular Interest  MTI-A-2A,  (v) REMIC 2 Regular
Interest MTI-A-2B,  (vi) REMIC 2 Regular Interest MTI-A-3, (vii) REMIC 2 Regular
Interest MTI-A-4,  (viii) REMIC 2 Regular Interest MTI-M-1, (ix) REMIC 2 Regular
Interest  MTI-M-2,  (x) REMIC 2 Regular Interest  MTI-M-3,  (xi) REMIC 2 Regular
Interest MTI-M-4, (xii) REMIC 2 Regular Interest MTI-M-5, (xiii) REMIC 2 Regular
Interest MTI-M-6,  (xiv) REMIC 2 Regular Interest MTI-M-7,  (xv) REMIC 2 Regular
Interest  MTI-M-8,  (xvi)  REMIC 2 Regular  Interest  MTI-M-9F,  (xvii)  REMIC 2
Regular Interest MTI-M-9A, (xviii) REMIC 2 Regular Interest MTI-B-1, (xix) REMIC
2 Regular  Interest  MTI-B-2 and (xx) REMIC 2 Regular  Interest  MTI-S,  the (i)
Class P Certificates, (ii) Class A-R Certificates, (iii) Class A-1 Certificates,
(iv)  Class  A-2A  Certificates,  (v) Class  A-2B  Certificates,  (vi) Class A-3
Certificates, (vii) Class A-4 Certificates,  (viii) Class M-1 Certificates, (ix)
Class M-2 Certificates, (x) Class M-3 Certificates, (xi) Class M-4 Certificates,
(xii) Class M-5  Certificates,  (xiii) Class M-6  Certificates,  (xiv) Class M-7
Certificates, (xv) Class M-8 Certificates, (xvi) Class M-9F Certificates, (xvii)
Class  M-9A  Certificates,  (xviii)  Class  B-1  Certificates,  (xix)  Class B-2
Certificates and (xx) Class X-S Certificates, respectively.

                  Corresponding  Uncertificated Interest: With respect to (a)(i)
REMIC 1 Regular Interest LTI-P and (ii) REMIC 1 Regular  Interest LTI-R,  (b)(i)
REMIC 2  Regular  Interest  MTI-P  and  (ii)  REMIC 2  Regular  Interest  MTI-R,
respectively.

                  Credit Insurance Policy:  The credit insurance policy provided
by the Credit Insurance  Provider with respect to the Old Republic Covered Loans
having an initial amount of coverage equal to $11,447,395, and including any and
all related  endorsements,  copies of which are attached hereto as Exhibit BB-1,
or any replacement obtained by IndyMac pursuant to Section 3.23 hereof.

                  Credit Insurance Provider:  Old Republic Insurance Company, or
any successor thereto or the named insurer in any replacement policy obtained by
the Servicer pursuant to Section 3.23 hereof.

                  Credit  Insurance  Provider  Fee:  The  amount  payable to the
Credit Insurance  Provider in order to obtain coverage provided under the Credit
Insurance  Policy,  such amount being, as to each Old Republic  Covered Loan and
any  Distribution  Date, an amount equal to  one-twelfth  of the related  Credit
Insurance  Provider  Fee Rate on the Net  Proceeds  (as  defined  in the  Credit
Insurance Policy) of the Old Republic Covered Loan.

                  Credit Insurance Provider Fee Rate: 1.68% per annum.

                  Credit Risk Manager: The Murrayhill Company, a Colorado
corporation.

                  Credit Risk Management Agreement: Any of the agreements
between Wilshire Ocwen, IndyMac and the Credit Risk Manager dated as of
September 30, 2005.

                  Credit  Risk  Manager  Fee: As to each  Mortgage  Loan and any
Distribution  Date,  an amount equal to one month's  interest at the Credit Risk
Manager Fee Rate on the Stated Principal Balance of such Mortgage Loan as of the
Due Date in the month of such  Distribution  Date (prior to giving effect to any
Scheduled Payments due on such Mortgage Loan on such Due Date).

                  Credit Risk Manager Fee Rate: 0.0175% per annum.

                  CSFB: Credit Suisse First Boston LLC, a Delaware limited
liability company, and its successors and assigns.

                  Cumulative Loss Event: For any Distribution Date, a Cumulative
Loss Event is occurring if Cumulative Net Realized Losses on the Mortgage Loans,
plus the amount by which the total available coverage under the Credit Insurance
Policy has been reduced as of such date,  equal or exceed the  percentage of the
Aggregate  Collateral  Balance as of the Cut-off Date for that Distribution Date
as specified below:

<table>
<caption>
            Distribution Date                             Percentage of Aggregate Collateral Balance
            -----------------                             ------------------------------------------
<S>                                         <C>
Ocotber 2005 - September 2008..........                                      N.A.
Ocotber 2008 - September 2009..........     3.85% for the first month, plus an additional 1/12th of 2.10% for each
                                                                       month thereafter
Ocotber 2009 - September 2010..........     5.95% for the first month, plus an additional 1/12th of 1.70% for each
                                                                       month thereafter
Ocotber 2010 - September 2011..........     7.65% for the first month, plus an additional 1/12th of 0.80% for each
                                                                       month thereafter
October 2011 and thereafter............                                     8.45%
</table>

                  Cumulative   Net   Realized   Losses:   As  to  any   date  of
determination  the  aggregate  amount of  Realized  Losses as reduced by any Net
Recoveries received on Charged Off Loans.

                  Current   Interest:   For  any  Class  of   Certificates   and
Distribution   Date,   the  amount  of  interest   accruing  at  the  applicable
Pass-Through Rate on the related Class Principal Balance, or Notional Amount, as
applicable,  of such Class during the related Interest Accrual Period; provided,
that if and to the extent that on any Distribution Date the Interest  Remittance
Amount is less than the  aggregate  distributions  required  pursuant to Section
4.02(b)(i)A-M  without regard to this proviso, then the Current Interest on each
such Class will be reduced,  on a pro rata basis in  proportion to the amount of
Current Interest for each Class without regard to this proviso, by the lesser of
(i) the amount of the  deficiency  described  above in this proviso and (ii) the
related Interest Shortfall for such Distribution Date.

                  Curtailment: Any payment of principal on a Mortgage Loan, made
by or on behalf of the  related  Mortgagor,  other than a Scheduled  Payment,  a
prepaid  Scheduled  Payment  or  a  Payoff,  which  is  applied  to  reduce  the
outstanding Stated Principal Balance of the Mortgage Loan.

                  Custodial  Agreement:  The agreement,  among the Trustee,  the
related  Custodian  and  the  Depositor  providing  for the  safekeeping  of any
documents  or  instruments  referred  to  in  Section  2.01  on  behalf  of  the
Certificateholders,   attached   hereto  as  Exhibit  R-1  or  Exhibit  R-2,  as
applicable.

                  Custodian:  Either of (i) Wells Fargo Bank,  N.A.,  a national
banking  association  or (ii)  LaSalle  Bank  National  Association,  a national
banking association,  or any successor custodian appointed pursuant to the terms
of the related  Custodial  Agreement.  Each Custodian so appointed  shall act as
agent on behalf of the Trustee,  and shall be compensated by the Depositor.  The
Trustee shall remain at all times responsible under the terms of this Agreement,
notwithstanding the fact that certain duties have been assigned to a Custodian.

                  Cut-off Date: For any Mortgage Loan, other than a Subsequent
Mortgage Loan, September 1, 2005. For any Subsequent Mortgage Loan, the
applicable Subsequent Transfer Date.

                  Cut-off Date Principal Balance: As to any Mortgage Loan, the
Stated Principal Balance thereof as of the close of business on the Cut-off
Date.

                  Defective Mortgage Loan: Any Mortgage Loan which is required
to be repurchased pursuant to Section 2.02 or 2.03.

                  Deferred  Amount:  For any  Class of Class M  Certificates  or
Class B Certificates and any  Distribution  Date, will equal the amount by which
(x) the aggregate of the Applied Loss Amounts previously applied in reduction of
the Class Principal  Balance thereof exceeds (y) the sum of (i) the aggregate of
amounts  previously  paid in  reimbursement  thereof  and (ii) the amount of the
increase  in the  related  Class  Principal  Balance  due to the  receipt of Net
Recoveries as provided in Section 4.02(vii).

                  Definitive Certificates: Any Certificate issued in lieu of a
Book-Entry Certificate pursuant to Section 5.02(e).

                  Deleted Mortgage Loan: As defined in Section 2.03.

                  Delinquency  Rate: For any month,  a fraction,  expressed as a
percentage,  the  numerator  of which  is the  aggregate  outstanding  principal
balance  of all  Mortgage  Loans  60 or  more  days  delinquent  (including  all
foreclosures  and REO Properties) as of the close of business on the last day of
such month, and the denominator of which is the Aggregate  Collateral Balance as
of the close of business on the last day of such month.

                  Denomination: With respect to each Certificate, the amount set
forth  on  the  face  thereof  as  the  "Initial  Certificate  Balance  of  this
Certificate" or the "Initial Notional Amount of this Certificate" or, if neither
of the foregoing, the Percentage Interest appearing on the face thereof.

                  Depositor: Credit Suisse First Boston Mortgage Securities
Corp., a Delaware corporation, or its successor in interest.

                  Depository:  The initial  Depository  shall be The  Depository
Trust Company,  the nominee of which is CEDE & Co., as the registered  Holder of
the Book-Entry  Certificates.  The Depository  shall at all times be a "clearing
corporation"  as defined in Section  8-102(3) of the Uniform  Commercial Code of
the State of New York.

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

                  Determination Date: As to any Distribution Date, the second
Business Day immediately following the 15th day of the month of such
Distribution Date.

                  Distribution Date: The 25th day of each month or if such day
is not a Business Day, the first Business Day thereafter, commencing in October
2005.

                  DLJMC: DLJ Mortgage Capital, Inc., a Delaware corporation, and
its successors and assigns.

                  Due Date: With respect to any Distribution Date and any
Mortgage Loan, the day during the related Due Period on which the Scheduled
Payment is due.

                  Due Period: With respect to each Distribution Date, the period
commencing  on  the  second  day  of  the  month  preceding  the  month  of  the
Distribution  Date and ending on the first day of the month of the  Distribution
Date.

                  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  obligations of such holding company)
have been rated by Moody's and Fitch in its highest  short-term  rating category
and by S&P at least  "A-1+",  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 obligations and
securities  listed  below which  investment  provides for a date of maturity not
later than the Determination Date in each month:

                  (i)      direct obligations of, and obligations fully
         guaranteed 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; or obligations fully guaranteed by, the United States of
         America; Freddie Mac, Fannie Mae, the Federal Home Loan Banks or any
         agency or instrumentality of the United States of America rated AA or
         higher by the Rating Agencies;

                  (ii)     federal funds, demand and time deposits in,
         certificates of deposits of, or bankers' acceptances issued by, any
         depository institution or trust company incorporated or organized under
         the laws of the United States of America or any state thereof and
         subject to supervision and examination by federal and/or state banking
         authorities, so long as at the time of such investment or 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 obligations of such holding company) are
         rated in one of two of the highest ratings by each of the Rating
         Agencies, and the long-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 long-term debt obligations of such holding
         company) are rated in one of two of the highest ratings, by each of the
         Rating Agencies;

                  (iii)    repurchase obligations with a term not to exceed 30
         days with respect to any security described in clause (i) above and
         entered into with a depository institution or trust company (acting as
         a principal) rated "A" or higher by Moody's, "A-1" or higher by S&P and
         "F-1" or higher by Fitch; provided, however, that collateral
         transferred pursuant to such repurchase obligation must be of the type
         described in clause (i) above and must (A) be valued daily at current
         market price plus accrued interest, (B) pursuant to such valuation, be
         equal, at all times, to 105% of the cash transferred by the Trustee in
         exchange for such collateral, and (C) be delivered to the Trustee or,
         if the Trustee is supplying the collateral, an agent for the Trustee,
         in such a manner as to accomplish perfection of a security interest in
         the collateral by possession of certificated securities;

                  (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 has a long-term unsecured
         debt rating in the highest available rating category of each of the
         Rating Agencies at the time of such investment;

                  (v)      commercial paper having an original maturity of less
         than 365 days and issued by an institution having a short-term
         unsecured debt rating in the highest available rating category of each
         Rating Agency that rates such securities at the time of such
         investment;

                  (vi)     a guaranteed investment contract approved by each of
         the Rating Agencies and issued by an insurance company or other
         corporation having a long-term unsecured debt rating in the highest
         available rating category of each of the Rating Agencies at the time of
         such investment;

                  (vii)    which may be 12b-1 funds as contemplated under the
         rules promulgated by the Securities and Exchange Commission under the
         Investment Company Act of 1940) having ratings in the highest available
         rating category of Moody's and Fitch and or "AAAm" or "AAAm-G" by S&P
         at the time of such investment (any such money market funds which
         provide for demand withdrawals being conclusively deemed to satisfy any
         maturity requirements for Eligible Investments set forth herein)
         including money market funds of a Servicer or the Trustee and any such
         funds that are managed by a Servicer or the Trustee or their respective
         Affiliates or for a Servicer or the Trustee or any Affiliate of either
         acts as advisor, as long as such money market funds satisfy the
         criteria of this subparagraph (vii); and

                  (viii)   such other investments the investment in which will
         not, as evidenced by a letter from each of the Rating Agencies, result
         in the downgrading or withdrawal of the Ratings of the Certificates.

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.

                  ERISA: The Employee Retirement Income Security Act of 1974, as
amended.

                  ERISA-Restricted Certificates: As specified in the Preliminary
Statement.

                  Escrow Account: The separate account or accounts created and
maintained by each Servicer pursuant to Section 3.06.

                  Escrow Mortgage Loan: Any Mortgage Loan for which the related
Servicer has established an Escrow Account for items constituting Escrow
Payments.

                  Escrow  Payments:  With  respect  to any  Mortgage  Loan,  the
amounts constituting ground rents, taxes, mortgage insurance premiums,  fire and
hazard insurance premiums, and any other payments required to be escrowed by the
Mortgagor  with the mortgagee  pursuant to the Mortgage,  applicable  law or any
other related document.

                  Event of Default: As defined in Section 7.01.

                  Excess Cashflow Loss Payment: As defined in Section
4.02(b)(iv)(A).

                  Excess  Servicing  Fee: With respect to each Mortgage Loan and
any  Distribution  Date,  an amount equal to one month's  interest at the Excess
Servicing Fee Rate on the Class X-S Notional Amount for such Distribution Date.

                  Excess  Servicing  Fee  Rate:  With  respect  to the  Wilshire
Serviced Loans,  the excess,  if any, of 0.50% over the "Wilshire  Servicing Fee
Rate" as defined in the  Wilshire  Letter  Agreement.  With respect to the Ocwen
Serviced Loans, the excess, if any, of 0.50% over the "Ocwen Servicing Fee Rate"
as defined in the Ocwen Letter Agreement.

                  Expense Fees: As to each Mortgage Loan, the sum of the related
Servicing Fee, the Excess Servicing Fee, the Credit Risk Manager Fee, the Credit
Insurance Provider Fee (if applicable) and the Trustee Fee.

                  Expense Fee Rate:  As to each  Mortgage  Loan,  the sum of the
related  Servicing Fee Rate, the Excess  Servicing Fee Rate, if applicable,  the
Credit Risk Manager Fee Rate , the Credit Insurance Provider Fee (if applicable)
and the Trustee Fee Rate.

                  Fair  Market  Value:  The  fair  market  value  of  all of the
property of the Trust,  as agreed  upon  between  the  Terminating  Entity and a
majority of the Holders of the Class A-RL Certificates;  provided, however, that
if the  Terminating  Entity  and a  majority  of the  Holders  of the Class A-RL
Certificates  do not agree upon the fair market value of all the property of the
Trust, the Terminating Entity shall solicit,  or cause the solicitation of, good
faith bids for all of the property of the Trust until it has received three bids
from  institutions  that are regular  purchasers and/or sellers in the secondary
market of residential  whole mortgage loans similar to the Mortgage  Loans,  and
the Fair Market Value shall be equal to the highest of such three bids.

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

                  Fannie Mae Guides: The Fannie Mae Sellers' Guide and the
Fannie Mae Servicers' Guide and all amendments or additions thereto.

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

                  FIRREA: The Financial Institutions Reform, Recovery and
Enforcement Act of 1989.

                  First Mortgage Loan: A Mortgage Loan that is secured by a
first lien on the Mortgaged Property securing the related Mortgage Note.

                  Fitch: Fitch, Inc., or any successor thereto.

                  Foreclosure  Restricted  Loan: Any Mortgage Loan that is 60 or
more days  delinquent  as of the Closing  Date,  unless such  Mortgage  Loan has
become current for three consecutive Scheduled Payments after the Closing Date.

                  Freddie Mac: Freddie Mac, a corporate  instrumentality  of the
United States created and existing under Title III of the Emergency Home Finance
Act of 1970, as amended, or any successor thereto.

                  Highest Priority:  As of any date of determination,  the Class
of Subordinate  Certificates  then  outstanding  with a Class Principal  Balance
greater than zero,  with the highest  priority for payments  pursuant to Section
4.02, in the following order of decreasing priority: Class M-1, Class M-2, Class
M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9A and Class
M-9F, Class B-1 and Class B-2 Certificates.

                  IndyMac: Indymac Bank, F.S.B., a federal savings bank.

                  IndyMac Serviced Loans: The Mortgage Loans identified as such
on the Mortgage Loan Schedule.

                  Initial  Mortgage  Loan: A Mortgage Loan conveyed to the Trust
on the Closing Date  pursuant to this  Agreement as  identified  on the Mortgage
Loan Schedule delivered to the Trustee on the Closing Date.

                  Initial  Mortgage Loan Net WAC Rate: A per annum rate equal to
the weighted average of the Net Mortgage Rates of the Initial Mortgage Loans.

                  Indirect  Participant:   A  broker,   dealer,  bank  or  other
financial  institution  or other  Person  that  clears  through or  maintains  a
custodial relationship with a Depository Participant.

                  Insurance  Proceeds:  Proceeds due under the Credit  Insurance
Policy,  and proceeds paid under any other Insurance  Policy covering a Mortgage
Loan to the extent the  proceeds are not (i) applied to the  restoration  of the
related  Mortgaged  Property,  (ii) applied to the  satisfaction  of any related
First  Mortgage Loan or (iii)  released to the Mortgagor in accordance  with the
procedures  that the Servicer would follow in servicing  mortgage loans held for
its own account.

                  Interest  Accrual  Period:  With respect to each  Distribution
Date, (i) with respect to the Class A-1, Class A-2A,  Class A-2B,  Class A-4 and
Class M-9A  Certificates,  the period  commencing on the  immediately  preceding
Distribution  Date (or the Closing Date,  in the case of the first  Distribution
Date) and ending on the day immediately preceding the related Distribution Date,
and (ii) with respect to the Class A-3,  Class M-1,  Class M-2, Class M-3, Class
M-4, Class M-6,  Class M-7,  Class M-8, Class M-9F,  Class B-1, Class B-2, Class
A-R,  Class A-RL,  Class P, Class X-1 and Class X-S  Certificates,  the calendar
month prior to the month of such Distribution Date.

                  Interest  Remittance  Amount:  For any  Distribution  Date, an
amount equal to (1) all interest collected (other than Payaheads, if applicable)
or advanced in respect of Scheduled  Payments on the  Mortgage  Loans during the
related Due Period,  the interest portion of Payaheads  previously  received and
intended for  application in the related Due Period and the interest  portion of
all Payoffs and  Curtailments  received on the Mortgage Loans during the related
Prepayment  Period,  less (x) the Expense  Fee (other than the Excess  Servicing
Fee) with respect to such Mortgage Loans and (y) unreimbursed Advances and other
amounts due to a Servicer or the Trustee with respect to such Mortgage Loans, to
the extent allocable to interest, (2) all Compensating Interest Payments paid by
each  Servicer  with  respect to the  Mortgage  Loans it is  servicing  and such
Distribution  Date,  (3) the portion of any  Substitution  Adjustment  Amount or
Repurchase  Price paid with respect to such  Mortgage  Loans during the calendar
month immediately preceding the Distribution Date allocable to interest, (4) all
Liquidation  Proceeds,  Net  Recoveries  and any  Insurance  Proceeds  and other
recoveries (net of unreimbursed  Advances,  Servicing Advances and expenses,  to
the extent  allocable to interest,  and unpaid  Servicing  Fees)  collected with
respect to the Mortgage  Loans during the prior  calendar  month,  to the extent
allocable  to  interest  and (5) any  amounts  withdrawn  from  the  Capitalized
Interest  Account  to pay  interest  on the  Certificates  with  respect to such
Distribution Date.

                  Interest  Shortfall:  For any Distribution Date, the aggregate
shortfall,  if any, in collections of interest for the previous month  (adjusted
to the related Net Mortgage Rate) on Mortgage Loans resulting from (a) Principal
Prepayments  received  during the  related  Prepayment  Period to the extent not
covered  by  Compensating  Interest,  (b)  payments  received  under the  Credit
Insurance  Policy  during  the  related  Prepayment  Period  and (c)  Relief Act
Reductions.

                  Last Scheduled Distribution Date: With respect to each Class
of Certificates, the Distribution Date in January 2036.

                  Latest  Possible  Maturity  Date:  For purposes of  satisfying
Treasury regulation Section  1.860G-1(a)(4)(iii),  the "latest possible maturity
date" of all interests  created in REMIC 1, REMIC 2 and REMIC 3 shall be January
25, 2036.

                  LIBOR:  For any Interest  Accrual  Period other than the first
Interest  Accrual  Period,  the rate for United States  dollar  deposits for one
month which appears on the Dow Jones Telerate Screen Page 3750 as of 11:00 A.M.,
London, England time, on the second LIBOR Business Day prior to the first day of
such Interest Accrual Period. With respect to the first Interest Accrual Period,
the rate for United  States  dollar  deposits for one month which appears on the
Dow Jones Telerate Screen Page 3750 as of 11:00 A.M., London,  England time, two
LIBOR  Business  Days prior to the Closing Date. If such rate does not appear on
such page (or such other page as may replace  that page on that  service,  or if
such service is no longer  offered,  such other service for displaying  LIBOR or
comparable rates as may be reasonably selected by the Trustee), the rate will be
the Reference Bank Rate. If no such  quotations can be obtained and no Reference
Bank Rate is  available,  LIBOR  will be the LIBOR  applicable  to the  Interest
Accrual Period preceding the next applicable Distribution Date.

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

                  LIBOR  Certificates:  The Class A-1,  Class A-2A,  Class A-2B,
Class A-4 and Class M-9A Certificates.

                  Liquidated  Mortgage  Loan:  With respect to any  Distribution
Date,  a  defaulted  Mortgage  Loan  (including  any  REO  Property)  which  was
liquidated or for which payments under the related  private  mortgage  insurance
policy,  hazard insurance policy or any condemnation  proceeds were received, in
the calendar month preceding the month of such Distribution Date and as to which
the related  Servicer has determined (in accordance with this Agreement) that it
has  received  all  amounts  it  expects  to  receive  in  connection  with  the
liquidation  of such  Mortgage  Loan,  including  the final  disposition  of the
related REO Property.

                  Liquidation Proceeds:  Amounts,  including Insurance Proceeds,
received in  connection  with the partial or complete  liquidation  of defaulted
Mortgage Loans,  whether through  trustee's  sale,  foreclosure  sale or similar
disposition or amounts  received in connection with any  condemnation or partial
release of a Mortgaged  Property and any other  proceeds  received in connection
with an REO  Property,  in each case,  which,  for the  avoidance  of doubt,  is
remaining after, or not otherwise required to be applied to, the satisfaction of
any related First Mortgage Loan,  less the sum of related  unreimbursed  Expense
Fees, Servicing Advances, Advances and reasonable out-of-pocket expenses.

                  Majority in Interest:  As to any Class of Regular Certificates
or the Class  X-2  Certificates,  the  Holders  of  Certificates  of such  Class
evidencing, in the aggregate, at least 51% of the Percentage Interests evidenced
by all Certificates of such Class.

                  Majority   Servicer:   The  Servicer   servicing  the  largest
percentage by Stated  Principal  Balance of  outstanding  Mortgage  Loans on the
Optional  Termination Date;  provided,  however,  that if such Servicer does not
exercise its right to purchase the Mortgage Loans under Section 9.01, each other
Servicer,  in sequential  order from the Servicer  servicing the second  largest
percentage,  the  third  largest  percentage,  and so  forth,  to  the  Servicer
servicing the smallest  percentage,  in each case by Stated Principal Balance of
outstanding  Mortgage  Loans  on the  Optional  Termination  Date,  shall be the
Majority Servicer.

                  Marker Rate:  With respect to the Class X-1  Certificates  and
any  Distribution  Date,  a per annum rate  equal to two (2) times the  weighted
average of the  Uncertificated  REMIC 2  Pass-Through  Rates for REMIC 2 Regular
Interests MTI-A-1,  MTI-A-2A,  MTI-A-2B,  MTI-A-3,  MTI-A-4,  MTI-M-1,  MTI-M-2,
MTI-M-3,  MTI-M-4,  MTI-M-5,  MTI-M-6,  MTI-M-7,  MTI-M-8,  MTI-M-9F,  MTI-M-9A,
MTI-B-1,  MTI-B-2  and MTI-ZZ,  with the rates on the REMIC 2 Regular  Interests
MTI-A-1,  MTI-A-2A,  MTI-A-2B,  MTI-A-4 and MTI-M-9A,  subject to a cap, for the
purpose  of  this  calculation,  equal  to the  lesser  of (A)  LIBOR  plus  the
Certificate Margin for the Corresponding Certificate and (B) the REMIC 2 Net WAC
Rate,  with the rate on the REMIC 2 Regular  Interest  MTI-A-3 subject to a cap,
for purposes of this  calculation,  equal to the lesser of (A) 4.7420% per annum
on or prior to the  Optional  Termination  Date and  5.2420% per annum after the
Optional Termination Date and (B) the REMIC 2 Net WAC Rate, with the rate on the
REMIC  2  Regular  Interest  MTI-M-1  subject  to a cap,  for  purposes  of this
calculation,  equal to the  lesser of (A)  5.4841%  per annum on or prior to the
Optional  Termination Date and 5.9841% per annum after the Optional  Termination
Date and (B) the  REMIC 2 Net WAC  Rate,  with the rate on the  REMIC 2  Regular
Interest  MTI-M-2 subject to a cap, for purposes of this  calculation,  equal to
the lesser of (A) 5.5906% per annum on or prior to the Optional Termination Date
and 6.0906% per annum after the  Optional  Termination  Date and (B) the REMIC 2
Net WAC Rate, with the rate on the REMIC 2 Regular Interest MTI-M-3 subject to a
cap,  for purposes of this  calculation,  equal to the lesser of (A) 5.5392% per
annum on or prior to the Optional  Termination  Date and 6.0392% per annum after
the Optional Termination Date and (B) the REMIC 2 Net WAC Rate, with the rate on
the REMIC 2 Regular  Interest  MTI-M-4  subject to a cap,  for  purposes of this
calculation,  equal to the  lesser of (A)  5.7010%  per annum on or prior to the
Optional  Termination Date and 6.2010% per annum after the Optional  Termination
Date and (B) the  REMIC 2 Net WAC  Rate,  with the rate on the  REMIC 2  Regular
Interest  MTI-M-5 subject to a cap, for purposes of this  calculation,  equal to
the lesser of (A) 5.6182% per annum on or prior to the Optional Termination Date
and 6.11820% per annum after the Optional  Termination  Date and (B) the REMIC 2
Net WAC Rate, with the rate on the REMIC 2 Regular Interest MTI-M-6 subject to a
cap,  for purposes of this  calculation,  equal to the lesser of (A) 5.7216% per
annum on or prior to the Optional  Termination Date and 6.22160% per annum after
the Optional Termination Date and (B) the REMIC 2 Net WAC Rate, with the rate on
the REMIC 2 Regular  Interest  MTI-M-7  subject to a cap,  for  purposes of this
calculation,  equal to the  lesser of (A)  5.7657%  per annum on or prior to the
Optional  Termination Date and 6.2657% per annum after the Optional  Termination
Date and (B) the  REMIC 2 Net WAC  Rate,  with the rate on the  REMIC 2  Regular
Interest  MTI-M-8 subject to a cap, for purposes of this  calculation,  equal to
the lesser of (A) 5.9694% per annum on or prior to the Optional Termination Date
and 6.4694% per annum after the  Optional  Termination  Date and (B) the REMIC 2
Net WAC Rate, with the rate on the REMIC 2 Regular Interest  MTI-M-9F subject to
a cap, for purposes of this calculation,  equal to the lesser of (A) 6.4413% per
annum on or prior to the Optional  Termination  Date and 6.9413% per annum after
the Optional Termination Date and (B) the REMIC 2 Net WAC Rate, with the rate on
the REMIC 2 Regular  Interest  MTI-B-1  subject to a cap,  for  purposes of this
calculation,  equal to the  lesser of (A)  7.0000%  per annum on or prior to the
Optional  Termination Date and 7.5000% per annum after the Optional  Termination
Date and (B) the  REMIC 2 Net WAC  Rate,  with the rate on the  REMIC 2  Regular
Interest  MTI-B-2 subject to a cap, for purposes of this  calculation,  equal to
the lesser of (A) 7.0000% per annum on or prior to the Optional Termination Date
and 7.5000% per annum after the  Optional  Termination  Date and (B) the REMIC 2
Net WAC Rate and with the rate on the REMIC 2 Regular Interest MTI-ZZ subject to
a cap, for the purpose of this calculation, equal to zero.

                  MERS: Mortgage Electronic Registration Systems, Inc., a
corporation organized and existing under the laws of the State of Delaware, or
any successor thereto.

                  MERS Mortgage Loan: Any Mortgage Loan registered with MERS on
the MERS System.

                  MERS(R) System: The system of recording transfers of Mortgages
electronically maintained by MERS.

                  MIN: The Mortgage Identification Number for Mortgage Loans
registered with MERS on the MERS(R) System.

                  MOM Loan:  With respect to any Mortgage  Loan,  MERS acting as
the mortgagee of such  Mortgage  Loan,  solely as nominee for the  originator of
such Mortgage Loan and its successors and assigns, at the origination thereof.

                  Monthly Excess Cashflow:  For any Distribution Date, an amount
equal   to  the  sum  of  (1)  the   Monthly   Excess   Interest   and  (2)  the
Overcollateralization Release Amount, if any, for such date.

                  Monthly Excess Interest: As to any Distribution Date, the sum
of (A) the Interest Remittance Amount remaining after the application of
payments pursuant to clauses A. through M. of Section 4.02(b)(i) plus (B) the
Principal Payment Amount remaining after the application of payments pursuant to
clauses A. through N. of Section 4.02(b)(ii) or (iii).

                  Monthly Statement: The statement delivered to the
Certificateholders pursuant to Section 4.06.

                  Moody's: Moody's Investors Service, Inc., or any successor
thereto. For purposes of Section 10.05(b) the address for notices to Moody's
shall be Moody's Investors Service, Inc., 99 Church Street, New York, New York
10007, Attention: Residential Pass-Through Monitoring, or such other address as
Moody's may hereafter furnish to the Depositor, the Servicers and the Trustee.

                  Mortgage:  The  mortgage,  deed of trust  or other  instrument
creating a first or second lien on an estate in fee simple or leasehold interest
in real property securing a Mortgage Note.

                  Mortgage  File:  The  Mortgage  documents  listed  in  Section
2.01(b) hereof  pertaining to a particular  Initial  Mortgage Loan or Subsequent
Mortgage Loan and any additional  documents delivered to the Trustee to be added
to the Mortgage File pursuant to this Agreement.

                  Mortgage  Loans:  Such of the mortgage loans  transferred  and
assigned to the Trustee  pursuant to the provisions  hereof as from time to time
are held as a part of the Trust Fund (including any REO Property),  the mortgage
loans so held being  identified in the Mortgage Loan  Schedule,  notwithstanding
foreclosure or other acquisition of title of the related Mortgaged Property.

                  Mortgage Loan  Purchase  Price:  The price,  calculated as set
forth in Section 9.01,  to be paid in connection  with the purchase of the Trust
Collateral by the Auction Purchaser.

                  Mortgage Loan Schedule:  The Mortgage Loan Schedule which will
list the  Mortgage  Loans (as from time to time amended by the Seller to reflect
the addition of Qualified Substitute Mortgage Loans and the purchase of Mortgage
Loans pursuant to Section 2.01(f),  2.02 or 2.03)  transferred to the Trustee as
part of the Trust Fund and from time to time subject to this Agreement, attached
hereto as Schedule I, setting  forth the following  information  with respect to
each Mortgage Loan:

                  (i)      the Mortgage Loan identifying number;

                  (ii)     [reserved];

                  (iii)    the zip code of the Mortgaged Property;

                  (iv)     a code indicating the type of Mortgaged Property and
         the occupancy status.

                  (v)      the original months to maturity or the
         remaining months to maturity from the Cut-off Date, in any case based
         on the original amortization schedule and, if different, the maturity
         expressed in the same manner but based on the actual amortization
         schedule;

                  (vi)     the Combined Loan-to-Value Ratio at origination;

                  (vii)    the Mortgage Rate as of the Cut-off Date;

                  (viii)   the stated maturity date;

                  (ix)     the amount of the Scheduled Payment as of the Cut-off
         Date;

                  (x)      the original principal amount of the Mortgage Loan;

                  (xi)     the principal balance of the Mortgage Loan as of the
         close of business on the Cut-off Date, after deduction of payments of
         principal due on or before the Cut-off Date whether or not collected;

                  (xii)    a code indicating the purpose of the Mortgage Loan
         (i.e., purchase, rate and term refinance, equity take-out refinance);

                  (xiii)   the Net Mortgage Rate as of the Cut-off Date;

                  (xiv)    the Originator of the related Mortgage Loan;

                  (xv)     the Servicing Fee Rate;

                  (xvi)    the related sub-servicer;

                  (xvii)   a code indicating whether a Mortgage Loan is subject
         to a Prepayment Charge;

                  (xviii)  the amount of the Prepayment Charge with respect to
         each Mortgage Loan and a code identifying whether such Prepayment
         Charge is related to a Curtailment or Payoff;

                  (xix)    whether such Mortgage Loan is a Balloon Loan;

                  (xx)     whether such Mortgage Loan is a Wilshire Serviced
         Loan, an Ocwen Serviced Loan or an IndyMac Serviced Loan;

                  (xxi)    a code indicating whether the Mortgage Loan is a MERS
         Mortgage Loan and, if so, its corresponding MIN; and

                  (xxii)   whether such Mortgage Loan is an Old Republic Covered
         Loan.

                  With respect to the Mortgage Loans in the aggregate, each, the
Mortgage Loan  Schedule  shall set forth the  following  information,  as of the
Cut-off Date:

                  (i)      the number of Mortgage Loans; and

                  (ii)     the current aggregate principal balance of the
         Mortgage Loans as of the close of business on the Cut-off Date, after
         deduction of payments of principal due on or before the Cut-off Date
         whether or not collected.

                  Mortgage Note: The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

                  Mortgage Rate: The annual fixed rate of interest borne by a
Mortgage Note.

                  Mortgaged Property: The underlying real property securing a
Mortgage Loan.

                  Mortgagor: The obligor(s) on a Mortgage Note.

                  Net Excess Spread:  With respect to any Distribution  Date and
Loan, a fraction,  expressed as a percentage, the numerator of which is equal to
the excess of (x) the aggregate Stated Principal  Balance for such  Distribution
Date of the Mortgage Loans, multiplied by the weighted average Net Mortgage Rate
of such  Mortgage  Loans  over  (y) the  Interest  Remittance  Amount  for  such
Distribution  Date,  and the  denominator  of  which is an  amount  equal to the
aggregate Stated Principal  Balance for such  Distribution  Date of the Mortgage
Loans,  multiplied by the actual number of days elapsed in the related  Interest
Accrual Period divided by 360.

                  Net Funds  Cap:  As to any  Distribution  Date,  will be a per
annum rate equal to (a) a fraction, expressed as a percentage, (a) the numerator
of which is (1) the amount of interest  accrued on the  Mortgage  Loans for such
date, minus (2) the Expense Fee, and (b) the denominator of which is the product
of (i) the Aggregate Collateral Balance immediately  preceding such Distribution
Date (or as of the  Cut-off  Date in the case of the first  Distribution  Date),
multiplied by (ii)(x) in the case of the Class A-3,  Class M-1, Class M-2, Class
M-3, Class M-4,  Class M-5,  Class M-6, Class M-7, Class M-8, Class M-9F,  Class
B-1, Class B-2, Class A-R, Class A-RL and Class P Certificates,  1/12 and (y) in
the case of the Class A-1, Class A-2A,  Class A-2B and Class M-9A  Certificates,
the actual number of days in the related Interest Accrual Period divided by 360.
For federal income tax purposes,  however,  as to any Distribution  Date will be
the  equivalent  of the  foregoing,  expressed  as a per annum rate equal to the
weighted average of the Uncertificated Pass-Through Rates on the REMIC 2 Regular
Interests (other than the REMIC 2 Regular Interest MTI-P and the REMIC 2 Regular
Interest MTI-R)  multiplied by (in the case of the Class A-1, Class A-2A,  Class
A-2B, Class A-4 and Class M-9A  Certificates) 30 divided by the actual number of
days in the related Interest Accrual Period.

                  Net Mortgage  Rate: As to each Mortgage Loan, and at any time,
the per annum rate equal to the Mortgage Rate less the related Expense Fee Rate.

                  Net Prepayment  Interest  Shortfalls:  As to any  Distribution
Date,  the  amount,  if any,  by which  the  aggregate  of  Prepayment  Interest
Shortfalls  during the  Prepayment  Period  exceeds  the  Compensating  Interest
Payment for such Distribution Date.

                  Net  Recovery:  Any  proceeds  received  by  a  Servicer  on a
delinquent or Charged Off Loan (including any Liquidation Proceeds received on a
Charged Off Loan),  net of any  Servicing  Fee,  Ancillary  Income and any other
related expenses.

                  Nonrecoverable Advance: Any portion of an Advance or Servicing
Advance previously made or proposed to be made by the applicable  Servicer that,
in the good faith  judgment of the applicable  Servicer,  will not be ultimately
recoverable  by the  applicable  Servicer  from the related  Mortgagor,  related
Liquidation Proceeds or otherwise.

                  Notional Amount: The Class X-1 Notional Amount or the Class
X-S Notional Amount, as applicable.

                  Notional Amount Certificates: As specified in the Preliminary
Statement.

                  Ocwen: Ocwen Loan Servicing, LLC, a Delaware limited liability
company.

                  Ocwen Letter  Agreement:  The  securitization  servicing  side
letter agreement,  dated as of September 1, 2005,  between the Seller and Ocwen,
as amended, supplemented or superseded from time to time.

                  Ocwen Serviced Loans: The Mortgage Loans identified as such on
the Mortgage Loan Schedule.

                  Ocwen  Special  Servicing:  With regard to any Ocwen  Serviced
Loans that become  Charged Off Loans,  the  servicing  of such Charged Off Loans
using specialized collection procedures (including foreclosure,  if appropriate)
to maximize recoveries.

                  Offered Certificates: As specified in the Preliminary
Statement.

                  Officer's Certificate: A certificate signed by the Chairman of
the Board or the Vice Chairman of the Board or the President or a Vice President
or an Assistant  Vice  President or the Treasurer or the Secretary or one of the
Assistant  Treasurers  or  Assistant  Secretaries  of a  Servicer,  the  Special
Servicer or the Depositor, and delivered to the Depositor or the Trustee, as the
case may be, as required by this Agreement.

                  Old Republic  Covered Loan: A Mortgage Loan for which coverage
is available  under the Credit  Insurance  Policy,  as indicated on the Mortgage
Loan Schedule.

                  Opinion of Counsel:  A written opinion of counsel,  who may be
counsel for the Depositor or a Servicer,  including in-house counsel, reasonably
acceptable  to  the  Trustee;  provided,  however,  that  with  respect  to  the
interpretation or application of the REMIC Provisions,  such counsel must (i) in
fact be  independent  of the  Depositor  and any  Servicer,  (ii)  not  have any
material  direct  financial  interest in the Depositor or any Servicer or in any
affiliate  of  either,  and (iii) not be  connected  with the  Depositor  or any
Servicer as an  officer,  employee,  promoter,  underwriter,  trustee,  partner,
director or person performing similar functions.

                  Optional Termination: The termination of the trust created
hereunder in connection with the purchase of the Mortgage Loans pursuant to
Section 9.01.

                  Optional Termination Date: The first date on which the
Optional Termination may be exercised.

                  Optional Termination Notice Date: As defined in Section 9.02.

                  OTS: The Office of Thrift Supervision.

                  Outsourcer: As defined in Section 3.02.

                  Outstanding:  With respect to the  Certificates as of any date
of determination,  all Certificates theretofore executed and authenticated under
this Agreement except: (i) Certificates  theretofore  canceled by the Trustee or
delivered to the Trustee for cancellation; and (ii) Certificates in exchange for
which or in lieu of which other Certificates have been executed and delivered by
the Trustee pursuant to this Agreement.

                  Outstanding Mortgage Loan: As of any Due Date, a Mortgage Loan
with a Stated Principal Balance greater than zero which was not the subject of a
Payoff  prior to such Due Date and which did not  become a  Liquidated  Mortgage
Loan or Charged Off Loan prior to such Due Date.

                  Overcollateralization  Amount:  For any Distribution  Date, an
amount  equal to the  amount,  if any,  by which  (x) the  Aggregate  Collateral
Balance for such  Distribution  Date exceeds (y) the aggregate  Class  Principal
Balance of the Certificates after giving effect to payments on such Distribution
Date.

                  Overcollateralization  Release  Amount:  For any  Distribution
Date,  an amount  equal to the  lesser of (x) the  Principal  Remittance  Amount
(without regard to clause (6) of such definition) for such Distribution Date and
(y) the amount, if any, by which (1) the  Overcollateralization  Amount for such
date,  calculated for this purpose on the basis of the  assumption  that 100% of
the  aggregate  of the  Principal  Remittance  Amount and Excess  Cashflow  Loss
Payment for such date is applied on such date in reduction  of the  aggregate of
the Class  Principal  Balances of the  Certificates  (to an amount not less than
zero), exceeds (2) the Targeted Overcollateralization Amount for such date.

                  Overfunded  Interest  Amount:  With respect to any  Subsequent
Transfer Date and the Subsequent Mortgage Loans, the excess of (A) the amount on
deposit in the Capitalized  Interest Account on such date over (B) the excess of
(i) the  amount  of  interest  accruing  at (x)  the  assumed  weighted  average
Pass-Through Rates of the Senior Certificates  multiplied by (y) the Pre-Funding
Amount  outstanding at the end of the related Due Period for the total number of
days  remaining  through  the end of the  Interest  Accrual  Periods  ending (a)
October 25, 2005,  (b) November 25, 2005 and (c) December 26, 2005 over (ii) one
month of  investment  earnings  on the  amount  on  deposit  in the  Capitalized
Interest Account on such date at an annual rate of 2.840%.  The assumed weighted
average Pass-Through Rate of the Senior Certificates will be calculated assuming
LIBOR is 3.840% for any  Subsequent  Transfer Date for the  Subsequent  Mortgage
Loans prior to the October 2005  Distribution  Date,  4.240% for any  Subsequent
Transfer  Date for the  Subsequent  Mortgage  Loans prior to the  November  2005
Distribution Date and 4.640% for any Subsequent Transfer Date for the Subsequent
Mortgage Loans prior to the December 2005 Distribution Date.

                  Ownership  Interest:  As  to  any  Residual  Certificate,  any
ownership or security  interest in such  Certificate  including  any interest in
such Certificate as the Holder thereof and any other interest  therein,  whether
direct or indirect, legal or beneficial.

                  Par Value:  As defined in Section 9.01 hereof;  provided  that
the "Par Value" for any Auction Date shall also include the auction  expenses of
the Trustee (which auction expenses shall not exceed $25,000).

                  Pass-Through  Rate: With respect to the Class A-1, Class A-2A,
Class A-2B,  Class A-3, Class A-4,  Class A-R,  Class A-RL,  Class P, Class M-1,
Class M-2,  Class M-3,  Class M-4,  Class M-5,  Class M-6, Class M-7, Class M-8,
Class M-9A,  Class  M-9F,  Class B-1 and Class B-2  Certificates,  the Class A-1
Pass-Through  Rate, Class A-2A Pass-Through  Rate, Class A-2B Pass-Through Rate,
Class A-3 Pass-Through Rate, Class A-4 Pass-Through Rate, Class A-R Pass-Through
Rate,  Class  A-RL  Pass-Through  Rate,  Class P  Pass-Through  Rate,  Class M-1
Pass-Through  Rate,  Class M-2 Pass-Through  Rate, Class M-3 Pass-Through  Rate,
Class M-4 Pass-Through Rate, Class M-5 Pass-Through Rate, Class M-6 Pass-Through
Rate,  Class M-7  Pass-Through  Rate,  Class M-8  Pass-Through  Rate, Class M-9A
Pass-Through Rate, Class M-9F Pass-Through Rate, Class B-1 Pass-Through Rate and
Class B-2 Pass-Through Rate.

With  respect to the Class X-1  Certificates  and any  Distribution  Date, a per
annum rate equal to the  percentage  equivalent of a fraction,  the numerator of
which is the sum of the amounts  calculated  pursuant to clauses (A) through (S)
below,  and the  denominator  of which is the  aggregate  of the  Uncertificated
Principal Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2 Regular Interest
MTI-A-1,  REMIC 2 Regular Interest MTI-A-2A,  REMIC 2 Regular Interest MTI-A-2B,
REMIC 2 Regular  Interest  MTI-A-3,  REMIC 2 Regular Interest  MTI-A-4,  REMIC 2
Regular  Interest  MTI-M-1,  REMIC 2 Regular Interest  MTI-M-2,  REMIC 2 Regular
Interest  MTI-M-3,  REMIC 2 Regular Interest  MTI-M-4,  REMIC 2 Regular Interest
MTI-M-5,  REMIC 2 Regular Interest  MTI-M-6,  REMIC 2 Regular Interest  MTI-M-7,
REMIC 2 Regular Interest  MTI-M-8,  REMIC 2 Regular Interest  MTI-M-9A,  REMIC 2
Regular Interest  MTI-M-9F,  REMIC 2 Regular Interest  MTI-B-1,  REMIC 2 Regular
Interest  MTI-B-2  and  REMIC  2  Regular  Interest  MTI-ZZ.   For  purposes  of
calculating the Pass-Through Rate for the Class X-1 Certificates,  the numerator
is equal to the sum of the following components:

                  (A)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-AA minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-AA;

                  (B)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-A-1 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-A-1;

                  (C)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-A-2A minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-A-2A;

                  (D)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-A-2B minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-A-2B;

                  (E)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-A-3 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-A-3;

                  (F)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-A-4 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-A-4;

                  (G)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-1 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-1;

                  (H)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-2 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-2;

                  (I)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-3 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-3;

                  (J)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-4 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-4;

                  (K)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-5 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-5;

                  (L)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-6 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-6;

                  (M)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-7 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-7;

                  (N)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-8 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-8;

                  (O)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-9A minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-9A;

                  (P)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-M-9F minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-M-9F;

                  (Q)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-B-1 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-B-1;

                  (R)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-B-2 minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-B-2; and

                  (S)      the Uncertificated REMIC 2 Pass-Through Rate for
REMIC 2 Regular Interest MTI-ZZ minus the Marker Rate, applied to an amount
equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
MTI-ZZ.

                  Payahead: Any Scheduled Payment intended by the related
Mortgagor to be applied in a Due Period subsequent to the Due Period in which
such payment was received.

                  Payoff:  Any payment of principal on a Mortgage  Loan equal to
the entire  outstanding  Stated  Principal  Balance of such  Mortgage  Loan,  if
received in advance of the last  scheduled  Due Date for such  Mortgage Loan and
accompanied  by an amount of interest  equal to accrued  unpaid  interest on the
Mortgage Loan to the date of such payment-in-full.

                  Percentage  Interest:  As to any  Certificate,  the percentage
interest  evidenced thereby in distributions  required to be made on the related
Class, such percentage  interest being set forth on the face thereof or equal to
the percentage  obtained by dividing the Denomination of such Certificate by the
aggregate of the Denominations of all Certificates of the same Class.

                  Permitted  Transferee:  Any  person  other than (i) the United
States,  any  State  or  political   subdivision   thereof,  or  any  agency  or
instrumentality   of  any  of  the   foregoing,   (ii)  a  foreign   government,
International  Organization  or any agency or  instrumentality  of either of the
foregoing, (iii) an organization (except certain farmers' cooperatives described
in section 521 of the Code) which is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by section 511 of the Code on unrelated business
taxable  income) on any excess  inclusions (as defined in section  860E(c)(1) of
the Code) with  respect to any  Residual  Certificate,  (iv) rural  electric and
telephone  cooperatives  described in section  1381(a)(2)(C)  of the Code, (v) a
Person that is not a United  States  Person,  and (vi) a Person  designated as a
non-Permitted  Transferee by the Depositor based upon an Opinion of Counsel that
the Transfer of an Ownership  Interest in a Residual  Certificate to such Person
may cause any REMIC created  hereunder to fail to qualify as a REMIC at any time
that the Certificates  are  outstanding.  The terms "United States," "State" and
"International  Organization"  shall have the meanings set forth in section 7701
of the Code or successor  provisions.  A  corporation  will not be treated as an
instrumentality  of the United  States or of any State or political  subdivision
thereof for these purposes if all of its activities are subject to tax and, with
the  exception  of  Freddie  Mac, a majority  of its board of  directors  is not
selected by such government unit.

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

                  Physical Certificates: As specified in the Preliminary
Statement.

                  Pre-Funding Account: The separate Eligible Account created and
maintained by the Trustee with respect to the Mortgage Loans pursuant to Section
3.05(f) in the name of the Trustee for the benefit of the Certificateholders and
designated  "JPMorgan Chase Bank, N.A., in trust for registered  holders of Home
Equity  Mortgage  Pass-Through  Certificates,   Series  2005-4."  Funds  in  the
Pre-Funding  Account shall be held in trust for the  Certificateholders  for the
uses and  purposes  set forth in this  Agreement  and shall not be a part of any
REMIC created hereunder;  provided,  however,  that any investment income earned
from Eligible  Investments  made with funds in the Pre-Funding  Account shall be
for the account of the Depositor.

                  Pre-Funding Amount: The amount deposited in the Pre-Funding
Account on the Closing Date, which shall equal $29,400,300.

                  Pre-Funding Period: the period from the Closing Date until the
earliest  of (i) the date on which the  amount  on  deposit  in the  Pre-Funding
Account is reduced to zero, (ii) the date on which an Event of Default occurs or
(iii) December 24, 2005.

                  Prepayment  Charge:  With  respect to any Mortgage  Loan,  any
charge  required  to be paid if the  Mortgagor  prepays  such  Mortgage  Loan as
provided in the related Mortgage Note or Mortgage.

                  Prepayment   Interest   Excess:   As  to  any  Mortgage  Loan,
Distribution  Date and  Principal  Prepayment  in full during the portion of the
related  Prepayment  Period  occurring from the first day through the fourteenth
day of the calendar  month in which such  Distribution  Date  occurs,  an amount
equal to interest  (to the extent  received)  at the  applicable  Mortgage  Rate
(giving  effect to any  applicable  Relief  Act  Reduction),  as  reduced by the
related  Expense  Fee Rate on the amount of such  Principal  Prepayment  for the
number of days  commencing on the first day of the calendar  month in which such
Distribution  Date  occurs  and  ending  on the  date on  which  such  Principal
Prepayment is so applied;  provided that  Prepayment  Interest Excess shall only
exist with respect to any Mortgage Loan and any Distribution Date if the related
Principal  Prepayment  in full is  deposited by the  applicable  Servicer in the
related  Collection  Account pursuant to Section  3.05(b)(i)  hereof in the same
month  as such  Principal  Prepayment  in  full is  made,  to be  included  with
distributions on such Distribution Date.

                  Prepayment  Interest  Shortfall:  As  to  any  Mortgage  Loan,
Distribution Date and Principal Prepayment,  other than Principal Prepayments in
full that occur during the portion of the Prepayment  Period that is in the same
calendar month as the  Distribution  Date,  the difference  between (i) one full
month's  interest  at  the  applicable  Mortgage  Rate  (giving  effect  to  any
applicable  Relief Act  Reduction),  as reduced by the Expense Fee Rate,  on the
Stated  Principal  Balance  of such  Mortgage  Loan  immediately  prior  to such
Principal  Prepayment  and (ii) the amount of interest  actually  received  that
accrued during the month  immediately  preceding such Distribution Date or, with
respect to any Mortgage  Loan with a Due Date other than the first of the month,
the amount of interest  actually  received  that  accrued  during the  one-month
period  immediately  preceding the Due Date following the Principal  Prepayment,
with respect to such Mortgage Loan in connection with such Principal Prepayment.

                  Prepayment  Period:  With  respect to each  Distribution  Date
(other than the October 2005 Distribution  Date), each Mortgage Loan (other than
the IndyMac  Serviced Loans) and each Payoff,  the related  "Prepayment  Period"
will  be the  15th of the  month  preceding  the  month  in  which  the  related
Distribution  Date  occurs  through  the 14th of the month in which the  related
Distribution Date occurs.  With respect to the October 2005  Distribution  Date,
each Mortgage Loan (other than the IndyMac Serviced Loans) and each Payoff,  the
related  "Prepayment Period" will be September 1, 2005 through October 14, 2005.
With respect to each  Distribution  Date,  each IndyMac  Serviced  Loan and each
Curtailment  with  respect to the  Wilshire  Serviced  Loans and Ocwen  Serviced
Loans, the related  "Prepayment Period" will be the calendar month preceding the
month in which the related Distribution Date occurs.

                  Principal Payment Amount: For any Distribution Date, an amount
equal to the Principal  Remittance  Amount plus any Excess Cashflow Loss Payment
for such date, minus the Overcollateralization  Release Amount, if any, for such
date.

                  Principal Prepayment: Any payment of principal on a Mortgage
Loan which constitutes a Payoff or Curtailment.

                  Principal  Remittance  Amount:  For any Distribution  Date, an
amount equal to the sum of (1) all principal collected (other than Payaheads) or
advanced in respect of  Scheduled  Payments  on the  Mortgage  Loans  during the
related Due Period (less  unreimbursed  Advances,  Servicing  Advances and other
amounts due to each Servicer and the Trustee with respect to the Mortgage Loans,
to the extent  allocable to principal)  and the  principal  portion of Payaheads
previously  received and intended for application in the related Due Period, (2)
all Principal  Prepayments  on the Mortgage  Loans  received  during the related
Prepayment Period,  (3) the outstanding  principal balance of each Mortgage Loan
that was repurchased by the Seller,  the  Terminating  Entity or the Majority in
Interest  Class X-2  Certificateholder  during the  calendar  month  immediately
preceding such Distribution Date, (4) the portion of any Substitution Adjustment
Amount paid with respect to any Deleted Mortgage Loans during the calendar month
immediately  preceding such  Distribution  Date allocable to principal,  (5) all
Liquidation  Proceeds,  and any Insurance  Proceeds and other recoveries (net of
unreimbursed  Advances,  Servicing  Advances and other  expenses,  to the extent
allocable  to  principal)  and Net  Recoveries  collected  with  respect  to the
Mortgage  Loans  during the prior  calendar  month,  to the extent  allocable to
principal,  (6) amounts  withdrawn  from the Reserve  Account to cover  Realized
Losses on the Mortgage Loans incurred during the related  Collection  Period and
(7) with respect to the Distribution Date in December 2005, the amount remaining
in the Pre-Funding Account at the end of the Pre-Funding Period.

                  Prospectus Supplement: The Prospectus Supplement dated
September 29, 2005 relating to the Offered Certificates.

                  PUD: Planned Unit Development.

                  Qualified  Insurer: A mortgage guaranty insurance company duly
qualified as such under the laws of the state of its principal place of business
and each state  having  jurisdiction  over such insurer in  connection  with the
insurance  policy issued by such insurer,  duly  authorized and licensed in such
states to transact a mortgage guaranty  insurance business in such states and to
write the insurance provided by the insurance policy issued by it, approved as a
Fannie Mae- or Freddie  Mac-approved  mortgage insurer or having a claims paying
ability rating of at least "AA" or equivalent  rating by at least two nationally
recognized  statistical  rating  organizations.  Any  replacement  insurer  with
respect to a Mortgage  Loan must have at least as high a claims  paying  ability
rating as the  insurer it  replaces  had on the Closing  Date.  Any  replacement
insurer with respect to the Credit  Insurance  Policy must be  acceptable to the
Rating Agencies as evidenced by written  acknowledgment  from each Rating Agency
that such replacement will not cause a reduction,  withdrawal or cancellation of
the ratings of the Certificates.

                  Qualified   Substitute   Mortgage   Loan:   A  Mortgage   Loan
substituted by the Seller for a Deleted Mortgage Loan which must, on the date of
such substitution,  as confirmed in a Request for Release,  substantially in the
form of Exhibit M (i) have a Stated  Principal  Balance,  after deduction of the
principal portion of the Scheduled Payment due in the month of substitution (or,
in the case of a  substitution  of more  than one  mortgage  loan for a  Deleted
Mortgage Loan, an aggregate principal  balance),  not in excess of, and not more
than 10% less than the Stated  Principal  Balance of the Deleted  Mortgage Loan;
(ii) be accruing interest at a rate no lower than and not more than 1% per annum
higher  than,  that  of  the  Deleted  Mortgage  Loan;  (iii)  have  a  Combined
Loan-to-Value  Ratio no higher than that of the Deleted Mortgage Loan; (iv) have
a remaining  term to  maturity no greater  than (and not more than one year less
than that of) the Deleted Mortgage Loan; and (v) comply with each representation
and warranty set forth in Section 2.03(f).

                  Rating  Agency:   Fitch,  Moody's  and  S&P.  If  either  such
organization or a successor is no longer in existence,  "Rating Agency" shall be
such nationally recognized statistical rating organization,  or other comparable
Person, as is designated by the Depositor,  notice of which designation shall be
given to the Trustee and the Servicers.  References  herein to a given rating or
rating  category  of a Rating  Agency  shall mean such rating  category  without
giving effect to any modifiers.

                  Ratings: As of any date of determination, the ratings, if any,
of the Certificates as assigned by the Rating Agencies.

                  Realized Loss: With respect to each Liquidated  Mortgage Loan,
an amount (not less than zero or greater  than the Stated  Principal  Balance of
the Mortgage Loan) as of the date of such  liquidation,  equal to (i) the Stated
Principal  Balance  of the  Liquidated  Mortgage  Loan  as of the  date  of such
liquidation,  plus (ii)  interest at the Net Mortgage  Rate from the related Due
Date as to which interest was last paid or advanced (and not  reimbursed) to the
related  Certificateholders  up to the  related  Due Date in the  month in which
Liquidation  Proceeds are  required to be  distributed  on the Stated  Principal
Balance of such  Liquidated  Mortgage  Loan from time to time,  minus  (iii) the
Liquidation   Proceeds,  if  any,  received  during  the  month  in  which  such
liquidation occurred, to the extent applied as recoveries of interest at the Net
Mortgage Rate and to principal of the Liquidated  Mortgage Loan. Any Charged Off
Loan will give rise to a Realized  Loss  (calculated  as if clause  (iii) of the
previous  sentence is equal to zero) at the time it is charged off, as described
in Section 3.11(a)(iii) hereof.

                  If a Servicer  receives  Net  Recoveries  with  respect to any
Charged Off Loan,  the amount of the Realized  Loss with respect to that Charged
Off Loan will be reduced to the extent such  recoveries are applied to principal
distributions on any Distribution Date.

                  Record Date: With respect to the Certificates  (other than the
LIBOR Certificates which are Book-Entry Certificates) and any Distribution Date,
the close of business on the last Business Day of the month  preceding the month
in which such  applicable  Distribution  Date occurs.  With respect to the LIBOR
Certificates  which are Book-Entry  Certificates and any Distribution  Date, the
close of business on the Business Day preceding such Distribution Date.

                  Reference  Bank Rate:  With  respect to any  Interest  Accrual
Period, as follows:  the arithmetic mean (rounded upwards, if necessary,  to the
nearest  one  sixteenth  of a percent) of the  offered  rates for United  States
dollar  deposits  for one month which are offered by the  Reference  Banks as of
11:00 A.M., London,  England time, on the second LIBOR Business Day prior to the
first day of such Interest Accrual Period to prime banks in the London interbank
market for a period of one month in amounts approximately equal to the aggregate
Class Principal  Balance of the LIBOR  Certificates;  provided that at least two
such Reference  Banks provide such rate. If fewer than two offered rates appear,
the Reference Bank Rate will be the  arithmetic  mean of the rates quoted by one
or more major banks in New York City, selected by the Trustee, as of 11:00 a.m.,
New York time, on such date for loans in U.S.  Dollars to leading European Banks
for a period of one month in amounts  approximately equal to the aggregate Class
Principal  Balance  of the  LIBOR  Certificates.  If no such  quotations  can be
obtained,  the  Reference  Bank Rate shall be LIBOR  applicable to the preceding
Distribution  Date;  provided however,  that if, under the priorities  indicated
above,  LIBOR for a  Distribution  Date would be based on LIBOR for the previous
Payment Date for the third  consecutive  Distribution  Date,  the Trustee  shall
select an  alternative  comparable  index over which the Trustee has no control,
used for determining  one-month  Eurodollar lending rates that is calculated and
published or otherwise made available by an independent party.

                  Reference Banks: Barclays Bank PLC, National Westminster Bank
and Abbey National PLC.

                  Regular Certificates: As specified in the Preliminary
Statement.

                  Released  Loan:  Any  Charged  Off Loan  that is  released  by
Wilshire  to the Class  X-2  Certificateholders  pursuant  to  Section  3.11(a),
generally on the date that is six months after the date on which Wilshire begins
using Wilshire  Special  Servicing on such Charged Off Loans.  Any Released Loan
will no longer be an asset of any REMIC or the Trust Fund.

                  Relief Act: The Servicemembers Civil Relief Act or any similar
state law or regulation.

                  Relief Act Reductions:  With respect to any Distribution  Date
and any  Mortgage  Loan as to which there has been a reduction  in the amount of
interest or principal  collectible thereon  (attributable to any previous month)
as a result  of the  application  of the  Relief  Act or  similar  state  law or
regulation,  the  amount,  if  any,  by  which  (i)  interest  and/or  principal
collectible  on such Mortgage Loan for the most recently ended calendar month is
less than (ii) interest and/or principal accrued thereon for such month pursuant
to the Mortgage Note.

                  REMIC: A "real estate mortgage investment conduit" within the
meaning of section 860D of the Code.

                  REMIC  1:  The  segregated  pool  of  assets  subject  hereto,
constituting the primary trust created hereby and to be administered  hereunder,
with  respect to which a REMIC  election is to be made  consisting  of: (i) such
Mortgage  Loans as from time to time are subject to this  Agreement  (other than
any Prepayment Charges),  together with the Mortgage Files relating thereto, and
together  with  all  collections  thereon  and  proceeds  thereof,  (ii) any REO
Property,  together with all collections thereon and proceeds thereof, (iii) the
Credit Insurance Policy,  (iv) the Trustee's rights with respect to the Mortgage
Loans under all  insurance  policies,  including any Primary  Insurance  Policy,
required to be maintained  pursuant to this  Agreement and any proceeds  thereof
and (v) the Collection Account and the Certificate  Account (subject to the last
sentence of this  definition)  and such assets that are  deposited  therein from
time to  time  and  any  investments  thereof.  Notwithstanding  the  foregoing,
however,  a REMIC  election  will not be made with  respect  to the  Pre-Funding
Account, the Capitalized Interest Account and the Reserve Account.

                  REMIC  1  Regular   Interest   LTI-1:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 1 issued hereunder and
designated  as a Regular  Interest  in REMIC 1. REMIC 1 Regular  Interest  LTI-1
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  1  Regular  Interest   LTI-PF:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 1 issued hereunder and
designated  as a Regular  Interest in REMIC 1. REMIC 1 Regular  Interest  LTI-PF
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  1  Regular   Interest   LTI-P:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 1 issued hereunder and
designated  as a Regular  Interest  in REMIC 1. REMIC 1 Regular  Interest  LTI-P
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  1  Regular   Interest   LTI-R:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 1 issued hereunder and
designated  as a Regular  Interest  in REMIC 1. REMIC 1 Regular  Interest  LTI-R
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  1  Regular  Interest   LTI-S1:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 1 issued hereunder and
designated  as a Regular  Interest in REMIC 1. REMIC 1 Regular  Interest  LTI-S1
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect  from  time to time,  and  shall  not be  entitled  to  distributions  of
principal.

                  REMIC  1  Regular  Interest   LTI-S2:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 1 issued hereunder and
designated  as a Regular  Interest in REMIC 1. REMIC 1 Regular  Interest  LTI-S2
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect  from  time to time,  and  shall  not be  entitled  to  distributions  of
principal.

                  REMIC 1 Regular Interests: REMIC 1 Regular Interest LTI-1,
LTI-PF, LTI-P, LTI-S1, LTI-S2 and LTI-R.

                  REMIC 2: The  segregated  pool of assets  consisting of all of
the REMIC 1 Regular  Interests  conveyed  in the trust to the  Trustee,  for the
benefit  of the  Holders  of the  REMIC 2  Regular  Interests  and the Class A-R
Certificates  (in  respect of the Class R-2  Interest),  pursuant  to Article II
hereunder,  and all amounts deposited therein,  with respect to which a separate
REMIC election is to be made.

                  REMIC 2 Net WAC Rate: With respect to any Distribution Date, a
per annum  rate equal to the  weighted  average  of the  Uncertificated  REMIC 1
Pass-Through  Rates on the  REMIC 1 Regular  Interest  LTI-1 and REMIC 1 Regular
Interest  LTI-1PF,  weighted  on the  basis  of such  respective  Uncertificated
Principal Balances thereof immediately preceding such Distribution Date.

                  REMIC 2 Regular Interest: Any of the separate non-certificated
beneficial  ownership  interests in REMIC 2 issued hereunder and designated as a
"regular  interest"  in REMIC 2. Each  REMIC 2  Regular  Interest  shall  accrue
interest at the related  Uncertificated REMIC 2 Pass-Through Rate in effect from
time to time, and shall be entitled to  distributions  of principal,  subject to
the terms and  conditions  hereof,  in an aggregate  amount equal to its initial
Uncertificated  Principal  Balance  as set  forth in the  Preliminary  Statement
hereto.  The designations  for the respective REMIC 2 Regular  Interests are set
forth in the Preliminary Statement hereto.

                  REMIC 2 Interest Loss Allocation  Amount:  With respect to any
Distribution  Date,  an amount  equal to (a) the  product  of (i) the  aggregate
Stated  Principal  Balance of the Mortgage Loans and related REO Properties then
outstanding and (ii) the  Uncertificated  REMIC 2 Pass-Through  Rate for REMIC 2
Regular Interest MTI-AA minus the Marker Rate, divided by (b) 12.

                  REMIC 2 Overcollateralization Amount: With respect to any date
of determination,  (i) 1% of the aggregate  Uncertificated Principal Balances of
the REMIC 2 Regular Interests minus (ii) the aggregate  Uncertificated Principal
Balances of REMIC 2 Regular  Interests  MTI-A-1,  MTI-A-2A,  MTI-A-2B,  MTI-A-3,
MTI-A-4, MTI-M-1, MTI-M-2, MTI-M-3, MTI-M-4, MTI-M-5, MTI-M-6, MTI-M-7, MTI-M-8,
MTI-M-9A,  MTI-M-9F,  MTI-B-1, MTI-B-2, MTI-R and MTI-P, in each case as of such
date of determination.

                  REMIC 2 Principal Loss Allocation Amount:  With respect to any
Distribution  Date, an amount equal to the product of (i) the  aggregate  Stated
Principal  Balance  of the  Mortgage  Loans  and  related  REO  Properties  then
outstanding and (ii) 1 minus a fraction, the numerator of which is two times the
aggregate Uncertificated Principal Balance of REMIC 2 Regular Interests MTI-A-1,
MTI-A-2A,  MTI-A-2B,  MTI-A-3,  MTI-A-4,  MTI-M-1,  MTI-M-2,  MTI-M-3,  MTI-M-4,
MTI-M-5, MTI-M-6, MTI-M-7, MTI-M-8, MTI-M-9A,  MTI-M-9F, MTI-B-1 and MTI-B-2 and
the denominator of which is the aggregate  Uncertificated  Principal  Balance of
REMIC  2  Regular  Interests  MTI-A-1,  MTI-A-2A,  MTI-A-2B,  MTI-A-3,  MTI-A-4,
MTI-M-1,   MTI-M-2,   MTI-M-3,  MTI-M-4,  MTI-M-5,  MTI-M-6,  MTI-M-7,  MTI-M-8,
MTI-M-9A, MTI-M-9F, MTI-B-1, MTI-B-2 and MTI-ZZ.

                  REMIC  2  Regular  Interest   MTI-AA:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated  as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-AA
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-A-1:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-A-1
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-A-2A:  One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-A-2A
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-A-2B:  One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-A-2B
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-A-3:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-A-3
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-A-4:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-A-4
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-1:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-1
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-2:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-2
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-3:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-3
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-4:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated  as a Regular  Interest in REMIC 2 REMIC 2 Regular  Interest  MTI-M-4
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-5:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-5
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-6:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-6
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-7:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-7
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-8:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-8
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-9A:  One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-9A
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-M-9F:  One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-M-9F
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-B-1:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-B-1
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular  Interest  MTI-B-2:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-B-2
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular   Interest   MTI-P:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated  as a Regular  Interest  in REMIC 2. REMIC 2 Regular  Interest  MTI-P
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular   Interest   MTI-R:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated  as a Regular  Interest  in REMIC 2. REMIC 2 Regular  Interest  MTI-R
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC  2  Regular   Interest   MTI-S:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated  as a Regular  Interest  in REMIC 2. REMIC 2 Regular  Interest  MTI-S
shall accrue interest as set forth in the Preliminary  Statement hereto. REMIC 2
Regular Interest MTI-S shall not be entitled to distributions of principal.

                  REMIC  2  Regular  Interest   MTI-ZZ:   One  of  the  separate
non-certificated  beneficial ownership interests in REMIC 2 issued hereunder and
designated  as a Regular  Interest in REMIC 2. REMIC 2 Regular  Interest  MTI-ZZ
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to  distributions  of principal,
subject to the terms and conditions  hereof, in an aggregate amount equal to its
initial  Uncertificated  Principal  Balance  as set  forth  in  the  Preliminary
Statement hereto.

                  REMIC 2 Regular  Interest  MTI-ZZ  Maximum  Interest  Deferral
Amount:  With  respect  to any  Distribution  Date,  the  excess  of (i) REMIC 2
Uncertificated Accrued Interest calculated with the Uncertificated  Pass-Through
Rate for REMIC 2 Regular Interest MTI-ZZ and an Uncertificated Principal Balance
equal to the  excess  of (x) the  Uncertificated  Principal  Balance  of REMIC 2
Regular Interest MTI-ZZ over (y) the REMIC 2  Overcollateralization  Amount,  in
each  case  for  such   Distribution   Date,  over  (ii)  the  sum  of  REMIC  2
Uncertificated Accrued Interest on REMIC 2 Regular Interests MTI-A-1,  MTI-A-2A,
MTI-A-2B,   MTI-A-3,  MTI-A-4,  MTI-M-1,  MTI-M-2,  MTI-M-3,  MTI-M-4,  MTI-M-5,
MTI-M-6, MTI-M-7,  MTI-M-8,  MTI-M-9A,  MTI-M-9F,  MTI-B-1 and MTI-B-2, with the
rates on the REMIC 2 Regular Interests  MTI-A-1,  MTI-A-2A,  MTI-A-2B,  MTI-A-3,
MTI-A-4, MTI-M-1, MTI-M-2, MTI-M-3, MTI-M-4, MTI-M-5, MTI-M-6, MTI-M-7, MTI-M-8,
MTI-M-9A,  MTI-M-9F,  MTI-B-1 and MTI-B-2  subject to a cap,  for the purpose of
this  calculation,   equal  to  the  Pass-Through  Rate  for  the  Corresponding
Certificate and with the rate on the REMIC 2 Regular  Interest MTI-ZZ subject to
a cap, for the purpose of this calculation, equal to zero.

                  REMIC 2 Regular  Interests:  REMIC 2 Regular  Interest MTI-AA,
REMIC 2 Regular Interest  MTI-A-1,  REMIC 2 Regular Interest  MTI-A-2A,  REMIC 2
Regular Interest  MTI-A-2B,  REMIC 2 Regular Interest  MTI-A-3,  REMIC 2 Regular
Interest  MTI-A-4,  REMIC 2 Regular Interest  MTI-M-1,  REMIC 2 Regular Interest
MTI-M-2,  REMIC 2 Regular Interest  MTI-M-3,  REMIC 2 Regular Interest  MTI-M-4,
REMIC 2 Regular  Interest  MTI-M-5,  REMIC 2 Regular Interest  MTI-M-6,  REMIC 2
Regular  Interest  MTI-M-7,  REMIC 2 Regular Interest  MTI-M-8,  REMIC 2 Regular
Interest MTI-M-9A,  REMIC 2 Regular Interest MTI-M-9F,  REMIC 2 Regular Interest
MTI-B-1, REMIC 2 Regular Interest MTI-B-2, REMIC 2 Regular Interest MTI-S, REMIC
2 Regular  Interest  MTI-ZZ,  REMIC 2 Regular Interest MTI-P and REMIC 2 Regular
Interest MTI-R.

                  REMIC 2 Targeted Overcollateralization Amount: 1% of the
Targeted Overcollateralization Amount.

                  REMIC 3: The  segregated  pool of assets  consisting of all of
the REMIC 2 Regular  Interests  conveyed  in the trust to the  Trustee,  for the
benefit  of  the  Holders  of  the  Regular   Certificates  and  the  Class  A-R
Certificates (in respect of the Class R-3 Interest),  and all amounts  deposited
therein, with respect to which a separate REMIC election is to be made.

                  REMIC 3 Regular Interests: The Regular Certificates.

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

                  REMIC Regular Interests: The REMIC 1 Regular Interests and
REMIC 2 Regular Interests.

                  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  and,  for  the  avoidance  of  doubt,  following  the
satisfaction of any related First Mortgage Loan.

                  Repurchase  Price:  With respect to any Mortgage Loan required
to be  purchased  by the Seller  pursuant to this  Agreement or purchased at the
option of the Majority in Interest Holder of the Class X-2 Certificates pursuant
to  this  Agreement,  an  amount  equal  to the sum of (i)  100%  of the  unpaid
principal  balance  of the  Mortgage  Loan on the  date of such  purchase,  (ii)
accrued unpaid  interest  thereon at the applicable  Mortgage Rate from the date
through  which  interest  was last paid by the  Mortgagor to the Due Date in the
month in which the Repurchase Price is to be distributed to  Certificateholders,
(iii)  any  unreimbursed  Servicing  Advances  and (iv) any  costs  and  damages
actually  incurred  and paid by or on behalf of the  Trust  (including,  but not
limited to late fees) in connection  with any breach of the  representation  and
warranty  set  forth in clause  (xx) of  Schedule  IV hereto as the  result of a
violation  of a predatory or abusive  lending law  applicable  to such  Mortgage
Loan.

                  Request for Release: The Request for Release submitted by a
Servicer to the Trustee, substantially in the form of Exhibit M.

                  Required Insurance Policy:  With respect to any Mortgage Loan,
any insurance  policy that is required to be maintained  from time to time under
this Agreement.

                  Residual Certificates: As specified in the Preliminary
Statement.

                  Responsible  Officer:  When used with  respect to the Trustee,
any Vice President,  any Assistant Vice President,  any Assistant Secretary, any
Trust  Officer  or any  other  officer  of the  Trustee  customarily  performing
functions similar to those performed by any of the above designated officers and
also to whom,  with  respect to a  particular  matter,  such  matter is referred
because of such  officer's  knowledge  of and  familiarity  with the  particular
subject and who shall have direct  responsibility for the administration of this
Agreement.

                  Rolling Three Month  Delinquency  Rate:  For any  Distribution
Date will be the fraction,  expressed as a  percentage,  equal to the average of
the Delinquency  Rates for each of the three (or one and two, in the case of the
first and second Distribution Dates, respectively) immediately preceding months.

                  SAIF: The Savings Association Insurance Fund, or any successor
thereto.

                  S&P:   Standard  &  Poor's,  a  division  of  The  McGraw-Hill
Companies,  Inc. For purposes of Section 10.05(b) the address for notices to S&P
shall be  Standard  &  Poor's,  55  Water  Street,  New  York,  New York  10004,
Attention:  Mortgage Surveillance  Monitoring,  or such other address as S&P may
hereafter furnish to the Depositor, the Servicers and the Trustee.

                  Scheduled Payment: The scheduled monthly payment on a Mortgage
Loan due on any Due Date allocable to principal and/or interest on such Mortgage
Loan pursuant to the terms of the related Mortgage Note, as reduced by any
Relief Act Reductions.

                  Second Mortgage Loan: A Mortgage Loan that is secured by a
second lien on the Mortgaged Property securing the related Mortgage Note.

                  Securities Act: The Securities Act of 1933, as amended.

                  Seller: DLJ Mortgage Capital, Inc.

                  Senior Certificates: As specified in the Preliminary
Statement.

                  Senior Enhancement Percentage:  For any Distribution Date, the
fraction,  expressed as a  percentage,  the numerator of which is the sum of the
aggregate Class Principal  Balance of the Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9A,  Class M-9F,  Class
B-1 and Class B-2 Certificates and the Overcollateralization  Amount (which, for
purposes of this  definition  only,  shall not be less than zero),  in each case
after giving effect to payments on such  Distribution  Date (assuming no Trigger
Event is in effect),  and the  denominator of which is the Aggregate  Collateral
Balance for such Distribution Date.

                  Senior Principal Payment Amount:  For any Distribution Date on
or after the Stepdown  Date and as long as a Trigger Event is not in effect with
respect to such Distribution  Date, will be the amount, if any, by which (x) the
aggregate  Class  Principal  Balance of the Class A-1,  Class A-2A,  Class A-2B,
Class A-3, Class A-4, Class P, Class A-R and Class A-RL Certificates immediately
prior to such Distribution Date exceeds (y) the lesser of (A) the product of (i)
42.98% and (ii) the Aggregate  Collateral Balance for such Distribution Date and
(B) the amount, if any, by which (i) the Aggregate  Collateral  Balance for such
Distribution Date exceeds (ii) 0.50% of the Aggregate  Collateral  Balance as of
the Cut-off Date.

                  Servicer: Wilshire, Ocwen and IndyMac, or their successors in
interest, or any successor servicer appointed as provided herein.

                  Servicer Employee: As defined in Section 3.18.

                  Servicer Cash Remittance Date: With respect to each
Distribution Date, the Business Day immediately preceding such Distribution
Date.

                  Servicer   Data   Remittance   Date:   With  respect  to  each
Distribution Date, the second Business Day immediately following the 15th day of
the month of such Distribution Date.

                  Servicing  Advance:  All  customary,  reasonable and necessary
"out of pocket" costs and expenses  incurred in the performance by a Servicer of
its servicing  obligations,  including,  but not limited to, the cost (including
reasonable   attorneys'   fees  and   disbursements)   of  (i)  the  inspection,
preservation,  restoration  and  protection  of a Mortgaged  Property,  (ii) any
expenses  reimbursable  to  such  Servicer  pursuant  to  Section  3.11  and any
enforcement or judicial proceedings,  including foreclosures,  and including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System;  (iii) the  management  and
liquidation  of any REO  Property  (including  default  management  and  similar
services, appraisal services and real estate broker services); (iv) any expenses
incurred  by  such  Servicer  in  connection  with  obtaining  an  environmental
inspection or review  pursuant to Section  3.11(a)(v)  and (vi);  (v) compliance
with the  obligations  under  Section 3.01,  3.09 and 3.11(b);  (vi) the cost of
obtaining any broker's  price  opinion in  accordance  with Section 3.11 hereof;
(vii) the costs of obtaining an Opinion of Counsel  pursuant to Section  3.11(c)
hereof;   (viii)  expenses   incurred  in  connection  with  any  instrument  of
satisfaction or deed of  reconveyance as described in Section 3.12 hereof;  (ix)
expenses  incurred in connection with the recordation of Assignments of Mortgage
or substitutions of trustees;  (x) obtaining any legal documentation required to
be included in a Mortgage File and/or  correcting any  outstanding  title issues
(ie. any lien or encumbrance on the related Mortgaged Property that prevents the
effective  enforcement of the intended lien position)  reasonably  necessary for
such  Servicer  to perform its  obligations  under this  Agreement  and (xi) any
boarding fees payable to Wilshire pursuant to Section 3.11(a)(iv)(B) hereof.

                  Servicing  Fee: As to each Mortgage Loan and any  Distribution
Date,  an amount equal to one month's  interest at the Servicing Fee Rate on the
Stated  Principal  Balance of such Mortgage Loan as of the Due Date in the month
of such Distribution Date (prior to giving effect to any Scheduled  Payments due
on such  Mortgage  Loan on such Due Date),  subject to  reduction as provided in
Section 3.05(b)(vi).

                  Servicing  Fee Rate:  With respect to each  Wilshire  Serviced
Loan,  the  "Wilshire  Servicing  Fee Rate" as  defined in the  Wilshire  Letter
Agreement,  which rate may increase up to 0.50% per annum.  With respect to each
Ocwen  Serviced  Loan,  the "Ocwen  Servicing  Fee Rate" as defined in the Ocwen
Letter Agreement, which rate may increase up to 0.50% per annum. With respect to
each IndyMac  Serviced Loan, 0.50% per annum. In the event of the appointment of
a successor  servicer pursuant to Section 6.04 hereof, the Servicing Fee Rate as
to each  Wilshire  Serviced Loan or Ocwen  Serviced  Loan,  as  applicable,  may
increase to up to 0.50% per annum.

                  Servicing  Officer:   With  respect  to  each  Servicer,   any
representative   of  that  Servicer   involved  in,  or  responsible   for,  the
administration  and  servicing  of the  related  Mortgage  Loans  whose name and
specimen  signature  appear on a list of  servicing  officers  furnished  to the
Trustee by such Servicer on the Closing Date pursuant to this Agreement, as such
list may from time to time be amended.

                  Significant  Net  Recoveries:  With  respect  to  a  defaulted
Mortgage Loan, a  determination  by a Servicer that either (A) the potential Net
Recoveries  are  anticipated  to be greater  than or equal to the sum of (i) the
total indebtedness of the senior lien on the related Mortgaged Property and (ii)
$10,000  (after  anticipated  expenses and  attorneys'  fees) or (B) the related
Mortgagor  has shown a  willingness  and  ability to pay over the  previous  six
months.

                  Special Serviced Mortgage Loan: The Mortgage Loans for which
the Special Servicer acts as servicer pursuant to Section 3.22.

                  Special Servicer:  SPS.

                  Special Serviced Mortgage Loan: The Mortgage Loans for which
the Special Servicer acts as servicer pursuant to Section 3.22.

                  SPS: Select Portfolio Servicing, Inc., a Utah corporation, and
its successors and permitted assigns.

                  Startup Day: September 30, 2005.

                  Stated  Principal  Balance:  As to any  Mortgage  Loan and Due
Date, the unpaid principal  balance of such Mortgage Loan as of such Due Date as
specified in the amortization  schedule at the time relating thereto (before any
adjustment to such amortization  schedule by reason of any moratorium or similar
waiver or grace  period) after giving  effect to any previous  Curtailments  and
Liquidation  Proceeds  allocable  to  principal  (other than with respect to any
Liquidated  Mortgage  Loan) and to the payment of principal due on such Due Date
and  irrespective  of any  delinquency  in  payment  by the  related  Mortgagor;
provided, however, for purposes of calculating the Servicing Fee and the Trustee
Fee,  the  Stated  Principal  Balance  of any REO will be the  unpaid  principal
balance immediately prior to foreclosure.

                  Stepdown  Date:  The date  occurring  on the  later of (x) the
Distribution  Date in October 2008 and (y) the first  Distribution Date on which
the Senior  Enhancement  Percentage  (calculated  for this purpose  after giving
effect to payments or other  recoveries in respect of the Mortgage  Loans during
the related Due Period but before giving effect to payments on the  Certificates
on such Distribution Date) is greater than or equal to 57.02%.

                  Subordinate Certificates: As specified in the Preliminary
Statement.

                  Subsequent  Mortgage  Loan:  Any  Mortgage  Loan other than an
Initial Mortgage Loan conveyed to the Trust Fund pursuant to Section 2.01 hereof
and to a Subsequent Transfer  Agreement,  which Mortgage Loan shall be listed on
the revised Mortgage Loan Schedule  delivered  pursuant to this Agreement and on
Schedule A to such Subsequent  Transfer  Agreement.  When used with respect to a
single  Subsequent  Transfer  Date,   Subsequent  Mortgage  Loan  shall  mean  a
Subsequent Mortgage Loan conveyed to the Trust on that Subsequent Transfer Date.

                  Subsequent Mortgage Loan Interest:  Any amount constituting an
Interest  Remittance  Amount  (other than an amount  withdrawn  from the related
Capitalized  Interest  Account  pursuant  to  clause  (5) of the  definition  of
"Interest  Remittance Amount") received or advanced with respect to a Subsequent
Mortgage Loan during the Due Periods relating to the October 2005, November 2005
or December  2005  Distribution  Dates,  but only to the extent of the excess of
such  amount over the amount of interest  accruing on such  Subsequent  Mortgage
Loan during the related  period at a per annum rate equal to 3.840%,  4.240% and
4.640%,  respectively.  The  Subsequent  Mortgage Loan Interest  shall not be an
asset of any REMIC.

                  Subsequent Transfer Agreement: A Subsequent Transfer Agreement
substantially  in the form of Exhibit N hereto,  executed  and  delivered by the
related  Servicer,  the  Depositor,  the Seller and the  Trustee as  provided in
Section 2.01 hereof.

                  Subsequent   Transfer  Date:   For  any  Subsequent   Transfer
Agreement, the date the related Subsequent Mortgage Loans are transferred to the
Trust Fund pursuant to the related Subsequent Transfer Agreement.

                  Subservicer: Any Subservicer which is subservicing the
Mortgage Loans pursuant to a Subservicing Agreement. Any subservicer shall meet
the qualifications set forth in Section 3.02.

                  Subservicing Agreement: An agreement between a Servicer and a
Subservicer for the servicing of the related Mortgage Loans.

                  Substitution Adjustment Amount: As defined in Section 2.03.

                  Targeted  Overcollateralization  Amount:  For any Distribution
Date prior to the Stepdown Date, 3.80% of the Aggregate Collateral Balance as of
the Cut-off Date; with respect to any Distribution Date on or after the Stepdown
Date and with respect to which a Trigger Event is not in effect,  the greater of
(a) 7.60% of the Aggregate Collateral Balance for such Distribution Date, or (b)
0.50% of the Aggregate  Collateral  Balance as of the Cut-off Date; with respect
to any  Distribution  Date on or after the Stepdown Date with respect to which a
Trigger Event is in effect and is continuing, the Targeted Overcollateralization
Amount for the Distribution Date immediately  preceding such Distribution  Date.
Notwithstanding the foregoing,  on and after any Distribution Date following the
reduction of the aggregate Class  Principal  Balance of the Class A, Class M and
Class B Certificates to zero, the Targeted Overcollateralization Amount shall be
zero. Upon (x) written direction by the Majority in Interest Holder of the Class
X-1  Certificates  and (y) the issuance by an  affiliate  of the  Depositor of a
credit  enhancement  contract in favor of REMIC 1 which is  satisfactory  to the
Rating  Agencies and (z) receipt by the Trustee of an Opinion of Counsel,  which
opinion  shall not be an expense of the Trustee or the Trust Fund,  but shall be
at the expense of the Majority in Interest Holder of the Class X-1 Certificates,
to the  effect  that  such  credit  enhancement  contract  will  not  cause  the
imposition  of any  federal tax on the Trust Fund or the  Certificateholders  or
cause  REMIC 1,  REMIC 2 and REMIC 3 to fail to  qualify  as a REMIC at any time
that any Certificates are outstanding, the Targeted Overcollateralization Amount
shall be reduced to the level  approved  by the Rating  Agencies  as a result of
such credit enhancement contract. Any credit enhancement contract referred to in
the  previous  sentence  shall  be  collateralized  by cash or  mortgage  loans,
provided that (i) the aggregate Stated  Principal  Balance of the mortgage loans
collateralizing any such credit enhancement  contract shall not be less than the
excess,  if any, of (x) the initial Targeted  Overcollateralization  Amount over
(y) the then-current  Overcollateralization  Amount and (ii) the issuance of any
credit  enhancement  contract  supported by mortgage loans shall not result in a
downgrading of the ratings assigned by the Rating Agencies.

                  Tax Matters  Person:  The person  designated  as "tax  matters
person" in the manner  provided under Treasury  regulation ss.  1.860F-4(d)  and
temporary Treasury regulation ss. 301.6231(a)(7)-1T.

                  Terminating  Entity:  (i)  DLJMC,  if it is the  owner  of the
servicing  rights with respect to any Mortgage Loan on the Optional  Termination
Date,  or (ii) SPS, if (a) DLJMC is not the owner of the  servicing  rights with
respect to any Mortgage Loan on the Optional  Termination  Date and (b) SPS is a
Special  Servicer with respect to any Mortgage Loan on the Optional  Termination
Date, or (iii) the Majority  Servicer on the Optional  Termination  Date, if (a)
DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan
on the  Optional  Termination  Date and (b) SPS is not a Special  Servicer  with
respect to any Mortgage Loan on the Optional  Termination  Date. The Terminating
Entity shall be determined on each Optional Termination Date.

                  Transfer: Any direct or indirect transfer or sale of any
Ownership Interest in a Residual Certificate.

                  Trigger  Event:  A Trigger  Event  will be in  effect  for any
Distribution  Date on or after the Stepdown  Date if (a) the Rolling Three Month
Delinquency  Rate as of the last day of the related Due Period equals or exceeds
18.00% of the Senior Enhancement Percentage for such Distribution Date or (ii) a
Cumulative  Loss Event is  occurring.  The  Trigger  Event may be amended by the
parties hereto in the future with the consent of the Rating Agencies.

                  Trust Collateral: As defined in Section 9.01(c).

                  Trust  Fund:  Collectively,  the  assets of REMIC 1,  REMIC 2,
REMIC 3, the  Pre-Funding  Account,  the  Capitalized  Interest  Account and the
Subsequent Mortgage Loan Interest.

                  Trustee: JPMorgan Chase Bank, N.A. and its successors and, if
a successor trustee is appointed hereunder, such successor.

                  Trustee  Fee: As to each  Mortgage  Loan and any  Distribution
Date,  an amount  equal to one  month's  interest at the Trustee Fee Rate on the
Stated  Principal  Balance of such Mortgage Loan as of the Due Date in the month
of such Distribution Date (prior to giving effect to any Scheduled  Payments due
on such Mortgage Loan on such Due Date).

                  Trustee Fee Rate: With respect to any Distribution Date,
0.005% per annum.

                  Uncertificated  Accrued  Interest:  With respect to each REMIC
Regular  Interest  on each  Distribution  Date,  an amount  equal to one month's
interest at the related  Uncertificated  Pass-Through Rate on the Uncertificated
Principal Balance of such REMIC Regular Interest.  In each case,  Uncertificated
Accrued Interest will be reduced by any Net Prepayment  Interest  Shortfalls and
Relief Act Reductions  (allocated to such REMIC Regular  Interests  based on the
priorities set forth in Section 1.03).

                  Uncertificated  Notional  Amount:  With  respect  to  REMIC  1
Regular Interest LTI-S1,  the  Uncertificated  Notional Amount shall be equal to
the  principal  balance of the Ocwen  Serviced  Loans.  With  respect to REMIC 1
Regular Interest LTI-S2,  the  Uncertificated  Notional Amount shall be equal to
the principal  balance of the Wilshire  Serviced Loans.  With respect to REMIC 2
Regular Interest MTI-S, the Uncertificated Notional Amount shall be equal to the
Uncertificated  Notional  Amount of REMIC 1 Regular  Interest LTI-S1 and REMIC 1
Regular Interest LTI-S2.

                  Uncertificated Pass-Through Rate: The Uncertificated REMIC 1
Pass-Through Rate and the Uncertificated REMIC 2 Pass-Through Rate.

                  Uncertificated  Principal Balance:  With respect to each REMIC
Regular  Interest,  the amount of such REMIC Regular Interest  outstanding as of
any date of determination.  As of the Closing Date, the Uncertificated Principal
Balance of each REMIC Regular  Interest  shall equal the amount set forth in the
Preliminary Statement hereto as its initial Uncertificated Principal Balance. On
each  Distribution  Date,  the  Uncertificated  Principal  Balance of each REMIC
Regular Interest shall be reduced by all distributions of principal made on such
REMIC Regular Interest on such  Distribution  Date pursuant to Section 4.07 and,
if and to the extent necessary and appropriate, shall be further reduced on such
Distribution  Date by Realized  Losses as provided in Section  4.05(b),  and the
Uncertificated  Principal  Balance of REMIC 3 Regular  Interest  MTI-ZZ shall be
increased by interest  deferrals as provided in Section 4.07. The Uncertificated
Principal  Balance of each REMIC  Regular  Interest  that has an  Uncertificated
Principal Balance shall never be less than zero.

                  Uncertificated REMIC 1 Pass-Through Rate: With respect to each
REMIC 1 Regular Interest (other than REMIC 1 Regular Interests  LTI-1PF,  LTI-S1
and LTI-S2) and the Interest Accrual Periods in October 2005,  November 2005 and
December 2005, a per annum rate equal to the Initial Mortgage Loan Net WAC Rate;
with  respect  to REMIC 1 Regular  Interest  LTI-1PF  and the  Interest  Accrual
Periods in October 2005, November 2005 and December 2005, a per annum rate equal
to 3.840%,  4.240% and 4.640%,  respectively,  and with  respect to each REMIC 1
Regular  Interest (other than REMIC 1 Regular  Interests  LTI-S1 and LTI-S2) and
each  Interest  Accrual  Period  thereafter,  the  weighted  average  of the Net
Mortgage Rates on the Mortgage Loans.  With respect to REMIC 1 Regular  Interest
LTI-S1, a per annum rate,  determined on a Mortgage Loan by Mortgage Loan basis,
equal to the  excess of (i) the excess of (a) the  Mortgage  Rate for each Ocwen
Serviced Loan over (b) the sum of the Ocwen  Servicing Fee Rate, the Credit Risk
Manager Fee Rate and the Trustee Fee Rate,  over (ii) the Net  Mortgage  Rate of
each such Mortgage Loan. With respect to REMIC 1 Regular  Interest LTI-S2, a per
annum rate,  determined on a Mortgage Loan by Mortgage Loan basis,  equal to the
excess of (i) the excess of (a) the  Mortgage  Rate for each  Wilshire  Serviced
Loan over (b) the sum of the  Wilshire  Servicing  Fee  Rate,  the  Credit  Risk
Manager Fee Rate and the Trustee Fee Rate,  over (ii) the Net  Mortgage  Rate of
each such Mortgage Loan.

                  Uncertificated REMIC 2 Pass-Through Rate: For any Distribution
Date, with respect to REMIC 2 Regular Interest MTI-AA,  REMIC 2 Regular Interest
MTI-A-1,  REMIC 2 Regular Interest MTI-A-2A,  REMIC 2 Regular Interest MTI-A-2B,
REMIC 2 Regular  Interest  MTI-A-3,  REMIC 2 Regular Interest  MTI-A-4,  REMIC 2
Regular  Interest  MTI-M-1,  REMIC 2 Regular Interest  MTI-M-2,  REMIC 2 Regular
Interest  MTI-M-3,  REMIC 2 Regular Interest  MTI-M-4,  REMIC 2 Regular Interest
MTI-M-5,  REMIC 2 Regular Interest  MTI-M-6,  REMIC 2 Regular Interest  MTI-M-7,
REMIC 2 Regular Interest  MTI-M-8,  REMIC 2 Regular Interest  MTI-M-9A,  REMIC 2
Regular Interest  MTI-M-9F,  REMIC 2 Regular Interest  MTI-B-1,  REMIC 2 Regular
Interest MTI-B-2 and REMIC 2 Regular Interest MTI-ZZ,  the REMIC 2 Net WAC Rate.
REMIC 2 Regular  Interest MTI-P and REMIC 2 Regular Interest MTI-R will not have
an  Uncertificated  REMIC 2 Pass-Through  Rate, but shall be entitled to 100% of
the amounts  distributed  on REMIC 1 Regular  Interest LTI-P and REMIC 1 Regular
Interest LTI-R,  respectively.  REMIC 2 Regular  Interest MTI-S will not have an
Uncertificated  REMIC 2 Pass-Through  Rate, but shall be entitled to 100% of the
amounts  distributed  on REMIC 1  Regular  Interest  LTI-S1  and REMIC 1 Regular
Interest LTI-S2.

                  United  States  Person:  A citizen or  resident  of the United
States,  a  corporation  or a  partnership  (including  an entity  treated  as a
corporation  or  partnership  for United  States  federal  income tax  purposes)
created or  organized  in, or under the laws of, the United  States or any State
thereof or the District of Columbia  (except,  in the case of a partnership,  to
the extent  provided in  regulations)  provided that, for purposes solely of the
restrictions  on  the  transfer  of  Class  A-R   Certificates  and  Class  A-RL
Certificates, no partnership or other entity treated as a partnership for United
States  federal  income tax purposes  shall be treated as a United States Person
unless all persons that own an interest in such  partnership  either directly or
through any entity that is not a corporation  for United States  federal  income
tax purposes are required to be United States  Persons or an estate whose income
is subject to United States federal  income tax  regardless of its source,  or 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 such  United
States  Persons have the authority to control all  substantial  decisions of the
trust. To the extent prescribed in regulations by the Secretary of the Treasury,
which have not yet been  issued,  a trust which was in  existence  on August 20,
1996 (other than a trust treated as owned by the grantor under subpart E of part
I of  subchapter J of chapter 1 of the Code),  and which was treated as a United
States person on August 20, 1996 may elect to continue to be treated as a United
States Person notwithstanding the previous sentence.

                  Voting  Rights:  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,
97% of all Voting  Rights  shall be allocated  among the Class A-1,  Class A-2A,
Class A-2B,  Class A-3,  Class A-4,  Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7,  Class M-8, Class M-9A,  Class M-9F,  Class B-1
and Class B-2  Certificates.  The portion of such 97% Voting Rights allocated to
the Class A-1,  Class A-2A,  Class A-2B,  Class A-3, Class A-4, Class M-1, Class
M-2,  Class M-3,  Class M-4,  Class M-5,  Class M-6, Class M-7, Class M-8, Class
M-9A,  Class M-9F,  Class B-1 and Class B-2  Certificates  shall be based on the
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Class  Principal  Balance then  outstanding  and the denominator of which is the
Class Principal Balance of all such Classes then outstanding. The Class P, Class
X-1 and Class X-S Certificates  shall each be allocated 1% of the Voting Rights.
Voting Rights shall be allocated among the  Certificates  within each such Class
(other than the Class P, Class X-1 and Class X-S  Certificates,  which each have
only one certificate) in accordance with their respective  Percentage Interests.
The Class  X-2,  Class  A-R and Class  A-RL  Certificates  shall  have no Voting
Rights.

                  Wilshire: Wilshire Credit Corporation.

                  Wilshire Letter Agreement:  The securitization  servicing side
letter  agreement,  dated as of  September  1,  2005,  between  the  Seller  and
Wilshire, as amended, supplemented or superceded from time to time.

                  Wilshire Serviced Loans: The Mortgage Loans identified as such
on the Mortgage Loan Schedule.

                  Wilshire  Special  Servicing:  With  regard  to  any  Wilshire
Serviced Loans that become Charged Off Loans,  the servicing of such Charged Off
Loans  using  specialized  collection  procedures  (including  foreclosure,   if
appropriate) to maximize recoveries.

                  SECTION 1.02 Interest Calculations.

                  The  calculation  of the Trustee Fee, the  Servicing  Fee, the
Credit Risk Manager Fee, the Credit  Insurance  Provider Fee and interest on the
Class A-3,  Class M-1,  Class M-2,  Class M-3,  Class M-4, Class M-6, Class M-7,
Class M-8,  Class M-9F,  Class B-1,  Class B-2,  Class P, Class A-R, Class A-RL,
Class X-1 and Class X-S Certificates and on the related Uncertificated Interests
shall be made on the basis of a 360-day year consisting of twelve 30-day months.
The calculation of interest on the Class A-1, Class A-2A,  Class A-2B, Class A-4
and Class M-9A  Certificates and the related  Uncertificated  Interests shall be
made on the basis of a 360-day year and the actual number of days elapsed in the
related Interest Accrual Period. All dollar amounts  calculated  hereunder shall
be rounded to the nearest penny with one-half of one penny being rounded down.

                  SECTION 1.03 Allocation of Certain Interest Shortfalls.

                  For  purposes  of  calculating  the  amount of  Uncertificated
Accrued Interest for the REMIC 1 Regular  Interests for any  Distribution  Date,
the  aggregate  amount  of  any  Prepayment  Interest  Shortfalls  (net  of  any
Compensating Interest Payment) and any Relief Act Reductions incurred in respect
of the Mortgage  Loans for any  Distribution  Date shall be  allocated  first to
REMIC 1 Regular Interests LTI-1 and LTI-PF and then to REMIC 1 Regular Interests
LTI-P and LTI-R, in each case to the extent of one month's  interest at the then
applicable respective Uncertificated REMIC 1 Pass-Through Rate on the respective
Uncertificated  Principal  Balance  of  each  such  REMIC  1  Regular  Interest;
provided, however, that with respect to the first three Distribution Dates, such
amounts  relating to the Initial  Mortgage  Loans shall be  allocated to REMIC 1
Regular  Interest  LTI-1 and such amounts  relating to the  Subsequent  Mortgage
Loans shall be allocated to REMIC 1 Regular Interest LT-PF.

                  For  purposes  of  calculating  the  amount of  Uncertificated
Accrued Interest for the REMIC 2 Regular  Interests for any  Distribution  Date,
any Prepayment  Interest  Shortfalls (to the extent not covered by  Compensating
Interest)  relating to the  Mortgage  Loans for any  Distribution  Date shall be
allocated in the same priority, and to the same extent, as that allocated to the
Corresponding Certificates.

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

                  SECTION 2.01 Conveyance of Mortgage Loans.

                  (a)      The Depositor, concurrently with the execution and
delivery hereof, hereby sells, transfers, assigns, sets over and otherwise
conveys to the Trustee in trust for the benefit of the Certificateholders,
without recourse, all (i) the right, title and interest of the Depositor (which
does not include servicing rights) in and to each Initial Mortgage Loan,
including all interest and principal received or receivable on or with respect
to such Initial Mortgage Loans after the Cut-off Date and all interest and
principal payments on the Initial Mortgage Loans received prior to the Cut-off
Date in respect of installments of interest and principal due thereafter, but
not including payments of principal and interest due and payable on the Initial
Mortgage Loans on or before the Cut-off Date (other than the rights of the
Servicers to service the Mortgage Loans in accordance with this Agreement), (ii)
the Depositor's rights under the Assignment Agreement (iii) any such amounts as
may be deposited into and held by the Trustee in the Pre-Funding Account and the
Capitalized Interest Account and (iv) all proceeds of any of the foregoing. The
parties hereto agree that it is not intended that any mortgage loan be conveyed
to the Trust that is either (i) a "High-Cost Home Loan" as defined in the New
Jersey Home Ownership Act effective November 27, 2003, (ii) a "High-Cost Home
Loan" as defined in the New Mexico Home Loan Protection Act effective January 1,
2004 (iii) a "High Cost Home Mortgage Loan" as defined in the Massachusetts
Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a
"High-Cost Home Loan" as defined by the Indiana High Cost Home Loan Law
effective January 1, 2005. In addition, on or prior to the Closing Date, the
Depositor shall cause the Credit Insurance Provider to deliver the Credit
Insurance Policy to the Trustee.

                  (b)      In connection with the transfer and assignment set
forth in clause (a) above, the Depositor has delivered or caused to be delivered
to the Trustee or its designated agent, the related Custodian, for the benefit
of the Certificateholders, the documents and instruments with respect to each
Mortgage Loan as assigned:

                  (i)      the original Mortgage Note of the Mortgagor in the
         name of the Trustee or endorsed "Pay to the order of ________________
         without recourse" and signed in the name of the last named endorsee by
         an authorized officer, together with all intervening endorsements
         showing a complete chain of endorsements from the originator of the
         related Mortgage Loan to the last endorsee or with respect to any Lost
         Mortgage Note (as such term is defined in the Pooling and Servicing
         Agreement), a lost note affidavit stating that the original Mortgage
         Note was lost or destroyed, together with a copy of such Mortgage Note;

                  (ii)     for each Mortgage Loan that is not a MERS Mortgage
         Loan, the original Mortgage bearing evidence that such instruments have
         been recorded in the appropriate jurisdiction where the Mortgaged
         Property is located as determined by DLJMC (or, in lieu of the original
         of the Mortgage or the assignment thereof, a duplicate or conformed
         copy of the Mortgage or the instrument of assignment, if any, together
         with a certificate of receipt from the Seller or the settlement agent
         who handled the closing of the Mortgage Loan, certifying that such copy
         or copies represent true and correct copy(ies) of the original(s) and
         that such original(s) have been or are currently submitted to be
         recorded in the appropriate governmental recording office of the
         jurisdiction where the Mortgaged Property is located) or a
         certification or receipt of the recording authority evidencing the same
         and in the case of each MERS Mortgage Loan, the original Mortgage,
         noting the presence of the MIN of the related Mortgage Loan and either
         language indicating that the Mortgage Loan is a MOM Loan if the
         Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
         at origination, the original Mortgage and the assignment thereof to
         MERS, with evidence of recording indicated thereon or a copy of the
         Mortgage certified by the public recording office in which such
         Mortgage has been recorded;

                  (iii)    for each Mortgage Loan that is not a MERS Mortgage
         Loan, the original Assignment of Mortgage, in blank, which assignment
         appears to be in form and substance acceptable for recording and, in
         the event that the related Seller acquired the Mortgage Loan in a
         merger, the assignment must be by "[Seller], successor by merger to
         [name of predecessor]", and in the event that the Mortgage Loan was
         acquired or originated by the related Seller while doing business under
         another name, the assignment must be by "[Seller], formerly known as
         [previous name]";

                  (iv)     for each Mortgage Loan, at any time that such
         Mortgage Loan is not a MERS Mortgage Loan, the originals of all
         intervening Assignments of Mortgage not included in (iii) above showing
         a complete chain of assignment from the originator of such Mortgage
         Loan to the Person assigning the Mortgage to the Trustee, including any
         warehousing assignment, with evidence of recording on each such
         Assignment of Mortgage (or, in lieu of the original of any such
         intervening assignment, a duplicate or conformed copy of such
         intervening assignment together with a certificate of receipt from the
         related Seller or the settlement agent who handled the closing of the
         Mortgage Loan, certifying that such copy or copies represent true and
         correct copy(ies) of the original(s) and that such original(s) have
         been or are currently submitted to be recorded in the appropriate
         governmental recording office of the jurisdiction where the Mortgaged
         Property is located) or a certification or receipt of the recording
         authority evidencing the same;

                  (v)      an original of any related security agreement (if
         such item is a document separate from the Mortgage) and the originals
         of any intervening assignments thereof showing a complete chain of
         assignment from the originator of the related Mortgage Loan to the last
         assignee;

                  (vi)     an original assignment of any related security
         agreement (if such item is a document separate from the Mortgage)
         executed by the last assignee in blank;

                  (vii)    the originals of any assumption, modification,
         extension or guaranty agreement with evidence of recording thereon, if
         applicable (or, in lieu of the original of any such agreement, a
         duplicate or conformed copy of such agreement together with a
         certificate of receipt from the related Seller or the settlement agent
         who handled the closing of the Mortgage Loan, certifying that such
         copy(ies) represent true and correct copy(ies) of the original(s) and
         that such original(s) have been or are currently submitted to be
         recorded in the appropriate governmental recording office of the
         jurisdiction where the Mortgaged Property is located), or a
         certification or receipt of the recording authority evidencing the
         same;

                  (viii)   if the Mortgage Note or Mortgage or any other
         document or instrument relating to the Mortgage Loan has been signed by
         a person on behalf of the Mortgagor, the original power of attorney or
         other instrument that authorized and empowered such person to sign
         bearing evidence that such instrument has been recorded, if so
         required, in the appropriate jurisdiction where the Mortgaged Property
         is located as determined by DLJMC (or, in lieu thereof, a duplicate or
         conformed copy of such instrument, together with a certificate of
         receipt from the related Seller or the settlement agent who handled the
         closing of the Mortgage Loan, certifying that such copy(ies) represent
         true and complete copy(ies)of the original(s) and that such original(s)
         have been or are currently submitted to be recorded in the appropriate
         governmental recording office of the jurisdiction where the Mortgaged
         Property is located) or a certification or receipt of the recording
         authority evidencing the same; and

                  (ix)     in the case of the First Mortgage Loans, the original
         mortgage title insurance policy, or if such mortgage title insurance
         policy has not yet been issued, an original or copy of a marked-up
         written commitment or a pro forma title insurance policy marked as
         binding and countersigned by the title insurance company or its
         authorized agent either on its face or by an acknowledged closing
         instruction or escrow letter.

                  In the event the  Seller  delivers  to the  Trustee  certified
copies of any  document or  instrument  set forth in 2.01(b)  because of a delay
caused by the public  recording office in returning any recorded  document,  the
Seller shall  deliver to the  Trustee,  within 60 days of the Closing  Date,  an
Officer's Certificate which shall (i) identify the recorded document, (ii) state
that the recorded document has not been delivered to the Trustee due solely to a
delay caused by the public recording office,  and (iii) state the amount of time
generally  required by the  applicable  recording  office to record and return a
document submitted for recordation.

                  In the event that in  connection  with any  Mortgage  Loan the
Depositor  cannot deliver (a) the original  recorded  Mortgage,  (b) all interim
recorded  assignments or (c) the lender's title policy (together with all riders
thereto)  satisfying the  requirements  set forth above,  concurrently  with the
execution and delivery  hereof  because such document or documents have not been
returned from the applicable  public  recording office in the case of clause (a)
or (b) above,  or because the title policy has not been  delivered to the Seller
or the  Depositor  by the  applicable  title  insurer  in the case of clause (c)
above,  the  Depositor  shall  promptly  deliver to the Trustee,  in the case of
clause (a) or (b) above, such original Mortgage or such interim  assignment,  as
the case may be, with  evidence of  recording  indicated  thereon  upon  receipt
thereof from the public  recording  office,  or a copy  thereof,  certified,  if
appropriate,  by the  relevant  recording  office  and in the case of clause (c)
above, if such lender's title policy is received by the Depositor,  upon receipt
thereof.

                  As promptly as  practicable  subsequent  to such  transfer and
assignment,  and in any event,  within thirty (30) days thereafter,  the Trustee
shall (at the Seller's  expense) (i) affix the Trustee's name to each Assignment
of Mortgage, as the assignee thereof, (ii) cause such assignment to be in proper
form for recording in the  appropriate  public office for real property  records
within  thirty (30) days after  receipt  thereof and (iii) cause to be delivered
for recording in the  appropriate  public  office for real property  records the
assignments  of the Mortgages to the Trustee,  except that,  with respect to any
assignment  of a  Mortgage  as  to  which  the  Trustee  has  not  received  the
information  required  to  prepare  such  assignment  in  recordable  form,  the
Trustee's  obligation to do so and to deliver the same for such recording  shall
be as soon as  practicable  after receipt of such  information  and in any event
within  thirty (30) days after the  receipt  thereof,  and the Trustee  need not
cause to be recorded (a) any assignment  referred to in clause (iii) above which
relates  to a  Mortgage  Loan in any  jurisdiction  under the laws of which,  as
evidenced by an Opinion of Counsel  delivered to the Trustee (at the Depositor's
expense,  provided such expense has been previously approved by the Depositor in
writing) within 180 days of the Closing Date, acceptable to the Rating Agencies,
the recordation of such assignment is not necessary to protect the Trustee's and
the Certificateholders'  interest in the related Mortgage Loan or (b) if MERS is
identified on the Mortgage or on a properly recorded  assignment of the Mortgage
as the mortgagee of record  solely as nominee for the Seller and its  successors
and assigns.

                  In  connection  with  the  assignment  of  any  Mortgage  Loan
registered  on the MERS(R)  System,  the Depositor  further  agrees that it will
cause,  at the  Depositor's  own expense,  on or prior to the Closing Date,  the
MERS(R)  System to indicate that such  Mortgage  Loans have been assigned by the
Depositor to the Trustee in  accordance  with this  Agreement for the benefit of
the  Certificateholders by including (or deleting, in the case of Mortgage Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code  "[IDENTIFY  TRUSTEE  SPECIFIC  CODE]" in the field  "[IDENTIFY THE
FIELD  NAME  FOR  TRUSTEE]"  which  identifies  the  Trustee  and (b)  the  code
"[IDENTIFY  SERIES  SPECIFIC  CODE  NUMBER]"  in the field  "Pool  Field"  which
identifies  the  series  of the  Certificates  issued  in  connection  with such
Mortgage  Loans.  The  Depositor  further  agrees that it will not, and will not
permit any Servicer  to, and each  Servicer  agrees that it will not,  alter the
codes  referenced in this paragraph with respect to any Mortgage Loan during the
term of this  Agreement  unless and until such Mortgage Loan is  repurchased  in
accordance with the terms of this Agreement.

                  (c)      The Trustee is authorized to appoint any bank or
trust company approved by the Depositor as Custodian of the documents or
instruments referred to in this Section 2.01, and to enter into a Custodial
Agreement for such purpose and any documents delivered thereunder shall be
delivered to the related Custodian and any Officer's Certificates delivered with
respect thereto shall be delivered to the Trustee and the related Custodian.

                  (d)      It is the express intent of the parties to this
Agreement that the conveyance of the Mortgage Loans by the Depositor to the
Trustee as provided in this Section 2.01 be, and be construed as, a sale of the
Mortgage Loans by the Depositor to the Trustee. It is, further, not the
intention of the parties to this Agreement that such conveyance be deemed a
pledge of the Mortgage Loans by the Depositor to the Trustee to secure a debt or
other obligation of the Depositor. However, in the event that, notwithstanding
the intent of the parties to this Agreement, the Mortgage Loans are held to be
the property of the Depositor, or if for any other reason this Agreement is held
or deemed to create a security interest in the Mortgage Loans then (a) this
Agreement shall also be deemed to be a security agreement within the meaning of
Articles 8 and 9 of the New York Uniform Commercial Code; (b) the conveyance
provided for in this Section 2.01 shall be deemed to be a grant by the Depositor
to the Trustee for the benefit of the Certificateholders of a security interest
in all of the Depositor's right, title and interest in and to the Mortgage Loans
and all amounts payable to the holders of the Mortgage Loans in accordance with
the terms thereof and all proceeds of the conversion, voluntary or involuntary,
of the foregoing into cash, instruments, securities or other property, including
without limitation all amounts, other than investment earnings, from time to
time held or invested in the Certificate Account, whether in the form of cash,
instruments, securities or other property; (c) the possession by the Trustee or
any Custodian of such items of property and such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be "in possession by the secured party" for purposes of perfecting the
security interest pursuant to Section 9-305 of the New York Uniform Commercial
Code; and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the benefit of the Certificateholders for the purpose of perfecting such
security interest under applicable law (except that nothing in this clause (e)
shall cause any person to be deemed to be an agent of the Trustee for any
purpose other than for perfection of such security interests unless, and then
only to the extent, expressly appointed and authorized by the Trustee in
writing). The Depositor and the Trustee, upon directions from the Depositor,
shall, to the extent consistent with this Agreement, take such actions as may be
necessary to ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.

                  (e)      The Depositor hereby sells, transfers, assigns, sets
over and otherwise conveys to the Trustee in trust for the benefit of the
Certificateholders, without recourse, all right, title and interest in such
Subsequent Mortgage Loans (which does not include servicing rights), including
all interest and principal due on or with respect to such Subsequent Mortgage
Loans on or after the related Subsequent Transfer Date and all interest and
principal payments on such Subsequent Mortgage Loans received prior to the
Subsequent Transfer Date in respect of installments of interest and principal
due thereafter, but not including principal and interest due on such Subsequent
Mortgage Loans prior to the related Subsequent Transfer Date, any insurance
policies in respect of such Subsequent Mortgage Loans and all proceeds of any of
the foregoing.

                  (f)      Upon one Business Day's prior written notice to the
Trustee, the Servicers and the Rating Agencies, on any Business Day during the
Pre-Funding Period designated by the Depositor, the Depositor, DLJMC, the
Servicers and the Trustee shall complete, execute and deliver a Subsequent
Transfer Agreement so long as no Rating Agency has provided notice that the
execution and delivery of such Subsequent Transfer Agreement will result in a
reduction or withdrawal of the ratings assigned to the Certificates.

                  The  transfer  of  Subsequent  Mortgage  Loans  and the  other
property and rights relating to them on a Subsequent Transfer Date is subject to
the satisfaction of each of the following conditions:

                  (i)      each Subsequent Mortgage Loan conveyed on such
         Subsequent Transfer Date satisfies the representations and warranties
         applicable to it under this Agreement as of the applicable Subsequent
         Transfer Date; provided, however, that with respect to a breach of a
         representation and warranty with respect to a Subsequent Mortgage Loan,
         the obligation under Section 2.03(f) of this Agreement of the Seller to
         cure, repurchase or replace such Subsequent Mortgage Loan shall
         constitute the sole remedy against the Seller respecting such breach
         available to Certificateholders, the Depositor or the Trustee;

                  (ii)     the Trustee and the Rating Agencies are provided with
         an Opinion of Counsel or Opinions of Counsel, at the expense of the
         Depositor, stating that each REMIC in the Trust Fund is and shall
         continue to qualify as a REMIC following the transfer of the Subsequent
         Mortgage Loans, to be delivered as provided pursuant to Section
         2.01(g);

                  (iii)    the Rating Agencies and the Trustee are provided with
         an Opinion of Counsel or Opinions of Counsel, at the expense of the
         Depositor, confirming that the transfer of the Subsequent Mortgage
         Loans conveyed on such Subsequent Transfer Date is a true sale, to be
         delivered as provided pursuant to Section 2.01(g);

                  (iv)     the execution and delivery of such Subsequent
         Transfer Agreement or conveyance of the related Subsequent Mortgage
         Loans does not result in a reduction or withdrawal of any ratings
         assigned to the Certificates by the Rating Agencies;

                  (v)      no Subsequent Mortgage Loan conveyed on such
         Subsequent Transfer Date is 30 or more days contractually delinquent as
         of such date;

                  (vi)     the remaining term to stated maturity of such
         Subsequent Mortgage Loan does not exceed 30 years for fully amortizing
         loans or 15 years for balloon loans;

                  (vii)    such Subsequent Mortgage Loan does not have a Net
         Mortgage Rate less than 4.25% per annum;

                  (viii)   the Depositor shall have deposited in the Collection
         Account all principal and interest collected with respect to the
         related Subsequent Mortgage Loans on or after the related Subsequent
         Transfer Date;

                  (ix)     such Subsequent Mortgage Loan does not have a
         Combined Loan-to-Value Ratio greater than 100.00%;

                  (x)      such Subsequent Mortgage Loan has a principal balance
         not greater than $397,842;

                  (xi)     no Subsequent Mortgage Loan shall have a final
         maturity date after December 1, 2035;

                  (xii)    such Subsequent Mortgage Loan is secured by a first
         or second lien;

                  (xiii)   such Subsequent Mortgage Loan is otherwise acceptable
         to the Rating Agencies;

                  (xiv)    [reserved];

                  (xv)     following the conveyance of such Subsequent Mortgage
         Loans on such Subsequent Transfer Date the characteristics of the
         Mortgage Loans (based on the Initial Mortgage Loans as of the Cut-off
         Date and the Subsequent Mortgage Loans as of their related Subsequent
         Transfer Date) will be as follows:

                  A.       a weighted average Mortgage Rate of at least 9.677%
                           per annum;

                  B.       a weighted average remaining term to stated maturity
                           of less than 259 months;

                  C.       a weighted average Combined Loan-to-Value Ratio of
                           not more than 96.25%;

                  D.       a weighted average credit score of at least 678;

                  E.       no more than 47.06% of the Mortgage Loans by
                           aggregate Cut-off Date Principal Balance are balloon
                           loans;

                  F.       no more than 37.20% of the Mortgage Loans by
                           aggregate Cut-off Date Principal Balance are
                           concentrated in one state; and

                  G.       no more than 3.57% of the Mortgage Loans by aggregate
                           Cut-off Date Principal Balance relate to non-owner
                           occupied properties;

                  (xvi)    neither the Seller nor the Depositor shall be
         insolvent or shall be rendered insolvent as a result of such transfer;

                  (xvii)   no Event of Default has occurred hereunder; and

                  (xviii)  the Depositor shall have delivered to the Trustee an
         Officer's Certificate confirming the satisfaction of each of these
         conditions precedent.

                  (g)      Upon (1) delivery to the Trustee by the Depositor of
the Opinions of Counsel referred to in Sections 2.01(f)(ii) and (iii), (2)
delivery to the Trustee by the Depositor of a revised Mortgage Loan Schedule
reflecting the Subsequent Mortgage Loans conveyed on such Subsequent Transfer
Date and the related Subsequent Mortgage Loans and (3) delivery to the Trustee
by the Depositor of an Officer's Certificate confirming the satisfaction of each
of the conditions precedent set forth in Section 2.01(f), the Trustee shall
remit to the Depositor the Aggregate Subsequent Transfer Amount related to the
Subsequent Mortgage Loans transferred by the Depositor on such Subsequent
Transfer Date from funds in the Pre-Funding Account.

                  The Trustee shall not be required to  investigate or otherwise
verify  compliance  with the  conditions  set forth in the preceding  paragraph,
except for its own receipt of documents  specified  above, and shall be entitled
to rely on the required Officer's Certificate.

                  SECTION 2.02 Acceptance by the Trustee.

                  The Trustee  acknowledges  receipt by itself or the Custodians
of the  documents  identified in the Initial  Certification  in the form annexed
hereto as Exhibit G and declares  that it or the  Custodians  on its behalf hold
and will hold the  documents  delivered to it or the  Custodians,  respectively,
constituting the Mortgage Files,  and that it or the related  Custodian holds or
will hold such other assets as are included in the Trust Fund,  in trust for the
exclusive  use and  benefit of all present  and future  Certificateholders.  The
Trustee  acknowledges that it or the related Custodian will maintain  possession
of the Mortgage Notes in the State of Texas,  the State of Illinois or the State
of  California,  as directed by the Seller,  unless  otherwise  permitted by the
Rating Agencies.

                  Each  Custodian  is  required  under  the  related   Custodial
Agreement  to execute  and  deliver on the Closing  Date to the  Depositor,  the
Seller,  the  Trustee and the  Servicers  an Initial  Certification  in the form
annexed hereto as Exhibit G with respect to the Mortgage Loans delivered to such
Custodian.  The Trustee shall deliver on the Closing Date to the Depositor,  the
Seller,  the  Trustee and the  Servicers  an Initial  Certification  in the form
annexed hereto as Exhibit G with respect to the Mortgage Loans  delivered to the
Trustee.  Based on its  respective  review and  examination,  and only as to the
documents  identified  in such related  Initial  Certification,  pursuant to the
Custodial  Agreement,  each  Custodian  will  acknowledge  that  such  documents
delivered to it appear  regular on their face and relate to such  Mortgage  Loan
and pursuant to this Agreement the Trustee will  acknowledge that such documents
delivered to it appear  regular on their face and relate to such Mortgage  Loan.
Neither the Trustee nor the Custodians  shall be under any duty or obligation to
inspect,  review or examine said documents,  instruments,  certificates or other
papers to determine that the same are genuine,  enforceable  or appropriate  for
the  represented  purpose or that they have  actually  been recorded in the real
estate  records  or that they are other  than what they  purport  to be on their
face.

                  Not later than 90 days after the Closing Date, the Trustee and
the Custodians are each required to deliver to the  Depositor,  the Seller,  the
Trustee and the  Servicers a Final  Certification  with  respect to the Mortgage
Loans  delivered  to it in the  form  annexed  hereto  as  Exhibit  H,  with any
applicable exceptions noted thereon.

                  If, in the course of such review,  the Trustee or a Custodian,
as applicable,  finds any document  constituting a part of a Mortgage File which
does not meet the  requirements of Section 2.01, the Trustee or, pursuant to the
related  Custodial  Agreement,  the  related  Custodian,  will  list  such as an
exception  in the Final  Certification;  provided,  however,  that  neither  the
Trustee nor the Custodians  shall make any  determination  as to whether (i) any
endorsement is sufficient to transfer all right, title and interest of the party
so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note or
(ii) any  assignment  is in  recordable  form or is  sufficient  to  effect  the
assignment  of and transfer to the assignee  thereof under the mortgage to which
the assignment relates.

                  The Seller shall  promptly  correct or cure such defect within
120 days from the date it was so notified of such defect and, if the Seller does
not  correct or cure such defect  within such period and such defect  materially
and  adversely  affects the interests of the  Certificateholders  in the related
Mortgage Loan,  the Seller shall either (a) substitute for the related  Mortgage
Loan  a  Qualified   Substitute  Mortgage  Loan,  which  substitution  shall  be
accomplished  in the manner and subject to the  conditions  set forth in Section
2.03, or (b) purchase  such Mortgage Loan from the Trustee  within 120 days from
the date the Seller was  notified  of such  defect in writing at the  Repurchase
Price of such  Mortgage  Loan;  provided,  however,  that in no event shall such
substitution  or  repurchase  occur  more than 540 days from the  Closing  Date,
except that if the  substitution  or  repurchase  of a Mortgage Loan pursuant to
this  provision is required by reason of a delay in delivery of any documents by
the appropriate  recording  office,  then such  substitution or repurchase shall
occur  within 720 days from the Closing  Date;  and further  provided,  that the
Seller shall have no liability for recording any Assignment of Mortgage in favor
of the  Trustee  or for the  Trustee's  failure  to record  such  Assignment  of
Mortgage,  and the  Seller  shall not be  obligated  to  repurchase  or cure any
Mortgage  Loan  solely  as a result of the  Trustee's  failure  to  record  such
Assignment of Mortgage.  The Trustee shall deliver written notice to each Rating
Agency within 360 days from the Closing Date  indicating  each Mortgage Loan (a)
the  Assignment  of  Mortgage  which has not been  returned  by the  appropriate
recording  office or (b) as to which there is a dispute as to location or status
of such Mortgage Loan.  Such notice shall be delivered  every 90 days thereafter
until the  Assignment  of Mortgage for the related  Mortgage Loan is returned to
the Trustee or the dispute as to location or status has been resolved.  Any such
substitution  pursuant to (a) above shall not be effected  prior to the delivery
to the Trustee of the Opinion of Counsel  required by Section  2.05  hereof,  if
any, and any  substitution  pursuant to (a) above shall not be effected prior to
the additional delivery to the Trustee of a Request for Release substantially in
the form of Exhibit M. No  substitution  is permitted to be made in any calendar
month after the Determination  Date for such month. The Repurchase Price for any
such Mortgage Loan shall be deposited by the Seller in the  Certificate  Account
on or prior to the Business Day immediately  preceding such Distribution Date in
the month  following the month of  repurchase  and, upon receipt of such deposit
and  certification  with  respect  thereto in the form of Exhibit M hereto,  the
Trustee shall release the related  Mortgage File to the Seller and shall execute
and deliver at such entity's  request such instruments of transfer or assignment
prepared by such entity, in each case without recourse, as shall be necessary to
vest in such entity, or a designee,  the Trustee's interest in any Mortgage Loan
released pursuant hereto. In furtherance of the foregoing,  if the Seller is not
a member of MERS and  repurchases  a Mortgage  Loan which is  registered  on the
MERS(R)  System,  the  Seller,  at its own  expense  and  without  any  right of
reimbursement,  shall  cause MERS to execute and  deliver an  assignment  of the
Mortgage in recordable form to transfer the Mortgage from MERS to the Seller and
shall cause such Mortgage to be removed from  registration on the MERS(R) System
in accordance with MERS' rules and regulations.

                  Pursuant  to the  related  Custodial  Agreement,  the  related
Custodian is required to execute and deliver on the Subsequent  Transfer Date to
the   Depositor,   the  Seller,   the  Trustee  and  the  Servicers  an  Initial
Certification  in the form annexed  hereto as Exhibit G. Based on its review and
examination,   and  only  as  to  the  documents   identified  in  such  Initial
Certification,  the related  Custodian  shall  acknowledge  that such  documents
appear  regular  on their  face and  relate to such  Subsequent  Mortgage  Loan.
Neither  the  Trustee  nor  the  related  Custodian  shall  be  under  a duty or
obligation  to  inspect,   review  or  examine  said   documents,   instruments,
certificates or other papers to determine that the same are genuine, enforceable
or  appropriate  for the  represented  purpose or that they have  actually  been
recorded  in the real  estate  records  or that  they are  other  than what they
purport to be on their face.

                  Pursuant to the related Custodial Agreement, not later than 90
days after the end of the Pre-Funding  Period, the related Custodian is required
to deliver to the Depositor,  the Seller, the Trustee and the related Servicer a
Final  Certification  with respect to the Subsequent  Mortgage Loans in the form
annexed hereto as Exhibit H with any applicable exceptions noted thereon.

                  If,  in the  course  of  such  review  of the  Mortgage  Files
relating to the  Subsequent  Mortgage  Loans,  the related  Custodian  finds any
document  constituting  a part of a  Mortgage  File  which  does  not  meet  the
requirements of Section 2.01, pursuant to the related Custodial  Agreement,  the
related  Custodian  will be required to list such as an  exception  in the Final
Certification;  provided,  however  that  neither  the  Trustee  nor the related
Custodian  shall make any  determination  as to whether (i) any  endorsement  is
sufficient to transfer all right,  title and interest of the party so endorsing,
as  noteholder  or assignee  thereof,  in and to that  Mortgage Note or (ii) any
assignment  is in recordable  form or is sufficient to effect the  assignment of
and transfer to the assignee  thereof under the mortgage to which the assignment
relates.  The Seller shall cure any such defect or repurchase or substitute  for
any such Mortgage Loan in accordance with Section 2.02(a).

                  It is understood  and agreed that the obligation of the Seller
to cure,  substitute  for or to repurchase any Mortgage Loan which does not meet
the  requirements  of Section 2.01 shall  constitute the sole remedy  respecting
such defect  available to the Trustee,  the Depositor and any  Certificateholder
against the Seller.

                  The  Trustee  shall  pay to each  Custodian  from time to time
reasonable  compensation for all services  rendered by it hereunder or under the
related  Custodial  Agreement,  and the  Trustee  shall  pay or  reimburse  each
Custodian  upon its  request  for all  reasonable  expenses,  disbursements  and
advances  incurred  or made by such  Custodian  in  accordance  with  any of the
provisions of this Agreement or the related Custodial Agreement, except any such
expense, disbursement or advance as may arise from its negligence or bad faith.

                  SECTION 2.03 Representations and Warranties of the Seller, the
                               Servicers and the Special Servicer.

                  (a)      The Seller hereby makes the representations and
warranties applicable to it set forth in Schedule II hereto, and by this
reference incorporated herein, to the Depositor and the Trustee, as of the
Closing Date, or if so specified therein, as of the Cut-off Date or such other
date as may be specified.

                  (b)      Wilshire, in its capacity as Servicer, hereby makes
the representations and warranties applicable to it set forth in Schedule IIIA
hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date or such other date as may be specified.

                  (c)      Ocwen, in its capacity as Servicer, hereby makes the
representations and warranties applicable to it set forth in Schedule IIIB
hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date or such other date as may be specified.

                  (d)      IndyMac, in its capacity as Servicer, hereby makes
the representations and warranties applicable to it set forth in Schedule IIIC
hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date or such other date as may be specified.

                  (e)      SPS, in its capacity as Special Servicer, hereby
makes the representations and warranties applicable to it set forth in Schedule
IIID hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date or such other date as may be specified.

                  (f)      Each of Wilshire, Ocwen, IndyMac and SPS, in their
capacity as Servicers and Special Servicer, as applicable, will use its
reasonable efforts to become a member of MERS in good standing, and will comply
in all material respects with the rules and procedures of MERS in connection
with the servicing of the Mortgage Loans that are registered with MERS.

                  (g)      The Seller hereby makes the representations and
warranties set forth in Schedule IV as applicable hereto, and by this reference
incorporated herein, to the Trustee, as of the Closing Date, or the Subsequent
Transfer Date, as applicable, or if so specified therein, as of the Cut-off Date
or such other date as may be specified.

                  (h)      Upon discovery by any of the parties hereto of a
breach of a representation or warranty made pursuant to Section 2.03(g) that
materially and adversely affects the interests of the Certificateholders in any
Mortgage Loan, the party discovering such breach shall give prompt notice
thereof to the other parties. The Seller hereby covenants that within 120 days
of the earlier of its discovery or its receipt of written notice from any party
of a breach of any representation or warranty made by it pursuant to Section
2.03(g) which materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan sold by the Seller to the Depositor, it
shall cure such breach in all material respects, and if such breach is not so
cured, shall, (i) if such 120-day period expires prior to the second anniversary
of the Closing Date, remove such Mortgage Loan (a "Deleted Mortgage Loan") from
the Trust Fund and substitute in its place a Qualified Substitute Mortgage Loan,
in the manner and subject to the conditions set forth in this Section; or (ii)
repurchase the affected Mortgage Loan from the Trustee at the Repurchase Price
in the manner set forth below; provided, however, that any such substitution
pursuant to (i) above shall not be effected prior to the delivery to the Trustee
of the Opinion of Counsel required by Section 2.05 hereof, if any, and any such
substitution pursuant to (i) above shall not be effected prior to the additional
delivery to the Trustee of a Request for Release substantially in the form of
Exhibit M and the Mortgage File for any such Qualified Substitute Mortgage Loan.
The Seller shall promptly reimburse the Trustee for any actual out-of-pocket
expenses reasonably incurred by the Trustee in respect of enforcing the remedies
for such breach. With respect to any representation and warranties described in
this Section which are made to the best of a Seller's knowledge if it is
discovered by the Depositor, the Seller or the Trustee that the substance of
such representation and warranty is inaccurate and such inaccuracy materially
and adversely affects the value of the related Mortgage Loan or the interests of
the Certificateholders therein, notwithstanding the Seller's lack of knowledge
with respect to the substance of such representation or warranty, such
inaccuracy shall be deemed a breach of the applicable representation or
warranty.

                  With  respect to any  Qualified  Substitute  Mortgage  Loan or
Loans,  the  Seller  shall  deliver  to  the  Trustee  for  the  benefit  of the
Certificateholders  the Mortgage Note, the Mortgage,  the related  assignment of
the Mortgage, and such other documents and agreements as are required by Section
2.01(b),  with the Mortgage Note endorsed and the Mortgage  assigned as required
by Section 2.01. No  substitution  is permitted to be made in any calendar month
after the Determination Date for such month. Scheduled Payments due with respect
to Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained by the Seller on the next succeeding
Distribution   Date.   For  the   month  of   substitution,   distributions   to
Certificateholders  will include the monthly payment due on any Deleted Mortgage
Loan for such month and  thereafter  the Seller  shall be entitled to retain all
amounts  received in respect of such  Deleted  Mortgage  Loan.  The Seller shall
amend the Mortgage  Loan Schedule for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans and the Seller shall  deliver the
amended  Mortgage  Loan  Schedule to the Trustee.  Upon such  substitution,  the
Qualified  Substitute  Mortgage  Loan or Loans  shall be subject to the terms of
this Agreement in all respects, and the Seller shall be deemed to have made with
respect to such Qualified  Substitute  Mortgage Loan or Loans, as of the date of
substitution,  the  representations  and  warranties  made  pursuant  to Section
2.03(g) with respect to such Mortgage Loan. Upon any such  substitution  and the
deposit  to the  Certificate  Account  of the amount  required  to be  deposited
therein in  connection  with such  substitution  as described  in the  following
paragraph,  the Trustee  shall release the Mortgage File held for the benefit of
the Certificateholders  relating to such Deleted Mortgage Loan to the Seller and
shall execute and deliver at the Seller's direction such instruments of transfer
or assignment prepared by the Seller, in each case without recourse, as shall be
necessary to vest title in the Seller, or its designee,  the Trustee's  interest
in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

                  For any  month in which  the  Seller  substitutes  one or more
Qualified  Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the
Trustee shall  determine  the amount (if any) by which the  aggregate  principal
balance  of all  such  Qualified  Substitute  Mortgage  Loans  as of the date of
substitution  is less than the aggregate  Stated  Principal  Balance of all such
Deleted Mortgage Loans (after application of the scheduled  principal portion of
the  monthly  payments  due in the month of  substitution).  The  amount of such
shortage (the "Substitution  Adjustment Amount") plus an amount equal to the sum
of (i) the aggregate of any  unreimbursed  Advances with respect to such Deleted
Mortgage Loans and (ii) any costs and damages  actually  incurred and paid by or
on behalf of the Trust in connection with any breach of the  representation  and
warranty  set  forth in  Schedule  IV (xx) as the  result  of a  violation  of a
predatory  or abusive  lending law  applicable  to such  Mortgage  Loan shall be
deposited in the Certificate Account by the Seller on or before the Business Day
immediately preceding the Distribution Date in the month succeeding the calendar
month during which the related  Mortgage Loan became  required to be repurchased
or replaced hereunder.

                  In the event that the Seller shall have repurchased a Mortgage
Loan,  the  Repurchase  Price  therefor  shall be deposited  in the  Certificate
Account on or before the Business Day  immediately  preceding  the  Distribution
Date in the month  following the month during which the Seller became  obligated
hereunder to  repurchase  or replace such Mortgage Loan and upon such deposit of
the  Repurchase  Price,  the  delivery  of the Opinion of Counsel if required by
Section  2.05 and  receipt  of a Request  for  Release  in the form of Exhibit M
hereto, the Trustee shall release the related Mortgage File held for the benefit
of the  Certificateholders  to such Person,  and the Trustee  shall  execute and
deliver at such Person's  direction  such  instruments of transfer or assignment
prepared by such Person, in each case without recourse, as shall be necessary to
transfer title from the Trustee. It is understood and agreed that the obligation
under  this  Agreement  of any  Person to cure,  repurchase  or  substitute  any
Mortgage  Loan  as to  which a  breach  has  occurred  and is  continuing  shall
constitute the sole remedy against such Persons respecting such breach available
to Certificateholders, the Depositor or the Trustee on their behalf.

                  The  representations  and  warranties  made  pursuant  to this
Section 2.03 shall  survive  delivery of the  respective  Mortgage  Files to the
Trustee for the benefit of the Certificateholders.

                  SECTION 2.04 Representations and Warranties of the Depositor
                               as to the Mortgage Loans.

                  The Depositor  hereby  represents  and warrants to the Trustee
with respect to the Mortgage  Loans that, as of the Closing Date,  assuming good
title has been  conveyed to the  Depositor,  the Depositor had good title to the
Mortgage  Loans and Mortgage  Notes,  and did not  encumber  the Mortgage  Loans
during its  period of  ownership  thereof,  other  than as  contemplated  by the
Agreement.

                  It is  understood  and  agreed  that the  representations  and
warranties set forth in this Section 2.04 shall survive delivery of the Mortgage
Files to the Trustee.

                  SECTION 2.05 Delivery of Opinion of Counsel in Connection with
                               Substitutions.

                  Notwithstanding  any contrary provision of this Agreement,  no
substitution pursuant to Section 2.02 shall be made more than 120 days after the
Closing  Date  unless the Seller  delivers to the Trustee an Opinion of Counsel,
which  Opinion of Counsel  shall not be at the  expense of either the Trustee or
the Trust Fund,  addressed to the Trustee,  to the effect that such substitution
will not (i) result in the imposition of the tax on "prohibited transactions" on
the Trust Fund or  contributions  after the Startup Date, as defined in Sections
860F(a)(2)  and  860G(d)  of the  Code,  respectively,  or (ii)  cause any REMIC
created  hereunder  to  fail  to  qualify  as a  REMIC  at  any  time  that  any
Certificates are outstanding.

                  SECTION 2.06 Execution and Delivery of Certificates.

                  The Trustee (or the related Custodian) acknowledges receipt of
the  items  described  in  Section  2.02 of  this  Agreement  and the  documents
identified in the Initial  Certification in the form annexed hereto as Exhibit G
and,  concurrently with such receipt,  has executed and delivered to or upon the
order of the Depositor,  the Certificates in authorized denominations evidencing
directly or  indirectly  the entire  ownership  of the Trust  Fund.  The Trustee
agrees to hold the Trust Fund and exercise the rights  referred to above for the
benefit of all present and future Holders of the Certificates and to perform the
duties set forth in this  Agreement to the best of its ability,  to the end that
the  interests  of  the  Holders  of the  Certificates  may  be  adequately  and
effectively protected.

                  SECTION 2.07 REMIC Matters.

                  The  Preliminary  Statement  sets forth the  designations  and
"latest possible maturity date" for federal income tax purposes of all interests
created hereby.  The "Startup Day" for purposes of the REMIC Provisions shall be
the Closing  Date.  The REMIC 1 Regular  Interests  shall be  designated  as the
"regular  interests"  in  REMIC  1.  The  REMIC 2  Regular  Interests  shall  be
designated  as the "regular  interests"  in REMIC 2. The Class A-1,  Class A-2A,
Class A-2B,  Class A-3,  Class A-4,  Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8, Class M-9A,  Class M-9F,  Class B-1,
Class B-2, Class P, Class X-1 and Class X-S Certificates  shall be designated as
the "regular  interests" in REMIC 3. The Class A-RL Certificates will constitute
the sole class of residual  interests in REMIC 1 and the Class A-R  Certificates
will  represent  beneficial  ownership  of two  residual  interests,  Class  R-2
Interest and Class R-3 Interest, each of which will constitute the sole class of
residual  interests  in each of REMIC 2 and REMIC 3,  respectively.  The Trustee
shall not permit the creation of any "interests"  (within the meaning of Section
860G of the Code) in REMIC 1,  REMIC 2 or REMIC 3 other  than the  Certificates,
the REMIC 1 Regular Interests or the REMIC 2 Regular Interests. The "tax matters
person" with respect to each of REMIC 1, REMIC 2 and REMIC 3 shall be the Holder
of the Class A-R Certificate and Class A-RL  Certificate at any time holding the
largest  Percentage  Interest  thereof in the  manner  provided  under  Treasury
regulations    section    1.860F-4(d)   and   Treasury    regulations    section
301.6231(a)(7)-1.  The fiscal year for each REMIC shall be the calendar year. In
addition, the Class X-1 Certificateholders  shall be deemed to have entered into
a contractual  arrangement with the Class A-R  Certificateholders  or Class A-RL
Certificateholders  whereby  the  Class  A-R  Certificateholders  or Class  A-RL
Certificateholders  agree to pay to the  Class  X-1  Certificateholders  on each
Distribution  Date  amounts  that  would,  in the  absence  of such  contractual
agreement,  be distributable  with respect to the residual  interest in REMIC 1,
REMIC 2 and  REMIC 3  pursuant  to  Section  4.02(b)(iv)P.  (which  amounts  are
expected to be zero).

                  SECTION 2.08 Covenants of each Servicer.

                  IndyMac  shall comply in the  performance  of its  obligations
under this Agreement with all reasonable  rules and  requirements  of the Credit
Insurance Provider as set forth in the Credit Insurance Policy.

                  Each respective Servicer hereby covenants to the Depositor and
the Trustee that no written  information,  certificate of an officer,  statement
furnished in writing or written  report  prepared by such Servicer and delivered
to the Depositor,  any affiliate of the Depositor or the Trustee and prepared by
such Servicer  pursuant to this Agreement will contain any untrue statement of a
material fact.

                  SECTION 2.09 Conveyance of REMIC Regular Interests and
                               Acceptance of REMIC 1, REMIC 2 and REMIC 3 by the
                               Trustee; Issuance of Certificates.

                  (a)      The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey in
trust to the Trustee without recourse all the right, title and interest of the
Depositor in and to the REMIC 1 Regular Interests for the benefit of the Holder
of the REMIC 2 Regular Interests and the Holders of the Class R-2 Interest. The
Trustee acknowledges receipt of the REMIC 1 Regular Interests (each of which is
uncertificated) and declares that it holds and will hold the same in trust for
the exclusive use and benefit of the Holders of the REMIC 2 Regular Interests
and Holder of the Class R-2 Interest. The interests evidenced by the Class R-2
Interest, together with the REMIC 2 Regular Interests, constitute the entire
beneficial ownership interest in REMIC 2.

                  (b)      The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey in
trust to the Trustee without recourse all the right, title and interest of the
Depositor in and to the REMIC 2 Regular Interests for the benefit of the Holders
of the Regular Certificates and the Class R-3 Interest. The Trustee acknowledges
receipt of the REMIC 2 Regular Interests (each of which is uncertificated) and
declares that it holds and will hold the same in trust for the exclusive use and
benefit of the Holders of the Regular Certificates and of the Class R-3
Interest. The interests evidenced by the Class R-3 Interest, together with the
Regular Certificates, constitute the entire beneficial ownership interest in
REMIC 3.

                  (c)      In exchange for the REMIC 2 Regular Interests and,
concurrently with the assignment to the Trustee thereof, pursuant to the written
request of the Depositor executed by an officer of the Depositor, the Trustee
has executed, authenticated and delivered to or upon the order of the Depositor,
the Regular Certificates in authorized denominations evidencing (together with
the Class R-3 Interest) the entire beneficial ownership interest in REMIC 3.

                  (d)      Concurrently with (i) the assignment and delivery to
the Trustee of REMIC 1 (including the Residual Interest therein represented by
the Class A-RL Certificates) and the acceptance by the Trustee thereof, pursuant
to Section 2.01, Section 2.02 and Section 2.09(a); (ii) the assignment and
delivery to the Trustee of REMIC 2 (including the Residual Interest therein
represented by the Class R-2 Interest) and the acceptance by the Trustee
thereof, pursuant to Section 2.09(b) and the assignment and delivery to the
Trustee of REMIC 3 (including the Residual Interest therein represented by the
Class R-3 Interest) and the acceptance by the Trustee thereof, pursuant to
Section 2.09(c), the Trustee, pursuant to the written request of the Depositor
executed by an officer of the Depositor, has executed, authenticated and
delivered to or upon the order of the Depositor, the Regular Certificates and
the Class A-RL and the Class A-R Certificates in authorized denominations
evidencing the Class R-2 Interest and the Class R-3 Interest.

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                  SECTION 3.01 Servicers to Service Mortgage Loans.

                  For and on behalf  of the  Certificateholders,  each  Servicer
shall service and administer the Mortgage Loans in accordance  with the terms of
this Agreement and with Accepted Servicing Practices. The obligations of each of
Wilshire,  Ocwen and IndyMac  hereunder to service and  administer  the Mortgage
Loans shall be limited to the Wilshire Serviced Loans,  Ocwen Serviced Loans and
IndyMac  Serviced  Loans,  respectively;  and with  respect  to the  duties  and
obligations  of each  Servicer,  references  herein to the  "Mortgage  Loans" or
"related  Mortgage  Loans" shall be limited to the Wilshire  Serviced Loans (and
the related proceeds thereof and related REO Properties),  in the case Wilshire,
the Ocwen  Serviced  Loans (and the  related  proceeds  thereof  and related REO
Properties),  in the case of  Ocwen  and the  IndyMac  Serviced  Loans  (and the
related proceeds  thereof and related REO  Properties),  in the case of IndyMac,
and in no event shall any Servicer  have any  responsibility  or liability  with
respect to any of the other  Mortgage  Loans.  Notwithstanding  anything in this
Agreement, any Subservicing Agreement or the Credit Risk Management Agreement to
the  contrary,  neither  Wilshire,  Ocwen,  nor  IndyMac  shall have any duty or
obligation  to enforce any Credit Risk  Management  Agreement  or to  supervise,
monitor or oversee the  activities  of the Credit Risk Manager  under its Credit
Risk  Management  Agreement  with  respect to any  action  taken or not taken by
Wilshire,  Ocwen or IndyMac, as applicable,  pursuant to a recommendation of the
Credit Risk Manager. In connection with such servicing and administration,  each
Servicer  shall have full  power and  authority,  acting  alone  and/or  through
Subservicers  as provided in Section 3.02 hereof,  to do or cause to be done any
and all things that it may deem  necessary or desirable in connection  with such
servicing  and  administration,  including  but not  limited  to,  the power and
authority,  subject to the terms hereof (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 (but only
in the  manner  provided  in this  Agreement),  (iii) to collect  any  Insurance
Proceeds and other Liquidation Proceeds,  and (iv) to effectuate  foreclosure or
other  conversion  of the  ownership  of the  Mortgaged  Property  securing  any
Mortgage  Loan;  provided  that a  Servicer  shall not take any  action  that is
materially inconsistent with or materially prejudices the interests of the Trust
Fund or the  Certificateholders in any Mortgage Loan or the rights and interests
of the  Depositor,  the Trustee or the  Certificateholders  under this Agreement
unless such action is specifically  called for by the terms hereof.  The Trustee
will  provide a limited  power of  attorney to each  Servicer,  prepared by each
Servicer and  reasonably  acceptable to the Trustee,  to permit each Servicer to
act on  behalf  of the  Trustee  under  this  Agreement.  Each  Servicer  hereby
indemnifies  the Trustee for all costs and  expenses  incurred by the Trustee in
connection with the negligent or willful misuse of such power of attorney.  Each
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. Each Servicer
further is hereby authorized and empowered in its own name or in the name of the
Subservicer, when such Servicer or the Subservicer, as the case may be, believes
it is  appropriate  in its best  judgment to register any  Mortgage  Loan on the
MERS(R) System,  or cause the removal from the registration of any Mortgage Loan
on the MERS(R) System, to execute and deliver,  on behalf of the Trustee and the
Certificateholders  or any of them,  any and all  instruments  of assignment and
other comparable  instruments with respect to such assignment or re-recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors and assigns.  Any reasonable expenses incurred in connection with the
actions described in the preceding sentence or as a result of MERS discontinuing
or becoming unable to continue operations in connection with the MERS(R) System,
shall be  reimbursable by the Trust Fund to such Servicer.  Notwithstanding  the
foregoing,  subject to Section  3.05(a),  the Servicers shall not make or permit
any  modification,  waiver or  amendment  of any  Mortgage  Loan that would both
constitute  a sale or  exchange  of such  Mortgage  Loan  within the  meaning of
Section  1001 of the  Code and any  proposed,  temporary  or  final  regulations
promulgated  thereunder (other than in connection with a proposed  conveyance or
assumption of such  Mortgage  Loan that is treated as a Principal  Prepayment in
Full pursuant to Section 3.10 hereof) which would cause any of REMIC 1, REMIC 2,
REMIC  3 or  REMIC 4 to  fail  to  qualify  as a  REMIC.  Without  limiting  the
generality of the foregoing,  each  Servicer,  in its own name or in the name of
the  Depositor  and the  Trustee,  is hereby  authorized  and  empowered  by the
Depositor and the Trustee,  when such Servicer  believes it  appropriate  in its
reasonable  judgment,  to execute and  deliver,  on behalf of the  Trustee,  the
Depositor,  the  Certificateholders  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   held   for  the   benefit   of  the
Certificateholders.  Each  Servicer  shall  prepare and deliver to the Depositor
and/or the Trustee such documents  requiring execution and delivery by either or
both of them as are necessary or  appropriate to enable such Servicer to service
and  administer  the  Mortgage  Loans to the extent  that such  Servicer  is not
permitted  to execute  and deliver  such  documents  pursuant  to the  preceding
sentence.  Upon receipt of such  documents  and a written  request  signed by an
authorized  officer,  the  Depositor  and/or  the  Trustee  shall  execute  such
documents and deliver them to such Servicer.

                  In accordance  with the standards of the preceding  paragraph,
each Servicer  shall advance or cause to be advanced  funds as necessary for the
purpose of  effecting  the  payment of taxes and  assessments  on any  Mortgaged
Property  (to the extent  such  Servicer  has been  notified  that such taxes or
assessments have not paid by the related  Mortgagor or the owner or the servicer
of the related First Mortgage Loan), which advances shall be reimbursable in the
first instance from related  collections from the Mortgagors pursuant to Section
3.06,  and further as provided in Section  3.08;  provided,  however,  that each
Servicer shall be required to advance only to the extent that such advances,  in
the good faith judgment of such  Servicer,  will be recoverable by such Servicer
out  of  Insurance  Proceeds,  Liquidation  Proceeds,  or  otherwise  out of the
proceeds of the related Mortgage Loan; and provided, further, that such payments
shall be  advanced  within  such time  period  required to avoid the loss of the
Mortgaged  Property by foreclosure of a tax or other lien. The costs incurred by
a Servicer, if any, in effecting the timely payments of taxes and assessments on
the  Mortgaged  Properties  and related  insurance  premiums  shall not, for the
purpose of calculating monthly distributions to the Certificateholders, be added
to the Stated Principal Balances of the related Mortgage Loans,  notwithstanding
that the terms of such Mortgage Loans so permit.

                  Subject  to the  provisions  of the  first  paragraph  of this
Section,  the Trustee shall execute,  at the written request of a Servicer,  and
furnish to such Servicer and any Subservicer  such documents as are necessary or
appropriate  to  enable  such  Servicer  or any  Subservicer  to carry out their
servicing and administrative duties hereunder,  and the Trustee hereby grants to
each  Servicer a power of  attorney,  to be  completed in the form of Exhibit AA
hereto,  to carry out such  duties.  The  Trustee  shall  not be liable  for the
actions of the Servicers or any Subservicers under such powers of attorney.

                  If the Mortgage  relating to a Mortgage Loan had a lien senior
to the Mortgage Loan on the related  Mortgaged  Property as of the Cut-off Date,
then the related Servicer,  in such capacity,  may consent to the refinancing of
the prior senior lien, provided that the following requirements are met:

                  (i)      the resulting Combined Loan-to-Value Ratio of such
         Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior
         to such refinancing; and

                  (ii)     the interest rate, or, in the case of an adjustable
         rate existing senior lien, the maximum interest rate, for the loan
         evidencing the refinanced senior lien is no more than 2.0% higher than
         the interest rate or the maximum interest rate, as the case may be, on
         the loan evidencing the existing senior lien immediately prior to the
         date of such refinancing; and

                  (iii)    the loan evidencing the refinanced senior lien is not
         subject to negative amortization.

                  With  respect to the  Mortgage  Loans,  the  Servicer  of each
Mortgage  Loan agrees that,  with  respect to the  Mortgagors  of such  Mortgage
Loans,  such Servicer for each Mortgage Loan shall furnish,  in accordance  with
the Fair Credit  Reporting Act and its  implementing  regulations,  accurate and
complete information on its borrower credit files to Equifax, Experian and Trans
Union Credit Information Company on a monthly basis.

                  SECTION 3.02 Subservicing; Enforcement of the Obligations of
                               Subservicers.

                  (a)      The Mortgage Loans may be subserviced by a
Subservicer on behalf of the related Servicer in accordance with the servicing
provisions of this Agreement, provided that the Subservicer is an approved
Fannie Mae or Freddie Mac seller/servicer in good standing. A Servicer may
perform any of its servicing responsibilities hereunder or may cause the
Subservicer to perform any such servicing responsibilities on its behalf, but
the use by such Servicer of the Subservicer shall not release such Servicer from
any of its obligations hereunder and such Servicer shall remain responsible
hereunder for all acts and omissions of the Subservicer as fully as if such acts
and omissions were those of such Servicer. Each Servicer shall pay all fees and
expenses of any Subservicer engaged by such Servicer from its own funds.

                  Notwithstanding the foregoing, each Servicer shall be entitled
to outsource one or more  separate  servicing  functions to a Person  (each,  an
"Outsourcer") that does not meet the eligibility requirements for a Subservicer,
so  long  as  such  outsourcing  does  not  constitute  the  delegation  of such
Servicer's  obligation to perform all or  substantially  all of the servicing of
the related  Mortgage  Loans to such  Outsourcer.  In such  event,  the use by a
Servicer of any such Outsourcer  shall not release such Servicer from any of its
obligations  hereunder and such Servicer shall remain responsible  hereunder for
all acts and omissions of such Outsourcer as fully as if such acts and omissions
were those of such  Servicer,  and such Servicer shall pay all fees and expenses
of the Outsourcer from such Servicer's own funds.

                  (b)      At the cost and expense of a Servicer, without any
right of reimbursement from the Depositor, Trustee, the Trust Fund, or the
Collection Account, such Servicer shall be entitled to terminate the rights and
responsibilities of its Subservicer and arrange for any servicing
responsibilities to be performed by a successor Subservicer meeting the
requirements set forth in Section 3.02(a), provided, however, that nothing
contained herein shall be deemed to prevent or prohibit such Servicer, at such
Servicer's option, from electing to service the related Mortgage Loans itself.
In the event that a Servicer's responsibilities and duties under this Agreement
are terminated pursuant to Section 7.01, and if requested to do so by the
Trustee, such Servicer shall at its own cost and expense terminate the rights
and responsibilities of its Subservicer as soon as is reasonably possible. Each
Servicer shall pay all fees, expenses or penalties necessary in order to
terminate the rights and responsibilities of its Subservicer from such
Servicer's own funds without any right of reimbursement from the Depositor,
Trustee, the Trust Fund, or the Collection Account.

                  (c)      Notwithstanding any of the provisions of this
Agreement relating to agreements or arrangements between a Servicer and its
Subservicer, a Servicer and its Outsourcer, or any reference herein to actions
taken through the Subservicer, the Outsourcer, or otherwise, no Servicer shall
be relieved of its obligations to the Depositor, Trustee or Certificateholders
and shall be obligated to the same extent and under the same terms and
conditions as if it alone were servicing and administering the related Mortgage
Loans. Each Servicer shall be entitled to enter into an agreement with its
Subservicer and Outsourcer for indemnification of such Servicer or Outsourcer,
as applicable, by such Subservicer and nothing contained in this Agreement shall
be deemed to limit or modify such indemnification.

                  For purposes of this Agreement,  a Servicer shall be deemed to
have  received  any  collections,  recoveries  or payments  with  respect to the
related Mortgage Loans that are received by a related Subservicer or Outsourcer,
as  applicable,  regardless  of  whether  such  payments  are  remitted  by  the
Subservicer or Outsourcer, as applicable, to such Servicer.

                  Any  Subservicing  Agreement  and any  other  transactions  or
services relating to the Mortgage Loans involving a Subservicer or an Outsourcer
shall be deemed to be between  the  Subservicer  or an  Outsourcer,  and related
Servicer alone,  and the Depositor,  the Trustee,  the Special  Servicer and the
other Servicer shall have no obligations,  duties or liabilities with respect to
a Subservicer  including no  obligation,  duty or liability of the Depositor and
Trustee or the Trust Fund to pay a Subservicer's fees and expenses.

                  SECTION 3.03 [Reserved].

                  SECTION 3.04 Trustee to Act as Servicer.

                  (a)      In the event that any Servicer shall for any reason
no longer be a Servicer hereunder (including by reason of an Event of Default),
the Trustee or its successor shall thereupon assume all of the rights and
obligations of such Servicer hereunder arising thereafter (except that the
Trustee shall not be (i) liable for losses of such Servicer pursuant to Section
3.09 hereof or any acts or omissions of the related predecessor Servicer
hereunder, (ii) obligated to make Advances if it is prohibited from doing so by
applicable law or (iii) deemed to have made any representations and warranties
of such Servicer hereunder). Any such assumption shall be subject to Section
7.02 hereof.

                  Each Servicer shall,  upon request of the Trustee,  but at the
expense  of such  Servicer,  deliver to the  assuming  party all  documents  and
records  relating to each  Subservicing  Agreement  or  substitute  Subservicing
Agreement and the Mortgage Loans then being serviced thereunder and hereunder by
such Servicer and an accounting of amounts collected or held by it and otherwise
use its best  efforts  to effect  the  orderly  and  efficient  transfer  of the
substitute Subservicing Agreement to the assuming party.

                  (b)      [reserved].

                  SECTION 3.05 Collection of Mortgage Loans; Collection
                               Accounts; Certificate Account; Pre-Funding
                               Account; Capitalized Interest Account.

                  (a)      Continuously from the date hereof until the principal
and interest on all Mortgage Loans have been paid in full or such Mortgage Loans
have become Liquidated Mortgage Loans, each Servicer shall proceed in accordance
with Accepted Servicing Practices to collect all payments due under each of the
related Mortgage Loans when the same shall become due and payable to the extent
consistent with this Agreement and, consistent with such standard, with respect
to Escrow Mortgage Loans, a Servicer shall ascertain and estimate Escrow
Payments and all other charges that will become due and payable with respect to
the Mortgage Loans and the Mortgaged Properties, to the end that the
installments payable by the Mortgagors will be sufficient to pay such charges as
and when they become due and payable. Consistent with the terms of this
Agreement, each Servicer may also waive, modify or vary any term of any Mortgage
Loan or consent to the postponement of strict compliance with any such term or
in any manner grant indulgence to any Mortgagor if in such Servicer's
determination such waiver, modification, postponement or indulgence is not
materially adverse to the interests of the Certificateholders (taking into
account any estimated Realized Loss that might result absent such action);
provided, however, that such Servicer may not modify materially or permit any
Subservicer to modify any Mortgage Loan (unless such Mortgage Loan is in default
or, in the judgment of such Servicer, such default is reasonably foreseeable),
including without limitation any modification that would change the Mortgage
Rate, forgive the payment of any principal or interest (unless in connection
with the liquidation of the related Mortgage Loan or except in connection with
Principal Prepayments to the extent that such reamortization is not inconsistent
with the terms of the Mortgage Loan), increase the principal balance, or extend
the final maturity date of such Mortgage Loan, and, provided however, that in no
event shall such modification reduce the interest rate on a Mortgage Loan below
the rate at which the Servicing Fee with respect to such Mortgage Loan accrues,
provided, further, no such modification will be granted without the prior
consent of the Credit Insurance Provider if so required in the Credit Insurance
Policy and provided, further, that any such waiver, modification, postponement
or indulgence granted to a Mortgagor by a Servicer in connection with its
servicing of the related First Mortgage Loan shall not be considered relevant to
a determination of whether such Servicer has acted consistently with the terms
and standards of this Agreement, so long as in such Servicer's determination
such action is not materially adverse to the interests of the
Certificateholders. In the event of any such arrangement that permits the
deferment of principal and interest payment on any Mortgage Loan, the related
Servicer shall make Advances on the related Mortgage Loan in accordance with the
provisions of Section 4.01 during the scheduled period in accordance with the
amortization schedule of such Mortgage Loan without modification thereof by
reason of such arrangements. Each Servicer shall not be required to institute or
join in litigation with respect to collection of any payment (whether under a
Mortgage, Mortgage Note or otherwise or against any public or governmental
authority with respect to a taking or condemnation) if it reasonably believes
that enforcing the provision of the Mortgage or other instrument pursuant to
which such payment is required is prohibited by applicable law.

                  (b)      Each Servicer shall segregate and hold all funds
collected and received pursuant to a Mortgage Loan separate and apart from any
of its own funds and general assets and shall establish and maintain one or more
Collection Accounts, each of which shall be an Eligible Account, titled
"[Servicer's name], in trust for the Holders of Credit Suisse First Boston
Mortgage Securities Corp., Home Equity Mortgage Pass-Through Certificates,
Series 2005-4" or, if established and maintained by a Subservicer on behalf of
the related Servicer, "[Subservicer's name], in trust for [Servicer's name]" or
"[Subservicer's name], as agent, trustee and/or bailee of principal and interest
custodial account for [Servicer's name], its successors and assigns, for various
owners of interest in [Servicer's name] mortgage-backed pools". Any funds
deposited in a Collection Account shall at all times be either invested in
Eligible Investments or shall be fully insured to the full extent permitted
under applicable law. Funds deposited in a Collection Account may be drawn on by
the applicable Servicer in accordance with Section 3.08.

                  Each Servicer shall deposit in the  Collection  Account within
two  Business  Days of receipt and retain  therein,  the  following  collections
remitted by Subservicers or payments received by such Servicer and payments made
by such Servicer  subsequent to the Cut-off Date, other than Scheduled  Payments
due on or before the Cut-off Date:

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

                  (ii)     all payments on account of interest on the Mortgage
         Loans adjusted to the per annum rate equal to the Mortgage Rate reduced
         by the related Servicing Fee Rate;

                  (iii)    all Liquidation Proceeds on the Mortgage Loans;

                  (iv)     all Insurance Proceeds (including payments made by
         the Credit Insurance Provider under the Credit Insurance Policy) on the
         Mortgage Loans including amounts required to be deposited pursuant to
         Section 3.09 (other than proceeds to be held in the Escrow Account and
         applied to the restoration or repair of the Mortgaged Property or
         released to the Mortgagor in accordance with Section 3.09);

                  (v)      all Advances made by such Servicer pursuant to
         Section 4.01;

                  (vi)     with respect to each Principal Prepayment on the
         Mortgage Loans, the Compensating Interest Payment, if any, for the
         related Prepayment Period;

                  (vii)    any amounts required to be deposited by such Servicer
         in respect of net monthly income from REO Property pursuant to Section
         3.11; and

                  (viii)   any other amounts required to be deposited hereunder
         including all collected Prepayment Charges.

                  The foregoing  requirements  for deposit into each  Collection
Account  shall be  exclusive,  it being  understood  and  agreed  that,  without
limiting the generality of the foregoing, Ancillary Income need not be deposited
by such Servicer into such Collection Account. In addition,  notwithstanding the
provisions of this Section 3.05, each Servicer may deduct from amounts  received
by it, prior to deposit to the applicable Collection Account, any portion of any
Scheduled Payment representing the applicable Servicing Fee. In the event that a
Servicer shall remit any amount not required to be remitted,  it may at any time
withdraw or direct the institution maintaining the related Collection Account to
withdraw such amount from such Collection  Account,  any provision herein to the
contrary  notwithstanding.  Such  withdrawal or direction may be accomplished by
delivering  written  notice  thereof to the  Trustee  or such other  institution
maintaining  such Collection  Account which  describes the amounts  deposited in
error in such Collection Account.  Each Servicer shall maintain adequate records
with respect to all withdrawals  made by it pursuant to this Section.  All funds
deposited   in  a   Collection   Account   shall  be  held  in  trust   for  the
Certificateholders until withdrawn in accordance with Section 3.08.

                  (c)      On or prior to the Closing Date, the Trustee shall
establish and maintain, on behalf of the Certificateholders, the Certificate
Account. The Trustee shall, promptly upon receipt, deposit in the Certificate
Account and retain therein the following:

                  (i)      the aggregate amount remitted by each Servicer to the
         Trustee pursuant to Section 3.08(viii);

                  (ii)     any amount deposited by the Trustee pursuant to
         Section 3.05(d) in connection with any losses on Eligible Investments;
         and

                  (iii)    any other amounts deposited hereunder which are
         required to be deposited in the Certificate Account.

                  In the event that a Servicer  shall  remit to the  Trustee any
amount not  required  to be  remitted,  it may at any time direct the Trustee to
withdraw such amount from the Certificate  Account,  any provision herein to the
contrary  notwithstanding.  Such direction may be  accomplished by delivering an
Officer's  Certificate to the Trustee which  describes the amounts  deposited in
error in the Certificate Account. All funds deposited in the Certificate Account
shall be held by the Trustee in trust for the Certificateholders until disbursed
in  accordance  with this  Agreement  or withdrawn  in  accordance  with Section
3.08(b).  In no event shall the Trustee incur liability for withdrawals from the
Certificate Account at the direction of a Servicer.

                  (d)      Each institution at which a Collection Account, the
Certificate Account or the Pre-Funding Account is maintained shall either hold
such funds on deposit uninvested or shall invest the funds therein as directed
in writing by the related Servicer (in the case of a Collection Account), the
Trustee (in the case of the Certificate Account) or the Depositor (in the case
of the Pre-Funding Account), in Eligible Investments, which shall mature not
later than (i) in the case of a Collection Account, the second Business Day
immediately preceding the related Distribution Date and (ii) in the case of the
Certificate Account and the Pre-Funding Account, the Business Day immediately
preceding the Distribution Date and, in each case, shall not be sold or disposed
of prior to its maturity. All income and gain net of any losses realized from
any such balances or investment of funds on deposit in a Collection Account
shall be for the benefit of the related Servicer as servicing compensation and
shall be remitted to it monthly as provided herein. The amount of any realized
losses in a Collection Account incurred in any such account in respect of any
such investments shall promptly be deposited by the related Servicer in the
related Collection Account. The Trustee in its fiduciary capacity shall not be
liable for the amount of any loss incurred in respect of any investment or lack
of investment of funds held in a Collection Account or the Pre-Funding Account.
All income and gain net of any losses realized from any such investment of funds
on deposit in the Certificate Account shall be for the benefit of the Trustee as
compensation and shall be remitted to it monthly as provided herein. The amount
of any realized losses in the Certificate Account incurred in any such account
in respect of any such investments shall promptly be deposited by the Trustee in
the Certificate Account. All income and gain net of any losses realized from any
such balances or investment of funds on deposit in the Pre-Funding Account shall
be for the benefit of the Depositor and shall be remitted to it monthly.

                  (e)      Each Servicer shall give notice to the Trustee, the
Seller, each Rating Agency and the Depositor of any proposed change of the
location of the related Collection Account prior to any change thereof. The
Trustee shall give notice to each Servicer, the Seller, each Rating Agency and
the Depositor of any proposed change of the location of the Certificate Account
prior to any change thereof.

                  (f)      The Trustee shall establish and maintain, on behalf
of the Certificateholders, the Pre-Funding Account. On the Closing Date, the
Depositor shall remit the Pre-Funding Amount to the Trustee for deposit in the
Pre-Funding Account. On each Subsequent Transfer Date, upon satisfaction of the
conditions for such Subsequent Transfer Date set forth in Section 2.01(f), with
respect to the related Subsequent Transfer Agreement, the Trustee shall remit to
the Depositor the applicable Aggregate Subsequent Transfer Amount as payment of
the purchase price for the related Subsequent Mortgage Loans.

                  If any funds remain in the Pre-Funding Account on December 24,
2005, to the extent they represent  interest earnings on the amounts  originally
deposited into the Pre-Funding Account, the Trustee shall distribute them to the
order of the Depositor.  The remaining funds in the Pre-Funding Account shall be
transferred  to the  Certificate  Account to be  included  as part of  principal
distributions to the  Certificates,  in accordance with the priorities set forth
herein, on the December 2005 Distribution Date.

                  (g)      The Trustee shall establish and maintain, on behalf
of the Certificateholders, the Capitalized Interest Account. On the Closing
Date, the Depositor shall remit the Capitalized Interest Deposit to the Trustee
for deposit in the Capitalized Interest Account. On the Business Day prior to
each of the October 2005, November 2005 and December 2005 Distribution Dates,
the Trustee shall transfer from each Capitalized Interest Account to the
Certificate Account an amount equal to the Capitalized Interest Requirement for
such Distribution Date. On each of the October 2005 and November 2005
Distribution Dates, the Overfunded Interest Amount shall be withdrawn from the
Capitalized Interest Account and paid to the Depositor. Any funds remaining in
the Capitalized Interest Account immediately after the December 2005
Distribution Date shall be paid to the Depositor.

                  SECTION 3.06 Establishment of and Deposits to Escrow Accounts;
                               Permitted Withdrawals from Escrow Accounts;
                               Payments of Taxes, Insurance and Other Charges.

                  (a)      To the extent required by the related Mortgage Note
and not in violation of current law, the applicable Servicer shall segregate and
hold all funds collected and received pursuant to a Mortgage Loan constituting
Escrow Payments separate and apart from any of its own funds and general assets
and shall establish and maintain one or more Escrow Accounts, each of which
shall be an Eligible Account, titled, "[Servicer's name], in trust for "Credit
Suisse First Boston Mortgage Securities Corp., Home Equity Mortgage Pass-Through
Certificates, Series 2005-4 and various mortgagors" or, if established and
maintained by a Subservicer on behalf of the related Servicer, "[Subservicer's
name], in trust for [Servicer's name]" or "[Subservicer's name], as agent,
trustee and/or bailee of taxes and insurance custodial account for [Servicer's
name], its successors and assigns, for various owners of interest in [Servicer's
name] mortgage-backed pools". Funds deposited in the Escrow Account may be drawn
on by the related Servicer in accordance with Section 3.06(b). The creation of
any Escrow Account shall be evidenced by a certification in the form of Exhibit
P-1 hereto, in the case of an account established with a Servicer, or by a
letter agreement in the form of Exhibit P-2 hereto, in the case of an account
held by a depository other than a Servicer. A copy of such certification shall
be furnished to the Depositor and Trustee.

                  (b)      Each Servicer shall deposit in its Escrow Account or
Accounts on a daily basis within one Business Day of receipt and retain therein:

                  (i)      all Escrow Payments collected on account of the
         related Mortgage Loans, for the purpose of effecting timely payment of
         any such items as required under the terms of this Agreement; and

                  (ii)     all amounts representing Insurance Proceeds which are
         to be applied to the restoration or repair of any Mortgaged Property.

                  Each Servicer shall make  withdrawals  from the Escrow Account
only to effect such payments as are required under this Agreement,  as set forth
in Section 3.06(c).  Each Servicer shall be entitled to retain any interest paid
on funds deposited in the related Escrow Account by the depository  institution,
other  than  interest  on  escrowed  funds  required  by law to be  paid  to the
Mortgagor.  To the extent  required by law, the  applicable  Servicer  shall pay
interest  on escrowed  funds to the  Mortgagor  notwithstanding  that the Escrow
Account  may  be   non-interest   bearing  or  that  interest  paid  thereon  is
insufficient for such purposes.

                  (c)      Withdrawals from the Escrow Account or Accounts may
be made by the related Servicer only:

                  (i)      to effect timely payments of ground rents, taxes,
         assessments, water rates, mortgage insurance premiums, condominium
         charges, fire and hazard insurance premiums or other items constituting
         Escrow Payments for the related Mortgage;

                  (ii)     to reimburse such Servicer for any Servicing Advances
         made by such Servicer pursuant to this Agreement with respect to a
         related Mortgage Loan, but only from amounts received on the related
         Mortgage Loan which represent late collections of Escrow Payments
         thereunder;

                  (iii)    to refund to any Mortgagor any funds found to be in
         excess of the amounts required under the terms of the related Mortgage
         Loan;

                  (iv)     for transfer to the related Collection Account to
         reduce the principal balance of the related Mortgage Loan in accordance
         with the terms of the related Mortgage and Mortgage Note;

                  (v)      for application to restore or repair of the related
         Mortgaged Property in accordance with the procedures outlined in
         Section 3.09;

                  (vi)     to pay to such Servicer, or any Mortgagor to the
         extent required by law, any interest paid on the funds deposited in
         such Escrow Account;

                  (vii)    to clear and terminate such Escrow Account on the
         termination of this Agreement; and

                  (viii)   to remove funds inadvertently placed in the Escrow
         Account by such Servicer.

                  SECTION 3.07 Access to Certain Documentation and Information
                               Regarding the Mortgage Loans; Inspections.

                  (a)      Each Servicer shall afford the Depositor and the
Trustee reasonable access to all records and documentation regarding the
Mortgage Loans and all accounts, insurance information and other matters
relating to this Agreement, such access being afforded without charge, but only
upon reasonable request and during normal business hours at the office
designated by such Servicer. In addition, each Servicer shall provide to the
Special Servicer reasonable access to all records and documentation regarding
the Mortgage Loans serviced by it that become Special Serviced Mortgage Loans.
Each Servicer may, from time to time, provide the Depositor, and any Person
designated by the Depositor, with reports and information regarding the Mortgage
Loans, including without limitation, information requested by the Depositor or
an originator of the Mortgage Loans for required institutional risk control.

                  (b)      Each Servicer shall inspect the Mortgaged Properties
as often as deemed necessary by such Servicer in such Servicer's sole
discretion, to assure itself that the value of such Mortgaged Property is being
preserved. In addition, if any Mortgage Loan is more than 60 days delinquent,
each Servicer shall conduct subsequent inspections in accordance with Accepted
Servicing Practices or as may be required by the primary mortgage guaranty
insurer. Each Servicer shall keep a written or electronic report of each such
inspection.

                  SECTION 3.08 Permitted Withdrawals from the Collection
                               Accounts and Certificate Account.

                  Each  Servicer  may (and in the case of clause  (viii)  below,
shall) from time to time make  withdrawals from the related  Collection  Account
for the following purposes:

                  (i)      to pay to such Servicer (to the extent not previously
         retained by such Servicer) the servicing compensation to which it is
         entitled pursuant to Section 3.14, and to pay to such Servicer, as
         additional servicing compensation, earnings on or investment income
         with respect to funds in or credited to such Collection Account;

                  (ii)     to reimburse such Servicer for unreimbursed Advances
         made by it, such right of reimbursement pursuant to this subclause (ii)
         being limited to amounts received on the Mortgage Loan(s) in respect of
         which any such Advance was made (including without limitation, late
         recoveries of payments, Liquidation Proceeds and Insurance Proceeds,
         amounts representing proceeds of other insurance policies, if any,
         covering the related Mortgaged Property, rental and other income from
         REO Property and proceeds of any purchase or repurchase of the related
         Mortgage Loan to the extent deposited in the Collection Account);

                  (iii)    to reimburse such Servicer for any Nonrecoverable
         Advance previously made from collections or proceeds of any of the
         Mortgage Loans;

                  (iv)     to reimburse such Servicer for (A) unreimbursed
         Servicing Advances, such Servicer's right to reimbursement pursuant to
         this clause (A) with respect to any Mortgage Loan being limited to
         amounts received on such Mortgage Loan which represent late payments of
         principal and/or interest (including, without limitation, Liquidation
         Proceeds and Insurance Proceeds, amounts representing proceeds of other
         insurance policies, if any, covering the related Mortgaged Property,
         rental and other income from REO Property and proceeds of any purchase
         or repurchase of the related Mortgage Loan with respect to such
         Mortgage Loan) respecting which any such advance was made, (B) for
         unpaid Servicing Fees as provided in Section 3.11 hereof and (C) in the
         case of Ocwen, for unpaid Servicing Fees not otherwise collected from
         Liquidation Proceeds;

                  (v)      to pay to the purchaser, with respect to each
         Mortgage Loan or property acquired in respect thereof that has been
         purchased pursuant to Section 2.02, 2.03 or 3.11, all amounts received
         thereon after the date of such purchase;

                  (vi)     to reimburse such Servicer or the Depositor for
         expenses incurred by any of them and reimbursable pursuant to Section
         6.03 hereof;

                  (vii)    to withdraw any amount deposited in such Collection
         Account and not required to be deposited therein;

                  (viii)   on or prior to the Servicer Cash Remittance Date, to
         withdraw an amount equal to the Available Funds (other than clause (vi)
         thereof) plus any related Expense Fees (other than the Servicing Fee)
         for such Distribution Date and any Prepayment Charges received in
         respect of the Mortgage Loans, subject to the collection of funds
         included in the definition of "Available Funds" and remit such amount
         to the Trustee for deposit in the Certificate Account;

                  (ix)     to pay itself any Prepayment Interest Excess;
         provided that in accordance with the definition of "Prepayment Interest
         Excess," the applicable Servicer shall only be entitled to Prepayment
         Interest Excess with respect to any Mortgage Loan and any Distribution
         Date if the related Principal Prepayment in full is deposited to the
         related Collection Account pursuant to Section 3.05(b)(i) hereof in the
         same month as such Principal Prepayment in full is made, to be included
         with distributions on such Distribution Date;

                  (x)      to clear and terminate such Collection Account upon
         termination of this Agreement pursuant to Section 9.01 hereof;

                  (xi)     to invest funds in certain Eligible Investments and
         to transfer funds to another Eligible Account; and

                  (xii)    to reimburse such Servicer for any unpaid Servicing
         Fees to which such Servicer is entitled under this Agreement, including
         (A) in connection with the termination of the obligations of such
         Servicer and (B) any accrued and unpaid Servicing Fees at the time a
         Mortgage Loan becomes a Charged Off Loan.

                  Each Servicer shall keep and maintain separate accounting,  on
a Mortgage  Loan basis for the purpose of  justifying  any  withdrawal  from the
Collection Account pursuant to such subclauses (i), (ii), (iv) and (v). Prior to
making any withdrawal from a Collection Account pursuant to subclause (iii), the
related  Servicer  shall  deliver to the  Trustee a  certificate  of a Servicing
Officer  indicating  the  amount  of any  previous  Advance  determined  by such
Servicer to be a  Nonrecoverable  Advance and identifying  the related  Mortgage
Loans(s), and their respective portions of such Nonrecoverable Advance.

                  The Trustee shall withdraw funds from the Certificate  Account
for distributions to the  Certificateholders,  the Credit Insurance Provider and
the  Credit  Risk  Manager,  if  applicable,  in the  manner  specified  in this
Agreement  (and to  withhold  from the amounts so  withdrawn,  the amount of any
taxes that it is  authorized  to  withhold  pursuant  to the last  paragraph  of
Section 8.11). In addition,  the Trustee may from time to time make  withdrawals
from the Certificate Account for the following purposes:

                  (i)      to pay to itself the Trustee Fee and any investment
         income earned for the related Distribution Date;

                  (ii)     to withdraw and return to the applicable Servicer for
         deposit to the Collection Account any amount deposited in the
         Certificate Account and not required to be deposited therein; and

                  (iii)    to clear and terminate the Certificate Account upon
         termination of this Agreement pursuant to Section 9.01 hereof.

                  SECTION 3.09 Maintenance of Hazard Insurance and Mortgage
                               Impairment Insurance; Claims; Restoration of
                               Mortgaged Property.

                  Each  Servicer  shall  obtain and  maintain  a blanket  policy
insuring  against  losses  arising from fire and hazards  covered under extended
coverage  on all of the related  Mortgage  Loans,  which  policy  shall  provide
coverage  in an amount  equal to the amount at least  equal to the lesser of (i)
the maximum insurable value of the improvements  securing such Mortgage Loan and
(ii) the greater of (A) the outstanding  principal  balance of the Mortgage Loan
and (B) an amount such that the proceeds of such policy shall be  sufficient  to
prevent the Mortgagor and/or the mortgagee from becoming co-insurer. Any amounts
collected by a Servicer  under any such policy  relating to a Mortgage Loan (for
the avoidance of doubt,  remaining after  application of any such amounts to any
related  First  Mortgage  Loan) shall be  deposited  in the  related  Collection
Account subject to withdrawal  pursuant to Section 3.08. Such policy may contain
a deductible  clause, in which case, in the event that there shall not have been
maintained on the related Mortgaged Property a standard hazard insurance policy,
and there shall have been a loss which would have been  covered by such  policy,
the related Servicer shall deposit in the related Collection Account at the time
of such loss the amount not otherwise  payable under the blanket  policy because
of such  deductible  clause which is in excess of a deductible  under a standard
hazard insurance policy, such amount to be deposited from such Servicer's funds,
without  reimbursement  therefor.  Upon request of the Trustee, a Servicer shall
cause to be delivered to the Trustee a certified  true copy of such policy and a
statement  from the insurer  thereunder  that such  policy  shall in no event be
terminated or materially  modified  without 30 days' prior written notice to the
Trustee.  In connection  with its activities as Servicer of the Mortgage  Loans,
each Servicer  agrees to present,  on behalf of itself,  the Depositor,  and the
Trustee for the benefit of the Certificateholders, claims under any such blanket
policy.

                  Pursuant to Section 3.05, any amounts  collected by a Servicer
under any such  policies  (other  than  amounts to be  deposited  in the related
Escrow Account and applied to the restoration or repair of the related Mortgaged
Property,  or property  acquired in  liquidation  of the Mortgage Loan, or to be
released to the Mortgagor,  in accordance with such Servicer's  normal servicing
procedures)  shall be deposited in the related  Collection  Account  (subject to
withdrawal  pursuant  to Section  3.08).  Any costs  incurred  by a Servicer  in
maintaining  such insurance shall be recoverable by such Servicer as a Servicing
Advance out of payments by the related Mortgagor or out of Insurance Proceeds or
Liquidation  Proceeds.   Notwithstanding   anything  to  the  contrary  in  this
paragraph,  each Servicer shall be required to pay the costs of maintaining  any
insurance  contemplated  by this  Section  3.09  only to the  extent  that  such
advances, in the good faith judgment of such Servicer, will be recoverable.

                  A Servicer  need not obtain the approval of the Trustee  prior
to  releasing  any  Insurance  Proceeds  to the  Mortgagor  to be applied to the
restoration or repair of the Mortgaged Property if such release is in accordance
with Accepted Servicing Practices. At a minimum, each Servicer shall comply with
the  following  conditions  in  connection  with any such  release of  Insurance
Proceeds in excess of $10,000:

                  (i)      such Servicer shall receive satisfactory independent
         verification of completion of repairs and issuance of any required
         approvals with respect thereto;

                  (ii)     such Servicer shall take all steps necessary to
         preserve the priority of the lien of the Mortgage, including, but not
         limited to requiring waivers with respect to mechanics' and
         materialmen's liens; and

                  (iii)    pending repairs or restoration, such Servicer shall
         place the Insurance Proceeds in the related Escrow Account, if any.

                  If the  Trustee  is named as an  additional  loss  payee,  the
related Servicer is hereby empowered to endorse any loss draft issued in respect
of such a claim in the name of the Trustee.

                  SECTION 3.10 Enforcement of Due-on-Sale Clauses; Assumption
                               Agreements.

                  Each  Servicer  shall  use its best  efforts  to  enforce  any
"due-on-sale"  provision  contained in any related Mortgage or Mortgage Note and
to deny  assumption by the person to whom the Mortgaged  Property has been or is
about to be sold  whether by absolute  conveyance  or by  contract of sale,  and
whether or not the  Mortgagor  remains  liable on the  Mortgage and the Mortgage
Note.  When the  Mortgaged  Property  has been  conveyed by the  Mortgagor,  the
related  Servicer  shall,  to the extent it has  knowledge  of such  conveyance,
exercise its rights to  accelerate  the maturity of such Mortgage Loan under the
"due-on-sale" clause applicable thereto,  provided,  however, that such Servicer
shall not  exercise  such  rights if  prohibited  by law from doing so or if the
exercise of such rights would  impair or threaten to impair any  recovery  under
the related  Primary  Insurance  Policy,  if any or, if consistent with Accepted
Servicing Practices, such Servicer believes the collections and other recoveries
in respect of such Mortgage  Loans could  reasonably be expected to be maximized
if the Mortgage Loan were not accelerated.

                  If  a  Servicer   reasonably   believes  it  is  unable  under
applicable  law to  enforce  such  "due-on-sale"  clause or, if any of the other
conditions set forth in the last sentence of the preceding paragraph apply, such
Servicer shall enter into (i) an assumption and modification  agreement with the
person to whom such  property has been  conveyed,  pursuant to which such person
becomes liable under the Mortgage Note and the original Mortgagor remains liable
thereon or (ii) in the event such  Servicer is unable  under  applicable  law to
require that the original  Mortgagor  remain  liable under the Mortgage Note and
such Servicer has the prior consent of the primary mortgage guaranty insurer,  a
substitution of liability agreement with the purchaser of the Mortgaged Property
pursuant to which the original  Mortgagor  is released  from  liability  and the
purchaser of the  Mortgaged  Property is  substituted  as Mortgagor  and becomes
liable under the Mortgage Note.  Notwithstanding the foregoing, a Servicer shall
not be deemed to be in default  under this  Section by reason of any transfer or
assumption which such Servicer  reasonably believes it is restricted by law from
preventing,  for any reason whatsoever.  In connection with any such assumption,
no  material  term of the  Mortgage  Note,  including  without  limitation,  the
Mortgage Rate borne by the related  Mortgage Note, the term of the Mortgage Loan
or the outstanding principal amount of the Mortgage Loan shall be changed.

                  Subject to each  Servicer's  duty to enforce  any  due-on-sale
clause to the  extent  set forth in this  Section  3.10,  in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption agreement or modification agreement or supplement
to the Mortgage Note or Mortgage that requires the signature of the Trustee,  or
if an  instrument  of release  signed by the Trustee is required  releasing  the
Mortgagor from  liability on the Mortgage Loan,  such Servicer shall prepare and
deliver or cause to be prepared and  delivered to the Trustee for  signature and
shall direct, in writing,  the Trustee to execute the assumption  agreement with
the  Person  to  whom  the  Mortgaged  Property  is  to  be  conveyed  and  such
modification  agreement or  supplement to the Mortgage Note or Mortgage or other
instruments  as are  reasonable  or  necessary  to  carry  out the  terms of the
Mortgage  Note or  Mortgage or  otherwise  to comply  with any  applicable  laws
regarding  assumptions or the transfer of the Mortgaged Property to such Person.
In connection  with any such  assumption,  no material term of the Mortgage Note
may be  changed.  Together  with each  such  substitution,  assumption  or other
agreement  or  instrument  delivered  to the  Trustee for  execution  by it, the
related  Servicer shall deliver an Officer's  Certificate  signed by a Servicing
Officer  stating  that the  requirements  of this  Section 3.10 have been met in
connection  therewith.  The related  Servicer  shall notify the Trustee that any
such  substitution  or assumption  agreement has been completed by forwarding to
the Trustee the original of such substitution or assumption agreement,  which in
the case of the original shall be added to the related  Mortgage File and shall,
for all purposes,  be considered a part of such Mortgage File to the same extent
as all other  documents and  instruments  constituting  a part thereof.  Any fee
collected  by a  Servicer  for  entering  into an  assumption,  modification  or
substitution  of  liability  agreement  will be  retained  by such  Servicer  as
additional servicing compensation.

                  SECTION 3.11 Realization Upon Defaulted Mortgage Loans;
                               Repurchase of Certain Mortgage Loans.

                  (a)      (i)    Each Servicer shall use reasonable efforts to
foreclose upon or otherwise comparably convert the ownership of properties
securing such of the related Mortgage Loans as come into and continue in default
and as to which no satisfactory arrangements can be made for collection of
delinquent payments. With respect to such of the Mortgage Loans as come into and
continue in default, each Servicer will decide whether to (i) foreclose upon the
Mortgaged Properties securing such Mortgage Loans, (ii) write off the unpaid
principal balance of the Mortgage Loans as bad debt, (iii) take a deed in lieu
of foreclosure, (iv) accept a short sale (a payoff of the Mortgage Loan for an
amount less than the total amount contractually owed in order to facilitate a
sale of the Mortgaged Property by the Mortgagor) or permit a short refinancing
(a payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate refinancing transactions by the
Mortgagor not involving a sale of the Mortgaged Property), (v) arrange for a
repayment plan, or (vi) agree to a modification in accordance with this
Agreement. In connection with such decision, the related Servicer shall take
such action as (i) such Servicer would take under similar circumstances with
respect to a similar mortgage loan held for its own account for investment, (ii)
shall be consistent with Accepted Servicing Practices, (iii) such Servicer shall
determine consistently with Accepted Servicing Practices to be in the best
interest of the Trustee and Certificateholders, provided, that actions taken by
a Servicer in connection with its servicing of the related First Mortgage Loan
shall not be considered relevant to a determination of whether such Servicer has
met the standard set forth in this clause (iii), so long as in such Servicer's
determination such action is not materially adverse to the interests of the
Certificateholders and (iv) is consistent with the requirements of the insurer
under any Required Insurance Policy and the Credit Insurance Provider under the
Credit Insurance Policy; provided, however, that such Servicer shall not be
required to expend its own funds in connection with any foreclosure or towards
the restoration of any property unless it shall determine in its sole discretion
(i) that such restoration and/or foreclosure will increase the proceeds of
liquidation of the related Mortgage Loan after reimbursement to itself of such
expenses and (ii) that such expenses will be recoverable to it through
Liquidation Proceeds (respecting which it shall have priority for purposes of
withdrawals from the related Collection Account). The related Servicer shall be
responsible for all other costs and expenses incurred by it in any such
proceedings; provided, however, that it shall be entitled to reimbursement
thereof from the liquidation proceeds with respect to the related Mortgaged
Property, as provided in the definition of Liquidation Proceeds and as provided
in Section 3.08(iv)(A).

                  (ii)     Notwithstanding anything to the contrary contained in
         this Agreement, with respect to any Mortgage Loan (x) that is not an
         Old Republic Covered Loan or (y) for which coverage under the Credit
         Insurance Policy is no longer available that is one hundred twenty
         (120) days delinquent, the related Servicer shall obtain a broker's
         price opinion with respect to the related Mortgaged Property and shall
         use all reasonable efforts to obtain a total indebtedness balance
         (including, but not limited to, unpaid principal, interest, escrows,
         taxes and expenses) for any related senior lien. The cost of obtaining
         any such broker's price opinion shall be reimbursable to the related
         Servicer as a Servicing Advance pursuant to Section 3.08(iii) or (iv).
         After obtaining the related broker's price opinion, the related
         Servicer will determine whether any Significant Net Recovery is
         possible through foreclosure proceedings or other liquidation of the
         related Mortgaged Property. If the related Servicer determines that (x)
         no Significant Net Recovery is possible or (y) the potential Net
         Recoveries are anticipated to be an amount, determined by the related
         Servicer in its good faith judgment and in light of other mitigating
         circumstances, that is insufficient to warrant proceeding through
         foreclosure or other liquidation of the related Mortgaged Property, it
         may, at its discretion, charge off such delinquent Mortgage Loan in
         accordance with subsections (a)(iii) and (a)(iv) below.

                  (iii)    With respect to any Mortgage Loan (x) that is not an
         Old Republic Covered Loan or (y) for which coverage under the Credit
         Insurance Policy is no longer available, if the related Servicer
         determines based on the broker's price opinion obtained under paragraph
         (a)(ii) above and other relevant considerations that (x) no Significant
         Net Recovery is possible through foreclosure proceedings or other
         liquidation of the related Mortgaged Property or (y) the potential Net
         Recoveries are anticipated to be an amount, determined by the related
         Servicer in its good faith judgment and in light of other mitigating
         circumstances, that is insufficient to warrant proceeding through
         foreclosure or other liquidation of the related Mortgaged Property, it
         will be obligated to charge off the related Mortgage Loan at the time
         such Mortgage Loan becomes 180 days delinquent. Once a Mortgage Loan
         has been charged off, the related Servicer will discontinue making
         Advances, the related Servicer will not be entitled to any additional
         servicing compensation (except as described in paragraphs(a)(ii) or
         (a)(iv) of this Section 3.11), the Charged Off Loan will give rise to a
         Realized Loss, and the related Servicer will follow the procedures
         described in paragraph (a)(iv) below. If the related Servicer
         determines that (x) a Significant Net Recovery is possible through
         foreclosure proceedings or other liquidation of the Mortgaged Property
         and (y) the potential Net Recoveries are anticipated to be an amount,
         determined by the related Servicer in its good faith judgment and in
         light of other mitigating circumstances, that is sufficient to warrant
         proceeding through foreclosure or other liquidation of the related
         Mortgaged Property, such Servicer may continue to make Advances or
         Servicing Advances on the related Mortgage Loan that has become 180
         days delinquent and, will notify the Credit Risk Manager of that
         decision.

                  (iv)     (A) Any Ocwen Serviced Loan that becomes a Charged
         Off Loan may continue to be serviced by Ocwen for the
         Certificateholders using Ocwen Special Servicing. Ocwen will accrue,
         but not be entitled to, any Servicing Fees and reimbursement of
         expenses in connection with such Charged Off Loans, except to the
         extent of funds available from the aggregate amount of recoveries on
         all Ocwen Serviced Loans that are Charged Off Loans. Such aggregate
         recovery amounts on Ocwen Serviced Loans that are Charged Off Loans
         shall be paid to Ocwen first, as reimbursement of any outstanding and
         unpaid expenses, and second, as any accrued and unpaid Servicing Fees.
         Ocwen will only be entitled to previously accrued Servicing Fees and
         expenses on any such Charged Off Loans. Ocwen will not be entitled to
         receive any future unaccrued Servicing Fees or expenses from
         collections on such Charged Off Loans. Any Charged Off Loan serviced by
         Ocwen using Ocwen Special Servicing shall be so serviced until the
         Release Date described below. Any Net Recoveries on such Charged Off
         Loans received prior to the Release Date will be included in Available
         Funds.

                  (B)      With respect to any IndyMac Serviced Loan that
         becomes a Charged Off Loan, IndyMac shall notify Wilshire of its
         decision to charge off such Mortgage Loan and the servicing of such
         IndyMac Serviced Loan will be transferred to Wilshire, such transfer to
         be initiated by IndyMac on the 15th day of the month (or if the 15th of
         the month is not a Business Day, the next Business Day) following the
         month in which such IndyMac Serviced Loan becomes a Charged Off Loan
         and may be serviced, at Wilshire's discretion, using Wilshire Special
         Servicing as provided in paragraph (iv)(C) below. Immediately upon
         transfer of any IndyMac Serviced Loan to Wilshire, IndyMac shall be
         reimbursed for all unreimbursed Advances and Servicing Advances
         (including any trailing expenses incurred prior to but invoiced after
         the date servicing is transferred to Wilshire, so long as IndyMac
         notifies the Trustee of such trailing expenses within 90 days of the
         date of such transfer) and unpaid Servicing Fees relating to such
         transferred Mortgage Loan out of funds on deposit in the Collection
         Account. IndyMac shall provide an Officer's Certificate to the Trustee
         no later than the related Servicer Remittance Date evidencing the
         amount to be reimbursed pursuant to the previous sentence with respect
         to any Mortgage Loans transferred by IndyMac to Wilshire. IndyMac shall
         notify the Trustee of any IndyMac Serviced Loan that is transferred to
         Wilshire. IndyMac shall provide servicing information on such
         transferred Mortgage Loans as reasonably requested by Wilshire
         including, but not limited to, an electronic data tape containing the
         fields set forth in Exhibit T hereto, and an electronic file or hard
         copy containing collection comments, outstanding advance balances,
         payment histories, and hardcopies of any imaged files. IndyMac shall be
         responsible for any other reasonable actions required by Accepted
         Servicing Practices relating to the transfer of servicing and the
         charging off of such Mortgage Loans. All costs of such transfer of the
         electronic data tape and files relating to IndyMac Serviced Loans shall
         be paid by IndyMac. IndyMac shall not be responsible for Wilshire's
         boarding costs of such transferred Mortgage Loans. Wilshire shall not
         be responsible for the reimbursement of any Advance or Servicing
         Advance on a transferred Mortgage Loan. Wilshire shall be entitled to a
         boarding fee of $25 for each IndyMac Serviced Loan that is transferred
         to Wilshire. Ay such boarding fee shall be payable to Wilshire as a
         Servicing Advance.

                  (C)      Any (x) Wilshire Serviced Loan that becomes a Charged
         Off Loan and (y) IndyMac Serviced Loan that becomes a Charged Off Loan
         and is transferred to Wilshire pursuant to paragraph (iv)(B) above may
         continue to be serviced by Wilshire for the Certificateholders using
         Wilshire Special Servicing. Wilshire will accrue, but not be entitled
         to, any Servicing Fees and reimbursement of expenses in connection with
         such Charged Off Loans, except to the extent of funds available from
         the aggregate amount of recoveries on all Wilshire Serviced Loans that
         are Charged Off Loans. Such aggregate recovery amounts on Wilshire
         Serviced Loans that are Charged Off Loans shall be paid to Wilshire
         first, as reimbursement of any outstanding and unpaid expenses, and
         second, as any accrued and unpaid Servicing Fees. Wilshire will only be
         entitled to previously accrued Servicing Fees and expenses on any such
         Charged Off Loans. Wilshire will not be entitled to receive any future
         unaccrued Servicing Fees or expenses from collections on such Charged
         Off Loans. Any Charged Off Loan serviced by Wilshire using Wilshire
         Special Servicing shall be so serviced until the Release Date described
         below. Any Net Recoveries on such Charged Off Loans received prior to
         the Release Date will be included in Available Funds.

                  On the date  (the  "Release  Date")  which is no more than six
months after the date on which  Wilshire or Ocwen begins  servicing  any Charged
Off Loans using  Wilshire  Special  Servicing  or Ocwen  Special  Servicing,  as
applicable, unless specific Net Recoveries are anticipated by Wilshire or Ocwen,
as applicable,  on a particular Charged Off Loan (in which case the Release Date
will  be  delayed  until  all  such  specific  anticipated  Net  Recoveries  are
received),  such Charged Off Loan will be released from the Trust Fund,  will no
longer  be an asset of any  REMIC,  and will be  transferred  to the  Class  X-2
Certificateholders,  without  recourse,  and thereafter  (i) those  Holders,  as
identified  with contact  information in writing to the related  Servicer by the
Depositor,  will be entitled to any amounts subsequently  received in respect of
any such Released Loans, subject to the related Servicer's fees described below,
(ii) the Majority in Interest  Class X-2  Certificateholder  may  designate  any
servicer to service any such Released Loan, (iii) the Majority in Interest Class
X-2  Certificateholder may sell any such Released Loan to a third party and (iv)
to the extent the  servicing of such Charged Off Loans is not  transferred  from
the  related  Servicer,  the  servicing  of such  Charged Off Loans and the fees
therefor shall be governed by the most current  servicing  agreement between the
related Servicer and the Seller.  Notwithstanding  the previous sentence,  if at
any time  after a  Mortgage  Loan has been  Charged  Off and prior to six months
after the date on which Wilshire or Ocwen begins servicing such Charged Off Loan
using  Wilshire  Special  Servicing or Ocwen Special  Servicing,  as applicable,
Wilshire  or Ocwen,  as  applicable,  determines  that there will not be any Net
Recoveries on such Charged Off Loan under any circumstances,  Wilshire or Ocwen,
as  applicable,  may release  such  Charged Off Loan to the Majority in Interest
Class X-2  Certificateholder  in accordance with the provisions set forth in the
previous sentence.

                  Notwithstanding the foregoing,  the procedures described above
in this  subsection  3.11(a)(iv)  relating to the treatment of Charged Off Loans
may be modified at any time at the  discretion of the Majority in Interest Class
X-1  Certificateholder,  with the consent of Wilshire and Ocwen,  which consents
shall not be unreasonably  withheld;  provided,  however, that in no event shall
the Majority in Interest  Class X-1  Certificateholder  change the fee structure
relating  to Charged  Off Loans in a manner  that would cause fees to be paid to
Wilshire and Ocwen other than from recoveries on Charged Off Loans.

                  The Trustee shall track  collections  received by Wilshire and
Ocwen on any  Charged  Off Loans  based  upon loan level  data  provided  to the
Trustee by Wilshire and Ocwen on each Servicer Data  Remittance Date in a report
in the form of Exhibit U hereto,  identifying  the  Charged  Off Loans as of the
related  Due Period that  Wilshire or Ocwen,  as  applicable,  will  continue to
service until the related Release Date using Wilshire Special Servicing or Ocwen
Special Servicing,  as applicable.  On each Distribution Date, the Trustee shall
verify,  based on the recovery and expense  information  provided by Wilshire or
Ocwen,  as applicable,  on the related  Servicer Data  Remittance  Date, (i) the
aggregate  amount of accrued and unpaid Servicing Fees to be paid to Wilshire or
Ocwen,  as  applicable,  and expenses to be reimbursed to Wilshire or Ocwen,  as
applicable,  on such Charged Off Loans as of the related Due Period and (ii) the
amount of Net Recoveries on such Charged Off Loans for such  Distribution  Date.
The Trustee shall be entitled to rely, without independent verification,  on the
loan level data provided by Wilshire or Ocwen,  as applicable,  that  identifies
the recovery  amounts and the outstanding and unpaid expenses on any Charged Off
Loan in order to verify the amount in clause (ii) of the previous sentence.  The
Trustee will be responsible for independently  verifying the aggregate amount of
accrued  and  unpaid  Servicing  Fees  described  in  clause  (i) of the  second
preceding sentence to be paid to Wilshire or Ocwen, as applicable.

                  (v)      Notwithstanding anything to the contrary contained in
         this Agreement, in connection with a foreclosure or acceptance of a
         deed in lieu of foreclosure, in the event the related Servicer has
         reasonable cause to believe that a Mortgaged Property is contaminated
         by hazardous or toxic substances or wastes, or if the Trustee otherwise
         requests, an environmental inspection or review of such Mortgaged
         Property conducted by a qualified inspector shall be arranged for by
         the such Servicer. Upon completion of the inspection, the related
         Servicer shall promptly provide the Trustee with a written report of
         environmental inspection. It is understood by the parties hereto that
         any cost related to such inspection shall be advanced by the related
         Servicer and will be deemed a Servicing Advance in accordance with the
         provisions of Section 3.08 hereof.

                  (vi)     In the event the environmental inspection report
         indicates that the Mortgaged Property is contaminated by hazardous or
         toxic substances or wastes, the related Servicer shall not proceed with
         foreclosure or acceptance of a deed in lieu of foreclosure if the
         estimated costs of the environmental clean up, as estimated in the
         environmental inspection report, together with the Servicing Advances
         made by such Servicer and the estimated costs of foreclosure or
         acceptance of a deed in lieu of foreclosure exceeds the estimated value
         of the Mortgaged Property. If however, the aggregate of such clean up
         and foreclosure costs and Servicing Advances are less than or equal to
         the estimated value of the Mortgaged Property, then the related
         Servicer may, in its reasonable judgment and in accordance with
         Accepted Servicing Practices, choose to proceed with foreclosure or
         acceptance of a deed in lieu of foreclosure and such Servicer shall be
         reimbursed for all reasonable costs associated with such foreclosure or
         acceptance of a deed in lieu of foreclosure and any related
         environmental clean up costs, as applicable, from the related
         Liquidation Proceeds, or if the Liquidation Proceeds are insufficient
         to fully reimburse such Servicer, such Servicer shall be entitled to be
         reimbursed from amounts in the related Collection Account pursuant to
         Section 3.08 hereof. In the event the related Servicer does not proceed
         with foreclosure or acceptance of a deed in lieu of foreclosure
         pursuant to the first sentence of this paragraph, such Servicer shall
         be reimbursed for all Servicing Advances made with respect to the
         related Mortgaged Property from the related Collection Account pursuant
         to Section 3.08 hereof, such Servicer shall have no further obligation
         to service such Mortgage Loan under the provisions of this Agreement
         and the related Mortgage Loan will be transferred to Wilshire in
         accordance with paragraph (iv) above.

                  (b)      With respect to any REO Property, the deed or
certificate of sale shall be taken in the name of JPMorgan Chase Bank, N.A. (or
in the case of a successor trustee, the name of such successor trustee), the
Trustee for the benefit of the Certificateholders of Home Equity Mortgage Trust
Series 2005-4, or its nominee, on behalf of the Certificateholders. The
Trustee's name shall be placed on the title to such REO Property solely as the
Trustee hereunder and not in its individual capacity. Pursuant to its efforts to
sell such REO Property, the related Servicer shall in accordance with Accepted
Servicing Practices manage, conserve, protect and operate each REO Property for
the purpose of its prompt disposition and sale. The related Servicer, either
itself or through an agent selected by such Servicer, shall manage, conserve,
protect and operate the REO Property in the same manner that it manages,
conserves, protects and operates other foreclosed property for its own account,
and in the same manner that similar property in the same locality as the REO
Property is managed. The related Servicer may rent such property, as such
Servicer deems to be in the best interest of the Trustee and the
Certificateholders for the period prior to the sale of such REO Property on such
terms and conditions and for such periods as such Servicer deems to be in the
best interest of the Trustee and the Certificateholders. The related Servicer
shall furnish to the Trustee on or before each Distribution Date a statement
with respect to any REO Property covering the liquidation thereof during the
previous calendar month. That statement shall be accompanied by such other
information as the Trustee shall reasonably request and which is necessary to
enable the Trustee to comply with the reporting requirements of the REMIC
Provisions. The net monthly rental income, if any, from such REO Property shall
be deposited in the related Collection Account no later than the close of
business on each Determination Date. The related Servicer shall perform the tax
reporting and withholding required by Sections 1445 and 6050J of the Code with
respect to foreclosures and abandonments, the tax reporting required by Section
6050H of the Code with respect to the receipt of mortgage interest from
individuals and any tax reporting required by Section 6050P of the Code with
respect to the cancellation of indebtedness by certain financial entities, by
preparing such tax and information returns as may be required, in the form
required, and delivering the same to the Trustee for filing. Notwithstanding the
previous sentence, with respect to any IndyMac Serviced Loan that becomes a
Charged Off Loan and is transferred to Wilshire pursuant to Section
3.11(a)(iv)(B) above, IndyMac shall not file a Form 1099C or other tax report
relating to the forgiveness of debt of the related Mortgagor.

                  To the extent  consistent with Accepted  Servicing  Practices,
the related  Servicer  shall also  maintain on each REO Property fire and hazard
insurance  with  extended  coverage in amount which is equal to the  outstanding
principal balance of the related Mortgage Loan (as reduced by any amount applied
as a reduction  of principal at the time of  acquisition  of the REO  Property),
liability  insurance and, to the extent  required and available  under the Flood
Disaster  Protection  Act of 1973,  as amended,  flood  insurance  in the amount
required above.  Any costs incurred by a Servicer in maintaining  such insurance
shall be recoverable by such Servicer as a Servicing  Advance out of payments by
the related  Mortgagor or out of  Insurance  Proceeds or  Liquidation  Proceeds.
Notwithstanding anything to the contrary in this paragraph,  each Servicer shall
be required to pay the costs of maintaining  any insurance  contemplated by this
Section  3.11(b)  only to the  extent  that  such  advances,  in the good  faith
judgment of such Servicer, will be recoverable.

                  (c)      In the event that the Trust Fund acquires any
Mortgaged Property as aforesaid or otherwise in connection with a default or
imminent default on a Mortgage Loan, the related Servicer shall dispose of such
Mortgaged Property prior to three years after the end of the calendar year of
its acquisition by the Trust Fund unless (i) the Trustee shall have been
supplied with an Opinion of Counsel to the effect that the holding by the Trust
Fund of such Mortgaged Property subsequent to such three-year period will not
result in the imposition of taxes on "prohibited transactions" of any REMIC
hereunder as defined in section 860F of the Code or cause any REMIC hereunder to
fail to qualify as a REMIC at any time that any Certificates are outstanding, in
which case the Trust Fund may continue to hold such Mortgaged Property (subject
to any conditions contained in such Opinion of Counsel) or (ii) the applicable
Servicer shall have applied for, prior to the expiration of such three-year
period, an extension of such three-year period in the manner contemplated by
Section 856(e)(3) of the Code, in which case the three-year period shall be
extended by the applicable extension period. The applicable Servicer shall be
entitled to be reimbursed from the Collection Account, as a Servicing Advance,
for any costs incurred in obtaining such Opinion of Counsel. Notwithstanding any
other provision of this Agreement, no Mortgaged Property acquired by the Trust
Fund shall be rented (or allowed to continue to be rented) or otherwise used for
the production of income by or on behalf of the Trust Fund in such a manner or
pursuant to any terms that would (i) cause such Mortgaged Property to fail to
qualify as "foreclosure property" within the meaning of section 860G(a)(8) of
the Code or (ii) subject any REMIC hereunder to the imposition of any federal,
state or local income taxes on the income earned from such Mortgaged Property
under Section 860G(c) of the Code or otherwise, unless the related Servicer has
agreed to indemnify and hold harmless the Trust Fund with respect to the
imposition of any such taxes.

                  In the event of a default  on a  Mortgage  Loan one or more of
whose obligor is not a United States Person,  as that term is defined in Section
7701(a)(30) of the Code, in connection  with any foreclosure or acquisition of a
deed  in  lieu of  foreclosure  (together,  "foreclosure")  in  respect  of such
Mortgage Loan, the related Servicer will cause compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on the Mortgage Loan.

                  (d)      The income earned from the management of any REO
Properties, net of reimbursement to such Servicer for expenses incurred
(including any property or other taxes) in connection with such management and
net of applicable accrued and unpaid Servicing Fees, and unreimbursed Advances
and Servicing Advances, shall be applied to the payment of principal and
interest on the related defaulted Mortgage Loans (with interest accruing as
though such Mortgage Loans were still current) and all such income shall be
deemed, for all purposes in this Agreement, to be payments on account of
principal and interest on the related Mortgage Notes and shall be deposited into
the related Collection Account. To the extent the net income received during any
calendar month is in excess of the amount attributable to amortizing principal
and accrued interest at the related Mortgage Rate on the related Mortgage Loan
for such calendar month, such excess shall be considered to be a partial
prepayment of principal of the related Mortgage Loan.

                  No Servicer shall acquire any Mortgaged  Property on behalf of
any REMIC created  hereunder in connection with a default or imminent default on
a  Foreclosure  Restricted  Loan, if acquiring  title to the Mortgaged  Property
underlying  the loan would cause the  adjusted  basis,  for  federal  income tax
purposes,  of these  Mortgaged  Properties  owned  by the  related  REMIC  after
foreclosure,  along with any other assets owned by the related  REMIC other than
"qualified mortgages" and "permitted  investments" within the meaning of Section
860G of the Code,  to exceed  0.75% of the  adjusted  basis of the assets of the
related  REMIC.   If  the  adjusted  basis  of  such  Mortgaged   Properties  in
foreclosure,  along with any other assets owned by the related REMIC, other than
"qualified  mortgages" and "permitted  investments"  with the meaning of Section
860G of the Code, exceed 1.0% of the adjusted basis of the assets of the related
REMIC  immediately  after the  distribution  of  principal  and  interest on any
Distribution  Date,  the  applicable  Servicer  will  dispose  of enough of such
Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted
basis of such Mortgaged  Properties in foreclosure,  along with any other assets
owned by the related  REMIC,  other than  "qualified  mortgages"  and "permitted
investments"  within the meaning of Section 860G of the Code,  will be less than
1.0% of the adjusted basis of the assets of the related  REMIC.  With respect to
each  Servicer,  the  foregoing  percentage  limitations  will apply only to the
Mortgage Loans serviced by such Servicer.

                  (e)      The proceeds from any liquidation of a Mortgage Loan,
as well as any income from an REO Property, if applicable, will be applied in
the following order of priority: first, to reimburse the related Servicer for
any related unreimbursed Servicing Advances and Servicing Fees; second, to
reimburse such Servicer for any unreimbursed Advances; third, to reimburse the
related Collection Account for any Nonrecoverable Advances (or portions thereof)
that were previously withdrawn by such Servicer pursuant to Section 3.08(iii)
that related to such Mortgage Loan; fourth, to accrued and unpaid interest (to
the extent no Advance has been made for such amount or any such Advance has been
reimbursed) on the Mortgage Loan or related REO Property, at the per annum rate
equal to the related Mortgage Rate reduced by the related Servicing Fee Rate, to
the Due Date occurring in the month in which such amounts are required to be
distributed; and fifth, as a recovery of principal of the Mortgage Loan. Excess
proceeds, if any, from the liquidation of a Liquidated Mortgage Loan will be
retained by the related Servicer as additional servicing compensation pursuant
to Section 3.14.

                  (f)      [reserved].

                  (g)      The Majority in Interest Class X-2 Certificateholder,
at its option, may (but is not obligated to) repurchase from the Trust Fund, (a)
any related Mortgage Loan that is delinquent in payment by three or more
Scheduled Payments or (b) any related Mortgage Loan with respect to which there
has been initiated legal action or other proceedings for the foreclosure of the
related Mortgaged Property either judicially or non-judicially. If it elects to
make any such repurchase, the Majority in Interest Class X-2 Certificateholder
shall repurchase such Mortgage Loan with its own funds at a price equal to the
Repurchase Price for such Mortgage Loan. The Majority in Interest Class X-2
Certificateholder may designate any servicer to service any such Mortgage Loan
purchased from the Trust.

                  SECTION 3.12 Trustee to Cooperate; Release of Mortgage Files.

                  Upon the payment in full of any Mortgage  Loan, or the receipt
by a Servicer  of a  notification  that  payment in full will be  escrowed  in a
manner customary for such purposes,  such Servicer will  immediately  notify the
Trustee (or the related Custodian, as the case may be) by delivering, or causing
to be delivered a "Request for Release"  substantially in the form of Exhibit M.
Upon receipt of such request, the Trustee (or the related Custodian, as the case
may be) shall within three  Business  Days release the related  Mortgage File to
the related  Servicer,  and the Trustee shall within three Business Days of such
Servicer's  direction  execute  and  deliver to such  Servicer  the  request for
reconveyance,  deed of  reconveyance  or release or  satisfaction of mortgage or
such instrument releasing the lien of the Mortgage in each case provided by such
Servicer,  together with the Mortgage Note with written evidence of cancellation
thereon.  Each Servicer is authorized to cause the removal from the registration
on the  MERS(R)  System of such  Mortgage,  if  applicable,  and to execute  and
deliver, on behalf of the Trustee and the Certificateholders or any of them, any
and all  instruments  of  satisfaction  or  cancellation  or of  partial or full
release.  Expenses incurred in connection with any instrument of satisfaction or
deed of reconveyance  shall be chargeable to the related Mortgagor to the extent
permitted by law and otherwise shall constitute a Servicing  Advance.  From time
to time and as shall be  appropriate  for the  servicing or  foreclosure  of any
Mortgage Loan, including for such purpose,  collection under any policy of flood
insurance,  any fidelity bond or errors or omissions policy, or for the purposes
of effecting a partial  release of any  Mortgaged  Property from the lien of the
Mortgage or the making of any  corrections  to the Mortgage Note or the Mortgage
or any of the other documents  included in the Mortgage File, the Trustee shall,
within three Business Days of delivery to the Trustee (or the related Custodian,
as the case may be) of a Request  for Release in the form of Exhibit M signed by
a Servicing Officer, release the Mortgage File to the related Servicer.  Subject
to the further limitations set forth below, the related Servicer shall cause the
Mortgage  File or  documents  so  released to be returned to the Trustee (or the
related  Custodian,  as the case may be) when the need therefor by such Servicer
no longer  exists,  unless the  Mortgage  Loan is  liquidated  and the  proceeds
thereof are  deposited  in the related  Collection  Account,  in which case such
Servicer shall deliver to the Trustee (or the related Custodian, as the case may
be) a Request  for  Release  in the form of  Exhibit  M,  signed by a  Servicing
Officer.

                  If a  Servicer  at any time seeks to  initiate  a  foreclosure
proceeding in respect of any Mortgaged Property as authorized by this Agreement,
such  Servicer  shall,  if  applicable,  deliver or cause to be delivered to the
Trustee,  for  signature,  as  appropriate,  any court  pleadings,  requests for
trustee's sale or other  documents  (which,  if acceptable by the related court,
may be copies)  necessary to  effectuate  such  foreclosure  or any legal action
brought to obtain  judgment  against the  Mortgagor on the Mortgage  Note or the
Mortgage or to obtain a deficiency  judgment or to enforce any other remedies or
rights  provided by the Mortgage Note or the Mortgage or otherwise  available at
law or in equity.

                  SECTION 3.13 Documents, Records and Funds in Possession of a
                               Servicer to be Held for the Trustee.

                  Notwithstanding  any other provisions of this Agreement,  each
Servicer  shall  transmit  to the  Trustee as  required  by this  Agreement  all
documents  and  instruments  in  respect  of a  Mortgage  Loan  coming  into the
possession of the related Servicer from time to time required to be delivered to
the Trustee  pursuant to the terms hereof and shall account fully to the Trustee
for any funds received by such Servicer or which otherwise are collected by such
Servicer  as  Liquidation  Proceeds  or  Insurance  Proceeds  in  respect of any
Mortgage Loan.  All Mortgage Files and funds  collected or held by, or under the
control  of, a Servicer  in  respect of any  Mortgage  Loans,  whether  from the
collection  of principal  and interest  payments or from  Liquidation  Proceeds,
including  but not  limited  to, any funds on deposit in a  Collection  Account,
shall be held by the related Servicer for and on behalf of the Trustee and shall
be and remain the sole and  exclusive  property of the  Trustee,  subject to the
applicable provisions of this Agreement. Each Servicer also agrees that it shall
not create,  incur or subject any Mortgage  File or any funds that are deposited
in the related  Collection  Account,  Certificate  Account or any related Escrow
Account,  or any funds  that  otherwise  are or may become due or payable to the
Trustee for the  benefit of the  Certificateholders,  to any claim,  lien (other
than the lien of a related First Mortgage Loan),  security  interest,  judgment,
levy,  writ of  attachment  or other  encumbrance,  or assert by legal action or
otherwise  any claim or right of setoff  against any Mortgage  File or any funds
collected on, or in connection with, a Mortgage Loan, except, however, that such
Servicer shall be entitled to set off against and deduct from any such funds any
amounts that are properly due and payable to such Servicer under this Agreement.

                  SECTION 3.14 Servicing Fee.

                  As  compensation  for its services  hereunder,  each  Servicer
shall be  entitled  to withdraw  from the  Collection  Account or to retain from
interest  payments on the related Mortgage Loans the amount of its Servicing Fee
for each Mortgage Loan, less any amounts in respect of its Servicing Fee payable
by such Servicer pursuant to Section  3.05(b)(vi).  The Servicing Fee is limited
to, and payable  solely from, the interest  portion of such  Scheduled  Payments
collected by the related Servicer or as otherwise provided in Section 3.08.

                  Additional  servicing  compensation  in the form of  Ancillary
Income,  Prepayment Interest Excess and any excess proceeds upon the liquidation
of a  Mortgaged  Property  (to the extent not  required  to be  remitted  to the
related  Mortgagor)  shall be retained by the related  Servicer.  Each  Servicer
shall be required to pay all  expenses  incurred  by it in  connection  with its
servicing  activities  hereunder (including the payment of any expenses incurred
in connection with any Subservicing  Agreement  entered into pursuant to Section
3.02) and shall not be entitled to reimbursement  thereof except as specifically
provided for in this Agreement.

                  SECTION 3.15 Access to Certain Documentation.

                  Each  Servicer  shall  provide  to the OTS and the FDIC and to
comparable   regulatory   authorities   supervising   Holders   of   Subordinate
Certificates  and the examiners and supervisory  agents of the OTS, the FDIC and
such  other  authorities,  access to the  documentation  regarding  the  related
Mortgage Loans required by applicable  regulations of the OTS and the FDIC. Such
access shall be afforded  without  charge,  but only upon  reasonable  and prior
written  request and during normal  business hours at the offices  designated by
such  Servicer.  Nothing  in this  Section  shall  limit the  obligation  of any
Servicer to observe any  applicable  law  prohibiting  disclosure of information
regarding the  Mortgagors  and the failure of such Servicer to provide access as
provided in this Section as a result of such  obligation  shall not constitute a
breach of this Section.  Nothing in this Section 3.15 shall require any Servicer
to collect,  create,  collate or otherwise generate any information that it does
not generate in its usual course of business.

                  SECTION 3.16 Annual Statement as to Compliance.

                  Not later than the  earlier  of (a) March 15 of each  calendar
year (other than the calendar  year during which the Closing Date occurs) or (b)
with respect to any calendar year during which the Depositor's  annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and  regulations  of the  Commission,  15 calendar days before the date on
which the  Depositor's  annual  report on Form 10-K is  required  to be filed in
accordance with the Exchange Act and the rules and regulations of the Commission
(or, in each case, if such day is not a Business Day, the immediately  preceding
Business Day), each Servicer shall deliver to the Depositor, the Rating Agencies
and the Trustee an Officer's Certificate stating, as to the signer thereof, that
(i) a review of the  activities of such Servicer  during the preceding  calendar
year and of the  performance of such Servicer under this Agreement has been made
under  such  officer's  supervision,  and  (ii) to the  best  of such  officer's
knowledge, based on such review, such Servicer has fulfilled all its obligations
under this  Agreement  throughout  such year, or, if there has been a default in
the  fulfillment of any such  obligation,  specifying each such default known to
such  officer and the nature and status  thereof  and the action  being taken by
such Servicer to cure such default.

                  SECTION 3.17 Annual Independent Public Accountants' Servicing
                               Statement; Financial Statements.

                  Not later than the  earlier  of (a) March 15 of each  calendar
year (other than the calendar  year during which the Closing Date occurs) or (b)
with respect to any calendar year during which the Depositor's  annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and  regulations  of the  Commission,  15 calendar days before the date on
which the  Depositor's  annual  report on Form 10-K is  required  to be filed in
accordance with the Exchange Act and the rules and regulations of the Commission
(or, in each case, if such day is not a Business Day, the immediately  preceding
Business  Day),  each  Servicer  at its  expense  shall  cause a  nationally  or
regionally  recognized  firm of  independent  public  accountants  (who may also
render other  services to such  Servicer,  the Seller or any affiliate  thereof)
which is a member of the American  Institute of Certified Public  Accountants to
furnish a statement  to the Trustee  and the  Depositor  to the effect that such
firm has examined  certain  documents  and records  relating to the servicing of
mortgage  loans which such Servicer is servicing,  which may include the related
Mortgage  Loans or  similar  mortgage  loans,  and  that,  on the  basis of such
examination,  conducted  substantially  in  compliance  with the Uniform  Single
Attestation  Program for  Mortgage  Bankers or the Audit Guide for HUD  Approved
Title II Approved Mortgagees and Loan Correspondent  Programs,  nothing has come
to their  attention  which  would  indicate  that  such  servicing  has not been
conducted in compliance with Accepted Servicing  Practices,  except for (a) such
exceptions  as such firm  shall  believe  to be  immaterial,  and (b) such other
exceptions as shall be set forth in such statement.  In addition,  each Servicer
shall  disclose  to such  firm all  significant  deficiencies  relating  to such
Servicer's  compliance  with the minimum  servicing  standards set forth in this
Agreement.  In  rendering  such  statement,  such firm may rely,  as to  matters
relating to direct servicing of mortgage loans by Subservicers,  upon comparable
statements  for  examinations  conducted  substantially  in compliance  with the
Uniform Single  Attestation  Program for Mortgage Bankers or the Audit Guide for
HUD  Approved  Title II  Approved  Mortgagees  and Loan  Correspondent  Programs
(rendered within one year of such statement) of independent  public  accountants
with  respect to the  related  Subservicer.  Copies of such  statement  shall be
provided by the  Trustee to any  Certificateholder  upon  request at the related
Servicer's expense, provided such statement is delivered by such Servicer to the
Trustee.

                  SECTION 3.18 Maintenance of Fidelity Bond and Errors and
                               Omissions Insurance.

                  Each Servicer shall maintain with  responsible  companies,  at
its own expense,  a blanket Fidelity Bond and an Errors and Omissions  Insurance
Policy,  with broad coverage on all officers,  employees or other persons acting
in any capacity  requiring  such persons to handle  funds,  money,  documents or
papers relating to the related Mortgage Loans ("Servicer Employees"). The amount
of coverage  under any such  Fidelity  Bond and Errors and  Omissions  Insurance
Policy  shall  be at least  equal  to the  coverage  maintained  by the  related
Servicer in order to be acceptable to Fannie Mae or Freddie Mac to service loans
for it or otherwise in an amount as is commercially  available at a cost that is
generally not regarded as excessive by industry standards.  No provision of this
Section 3.18  requiring  such Fidelity  Bond and Errors and Omissions  Insurance
Policy shall  diminish or relieve a Servicer from its duties and  obligations as
set  forth in this  Agreement.  The  minimum  coverage  under  any such bond and
insurance policy shall be at least equal to the  corresponding  amounts required
by Fannie Mae. Upon the request of the Trustee, the related Servicer shall cause
to be delivered to the Trustee a certificate of insurance of the insurer and the
surety  including a statement from the surety and the insurer that such fidelity
bond and insurance policy shall in no event be terminated or materially modified
without 30 days' prior written notice to the Trustee.

                  SECTION 3.19 Duties of the Credit Risk Manager.

                  The Depositor  appoints The Murrayhill  Company as Credit Risk
Manager.  For and on behalf of the Depositor,  and the Trustee,  the Credit Risk
Manager will provide the Depositor with reports and  recommendations  concerning
Mortgage  Loans that are past due,  as to which there has been  commencement  of
foreclosure,  as to which  there has been  forbearance  in  exercise of remedies
which  are in  default,  as to  which  obligor  is the  subject  of  bankruptcy,
receivership,  or an  arrangement  of creditors,  or as to which have become REO
Properties.  Such  reports and  recommendations  will be based upon  information
provided to the Credit  Risk  Manager  pursuant  to the Credit  Risk  Management
Agreements and the Credit Risk Manager shall look solely to the related Servicer
for all information  and data  (including  loss and delinquency  information and
data) and loan level  information  and data  relating  to the  servicing  of the
Mortgage Loans.  Upon receipt of notice from the Credit Insurance  Provider with
respect to any claim  rejected by the Credit  Insurance  Provider  (the  "Claims
Report") under the Credit Insurance Policy, the Credit Risk Manager shall review
any  such  rejected  claim  and  shall  make  a  recommendation,  based  on  the
information  provided by the Credit Insurance Provider,  as to whether the claim
was  rejected  due to  IndyMac's  failure to comply with the terms of the Credit
Insurance  Policy  or  the  claims-filing  procedures  of the  Credit  Insurance
Provider.  The Credit Risk Manager  shall  promptly  notify the  Depositor,  the
Seller,  IndyMac  and  the  Trustee  with  written  information  regarding  such
recommendation  and the  basis of such  recommendation  along  with the  related
Claims  Report.  If the Credit  Risk  Manager is no longer  able to perform  its
duties  hereunder,  the  Depositor  shall  terminate the Credit Risk Manager and
cause the appointment of a successor  Credit Risk Manager.  Upon any termination
of the Credit  Risk  Manager  or the  appointment  of a  successor  Credit  Risk
Manager,  the Depositor  shall give written  notice  thereof to the Seller,  the
Servicers,  the Trustee and each Rating Agency.  Notwithstanding  the foregoing,
the  termination of the Credit Risk Manager  pursuant to this Section 3.19 shall
not become effective until the appointment of a successor Credit Risk Manager.

                  SECTION 3.20 Limitation Upon Liability of the Credit Risk
                               Manager.

                  Neither the Credit  Risk  Manager,  nor any of the  directors,
officers,  employees  or agents of the Credit Risk  Manager,  shall be under any
liability to the Trustee, the Certificateholders or the Depositor for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this Agreement,  in reliance upon  information  provided by a Servicer under the
Credit Risk Management Agreements or of errors in judgment;  provided,  however,
that this provision shall not protect the Credit Risk Manager or any such person
against  liability  that  would  otherwise  be  imposed  by  reason  of  willful
malfeasance,  bad faith or gross  negligence  in its  performance  of its duties
under this  Agreement  or the Credit Risk  Manager  Agreements.  The Credit Risk
Manager and any director,  officer, employee or agent of the Credit Risk Manager
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,  and may
rely in good faith upon the  accuracy of  information  furnished by any Servicer
pursuant to the Credit Risk  Management  Agreements  in the  performance  of its
duties thereunder and hereunder.

                  SECTION 3.21 Advance Facility.

                  (a)      Wilshire, Ocwen and IndyMac are each hereby
authorized to enter into a financing or other facility (any such arrangement, an
"Advance Facility") under which (1) Wilshire, Ocwen or IndyMac, as applicable,
assigns or pledges to another Person (an "Advancing Person") such Servicer's
rights under this Agreement to be reimbursed for any Advances or Servicing
Advances and/or (2) an Advancing Person agrees to fund some or all Advances
and/or Servicing Advances required to be made by Wilshire, Ocwen or IndyMac, as
applicable, pursuant to this Agreement. No consent of the Trustee,
Certificateholders or any other party is required before Wilshire, Ocwen or
IndyMac, as applicable, may enter into an Advance Facility; provided, however,
that the consent of the Trustee (which consent shall not be unreasonably
withheld) shall be required before Ocwen or Wilshire, as applicable, may cause
to be outstanding at one time more than one Advance Facility with respect to
Advances or more than one Advance Facility with respect to Servicing Advances.
Notwithstanding the existence of any Advance Facility under which an Advancing
Person agrees to fund Advances and/or Servicing Advances on such Servicer's
behalf, Wilshire, Ocwen or IndyMac, as applicable, shall remain obligated
pursuant to this Agreement to make Advances and Servicing Advances pursuant to
and as required by this Agreement, and shall not be relieved of such obligations
by virtue of such Advance Facility. If Wilshire, Ocwen or IndyMac enters into an
Advance Facility, and for so long as an Advancing Person remains entitled to
receive reimbursement for any Advances or Servicing Advances outstanding and
previously unreimbursed pursuant to this Agreement, then Wilshire, Ocwen or
IndyMac, as applicable, may elect by providing written notice to the Trustee not
to be permitted to reimburse itself for Advances and/or Servicing Advances, as
applicable, pursuant to Section 3.08 of this Agreement, but following any such
election Wilshire, Ocwen or IndyMac, as applicable, shall be required to include
amounts collected that would otherwise be retained by Wilshire, Ocwen or
IndyMac, as applicable, to reimburse it for previously unreimbursed Advances
("Advance Reimbursement Amounts") and/or previously unreimbursed Servicing
Advances ("Servicing Advance Reimbursement Amounts" and together with Advance
Reimbursement Amounts, "Reimbursement Amounts") (in each case to the extent such
type of Reimbursement Amount is included in the Advance Facility) in the
remittance to the Trustee made pursuant to this Agreement to the extent of
amounts on deposit in the Collection Account on the related Servicer Cash
Remittance Date. Notwithstanding anything to the contrary herein, in no event
shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
be included in Interest Remittance Amounts or Principal Remittance Amounts or
distributed to Certificateholders. Wilshire, Ocwen or IndyMac, as applicable, if
making the election set forth herein, shall report to the Trustee the portions
of the Reimbursement Amounts that consist of Advance Reimbursement Amounts and
Servicing Advance Reimbursement Amounts, respectively.

                  (b)      If Wilshire, Ocwen or IndyMac enters into an Advance
Facility and makes the election set forth in Section 3.21(a), Wilshire, Ocwen or
IndyMac, as applicable, and the related Advancing Person shall deliver to the
Trustee a written notice and payment instruction (an "Advance Facility Notice"),
providing the Trustee with written payment instructions as to where to remit
Advance Reimbursement Amounts and/or Servicing Advance Reimbursement Amounts
(each to the extent such type of Reimbursement Amount is included within the
Advance Facility) on subsequent Distribution Dates. The payment instruction
shall require the applicable Reimbursement Amounts to be distributed to the
Advancing Person or to a trustee or custodian (an "Advance Facility Trustee")
designated in the Advance Facility Notice. An Advance Facility Notice may only
be terminated by the joint written direction of Wilshire, Ocwen or IndyMac, as
applicable, and the related Advancing Person (and any related Advance Facility
Trustee); provided, however, that the provisions of this Section 3.21 shall
cease to be applicable when all Advances and Servicing Advances funded by an
Advancing Person, and when all Advances and Servicing Advances (the rights to be
reimbursed for which have been assigned or pledged to an Advancing Person), have
been repaid to the related Advancing Person in full.

                  (c)      Reimbursement Amounts shall consist solely of amounts
in respect of Advances and/or Servicing Advances made with respect to the
Mortgage Loans for which Wilshire, Ocwen or IndyMac, as applicable, would be
permitted to reimburse itself in accordance with Section 3.08(ii), (iii) and
(iv) hereof, assuming Wilshire, Ocwen or IndyMac, as applicable, had made the
related Advance(s) and/or Servicing Advance(s). Notwithstanding the foregoing,
no Person shall be entitled to reimbursement from funds held in the Collection
Account for future distribution to Certificateholders pursuant to the provisions
of Section 4.01. The Trustee shall not have any duty or liability with respect
to the calculation of any Reimbursement Amount and shall be entitled to rely
without independent investigation on the Advance Facility Notice and on the
applicable Servicer's report of the amount of Advance Reimbursement Amounts and
Servicing Advance Reimbursement Amounts that were included in the remittance
from Wilshire, Ocwen or IndyMac, as applicable, to the Trustee pursuant to
Section 3.08(viii). Wilshire, Ocwen or IndyMac, as applicable, shall maintain
and provide to any successor Servicer a detailed accounting on a loan-by-loan
basis as to amounts advanced by, pledged or assigned to, and reimbursed to any
Advancing Person. The successor Servicer shall be entitled to rely on any such
information provided by Wilshire, Ocwen or IndyMac, as applicable, and the
successor Servicer shall not be liable for any errors in such information.

                  (d)      An Advancing Person who receives an assignment or
pledge of the rights to be reimbursed for Advances and/or Servicing Advances,
and/or whose obligations hereunder are limited to the funding of Advances and/or
Servicing Advances shall not be required to meet the criteria for qualification
of a Subservicer set forth in Section 3.02 hereof.

                  (e)      With respect to any Advance Facility pursuant to
which Wilshire, Ocwen or IndyMac has made the election set forth in Section
3.21(a), the documentation establishing any Advance Facility shall require that
Reimbursement Amounts distributed with respect to each Mortgage Loan be
allocated to outstanding unreimbursed Advances or Servicing Advances (as the
case may be) made with respect to that Mortgage Loan on a "first-in, first-out"
(FIFO) basis. Such documentation shall also require Wilshire, Ocwen or IndyMac,
as applicable, to provide to the related Advancing Person or Advance Facility
Trustee loan-by-loan information with respect to each Reimbursement Amount
distributed by the Trustee to such Advancing Person or Advance Facility Trustee
on each Distribution Date, to enable the Advancing Person or Advance Facility
Trustee to make the FIFO allocation of each Reimbursement Amount with respect to
each Mortgage Loan. Wilshire, Ocwen or IndyMac, as applicable, shall remain
entitled to be reimbursed by the Advancing Person or Advance Facility Trustee
for all Advances and Servicing Advances funded by Wilshire, Ocwen or IndyMac, as
applicable, to the extent the related rights to be reimbursed therefor have not
been assigned or pledged to an Advancing Person.

                  (f)      If Wilshire, Ocwen or IndyMac enters into an Advance
Facility, Wilshire, Ocwen or IndyMac, as applicable, shall indemnify the Trustee
and the Trust and any successor Servicer, as applicable, from and against any
claims, losses, liabilities or damages resulting from any claim by the related
Advancing Person, except to the extent that such claim, loss, liability or
damage resulted from or arose out of negligence, recklessness or willful
misconduct on the part of the successor Servicer or the Trustee, or failure by
the successor Servicer or the Trustee to remit funds as required by Section
3.21(b). Any amendment to this Section 3.21 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an Advance
Facility as described generally in this Section 3.21, including amendments to
add provisions relating to a successor Servicer, may be entered into by the
Trustee, the Seller and Wilshire, Ocwen or IndyMac, as applicable, without the
consent of any Certificateholder notwithstanding anything to the contrary in
Section 10.01 of or elsewhere in this Agreement.

                  SECTION 3.22 Special Serviced Mortgage Loans

                  If directed by the Special  Servicer and solely at the Special
Servicer's option, each Servicer (a "Transferring Servicer"), shall transfer the
servicing  of any  Mortgage  Loan 180  days or more  delinquent  to the  Special
Servicer.  The Special  Servicer  shall  thereupon  assume all of the rights and
obligations  of  the  Transferring  Servicer,  as  Servicer,  hereunder  arising
thereafter  and the  Transferring  Servicer  shall  have no  further  rights  or
obligations,  as Servicer,  hereunder with respect to such Mortgage Loan (except
that the Special  Servicer  shall not be (i) liable for any acts or omissions of
the Transferring  Servicer  hereunder prior to the servicing transfer date, (ii)
obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder
including,  but not limited to,  repurchases or  substitutions of Mortgage Loans
pursuant  to  Section  2.02 or 2.03  hereof  or (iii)  deemed  to have  made any
representations and warranties of the Transferring Servicer hereunder). Upon the
transfer of the servicing of any such Mortgage Loan to the Special Servicer, the
Special  Servicer shall be entitled to the Servicing Fee and other  compensation
accruing  after the servicing  transfer date with respect to such Mortgage Loans
pursuant to Section 3.14.

                  In  connection  with  the  transfer  of the  servicing  of any
Mortgage Loan to the Special Servicer, the Transferring Servicer, at the Special
Servicer's  expense,  shall  deliver to the Special  Servicer all  documents and
records  relating to such Mortgage Loans and an accounting of amounts  collected
or held by it and otherwise use its  commercially  reasonable  efforts to effect
the orderly and efficient transfer of the servicing to the Special Servicer.  On
the  servicing   transfer  date,  the  Special   Servicer  shall  reimburse  the
Transferring  Servicer for all  unreimbursed  Advances,  Servicing  Advances and
Servicing  Fees relating to the Mortgage  Loans for which the servicing is being
transferred. The Special Servicer shall be entitled to be reimbursed pursuant to
Section  3.08 or otherwise  pursuant to this  Agreement  for all such  Advances,
Servicing Advances and Servicing Fees paid by the Transferring Servicer pursuant
to this Section 3.22. In addition,  the Special Servicer shall notify the Seller
and the Trustee of such transfer and the effective  date of such  transfer,  and
the Seller shall amend the Mortgage  Loan Schedule to reflect that such Mortgage
Loans are Special Serviced Mortgage Loans.

                  SECTION 3.23 Maintenance of Credit Insurance Policy.

                  IndyMac shall exercise its commercially  reasonable efforts to
maintain  and  keep  the  Credit  Insurance  Policy  in full  force  and  effect
throughout  the term of this  Agreement,  unless  coverage  thereunder  has been
exhausted through payment of claims.  The Trustee shall pay on each Distribution
Date in accordance with Section 4.02(a) the Credit  Insurance  Provider Fee from
amounts on deposit in the Certificate Account.

                  In the event  that  Credit  Insurance  Policy is  canceled  or
terminated  for any reason,  or the  claims-paying  ability rating of the Credit
Insurance  Provider  is  reduced  below  investment  grade by both of the Rating
Agencies,  IndyMac  shall use its  commercially  reasonable  efforts to obtain a
replacement  Credit Insurance Policy from a Qualified Insurer that is acceptable
to each Rating Agency. Any such replacement policy will provide for an amount of
coverage equal to the then  remaining  coverage  amount of the Credit  Insurance
Policy,  provided,  however,  that if the premium cost of the replacement policy
exceeds the premium cost of the Credit Insurance Policy,  the coverage amount of
the replacement  policy shall be reduced so that the premium cost therefore will
not  exceed  100%  of  the  premium  cost  of  the  Credit   Insurance   Policy.
Alternatively, at its option, the Depositor may provide other credit enhancement
acceptable  to each Rating  Agency,  but is under no obligation to do so. In the
event that the claims-paying  ability rating of the Credit Insurance Provider is
reduced to below investment grade by all of the Rating Agencies, upon receipt by
the Trustee of written notice of such downgrade of the  Certificates and written
instruction from the Depositor, the Credit Insurance Policy shall be canceled by
the Trustee and the Credit  Insurance  Provider  will not be entitled to receive
any additional premium payments after the related cancellation.

                  In  connection  with  its  activities  as  administrator   and
servicer of the Mortgage Loans, IndyMac agrees to file, on behalf of itself, the
Trustee, the Depositor and the Certificateholders claims and provide notices and
other  information  to the  Credit  Insurance  Policy  in a  timely  fashion  in
accordance with the terms of the Credit Insurance Policy and, in this regard, to
take such action as reasonably  shall be necessary to permit  recovery under the
Credit  Insurance  Policy  respecting a defaulted Old Republic Covered Loan. Any
amounts  collected  by  IndyMac  under  the  Credit  Insurance  Policy  shall be
deposited in the  Collection  Account  pursuant to Section  3.05.  IndyMac shall
comply  will  all  applicable  terms  of the  Credit  Insurance  Policy  and the
claims-filing  procedures  of the  Credit  Insurance  Provider,  to  the  extent
necessary  to avoid any  adjustments  to claims paid under the Credit  Insurance
Policy.

<PAGE>

                                   ARTICLE IV

                                DISTRIBUTIONS AND
                            ADVANCES BY THE SERVICER

                  SECTION 4.01 Advances by the Servicer.

                  Each Servicer shall deposit in a Collection  Account an amount
equal to all  Scheduled  Payments  (with  interest at the Mortgage Rate less the
Servicing  Fee Rate) which were due but not  received  on the  related  Mortgage
Loans during the applicable Due Period;  provided however,  that with respect to
any Balloon Loan that is delinquent on its maturity date,  the related  Servicer
will not be required to advance the related balloon payment but will be required
to continue to make Advances in  accordance  with this Section 4.01 with respect
to such  Balloon Loan in an amount  equal to an assumed  scheduled  payment that
would  otherwise  be due based on the  original  amortization  schedule for that
Mortgage Loan (with  interest at the Mortgage Rate less the Servicing Fee Rate).
Each Servicer's obligation to make such Advances as to any related Mortgage Loan
will  continue  through the last  Scheduled  Payment due prior to the payment in
full of such  Mortgage  Loan,  or through  the date that the  related  Mortgaged
Property  has, in the judgment of such  Servicer,  been  completely  liquidated;
provided however, that such obligation with respect to any related Mortgage Loan
shall  cease  if such  Servicer  determines,  in its  reasonable  opinion,  that
Advances  with  respect  to such  Mortgage  Loan  are  Nonrecoverable  Advances;
provided that the related  Servicer will be required to make Advances  until the
earlier of (i) (x) if the  Mortgage  Loan is an Old  Republic  Covered  Loan and
coverage under the Credit Insurance Policy is available,  through the earlier of
(A) liquidation of the related  Mortgaged  Property and (B) receipt of a payment
with respect to such Mortgage Loan under the Credit  Insurance Policy and (y) if
the Mortgage Loan is not an Old Republic  Covered Loan or if coverage  under the
Credit Insurance Policy is not available,  through the time at which the related
Mortgage Loan becomes 120 days  delinquent or (ii) the time at which the related
Servicer  determines  that such  Advances with respect to such Mortgage Loan are
Nonrecoverable  Advances.  In the event that such Servicer  determines  that any
such  Advances are  Nonrecoverable  Advances,  such  Servicer  shall provide the
Trustee  with a  certificate  signed  by a  Servicing  Officer  evidencing  such
determination.

                  If an Advance is  required to be made  hereunder,  the related
Servicer shall on the second Business Day immediately preceding the Distribution
Date immediately  following the related Determination Date either (i) deposit in
the Collection Account from its own funds 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 4.01,  used by the related  Servicer to make
such Advance or (iii) make  Advances in the form of any  combination  of clauses
(i) and (ii)  aggregating the amount of such Advance.  Any such funds being held
in a Collection Account for future distribution and so used shall be replaced by
the related Servicer from its own funds by deposit in such Collection Account on
or before any future  Distribution  Date in which such funds  would be due.  The
related Servicer shall be entitled to be reimbursed from the Collection  Account
for all  Advances of its own funds made  pursuant to this Section as provided in
Section 3.08.

                  SECTION 4.02 Priorities of Distribution.

                  (a)      On each Distribution Date, prior to making
distributions to the holders of the Certificates, the Trustee first, shall pay
itself the Trustee's Fee for such Distribution Date, second, shall pay the
Credit Risk Manager the Credit Risk Manager Fee and third, shall remit to the
Credit Insurance Provider the Credit Insurance Provider Fee for such
Distribution Date.

                  (b)      With respect to the Available Funds, including any
funds received from the Credit Insurance Policy, on each Distribution Date, the
Trustee shall withdraw such Available Funds from the Certificate Account and
based on the information provided to it by the Servicers, apply such funds to
distributions on the Certificates in the following order and priority and, in
each case, to the extent of such Available Funds remaining:

                  (i)      On each Distribution Date, the Trustee shall
         distribute the Interest Remittance Amount for such date in the
         following order of priority:

                  A.       to the Class X-S Certificates, the aggregate Excess
                           Servicing Fee for such Distribution Date;

                  B.       to the Class A-1, Class A-2A, Class A-2B, Class A-3,
                           Class A-4, Class A-R, Class A-RL and Class P
                           Certificates, concurrently and pro rata, Current
                           Interest and any Carryforward Interest, as
                           applicable, for each such Class and such Distribution
                           Date;

                  C.       to the Class M-1 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  D.       to the Class M-2 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  E.       to the Class M-3 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  F.       to the Class M-4 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  G.       to the Class M-5 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  H.       to the Class M-6 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  I.       to the Class M-7 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  J.       to the Class M-8 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  K.       to the Class M-9F Certificates and Class M-9A
                           Certificates, concurrently and pro rata, Current
                           Interest and any Carryforward Interest for each such
                           Class and such Distribution Date;

                  L.       to the Class B-1 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  M.       to the Class B-2 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  N.       on the Distribution Dates occurring in October 2005,
                           November 2005 and December 2005, to the Depositor an
                           amount equal to the amount received during the
                           related Due Period which constitutes Subsequent
                           Mortgage Loan Interest; and

                  O.       for application in the same manner as the Monthly
                           Excess Cashflow for such Distribution Date as
                           provided in clause (iv) of this Section 4.02(b), any
                           Interest Remittance Amount remaining after
                           application pursuant to clauses A. through N. above.

                  (ii)     On each Distribution Date (a) prior to the Stepdown
         Date or (b) with respect to which a Trigger Event has occurred, the
         Trustee shall distribute the Principal Payment Amount for such date in
         the following order of priority:

                  A.       commencing on the Distribution Date in December 2010,
                           to the Class P Certificates, until the Class
                           Principal Balance of such class has been reduced to
                           zero;

                  B.       first to the Class A-R Certificates and Class A-RL
                           Certificates, concurrently on a pro rata basis, based
                           on their respective Class Principal Balances, until
                           the Class Principal Balance of each such Class has
                           been reduced to zero, and then sequentially as
                           follows: (I) first, concurrently on a pro rata basis,
                           as follows, (a) to the Class A-1 Certificates, until
                           the Class Principal Balance thereof has been reduced
                           to zero and (b) to the Class A-2A Certificates and
                           the Class A-2B Certificates, with the total under
                           this clause (ii)B.(I)(b) distributed sequentially to
                           the Class A-2A Certificates and Class A-2B
                           Certificates, in that order, in each case until the
                           Class Principal Balance thereof has been reduced to
                           zero, and (II) sequentially to the Class A-3
                           Certificates and Class A-4 Certificates, in that
                           order, in each case until the Class Principal Balance
                           thereof has been reduced to zero;

                  C.       to the Class M-1 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  D.       to the Class M-2 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  E.       to the Class M-3 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  F.       to the Class M-4 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  G.       to the Class M-5 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  H.       to the Class M-6 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  I.       to the Class M-7 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  J.       to the Class M-8 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  K.       to the Class M-9F Certificates and Class M-9A
                           Certificates, concurrently on a pro rata basis, based
                           on their respective Class Principal Balances, until
                           the Class Principal Balance of each such class has
                           been reduced to zero;

                  L.       to the Class B-1 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  M.       to the Class B-2 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero; and

                  N.       for application in the same manner as the Monthly
                           Excess Cashflow for such Distribution Date, as
                           provided in clause (iv) of this Section 4.02(b), any
                           Principal Payment Amount remaining after application
                           pursuant to clauses A. through M. above.

                  (iii)    On each Distribution Date (a) on or after the
         Stepdown Date and (b) with respect to which a Trigger Event has not
         occurred, the Trustee shall distribute the Principal Payment Amount for
         such date in the following order of priority:

                  A.       commencing on the Distribution Date in December 2010
                           or thereafter, to the Class P Certificates, until the
                           Class Principal Balance of such Class has been
                           reduced to zero;

                  B.       to the Class A-1, Class A-2A, Class A-2B, Class A-3
                           and Class A-4 Certificates , the Senior Principal
                           Payment Amount, allocated sequentially as follows:
                           first (I) concurrently on a pro rata basis, as
                           follows: (a) to the Class A-1 Certificates, until the
                           Class Principal Balance thereof has been reduced to
                           zero and (b) to the Class A-2A Certificates and the
                           Class A-2B Certificates, with the total amount under
                           this clause (iii)B.(I)(b) distributed sequentially to
                           the Class A-2A Certificates and Class A-2B
                           Certificates, in that order, in each case until the
                           Class Principal Balance thereof has been reduced to
                           zero, and (II) sequentially to the Class A-3
                           Certificates and Class A-4 Certificate, in that
                           order, in each case until the Class Principal Balance
                           thereof has been reduced to zero;

                  C.       to the Class M-1 Certificates, the Class M-1
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  D.       to the Class M-2 Certificates, the Class M-2
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  E.       to the Class M-3 Certificates, the Class M-3
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  F.       to the Class M-4 Certificates, the Class M-4
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  G.       to the Class M-5 Certificates, the Class M-5
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  H.       to the Class M-6 Certificates, the Class M-6
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  I.       to the Class M-7 Certificates, the Class M-7
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  J.       to the Class M-8 Certificates, the Class M-8
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  K.       to the Class M-9F Certificates and Class M-9A
                           Certificates, concurrently on a pro rata basis, based
                           on their respective Class Principal Balances, the
                           Class M-9 Principal Payment Amount for such
                           distribution date, until the Class Principal Balance
                           of each such class has been reduced to zero;

                  L.       to the Class B-1 Certificates, the Class B-1
                           Principal Payment Amount for such distribution date,
                           until the Class Principal Balance of such class has
                           been reduced to zero;

                  M.       to the Class B-2 Certificates, the Class B-2
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero; and

                  N.       for application as part of Monthly Excess Cashflow
                           for such Distribution Date, as provided in clause
                           (iv) of this Section 4.02(b), any Principal Payment
                           Amount remaining after application pursuant to
                           clauses A. through M. above.

                  (iv)     On each Distribution Date, the Trustee shall
         distribute the Monthly Excess Cashflow for such date in the following
         order of priority:

                  A.       an amount equal to the aggregate Realized Losses on
                           the Mortgage Loans incurred during the related
                           Collection Period, such amount to be added to the
                           Principal Payment Amount and distributed as set forth
                           above in Section 4.02(b)(ii) and (iii) (any such
                           amount, an "Excess Cashflow Loss Payment");

                  B.       on the first Distribution Date, an amount equal to
                           the Monthly Excess Cashflow for such Distribution
                           Date remaining after the distribution in clause
                           (iv)A. above to the Class X-1 Certificates;

                  C.       except for the first Distribution Date, until the
                           Overcollateralization Amount equals the Targeted
                           Overcollateralization Amount for such date, on each
                           Distribution Date

                           (I)      (a) prior to the Stepdown Date or (b) with
                           respect to which a Trigger Event has occurred, to the
                           extent of Monthly Excess Interest for such
                           Distribution Date, to fund any principal
                           distributions to the Class A-1, Class A-2A, Class
                           A-2B, Class A-3, Class A-4, Class A-R, Class A-RL,
                           Class P, Class M-1, Class M-2, Class M-3, Class M-4,
                           Class M-5, Class M-6, Class M-7, Class M-8, Class
                           M-9A, Class M-9F, Class B-1 and Class B-2
                           Certificates required to be made on such Distribution
                           Date set forth above in clause (ii) above, after
                           giving effect to the distribution of the Principal
                           Payment Amount for such Distribution Date, in
                           accordance with the priorities set forth therein.

                           (II)     on each Distribution Date on or after the
                           Stepdown Date and with respect to which a Trigger
                           Event has not occurred, to fund any principal
                           distributions to the Class A-1, Class A-2A, Class
                           A-2B, Class A-3, Class A-4, Class A-R, Class A-RL,
                           Class P, Class M-1, Class M-2, Class M-3, Class M-4,
                           Class M-5, Class M-6, Class M-7, Class M-8, Class
                           M-9A, Class M-9F, Class B-1 and Class B-2
                           Certificates required to be made on such Distribution
                           Date set forth above in clause (iii) above, after
                           giving effect to the distribution of the Principal
                           Payment Amount for such Distribution Date, in
                           accordance with the priorities set forth therein;

                  D.       to the Class M-1 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  E.       to the Class M-2 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  F.       to the Class M-3 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  G.       to the Class M-4 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  H.       to the Class M-5 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  I.       to the Class M-6 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  J.       to the Class M-7 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  K.       to the Class M-8 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  L.       concurrently, to the Class M-9F Certificates and
                           Class M-9A Certificates on a pro rata basis, based on
                           their respective Class Principal Balances, any
                           Deferred Amount with interest thereon at the
                           Pass-Through Rate for each such Class;

                  M.       to the Class B-1 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  N.       to the Class B-2 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate for such Class;

                  O.       to the Class X-1 Certificate, the Class X-1
                           Distributable Amount for such Distribution Date
                           reduced by amounts distributed pursuant to clause N.
                           of Section 4.02(b)(i) for such Distribution Date, the
                           amount of any Overcollateralization Release Amount
                           for such Distribution Date and, for any Distribution
                           Date on or after which the aggregate Class Principal
                           Balance of the Regular Certificates has been reduced
                           to zero, the Overcollateralization Amount; and

                  P.       to the Class A-R Certificate or Class A-RL
                           Certificate, as applicable, any remaining amount;
                           provided, however that any amount that would be
                           distributable pursuant to this priority P. shall not
                           be paid with respect to the Class A-R Certificate or
                           Class A-RL Certificates, as applicable, but shall be
                           paid instead with respect to the Class X-1
                           Certificates pursuant to a contract that exists under
                           this Agreement between the Class A-R
                           Certificateholders or Class A-RL Certificateholders
                           and the Class X-1 Certificateholders.

                  (v)      On each Distribution Date, the Trustee shall
         distribute to the Holder of the Class P Certificate, the aggregate of
         all Prepayment Charges collected during the preceding Prepayment
         Period.

                  (vi)     [reserved].

                  (vii)    On each Distribution Date, following the foregoing
         distributions, an amount equal to the amount of Net Recoveries included
         in the Available Funds for such Distribution Date shall be applied to
         increase the Class Principal Balance of the Class of Certificates with
         the Highest Priority up to the extent of such Realized Losses
         previously allocated to that Class of Certificates pursuant to Section
         4.05. An amount equal to the amount of any remaining Net Recoveries
         shall be applied to increase the Class Principal Balance of the Class
         of Certificates with the next Highest Priority, up to the amount of
         such Realized Losses previously allocated to that Class of Certificates
         pursuant to Section 4.05, and so on. Holders of such Certificates will
         not be entitled to any distribution in respect of interest on the
         amount of such increases for any Interest Accrual Period preceding the
         Distribution Date on which such increase occurs. Any such increases
         shall be applied to the Class Principal Balance of each Certificate of
         such Class in accordance with its respective Percentage Interest.

                  SECTION 4.03 [Reserved].

                  SECTION 4.04 [Reserved].

                  SECTION 4.05 Allocation of Realized Losses.

                  On each  Distribution  Date,  the Trustee shall  determine the
total of the Applied  Loss  Amount,  if any,  for such  Distribution  Date.  The
Applied Loss Amount for any  Distribution  Date shall be applied by reducing the
Class Principal Balance of each Class of Subordinate Certificates beginning with
the Class of Subordinate  Certificates then outstanding with the lowest relative
payment  priority,  in each case until the respective  Class  Principal  Balance
thereof is reduced to zero.  Any  Applied  Loss Amount  allocated  to a Class of
Subordinate  Certificates shall be allocated among the Subordinate  Certificates
of such Class in proportion to their respective Percentage Interests.

                  All Realized  Losses on the Mortgage  Loans shall be allocated
on each Distribution Date to the following REMIC 1 Regular Interests:  first, to
REMIC 1 Regular  Interests  LTI-1  until the  Uncertificated  Principal  Balance
thereof has been reduced to zero, then to REMIC 1 Regular  Interest LTI-PF until
the Uncertificated  Principal Balance thereof has been reduced to zero, however,
that with  respect  to the  first  three  Distribution  Dates,  Realized  Losses
relating to the Initial  Mortgage  Loans shall be  allocated  to REMIC 1 Regular
Interest LTI-1 and Realized  Losses  relating to the  Subsequent  Mortgage Loans
shall be allocated to REMIC 1 Regular  Interest LTI-PF until the  Uncertificated
Principal  Balance  thereof has been reduced to zero. All Realized Losses on the
REMIC 1  Regular  Interests  LTI-1  and  LTI-PF  shall be  deemed  to have  been
allocated  to  the  following  REMIC  2  Regular   Interests  in  the  specified
percentages, as follows: first to Uncertificated Accrued Interest payable to the
REMIC 2 Regular  Interests  MTI-AA and MTI-ZZ up to an aggregate amount equal to
the  excess  of (a)  the  REMIC 2  Interest  Loss  Allocation  Amount  over  (b)
Prepayment  Interest  Shortfalls  (to the  extent not  covered  by  Compensating
Interest) relating to the Mortgage Loans for such Distribution Date, 98% and 2%,
respectively;  second, to the  Uncertificated  Principal Balances of the REMIC 2
Regular Interests MTI-AA and MTI-ZZ up to an aggregate amount equal to the REMIC
2 Principal Loss  Allocation  Amount,  98% and 2%,  respectively;  third, to the
Uncertificated  Principal  Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2
Regular Interest  MTI-B-2 and REMIC 2 Regular  Interest MTI-ZZ,  98%, 1% and 1%,
respectively,  until the  Uncertificated  Principal  Balance  of REMIC 2 Regular
Interests  MTI-B-2  have been  reduced to zero;  fourth,  to the  Uncertificated
Principal Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2 Regular Interest
MTI-B-1 and REMIC 2 Regular Interest MTI-ZZ, 98%, 1% and 1%, respectively, until
the  Uncertificated  Principal  Balance of REMIC 2 Regular  Interest MTI-B-1 has
been  reduced  to zero;  fifth,  concurrently  to the  Uncertificated  Principal
Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2 Regular Interest MTI-M-9F,
REMIC 2 Regular  Interest  MTI-M-9A and REMIC 2 Regular  Interest  MTI-ZZ,  98%,
0.5%, 0.5% and 1%, respectively,  until the Uncertificated  Principal Balance of
REMIC 2 Regular  Interest  MTI-M-9F and REMIC 2 Regular  Interest  MTI-M-9A have
each been reduced to zero; sixth, to the  Uncertificated  Principal  Balances of
REMIC 2 Regular  Interest  MTI-AA,  REMIC 2 Regular Interest MTI-M-8 and REMIC 2
Regular Interest MTI-ZZ, 98%, 1% and 1%, respectively,  until the Uncertificated
Principal  Balance of REMIC 2 Regular Interest MTI-M-8 has been reduced to zero;
seventh,  to the  Uncertificated  Principal Balances of REMIC 2 Regular Interest
MTI-AA,  REMIC 2 Regular  Interest  MTI-M-7 and REMIC 2 Regular Interest MTI-ZZ,
98%, 1% and 1%,  respectively,  until the  Uncertificated  Principal  Balance of
REMIC 2 Regular  Interest  MTI-M-7  has been  reduced  to zero;  eighth,  to the
Uncertificated  Principal  Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2
Regular Interest  MTI-M-6 and REMIC 2 Regular  Interest MTI-ZZ,  98%, 1% and 1%,
respectively,  until the  Uncertificated  Principal  Balance  of REMIC 2 Regular
Interest  MTI-M-6  has  been  reduced  to  zero;  ninth,  to the  Uncertificated
Principal Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2 Regular Interest
MTI-M-5 and REMIC 2 Regular Interest MTI-ZZ, 98%, 1% and 1%, respectively, until
the  Uncertificated  Principal  Balance of REMIC 2 Regular  Interest MTI-M-5 has
been reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC 2
Regular  Interest  MTI-AA,  REMIC 2 Regular Interest MTI-M-4 and REMIC 2 Regular
Interest  MTI-ZZ,  98%,  1%  and  1%,  respectively,  until  the  Uncertificated
Principal  Balance of REMIC 2 Regular Interest MTI-M-4 has been reduced to zero;
eleventh,  to the Uncertificated  Principal Balances of REMIC 2 Regular Interest
MTI-AA,  REMIC 2 Regular  Interest  MTI-M-3 and REMIC 2 Regular Interest MTI-ZZ,
98%, 1% and 1%,  respectively,  until the  Uncertificated  Principal  Balance of
REMIC 2 Regular  Interest  MTI-M-3  has been  reduced to zero;  twelfth,  to the
Uncertificated  Principal  Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2
Regular Interest  MTI-M-2 and REMIC 2 Regular  Interest MTI-ZZ,  98%, 1% and 1%,
respectively,  until the  Uncertificated  Principal  Balance  of REMIC 2 Regular
Interest MTI-M-2 has been reduced to zero; and thirteenth, to the Uncertificated
Principal Balances of REMIC 2 Regular Interest MTI-AA,  REMIC 2 Regular Interest
MTI-M-1 and REMIC 2 Regular Interest MTI-ZZ, 98%, 1% and 1%, respectively, until
the  Uncertificated  Principal  Balance of REMIC 2 Regular  Interest MTI-M-1 has
been reduced to zero.

                  SECTION 4.06 Monthly Statements to Certificateholders.

                  (a)      Not later than each Distribution Date, the Trustee
shall prepare, and make available on the website maintained by the Trustee at
http://www.jpmorgan.com/sfr, a statement setting forth with respect to the
related distribution, the items listed on Exhibit V.

                  Assistance in using the website can be obtained by calling the
Trustee's customer service desk at 877-722-1095.  Parties that are unable to use
the  website  are  entitled  to have a paper copy mailed to them via first class
mail by  written  notice to the  Trustee  at its  Corporate  Trust  Office.  The
Trustee's   responsibility   for  disbursing   the  above   information  to  the
Certificateholders  is limited to the  availability,  timeliness and accuracy of
the information derived from the Servicers.  The foregoing  information shall be
reported to the Trustee  each month on or before the  Servicer  Data  Remittance
Date.

                  (b)      Within a reasonable period of time after the end of
each calendar year, the Trustee shall cause to be furnished to each Person who
at any time during the calendar year was a Certificateholder, a statement
containing the information set forth in, items (i)(c), (i)(d), (i)(g), (i)(j),
(i)(k), (ii)(c), (ii)(d), (ii)(g), (ii)(i), (v)(d), (v)(e) and (v)(s) of Exhibit
V aggregated for such calendar year or applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code as from time to time in effect.

                  SECTION 4.07 Distributions on the REMIC 1 Regular Interests
                               and REMIC 2 Regular Interests.

                  (a)      Distributions on the REMIC 1 Regular Interests.

                  On each  Distribution  Date,  the  Trustee  shall cause in the
following order of priority,  the following amounts to be distributed by REMIC 1
to REMIC 2 on account of the REMIC 1 Regular  Interests  or  withdrawn  from the
Distribution   Account  and  distributed  to  the  holders  of  the  Class  A-RL
Certificates, as the case may be:

                  (i)      first, to the Holders of REMIC 1 Regular Interests
         LTI-P and LTI-R, in an amount equal to (x) the related Uncertificated
         Accrued Interest for such Distribution Date, plus (y) any amounts in
         respect thereof remaining unpaid from previous Distribution Dates and
         second, to Holders of REMIC 1 Regular Interests LTI-1, LTI-S1, LTI-S2
         and LTI-PF an amount equal to (x) the related Uncertificated Accrued
         Interest for such Distribution Date, plus (y) any amounts in respect
         thereof remaining unpaid from previous Distribution Dates;

                  (ii)     second, to the Holders of REMIC 1 Regular Interests,
         in an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clause (i)
         above and, in the case of distributions made pursuant to Section
         4.07(a)(ii)(b), the amount of any Prepayment Charges for such
         Distribution Date, allocated as follows:

                           (a)      to the Holders of REMIC 1 Regular Interest
                  LTI-R, an amount equal to the amount of principal distributed
                  to the holder of the Corresponding Uncertificated Interest on
                  such Distribution Date pursuant to Section 4.07(b)(ii)(a);

                           (b)      to the Holders of REMIC 1 Regular Interest
                  LTI-P, an amount equal to the amount distributed to the holder
                  of the Corresponding Uncertificated Interest on such
                  Distribution Date pursuant to Section 4.07(b)(ii)(b);

                           (c)      to the Holders of REMIC 1 Regular Interest
                  LTI-1, until the Uncertificated Principal Balance of REMIC 1
                  Regular Interest LTI-1 is reduced to zero; and

                           (d)      to the Holders of REMIC 1 Regular Interest
                  LTI-PF, until the Uncertificated Principal Balance of REMIC 1
                  Regular Interest LTI-PF is reduced to zero; and

                           any remaining amount to the Holders of the Class A-RL
                  Certificates;  provided,  however,  that for the  first  three
                  Distribution Dates, such amounts constituting  Available Funds
                  relating to the Initial  Mortgage  Loans shall be allocated to
                  REMIC 1 Regular Interest LTI-1, and such amounts  constituting
                  Available Funds relating to the Subsequent  Mortgage Loans and
                  shall be allocated to REMIC 1 Regular Interest LTI-PF.

                  (b)      Distributions on the REMIC 2 Regular Interests.

                  On each  Distribution  Date,  the  Trustee  shall cause in the
following order of priority,  the following amounts to be distributed by REMIC 2
to REMIC 3 on account of the REMIC 2 Regular  Interests  or  withdrawn  from the
Distribution   Account  and   distributed  to  the  holders  of  the  Class  A-R
Certificates (in respect of the Class R-2 Interest), as the case may be:

                  (i)      first, to the extent of the sum of Available Funds
         for such Distribution Date, to Holders of REMIC 2 Regular Interests
         MTI-AA, MTI-A-1, MTI-A-2A, MTI-A-2B, MTI-A-3, MTI-A-4, MTI-M-1,
         MTI-M-2, MTI-M-3, MTI-M-4, MTI-M-5, MTI-M-6, MTI-M-7, MTI-M-8,
         MTI-M-9A, MTI-M-9F, MTI-B-1, MTI-B-2, MTI-ZZ, MTI-P, MTI-R and MTI-S
         pro rata, in an amount equal to (A) the Uncertificated Accrued Interest
         for such Distribution Date, plus (B) any amounts in respect thereof
         remaining unpaid from previous Distribution Dates. Amounts payable as
         Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest
         MTI-ZZ shall be reduced when the REMIC 2 Overcollateralization Amount
         is less than the REMIC 2 Overcollateralization Target Amount, by the
         lesser of (x) the amount of such difference and (y) the REMIC 2 Regular
         Interest MTI ZZ Maximum Interest Deferral Amount and such amount will
         be payable to the Holders of REMIC 2 Regular Interest MTI-A-1, REMIC 2
         Regular Interest MTI-A-2A, REMIC 2 Regular Interest MTI-A-2B, REMIC 2
         Regular Interest MTI-A-3, REMIC 2 Regular Interest MTI-A-4, REMIC 2
         Regular Interest MTI-M-1, REMIC 2 Regular Interest MTI-M-2, REMIC 2
         Regular Interest MTI-M-3, REMIC 2 Regular Interest MTI-M-4, REMIC 2
         Regular Interest MTI-M-5, REMIC 2 Regular Interest MTI-M-6, REMIC 2
         Regular Interest MTI-M-7, REMIC 2 Regular Interest MTI-M-8, REMIC 2
         Regular Interest MTI-M-9A, REMIC 2 Regular Interest MTI-M-9F, REMIC 2
         Regular Interest MTI-B-1 and REMIC 2 Regular Interest MTI-B-2 in the
         same proportion as the amounts are allocated to the Corresponding
         Certificate, pursuant to Section 4.02(b) herein, for each such REMIC 2
         Regular Interest, and the Uncertificated Principal Balance of the REMIC
         2 Regular Interest MTI-ZZ shall be increased by such amount;

                  (ii)     second, to the Holders of REMIC 2 Regular Interests,
         in an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clause (i)
         above and, in the case of distributions made pursuant to Section
         4.07(b)(ii)(b), the amount of any Prepayment Charges for such
         Distribution Date, allocated as follows:

                           (a)      to the Holders of REMIC 2 Regular Interest
                  MTI-R, an amount equal to the amount of principal distributed
                  to the holder of the Corresponding Certificate on such
                  Distribution Date pursuant to Section 4.02(b); and

                           (b)      to the Holders of REMIC 2 Regular Interest
                  MTI-P, an amount equal to the amount of principal distributed
                  to the holder of the Corresponding Certificate on such
                  Distribution Date pursuant to Section 4.02(b); and

                  (iii)    third, to the Holders of REMIC 2 Regular Interests,
         in an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clauses (i)
         and (ii) above, allocated as follows:

                           (a)      98% of such remainder to the Holders of
                  REMIC 2 Regular Interest MTI-AA, until the Uncertificated
                  Principal Balance of such REMIC 2 Regular Interest is reduced
                  to zero;

                           (b)      2% of such remainder, first, to the Holders
                  of REMIC 2 Regular Interest MTI-A-1, MTI-A-2A, MTI-A-2B,
                  MTI-A-3, MTI-A-4, MTI-M-1, MTI-M-2, MTI-M-3, MTI-M-4, MTI-M-5,
                  MTI-M-6, MTI-M-7, MTI-M-8, MTI-M-9A, MTI-M-9F, MTI-B-1 and
                  MTI-B-2, equal to 1% of and in the same proportion as
                  principal payments are allocated to the Corresponding
                  Certificates, until the Uncertificated Principal Balances of
                  such REMIC 2 Regular Interests are reduced to zero; and
                  second, to the Holders of REMIC 2 Regular Interest MTI-ZZ,
                  until the Uncertificated Principal Balance of such REMIC 2
                  Regular Interest is reduced to zero; and

                           (c)      any remaining amount to the Holders of the
                  Class A-R Certificates (in respect of the Class R-2 Interest).

                  SECTION 4.08 [Reserved].

                  SECTION 4.09 Prepayment Charges.

                  Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment of a Mortgage Loan, the related Servicer may
not waive any Prepayment  Charge or portion thereof required by the terms of the
related  Mortgage Note unless (i) the Mortgage Loan is in default or foreseeable
default and such waiver (a) is  standard  and  customary  in  servicing  similar
mortgage loans to the Mortgage Loans and (b) would,  in the reasonable  judgment
of the related Servicer, maximize recovery of total proceeds taking into account
the value of such Prepayment Charge and the related Mortgage Loan or (ii)(A) the
enforceability  thereof is limited (1) by  bankruptcy,  insolvency,  moratorium,
receivership,  or other similar law relating to creditors'  rights  generally or
(2) due to acceleration  in connection  with a foreclosure or other  involuntary
payment,  or (B) the  enforceability  is  otherwise  limited  or  prohibited  by
applicable  law. For the  avoidance of doubt,  the related  Servicer may waive a
Prepayment Charge in connection with a short sale or short payoff on a defaulted
Mortgage  Loan.  If the  related  Servicer  has  waived  all or a  portion  of a
Prepayment  Charge  relating to a Principal  Prepayment,  other than as provided
above,  the  related  Servicer  shall  deliver to the  Trustee no later than the
Business Day immediately  preceding the next Distribution Date, for deposit into
the Certificate  Account the amount of such  Prepayment  Charge (or such portion
thereof as had been waived) for  distribution  in  accordance  with the terms of
this  Agreement;  provided,  however,  the related  Servicer  shall not have any
obligation  to pay the amount of any  uncollected  Prepayment  Charge under this
Section 4.09 if such Servicer did not have a copy of the related  Mortgage Note,
such  Servicer  requested  via email a copy of the same from the Trustee and the
Trustee failed to provide such a copy within two (2) Business Days of receipt of
such  request.  If  the  related  Servicer  has  waived  all or a  portion  of a
Prepayment  Charge for any reason,  it shall promptly notify the Trustee thereof
and shall  include  such  information  in any monthly  reports it  provides  the
Trustee. Notwithstanding any provision in this Agreement to the contrary, in the
event the  Prepayment  Charge  payable  under the terms of the Mortgage  Note is
different  from the amount of the  Prepayment  Charge set forth in the  Mortgage
Loan  Schedule  or other  information  provided to the  related  Servicer,  such
Servicer shall rely conclusively on the Prepayment Charge as set forth under the
terms of the Mortgage  Note. To the extent the  Prepayment  Charge payable under
the terms of the Mortgage Note is less than the amount of the Prepayment  Charge
set forth in the Mortgage  Loan  Schedule or other  information  provided to the
related Servicer,  such Servicer shall not have any liability or obligation with
respect to such  difference,  and in addition  shall not have any  liability  or
obligation to pay the amount of any uncollected Prepayment Charge if the failure
to  collect  such  amount is the  direct  result  of  inaccurate  or  incomplete
information on the Mortgage Loan Schedule.

                  SECTION 4.10 Servicers to Cooperate.

                  Each Servicer shall provide to the Trustee the information set
forth in Exhibit Z hereto in such form as the Trustee shall  reasonably  request
with  respect to each  Mortgage  Loan  serviced  by such  Servicer no later than
twelve  noon on the  Servicer  Data  Remittance  Date to enable  the  Trustee to
calculate  the  amounts  to be  distributed  to each Class of  Certificates  and
otherwise  perform  its  distribution,  accounting  and  reporting  requirements
hereunder.

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

                  SECTION 5.01 The Certificates.

                  The Certificates  shall be substantially in the forms attached
hereto as exhibits.  The  Certificates  shall be issuable in registered form, in
the minimum denominations, integral multiples in excess thereof (except that one
Certificate  in each Class may be issued in a different  amount which must be in
excess of the applicable minimum  denomination) and aggregate  denominations per
Class set forth in the Preliminary Statement.

                  Subject to Section 9.02  respecting the final  distribution on
the Certificates, on each Distribution Date the Trustee shall make distributions
to each  Certificateholder  of record on the preceding Record Date either (x) by
wire transfer in immediately  available funds to the account of such holder at a
bank or other entity having appropriate  facilities therefor, if (i) such Holder
has so  notified  the Trustee at least five  Business  Days prior to the related
Record Date and (ii) such Holder shall hold (A) a Notional  Amount  Certificate,
(B) 100% of the Class  Principal  Balance  of any Class of  Certificates  or (C)
Certificates  of any Class with aggregate  principal  Denominations  of not less
than   $1,000,000   or  (y)  by  check  mailed  by  first  class  mail  to  such
Certificateholder  at the address of such holder  appearing  in the  Certificate
Register.

                  The  Certificates  shall be  executed  by manual or  facsimile
signature  on behalf of the Trustee by an  authorized  officer  upon the written
order of the Depositor.  Certificates bearing the manual or facsimile signatures
of individuals who were, at the time such signatures were affixed, authorized to
sign on behalf of the Trustee shall bind the Trustee,  notwithstanding that such
individuals  or any  of  them  have  ceased  to be so  authorized  prior  to the
countersignature  and  delivery  of any such  Certificates  or did not hold such
offices at the date of such Certificate. No Certificate shall be entitled to any
benefit under this Agreement,  or be valid for any purpose, unless countersigned
by  the  Trustee  by  manual  signature,  and  such  countersignature  upon  any
Certificate  shall be  conclusive  evidence,  and the only  evidence,  that such
Certificate  has been duly executed and delivered  hereunder.  All  Certificates
shall be dated the date of their  countersignature.  On the  Closing  Date,  the
Trustee shall countersign the Certificates to be issued at the written direction
of the Depositor, or any affiliate thereof.

                  The Depositor shall provide,  or cause to be provided,  to the
Trustee  on a  continuous  basis,  an  adequate  inventory  of  Certificates  to
facilitate transfers.

                  The  Trustee  shall  have no  obligation  or duty to  monitor,
determine or inquire as to compliance with any  restriction or transfer  imposed
under Article V of this  Agreement or under  applicable  law with respect to any
transfer of any  Certificate,  or any  interest  therein,  other than to require
delivery of the certification(s) and/or opinions of counsel described in Article
V applicable  with  respect to changes in  registration  of record  ownership of
Certificates  in the Certificate  Register.  The Trustee shall have no liability
for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository  Participants or beneficial  owners of
the Certificates made in violation of applicable restrictions.

                  SECTION 5.02 Certificate Register; Registration of Transfer
                               and Exchange of Certificates.

                  (a)      The Trustee shall maintain, or cause to be maintained
in accordance with the provisions of Section 5.06, a Certificate Register for
the Trust Fund in which, subject to the provisions of subsections (b) and (c)
below and to such reasonable regulations as it may prescribe, the Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Upon surrender for registration of transfer of
any Certificate, the Trustee shall execute and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same
Class and aggregate Percentage Interest.

                  At the  option  of a  Certificateholder,  Certificates  may be
exchanged for other  Certificates of the same Class in authorized  denominations
and  evidencing  the same  aggregate  Percentage  Interest upon surrender of the
Certificates  to be exchanged  at the office or agency of the Trustee.  Whenever
any  Certificates  are so surrendered  for exchange,  the Trustee shall execute,
authenticate,  and deliver the Certificates which the  Certificateholder  making
the exchange is entitled to receive.  Every Certificate presented or surrendered
for  registration  of  transfer or exchange  shall be  accompanied  by a written
instrument of transfer in form  satisfactory to the Trustee duly executed by the
holder thereof or his attorney duly authorized in writing.

                  No service charge to the Certificateholders  shall be made for
any registration of transfer or exchange of  Certificates,  but payment of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates may be required.

                  All  Certificates  surrendered for registration of transfer or
exchange  shall be  canceled  and  subsequently  disposed  of by the  Trustee in
accordance with the Trustee's customary procedures.

                  (b)      No transfer of a Private Certificate shall be made
unless such transfer is made pursuant to an effective registration statement
under the Securities Act and any applicable state securities laws or is exempt
from the registration requirements under said Act and such state securities
laws. Except in connection with any transfer of a Private Certificate by the
Depositor to any affiliate, in the event that a transfer is to be made in
reliance upon an exemption from the Securities Act and such laws, in order to
assure compliance with the Securities Act and such laws, the Certificateholder
desiring to effect such transfer and such Certificateholder's prospective
transferee shall each certify to the Trustee and the Depositor in writing the
facts surrounding the transfer in substantially the form set forth in Exhibit J
(the "Transferor Certificate") and (i) deliver a letter in substantially the
form of either (A) Exhibit K (the "Investment Letter") provided that all of the
Class X Certificates of a Class shall be transferred to one investor or the
Depositor otherwise consents to such transfer, or (B) Exhibit L (the "Rule 144A
Letter") or (ii) there shall be delivered to the Trustee and the Depositor at
the expense of the transferor an Opinion of Counsel that such transfer may be
made pursuant to an exemption from the Securities Act. The Depositor shall
provide to any Holder of a Private Certificate and any prospective transferee
designated by any such Holder, information regarding the related Certificates
and the Mortgage Loans and such other information as shall be necessary to
satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer
of any such Certificate without registration thereof under the Securities Act
pursuant to the registration exemption provided by Rule 144A. The Trustee and
the Servicers shall cooperate with the Depositor in providing the Rule 144A
information referenced in the preceding sentence, including providing to the
Depositor such information regarding the Certificates, the Mortgage Loans and
other matters regarding the Trust Fund as the Depositor shall reasonably request
to meet its obligation under the preceding sentence. Each Holder of a Private
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trustee, the Depositor, the Seller and the Servicers against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.

                  No transfer of an  ERISA-Restricted  Certificate shall be made
unless  the  Trustee  and  the  Depositor  shall  have  received  either  (i)  a
representation  from the  transferee of such  Certificate,  acceptable to and in
form and substance satisfactory to the Trustee (in the event such Certificate is
a Private Certificate or a Residual  Certificate,  such requirement is satisfied
only by the Trustee's  receipt of a  representation  letter from the  transferee
substantially  in the  form  of  Exhibit  K or  Exhibit  L,  or  Exhibit  I,  as
applicable),  to the effect that such transferee is not an employee benefit plan
or arrangement subject to Section 406 of ERISA or a plan subject to Section 4975
of the Code (a  "Plan"),  nor a person  acting on behalf of a Plan nor using the
assets  of a Plan to  effect  such  transfer  or (ii)  in the  case of any  such
ERISA-Restricted  Certificate  presented  for  registration  in the  name  of an
employee  benefit plan  subject to ERISA,  or a plan or  arrangement  subject to
Section  4975  of  the  Code  (or   comparable   provisions  of  any  subsequent
enactments),  or a trustee of any such plan or any other person acting on behalf
of any such plan or arrangement or using such plan's or arrangement's assets, an
Opinion of Counsel  satisfactory to the Trustee,  which Opinion of Counsel shall
not be an expense of either the  Trustee  or the Trust  Fund,  addressed  to the
Trustee and the Depositor for the benefit of the Trustee,  the Depositor and the
Servicers and on which they may rely, to the effect that the purchase or holding
of such ERISA-Restricted  Certificate 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  and the  Code  and will  not  subject  the  Trustee,  the
Depositor,  the Special  Servicer or the Servicers to any obligation in addition
to  those   expressly   undertaken  in  this  Agreement  or  to  any  liability.
Notwithstanding  anything else to the contrary herein, any purported transfer of
an  ERISA-Restricted  Certificate  to or on behalf of an employee  benefit  plan
subject to ERISA or to the Code  without  the  delivery  to the  Trustee and the
Depositor  of an Opinion of Counsel  satisfactory  to the  Trustee as  described
above shall be void and of no effect.

                  No transfer of a Class B Certificate shall be made at any time
unless either (i) the Trustee and the Depositor shall have received a
representation from the transferee of such Certificate acceptable to and in form
and substance satisfactory to the Trustee and the Depositor, to the effect that
such transferee is not an employee benefit plan subject to Section 406 of ERISA
or a plan subject to Section 4975 of the Code (either a "Plan"), or a Person
acting on behalf of a Plan or using the assets a Plan, or (ii) the transferee
provides a representation that the proposed transfer or holding of such
Certificate are eligible for exemptive relief under an individual or class
prohibited transaction exemption, including, but not limited to, Prohibited
Transaction Exemption ("PTE") 84-14, PTE 91-38, PTE 90-1, PTE 95-60 or PTE
96-23.

                  Each beneficial owner of a Class M Certificate or any interest
therein shall be deemed to have represented, by virtue of its acquisition or
holding of that certificate or interest therein, that either (i) it is not a
Plan or investing with "Plan Assets", (ii) it has acquired and is holding such
certificate in reliance on Prohibited Transaction Exemption 2002-41 as amended
from time to time (the "Exemption"), and that it understands that there are
certain conditions to the availability of the Exemption, including that the
certificate must be rated, at the time of purchase, not lower than "BBB-" (or
its equivalent) by S&P, Fitch or Moody's, and the certificate is so rated or
(iii) (1) it is an insurance company, (2) the source of funds used to acquire or
hold the certificate or interest therein is an "insurance company general
account," as such term is defined in PTE 95-60, and (3) the conditions in
Sections I and III of PTE 95-60 have been satisfied.

                  To the extent permitted under  applicable law (including,  but
not limited to,  ERISA),  the Trustee  shall be under no liability to any Person
for any registration of transfer of any ERISA-Restricted  Certificate that is in
fact not  permitted  by this  Section  5.02(b) or for making any payments due on
such  Certificate  to the Holder thereof or taking any other action with respect
to such Holder under the  provisions  of this  Agreement so long as the transfer
was registered by the Trustee in accordance with the foregoing requirements.

                  (c)      Each Person who has or who acquires any Ownership
Interest in a Residual Certificate shall be deemed by the acceptance or
acquisition of such Ownership Interest to have agreed to be bound by the
following provisions, and the rights of each Person acquiring any Ownership
Interest in a Residual Certificate are expressly subject to the following
provisions:

                  (i)      Each Person holding or acquiring any Ownership
         Interest in a Residual Certificate shall be a Permitted Transferee and
         shall promptly notify the Trustee of any change or impending change in
         its status as a Permitted Transferee.

                  (ii)     No Ownership Interest in a Residual Certificate may
         be registered on the Closing Date or thereafter transferred, and the
         Trustee shall not register the Transfer of any Residual Certificate
         unless, in addition to the certificates required to be delivered to the
         Trustee under subparagraph (b) above, the Trustee and the Depositor
         shall have been furnished with an affidavit (a "Transfer Affidavit") of
         the initial owner or the proposed transferee in the form attached
         hereto as Exhibit I.

                  (iii)    Each Person holding or acquiring any Ownership
         Interest in a Residual Certificate shall agree (A) to obtain a Transfer
         Affidavit from any other Person to whom such Person attempts to
         Transfer its Ownership Interest in a Residual Certificate, (B) to
         obtain a Transfer Affidavit from any Person for whom such Person is
         acting as nominee, trustee or agent in connection with any Transfer of
         a Residual Certificate and (C) not to Transfer its Ownership Interest
         in a Residual Certificate or to cause the Transfer of an Ownership
         Interest in a Residual Certificate to any other Person if it has actual
         knowledge that such Person is not a Permitted Transferee.

                  (iv)     Any attempted or purported Transfer of any Ownership
         Interest in a Residual Certificate in violation of the provisions of
         this Section 5.02(c) shall be absolutely null and void and shall vest
         no rights in the purported Transferee. If any purported transferee
         shall become a Holder of a Residual Certificate in violation of the
         provisions of this Section 5.02(c), then the last preceding Permitted
         Transferee shall be restored to all rights as Holder thereof
         retroactive to the date of 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 Section 5.02(b) and this Section 5.02(c) or for making
         any payments due on such Certificate to the Holder thereof or taking
         any other action with respect to such Holder under the provisions of
         this Agreement so long as the Transfer was registered after receipt of
         the related Transfer Affidavit and Transferor Certificate. The Trustee
         shall be entitled but not obligated to recover from any Holder of a
         Residual Certificate that was in fact not a Permitted Transferee at the
         time it became a Holder or, at such subsequent time as it became other
         than a Permitted Transferee, all payments made on such Residual
         Certificate at and after either such time. Any such payments so
         recovered by the Trustee shall be paid and delivered by the Trustee to
         the last preceding Permitted Transferee of such Certificate.

                  (v)      The Depositor shall use its best efforts to make
         available, upon receipt of written request from the Trustee, all
         information necessary to compute any tax imposed under Section 860E(e)
         of the Code as a result of a Transfer of an Ownership Interest in a
         Residual Certificate to any Holder who is not a Permitted Transferee.

                  The  restrictions  on Transfers of a Residual  Certificate set
forth in this Section 5.02(c) shall cease to apply (and the applicable  portions
of the  legend  on a  Residual  Certificate  may be  deleted)  with  respect  to
Transfers  occurring  after  delivery  to the  Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trust Fund, the Trustee,
the  Seller  or the  Servicers,  to the  effect  that  the  elimination  of such
restrictions  will not cause the Trust  Fund  hereunder  to fail to qualify as a
REMIC at any  time  that the  Certificates  are  outstanding  or  result  in the
imposition of any tax on the Trust Fund, a Certificateholder  or another Person.
Each  Person  holding  or  acquiring  any  Ownership   Interest  in  a  Residual
Certificate  hereby consents to any amendment of this Agreement which,  based on
an Opinion of Counsel furnished to the Trustee,  is reasonably  necessary (a) to
ensure that the record  ownership of, or any beneficial  interest in, a Residual
Certificate is not transferred,  directly or indirectly, to a Person that is not
a Permitted  Transferee and (b) to provide for a means to compel the Transfer of
a  Residual  Certificate  which  is held  by a  Person  that is not a  Permitted
Transferee to a Holder that is a Permitted Transferee.

                  (d)      The preparation and delivery of all certificates and
opinions referred to above in this Section 5.02 in connection with transfer
shall be at the expense of the parties to such transfers.

                  (e)      Except as provided below, the Book-Entry Certificates
shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of the Certificates may not be
transferred by the Trustee except to another Depository; (ii) the Depository
shall maintain book-entry records with respect to the Certificate Owners and
with respect to ownership and transfers of such Book-Entry Certificates; (iii)
ownership and transfers of registration of the Book-Entry Certificates on the
books of the Depository shall be governed by applicable rules established by the
Depository; (iv) the Depository may collect its usual and customary fees,
charges and expenses from its Depository Participants; (v) the Trustee shall
deal with the Depository, Depository Participants and indirect participating
firms as representatives of the Certificate Owners of the Book-Entry
Certificates for purposes of exercising the rights of holders under this
Agreement, and requests and directions for and votes of such representatives
shall not be deemed to be inconsistent if they are made with respect to
different Certificate Owners; and (vi) the Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect
to its Depository Participants and furnished by the Depository Participants with
respect to indirect participating firms and persons shown on the books of such
indirect participating firms as direct or indirect Certificate Owners.

                  All transfers by Certificate Owners of Book-Entry Certificates
shall be made in accordance  with the  procedures  established by the Depository
Participant  or  brokerage  firm  representing  such  Certificate   Owner.  Each
Depository   Participant   shall  only  transfer   Book-Entry   Certificates  of
Certificate  Owners it  represents  or of  brokerage  firms for which it acts as
agent in accordance with the Depository's normal procedures.

                  If (x) (i) the Depository or the Depositor advises the Trustee
in  writing  that  the  Depository  is no  longer  willing  or able to  properly
discharge  its  responsibilities  as  Depository,  and (ii) the  Trustee  or the
Depositor is unable to locate a qualified successor, (y) the Depositor, with the
consent of the Depository  Participants,  advises the Trustee in writing that it
elects to terminate the  book-entry  system  through the Depository or (z) after
the occurrence of an Event of Default,  Certificate Owners representing at least
51% of the Certificate  Balance of the Book-Entry  Certificates  together advise
the Trustee and the Depository  through the Depository  Participants  in writing
that the continuation of a book-entry system through the Depository is no longer
in the best interests of the  Certificate  Owners,  the Trustee shall notify all
Certificate Owners, through the Depository,  of the occurrence of any such event
and  of the  availability  of  definitive,  fully-registered  Certificates  (the
"Definitive  Certificates")  to Certificate  Owners  requesting  the same.  Upon
surrender to the Trustee of the related Class of Certificates by the Depository,
accompanied  by the  instructions  from the  Depository  for  registration,  the
Trustee shall issue the Definitive Certificates.

                  In  addition,  if an  Event of  Default  has  occurred  and is
continuing,  each Certificate Owner materially adversely affected thereby may at
its option request a Definitive  Certificate evidencing such Certificate Owner's
Percentage Interest in the related Class of Certificates.  In order to make such
request,  such Certificate  Owner shall,  subject to the rules and procedures of
the  Depository,  provide the Depository or the related  Depository  Participant
with  directions  for the  Trustee  to  exchange  or cause the  exchange  of the
Certificate  Owner's  interest in such Class of  Certificates  for an equivalent
Percentage  Interest in fully  registered  definitive  form. Upon receipt by the
Trustee of instruction from the Depository  directing the Trustee to effect such
exchange  (such  instructions  to  contain  information  regarding  the Class of
Certificates  and  the  Certificate  Balance  being  exchanged,  the  Depository
Participant  account to be debited with the decrease,  the registered  holder of
and  delivery  instructions  for  the  Definitive  Certificates  and  any  other
information  reasonably required by the Trustee), (i) the Trustee shall instruct
the  Depository to reduce the related  Depository  Participant's  account by the
aggregate Certificate Balance of the Definitive  Certificates,  (ii) the Trustee
shall execute, authenticate and deliver, in accordance with the registration and
delivery  instructions  provided by the  Depository,  a  Definitive  Certificate
evidencing  such  Certificate  Owner's  Percentage  Interest  in such  Class  of
Certificates  and  (iii)  the  Trustee  shall  execute  and  authenticate  a new
Book-Entry Certificate reflecting the reduction in the aggregate Class Principal
Balance  of  such  Class  of  Certificates  by  the  amount  of  the  Definitive
Certificates.

                  None  of the  Seller,  the  Servicers,  the  Depositor  or the
Trustee  shall be liable for any delay in delivery of any  instruction  required
under this section and each may conclusively  rely on, and shall be protected in
relying on, such  instructions.  The Depositor shall provide the Trustee with an
adequate  inventory of  certificates  to facilitate the issuance and transfer of
Definitive  Certificates.  Upon the  issuance  of  Definitive  Certificates  all
references  herein  to  obligations  imposed  upon  or to be  performed  by  the
Depository  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;  provided that the Trustee shall not by virtue of
its  assumption  of such  obligations  become liable to any party for any act or
failure to act of the Depository.

                  SECTION 5.03 Mutilated, Destroyed, Lost or Stolen
                               Certificates.

                  If  (a)  any  mutilated  Certificate  is  surrendered  to  the
Trustee,   or  the  Trustee  receives   evidence  to  its  satisfaction  of  the
destruction,  loss or theft of any Certificate and (b) there is delivered to the
Trustee such security or indemnity as may be required by it to hold it harmless,
then,  in the absence of notice to the Trustee  that such  Certificate  has been
acquired by a bona fide  purchaser,  the Trustee shall execute,  countersign and
deliver,  in exchange for or in lieu of any such mutilated,  destroyed,  lost or
stolen  Certificate,  a new  Certificate  of like  Class,  tenor and  Percentage
Interest.  In  connection  with the issuance of any new  Certificate  under this
Section 5.03,  the Trustee may require the payment of a sum  sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses  (including  the fees and expenses of the Trustee)  connected
therewith.  Any  replacement  Certificate  issued  pursuant to this Section 5.03
shall  constitute  complete  and  indefeasible  evidence  of  ownership,  as  if
originally  issued,  whether or not the lost,  stolen or  destroyed  Certificate
shall be found at any time.

                  SECTION 5.04 Persons Deemed Owners.

                  The  Servicers,  the Trustee and any agent of the Servicers or
the Trustee may treat the Person in whose name any  Certificate is registered as
the owner of such  Certificate  for the purpose of  receiving  distributions  as
provided in this  Agreement and for all other purposes  whatsoever,  and none of
the Servicers, the Trustee or any agent of the Servicers or the Trustee shall be
affected by any notice to the contrary.

                  SECTION 5.05 Access to List of Certificateholders' Names and
                               Addresses.

                  If  three  or  more   Certificateholders   (a)  request   such
information in writing from the Trustee, (b) state that such  Certificateholders
desire to communicate with other Certificateholders with respect to their rights
under this  Agreement or under the  Certificates,  and (c) provide a copy of the
communication  which  such  Certificateholders  propose to  transmit,  or if the
Depositor  or a Servicer  shall  request  such  information  in writing from the
Trustee,  then the Trustee shall,  within ten Business Days after the receipt of
such request, provide the Depositor, the Servicers or such Certificateholders at
such recipients' expense the most recent list of the  Certificateholders of such
Trust   Fund  held  by  the   Trustee,   if  any.   The   Depositor   and  every
Certificateholder,  by  receiving  and  holding a  Certificate,  agree  that the
Trustee shall not be held  accountable  by reason of the  disclosure of any such
information as to the list of the  Certificateholders  hereunder,  regardless of
the source from which such information was derived.

                  SECTION 5.06 Maintenance of Office or Agency.

                  The Trustee  will  maintain or cause to be  maintained  at its
expense an office or offices or agency or agencies  in New York,  New York where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee initially  designates its Corporate Trust Office for such purposes.  The
Trustee will give prompt written notice to the  Certificateholders of any change
in such location of any such office or agency.

<PAGE>

                                   ARTICLE VI

        THE DEPOSITOR, THE SELLER, THE SERVICERS AND THE SPECIAL SERVICER

                  SECTION 6.01 Respective Liabilities of the Depositor, the
                               Sellers, the Servicers and the Special Servicer.

                  The  Depositor,  the  Seller,  each  Servicer  and the Special
Servicer  shall each be liable in accordance  herewith only to the extent of the
obligations  specifically and  respectively  imposed upon and undertaken by them
herein.

                  SECTION 6.02 Merger or Consolidation of the Depositor, the
                               Seller, a Servicer or the Special Servicer.

                  The  Depositor,  the  Seller,  each  Servicer  and the Special
Servicer will each keep in full effect its existence, rights and franchises as a
corporation  under the laws of the United States or under the laws of one of the
states thereof or as a federally chartered savings bank organized under the laws
of the United States and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability  of this  Agreement,  or any of the Mortgage Loans and to perform
its respective duties under this Agreement.  Notwithstanding the foregoing,  the
Seller or a  Servicer  may be  merged or  consolidated  into  another  Person in
accordance with the following paragraph.

                  Any Person into which the Depositor, the Seller, a Servicer or
the Special Servicer may be merged or consolidated, or any Person resulting from
any merger or  consolidation  to which the Depositor,  the Seller, a Servicer or
the Special Servicer shall be a party, or any person  succeeding to the business
of the Depositor,  the Seller, a Servicer or the Special Servicer,  shall be the
successor of the Depositor,  the Seller, a Servicer or the Special Servicer,  as
the case may be, hereunder,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding,  provided,  however,  that the successor or surviving
Person with  respect to a merger or  consolidation  of a Servicer or the Special
Servicer shall be an  institution  which is a Fannie Mae or Freddie Mac approved
company in good standing. In addition to the foregoing,  there must be delivered
to the  Trustee a letter  from each of the Rating  Agencies,  to the effect that
such merger,  conversion  or  consolidation  of a Servicer  will not result in a
disqualification,  withdrawal or downgrade of the then current  rating of any of
the Certificates.

                  SECTION 6.03 Limitation on Liability of the Depositor, the
                               Seller, the Servicers, the Special Servicer and
                               Others.

                  None of the Depositor,  the Seller, any Servicer,  the Special
Servicer  nor  any  of the  directors,  officers,  employees  or  agents  of the
Depositor,  the Seller,  any Servicer or the Special Servicer shall be under any
liability to 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
Depositor,  the Seller,  any Servicer,  the Special  Servicer or any such Person
against any breach of representations or warranties made by it herein or protect
the Depositor, the Seller, any Servicer, the Special Servicer or any such Person
from any  liability  which  would  otherwise  be  imposed  by reasons of willful
misfeasance,  bad faith or negligence in the  performance of duties or by reason
of reckless  disregard of obligations and duties hereunder.  The Depositor,  the
Seller, each Servicer, the Special Servicer and any director,  officer, employee
or agent of the Depositor,  the Seller,  a Servicer or the Special  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 Depositor,
the Seller,  the Trustee,  the related  Servicer,  the Special  Servicer and any
director,  officer, employee or agent of the Depositor, the Seller, the Trustee,
the related  Servicer or the Special  Servicer shall be indemnified by the Trust
Fund out of the Collection Account and held harmless against any loss, liability
or  expense  incurred  in  connection  with any legal  action  relating  to this
Agreement  (including  the  provisions set forth in the last sentence of Section
2.01(a)) or the Certificates, other than any loss, liability or expense incurred
by reason of willful misfeasance,  bad faith or negligence in the performance of
its duties  hereunder  or by reason of reckless  disregard  of  obligations  and
duties hereunder; provided, however, with respect to the provisions set forth in
the last  sentence  of Section  2.01(a),  such  indemnification  will be without
regard  to  loss,  liability  or  expense  incurred  by  reason  of any  willful
misfeasance,  bad faith or negligence in  performance  of its duties  hereunder.
None of the Depositor, the Seller, any Servicer or the Special Servicer shall be
under any obligation to appear in,  prosecute or defend any legal action that is
not incidental to its respective  duties  hereunder and which in its opinion may
involve  it in any  expense or  liability;  provided,  however,  that any of the
Depositor,  the  Seller,  any  Servicer  or  the  Special  Servicer  may  in its
discretion  undertake any such action that it may deem necessary or desirable in
respect of this  Agreement  and the rights and duties of the parties  hereto and
interests of the Trustee and 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
Depositor,  the Seller, each Servicer and the Special Servicer shall be entitled
to be reimbursed therefor out of the Collection Account. Each Servicer's and the
Special Servicer's right to indemnity or reimbursement  pursuant to this Section
6.03 shall survive the  resignation or termination of such Servicer as set forth
herein.

                  SECTION 6.04 Limitation on Resignation of a Servicer.

                  (a)      Subject to Section 6.04(b) below, a Servicer shall
not resign from the obligations and duties hereby imposed on it except (a)(i)
upon appointment, pursuant to the provisions of Section 7.02, of a successor
servicer which (x) has a net worth of not less than $10,000,000 and (y) is a
Fannie Mae or Freddie Mac approved company in good standing and (ii) receipt by
the Trustee of a letter from each Rating Agency that such a resignation and
appointment will not result in a qualification, withdrawal or downgrading of the
then current rating of any of the Certificates, or (b) upon determination that
its duties hereunder are no longer permissible under applicable law. Any such
determination under clause (b) permitting the resignation of a Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
servicer shall have assumed such Servicer's responsibilities, duties,
liabilities and obligations hereunder and the requirements of Section 7.02 have
been satisfied.

                  (b)      Notwithstanding the foregoing and except with respect
to any IndyMac Serviced Loan, at the Seller's request, so long as it is the
owner of the servicing rights, Wilshire or Ocwen or the Special Servicer shall
resign upon the Seller's selection and appointment of a successor servicer;
provided that the Seller delivers to the Trustee the letter required by Section
6.04(a)(ii) above.

<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                  SECTION 7.01 Events of Default.

                  "Event of Default", wherever used herein, means any one of the
following events:

                  (i)      any failure by a Servicer to make any deposit or
         payment required pursuant to this Agreement which continues unremedied
         for a period of one Business Day (or, in the case of any such failure
         to make any deposit or payment due to any outbreak or escalation of
         hostilities, declaration by the United States of a national emergency
         or war or other calamity or crisis or act of god, for a period of three
         Business Days) after the date upon which written notice of such
         failure, requiring the same to be remedied, shall have been given to
         such Servicer by the Trustee or the Depositor, or to such Servicer and
         the Trustee by the Holders of Certificates having not less than 25% of
         the Voting Rights evidenced by the Certificates; or

                  (ii)     any failure by a Servicer duly to observe or perform
         in any material respect any other of the covenants or agreements on the
         part of such Servicer set forth in this Agreement, which failure or
         breach (a) materially affects the rights of the Certificateholders and
         (b) continues unremedied for a period of 30 days after the date on
         which written notice of such failure or breach, requiring the same to
         be remedied, shall have been given to such Servicer by the Trustee or
         the Depositor, or to such Servicer and the Trustee by the Holders of
         Certificates having not less than 25% of the Voting Rights evidenced by
         the Certificates; or

                  (iii)    if a representation or warranty set forth in Section
         2.03(b) or (c), as applicable, hereof shall prove to be materially
         incorrect as of the time made in any respect that materially and
         adversely affects interests of the Certificateholders, and the
         circumstances or condition in respect of which such representation or
         warranty was incorrect shall not have been eliminated or cured, within
         30 days (or, if such breach is not capable of being cured within 30
         days and provided that the related Servicer believes in good faith that
         such breach can be cured and is diligently pursuing the cure thereof,
         within 90 days) after the date on which written notice thereof shall
         have been given to the related Servicer by the Trustee for the benefit
         of the Certificateholders or by the Depositor; or

                  (iv)     failure by a Servicer to maintain, if required, its
         license to do business in any jurisdiction where the related Mortgaged
         Property is located, to the extent such failure materially and
         adversely affects the ability of such Servicer to perform its
         obligations under this Agreement; or

                  (v)      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,
         including bankruptcy, marshaling of assets and liabilities or similar
         proceedings, or for the winding-up or liquidation of its affairs, shall
         have been entered against a Servicer and such decree or order shall
         have remained in force undischarged or unstayed for a period of 60
         consecutive days; or

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

                  (vii)    any failure of a Servicer to make any Advance, to the
         extent required under Section 4.01 in the manner and at the time
         required to be made from its own funds pursuant to this Agreement and
         after receipt of notice from the Trustee, which failure continues
         unremedied after the close of business on the Business Day immediately
         preceding the related Distribution Date; or

                  (viii)   a Servicer shall admit in writing its inability to
         pay its debts generally as they become due, file a petition to take
         advantage of or commence a voluntary case under, any applicable
         insolvency, bankruptcy or reorganization statute, make an assignment
         for the benefit of its creditors, voluntarily suspend payment of its
         obligations or cease its normal business operations for three Business
         Days; or

                  (ix)     (a) either (I) the servicer rankings or ratings of a
         Servicer are downgraded two or more levels below the level in effect on
         the Closing Date by one or more of the Rating Agencies rating the
         Certificates or (II) the servicer rankings or ratings for a Servicer
         are downgraded to "below average" status by one or more of the Rating
         Agencies rating the Certificates or (b) one or more Classes of the
         Certificates are downgraded or placed on negative watch due in whole or
         in part to the performance or servicing of a Servicer.

                  Other than an Event of Default  resulting  from a failure of a
Servicer to make any  Advance,  if an Event of Default  described in clauses (i)
through  (viii) of this Section  shall occur,  then,  and in each and every such
case, so long as such Event of Default shall not have been remedied, the Trustee
may, or at the direction of the Holders of Certificates evidencing not less than
51% of the Voting  Rights  evidenced by the  Certificates,  the Trustee shall by
notice  in  writing  to such  Servicer  (with a copy  to  each  Rating  Agency),
terminate  all of the  rights  and  obligations  of  such  Servicer  under  this
Agreement  and in and to the related  Mortgage  Loans and the proceeds  thereof,
other  than its  rights  as a  Certificateholder  hereunder  (and the  rights to
reimburse itself for Advances and Servicing Advances previously made pursuant to
this  Agreement,  the right to accrued and unpaid  Servicing Fees and the rights
under Section 6.03 with respect to events occurring prior to such  termination).
If an  Event of  Default  results  from the  failure  of a  Servicer  to make an
Advance,  the Trustee  shall prior to the  Distribution  Date  occurring  in the
succeeding  calendar  month,  by  notice in  writing  to such  Servicer  and the
Depositor (with a copy to each Rating  Agency),  terminate all of the rights and
obligations of such Servicer under this Agreement prior to the Distribution Date
occurring in the succeeding  calendar  month and in and to the related  Mortgage
Loans and the  proceeds  thereof,  other than its rights as a  Certificateholder
hereunder and the rights to reimburse itself for Advances and Servicing Advances
previously  made  pursuant  to this  Agreement,  the right to accrued and unpaid
Servicing  Fees and the  rights  under  Section  6.03  with  respect  to  events
occurring prior to such termination.  If an Event of Default described in clause
(ix) of this Section occurs,  the Trustee shall, at the direction of the Seller,
by notice in writing to the related  Servicer,  terminate  all of the rights and
obligations  of such  Servicer  under this  Agreement  (other  than its right to
reimburse  itself for  Advances  and  Servicing  Advances  previously  made,  as
provided in Section 3.08, the right to accrued and unpaid Servicing Fees and the
rights  under  Section  6.03  with  respect  to events  occurring  prior to such
termination) and shall appoint as successor  Servicer the entity selected by the
Seller in accordance with Section 7.02;  provided the Seller shall first furnish
to the  Trustee a letter from each Rating  Agency that the  appointment  of such
successor  will  not  result  in a  downgrading  of  the  rating  of  any of the
Certificates.

                  Upon  receipt  by  a  Servicer  of  such  written   notice  of
termination,  all  authority and power of such  Servicer  under this  Agreement,
whether with respect to the Mortgage  Loans  serviced by it or otherwise,  shall
pass to and be vested in the Trustee or its nominee.  Upon written  request from
the Trustee,  such Servicer shall prepare,  execute and deliver to the successor
entity  designated by the Trustee any and all  documents and other  instruments,
place in such successor's possession all related Mortgage Files, and do or cause
to be done all other  acts or things  necessary  or  appropriate  to effect  the
purposes  of such  notice  of  termination,  including  but not  limited  to the
transfer  and  endorsement  or  assignment  of the  Mortgage  Loans and  related
documents, at such Servicer's sole expense. The related Servicer shall cooperate
with the  Trustee  and such  successor  in  effecting  the  termination  of such
Servicer's responsibilities and rights hereunder,  including without limitation,
the transfer to such successor for administration by it of all cash amounts, net
of unreimbursed  Advances and Servicing Advances and unpaid Servicing Fees which
shall at the time be credited by the related Servicer to the Collection  Account
or Escrow  Account or  thereafter  received  with respect to the Mortgage  Loans
serviced by it. The Trustee,  as successor  Servicer,  shall  thereupon make any
Advance.  The Trustee is hereby authorized and empowered to execute and deliver,
on behalf of the related 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 related Mortgage Loans and related documents, or otherwise.

                  SECTION 7.02 Trustee to Act; Appointment of Successor.

                  On and  after  the  time  a  Servicer  receives  a  notice  of
termination  pursuant to Section 7.01 of this Agreement or the  resignation of a
Servicer  pursuant to Section  6.04,  the Trustee  shall,  subject to and to the
extent provided herein,  be the successor to the related  Servicer,  but only in
its capacity as servicer  under this  Agreement,  and not in any other,  and the
transactions set forth herein and shall be subject to all the  responsibilities,
duties and liabilities  relating  thereto placed on the related  Servicer by the
terms and provisions  hereof and applicable law including the obligation to make
Advances pursuant to Section 4.01. As compensation  therefor,  the Trustee shall
be  entitled  to all funds  relating  to the  Mortgage  Loans  that the  related
Servicer would have been entitled to charge to the Collection Account,  provided
that the  terminated  Servicer  shall  nonetheless  be  entitled  to  payment or
reimbursement  as  provided in Section  3.08 to the extent that such  payment or
reimbursement  relates  to the  period  prior  to  termination  of  the  related
Servicer. Notwithstanding the foregoing, if the Trustee has become the successor
to a Servicer in accordance  with Section 7.01,  the Trustee may, if it shall be
unwilling to so act, or shall, if it is prohibited by applicable law from making
Advances  pursuant  to 4.01  hereof,  or if it is  otherwise  unable  to so act,
appoint,  or  petition  a  court  of  competent  jurisdiction  to  appoint,  any
established  mortgage loan servicing  institution  the appointment of which does
not adversely  affect the then current rating of the Certificates by each Rating
Agency, as the successor to a Servicer hereunder in the assumption of all or any
part of the responsibilities, duties or liabilities of a Servicer hereunder. Any
successor to a Servicer shall be an institution which is a Fannie Mae or Freddie
Mac approved  seller/servicer for first and second loans in good standing, which
has a net worth of at least $10,000,000, which is willing to service the related
Mortgage  Loans and which executes and delivers to the Depositor and the Trustee
an agreement accepting such delegation and assignment,  containing an assumption
by such Person of the rights, powers, duties, responsibilities,  obligations and
liabilities  of the  related  Servicer  (other than  liabilities  of the related
Servicer under Section 6.03 hereof  incurred prior to termination of the related
Servicer under Section 7.01 hereunder),  with like effect as if originally named
as a party to this Agreement; provided that each Rating Agency acknowledges that
its rating of the  Certificates in effect  immediately  prior to such assignment
and  delegation  will not be  qualified,  withdrawn or downgraded as a result of
such assignment and delegation. Pending appointment of a successor to a Servicer
hereunder,  the Trustee, unless the Trustee is prohibited by law from so acting,
shall,  subject to the  limitations  described  herein,  act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on the related  Mortgage  Loans as it and such  successor  shall agree;
provided, however, that no such compensation shall be in excess of the Servicing
Fee. The Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession.  Neither the
Trustee  nor any other  successor  servicer  shall be deemed to be in default by
reason  of any  failure  to make,  or any  delay  in  making,  any  distribution
hereunder  or any portion  thereof or any  failure to  perform,  or any delay in
performing,  any duties or responsibilities  hereunder, in either case caused by
the  failure of the  related  Servicer  to deliver or  provide,  or any delay in
delivering or providing, any cash, information, documents or records to it.

                  In  connection  with the  termination  or  resignation  of any
Servicer hereunder, either (i) the successor servicer,  including the Trustee if
the Trustee is acting as successor Servicer, shall represent and warrant that it
is a member of MERS in good  standing  and shall agree to comply in all material
respects with the rules and procedures of MERS in connection  with the servicing
of the  Mortgage  Loans  that  are  registered  with  MERS,  in  which  case the
predecessor Servicer shall cooperate with the successor Servicer in causing MERS
to revise its records to reflect  the  transfer of  servicing  to the  successor
Servicer as necessary under MERS' rules and regulations, or (ii) the predecessor
Servicer shall cooperate with the successor  Servicer in causing MERS to execute
and  deliver an  assignment  of  Mortgage in  recordable  form to  transfer  the
Mortgage from MERS to the Trustee and to execute and deliver such other notices,
documents  and other  instruments  as may be  necessary or desirable to effect a
transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R)
System to the successor Servicer.  The predecessor  Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor Servicer shall bear any and all fees of MERS, costs of preparing any
assignments  of  Mortgage,  and fees and  costs of  filing  any  assignments  of
Mortgage that may be required under this subsection.

                  Any  successor  to  a  Servicer   shall  give  notice  to  the
Mortgagors of such change of servicer and shall,  during the term of its service
as  servicer,  maintain  in force the policy or policies  that such  Servicer is
required to maintain pursuant to this Agreement.

                  SECTION 7.03 Notification to Certificateholders.

                  (a)      Upon any termination of or appointment of a successor
to a Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders and to each Rating Agency.

                  (b)      Within 60 days after the occurrence of any Event of
Default, the Trustee shall transmit by mail to all Certificateholders notice of
each such Event of Default hereunder actually known to the Trustee, unless such
Event of Default shall have been cured or waived.

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                  SECTION 8.01 Duties of the Trustee.

                  The Trustee,  prior to the  occurrence  of an Event of Default
and after the  curing of all  Events of Default  that may have  occurred,  shall
undertake  to perform such duties and only such duties as are  specifically  set
forth in this  Agreement.  In case an Event of Default has  occurred and remains
uncured,  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.

                  The Trustee,  upon receipt of all  resolutions,  certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee that 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.

                  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)      unless an Event of Default actually known to the
         Trustee shall have occurred and be continuing, the duties and
         obligations of the Trustee shall be determined solely by the express
         provisions of this Agreement, the Trustee shall not be liable except
         for the performance of such duties and obligations as are specifically
         set forth in this Agreement, no implied covenants or obligations shall
         be read into this Agreement against the Trustee and the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon any certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Agreement which it believed in good faith to be genuine and to
         have been duly executed by the proper authorities respecting any
         matters arising hereunder;

                  (ii)     the Trustee shall not be liable for an error of
         judgment made in good faith by a Responsible Officer or Responsible
         Officers of the Trustee, unless it shall be finally proven that the
         Trustee was negligent in ascertaining the pertinent facts; and

                  (iii)    the Trustee shall not be liable with respect to any
         action taken, suffered or omitted to be taken by it in good faith in
         accordance with the direction of Holders of Certificates evidencing not
         less than 25% of the Voting Rights of Certificates relating to the
         time, method and place of conducting any proceeding for any remedy
         available to the Trustee, or exercising any trust or power conferred
         upon the Trustee under this Agreement.

                  SECTION 8.02 Certain Matters Affecting the Trustee.

                  Except as otherwise provided in Section 8.01:

                  (i)      the Trustee may request and conclusively rely upon
         and shall be protected in acting or refraining from acting upon any
         resolution, Officers' Certificate, certificate of auditors or any other
         certificate, statement, instrument, opinion, report, notice, request,
         consent, order, appraisal, bond or other paper or document believed by
         it to be genuine and to have been signed or presented by the proper
         party or parties and the Trustee shall have no responsibility to
         ascertain or confirm the genuineness of any signature of any such party
         or parties;

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

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

                  (iv)     the Trustee shall not be bound to make any
         investigation into the facts or matters stated in any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         consent, order, approval, bond or other paper or document, unless
         requested in writing so to do by Holders of Certificates evidencing not
         less than 25% of the Voting Rights allocated to each Class of
         Certificates;

                  (v)      the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, affiliates, accountants or attorneys;

                  (vi)     the Trustee shall not be required to risk or expend
         its own funds or otherwise incur any financial liability in the
         performance of any of its duties or in the exercise of any of its
         rights or powers hereunder if it shall have reasonable grounds for
         believing that repayment of such funds or adequate indemnity against
         such risk or liability is not assured to it;

                  (vii)    the Trustee shall not be liable for any loss on any
         investment of funds pursuant to this Agreement (other than as issuer of
         the investment security);

                  (viii)   the Trustee shall not be deemed to have knowledge of
         an Event of Default until a Responsible Officer of the Trustee shall
         have received written notice thereof; and

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

                  SECTION 8.03 Trustee Not Liable for Certificates or Mortgage
                               Loans.

                  The recitals contained herein and in the Certificates shall be
taken as the statements of the Depositor or the Seller,  as the case may be, and
the Trustee assumes no responsibility for their  correctness.  The Trustee makes
no representations as to the validity or sufficiency of this Agreement or of the
Certificates  or of any  Mortgage  Loan or related  document,  or of MERS or the
MERS(R)  System,  other  than  with  respect  to  the  Trustee's  execution  and
countersignature  of the Certificates.  The Trustee shall not be accountable for
the use or application by the Depositor or any Servicer of any funds paid to the
Depositor  or a Servicer in respect of the  Mortgage  Loans or  deposited  in or
withdrawn from the Collection Account by the Depositor or a Servicer.

                  SECTION 8.04 Trustee May Own Certificates.

                  The Trustee in its individual or any other capacity may become
the  owner  or  pledgee  of  Certificates  and may  transact  business  with the
Depositor,  the Seller, any Servicer and their affiliates,  with the same rights
as it would have if it were not the Trustee.

                  SECTION 8.05 Trustee's Fees and Expenses.

                  The Trustee,  as  compensation  for its activities  hereunder,
shall be entitled to withdraw from the Certificate  Account on each Distribution
Date prior to making  distributions  pursuant to Section 4.02 an amount equal to
the  Trustee Fee for such  Distribution  Date.  The  Trustee  and any  director,
officer,  employee or agent of the Trustee shall be indemnified by the Depositor
and the Servicers,  to the extent such  indemnity  related to the failure of the
related  Servicer to perform its servicing  obligations in accordance  with this
Agreement,  and held harmless against any loss,  liability or expense (including
reasonable  attorney's  fees and expenses)  (i) incurred in connection  with any
claim or legal action  relating to (a) this Agreement  (including the provisions
set  forth  in  the  last  sentence  of  Section  2.01(a)),  (b)  the  Custodial
Agreements, (c) the Certificates, or (d) the performance of any of the Trustee's
duties hereunder,  other than any loss,  liability or expense incurred by reason
of willful misfeasance, bad faith or negligence in the performance of any of the
Trustee's  duties  hereunder  or incurred by reason of any action of the Trustee
taken  at the  direction  of the  Certificateholders;  provided,  however,  with
respect to the  provisions  set forth in the last  sentence of Section  2.01(a),
such  indemnification  will be  without  regard to loss,  liability  or  expense
incurred by reason of any willful  misfeasance,  bad faith or  negligence in the
performance of any of the Trustee's duties hereunder and (ii) resulting from any
error in any tax or information  return prepared by the related  Servicer.  Such
indemnity  shall survive the termination of this Agreement or the resignation or
removal of the Trustee hereunder.  Without limiting the foregoing, the Depositor
covenants  and  agrees,  except  as  otherwise  agreed  upon in  writing  by the
Depositor  and the Trustee,  and except for any such  expense,  disbursement  or
advance  as may  arise  from the  Trustee's  negligence,  bad  faith or  willful
misconduct,  to pay or  reimburse  the  Trustee,  for all  reasonable  expenses,
disbursements  and advances  incurred or made by the Trustee in accordance  with
any of the  provisions  of this  Agreement  with respect to: (A) the  reasonable
compensation  and the expenses and  disbursements  of its counsel not associated
with  the  closing  of the  issuance  of the  Certificates,  (B) the  reasonable
compensation,   expenses  and  disbursements  of  any  accountant,  engineer  or
appraiser that is not regularly employed by the Trustee,  to the extent that the
Trustee must engage such persons to perform acts or services  hereunder  and (C)
printing and engraving  expenses in  connection  with  preparing any  Definitive
Certificates.  Except as otherwise  provided  herein,  the Trustee  shall not be
entitled to payment or reimbursement  for any routine ongoing expenses  incurred
by the Trustee in the  ordinary  course of its duties as Trustee,  Registrar  or
agent for the Tax Matters Person hereunder or for any other expenses.

                  SECTION 8.06 Eligibility Requirements for the Trustee and
                               Custodian.

                  The Trustee  hereunder  shall at all times be a corporation or
association organized and doing business under the laws of a state or the United
States of  America,  authorized  under  such laws to  exercise  corporate  trust
powers,  having a combined capital and surplus of at least $50,000,000,  subject
to supervision  or  examination by federal or state  authority and with a credit
rating  which  would not cause  either of the Rating  Agencies  to reduce  their
respective  then current  Ratings of the  Certificates  (or having provided such
security  from  time  to time as is  sufficient  to  avoid  such  reduction)  as
evidenced in writing by each Rating Agency.  If such  corporation or 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  8.06  the  combined  capital  and  surplus  of such
corporation  or  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 the
provisions of this Section 8.06,  the Trustee  shall resign  immediately  in the
manner and with the effect  specified  in Section  8.07.  The entity  serving as
Trustee may have normal banking and trust  relationships  with the Depositor and
its affiliates or a Servicer and its affiliates;  provided,  however,  that such
entity cannot be an affiliate of the Seller,  the Depositor or a Servicer  other
than the Trustee in its role as successor to a Servicer.

                  SECTION 8.07 Resignation and Removal of the Trustee.

                  The Trustee may at any time resign and be discharged  from the
trusts hereby  created by giving written notice of resignation to the Depositor,
the Seller, each Servicer,  the Special Servicer and each Rating Agency not less
than 60 days before the date specified in such notice,  when, subject to Section
8.08, such resignation is to take effect,  and acceptance by a successor trustee
in accordance with Section 8.08 meeting the  qualifications set forth in Section
8.06. If no successor  trustee  meeting such  qualifications  shall have been so
appointed and have accepted  appointment within 30 days after the giving of such
notice of resignation or removal (as provided  below),  the resigning or removed
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

                  If at any time the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of Section 8.06 and shall fail to resign after
written  request  thereto by the Depositor,  or if at any time the Trustee shall
become incapable of acting, or shall be adjudged as 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, or a tax
is imposed  with  respect to the Trust Fund by any state in which the Trustee or
the Trust Fund is located and the imposition of such tax would be avoided by the
appointment  of a different  trustee,  then the Depositor may remove the Trustee
and appoint a successor trustee by written instrument,  in triplicate,  one copy
of which shall be delivered to the  Trustee,  one copy to each  Servicer and the
Seller and one copy to the successor trustee.

                  The  Holders of  Certificates  entitled to at least 51% of the
Voting Rights may at any time remove the Trustee and appoint a successor trustee
by written instrument or instruments,  in triplicate,  signed by such Holders or
their  attorneys-in-fact  duly  authorized,  one  complete set of which shall be
delivered by the successor Trustee to each Servicer and the Seller, one complete
set to the  Trustee  so  removed  and  one  complete  set  to the  successor  so
appointed.  Notice of any removal of the  Trustee  shall be given to each Rating
Agency by the successor trustee.  All costs and expenses incurred by the Trustee
in connection  with the removal of the Trustee without cause shall be reimbursed
to the Trustee from amounts on deposit in the Collection Account.

                  Any resignation or removal of the Trustee and appointment of a
successor  trustee  pursuant to any of the provisions of this Section 8.07 shall
become  effective upon  acceptance of  appointment  by the successor  trustee as
provided in Section 8.08.

                  SECTION 8.08 Successor Trustee.

                  Any  successor  trustee  appointed as provided in Section 8.07
shall execute,  acknowledge  and deliver to the Depositor and to its predecessor
trustee  and  each  Servicer  and  the  Seller  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 the
like  effect as if  originally  named as trustee  herein.  The  Depositor,  each
Servicer and the predecessor  trustee shall execute and deliver such instruments
and do such  other  things as may  reasonably  be  required  for more  fully and
certainly  vesting and  confirming  in the  successor  trustee all such  rights,
powers, duties, and obligations.

                  No successor  trustee shall accept  appointment as provided in
this Section 8.08 unless at the time of such acceptance  such successor  trustee
shall be eligible under the provisions of Section 8.06 and its appointment shall
not adversely affect the then current rating of the Certificates.

                  Upon  acceptance  of  appointment  by a  successor  trustee as
provided in this Section 8.08, the Depositor shall mail notice of the succession
of such trustee hereunder to all Holders of Certificates. If the Depositor fails
to mail such  notice  within 10 days  after  acceptance  of  appointment  by the
successor trustee, the successor trustee shall cause such notice to be mailed at
the expense of the Depositor.

                  SECTION 8.09 Merger or Consolidation of the Trustee.

                  Any  corporation  into  which  the  Trustee  may be  merged or
converted or with which it may be consolidated or any corporation resulting from
any merger,  conversion or  consolidation to which the Trustee shall be a party,
or any  corporation  succeeding  to the  business of the  Trustee,  shall be the
successor of the Trustee  hereunder,  provided  that such  corporation  shall be
eligible under the provisions of Section 8.06 without the execution or filing of
any paper or  further  act on the part of any of the  parties  hereto,  anything
herein to the contrary notwithstanding.

                  SECTION 8.10 Appointment of Co-Trustee or Separate Trustee.

                  Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal  requirements of any  jurisdiction in
which any part of the Trust Fund or property  securing any Mortgage  Note may at
the time be located, each Servicer and the Trustee acting jointly shall have the
power and shall  execute  and  deliver  all  instruments  to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees jointly with
the Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons,  in such capacity and for the
benefit  of the  Certificateholders,  such  title to the Trust  Fund or any part
thereof,  whichever is applicable,  and, subject to the other provisions of this
Section  8.10,  such  powers,  duties,  obligations,  rights  and trusts as each
Servicer and the Trustee may  consider  necessary  or  desirable.  If a Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request  to do so, or in the case an Event of Default  shall have  occurred
and be  continuing,  the  Trustee  alone  shall  have  the  power  to make  such
appointment.  No co-trustee or separate  trustee  hereunder shall be required to
meet the terms of eligibility  as a successor  trustee under Section 8.06 and no
notice to  Certificateholders  of the  appointment of any co-trustee or separate
trustee shall be required under Section 8.08.

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

                  (i)      To the extent necessary to effectuate the purposes of
         this Section 8.10, all rights, powers, duties and obligations conferred
         or imposed upon the Trustee shall be conferred or imposed upon and
         exercised or performed by the Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Trustee
         joining in such act), except to the extent that under any law of any
         jurisdiction in which any particular act or acts are to be performed
         (whether as Trustee hereunder or as successor to a Servicer hereunder),
         the Trustee shall be incompetent or unqualified to perform such act or
         acts, in which event such rights, powers, duties and obligations
         (including the holding of title to the applicable Trust Fund or any
         portion thereof in any such jurisdiction) shall be exercised and
         performed singly by such separate trustee or co-trustee, but solely at
         the direction of the Trustee;

                  (ii)     No trustee hereunder shall be held personally liable
         by reason of any act or omission of any other trustee hereunder and
         such appointment shall not, and shall not be deemed to, constitute any
         such separate trustee or co-trustee as agent of the Trustee;

                  (iii)    The Trustee may at any time accept the resignation of
         or remove any separate trustee or co-trustee; and

                  (iv)     The Depositor, and not the Trustee, shall be liable
         for the payment of reasonable compensation, reimbursement and
         indemnification to any such separate trustee or co-trustee.

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

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

                  SECTION 8.11 Tax Matters.

                  It is intended that the assets with respect to which the REMIC
elections  are to be made,  as set  forth in the  Preliminary  Statement,  shall
constitute,  and that the conduct of matters  relating  to each such  segregated
pool of  assets  shall be such as to  qualify  such  assets  as, a "real  estate
mortgage investment conduit" as defined in and in accordance with the Trust Fund
Provisions.  In furtherance of such intention,  the Trustee covenants and agrees
that it shall act as agent (and the Trustee is hereby appointed to act as agent)
for the Tax  Matters  Person  and on behalf  of the Trust  Fund and that in such
capacity it shall: (a) prepare and file, or cause to be prepared and filed, in a
timely manner, a U.S. Real Estate Mortgage  Investment Conduit Income Tax Return
(Form 1066 or any successor  form adopted by the Internal  Revenue  Service) and
prepare and file or cause to be  prepared  and filed with the  Internal  Revenue
Service and applicable state or local tax authorities  income tax or information
returns for each taxable year with respect to each of REMIC 1, REMIC 2 and REMIC
3  containing  such  information  and at the times  and in the  manner as may be
required  by the Code or state or local tax  laws,  regulations,  or rules,  and
furnish or cause to be furnished to Certificateholders the schedules, statements
or information at such times and in such manner as may be required thereby;  (b)
within thirty days of the Closing Date,  furnish or cause to be furnished to the
Internal Revenue  Service,  on Forms 8811 or as otherwise may be required by the
Code,  the name,  title,  address,  and telephone  number of the person that the
holders of the  Certificates may contact for tax information  relating  thereto,
together with such  additional  information as may be required by such form, and
update such information at the time or times in the manner required by the Code;
(c) make or cause to be made elections that the assets of each of REMIC 1, REMIC
2 and REMIC 3 be  treated  as a REMIC on the  federal  tax  return for its first
taxable year (and, if necessary,  under  applicable  state law); (d) prepare and
forward, or cause to be prepared and forwarded, to the Certificateholders and to
the Internal  Revenue  Service and, if  necessary,  state tax  authorities,  all
information  returns and reports as and when  required to be provided to them in
accordance  with  the  REMIC  Provisions,   including  without  limitation,  the
calculation of any original issue discount using the Prepayment Assumption;  (e)
provide information necessary for the computation of tax imposed on the transfer
of a Residual Certificate to a Person that is not a Permitted Transferee,  or an
agent  (including  a broker,  nominee  or other  middleman)  of a  Non-Permitted
Transferee,  or a pass-through entity in which a Non-Permitted Transferee is the
record holder of an interest (the  reasonable  cost of computing and  furnishing
such  information  may be charged to the Person liable for such tax); (f) to the
extent that they are under its control,  conduct matters relating to such assets
at all times that any  Certificates are outstanding so as to maintain the status
of REMIC 1, REMIC 2 and REMIC 3 as a REMIC under the REMIC  Provisions;  (g) not
knowingly or intentionally take any action or omit to take any action that would
cause the  termination  of the REMIC  status of REMIC 1, REMIC 2 or REMIC 3; (h)
pay,  from the sources  specified in the fourth  paragraph of this Section 8.11,
the amount of any federal or state tax, including  prohibited  transaction taxes
as described below,  imposed on the Trust Fund prior to its termination when and
as the same shall be due and payable (but such obligation  shall not prevent the
Trustee  or any  other  appropriate  Person  from  contesting  any  such  tax in
appropriate  proceedings  and shall not  prevent the  Trustee  from  withholding
payment  of  such  tax,  if  permitted  by  law,  pending  the  outcome  of such
proceedings);  (i) ensure that federal, state or local income tax or information
returns  shall be signed by the Trustee or such other  person as may be required
to sign such returns by the Code or state or local laws,  regulations  or rules;
(j) maintain  records  relating to the Trust Fund,  including but not limited to
the income,  expenses,  assets and liabilities thereof and the fair market value
and adjusted basis of the assets determined at such intervals as may be required
by the Code,  as may be necessary to prepare the foregoing  returns,  schedules,
statements  or  information;  and (k) as and  when  necessary  and  appropriate,
represent the Trust Fund in any administrative or judicial  proceedings relating
to an  examination or audit by any  governmental  taxing  authority,  request an
administrative  adjustment as to any taxable year of the Trust Fund,  enter into
settlement agreements with any governmental taxing agency, extend any statute of
limitations  relating to any tax item of the Trust Fund,  and  otherwise  act on
behalf of the Trust Fund in relation to any tax matter or controversy  involving
it.

                  To the extent that they are under its control,  each  Servicer
shall conduct matters relating to the assets of each REMIC at all times that any
Certificates  are  outstanding  so as to maintain the status of REMIC 1, REMIC 2
and REMIC 3 as a REMIC under the REMIC  Provisions.  No Servicer shall knowingly
or  intentionally  take any action that would cause the termination of the REMIC
status of REMIC 1, REMIC or REMIC 3.

                  In order to enable the  Trustee  to perform  its duties as set
forth  herein,  the Depositor  shall  provide,  or cause to be provided,  to the
Trustee within ten (10) days after the Closing Date all information or data that
the Trustee  requests in writing and  determines to be relevant for tax purposes
to the valuations and offering prices of the  Certificates,  including,  without
limitation,  the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee  promptly  upon  written  request  therefor  any such  additional
information or data that the Trustee may, from time to time,  reasonably request
in order to enable the  Trustee to perform its duties as set forth  herein.  The
Depositor hereby indemnifies the Trustee for any losses,  liabilities,  damages,
claims or expenses of the Trustee arising from any errors or  miscalculations of
the Trustee  that result from any  failure of the  Depositor  to provide,  or to
cause to be provided,  accurate  information  or data to the Trustee on a timely
basis.

                  In  the  event  that  any  tax  is   imposed  on   "prohibited
transactions" of the Trust Fund as defined in Section 860F(a)(2) of the Code, on
the "net  income  from  foreclosure  property"  of the Trust  Fund as defined in
Section  860G(c) of the Code,  on any  contribution  to the Trust Fund after the
Startup  Day  pursuant  to  Section  860G(d)  of the  Code,  or any other tax is
imposed, if not paid as otherwise provided for herein, such tax shall be paid by
(i) the Trustee, if any such other tax arises out of or results from a breach by
the Trustee of any of its  obligations  under this  Agreement,  (ii) the related
Servicer or the Seller,  in the case of any such minimum tax, if such tax arises
out of or results  from a breach by such  Servicer or the Seller of any of their
obligations under this Agreement or (iii) the Seller, if any such tax arises out
of or results from the Seller's obligation to repurchase a related Mortgage Loan
pursuant  to Section  2.02 or 2.03 or (iv) in all other  cases,  or in the event
that the Trustee,  the related Servicer or Seller fails to honor its obligations
under the preceding  clauses (i), (ii) or (iii),  any such tax will be paid with
amounts  otherwise to be distributed to the  Certificateholders,  as provided in
Section 4.02.

                  Neither  a  Servicer  nor the  Trustee  shall  enter  into any
arrangement  by which any of REMIC 1,  REMIC 2 or REMIC 3 will  receive a fee or
other compensation for services nor permit any of REMIC 1, REMIC 2 or REMIC 3 to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

                  SECTION 8.12 Commission Reporting.

                  (a)      The Trustee and each Servicer shall reasonably
cooperate with the Depositor in connection with the Trust's satisfying the
reporting requirements under the Exchange Act. The Trustee shall prepare on
behalf of the Depositor any Forms 8-K and 10-K customary for similar securities
as required by the Exchange Act and the rules and regulations of the Commission
thereunder, and the Depositor shall sign and the Trustee shall file (via EDGAR)
such Forms on behalf of the Depositor. The Depositor hereby grants to the
Trustee a limited power of attorney to execute and file each such document on
behalf of the Depositor. Such power of attorney shall continue until the earlier
of (i) receipt by the Trustee from the Depositor of written termination of such
power of attorney and (ii) the termination of the Trust.

                  (b)      Each Form 8-K shall be filed by the Trustee within 15
days after each Distribution Date, with a copy of the statement to the
Certificateholders for such Distribution Date as an exhibit thereto. Prior to
March 31st of the calendar year following the calendar year during which the
Closing Date occurs (or such earlier date as may be required by the Exchange Act
and the rules and regulations of the Commission), the Trustee shall file a Form
10-K, in substance as required by applicable law or applicable Commission
staff's interpretations. Such Form 10-K shall include as exhibits, each
Servicer's annual statement of compliance described under Section 3.16 and the
accountant's report described under Section 3.17, in each case to the extent
they have been timely delivered to the Trustee. If they are not so timely
delivered, the Trustee shall file an amended Form 10-K including such documents
as exhibits promptly after they are delivered to the Trustee. The Trustee shall
have no liability with respect to any failure to properly or timely prepare or
file such periodic reports resulting from or relating to the Trustee's inability
or failure to obtain any information not resulting from its own negligence or
willful misconduct. The Form 10-K shall also include a certification in the form
attached hereto as Exhibit W (the "Depositor Certification"), which shall be
signed by the senior officer of the Depositor in charge of securitization. The
Trustee shall have no responsibility to file any items other than those
specified in this Section 8.12.

                  (c)      Not later than 15 calendar days before the date on
which the Depositor's annual report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the Commission
(or, if such day is not a Business Day, the immediately preceding Business Day),
the Trustee shall sign a certification in the form attached hereto as Exhibit X
(the "Trustee Certification") for the benefit of the Depositor and its officers,
directors and affiliates regarding certain aspects of items 1 through 3 of the
Depositor Certification. In addition, the Trustee shall, subject to the
provisions of Section 8.01 and 8.02 hereof, indemnify and hold harmless the
Depositor and each Person, if any, who "controls" the Depositor within the
meaning of the Securities Act and its officers, directors and affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
arising out of or based upon a breach of the Trustee's obligations under this
Section 8.12 or any inaccuracy made in the Trustee Certification. If the
indemnification provided for in this Section 8.12(c) is unavailable or
insufficient to hold harmless such Persons, then the Trustee shall contribute to
the amount paid or payable by such Persons as a result of the losses, claims,
damages or liabilities of such Persons in such proportion as is appropriate to
reflect the relative fault of the Depositor on the one hand and the Trustee on
the other. The Trustee acknowledges that the Depositor is relying on the
Trustee's performance of its obligations under this Section 8.12 in order to
perform its obligations under Section 8.12(b) above.

                  (d)      Not later than 15 calendar days before the date on
which the Depositor's annual report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the Commission
(or, if such day is not a Business Day, the immediately preceding Business Day),
each Servicer will deliver to the Depositor and the Trustee an Officer's
Certificate for the prior calendar year in substantially the form of Exhibit Y
to this Agreement. Each Servicer agrees to indemnify and hold harmless the
Depositor, the Trustee and each Person, if any, who "controls" the Depositor or
the Trustee within the meaning of the Securities Act and their respective
officers, directors and affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs, fees and expenses that such Person may sustain
arising out of third party claims based on (i) the failure of such Servicer to
deliver or caused to be delivered when required any Officer's Certificate
pursuant to this Section 8.12(d), or (ii) any material misstatement or omission
contained in any Officer's Certificate provided pursuant to this Section
8.12(d). If an event occurs that would otherwise result in an indemnification
obligation under clauses (i) or (ii) above, but the indemnification provided for
in this Section 8.12(d) by such Servicer is unavailable or insufficient to hold
harmless such Persons, then such Servicer shall contribute to the amount paid or
payable by such Persons as a result of the losses, claims, damages or
liabilities of such Persons in such proportion as is appropriate to reflect the
relative fault of the Depositor or Trustee on the one hand and such Servicer on
the other. Each Servicer acknowledges that the Depositor and the Trustee are
relying on such Servicer's performance of its obligations under this Agreement
in order to perform their respective obligations under this Section 8.12.

                  (e)      Upon any filing with the Commission, the Trustee
shall promptly deliver to the Depositor a copy of any executed report, statement
or information.

                  (f)      If the Commission issues additional interpretative
guidance or promulgates additional rules or regulations, or if other changes in
applicable law occur, that would require the reporting arrangements, or the
allocation of responsibilities with respect thereto, described in this Section
8.12, to be conducted differently than as described, the Depositor, Servicers
and Trustee will reasonably cooperate to amend the provisions of this Section
8.12 in order to comply with such amended reporting requirements and such
amendment of this Section 8.12. Any such amendment shall be made in accordance
with Section 10.01 without the consent of the Certificateholders, and may result
in a change in the reports filed by the Trustee on behalf of the Trust under the
Exchange Act. Notwithstanding the foregoing, the Depositor, Servicers and
Trustee shall not be obligated to enter into any amendment pursuant to this
Section 8.12 that adversely affects its obligations and immunities under this
Agreement.

                  (g)      Prior to January 31 of the first year in which the
Trustee is able to do so under applicable law, the Trustee shall file a Form 15D
Suspension Notification with respect to the Trust.

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                  SECTION 9.01 Termination upon Liquidation or Purchase of the
                               Mortgage Loans.

                  Subject  to  Section  9.03  and  Section  9.04,   the  rights,
obligations and  responsibilities  of the Depositor,  the Seller, the Servicers,
the Special Servicer and the Trustee created hereunder with respect to the Trust
Fund shall terminate upon the earliest of:

                  (a)      the purchase by the Terminating Entity, at its
election, of all Mortgage Loans (and REO Properties) remaining at the price
equal to the greater of (I) the sum of (A) 100% of the Aggregate Collateral
Balance (other than in respect of REO Property) plus one month's accrued
interest thereon at the applicable Mortgage Rate, (B) with respect to any REO
Property, the lesser of (x) the appraised value of any REO Property as
determined by the higher of two independent valuations completed by two
independent companies selected by the Depositor at the expense of the Depositor
and (y) the Stated Principal Balance of each Mortgage Loan related to any REO
Property, in each case plus accrued and unpaid interest thereon at the
applicable Mortgage Rate and (C) any remaining unreimbursed Advances, Servicing
Advances and Servicing Fees payable to a Servicer (other than a Servicer that is
the Terminating Entity) and any unreimbursed Advances (made by the Trustee as a
successor Servicer), Trustee Fees and expenses payable to the Trustee (the sum
of (A), (B) and (C), collectively, the "Par Value") and (II) the Fair Market
Value;

                  (b)      the later of (i) the maturity or other liquidation
(or any Advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund and the disposition of all REO Property and (ii) the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to
this Agreement; and

                  (c)      the purchase by the Auction Purchaser of all the
Mortgage Loans and all property acquired in respect of any remaining Mortgage
Loan (the "Trust Collateral"), in each case as described below.

                  In no event shall the trusts  created hereby  continue  beyond
the earlier of (i) the  expiration of 21 years from the death of the 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  and (ii) the  Latest
Possible  Maturity  Date.  The right to  repurchase  all Mortgage  Loans and REO
Properties  pursuant to clause (a) above shall be conditioned upon the aggregate
Stated  Principal  Balance of the Mortgage Loans and the appraised  value of the
REO  Properties at the time of any such  repurchase,  aggregating  less than ten
percent of the Aggregate Collateral Balance as of the Cut-off Date.

                  If the  Terminating  Entity  has not  exercised  its  purchase
option described  above, on any Distribution  Date on or after the date on which
the aggregate Stated  Principal  Balance of the Mortgage Loans and the appraised
value  of the REO  Properties  at the time of the  purchase  is less  than  five
percent of the Aggregate Collateral Balance as of the Cut-off Date (the "Auction
Date"), the Trustee shall solicit, or cause to be solicited, good faith bids for
the  Trust  Collateral  from  at  least  three  institutions  that  are  regular
purchasers  and/or sellers in the secondary market of residential whole mortgage
loans similar to the Mortgage Loans. If the Trustee receives at least three bids
for the Trust  Collateral,  and one of such bids is equal to or greater than the
Par Value,  the Trustee shall sell the Trust  Collateral  to the highest  bidder
(the "Auction  Purchaser")  at the price offered by the Auction  Purchaser  (the
"Mortgage  Loan Auction  Price") and  following  such sale shall have no further
liability or  responsibility  therefor.  If the Trustee receives less than three
bids,  or does not  receive  any bid that is  equal to or  greater  than the Par
Value, the Trustee shall continue conducting auctions every six months until the
earlier of (a) the  completion of a successful  auction and (b) the  Terminating
Entity exercises its purchase option.  Only expenses  incurred by the Trustee in
connection with the solicitation of bids for a successful  auction  described in
this paragraph shall be payable to the Trustee, out of the Mortgage Loan Auction
Price  received in  connection  with such  successful  auction,  as described in
Section 9.02 hereof; provided, however that any indemnification rights available
to the Trustee under this Agreement in connection  with any auctions will not be
limited by this sentence.  Notwithstanding  anything to the contrary herein, the
Auction Purchaser shall not be the Depositor or DLJMC or any of their respective
affiliates.

                  SECTION 9.02 Final Distribution on the Certificates.

                  If on any  Determination  Date,  the Trustee  determines  that
there are no  Outstanding  Mortgage  Loans  and no other  funds or assets in the
Trust Fund  other  than the funds in the  Collection  Accounts  and  Certificate
Account,  the Trustee shall  promptly send a final  distribution  notice to each
Certificateholder. If the Terminating Entity above elects to terminate the Trust
Fund  pursuant to Section  9.01 or the  Auction  Purchaser  purchases  the Trust
Collateral  pursuant to Section  9.01, at least 20 days prior to the date notice
is to be mailed to the affected  Certificateholders  (the "Optional  Termination
Notice Date") such Person shall notify the Servicers and the Trustee of the date
the Terminating  Entity or the Auction  Purchaser intends to terminate the Trust
Fund and of the  applicable  repurchase  price  of the  Mortgage  Loans  and REO
Properties.

                  Notice of any  termination  of the Trust Fund,  specifying the
Distribution Date on which Certificateholders shall surrender their Certificates
for payment of the final distribution and cancellation,  shall be given promptly
by the Trustee by letter to Certificateholders  mailed not earlier than the 15th
day and not later than the 10th day preceding such final distribution.  Any such
notice shall specify (a) the Distribution Date upon which final  distribution on
the Certificates will be made upon presentation and surrender of Certificates at
the office therein designated,  (b) the amount of such final  distribution,  (c)
the location of the office or agency at which such  presentation  and  surrender
must be  made,  and (d)  that  the  Record  Date  otherwise  applicable  to such
Distribution  Date  is  not  applicable,  distributions  being  made  only  upon
presentation and surrender of the Certificates at the office therein  specified.
The Trustee shall give such notice to each Rating Agency at the time such notice
is given to Certificateholders.

                  Any  purchase by the  Terminating  Entity  pursuant to Section
9.01(a)  shall  be made  on an  Optional  Termination  Date  by  deposit  of the
applicable  purchase price into the Certificate  Account before the Distribution
Date on which such  purchase  is  effected.  Upon  receipt by the  Trustee of an
Officer's  Certificate of the Terminating Entity certifying as to the deposit of
such  purchase  price into the  Certificate  Account,  the Trustee  shall,  upon
request and at the  expense of the  Terminating  Entity  execute and deliver all
such  instruments of transfer or assignment  delivered to it by the  Terminating
Entity, in each case without recourse,  as shall be reasonably  requested by the
Terminating Entity to vest title in the Terminating Entity in the Mortgage Loans
so  purchased  and shall  transfer  or  deliver  to the  Terminating  Entity the
purchased  Mortgage Loans.  Any  distributions  on the Mortgage Loans which have
been subject to an Optional  Termination  received by the Trustee  subsequent to
(or with  respect to any period  subsequent  to) the Optional  Termination  Date
shall be promptly remitted by it to the Terminating Entity.

                  Any purchase of the Trust Collateral by the Auction  Purchaser
shall be made on an Auction Date by receipt of the Trustee of the Mortgage  Loan
Auction  Price from the Auction  Purchaser,  and deposit of such  Mortgage  Loan
Auction  Price  into  the   Certificate   Account  by  the  Trustee  before  the
Distribution  Date on which such  purchase  is  effected.  Upon  deposit of such
purchase price into the Certificate Account, the Trustee shall, upon request and
at the expense of the Auction Purchaser execute and deliver all such instruments
of transfer or assignment  delivered to it by the  Terminating  Entity,  in each
case without recourse, as shall be reasonably requested by the Auction Purchaser
to vest title in the Auction  Purchaser in the Trust Collateral so purchased and
shall  transfer  or  deliver  to  the  Auction  Purchaser  the  purchased  Trust
Collateral.

                  Upon  presentation  and  surrender  of the  Certificates,  the
Trustee shall cause the final  distribution  to the  Certificateholders  of each
Class  on the  final  Distribution  Date  to be  made  in  accordance  with  the
priorities   of   Section   4.02.   On  the   final   Distribution   Date,   the
Overcollateralization  Amount shall be distributed to the Class X-1 Certificates
in accordance with Section 4.02(b)(iv)O.  hereof. Notwithstanding the foregoing,
if the final  Distribution  Date has  occurred  as a result  of the  Terminating
Entity's  purchase of the Trust Fund pursuant to Section 9.01(a) or the purchase
of the Trust  Collateral by the Auction  Purchaser  pursuant to Section 9.01(c),
all  amounts,  if any,  in excess of the Par Value shall be  distributed  by the
Trustee directly to the Class A-RL Certificateholders.  All amounts described in
the  definition  of "Par  Value"  payable  to the  Trustee  shall be paid to the
Trustee from the proceeds of an optional  termination  or from the Mortgage Loan
Purchase Price received in connection with a successful  auction, as applicable,
prior to any distributions to Certificateholders.

                  In the event that any  affected  Certificateholders  shall not
surrender  Certificates  for  cancellation  within  six  months  after  the date
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  six  months  after the  second  notice  all the  applicable
Certificates  shall not have been surrendered for cancellation,  the Trustee may
take appropriate  steps, or may appoint an agent to take  appropriate  steps, to
contact  the  remaining   Certificateholders   concerning   surrender  of  their
Certificates,  and the cost  thereof  shall be paid out of the  funds  and other
assets  which  remain a part of the Trust  Fund.  If within  one year  after the
second notice all Certificates shall not have been surrendered for cancellation,
the Class A-R  Certificateholders  and Class  A-RL  Certificateholders  shall be
entitled to all unclaimed  funds and other assets of the Trust Fund which remain
subject  hereto and the Trustee shall be discharged  from all further  liability
with respect to the Certificates and this Agreement.

                  SECTION 9.03 Additional Termination Requirements.

                  (a)      In the event that the Optional Termination Holder
exercises its purchase option with respect to the Mortgage Loans as provided in
Section 9.01 or the Auction Purchaser purchases the Mortgage Loans pursuant to
Section 9.01, at such time as the Mortgage Loans are so purchased, the Trust
Fund shall be terminated in accordance with the following additional
requirements, unless the Trustee has been supplied with an Opinion of Counsel,
at the expense of the Depositor, to the effect that the failure to comply with
the requirements of this Section 9.03 will not (i) result in the imposition of
taxes on "prohibited transactions" on any REMIC as defined in Section 860F of
the Code, or (ii) cause REMIC 1, REMIC 2 and REMIC 3 to fail to qualify as a
REMIC at any time that any Certificates are outstanding:

                           (1)      Within 90 days prior to the final
                                    Distribution Date set forth in the notice
                                    given by the Trustee under Section 9.02, the
                                    Depositor shall prepare and the Trustee, at
                                    the expense of the Depositor, shall adopt a
                                    plan of complete liquidation within the
                                    meaning of Section 860F(a)(4) of the Code
                                    which, as evidenced by an Opinion of Counsel
                                    (which opinion shall not be an expense of
                                    the Trustee, the Tax Matters Person or the
                                    Trust Fund), meets the requirements of a
                                    qualified liquidation;

                           (2)      Within 90 days after the time of adoption of
                                    such a plan of complete liquidation, the
                                    Trustee shall sell all of the assets of the
                                    Trust Fund to the Depositor for cash in
                                    accordance with Section 9.01; and

                                            On  the  date  specified  for  final
                                    payment  of the  Certificates,  the  Trustee
                                    shall,  after  payment  of any  unreimbursed
                                    Advances, Servicing Advances, Servicing Fees
                                    or other fee  compensation  payable  to each
                                    Servicer  pursuant to this  Agreement,  make
                                    final   distributions   of   principal   and
                                    interest on the  Certificates  in accordance
                                    with Section 4.02 and  distribute or credit,
                                    or cause to be distributed  or credited,  to
                                    the Holders of the Residual Certificates all
                                    cash on hand after such final payment (other
                                    than the cash retained to meet claims),  and
                                    the  Trust  Fund  (and  any   REMIC)   shall
                                    terminate at that time.

                  (b)      The Trustee as agent for REMIC 1, REMIC 2 and REMIC 3
hereby agrees to adopt and sign such a plan of complete liquidation upon the
written request of the Depositor, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1) and to take such other action in connection
therewith as may be reasonably requested by the Depositor.

                  (c)      By their acceptance of the Certificates, the Holders
thereof hereby authorize the Depositor to prepare and the Trustee to adopt and
sign a plan of complete liquidation.

                  SECTION 9.04 Determination of the Terminating Entity.

                  (a)      If any Servicer or SPS intends to be the Terminating
Entity, such party must give written notice to the Trustee no later than thirty
(30) days prior to the Optional Termination Notice Date. Upon receiving such
notice, the Trustee shall immediately request from DLJMC and DLJMC shall deliver
to the Trustee no later than twenty-seven (27) days prior to the Optional
Termination Notice Date a letter indicating whether or not DLJMC retains the
servicing rights to any Mortgage Loan.

                  (b)      The Trustee shall determine the "Terminating Entity"
as follows:

                  (i)      DLJMC, if it is the owner of the servicing rights
         with respect to any Mortgage Loan on the Optional Termination Date;

                  (ii)     SPS, if (a) DLJMC is not the owner of the servicing
         rights with respect to any Mortgage Loan on the Optional Termination
         Date and (b) SPS is a Special Servicer with respect to any Mortgage
         Loan on the Optional Termination Date and SPS has given notice to the
         Trustee pursuant to Section 9.04(a) above;

                  (iii)    the Majority Servicer on the Optional Termination
         Date, if (a) DLJMC is not the owner of the servicing rights with
         respect to any Mortgage Loan on the Optional Termination Date and (b)
         SPS has not given notice to the Trustee pursuant to Section 9.04(a)
         above.

                  (c)      No later than twenty-five (25) days prior to the
Optional Termination Notice Date, the Trustee shall provide notice to each
Servicer that is a servicer of any of the Mortgage Loans of the identity of the
Terminating Entity.

<PAGE>

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

                  SECTION 10.01 Amendment.

                  This  Agreement  may be  amended  from  time  to  time  by the
Depositor,  each  Servicer,  the  Special  Servicer,  the Seller and the Trustee
without the consent of any of the  Certificateholders  (i) to cure any ambiguity
or mistake,  (ii) to correct any defective provision herein or to supplement any
provision  herein which may be  inconsistent  with any other  provision  herein,
(iii) to add to the duties of the Depositor, the Seller or any Servicer, (iv) to
add any other provisions with respect to matters or questions  arising hereunder
or (v) to modify, alter, amend, add to or rescind any of the terms or provisions
contained in this  Agreement;  provided that any action pursuant to clauses (iv)
or (v) above shall not, as evidenced by an Opinion of Counsel  (which Opinion of
Counsel  shall not be an expense of the Trustee or the Trust Fund,  but shall be
at the expense of the party proposing such  amendment),  adversely affect in any
material respect the interests of any Certificateholder; provided, however, that
no such  Opinion of Counsel  shall be  required  if the  Person  requesting  the
amendment  obtains a letter from each Rating  Agency  stating that the amendment
would not result in the downgrading or withdrawal of the respective ratings then
assigned  to the  Certificates;  it being  understood  and agreed  that any such
letter in and of itself will not represent a determination as to the materiality
of any such amendment and will represent a  determination  only as to the credit
issues affecting any such rating. The Trustee, the Depositor, the Seller and the
Servicers  also  may at any  time and from  time to time  amend  this  Agreement
without the consent of the Certificateholders to modify, eliminate or add to any
of its  provisions  to such  extent  as shall be  necessary  or  helpful  to (i)
maintain the  qualification of REMIC 1, REMIC 2 and REMIC 3 as a REMIC under the
Code,  (ii) avoid or minimize the risk of the imposition of any tax on the Trust
Fund  pursuant  to the Code that would be a claim at any time prior to the final
redemption of the  Certificates  or (iii) comply with any other  requirements of
the Code,  provided  that the Trustee  has been  provided an Opinion of Counsel,
which  opinion shall be an expense of the party  requesting  such opinion but in
any case shall not be an expense of the Trustee or the Trust Fund, to the effect
that such action is necessary or helpful to, as  applicable,  (i) maintain  such
qualification,  (ii) avoid or minimize the risk of the  imposition of such a tax
or (iii) comply with any such requirements of the Code.

                  This  Agreement  may also be amended  from time to time by the
Depositor,  the Servicers, the Special Servicer, the Seller and the Trustee with
the  consent  of the  Holders  of a  Majority  in  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 of Certificates;  provided,
however, that no such amendment shall (i) reduce in any manner the amount of, or
delay the timing of,  payments  required to be  distributed  on any  Certificate
without the consent of the Holder of such Certificate,  (ii) adversely affect in
any material  respect the interests of the Holders of any Class of  Certificates
in a manner other than as  described  in clause (i),  without the consent of the
Holders of Certificates of such Class evidencing,  as to such Class,  Percentage
Interests  aggregating  66%,  or  (iii)  reduce  the  aforesaid  percentages  of
Certificates the Holders of which are required to consent to any such amendment,
without the consent of the Holders of all such Certificates then outstanding.

                  Notwithstanding any contrary provision of this Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first received an Opinion of Counsel, which opinion shall not be an expense
of the  Trustee  or the Trust  Fund,  but shall be at the  expense  of the party
preparing such  amendment,  to the effect that such amendment will not cause the
imposition  of any  federal tax on the Trust Fund or the  Certificateholders  or
cause  REMIC 1,  REMIC 2 and REMIC 3 to fail to  qualify  as a REMIC at any time
that any Certificates are outstanding.

                  Promptly   after  the  execution  of  any  amendment  to  this
Agreement,  the Trustee shall furnish written notification of the substance or a
copy  of  such   amendment   to  each   Certificateholder   if  the  consent  of
Certificateholders was required and each Rating Agency.

                  It   shall   not   be    necessary    for   the   consent   of
Certificateholders  under this Section 10.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

                  Nothing in this  Agreement  shall require the Trustee to enter
into an amendment  without  receiving an Opinion of Counsel (which Opinion shall
not be an expense of the Trustee or the Trust Fund), satisfactory to the Trustee
that (i) such amendment is permitted and is not prohibited by this Agreement and
that all  requirements  for amending this Agreement have been complied with; and
(ii) either (A) the amendment does not adversely  affect in any material respect
the interests of any  Certificateholder  or (B) the  conclusion set forth in the
immediately  preceding clause (A) is not required to be reached pursuant to this
Section 10.01.

                  SECTION 10.02 Recordation of Agreement; Counterparts.

                  This Agreement is subject to  recordation  in all  appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated,  and in any other  appropriate  public  recording office or elsewhere,
such  recordation to be effected by the Depositor at its expense,  but only upon
direction by the Trustee accompanied by an Opinion of Counsel to the effect that
such  recordation  materially  and  beneficially  affects the  interests  of the
Certificateholders.

                  For  the  purpose  of  facilitating  the  recordation  of this
Agreement  as herein  provided and for other  purposes,  this  Agreement  may be
executed   simultaneously   in  any  number  of  counterparts,   each  of  which
counterparts  shall be deemed to be an  original,  and such  counterparts  shall
constitute but one and the same instrument.

                  SECTION 10.03 Governing Law.

                  THIS  AGREEMENT  SHALL BE  CONSTRUED  IN  ACCORDANCE  WITH AND
GOVERNED  BY THE  SUBSTANTIVE  LAWS  OF THE  STATE  OF NEW  YORK  APPLICABLE  TO
AGREEMENTS  MADE  AND  TO BE  PERFORMED  IN  THE  STATE  OF  NEW  YORK  AND  THE
OBLIGATIONS,   RIGHTS   AND   REMEDIES   OF   THE   PARTIES   HERETO   AND   THE
CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  SECTION 10.04 [Reserved].

                  SECTION 10.05 Notices.

                  (a)      The Trustee shall use its best efforts to promptly
provide notice to each Rating Agency with respect to each of the following of
which it has actual knowledge:

                  (i)      Any material change or amendment to this Agreement;

                  (ii)     The occurrence of any Event of Default that has not
         been cured;

                  (iii)    The resignation or termination of any Servicer or the
         Trustee and the appointment of any successor;

                  (iv)     The repurchase or substitution of Mortgage Loans
         pursuant to Sections 2.02 and 2.03; and

                  (v)      The final payment to Certificateholders.

                  (b)      In addition, the Trustee shall promptly furnish to
each Rating Agency copies of the following to the extent such items are in its
possession:

                  (i)      Each report to Certificateholders described in
         Section 4.06 and 3.19;

                  (ii)     Each annual statement as to compliance described in
         Section 3.16;

                  (iii)    Each annual independent public accountants' servicing
         report described in Section 3.17; and

                  (iv)     Any notice of a purchase of a Mortgage Loan pursuant
         to Section 2.02, 2.03 or 3.11.

                  All  directions,  demands  and notices  hereunder  shall be in
writing and shall be deemed to have been duly given when delivered to (a) in the
case of the Depositor and the Seller,  Eleven  Madison  Avenue,  4th Floor,  New
York, New York 10010, Attention:  Peter Sack (with a copy to Credit Suisse First
Boston Mortgage  Securities Corp.,  Eleven Madison Avenue,  4th Floor, New York,
New York 10010,  Attention:  Office of the General Counsel),  (b) in the case of
the Trustee, the Corporate Trust Office or such other address as the Trustee may
hereafter  furnish  to the  Depositor  and  the  Servicers,  (c) in the  case of
Wilshire,  14523 SW Millikan Way, Suite 200, Beaverton,  Oregon 97005 Attention:
Jay  Memmott,  with a copy to Stoel Rives LLP,  900 SW Fifth,  Portland,  Oregon
97204 Attention: Gary Barnum or such other address as may be hereafter furnished
in writing to the Depositor and the Trustee by the Servicer,  (d) in the case of
Ocwen,  Ocwen Federal Bank FSB, 1675 Palm Beach Lakes Blvd., West Palm Beach, FL
33401, Attention:  Secretary or such other address as may be hereafter furnished
in writing to the Depositor and the Trustee by the Servicer,  (e) in the case of
IndyMac,  3465 East Foothill Blvd.,  2nd Floor,  Pasadena,  CA 91107  Attention:
Victor Woodworth, or such other address as may be hereafter furnished in writing
to the Depositor and the Trustee by the Servicer, (f) in the case of SPS, Select
Portfolio  Servicing,  Inc,  3815  South  West  Temple,  Salt Lake  City,  Utah,
Attention:  General Counsel and (g) in the case of each of the Rating  Agencies,
the address  specified  therefor in the definition  corresponding to the name of
such Rating  Agency.  Notices to  Certificateholders  shall be deemed given when
mailed,  first class postage prepaid, to their respective addresses appearing in
the Certificate Register.

                  SECTION 10.06 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 10.07 Assignment.

                  Notwithstanding  anything to the  contrary  contained  herein,
except as provided in Sections 6.02 and 6.04, this Agreement may not be assigned
by any Servicer  without the prior written consent of the Trustee and Depositor;
provided,  however,  that neither the Depositor nor the Trustee shall consent to
any such assignment unless each Rating Agency has confirmed in writing that such
assignment will not cause a reduction or withdrawal of the ratings then assigned
by it to any Class of Certificates.

                  SECTION 10.08 Limitation on Rights of Certificateholders.

                  The death or  incapacity  of any  Certificateholder  shall not
operate to terminate  this  Agreement or the trust created  hereby,  nor entitle
such Certificateholder's legal representative or heirs to claim an accounting or
to take any action or  commence  any  proceeding  in any court for a petition or
winding  up of the  trust  created  hereby,  or  otherwise  affect  the  rights,
obligations and liabilities of the parties hereto or any of them.

                  No  Certificateholder  shall have any right to vote (except as
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth or contained in the terms of the  Certificates  be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  party by reason of any  action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

                  No  Certificateholder  shall  have any  right by  virtue or by
availing  itself of any  provisions  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 herein
provided, and unless the Holders of Certificates evidencing not less than 25% of
the Voting  Rights  evidenced by the  Certificates  shall also have made written
request to the Trustee to institute  such action,  suit or proceeding in its own
name as Trustee  hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs,  expenses,  and liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice,  request and offer of indemnity  shall have neglected or refused to
institute any such action, suit or proceeding; it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
shall have any right in any manner  whatever by virtue or by availing  itself or
themselves of any provisions of this  Agreement to affect,  disturb or prejudice
the rights of the Holders of any other of the 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
common benefit of all Certificateholders.  For the protection and enforcement of
the provisions of this Section 10.08, each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

                  SECTION 10.09 Certificates Nonassessable and Fully Paid.

                  It is the intention of the Depositor  that  Certificateholders
shall not be  personally  liable for  obligations  of the Trust  Fund,  that the
interests  in  the  Trust  Fund  represented  by  the   Certificates   shall  be
nonassessable for any reason  whatsoever,  and that the  Certificates,  upon due
authentication thereof by the Trustee pursuant to this Agreement,  are and shall
be deemed fully paid.

                  SECTION 10.10 Non-Solicitation

                  From  and  after  the  date  of  this  Agreement,  each of the
Depositor,  the Seller,  the Servicers  and the Trustee  agrees that it will not
take any  action or permit or cause any  action to be taken by any of its agents
or affiliates,  or by any independent contractors on any such party's behalf, to
personally,  by telephone,  by mail, or  electronically by e-mail or through the
internet or  otherwise,  solicit the borrower or obligor under any Mortgage Loan
to  refinance  the  Mortgage  Loan,  in whole or in  part.  Notwithstanding  the
foregoing,  it is  understood  and  agreed  that  promotions  undertaken  by the
Depositor,  the Seller, any Servicer or the Trustee or any affiliate of any such
party that originates mortgage loans in the normal course, which are directed to
the general public at large, or segments thereof, including, without limitation,
mass  mailings  based on  commercially  acquired  mailing  lists  or  newspaper,
internet,  company  website,  radio  and  television  advertisements  shall  not
constitute  solicitation under this Section 10.10, provided,  that no segment of
the general  public shall consist  primarily of the borrowers or obligors  under
the Mortgage Loans. None of the Depositor, the Seller, a Servicer or the Trustee
shall  permit  the sale of the name of any  Mortgagor  or any list of names that
consist primarily of the Mortgages to any Person.

<PAGE>

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

                           CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
                           as Depositor

                           By: /s/ Peter J. Sack
                              ------------------
                           Name:   Peter J. Sack
                           Title:  Vice President

                           JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
                           as Trustee

                           By: /s/ Annette Marsula
                              --------------------
                           Name:   Annette Marsula
                           Title:  Vice President

                           DLJ MORTGAGE CAPITAL, INC.,
                           as Seller

                           By: /s/ Tim Kuo
                              ------------
                           Name:   Tim Kuo
                           Title:  Vice President

                           WILSHIRE CREDIT CORPORATION,
                           as a Servicer

                           By: /s/ Heidi Peterson
                              -------------------
                           Name:   Heidi Peterson
                           Title:  Vice President

                           OCWEN LOAN SERVICING, LLC
                           as a Servicer

                           By: /s/ Richard Delgado
                              --------------------
                           Name:   Richard Delgado
                           Title:  Authorized Representative

                           INDYMAC BANK
                           as a Servicer

                           By: /s/ Andy Sciandra
                              ------------------
                           Name:   Andy Sciandra
                           Title:  Senior Vice President

                           SELECT PORTFOLIO SERVICING, INC.
                           as Special Servicer
                           By: /s Robert J. Holz
                              ------------------
                           Name:  Robert J. Holz
                           Title: EVP and General Counsel

                          [Notary pages to be attached]

<PAGE>

                                    EXHIBIT A

                          [FORM OF CLASS A CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

<table>
<caption>
<S>                                           <C>
Certificate No. [____]                        [Adjustable Pass-Through Rate] [Pass-Through  Rate:
                                              [______]%]

Cut-off Date:                                 Initial Certificate Balance of this Certificate
September 1, 2005                             ("Denomination"):
                                              $[____________]

First Distribution Date:                      Initial Certificate Balances of all Certificates of
August 25, 2005                               this Class:
                                              $[____________]

Maturity Date:                                CUSIP: [_________________]
[    ], 2035
</table>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                 Class [_______]

         evidencing a percentage interest in the distributions  allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting  primarily  of a pool of  conventional  mortgage  loans (the
         "Mortgage  Loans")  secured by primarily fixed rate,  primarily  second
         lien residential mortgage loans.

       CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., AS DEPOSITOR

         Principal in respect of this  Certificate is  distributable  monthly as
set forth herein.  Accordingly,  the Certificate Balance at any time may be less
than the Certificate  Balance as set forth herein.  This  Certificate is payable
solely from the assets of the Trust and does not evidence an  obligation  of, or
an  interest  in,  and is not  guaranteed  by the  Depositor,  the  Seller,  the
Servicers  or  the  Trustee  referred  to  below  or  any  of  their  respective
affiliates.  This  Certificate  and the  Mortgage  Loans are not  guaranteed  or
insured by any governmental agency or instrumentality.

         This  certifies  that [ ] is the  registered  owner  of the  Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this  Certificate by the aggregate of the  denominations  of all Certificates of
the Class to which this  Certificate  belongs) in certain monthly  distributions
with  respect  to a  Trust  Fund  consisting  primarily  of the  Mortgage  Loans
deposited  by  Credit  Suisse  First  Boston  Mortgage   Securities  Corp.  (the
"Depositor").  The Trust Fund was created  pursuant  to a Pooling and  Servicing
Agreement dated as of the Cut-off Date specified above (the  "Agreement")  among
the Depositor,  DLJ Mortgage Capital, Inc. as seller ("DLJMC"),  Wilshire Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen"),  IndyMac Bank,  F.S.B.  as a servicer  ("IndyMac",  and together with
Wilshire  and Ocwen,  the  "Servicers"),  Select  Portfolio  Servicing,  Inc. as
special  servicer  (the "Special  Servicer")  and JPMorgan  Chase Bank,  N.A. as
trustee (the "Trustee"). To the extent not defined herein, the capitalized terms
used herein have the  meanings  assigned  to such terms in the  Agreement.  This
Certificate  is  issued  under  and is  subject  to the  terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

         Reference is hereby made to the further  provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         This  Certificate  shall  not be  entitled  to any  benefit  under  the
Agreement  or be valid  for any  purpose  unless  manually  countersigned  by an
authorized signatory of the Trustee.

<PAGE>

         IN WITNESS WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated: September 30, 2005                        JPMORGAN CHASE BANK, N.A.,
                                                          as Trustee

                                                 By:_________________________

Countersigned:

By:______________________________
   Authorized Signatory of
   JPMORGAN CHASE BANK, N.A.,
   as Trustee

<PAGE>

                                    EXHIBIT B

                        [FORM OF SUBORDINATE CERTIFICATE]

         [UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR
ITS  AGENT  FOR  REGISTRATION  OF  TRANSFER,   EXCHANGE,  OR  PAYMENT,  AND  ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO  CEDE  & CO.  OR TO  SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

         SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

         [THIS  CERTIFICATE HAS NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF
1933, AS AMENDED ("THE ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION  THEREOF UNDER THE ACT MAY ONLY BE MADE IN A  TRANSACTION  EXEMPTED
FROM  THE  REGISTRATION  REQUIREMENTS  OF THE ACT  AND IN  ACCORDANCE  WITH  THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.]

         NO TRANSFER OF THIS  CERTIFICATE  TO AN EMPLOYEE  BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT (EACH A "PLAN") SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  SHALL BE MADE EXCEPT IN COMPLIANCE
WITH THE PROCEDURES DESCRIBED HEREIN.

         [THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO  CERTAIN
CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.]

<table>
<caption>
<S>                                           <C>
Certificate No. [____]                        [Adjustable Pass-Through Rate] [____% Pass-Through Rate]

Cut-off Date:                                 Initial Certificate Balance of this Certificate
September 1, 2005                             ("Denomination"):
                                              $[____________]

First Distribution Date:                      Initial Certificate Balances of all Certificates of
October 25, 2005                              this Class:
                                              $[____________]

Maturity Date:                                CUSIP: [_________________]
[    ], 2035
</table>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                 Class [_______]

         evidencing a percentage interest in the distributions  allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting  primarily  of a pool of  conventional  mortgage  loans (the
         "Mortgage  Loans")  secured by primarily fixed rate,  primarily  second
         lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this  Certificate is  distributable  monthly as
set forth herein.  Accordingly,  the Certificate Balance at any time may be less
than the Certificate  Balance as set forth herein.  This  Certificate is payable
solely from the assets of the Trust and does not evidence an  obligation  of, or
an  interest  in,  and is not  guaranteed  by the  Depositor,  the  Seller,  the
Servicers  or  the  Trustee  referred  to  below  or  any  of  their  respective
affiliates.  This  Certificate  and the  Mortgage  Loans are not  guaranteed  or
insured by any governmental agency or instrumentality.

         This  certifies  that [ ] is the  registered  owner  of the  Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this  Certificate by the aggregate of the  denominations  of all Certificates of
the Class to which this  Certificate  belongs) in certain monthly  distributions
with  respect  to a  Trust  Fund  consisting  primarily  of the  Mortgage  Loans
deposited  by  Credit  Suisse  First  Boston  Mortgage   Securities  Corp.  (the
"Depositor").  The Trust Fund was created  pursuant  to a Pooling and  Servicing
Agreement dated as of the Cut-off Date specified above (the  "Agreement")  among
the Depositor,  DLJ Mortgage Capital, Inc. as seller ("DLJMC"),  Wilshire Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen"),  IndyMac Bank,  F.S.B.  as a servicer  ("IndyMac",  and together with
Wilshire  and Ocwen,  the  "Servicers"),  Select  Portfolio  Servicing,  Inc. as
special  servicer  (the "Special  Servicer")  and JPMorgan  Chase Bank,  N.A. as
trustee (the "Trustee"). To the extent not defined herein, the capitalized terms
used herein have the  meanings  assigned  to such terms in the  Agreement.  This
Certificate  is  issued  under  and is  subject  to the  terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

         [This Certificate has not been registered under the Securities Act of
1933, as amended ("the Act"). Any resale or transfer of this Certificate without
registration thereof under the Act may only be made in a transaction exempted
from the registration requirements of the Act and in accordance with the
provisions of the Agreement referred to herein.]

         [No transfer of this  Certificate to a Plan subject to ERISA or Section
4975 of the Code,  any Person acting,  directly or indirectly,  on behalf of any
such Plan or any person using Plan Assets to acquire this  Certificate  shall be
made except in accordance with Section 5.02(d) of the Agreement.]

         Reference is hereby made to the further  provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         This  Certificate  shall  not be  entitled  to any  benefit  under  the
Agreement  or be valid  for any  purpose  unless  manually  countersigned  by an
authorized signatory of the Trustee.

<PAGE>

         IN WITNESS WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated: September 30, 2005                        JPMORGAN CHASE BANK, N.A.,
                                                          as Trustee

                                                 By:_________________________

Countersigned:

By:______________________________
   Authorized Signatory of
   JPMORGAN CHASE BANK, N.A.,
   as Trustee

<PAGE>

                                    EXHIBIT C

                         [FORM OF RESIDUAL CERTIFICATE]

         SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

         NEITHER THIS  CERTIFICATE  NOR ANY INTEREST  HEREIN MAY BE  TRANSFERRED
UNLESS THE PROPOSED  TRANSFEREE  DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN
ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

         NEITHER THIS  CERTIFICATE  NOR ANY INTEREST  HEREIN MAY BE  TRANSFERRED
UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION  LETTER TO
THE EFFECT THAT SUCH  TRANSFEREE IS NOT AN EMPLOYEE  BENEFIT PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN
SUBJECT TO SECTION 4975 OF THE CODE, OR AN OPINION OF COUNSEL IN ACCORDANCE WITH
THE  PROVISIONS OF THE AGREEMENT  REFERRED TO HEREIN.  NOTWITHSTANDING  ANYTHING
ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON
BEHALF OF AN EMPLOYEE  BENEFIT  PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE
OPINION OF COUNSEL  SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID
AND OF NO EFFECT.

<table>
<caption>
<S>                                           <C>
Certificate No. [____]                        Variable Pass-Through Rate

Cut-off Date:                                 Initial Certificate Balance of this Certificate
September 1, 2005                             ("Denomination"):
                                              $[____________]

First Distribution Date:                      Initial Certificate Balances of all Certificates of
October 25, 2005                              this Class:
                                              $[____________]

Maturity Date:                                CUSIP: [_________________]
[     ], 2035
</table>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                 Class [_______]

         evidencing  the  distributions   allocable  to  the  Class  [A-R][A-RL]
         Certificates  with  respect to a Trust Fund  consisting  primarily of a
         pool of conventional  mortgage loans (the "Mortgage  Loans") secured by
         primarily fixed rate, primarily second lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this  Certificate is  distributable  monthly as
set forth herein.  Accordingly,  the Certificate Balance at any time may be less
than the Certificate  Balance as set forth herein.  This  Certificate is payable
solely from the assets of the Trust and does not evidence an  obligation  of, or
an  interest  in,  and is not  guaranteed  by the  Depositor,  the  Seller,  the
Servicers  or  the  Trustee  referred  to  below  or  any  of  their  respective
affiliates.  This  Certificate  and the  Mortgage  Loans are not  guaranteed  or
insured by any governmental agency or instrumentality.

         This  certifies  that [ ] is the  registered  owner  of the  Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this  Certificate by the aggregate of the  denominations  of all Certificates of
the Class to which this  Certificate  belongs) in certain monthly  distributions
with  respect  to a  Trust  Fund  consisting  primarily  of the  Mortgage  Loans
deposited  by  Credit  Suisse  First  Boston  Mortgage   Securities  Corp.  (the
"Depositor").  The Trust Fund was created  pursuant  to a Pooling and  Servicing
Agreement dated as of the Cut-off Date specified above (the  "Agreement")  among
the Depositor,  DLJ Mortgage Capital, Inc. as seller ("DLJMC"),  Wilshire Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen"),  IndyMac Bank,  F.S.B.  as a servicer  ("IndyMac",  and together with
Wilshire  and Ocwen,  the  "Servicers"),  Select  Portfolio  Servicing,  Inc. as
special  servicer  (the "Special  Servicer")  and JPMorgan  Chase Bank,  N.A. as
trustee (the "Trustee"). To the extent not defined herein, the capitalized terms
used herein have the  meanings  assigned  to such terms in the  Agreement.  This
Certificate  is  issued  under  and is  subject  to the  terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

         Any  distribution of the proceeds of any remaining  assets of the Trust
Fund will be made only upon presentment and surrender of this Class  [A-R][A-RL]
Certificate at the Corporate Trust Office or the office or agency  maintained by
the Trustee in New York, New York.

         No transfer of a Class [A-R][A-RL] Certificate shall be made unless the
Trustee  shall  have  received  either  (i) a  representation  letter  from  the
transferee  of  such  Certificate,  acceptable  to and  in  form  and  substance
satisfactory  to the  Trustee,  to the  effect  that such  transferee  is not an
employee  benefit  plan  subject to Section 406 of ERISA or Section  4975 of the
Code, or a person acting on behalf of any such plan or  arrangement or using the
assets  of  any  such  plan  or  arrangement  to  effect  such  transfer,  which
representation  letter  shall not be an expense of the Trustee or the Trust Fund
or (ii) in the case of any such  Class  [A-R][A-RL]  Certificate  presented  for
registration  in the name of an  employee  benefit  plan  subject  to ERISA,  or
Section  4975  of  the  Code  (or   comparable   provisions  of  any  subsequent
enactments),  or a trustee of any such plan or any other person acting on behalf
of any such plan or arrangement,  or using such plan's or arrangement's  assets,
an Opinion of Counsel addressed to the Trustee,  for the benefit of the Trustee,
the Depositor and the Servicers and on which they may rely, and  satisfactory to
the Trustee to the effect that the purchase or holding of such Class [A-R][A-RL]
Certificate  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 and
the Code and will not subject the Trustee to any obligation in addition to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the Trustee or the Trust Fund.  Notwithstanding anything else to the contrary
herein,  any  purported  transfer of a Class  [A-R][A-RL]  Certificate  to or on
behalf of an employee  benefit  plan subject to ERISA or to the Code without the
Opinion of Counsel  satisfactory to the Trustee as described above shall be void
and of no effect.

         Each  Holder of this Class  [A-R][A-RL]  Certificate  will be deemed to
have agreed to be bound by the restrictions of the Agreement,  including but not
limited  to the  restrictions  that (i) each  person  holding or  acquiring  any
Ownership  Interest in this Class  [A-R][A-RL]  Certificate  must be a Permitted
Transferee, (ii) no Ownership Interest in this Class [A-R][A-RL] Certificate may
be transferred  without  delivery to the Trustee of (a) a transfer  affidavit of
the proposed transferee and (b) a transfer  certificate of the transferor,  each
of such  documents  to be in the form  described  in the  Agreement,  (iii) each
person  holding or acquiring  any Ownership  Interest in this Class  [A-R][A-RL]
Certificate must agree to require a transfer affidavit and to deliver a transfer
certificate  to the Trustee as required  pursuant  to the  Agreement,  (iv) each
person  holding or  acquiring an  Ownership  Interest in this Class  [A-R][A-RL]
Certificate  must agree not to  transfer  an  Ownership  Interest  in this Class
[A-R][A-RL]  Certificate if it has actual knowledge that the proposed transferee
is not a Permitted Transferee and (v) any attempted or purported transfer of any
Ownership  Interest in this Class  [A-R][A-RL]  Certificate in violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported transferee.

         Reference is hereby made to the further  provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         This  Certificate  shall  not be  entitled  to any  benefit  under  the
Agreement  or be valid  for any  purpose  unless  manually  countersigned  by an
authorized signatory of the Trustee.

<PAGE>

         IN WITNESS WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated: September 30, 2005                        JPMORGAN CHASE BANK, N.A.,
                                                          as Trustee

                                                 By:_________________________

Countersigned:

By:______________________________
   Authorized Signatory of
   JPMORGAN CHASE BANK, N.A.,
   as Trustee

<PAGE>

                                    EXHIBIT D

                      [FORM OF NOTIONAL AMOUNT CERTIFICATE]

         SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

         [THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO  CERTAIN
CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.]

         THIS  CERTIFICATE  HAS NO PRINCIPAL  BALANCE AND IS NOT ENTITLED TO ANY
DISTRIBUTIONS IN RESPECT OF PRINCIPAL.

         THIS  CERTIFICATE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF
1933, AS AMENDED ("THE ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION  THEREOF UNDER THE ACT MAY ONLY BE MADE IN A  TRANSACTION  EXEMPTED
FROM  THE  REGISTRATION  REQUIREMENTS  OF THE ACT  AND IN  ACCORDANCE  WITH  THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

         NO TRANSFER OF THIS  CERTIFICATE  TO AN EMPLOYEE  BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT (EACH A "PLAN") SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  SHALL BE MADE EXCEPT IN COMPLIANCE
WITH THE PROCEDURES DESCRIBED HEREIN.

<table>
<caption>
<S>                                           <C>
Certificate No. [____]                        Variable Interest Rate

Cut-off Date:                                 Initial Notional Amount of this Certificate
September 1, 2005                             ("Denomination"):
                                              $[______________]

First Distribution Date:                      Initial Notional Amount of all Certificates of this
October 25, 2005                              Class:
                                              $[______________]

Maturity Date:                                CUSIP: [_________________]
[   ], 2035
</table>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                    Home Equity Mortgage Trust Series 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                    Class [ ]

         evidencing a percentage interest in the distributions  allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting  primarily  of a pool of  conventional  mortgage  loans (the
         "Mortgage  Loans")  secured by primarily fixed rate,  primarily  second
         lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         This  Certificate  is payable  solely  from the assets of the Trust and
does not evidence an obligation  of, or an interest in, and is not guaranteed by
the Depositor, the Seller, the Servicers or the Trustee referred to below or any
of their respective affiliates.  This Certificate and the Mortgage Loans are not
guaranteed or insured by any governmental agency or instrumentality.

         This  certifies  that [ ] is the  registered  owner  of the  Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this  Certificate by the aggregate of the  denominations  of all Certificates of
the Class to which this  Certificate  belongs) in certain monthly  distributions
with  respect  to a  Trust  Fund  consisting  primarily  of the  Mortgage  Loans
deposited  by  Credit  Suisse  First  Boston  Mortgage   Securities  Corp.  (the
"Depositor").  The Trust Fund was created  pursuant  to a Pooling and  Servicing
Agreement dated as of the Cut-off Date specified above (the  "Agreement")  among
the Depositor,  DLJ Mortgage Capital, Inc. as seller ("DLJMC"),  Wilshire Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen",  and  together  with  Wilshire,  the  "Servicers"),  Select  Portfolio
Servicing,  Inc. as special servicer (the "Special Servicer") and JPMorgan Chase
Bank, N.A. as trustee (the  "Trustee").  To the extent not defined  herein,  the
capitalized  terms used herein have the  meanings  assigned to such terms in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

         No  transfer of a  Certificate  of this Class shall be made unless such
transfer is made pursuant to an effective  registration  statement under the Act
and any  applicable  state  securities  laws or is exempt from the  registration
requirements under said Act and such laws. In the event that a transfer is to be
in reliance  upon an  exemption  from the Act and such laws,  in order to assure
compliance with the Act and such laws, the Certificateholder  desiring to effect
such transfer and such  Certificateholder's  prospective  transferee  shall each
certify to the Trustee and the  Depositor in writing the facts  surrounding  the
transfer.  In the event that such a transfer is not to be made  pursuant to Rule
144A of the Act,  there shall be delivered  to the Trustee and the  Depositor an
Opinion of Counsel that such transfer may be made pursuant to an exemption  from
the Act,  which  Opinion of Counsel  shall not be obtained at the expense of the
Trustee,  the  Servicers  or the  Depositor;  or there shall be delivered to the
Trustee and the  Depositor a transferor  certificate  by the  transferor  and an
investment  letter  shall be  executed  by the  transferee.  The  Holder  hereof
desiring to effect such transfer shall,  and does herby agree to,  indemnify the
Trustee and the Depositor  against any liability that may result if the transfer
is not so exempt or is not made in accordance with such federal and state laws.

         No transfer of this  Certificate  to a Plan subject to ERISA or Section
4975 of the Code,  any Person acting,  directly or indirectly,  on behalf of any
such Plan or any person using Plan Assets to acquire this  Certificate  shall be
made except in accordance with Section 5.02(d) of the Agreement.

         Reference is hereby made to the further  provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         This  Certificate  shall  not be  entitled  to any  benefit  under  the
Agreement  or be valid  for any  purpose  unless  manually  countersigned  by an
authorized signatory of the Trustee.

<PAGE>

         IN WITNESS WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated: September 30, 2005                        JPMORGAN CHASE BANK, N.A.,
                                                          as Trustee

                                                 By:_________________________

Countersigned:

By:______________________________
   Authorized Signatory of
   JPMORGAN CHASE BANK, N.A.,
   as Trustee

<PAGE>

                                    EXHIBIT E

                          [FORM OF CLASS P CERTIFICATE]

         SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

         THIS  CERTIFICATE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION  THEREOF UNDER THE ACT MAY ONLY BE MADE IN A  TRANSACTION  EXEMPTED
FROM  THE  REGISTRATION  REQUIREMENTS  OF THE ACT  AND IN  ACCORDANCE  WITH  THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

         NO TRANSFER OF THIS  CERTIFICATE  TO AN EMPLOYEE  BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT (EACH A "PLAN") SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  SHALL BE MADE EXCEPT IN COMPLIANCE
WITH THE PROCEDURES DESCRIBED HEREIN.

<TABLE>
<CAPTION>
<S>                                           <C>
Certificate No. [____]                        Variable Pass-Through Rate

Cut-off Date:                                 Initial Certificate Balance of this Certificate
September 1, 2005                             ("Denomination"):
                                              $[___________]

First Distribution Date:                      Initial Certificate Balances of all Certificates of
October 25, 2005                              this Class:
                                              $[___________]

Maturity Date:                                CUSIP: [_________________]
[    ], 2035
</TABLE>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                 Class [_______]

         evidencing a percentage interest in the distributions  allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting  primarily  of a pool of  conventional  mortgage  loans (the
         "Mortgage  Loans")  secured by primarily fixed rate,  primarily  second
         lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this  Certificate is  distributable  monthly as
set forth herein.  Accordingly,  the Certificate  Balance of this Certificate at
any time may be less than the Initial  Certificate Balance set forth on the face
hereof,  as  described  herein.  This Class P  Certificate  does not evidence an
obligation of, or an interest in, and is not  guaranteed by the  Depositor,  the
Servicers  or  the  Trustee  referred  to  below  or  any  of  their  respective
affiliates.

         This  certifies  that [ ] is the  registered  owner  of the  Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this  Certificate by the aggregate of the  denominations  of all Certificates of
the Class to which this  Certificate  belongs) in certain monthly  distributions
with  respect  to a  Trust  Fund  consisting  primarily  of the  Mortgage  Loans
deposited  by  Credit  Suisse  First  Boston  Mortgage   Securities  Corp.  (the
"Depositor").  The Trust Fund was created  pursuant  to a Pooling and  Servicing
Agreement dated as of the Cut-off Date specified above (the  "Agreement")  among
the Depositor,  DLJ Mortgage Capital, Inc. as seller ("DLJMC"),  Wilshire Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen"),  IndyMac Bank,  F.S.B.  as a servicer  ("IndyMac",  and together with
Wilshire  and Ocwen,  the  "Servicers"),  Select  Portfolio  Servicing,  Inc. as
special  servicer  (the "Special  Servicer")  and JPMorgan  Chase Bank,  N.A. as
trustee (the "Trustee"). To the extent not defined herein, the capitalized terms
used herein have the  meanings  assigned  to such terms in the  Agreement.  This
Certificate  is  issued  under  and is  subject  to the  terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

         No  transfer of a  Certificate  of this Class shall be made unless such
transfer is made pursuant to an effective  registration  statement under the Act
and any  applicable  state  securities  laws or is exempt from the  registration
requirements under said Act and such laws. In the event that a transfer is to be
made in  reliance  upon an  exemption  from the Act and such  laws,  in order to
assure compliance with the Act and such laws, the Certificateholder  desiring to
effect such transfer and such  Certificateholder's  prospective transferee shall
each certify to the Trustee and the  Depositor in writing the facts  surrounding
the  transfer.  In the event that such a transfer is not to be made  pursuant to
Rule 144A of the Act,  there shall be delivered to the Trustee and the Depositor
of an Opinion of Counsel that such transfer may be made pursuant to an exemption
from the Act,  which  Opinion of Counsel shall not be obtained at the expense of
the  Trustee,  the Seller,  the  Servicers or the  Depositor;  or there shall be
delivered  to the Trustee  and the  Depositor a  transferor  certificate  by the
transferor  and an investment  letter shall be executed by the  transferee.  The
Holder hereof desiring to effect such transfer shall,  and does hereby agree to,
indemnify the Trustee and the Depositor against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal and
state laws.

         No transfer of this  Certificate  to a Plan subject to ERISA or Section
4975 of the Code,  any Person acting,  directly or indirectly,  on behalf of any
such Plan or any person using Plan Assets to acquire this  Certificate  shall be
made except in accordance with Section 5.02(d) of the Agreement.

         Reference  is hereby  made to the  further  provisions  of this Class P
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

         This Class P Certificate shall not be entitled to any benefit under the
Agreement  or be valid  for any  purpose  unless  manually  countersigned  by an
authorized signatory of the Trustee.

<PAGE>

         IN WITNESS WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

Dated: September 30, 2005                        JPMORGAN CHASE BANK, N.A.,
                                                          as Trustee

                                                 By:_________________________

Countersigned:

By:______________________________
   Authorized Signatory of
   JPMORGAN CHASE BANK, N.A.,
   as Trustee

<PAGE>

                                    EXHIBIT F

                        [FORM OF REVERSE OF CERTIFICATES]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                 Class [_______]

         This  Certificate  is one of a duly  authorized  issue of  Certificates
designated as Credit Suisse First Boston  Mortgage  Securities  Corp.,  Mortgage
Pass-Through  Certificates,  of the Series  specified on the face hereof (herein
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.

         The  Certificateholder,  by its acceptance of this Certificate,  agrees
that it will look solely to the funds on deposit in the Certificate  Account for
payment  hereunder and that the Trustee is not liable to the  Certificateholders
for any amount  payable  under this  Certificate  or the Agreement or, except as
expressly  provided  in the  Agreement,  subject  to  any  liability  under  the
Agreement.

         This  Certificate  does not  purport to  summarize  the  Agreement  and
reference is made to the Agreement for the interests,  rights and limitations of
rights,  benefits,  obligations and duties  evidenced  thereby,  and the rights,
duties and immunities of the Trustee.

         Pursuant to the terms of the Agreement,  a distribution will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day immediately following (the "Distribution Date"),  commencing on the
first  Distribution  Date  specified on the face hereof,  to the Person in whose
name this  Certificate  is registered at the close of business on the applicable
Record  Date in an  amount  equal  to the  product  of the  Percentage  Interest
evidenced  by this  Certificate  and the amount  required to be  distributed  to
Holders of Certificates of the Class to which this  Certificate  belongs on such
Distribution Date pursuant to the Agreement. [The Record Date applicable to each
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.][The Record Date applicable to each Distribution Date
is the  Business  Day  immediately  preceding  the  related  Distribution  Date;
provided  that if this  Certificate  is not a Book-Entry  Certificate,  then the
Record Date applicable to each Distribution Date is the last Business Day of the
month next preceding such Distribution Date.]

         Distributions  on this  Certificate  shall be made by wire  transfer of
immediately  available  funds to the  account of the Holder  hereof at a bank or
other entity having appropriate  facilities therefor, if such  Certificateholder
shall have so notified the Trustee in writing at least five  Business Days prior
to the  related  Record  Date  and  such  Certificateholder  shall  satisfy  the
conditions  to receive such form of payment set forth in the  Agreement,  or, if
not,   by  check   mailed  by  first   class   mail  to  the   address  of  such
Certificateholder  appearing in the Certificate Register. The final distribution
on each Certificate  will be made in like manner,  but only upon presentment and
surrender  of such  Certificate  at the  Corporate  Trust  Office or such  other
location   specified  in  the  notice  to   Certificateholders   of  such  final
distribution.

         The Agreement permits,  with certain  exceptions therein provided,  the
amendment  thereof and the  modification  of the rights and  obligations  of the
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor,  the Servicers, the Seller and the Trustee with the consent of
the Holders of Certificates  affected by such amendment evidencing the requisite
Percentage  Interest,  as provided  in the  Agreement.  Any such  consent by the
Holder of this  Certificate  shall be conclusive  and binding on such Holder and
upon all future Holders of this  Certificate and of any Certificate  issued upon
the  transfer  hereof or in exchange  therefor or in lieu hereof  whether or not
notation  of such  consent is made upon this  Certificate.  The  Agreement  also
permits the amendment  thereof,  in certain limited  circumstances,  without the
consent of the Holders of any of the Certificates.

         As provided in the Agreement and subject to certain limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register of the Trustee upon surrender of this  Certificate for  registration of
transfer at the Corporate Trust Office or the office or agency maintained by the
Trustee in New York, New York,  accompanied by a written  instrument of transfer
in form satisfactory to the Trustee and the Certificate  Registrar duly executed
by the holder hereof or such holder's  attorney duly authorized in writing,  and
thereupon  one  or  more  new  Certificates  of the  same  Class  in  authorized
denominations and evidencing the same aggregate Percentage Interest in the Trust
Fund will be issued to the designated transferee or transferees.

         The Certificates are issuable only as registered  Certificates  without
coupons  in  denominations  specified  in  the  Agreement.  As  provided  in the
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized  denominations
and  evidencing  the same  aggregate  Percentage  Interest,  as requested by the
Holder surrendering the same.

         No service charge will be made for any such registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

         The Depositor,  the Servicers, the Seller and the Trustee and any agent
of the  Depositor  or the  Trustee  may  treat  the  Person  in whose  name this
Certificate is registered as the owner hereof for all purposes,  and the Seller,
the Depositor, the Trustee, or any such agent shall be affected by any notice to
the contrary.

         On any  Distribution  Date on  which  the sum of the  aggregate  Stated
Principal  Balance  of the  Mortgage  Loans and the  appraised  value of the REO
Properties at the time of repurchase is less than 5% of the sum of the Aggregate
Collateral  Balance of the Mortgage  Loans as of the Cut-off Date,  the Optional
Termination Holder will have the option to repurchase,  in whole, from the Trust
Fund all  remaining  Mortgage  Loans  and REO  Properties  at a  purchase  price
determined as provided in the Agreement. If the Optional Termination Holder does
not exercise its option to purchase,  on any Distribution  Date on which the sum
of the  aggregate  Stated  Principal  Balance  of the  Mortgage  Loans  and  the
appraised value of the REO Properties at the time of repurchase is less than 10%
of the sum of the Aggregate  Collateral  Balance of the Mortgage Loans as of the
Cut-off Date, the Trustee shall conduct an auction and upon  satisfaction of the
conditions described in the Agreement,  the Auction Purchaser shall purchase the
Trust Collateral at a purchase price determined as provided in the Agreement. In
the event that no such optional  termination  occurs and no purchase pursuant to
an auction occurs, the obligations and responsibilities created by the Agreement
will  terminate  upon the later of the  maturity  or other  liquidation  (or any
advance with respect  thereto) of the last Mortgage Loan  remaining in the Trust
Fund and the  distribution to  Certificateholders  of all amounts required to be
distributed  pursuant to the  Agreement.  In no event,  however,  will the trust
created by the  Agreement  continue  beyond the  expiration of 21 years from the
death  of the  last  survivor  of the  descendants  living  at the  date  of the
Agreement of a certain person named in the Agreement.

         Any term used  herein that is defined in the  Agreement  shall have the
meaning  assigned  in  the  Agreement,   and  nothing  herein  shall  be  deemed
inconsistent with that meaning.

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)

the  Percentage   Interest  evidenced  by  the  within  Certificate  and  hereby
authorizes the transfer of registration of such Percentage  Interest to assignee
on the Certificate Register of the Trust Fund.

I  (We)  further  direct  the  Trustee  to  issue  a new  Certificate  of a like
denomination and Class, to the above named assignee and deliver such Certificate
to the following address:

_______________________________________________________________________________
Dated:

                                          _____________________________________
                                          Signature by or on behalf of assignor

                            DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ___________________________________________________________,
for the account of ___________________________________________________________,
account number __________ , or, if mailed by check, to ________________________
_______________________________________________________________________________
_______________________________________________________________________________
Applicable statements should be mailed to______________________________________
_______________________________________________________________________________
_______________________________________________________________________________
This information is provided by ____________________________, the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT G

                   FORM OF INITIAL CERTIFICATION OF CUSTODIAN

                                                           September 30, 2005

_______________________________
Cut-off Date Principal Balance:
$_______________

JPMorgan Chase Bank, N.A.
as  Trustee, for the
Home Equity Mortgage Pass-Through Certificates, Series 2005-4
4 New York Plaza
New York, New York 10004-2697

         Re:      [Custodial Agreement, dated as of September 1, 2005, between
                  JPMorgan Chase Bank, N.A. as Trustee and LaSalle Bank National
                  Association, as Custodian] [Custodial Agreement, dated as of
                  September 1, 2005, between JPMorgan Chase Bank, N.A. as
                  Trustee and Wells Fargo Bank, N.A. as Custodian]
                  Credit Suisse First Boston Mortgage Securities Corp., Home
                  Equity Mortgage Trust 2005-4, Home Equity Mortgage
                  Pass-Through Certificates, Series 2005-4

Ladies and Gentlemen:

         In accordance with the provisions of [Section 4 of the above-referenced
Custodial  Agreement]  [Section  2.02 of the Pooling and  Servicing  Agreement],
dated as of  September  1, 2005,  among  Credit  Suisse  First  Boston  Mortgage
Securities Corp. as depositor,  DLJ Mortgage Capital,  Inc. as seller,  Wilshire
Credit  Corporation  as a  servicer,  Ocwen Loan  Servicing,  LLC as a servicer,
IndyMac as a servicer,  Select Portfolio Servicing, Inc. as special servicer and
JPMorgan Chase Bank, N.A. as trustee, the undersigned,  as the Custodian, hereby
certifies as to each  Mortgage  Loan  identified  on the Mortgage  Loan Schedule
attached  hereto as Exhibit A that (i) it has  received:  the original  Mortgage
Note and Assignment of Mortgage with respect to each Mortgage Loan identified on
the Mortgage Loan Schedule  attached  hereto as Exhibit A and (ii) such Mortgage
Note has been reviewed by it and appears regular on its face and relates.

         The  Custodian  makes  no  representations  as to:  (i)  the  validity,
legality,  enforceability,  sufficiency, due authorization or genuineness of any
of the  documents  contained  in each  Custodial  File or of any of the Mortgage
Loans or (ii) the collectability,  insurability, effectiveness or suitability of
any such Mortgage Loan.

         The  Custodian  hereby  confirms  that it is holding each such Mortgage
Note and  Assignment  of Mortgage as agent and bailee of, and  custodian for the
exclusive  use and benefit,  and subject to the sole  direction,  of the Trustee
pursuant to the terms and conditions of the Custodial Agreement.

         This Trust  Receipt  and  Initial  Certification  is not  divisible  or
negotiable.

         The Custodian will accept and act on  instructions  with respect to the
Mortgage  Loans subject  hereto upon surrender of this Trust Receipt and Initial
Certification  at its office at [LaSalle Bank National  Association,  2571 Busse
Road,  Suite 200, Elk Grove,  Illinois,  60007] [2001 Bryon  Street,  9th Floor,
Dallas, Texas 75201].

         Capitalized  terms used herein shall have the meaning  ascribed to them
in the [Custodial Agreement] [Pooling and Servicing Agreement].

                                        [LASALLE BANK NATIONAL ASSOCIATION]
                                        [JPMORGAN CHASE BANK, N.A.]
                                        [WELLS FARGO BANK, N.A.]
                                        as Custodian

                                        By:_________________________________
                                        Name:
                                        Title:

<PAGE>

                                    EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF CUSTODIAN

Trust Receipt #_________

Cut-off Date Principal Balance
$______________

[To be addressed to the Trustee of record]
_____________________________
_____________________________

         Re:      Custodial Agreement, dated as of September 1, 2005, between
                  JPMorgan Chase Bank, N.A. as Trustee and LaSalle Bank National
                  Association, as Custodian

Ladies and Gentlemen:

         In accordance with the provisions of Section 6 of the  above-referenced
Custodial Agreement, the undersigned, as the Custodian, hereby certifies that as
to each  Mortgage  Loan listed on the  Mortgage  Loan  Schedule  (other than any
Mortgage Loan paid in full or any Mortgage Loan listed on the attachment hereto)
it has reviewed the Custodial  Files and has  determined  that (i) all documents
required to be delivered to it pursuant to Sections  2(i)-(ix) of the  Custodial
Agreement are in its  possession;  (ii) such  documents have been reviewed by it
and appear  regular on their face and related to such Mortgage  Loan;  (iii) all
Assignments of Mortgage or intervening  assignments of mortgage,  as applicable,
have been  submitted for recording in the  jurisdictions  in which  recording is
necessary;  and (iv) each Mortgage Note has been endorsed as provided in Section
2(ii)  of the  Custodial  Agreement  and each  Mortgage  has  been  assigned  in
accordance with Section 2(iii) of the Custodial  Agreement.  The Custodian makes
no representations as to: (i) validity, legality,  enforceability,  sufficiency,
due  authorization  or  genuineness  of any of the  documents  contained in each
Custodial  File or of any of the  Mortgage  Loans,  or (ii) the  collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.

         The Custodian  hereby  confirms that it is holding each such  Custodial
File as agent and bailee of, and  custodian  for the  exclusion use and benefit,
and  subject  to the sole  direction,  of  Trustee  pursuant  to the  terms  and
conditions of the Custodial Agreement.

         This  Trust  Receipt  and  Final  Certification  is  not  divisible  or
negotiable.

         The Custodian will accept and act on  instructions  with respect to the
Mortgage  Loans  subject  hereto upon  surrender of this Trust Receipt and Final
Certification  at its office at LaSalle Bank  National  Association:  2571 Busse
Road, Suite 200, Elk Grove, Illinois, 60007.

         Capitalized  terms used herein shall have the meaning  ascribed to them
in the Custodial Agreement.

                                              LASALLE BANK NATIONAL ASSOCIATION,
                                              as Custodian

                                              By:______________________
                                              Name:
                                              Title:

<PAGE>

                                    EXHIBIT I

                               TRANSFER AFFIDAVIT

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4
                                 Class [_______]

STATE OF          )
                  ) ss.:
COUNTY OF         )

         The undersigned, being first duly sworn, deposes and says as follows:

         1.       The undersigned is an officer of _______________, the proposed
Transferee of an Ownership Interest in a Class [A-R][A-RL] Certificate (the
"Certificate") issued pursuant to the Pooling and Servicing Agreement, (the
"Agreement"), relating to the above-referenced Series, among Credit Suisse First
Boston Mortgage Securities Corp. as depositor, DLJ Mortgage Capital, Inc. as
seller ("DLJMC"), Wilshire Credit Corporation as a servicer ("Wilshire"), Ocwen
Loan Servicing, LLC as a servicer ("Ocwen"), IndyMac Bank, F.S.B. as a servicer
("IndyMac"), Select Portfolio Servicing, Inc. as special servicer and JPMorgan
Chase Bank, N.A. as trustee (the "Trustee"). Capitalized terms used, but not
defined herein or in Exhibit 1 hereto, shall have the meanings ascribed to such
terms in the Agreement. The Transferee has authorized the undersigned to make
this affidavit on behalf of the Transferee.

         2.       The Transferee is, as of the date hereof, and will be, as of
the date of the Transfer, a Permitted Transferee. The Transferee is acquiring
its Ownership Interest in the Certificate either (i) for its own account or (ii)
as nominee, trustee or agent for another Person and has attached hereto an
affidavit from such Person in substantially the same form as this affidavit. The
Transferee has no knowledge that any such affidavit is false.

         3.       The Transferee has been advised of, and understands that (i) a
tax will be imposed on Transfers of the Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if
such Transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that
such subsequent Transferee is a Permitted Transferee and, at the time of
Transfer, such Person does not have actual knowledge that the affidavit is
false.

         4.       The Transferee has been advised of, and understands that a tax
will be imposed on a "pass-through entity" holding the Certificate if at any
time during the taxable year of the pass-through entity a Person that is not a
Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is a Permitted Transferee and the pass-through
entity does not have actual knowledge that such affidavit is false. (For this
purpose, a "pass-through entity" includes a regulated investment company, a real
estate investment trust or common trust fund, a partnership, trust or estate,
and certain cooperatives and, except as may be provided in Treasury Regulations,
persons holding interests in pass-through entities as a nominee for another
Person.)

         5.       The Transferee has reviewed the provisions of Section 5.02(c)
of the Agreement (attached hereto as Exhibit 2 and incorporated herein by
reference) and understands the legal consequences of the acquisition of an
Ownership Interest in the Certificate including, without limitation, the
restrictions on subsequent Transfers and the provisions regarding voiding the
Transfer and mandatory sales. The Transferee expressly agrees to be bound by and
to abide by the provisions of Section 5.02(c) of the Agreement and the
restrictions noted on the face of the Certificate. The Transferee understands
and agrees that any breach of any of the representations included herein shall
render the Transfer to the Transferee contemplated hereby null and void.

         6.       The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to Transfer its Ownership Interest in the
Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, the
Transferee agrees to deliver to the Trustee a certificate substantially in the
form set forth as EXHIBIT J to the Agreement (a "Transferor Certificate") to the
effect that such Transferee has no actual knowledge that the Person to which the
Transfer is to be made is not a Permitted Transferee.

         7.       The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect to
the Certificate.

         8.       The Transferee's taxpayer identification number is
[_____________].

         9.       The Transferee is a United States Person.

         10.      The Transferee is aware that the Certificate may be a
"noneconomic residual interest" within the meaning of proposed Treasury
regulations promulgated pursuant to the Code and that the transferor of a
noneconomic residual interest will remain liable for any taxes due with respect
to the income on such residual interest, unless no significant purpose of the
transfer was to impede the assessment or collection of tax.

         11.      The Transferee is (a) not an employee benefit plan that is
subject to ERISA or a plan that is subject to Section 4975 of the Code, and the
Transferee is not acting on behalf of such a plan or (b) an employee benefit
plan that is subject to ERISA or a plan that is subject to Section 4975 of the
Code, and the Transferee is not acting on behalf of such a plan and will provide
an Opinion of Counsel in accordance with the provisions of Agreement.

                                      * * *

<PAGE>

         IN WITNESS  WHEREOF,  the Transferee  has caused this  instrument to be
executed on its behalf,  pursuant to authority of its Board of Directors, by its
duly  authorized  officer and its corporate  seal to be hereunto  affixed,  duly
attested, this _____ day of _____________, 20___.

                                              __________________________________
                                              Print Name of Transferee

                                              By:_______________________________
                                              Name:
                                              Title:
[Corporate Seal]

ATTEST:

_____________________
[Assistant] Secretary

         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
Transferee,  and acknowledged that he executed the same as his free act and deed
and the free act and deed of the Transferee.

         Subscribed  and sworn  before me this  ______  day of  _______________,
20___.

                                              _________________________________
                                              NOTARY PUBLIC

                                              My Commission expires the _____
                                              day of _________________, 20___.

<PAGE>

                                    EXHIBIT 1
                                       to
                                    EXHIBIT I

Certain Definitions

         "Ownership Interest": As to any Residual Certificate,  any ownership or
security interest in such Certificate including any interest in such Certificate
as the  Holder  thereof  and any  other  interest  therein,  whether  direct  or
indirect, legal or beneficial.

         "Permitted  Transferee":  Any person other than (i) the United  States,
any State or political  subdivision thereof, or any agency or instrumentality of
any of the foregoing, (ii) a foreign government,  International  Organization or
any agency or instrumentality of either of the foregoing,  (iii) an organization
(except  certain  farmers'  cooperatives  described  in section 521 of the Code)
which is exempt  from tax  imposed by Chapter 1 of the Code  (including  the tax
imposed by section 511 of the Code on unrelated  business taxable income) on any
excess inclusions (as defined in section 860E(c)(1) of the Code) with respect to
any  Residual  Certificate,  (iv)  rural  electric  and  telephone  cooperatives
described  in  section  1381(a)(2)(C)  of the Code,  (v) a Person  that is not a
United States Person, and (vi) a Person designated as a non-Permitted Transferee
by the  Depositor  based  upon an Opinion of  Counsel  that the  Transfer  of an
Ownership Interest in a Residual  Certificate to such Person may cause any REMIC
created  hereunder  to  fail  to  qualify  as a  REMIC  at  any  time  that  the
Certificates   are   outstanding.   The  terms  "United   States,"  "State"  and
"International  Organization"  shall have the meanings set forth in section 7701
of the Code or successor  provisions.  A  corporation  will not be treated as an
instrumentality  of the United  States or of any State or political  subdivision
thereof for these purposes if all of its activities are subject to tax and, with
the  exception  of  Freddie  Mac, a majority  of its board of  directors  is not
selected by such government unit.

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

         "Transfer": Any direct or indirect transfer or sale of any Ownership
Interest in a Residual Certificate.

<PAGE>

                                    EXHIBIT 2
                                       to
                                    EXHIBIT I

                        Section 5.02(c) of the Agreement
                        --------------------------------

         Each  Person  who  has or who  acquires  any  Ownership  Interest  in a
Residual  Certificate  shall be deemed by the  acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following  provisions,  and
the  rights of each  Person  acquiring  any  Ownership  Interest  in a  Residual
Certificate are expressly subject to the following provisions:

         (i)      Each Person holding or acquiring any Ownership Interest in a
Residual Certificate shall be a Permitted Transferee and shall promptly notify
the Trustee of any change or impending change in its status as a Permitted
Transferee.

         (ii)     No Ownership Interest in a Residual Certificate may be
registered on the Closing Date or thereafter transferred, and the Trustee shall
not register the Transfer of any Residual Certificate unless, in addition to the
certificates required to be delivered to the Trustee under subparagraph (b)
above, the Trustee shall have been furnished with an affidavit (a "Transfer
Affidavit") of the initial owner or the proposed transferee in the form attached
hereto as Exhibit I.

         (iii)    Each Person holding or acquiring any Ownership Interest in a
Residual Certificate shall agree (A) to obtain a Transfer Affidavit from any
other Person to whom such Person attempts to Transfer its Ownership Interest in
a Residual Certificate, (B) to obtain a Transfer Affidavit from any Person for
whom such Person is acting as nominee, trustee or agent in connection with any
Transfer of a Residual Certificate and (C) not to Transfer its Ownership
Interest in a Residual Certificate or to cause the Transfer of an Ownership
Interest in a Residual Certificate to any other Person if it has actual
knowledge that such Person is not a Permitted Transferee.

         (iv)     Any attempted or purported Transfer of any Ownership Interest
in a Residual Certificate in violation of the provisions of this Section 5.02(c)
shall be absolutely null and void and shall vest no rights in the purported
Transferee. If any purported transferee shall become a Holder of a Residual
Certificate in violation of the provisions of this Section 5.02(c), then the
last preceding Permitted Transferee shall be restored to all rights as Holder
thereof retroactive to the date of 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 Section 5.02(b) and this Section 5.02(c) or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the Transfer
was registered after receipt of the related Transfer Affidavit and Transferor
Certificate. The Trustee shall be entitled but not obligated to recover from any
Holder of a Residual Certificate that was in fact not a Permitted Transferee at
the time it became a Holder or, at such subsequent time as it became other than
a Permitted Transferee, all payments made on such Residual Certificate at and
after either such time. Any such payments so recovered by the Trustee shall be
paid and delivered by the Trustee to the last preceding Permitted Transferee of
such Certificate.

         (v)      The Depositor shall use its best efforts to make available,
upon receipt of written request from the Trustee, all information necessary to
compute any tax imposed under Section 860E(e) of the Code as a result of a
Transfer of an Ownership Interest in a Residual Certificate to any Holder who is
not a Permitted Transferee.

                  The restrictions on Transfers of a Residual Certificate set
forth in this Section 5.02(c) shall cease to apply (and the applicable portions
of the legend on a Residual Certificate may be deleted) with respect to
Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trust Fund, the Trustee,
the Seller or the Servicers, to the effect that the elimination of such
restrictions will not cause the Trust Fund hereunder to fail to qualify as a
REMIC at any time that the Certificates are outstanding or result in the
imposition of any tax on the Trust Fund, a Certificateholder or another Person.
Each Person holding or acquiring any Ownership Interest in a Residual
Certificate hereby consents to any amendment of this Agreement which, based on
an Opinion of Counsel furnished to the Trustee, is reasonably necessary (a) to
ensure that the record ownership of, or any beneficial interest in, a Residual
Certificate is not transferred, directly or indirectly, to a Person that is not
a Permitted Transferee and (b) to provide for a means to compel the Transfer of
a Residual Certificate which is held by a Person that is not a Permitted
Transferee to a Holder that is a Permitted Transferee.

<PAGE>

                                    EXHIBIT J

                         FORM OF TRANSFEROR CERTIFICATE

__________, 200__

Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Peter Sack

JPMorgan Chase Bank, N.A.
4 New York Plaza
New York, New York 10004

         Re:      Credit Suisse First Boston Mortgage Securities Corp., Home
                  Equity Mortgage Trust 2005-4 Home Equity Mortgage Pass-Through
                  Certificates, Series 2005-4, Class [___]

Ladies and Gentlemen:

         In connection with our disposition of the above Certificates we certify
that (a) we understand that the Certificates  have not been registered under the
Securities Act of 1933, as amended (the "Act"),  and are being disposed by us in
a transaction that is exempt from the  registration  requirements of the Act and
(b) we have not offered or sold any  Certificates to, or solicited offers to buy
any Certificates  from, any person,  or otherwise  approached or negotiated with
any person with respect thereto,  in a manner that would be deemed, or taken any
other action which would result in, a violation of Section 5 of the Act.

                                              Very truly yours,

                                              _________________________________
                                              Print Name of Transferor

                                              By:______________________________
                                                 Authorized Officer

<PAGE>

                                    EXHIBIT K

                    FORM OF INVESTMENT LETTER (NON-RULE 144A)

__________, 200__

Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Peter Sack

JPMorgan Chase Bank, N.A.
4 New York Plaza
New York, New York 10004

         Re:      Credit Suisse First Boston Mortgage Securities Corp., Home
                  Equity Mortgage Trust 2005-4 Home Equity Mortgage Pass-Through
                  Certificates, Series 2005-4, Class [___]

Ladies and Gentlemen:

         In connection with our acquisition of the above Certificates we certify
that (a) we understand that the  Certificates are not being registered under the
Securities Act of 1933, as amended (the "Act"), or any state securities laws and
are  being  transferred  to  us  in  a  transaction  that  is  exempt  from  the
registration  requirements  of  the  Act  and  any  such  laws,  (b)  we  are an
insitutional  "accredited  investor,"  as defined in Regulation D under the Act,
and have such knowledge and experience in financial and business matters that we
are  capable  of  evaluating   the  merits  and  risks  of  investments  in  the
Certificates,  (c) we have had the  opportunity  to ask questions of and receive
answers from the Depositor  concerning the purchase of the  Certificates and all
matters relating thereto or any additional  information  deemed necessary to our
decision to purchase the  Certificates,  (d) we are not an employee benefit plan
that is subject to the  Employee  Retirement  Income  Security  Act of 1974,  as
amended,  or a plan  or  arrangement  that is  subject  to  Section  4975 of the
Internal  Revenue Code of 1986,  as amended,  nor are we acting on behalf of any
such  plan or  arrangement  nor are we using  the  assets  of any  such  plan or
arrangement  to effect such  acquisition  or we have provided the opinion letter
set forth in section 5.02 of the Pooling and  Servicing  Agreement  [FOR CLASS B
CERTIFICATES  ONLY: or all of the following are true and correct:  (i) we are an
insurance  company and the source of funds used to purchase such Certificates is
an "insurance  company  general  account" (as such term is defined in Prohibited
Transaction Class Exemption 95-60 ("PTCE 95-60")), (ii) the conditions set forth
in  Sections I and III of PTCE 95-60 have been  satisfied  and (iii) there is no
Plan with  respect to which the amount of such  general  account's  reserves and
liabilities  for contracts held by or on behalf of such Plan and all other Plans
maintained by the same employer (or any  affiliate  thereof,  as defined in PTCE
95-60)  or by the same  employee  organization  exceed  10% of the  total of all
reserves and  liabilities  of such  general  account (as  determined  under PTCE
95-60)  as of the  date of the  acquisition  of such  Certificates),  (f) we are
acquiring the  Certificates  for  investment  for our own account and not with a
view to any  distribution  of such  Certificates  (but without  prejudice to our
right  at all  times  to  sell  or  otherwise  dispose  of the  Certificates  in
accordance  with  clause  (h)  below),  (g) we have  not  offered  or  sold  any
Certificates to, or solicited  offers to buy any Certificates  from, any person,
or otherwise  approached or negotiated with any person with respect thereto,  or
taken any other  action  which would  result in a violation  of Section 5 of the
Act, and (h) we will not sell, transfer or otherwise dispose of any Certificates
unless (1) such sale,  transfer  or other  disposition  is made  pursuant  to an
effective   registration  statement  under  the  Act  or  is  exempt  from  such
registration  requirements,  and if requested, we will at our expense provide an
opinion of counsel  satisfactory to the addressees of this Certificate that such
sale,  transfer or other  disposition  may be made pursuant to an exemption from
the Act, (2) the purchaser or transferee  of such  Certificate  has executed and
delivered  to you a  certificate  to  substantially  the  same  effect  as  this
certificate, and (3) the purchaser or transferee has otherwise complied with any
conditions for transfer set forth in the Pooling and Servicing Agreement.

                                              Very truly yours,

                                              _________________________________
                                              Print Name of Transferee

                                              By:______________________________
                                                 Authorized Officer

<PAGE>

                                    EXHIBIT L

                            FORM OF RULE 144A LETTER

____________, 200__
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Peter Sack

JPMorgan Chase Bank, N.A.
4 New York Plaza
New York, New York 10004

         Re:      Credit Suisse First Boston Mortgage Securities Corp., Home
                  Equity Mortgage Trust 2005-4 Home Equity Mortgage Pass-Through
                  Certificates, Series 2005-4, Class [___]

Ladies and Gentlemen:

         In connection with our acquisition of the above Certificates we certify
that (a) we understand that the  Certificates are not being registered under the
Securities Act of 1933, as amended (the "Act"), or any state securities laws and
are  being  transferred  to  us  in  a  transaction  that  is  exempt  from  the
registration  requirements  of the Act  and  any  such  laws,  (b) we have  such
knowledge and  experience in financial and business  matters that we are capable
of evaluating the merits and risks of investments  in the  Certificates,  (c) we
have had the  opportunity  to ask  questions  of and  receive  answers  from the
Depositor  concerning the purchase of the  Certificates and all matters relating
thereto or any  additional  information  deemed  necessary  to our  decision  to
purchase  the  Certificates,  (d) we are not an  employee  benefit  plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan or arrangement that is subject to Section 4975 of the Internal Revenue Code
of 1986, as amended, nor are we acting on behalf of any such plan or arrangement
nor using the assets of any such plan or arrangement to effect such  acquisition
or we have provided the opinion  letter set forth in section 5.02 of the Pooling
and Servicing  Agreement [FOR CLASS B CERTIFICATES ONLY: or all of the following
are true and correct:  (i) we are an  insurance  company and the source of funds
used to purchase such Certificates is an "insurance company general account" (as
such term is defined in  Prohibited  Transaction  Class  Exemption  95-60 ("PTCE
95-60")), (ii) the conditions set forth in Sections I and III of PTCE 95-60 have
been  satisfied  and (iii) there is no Plan with  respect to which the amount of
such general  account's  reserves and  liabilities  for contracts  held by or on
behalf of such Plan and all other Plans  maintained by the same employer (or any
affiliate  thereof,   as  defined  in  PTCE  95-60)  or  by  the  same  employee
organization  exceed 10% of the total of all  reserves and  liabilities  of such
general  account  (as  determined  under  PTCE  95-60)  as of  the  date  of the
acquisition of such Certificates), (e) we have not, nor has anyone acting on our
behalf  offered,  transferred,  pledged,  sold  or  otherwise  disposed  of  the
Certificates, any interest in the Certificates or any other similar security to,
or solicited any offer to buy or accept a transfer,  pledge or other disposition
of the  Certificates,  any  interest in the  Certificates  or any other  similar
security  from,  or  otherwise  approached  or  negotiated  with  respect to the
Certificates,  any interest in the  Certificates  or any other similar  security
with,  any person in any manner,  or made any general  solicitation  by means of
general  advertising  or in any other manner,  or taken any other  action,  that
would constitute a distribution of the Certificates  under the Act or that would
render the  disposition of the  Certificates a violation of Section 5 of the Act
or require  registration  pursuant thereto,  nor will act, nor has authorized or
will  authorize  any  person  to  act,  in  such  manner  with  respect  to  the
Certificates,  (f) we are a  "qualified  institutional  buyer"  as that  term is
defined in Rule 144A under the Act ("Rule  144A") and have  completed  either of
the forms of certification to that effect attached hereto as Annex 1 or Annex 2,
(g) we are aware that the sale to us is being made in reliance on Rule 144A, and
(h) we are acquiring the Certificates for our own account or for resale pursuant
to Rule 144A and  further,  understand  that such  Certificates  may be  resold,
pledged  or  transferred  only  (A)  to a  person  reasonably  believed  to be a
qualified  institutional  buyer that  purchases  for its own  account or for the
account  of a  qualified  institutional  buyer to whom  notice is given that the
resale,  pledge or  transfer  is being made in  reliance  on Rule  144A,  or (B)
pursuant to another exemption from registration under the Act.

                                              Very truly yours,

                                              _________________________________
                                              Print Name of Transferee

                                              By:______________________________
                                                 Authorized Officer

<PAGE>

ANNEX 1 TO EXHIBIT L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

          [For Transferees Other Than Registered Investment Companies]

         The  undersigned  (the  "Buyer")  hereby  certifies  as  follows to the
parties  listed  in  the  Rule  144A   Transferee   Certificate  to  which  this
certification relates with respect to the Certificates described therein:

         1.       As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

         2.       In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $___________1 in securities (except for
the 1 excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule 144A
and (ii) the Buyer satisfies the criteria in the category marked below.

         ___  Corporation,  etc. The Buyer is a corporation  (other than a bank,
         savings and loan association or similar institution),  Massachusetts or
         similar  business  trust,   partnership,   or  charitable  organization
         described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
         amended.

         ___ Bank.  The  Buyer (a) is a  national  bank or  banking  institution
         organized  under the laws of any State,  territory  or the  District of
         Columbia,  the business of which is  substantially  confined to banking
         and is supervised  by the State or  territorial  banking  commission or
         similar  official or is a foreign bank or equivalent  institution,  and
         (b) has an audited net worth of at least $25,000,000 as demonstrated in
         its latest  annual  financial  statements,  a copy of which is attached
         hereto.

         ___ Savings and Loan. The Buyer (a) is a savings and loan  association,
         building and loan association,  cooperative bank, homestead association
         or similar institution,  which is supervised and examined by a State or
         Federal authority having supervision over any such institutions or is a
         foreign savings and loan association or equivalent  institution and (b)
         has an audited net worth of at least $25,000,000 as demonstrated in its
         latest annual financial statements, a copy of which is attached hereto.

         ___ Broker-dealer. The Buyer is a dealer registered pursuant to Section
         15 of the Securities Exchange Act of 1934.

         ___ Insurance Company.  The Buyer is an insurance company whose primary
         and  predominant  business  activity is the writing of insurance or the
         reinsuring of risks  underwritten  by insurance  companies and which is
         subject  to  supervision  by the  insurance  commissioner  or a similar
         official or agency of a State, territory or the District of Columbia.

-----------------
1        Buyer must own and/or invest on a discretionary basis at least
         $10,000,000 in securities unless Buyer is a dealer, and, in that case,
         Buyer must own and/or invest on a discretionary basis at least
         $10,000,000 in securities.

         ___ State or Local Plan. The Buyer is a plan established and maintained
         by  a  State,   its   political   subdivisions,   or  any   agency   or
         instrumentality  of the State or its  political  subdivisions,  for the
         benefit of its employees.

         ___ ERISA  Plan.  The Buyer is an  employee  benefit  plan  within  the
         meaning of Title I of the Employee  Retirement  Income  Security Act of
         1974.

         ___ Investment Advisor. The Buyer is an investment advisor registered
         under the Investment Advisors Act of 1940.

         ___  Small  Business  Investment  Company.  Buyer  is a small  business
         investment  company licensed by the U.S. Small Business  Administration
         under Section  301(c) or (d) of the Small  Business  Investment  Act of
         1958.

         ___ Business Development Company. Buyer is a business development
         company as defined in Section 202(a)(22) of the Investment Advisors Act
         of 1940.

         3.       The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
(v) loan participations, (vi) repurchase agreements, (vii) securities owned but
subject to a repurchase agreement and (viii) currency, interest rate and
commodity swaps.

         4.       For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

         5.       The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

         6.       Until the date of purchase of the Rule 144A Securities, the
Buyer will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Buyer's purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                              _________________________________
                                              Print Name of Buyer

                                              By:______________________________
                                              Name:
                                              Title:

                                              Date:____________________________

<PAGE>

ANNEX 2 TO EXHIBIT L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

           [For Transferees That are Registered Investment Companies]

         The  undersigned  (the  "Buyer")  hereby  certifies  as  follows to the
parties  listed  in  the  Rule  144A   Transferee   Certificate  to  which  this
certification relates with respect to the Certificates described therein:

         1.       As indicated below, the undersigned is the President, Chief
                  Financial Officer or Senior Vice President of the Buyer or, if
                  the Buyer is a "qualified institutional buyer" as that term is
                  defined in Rule 144A under the Securities Act of 1933, as
                  amended ("Rule 144A") because Buyer is part of a Family of
                  Investment Companies (as defined below), is such an officer of
                  the Adviser.

         2.       In connection with purchases by Buyer, the Buyer is a
                  "qualified institutional buyer" as defined in SEC Rule 144A
                  because (i) the Buyer is an investment company registered
                  under the Investment Company Act of 1940, as amended and (ii)
                  as marked below, the Buyer alone, or the Buyer's Family of
                  Investment Companies, owned at least $100,000,000 in
                  securities (other than the excluded securities referred to
                  below) as of the end of the Buyer's most recent fiscal year.
                  For purposes of determining the amount of securities owned by
                  the Buyer or the Buyer's Family of Investment Companies, the
                  cost of such securities was used, except (i) where the Buyer
                  or the Buyer's Family of Investment Companies reports its
                  securities holdings in its financial statements on the basis
                  of their market value, and (ii) no current information with
                  respect to the cost of those securities has been published. If
                  clause (ii) in the preceding sentence applies, the securities
                  may be valued at market.

                  ___ The Buyer owned $[_____________] in securities (other than
                  the excluded securities referred to below) as of the end of
                  the Buyer's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

                  ___ The Buyer is part of a Family of Investment Companies
                  which owned in the aggregate $[_____________] in securities
                  (other than the excluded securities referred to below) as of
                  the end of the Buyer's most recent fiscal year (such amount
                  being calculated in accordance with Rule 144A).

         3.       The term "Family of Investment Companies" as used herein means
                  two or more registered investment companies (or series
                  thereof) that have the same investment adviser or investment
                  advisers that are affiliated (by virtue of being majority
                  owned subsidiaries of the same parent or because one
                  investment adviser is a majority owned subsidiary of the
                  other).

         4.       The term "securities" as used herein does not include (i)
                  securities of issuers that are affiliated with the Buyer or
                  are part of the Buyer's Family of Investment Companies, (ii)
                  securities issued or guaranteed by the U.S. or any
                  instrumentality thereof, (iii) bank deposit notes and
                  certificates of deposit, (iv) loan participations, (v)
                  repurchase agreements, (vi) securities owned but subject to a
                  repurchase agreement and (vii) currency, interest rate and
                  commodity swaps.

         5.       The Buyer is familiar with Rule 144A and understands that the
                  parties listed in the Rule 144A Transferee Certificate to
                  which this certification relates are relying and will continue
                  to rely on the statements made herein because one or more
                  sales to the Buyer will be in reliance on Rule 144A. In
                  addition, the Buyer will only purchase for the Buyer's own
                  account.

         6.       Until the date of purchase of the Certificates, the
                  undersigned will notify the parties listed in the Rule 144A
                  Transferee Certificate to which this certification relates of
                  any changes in the information and conclusions herein. Until
                  such notice is given, the Buyer's purchase of the Certificates
                  will constitute a reaffirmation of this certification by the
                  undersigned as of the date of such purchase.

                                              _________________________________
                                              Print Name of Buyer or Adviser

                                              By:______________________________
                                              Name:
                                              Title:

                                              IF AN ADVISER:

                                              _________________________________
                                              Print Name of Buyer

                                              Date:____________________________

<PAGE>

                                    EXHIBIT M

                               REQUEST FOR RELEASE
                                  (FOR TRUSTEE)

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2005-4
          Home Equity Mortgage Pass-Through Certificates, Series 2005-4

Loan Information
----------------

Name of Mortgagor:                            __________________________________

Servicer
Loan No.:                                     __________________________________

Trustee
-------

Name:

Address:                                      __________________________________
                                              __________________________________
                                              __________________________________

Trustee
Mortgage File No.:

         The undersigned  Servicer hereby acknowledges that it has received from
LaSalle Bank  National  Association,  as  Custodian  for the Holders of Mortgage
Pass-Through  Certificates,   of  the  above-referenced  Series,  the  documents
referred to below (the "Documents"). All capitalized terms not otherwise defined
in this Request for Release  shall have the  meanings  given them in the Pooling
and Servicing Agreement (the "Pooling and Servicing  Agreement") relating to the
above-referenced  Series among Credit  Suisse First Boston  Mortgage  Securities
Corp.  as  depositor,  DLJ Mortgage  Capital,  Inc. as seller,  Wilshire  Credit
Corporation  as a servicer,  Ocwen Loan  Servicing,  LLC as a servicer,  IndyMac
Bank, F.S.B. as a servicer, Select Portfolio Servicing, Inc. as special servicer
and JPMorgan Chase Bank, N.A. as trustee (the "Trustee").

( )      Mortgage Note dated _____________________, _______, in the original
         principal sum of $___________________, made by ____________________.
         payable to, or endorsed to the order of, the Trustee.

( )      Mortgage recorded on ________________ as instrument no. ______________
         in the County Recorder's Office of the County of ___________________,
         State of ___________ in book/reel/docket _________________ of official
         records at page/image _____________.

( )      Deed of Trust recorded on _____________ as instrument no.
         ______________ in the County Recorder's Office of the County of
         _______________, State of ______________ in book/reel/docket
         _____________________ of official records at page/image _________.

( )      Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
         _________ as instrument no. ______________ in the County Recorder's
         Office of the County of ______, State of ________________ in
         book/reel/docket _______________ of official records at page/image
         _______________.

( )      Other documents, including any amendments, assignments or other
         assumptions of the Mortgage Note or Mortgage.

         ( )___________________________________________________________________

         ( )___________________________________________________________________

         ( )___________________________________________________________________

         ( )___________________________________________________________________

         The undersigned Servicer hereby acknowledges and agrees as follows:

                  (1)      Such Servicer shall hold and retain possession of the
                  Documents in trust for the benefit of the Trustee, solely for
                  the purposes provided in the Agreement.

                  (2)      Such Servicer shall not cause or knowingly permit the
                  Documents to become subject to, or encumbered by, any claim,
                  liens, security interest, charges, writs of attachment or
                  other impositions nor shall the Servicer, if applicable,
                  assert or seek to assert any claims or rights of setoff to or
                  against the Documents or any proceeds thereof.

                  (3)      Such Servicer shall return each and every Document
                  previously requested from the Mortgage File to the Custodian
                  when the need therefor no longer exists, unless the Mortgage
                  Loan relating to the Documents has been liquidated and the
                  proceeds thereof have been remitted to the Certificate Account
                  and except as expressly provided in the Agreement.

                  (4)      The Documents and any proceeds thereof, including any
                  proceeds of proceeds, coming into the possession or control of
                  such Servicer shall at all times be earmarked for the account
                  of the Custodian, and such Servicer shall keep the Documents
                  and any proceeds separate and distinct from all other property
                  in such Servicer's possession, custody or control.

                                              [Servicer]

                                              By_____________________________
                                              Its____________________________

Date: ____________, 20__

<PAGE>

                                    EXHIBIT N

                      FORM OF SUBSEQUENT TRANSFER AGREEMENT

         THIS  SUBSEQUENT  TRANSFER  AGREEMENT,  dated as of _________ ___, 2005
(this  "Subsequent  Transfer  Agreement"),  among  CREDIT  SUISSE  FIRST  BOSTON
MORTGAGE   SECURITIES   CORP.,  a  Delaware   corporation,   as  depositor  (the
"Depositor"),  DLJ  MORTGAGE  CAPITAL,  INC.,  a  Delaware  corporation,  in its
capacity as seller under the Pooling and Servicing  Agreement  referred to below
(the "Seller"),  WILSHIRE CREDIT CORPORATION, as a servicer ("Wilshire"),  Ocwen
Loan  Servicing,  LLC,  as a servicer  ("Ocwen"),  INDYMAC  BANK,  F.S.B.,  as a
servicer  ("IndyMac",  and together with Wilshire and Ocwen,  the  "Servicers"),
SELECT PORTFOLIO  SERVICING,  INC., as special servicer (the "Special Servicer")
and JPMORGAN CHASE BANK, N.A. (formerly known as JPMORGAN CHASE BANK), a banking
association  organized  under the laws of the United  States,  as  trustee  (the
"Trustee");

         WHEREAS,  the parties  hereto are also among the parties to the Pooling
and Servicing Agreement, dated as of September 1, 2005, among the Depositor, the
Seller,  Wilshire,  Ocwen,  IndyMac,  the Special  Servicer and the Trustee,  in
relation to the Home Equity Mortgage Pass-Through Certificates, Series 2005-4;

         WHEREAS,  Sections  2.01(f)  of the  Pooling  and  Servicing  Agreement
provides for the parties hereto to enter into this Subsequent Transfer Agreement
in  accordance  with the terms  and  conditions  of the  Pooling  and  Servicing
Agreement;

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration the receipt and adequacy of which are hereby acknowledged
the parties hereto agree as follows:

         (i)      The "Subsequent Transfer Date" with respect to this Subsequent
Transfer Agreement shall be ____________, 200__.

         (ii)     The "Aggregate Subsequent Purchase Amount" with respect to
this Subsequent Transfer Agreement shall be $____________, provided, however,
that such amount shall not exceed the amount on deposit in the Pre-Funding
Account.

         (iii)    The Subsequent Mortgage Loans conveyed on the Subsequent
Transfer Date shall satisfy the pool characteristics for the Trust Fund
identified in Section 2.01(f) of the Pooling and Servicing Agreement.

         (iv)     In case any provision of this Subsequent Transfer Agreement
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions or obligations shall not in any way
be affected or impaired thereby.

         (v)      In the event of any conflict between the provisions of this
Subsequent Transfer Agreement and the Pooling and Servicing Agreement, the
provisions of the Pooling and Servicing Agreement shall prevail. Capitalized
terms used herein and not otherwise defined have the meanings in the Pooling and
Servicing Agreement.

         (vi)     The Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Trustee for the benefit of the Certificateholders,
without recourse, all right title and interest in the Subsequent Mortgage Loans
identified in Schedule A, including all interest and principal due on or with
respect to such Subsequent Mortgage Loans on or after the Subsequent Cut-off
Date and all interest and principal payments on such Subsequent Mortgage Loans
received prior to the Subsequent Cut-off Date in respect of installments of
interest and principal due thereafter, but not including principal and interest
due on such Subsequent Mortgage Loans prior to the Subsequent Cut-off Date, any
insurance policies in respect of such Subsequent Mortgage Loans and all proceeds
of any of the foregoing.

         (vii)    This Subsequent Transfer Agreement shall be governed by, and
shall be construed and enforced in accordance with the laws of the State of New
York.

         (viii)   The Subsequent Transfer Agreement may be executed in one or
more counterparts, each of which so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument.

<PAGE>

                                   EXHIBIT O-1

                    FORM OF COLLECTION ACCOUNT CERTIFICATION

                              [             ], 20__

         [Servicer's  name] hereby certifies that it has established the account
described below as a Collection  Account pursuant to Section 3.05 of the Pooling
and  Servicing  Agreement,  dated as of September 1, 2005,  among Credit  Suisse
First Boston Mortgage Securities Corp. as depositor,  DLJ Mortgage Capital, Inc.
as seller  ("DLJMC"),  Wilshire Credit  Corporation as a servicer  ("Wilshire"),
Ocwen Loan Servicing,  LLC as a servicer  ("Ocwen"),  IndyMac Bank,  F.S.B. as a
servicer ("IndyMac"),  Select Portfolio Servicing, Inc. as special servicer (the
"Special Servicer") and JPMorgan Chase Bank, N.A. as trustee (the "Trustee").

Title of Account:   [Servicer's  Name],  in trust for the Holders of Credit
                    Suisse  First  Boston  Mortgage Securities Corp., Home
                    Equity Mortgage Pass-Through Certificates, Series 2005-4.

Account Number: ______________

Address of officer or branch
of the Company at
which Account is maintained:
                        ____________________________
                        ____________________________
                        ____________________________

                        [Servicer's Name], AS SERVICER

                        By:_________________________

                        Name:_______________________

                        Title:______________________

<PAGE>

                                   EXHIBIT O-2

                   FORM OF COLLECTION ACCOUNT LETTER AGREEMENT

                                [         ], 20__

To:      ___________________
         ___________________
         ___________________
         (the "Depository")

         As  Servicer  under the Pooling and  Servicing  Agreement,  dated as of
September 1, 2005, among Credit Suisse First Boston Mortgage Securities Corp. as
depositor,  DLJ Mortgage  Capital,  Inc. as seller  ("DLJMC"),  Wilshire  Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen"),  IndyMac Bank,  F.S.B. as a servicer  ("IndyMac"),  Select  Portfolio
Servicing,  Inc. as special servicer ("Select") and JPMorgan Chase Bank, N.A. as
trustee (the "Trustee") (the  "Agreement"),  we hereby authorize and request you
to establish an account, as a Collection Account pursuant to Section 3.05 of the
Agreement,  to be designated as "[Servicer's  Name], in trust for the Holders of
Credit  Suisse First Boston  Mortgage  Securities  Corp.,  Home Equity  Mortgage
Pass-Through Certificates,  Series 2005-4." All deposits in the account shall be
subject to withdrawal therefrom by order signed by the Servicer.  This letter is
submitted to you in duplicate. Please execute and return one original to us.

                                             [Servicer's Name], AS SERVICER

                                             By:_______________________________

                                             Name:_____________________________

                                             Title:____________________________

                                             Date:_____________________________

The  undersigned,  as  Depository,  hereby  certifies  that the above  described
account has been established under Account Number _________ at the office of the
Depository  indicated  above and agrees to honor  withdrawals on such account as
provided  above.  The full amount  deposited  at any time in the account will be
insured up to applicable  limits by the Federal  Deposit  Insurance  Corporation
through the Bank  Insurance  Fund ("BIF") or the Savings  Association  Insurance
Fund ("SAIF").

                                             __________________________________
                                             Depository

                                             By:_______________________________

                                             Name:_____________________________

                                             Title:____________________________

                                             Date:_____________________________

<PAGE>

                                   EXHIBIT P-1

                      FORM OF ESCROW ACCOUNT CERTIFICATION

                                  [      ], 20__

         [Servicer's  Name] hereby certifies that it has established the account
described below as an Escrow Account pursuant to Section 3.06 of the Pooling and
Servicing  Agreement,  dated as of September 1, 2005,  among Credit Suisse First
Boston Mortgage  Securities Corp. as depositor,  DLJ Mortgage  Capital,  Inc. as
seller ("DLJMC"), Wilshire Credit Corporation as a servicer ("Wilshire"),  Ocwen
Loan Servicing, LLC as a servicer ("Ocwen"), Select Portfolio Servicing, Inc. as
special  servicer  (the "Special  Servicer")  and JPMorgan  Chase Bank,  N.A. as
trustee (the "Trustee").

Title of Account:   "[Servicer's  Name], in trust for Credit Suisse First Boston
                    Mortgage  Securities Corp., Home Equity Mortgage Trust
                    2005-4,  Home Equity  Mortgage  Pass-Through  Certificates,
                    Series 2005-4 and various mortgagors"

Account Number: ______________________

Address of officer or branch
of the Company at
which Account is maintained:
                        _____________________
                        _____________________
                        _____________________

                        [Servicer's Name], AS SERVICER

                        By:__________________

                        Name:________________

                        Title:_______________

<PAGE>

                                   EXHIBIT P-2

                     FORM OF ESCROW ACCOUNT LETTER AGREEMENT

                               [           ], 20__

To:      _________________
         _________________
         _________________
         (the "Depository")

         As  Servicer  under the Pooling and  Servicing  Agreement,  dated as of
September 1, 2005, among Credit Suisse First Boston Mortgage Securities Corp. as
depositor,  DLJ Mortgage  Capital,  Inc. as seller  ("DLJMC"),  Wilshire  Credit
Corporation as a servicer ("Wilshire"),  Ocwen Loan Servicing, LLC as a servicer
("Ocwen"),  IndyMac Bank,  F.S.B. as a servicer  ("IndyMac"),  Select  Portfolio
Servicing,  Inc. as special servicer (the "Special Servicer") and JPMorgan Chase
Bank, N.A. as trustee (the "Trustee") (the "Agreement"), we hereby authorize and
request you to establish an account,  as an Escrow  Account  pursuant to Section
3.06 of the Agreement,  to be designated as "Credit Suisse First Boston Mortgage
Securities  Corp.,  Home Equity  Mortgage  Trust  2005-4,  Home Equity  Mortgage
Pass-Through Certificates,  Series 2005-4". All deposits in the account shall be
subject to withdrawal therefrom by order signed by the Servicer.  This letter is
submitted to you in duplicate. Please execute and return one original to us.

[SERVICER'S NAME], AS SERVICER

By:____________________________

Name:__________________________

Title:_________________________

Date:__________________________

The  undersigned,  as  Depository,  hereby  certifies  that the above  described
account has been established under Account Number ________________ at the office
of the  Depository  indicated  above  and  agrees to honor  withdrawals  on such
account as provided above.  The full amount deposited at any time in the account
will be  insured  up to  applicable  limits  by the  Federal  Deposit  Insurance
Corporation  through the Bank Insurance Fund ("BIF") or the Savings  Association
Insurance Fund ("SAIF").

_______________________________
Depository

By:____________________________

Name:__________________________

Title:_________________________

Date:__________________________

<PAGE>

                                    EXHIBIT Q

                                   [RESERVED]

<PAGE>

                                   EXHIBIT R-1

        FORM OF CUSTODIAL AGREEMENT FOR LASALLE BANK NATIONAL ASSOCIATION

                            (Available Upon Request)

<PAGE>

                                   EXHIBIT R-2

             FORM OF CUSTODIAL AGREEMENT FOR WELLS FARGO BANK, N.A.

                            (Available Upon Request)

<PAGE>

                                    EXHIBIT S

                                   [Reserved]

<PAGE>

                                    EXHIBIT T

         DATA FIELDS FOR INDYMAC SERVICED LOANS TRANSFERRED TO WILSHIRE

       Fieldname                     Field Purpose/Definition
       ---------                     ------------------------
               # of Units   # of separately livable units in the Collateral

              Balloon Ind   Yes or No Indicator

              Accelerated   Has the loan been sent a demand letter

        Wilshire Loan ID#   Assigned from a pre-established list of available
                            loan#'s provided by Wilshire

              Loan Amount   Original Loan Amount

  Original Payment Amount   Orig P&I per Note

                  P&I Pmt   Current P&I

         Sch Prin Balance   UPB purchased from seller

 Unpaid Principal Balance   Transfer UPB

               Close Date   Date of Note or date of closing loan

                First Due   1st Pmt Date per Note

                 Next Due   1st Due to Wilshire

            Maturity Date   Date loan matures

       Interest Paid Thru   For amortizing loans, 1 month and 1 day prior to
                            Next Due

              Term Months   loan term expressed in # of months to maturity

        Amortization Term   term in # of months over which P&I is amortized

     Interest Calc Method   Code for type of interest accrual/application

   Original Interest Rate   Orig Interest Rate per Note

         Current Int Rate   Current Effective Interest Rate

        Borr 1 First Name

       Borr 1 Middle Name

         Borr 1 Last Name

            Borr 1 Suffix

        Borr 2 First Name

       Borr 2 Middle Name

         Borr 2 Last Name

            Borr 2 Suffix

               Borr 1 SSN   Primary borrower's SS# or TaxID#

               Borr 2 SSN   Coborrower's SS# or TaxID#

         Borr 1 Home Tele

         Borr 2 Home Tele

         Borr 1 Work Tele

         Borr 2 Work Tele

          Property Addr 1   collateral property address

          Property Addr 2   collateral property address

            Property City   collateral property address

           Property State   collateral property address

             Property Zip   collateral property address

           Mailing Addr 1   borrower mailing address/billing address

           Mailing Addr 2   borrower mailing address/billing address

             Mailing City   borrower mailing address/billing address

            Mailing State   borrower mailing address/billing address

              Mailing Zip   borrower mailing address/billing address

            Property Type

            Lien Position

         Late Charge Code   Code for type of late charge

             Late Chg Amt   Fixed Dollar Amount of late charge, if applicable

            Late Chg Rate   % of Late Charge for calculation

          Late Charge Min   Minimum Late Charge per Note terms

          Late Charge Max   Maximum Late Charge per Note terms

 Days Before Late Charges   Grace Period before imposing Late Fees

             FHA/VA Case#   if applicable

               MERS MIN #   Provide for all loans registered on MERS system

        PMI Certificate #   Populate if loan carries Mtg Insurance

                   Points

           Points Paid By

               Flood Zone   Zone per Flood Map

          Flood Insurance   Y/N flag to indicate if collateral is in zone
                            requiring flood insurance

               Escrow Pmt   if applicable

           Escrow Balance   if applicable

      Int Paid at Closing   Any interest collected at closing for days to end of
                            month

    Misc Suspense Balance   Sum of unapplied funds, if any

         Prepay Indicator   Y/N flag to indicate if the loan terms call for a
                            penalty on prepayments

            Mortgage Type   Code for type of loan

             Loan Purpose   Code for purpose of loan

         Occupancy Status   HMDA status at origination (provide code
                            definitions, if coded)

          Appraised Value   Value of appraisal at origination

                Arm Index   if applicable

     1st Adj Period (mos)   if applicable

    Rate Change Frequency   if applicable

 Payment Change Frequency   if applicable

          1st Max Adj Cap   if applicable

          1st Min Adj Cap   if applicable

          Reg Max Adj Cap   if applicable

          Reg Min Adj Cap   if applicable

          Rounding Factor   if applicable

              Round Basis   if applicable

     Lookback Period Days   if applicable

           1st Index Rate   if applicable

        1st Rate Adj Date   if applicable

         1st Pmt Adj Date   if applicable

        2nd Rate Adj Date   if applicable

         2nd Pmt Adj Date   if applicable

                   Margin   if applicable

                    Floor   if applicable

                  Ceiling   if applicable

       Max Neg Am Percent   if applicable

    Last Change Effective
                     Date   if applicable

   Last Change P&I Amount   if applicable

         Last Change Rate   if applicable

             CSFB Loan No

             Balloon Term

                  Days DQ   Number of days loan is delinquent

       Total Late Charges

        Total NSF Charges

             Corp Adv Bal   Corporate Advance Balances

                BPO Value   Drive by appraisal value

                 BPO Date   Drive by appraisal date

            BK Discharged   Date of previous bankruptcy discharge

             Prev BK Chap   Previous bankruptcy chapter number

          Prev BK Case No   Previous bankruptcy case number

              ALT LOAN NO   Originator's loan# (if available)

               FICO Score   if available

              Prepay        Term Term in # of months over which any prepayment
                            penalty applies; populate 0 or NULL, if Prepay
                            Indicator = 'N' (if available)

       Senior Loan Amount   Aggregate balance of all Sr. liens (if available)

        Senior Lienholder   Name of Sr. (1st) lienholder (if available)

       Junior Loan Amount   Amount of any known liens junior in position
                            (if available)

        Junior Lienholder   Name of Jr. lienholder (if available)

<PAGE>

                                    EXHIBIT U

                          CHARGED OFF LOAN DATA REPORT
                            (Available Upon Request)

<PAGE>

                                    EXHIBIT V
                 FORM OF MONTHLY STATEMENT TO CERTIFICATEHOLDERS

         (i)      with respect to each Class of Certificates which are not
Notional Amount Certificates and, unless otherwise stated, the related
Distribution Date,

                  a.       the initial Class Principal Balance of such Class as
of the Closing Date;

                  b.       the Class Principal Balance of such Class before
giving effect to the distribution of principal and interest;

                  c.       the amount of the related distribution on such Class
allocable to interest;

                  d.       the amount of the related distribution on such Class
allocable to principal;

                  e.       the sum of the principal and interest payable to such
Class;

                  f.       the Realized Loss allocable to such Class;

                  g.       the Carryforward Interest allocable to such Class;

                  h.       the Class Principal Balance of such Class after
giving effect to the distribution of principal and interest;

                  i.       the Pass-Through Rate for such Class;

                  j.       [reserved];

                  k.       any shortfall in principal allocable to such Class,
if such amount is greater than zero; and

                  l.       any shortfall in interest allocable to such Class, if
such amount is greater than zero.

         (ii)     with respect to each Class of Certificates which are Notional
Amount Certificates and, unless otherwise stated, the related Distribution Date,

                  a.       the Notional Amount of such Class as of the Cut-off
Date;

                  b.       the Notional Amount of such Class before giving
effect to the distribution of interest;

                  c.       the amount of the related distribution on such Class
allocable to interest;

                  d.       the amount of the related distribution on such Class
allocable to principal;

                  e.       the sum of the principal and interest payable to such
class;

                  f.       the Realized Loss allocable to such Class;

                  g.       the Deferred Interest allocable to such Class;

                  h.       the Notional Amount of such Class after giving effect
to the distribution of interest;

                  i.       the Pass-Through Rate for such Class; and

                  j.       [reserved].

         (iii)    with respect to a $1000 factor of the Initial Class Principal
Balance of each Class of Certificates which are not Notional Amount Certificates
and the related Distribution Date,

                  a.       the CUSIP number assigned to such Class;

                  b.       the Class Principal Balance of such Class factor
prior to giving effect to the distribution of principal and interest;

                  c.       the amount of the related distribution allocable to
interest on such Class factor;

                  d.       the amount of the related distribution allocable to
principal on such Class factor;

                  e.       the sum of the principal and interest payable to such
Class factor; and

                  f.       the Class Principal Balance of such Class factor
after giving effect to the distribution of principal and interest.

         (iv)     with respect to a $1000 factor of the Initial Class Principal
Balance of each Class of Certificates which are Notional Amount Certificates and
the related Distribution Date,

                  a.       the CUSIP number assigned to such Class;

                  b.       the Notional Amount of such Class factor prior to
giving effect to the distribution of interest;

                  c.       the amount of the related distribution allocable to
interest on such Class factor;

                  d.       the amount of the related distribution allocable to
principal on such Class factor;

                  e.       the sum of the principal and interest payable to such
Class factor; and

                  f.       the Notional Amount of such Class factor after giving
effect to the distribution of interest.

         (v)      with respect to the related Distribution Date,

                  a.       the Principal Payment Amount or Principal Remittance
Amount;

                  b.       the amount of Curtailments;

                  c.       the amount of Curtailment interest adjustments;

                  d.       the Scheduled Payment of principal;

                  e.       the amount of Principal Prepayments;

                  f.       the amount of principal as a result of repurchased
Mortgage Loans;

                  g.       the Substitution Adjustment Amount;

                  h.       the aggregate amount of scheduled interest prior to
reduction for fees;

                  i.       the amount of Net Recoveries;

                  j.       the amount of reimbursements of Nonrecoverable
Advances previously made;

                  k.       the amount of recovery of reimbursements previously
deemed nonrecoverable;

                  l.       the amount of net Liquidation Proceeds;

                  m.       the amount of Insurance Proceeds;

                  n.       the amount of any other distributions allocable to
principal;

                  o.       the number of Mortgage Loans as of the first day of
the related Collection Period;

                  p.       the aggregate Stated Principal Balance of the
Mortgage Loans as of the first day of the related Collection Period;

                  q.       the number of Mortgage Loans as of the last day of
the related Collection Period;

                  r.       the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Collection Period;

                  s.       the sum of the Servicing Fee, the Excess Servicing
Fee, the Credit Risk Manager Fee and the Trustee Fee ;

                  t.       the amount of current Advances;

                  u.       the amount of outstanding Advances;

                  v.       the number and aggregate principal amounts of
Mortgage Loans delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 days
or more, including delinquent bankrupt Mortgage Loans but excluding Mortgage
Loans in foreclosure and REO Property;

                  w.       the number and aggregate principal amounts of
Mortgage Loans that are currently in bankruptcy, but not delinquent;

                  x.       the number and aggregate principal amounts of
Mortgage Loans that are in foreclosure;

                  y.       the Delinquency Rate, Rolling Three Month Delinquency
Rate, the Senior Enhancement Percentage and whether a Trigger Event is in effect
;

                  z.       the number and aggregate principal amount of any REO
Properties as of the close of business on the Determination Date preceding such
Distribution Date;

                  aa.      current Realized Losses;

                  bb.      Cumulative Net Realized Losses and whether a
Cumulative Loss Event is occurring;

                  cc.      the weighted average term to maturity of the Mortgage
Loans as of the close of business on the last day of the calendar month
preceding the related Distribution Date;

                  dd.      the number of Mortgage Loans that have Prepayment
Penalties and for which prepayments were made during the related Collection
Period, as applicable;

                  ee.      the aggregate principal balance of Mortgage Loans
that have Prepayment Penalties and for which prepayments were made during the
related Collection Period, as applicable;

                  ff.      the aggregate amount of Prepayment Penalties
collected during the related Collection Period, as applicable;

                  gg.      [reserved];

                  hh.      The amount of any funds remaining in the Pre-Funding
Account as of such Distribution Date;

                  ii.      the weighted average Net Mortgage Rate;

                  jj.      the Net Excess Spread; and

                  kk.      [reserved].

         (vi)     with respect to the related Distribution Date,

                  a.       the Targeted Overcollateralization Amount;

                  b.       the Overcollateralization Amount;

                  c.       the amount, if any, by which the Targeted
Overcollateralization Amount exceeds the Overcollateralization Amount;

                  d.       the Overcollateralization Release Amount;

                  e.       the Monthly Excess Interest; and

                  f.       the amount of any payment to the Class X-1
Certificates.

<PAGE>

                                    EXHIBIT W

                         FORM OF DEPOSITOR CERTIFICATION

         Re:      Credit Suisse First Boston Mortgage Securities Corp. Home
                  Equity Mortgage Trust 2005-4

         I, __________________________, certify that:

1.       I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution and servicing reports filed in respect of
periods included in the year covered by this annual report, of Home Equity
Mortgage Trust 2005-4 (the "Trust");

2.       Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;

3.       Based on my knowledge, the distribution information required to be
prepared by the Trustee based upon the servicing information required to be
provided by each Servicer under the Pooling and Servicing Agreement is included
in these reports;

4.       Based on my knowledge and upon the annual compliance statements
included in the report and required to be delivered to the Trustee in accordance
with the terms of the Pooling and Servicing Agreement and based upon the review
required under the Pooling and Servicing Agreement, and except as disclosed in
the report, each Servicer has fulfilled its obligations under the Pooling and
Servicing Agreement; and

5.       The reports disclose all significant deficiencies relating to each
Servicer's compliance with the minimum servicing standards based, in each case,
upon the report provided by an independent public accountant, after conducting a
review in compliance with the Uniform Single Attestation Program for Mortgage
Bankers or similar standard as set forth in the Pooling and Servicing Agreement,
that is included in these reports.

         In giving the certifications above, I have reasonably relied on the
information provided to me by the following unaffiliated parties: each Servicer
and the Trustee.

         Capitalized  terms  used  but not  defined  herein  have  the  meanings
ascribed to them in the Pooling and Servicing Agreement, dated September 1, 2005
(the  "Pooling  and  Servicing  Agreement"),  among  Credit  Suisse First Boston
Mortgage Securities Corp., as depositor (the "Depositor"), DLJ Mortgage Capital,
Inc., as seller, Wilshire Credit Corporation, as a servicer ("Wilshire"),  Ocwen
Loan Servicing, LLC, as a servicer ("Ocwen"), IndyMac Bank, F.S.B. as a servicer
("IndyMac"),  Select Portfolio Servicing, Inc. as special servicer (the "Special
Servicer") and JPMorgan Chase Bank, N.A., as trustee (the "Trustee").

                                                   ____________________________
                                                   [Name]
                                                   [Title]
                                                   [Date]

<PAGE>

                                    EXHIBIT X

                          FORM OF TRUSTEE CERTIFICATION

         Re:      Credit Suisse First Boston Mortgage Securities Corp. Home
                  Equity Mortgage Trust 2005-4

         JPMorgan Chase Bank, N.A. (the "Trustee") hereby certifies to Credit
Suisse First Boston Mortgage Securities Corp. (the "Depositor"), and each
Person, if any, who "controls" the Depositor within the meaning of the
Securities Act of 1933, as amended, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification,
that:

1.       The Trustee has reviewed the annual report on Form 10-K for the fiscal
year [___], and all reports on Form 8-K containing distribution reports filed in
respect of periods included in the year covered by that annual report, of the
Depositor relating to the above-referenced trust;

2.       Based on the Trustee's knowledge, and assuming the accuracy and
completeness of the information supplied to the Trustee by each Servicer, the
distribution information in the distribution reports contained in all reports on
Form 8-K included in the year covered by the annual report on Form 10-K for
fiscal year [_____], prepared by the Trustee, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact
required by the Pooling and Servicing Agreement to be included therein and
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading as of the last day of the period
covered by that annual report; and

3.       Based on the Trustee's knowledge, the distribution information required
to be provided by the Trustee under the Pooling and Servicing Agreement is
included in these reports.

         Capitalized terms used but not defined herein have the meanings
ascribed to them in the Pooling and Servicing Agreement, dated September 1, 2005
(the "Pooling and Servicing Agreement"), among Credit Suisse First Boston
Mortgage Securities Corp., as depositor (the "Depositor"), DLJ Mortgage Capital,
Inc., as seller, Wilshire Credit Corporation, as a servicer ("Wilshire"), Ocwen
Loan Servicing, LLC ("Ocwen"), IndyMac Bank, F.S.B. as a servicer ("IndyMac"),
Select Portfolio Servicing, Inc. as special servicer (the "Special Servicer")
and JPMorgan Chase Bank, N.A., as trustee (the "Trustee").

                                                   JPMORGAN CHASE BANK, N.A.
                                                   as Trustee

                                                   By:________________________
                                                   [Name]
                                                   [Title]
                                                   [Date]

<PAGE>

                                    EXHIBIT Y

                           FORM SERVICER CERTIFICATION

         Re:      Credit Suisse First Boston Mortgage Securities Corp. Home
                  Equity Mortgage Trust 2005-4

         I, ___________________________, a duly elected and acting officer of
[__________________] (the "Servicer"), certify pursuant to Section 8.12(d) of
the Pooling and Servicing Agreement to the Depositor, the Trustee and each
Person, if any, who "controls" the Depositor or the Trustee within the meaning
of the Securities Act of 1933, as amended, and their respective officers and
directors, with respect to the calendar year immediately preceding the date of
this Certificate (the "Relevant Year"), as follows":

1.       For purposes of this Certificate, "Relevant Information" means the
information in the certificate provided pursuant to Section 3.16 of the Pooling
and Servicing Agreement (the "Annual Compliance Certificate") for the Relevant
Year and the information in all servicing reports required pursuant to the
Pooling and Servicing Agreement to be provided by the Servicer to the Trustee
during the Relevant Year (as such information is amended or corrected in writing
and delivered to the Trustee). Based on my knowledge, the Relevant Information,
taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein which is necessary
to make the statements made therein, in light of the circumstances under which
such statements were made, not misleading as of the last day of the Relevant
Year;

2.       The Relevant Information required to be provided to the Trustee under
the Pooling and Servicing Agreement has been provided to the Trustee;

3.       I am responsible for reviewing the activities performed by the Servicer
under the Pooling and Servicing Agreement during the Relevant Year. Based upon
the review required under the Pooling and Servicing Agreement and except as
disclosed in the Annual Compliance Certificate or the accountants' statement
provided pursuant to Section 3.17 of the Pooling and Servicing Agreement, to the
best of my knowledge, the Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement throughout the Relevant Year.

         Capitalized terms used but not defined herein have the meanings
ascribed to them in the Pooling and Servicing Agreement, dated September 1, 2005
(the "Pooling and Servicing Agreement"), among Credit Suisse First Boston
Mortgage Securities Corp., as depositor (the "Depositor"), DLJ Mortgage Capital,
Inc., as seller, Wilshire Credit Corporation, as a servicer ("Wilshire"), Ocwen
Loan Servicing, LLC, as a servicer ("Ocwen"), IndyMac Bank, F.S.B. as a servicer
("IndyMac"), Select Portfolio Servicing, Inc. as special servicer (the "Special
Servicer") and JPMorgan Chase Bank, N.A. as trustee (the "Trustee").

                                               [        ],
                                               as Servicer

                                               By:____________________________
                                               [Name]
                                               [Title]

<PAGE>

                                    EXHIBIT Z

                INFORMATION TO BE PROVIDED BY SERVICER TO TRUSTEE

         The following information with respect to each Mortgage Loan will be
e-mailed by each Servicer to the Trustee in accordance with Section 4.10:

Servicer  loan number
Trust loan number (if  applicable)
Scheduled net interest
Scheduled principal
Curtailment  applied
Curtailment  adjustment
Mortgage Rate
Servicing Fee Rate
P&I payment
Beginning  scheduled  balance
Ending  scheduled balance
Ending actual  principal  balance
Due Date
Prepayment in full principal
Prepayment in full net interest
Prepayment in full penalty
Delinquencies:
         1-30
         31-60
         61-90
         90+
Foreclosures
REO Properties
Loss amounts and loss types

<PAGE>

                                   EXHIBIT AA

                        FORM OF LIMITED POWER OF ATTORNEY

                            LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE  PRESENTS,  that  JPMorgan  Chase  Bank,  N.A.,  a banking
association  organized  under the laws of the United  States,  having a place of
business at 4 New York Plaza,  6th Floor,  New York, N.Y. 10004, as Trustee (and
in no personal or other representative capacity) under the Pooling and Servicing
Agreement, dated as of September 1, 2005 (as amended, restated,  supplemented or
otherwise  modified from time to time, the  "Agreement";  capitalized  terms not
defined herein have the  definitions  assigned to such terms in the  Agreement),
relating to the Home Equity Mortgage Pass-Through  Certificates,  Series 2005-4,
hereby  appoints  [_______________],  in its  capacity  as a Servicer  under the
Agreement,  as the Trustee's  true and lawful Special  Attorney-in-Fact,  in the
Trustee's name, place and stead and for the Trustee's  benefit,  but only in its
capacity as Trustee aforesaid,  to perform all acts and execute all documents as
may  be  customary,  necessary  and  appropriate  to  effectuate  the  following
enumerated  transactions in respect of any mortgage,  deed of trust,  promissory
note or real  estate  owned from time to time owned  (beneficially  or in title,
whether the Trustee is named therein as mortgagee or  beneficiary  or has become
mortgagee  or  beneficiary  by  virtue  of  endorsement,   assignment  or  other
conveyance)  or  held by or  registered  to the  Trustee  (directly  or  through
custodians  or  nominees),  or in  respect of which the  Trustee  has a security
interest or other lien, all as provided under the applicable  Agreement and only
to  the  extent  the  respective  Trustee  has an  interest  therein  under  the
Agreement,  and in respect of which the Servicer is acting as servicer  pursuant
to the Agreement (the "Mortgage Documents").

This appointment shall apply to the following enumerated  transactions under the
Agreement only:

         1.       The modification or re-recording of any Mortgage Document for
the purpose of correcting it to conform to the original intent of the parties
thereto or to correct title errors discovered after title insurance was issued
and where such modification or re-recording does not adversely affect the lien
under the Mortgage Document as insured.

         2.       The subordination of the lien under a Mortgage Document to an
easement in favor of a public utility company or a state or federal agency or
unit with powers of eminent domain including, without limitation, the execution
of partial satisfactions/releases, partial reconveyances and the execution of
requests to trustees to accomplish same.

         3.       The conveyance of the properties subject to a Mortgage
Document to the applicable mortgage insurer, or the closing of the title to the
property to be acquired as real estate so owned, or conveyance of title to real
estate so owned.

         4.       The completion of loan assumption and modification agreements
in respect of Mortgage Documents.

         5.       The full or partial satisfaction/release of a Mortgage
Document or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related note.

         6.       The assignment of any Mortgage Document, in connection with
the repurchase of the mortgage loan secured and evidenced thereby.

         7.       The full assignment of a Mortgage Document upon payment and
discharge of all sums secured thereby in conjunction with the refinancing
thereof, including, without limitation, the assignment of the related note.

         8.       With respect to a Mortgage Document, the foreclosure, the
taking of a deed in lieu of foreclosure, or the completion of judicial or
non-judicial foreclosure or termination, cancellation or rescission of any such
foreclosure, including, without limitation, any and all of the following acts:

                  a.       the substitution of trustee(s) serving under a deed
                           of trust, in accordance with state law and the deed
                           of trust;

                  b.       the preparation and issuance of statements of breach
                           or non-performance;

                  c.       the preparation and filing of notices of default
                           and/or notices of sale;

                  d.       the cancellation/rescission of notices of default
                           and/or notices of sale;

                  e.       the taking of a deed in lieu of foreclosure; and

                  f.       the preparation and execution of such other documents
                           and performance of such other actions as may be
                           necessary under the terms of the Mortgage Document or
                           state law to expeditiously complete said transactions
                           in paragraphs 8(a) through 8(e), above.

         9.       Demand, sue for, recover, collection and receive each and
every sum of money, debt, account and interest (which now is, or hereafter shall
become due and payable) belonging to or claimed by the Trustee under the
Mortgage Documents, and to use or take any lawful means for recovery thereof by
legal process or otherwise.

         10.      Endorse on behalf of the Trustee all checks, drafts and/or
negotiable instruments made payable to the Trustee in respect of the Mortgage
Documents.

The  Trustee  gives the Special  Attorney-in-Fact  full power and  authority  to
execute  such  instruments  and to do and  perform  all and  every act and thing
necessary  and proper to carry into  effect the power or powers  granted by this
Limited Power of Attorney,  subject to the terms and conditions set forth in the
Agreement  including  the  standard  of  care  applicable  to  Servicer  in  the
Agreement, and hereby does ratify and confirm what such Special Attorney-in-Fact
shall lawfully do or cause to be done by authority hereof.

<PAGE>

IN WITNESS  WHEREOF,  the Trustee has caused its  corporate  name and seal to be
hereto  signed and affixed and these  presents  to be  acknowledged  by its duly
elected and authorized officer this ___ day of ___ , 200_.

                                      JPMORGAN CHASE BANK, N.A.,
                                      as Trustee

                                      By:___________________________
                                      Name:
                                      Title:

WITNESS:                              WITNESS:

___________________________           ______________________________
Name:                                 Name:
Title:                                Title:

STATE OF NEW YORK
                        SS
COUNTY OF NEW YORK

         On ______________, 200_, before me, the undersigned, a Notary Public in
and for said state, personally appeared __________________,  personally known to
me to be the person whose name is subscribed to the within  instrument and to be
a duly authorized and acting Senior Vice President of JPMorgan Chase Bank, N.A.,
and  such  person  acknowledged  to me that  such  person  executed  the  within
instrument in such person's  authorized  capacity as a Senior Vice  President of
JPMorgan Chase Bank,  N.A., and that by such signature on the within  instrument
the entity upon behalf of which such person acted executed the instrument.

         WITNESS my hand and official seal.

                                                 ___________________________
                                                 Notary Public

<PAGE>

                                   EXHIBIT BB

                             CREDIT INSURANCE POLICY

No.               U86
         -------------------------
Renewal of
Policy No.
         -------------------------

                             CREDIT INSURANCE POLICY

                                  OLD REPUBLIC
                                INSURANCE COMPANY

                            GREENSBURG, PENNSYLVANIA
                                 A STOCK COMPANY
                        (hereinafter called the Company)

In consideration of the stipulations and provisions hereinafter set forth and of
the premium hereinafter specified, does insure

JP MORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4 a
corporation organized under the laws of NEW YORK, hereinafter called the
Assured, whose address is New York, New York , against loss (only as herein
defined and limited) due to Default by a Borrower from the Assured in the
repayment to the Assured of Loans evidenced by Eligible Notes, reported to the
Company and insured hereunder which were made to finance the alteration, repair,
conversion, improvement or modernization of real property.

This Policy shall be effective from the 1st day of September , 2005, at 12:01
A.M., at the place of business of the Assured and shall remain in force
continuously until cancelled. The coverage afforded by this Policy shall attach
to a particular loan coincident with the actual disbursement by the Assured of
the Loan during such period.

The Assured shall pay the Company a premium  calculated  upon the entire term of
the Note at the rate of 1.40 % per  annum of the net  proceeds  (as  hereinafter
defined) of any Loan  reported for  insurance,  which  premium  shall be payable
within  15 days  after  the  close of the  month  in  which  the Loan is made or
purchased.  In computing  the  premium,  no charge shall be made for a factional
period of a month  consisting  of 15 days or less and a charge  for a full month
shall be made for a  fractional  period  of a month  consisting  of more than 15
days.

Loans shall be reported to the Company for  insurance on the form  prescribed by
the  Company  within  15 days  after the close of the month in which the Loan is
made or purchased.

The Company's liability for loss with respect to any Insured Loan or Loans to an
individual  Borrower who defaults to the Assured  hereunder  shall be limited to
five thousand dollars ($5,000.00) unless a higher limit is specifically approved
by  the  Company  and is  endorsed  hereon.  The  Company's  maximum  cumulative
liability for Loss under this Policy is further  limited to ten percent (l0%) of
the Aggregate net proceeds of loans insured hereunder made by the Assured during
the 12 month period immediately  following the effective date of this Policy and
during each succeeding 12 month period in which this Policy is in full force and
effect.  The  Company's  maximum  liability  under this Policy shall in no event
exceed $11,475,351 during each such 12 month period.

This  Policy  is made and  accepted  subject  to the  foregoing  provisions  and
stipulations  and those  hereinafter  stated  which are hereby made part of this
Policy, together with such other provisions,  stipulations and agreements as may
be added hereto, as provided in this Policy.

IN WITNESS  WHEREOF,  the Company has duly  executed  these  presents;  but this
Policy  shall  not  be  valid  unless   countersigned   by  a  duly   authorized
representative of the Company.

Countersigned this 28th day of
September, 2005

                                                     _________________________
                                                                     PRESIDENT

                                                     _________________________
                                                                     SECRETARY

OLD REPUBLIC INSURANCE COMPANY

By:___________________________
   Authorized Representative

<PAGE>

                           PROVISIONS AND STIPULATIONS

1.       DEFINITIONS

         a.       "Loan" means an advance of funds, or the purchase of an
obligation, evidenced by an Eligible Note, the proceeds of which have been or
are to be used for the alteration, repair, conversion, improvement or
modernization of real property located within the continental limits of the
United States of America.

         b.       "Eligible Note" or "Note" means any written evidence of
obligation, including a note, bond, mortgage or indenture which:

                  (1)      Bears the genuine signature of the Borrower and all
other parties to the instrument, is complete and regular on its face, and is
valid and enforceable against the Borrower; and

                  (2)      Contains an acceleration clause which provides for
acceleration of maturity either automatically or at the option of the holder, in
the event of default in payment of any installment upon the due date thereof;
and

                  (3)      Contains payment and maturity requirements meeting
the following specifications: The Note shall be payable in approximately equal
monthly installments, the first of which shall fall due within six months and
the last within sixty months and 32 days from the date of the Note. If the
principal income of the Borrower is derived from a seasonal operation or
business, the Note may be made payable in installments corresponding with the
seasonal variation in Borrower's income shown on his application for credit;
provided the first installment is payable within twelve months of the date of
the Note; and further provided that the sum of installments to be paid in any
year subsequent to the first year shall not be greater than the proportion of
the total debt which is to be paid in the first year; and further provided that
a token payment is due in each off-season month; and

                  (4)      Is for an amount such that the net proceeds, as
defined below, of such note plus the then unpaid net proceeds of any other loans
insured by the Company made by the Assured to the individual Borrower making the
note are not in excess of $5,000.00, except that specified notes for greater
amounts may be insured hereunder upon endorsement of this policy specifically
insuring such notes.

         c.       "Borrower" means one, whether individual, partnership,
corporation or other legal entity, who applies for and receives a Loan, evidence
by an Eligible Note, and whose interest in the real property to be improved is:

                  (1)      A fee title; (2) a life estate; (3) a leasehold
estate having a fixed term expiring after the maturity of the Note; or (4) an
equitable interest under a contract or deed of trust to create an interest in
real property of the character described in (1) (2) or (3). No such person shall
be accepted by the Assured as a Borrower if such person is past due more than
fifteen days as to the payment of an obligation owed the Assured or any
obligation insured by the Company or is past due more then thirty days as to the
payment of any other indebtedness evidenced by a note, bond or contract signed
by such person and the Assured through its usual credit investigation is placed
on notice of such fact or facts, unless other circumstances known to the Assured
make a loan to such person a credit risk acceptable to a prudent lender.

         d.       "Payment" or "Installment" means a deposit by the Borrower
with the Assured of funds which represent the full or partial repayment of a
Loan according to the terms of the Note evidencing such Loan.

         e.       "Default" means the failure of the Borrower to make any
payment to the Assured at the time and in the manner and amount specified in the
Note evidencing the Loan.

         f.       "Date of Default" means the earliest date upon which an
installment or payment was due which was not paid by the Borrower according to
the terms of the Note.

         g.       "Loss" means the amount payable to the Assured by the Company
as provided in paragraph 5 hereof.

         h.       "Net Proceeds" means the amount of the loan actually made or
the purchase price of the note, exclusive of finance charges, fees, and other
deductions.

2.       CONDITIONS PRECEDENT TO RECOVERY

Prior to making a Loan,  the Assured  shall  obtain a dated  credit  application
fully  executed by the Borrower.  The credit  application  supplemented  by such
other  information as the Assured deems necessary,  must, in the judgment of the
Assured,  clearly show the Borrower to be solvent,  with  reasonable  ability to
repay the Loan,  and in other  respects a reasonable  credit risk. If, after the
Loan is made,  the Assured  discovers any material  misstatements  in the credit
application,  or misuse of the proceeds of the Loan by the Borrower, the Assured
shall promptly report such discovery to the Company.

The Assured  shall  exercise due  diligence in  disbursing  proceeds of loans in
effecting  collections and shall service its Loans in accordance with acceptable
practices of prudent lending institutions.

All  payments  received  on account of the Note,  except late  charges,  must be
applied  to the  maturing  installments  in  their  order,  except  that any sum
received by the Assured in excess of three  advanced  monthly  payments shall be
credited  to  the  final   installments  in  the  absence  of  specific  written
instructions from the Borrower to do otherwise.

Claim may be made after  Default  provided  written  demand has been made on the
Borrower for the full unpaid balance of the Note. The Company reserves the right
to require the Assured to reduce the Note to judgment subject to the limitations
of the terms of the Note.

3.       NOTICE OF DEFAULT AND FILING OF CLAIMS FOR LOSS

Should a Default continue for a period of 90 days,  notice thereof must be filed
with the Company monthly thereafter, on the form prescribed by the Company until
the Default is cured or a claim of Loss filed.  A claim for Loss may be filed as
to an  individual  Loan at any time after Default but in no event later than six
months after  Default  unless the Company  shall grant an extension of the claim
period in writing.  Claims shall be filed on Proof of Loss forms provided by the
Company,  which shall include an  assignment  of the  Assured's  interest in the
defaulted  Note to the Company or such other person as may be  designated by the
Company as assignee.

4.       PAYMENT OF LOSS

All  adjusted  claims  shall  be paid or made  good  within  thirty  days  after
presentation of satisfactory evidence of Loss to the Company.

5.       LIMIT OF LOSS

In  addition  to the  limitations  heretofore  set  out,  the  Company  shall be
obligated to pay  hereunder  only the full unpaid  balance of the Note or of the
actual purchase price thereof,  whichever is lesser,  less the unearned discount
thereon, plus

         a.       uncollected earned interest to date of Default and interest at
the rate of 4% per annum from the date of Default to the date of presentation of
Proof of Loss; plus

         b.       uncollected court costs (including fees paid for issuing,
serving and filing summons); plus

         c.       attorneys' fees actually paid, not exceeding:

                  (1)      25 percent of the amount collected by the attorney on
the defaulted Note provided the Assured does not waive its claim against the
Borrower for such fees; plus

                  (2)      $25.00 or 15 percent of the balance due on the Note,
whichever is the lesser, if a judgment is secured by suit, or $10.00 or 15
percent of the balance due on the Note, whichever is the lesser, if a judgment
is secured by confession after default; plus

                  (3)      $50.00 plus 5 percent of the balance due on the Note
as an additional fee where the action is contested and judgment is obtained;

less any part of the  foregoing  amounts  which the Assured has  collected  from
others, or which the Assured can collect from a reserve or holdback funds in its
hands.

6.       SUBROGATION

In the event of any payment  under this Policy,  the Company shall be subrogated
to all of the  Assured's  rights of recovery  against the Borrower and any other
person or organization  liable under the terms of the defaulted Note and against
any reserve or holdback  funds in its hands,  and the Assured  shall execute and
deliver at the  request of the  Company  instruments  and papers and do whatever
else is necessary to transfer, assign, and secure such rights. The Assured shall
do nothing after Loss to prejudice such rights, and the execution by the Assured
of a release  or waiver of the right to  collect  the  unpaid  balance of a Loan
shall equally release the Company from any further  obligation under this Policy
as to said Loan, anything in this Policy to the contrary notwithstanding.

7.       TRANSFER OR PREPAYMENT OF LOANS REPORTED FOR INSURANCE

All  liability  under this  Policy  with  respect to any  individual  loan shall
terminate upon sale or transfer  (including  without  limiting the generality of
application of this section,  transfers pursuant to, or resulting from merger or
consolidation  of the  Assured  with any other  corporation  or company) of such
loan,  or the note  evidencing  same,  to any  transferee  not holding a similar
Policy issued by the Company.

Such sales or  transfers  may be made to a transferee  holding a similar  Policy
issued by the Company only with the prior  written  approval of the Company.  In
the event of such a sale or transfer, the continuing liability of the Company to
the transferee with regard to the loan or loans sold or transferred shall be ten
percent of the  aggregate  unpaid  balance of the net  proceeds  of such loan or
loans at the time of transfer or sale,  and the aggregate  limit of liability of
the Company to the Assured hereunder shall be reduced by an equal amount.

In no event will the Company  refund any premium to the Assured upon the sale or
transfer of any loan or loans insured hereunder.

Nothing  contained  herein  shall be  construed  to prevent the pledging of such
loans,  or the notes  evidencing  the same, as collateral  security under a bona
fide loan agreement.

In the event  that the  Borrower  shall  prepay an  eligible  loan for which the
required premium has been paid by the Assured to the Company,  upon receipt of a
report  of such  prepayment  and  application  for  premium  refund  on the form
prescribed  by the  Company,  the Company  shall return to the Assured a premium
refund calculated according to the  sum-of-the-digits  method, and the aggregate
cumulative liability of the Company hereunder shall be reduced by ten percent of
the original net proceeds of said loan.

8.       REPORTS AND EXAMINATION

The Company  may at any time call upon the  Assured  for such  reports as it may
deem  necessary and may inspect the books or the Accounts of the Assured as they
pertain to the Loans reported for insurance hereunder. All Loans reported to the
Company for insurance  bereunder shall be identified by methods  satisfactory to
the Company on the records of the Assured.

9.       AMENDMENTS

Notice to any agent or  knowledge  possessed by any agent or by any other person
shall not  effect a waiver  or a change in any part of this  Policy or estop the
Company from  asserting  any right under the terms of this policy.  The terms of
this Policy may be waived or changed only after written  approval of the Company
and by an  endorsement  signed on behalf of the Company by its  President,  Vice
President or Secretary and countersigned by a duly authorized  representative of
the Company.

10.      MISREPRESENTATION AND FRAUD

The Policy  shall be void if the Assured has  concealed  or  misrepresented  any
material fact or  circumstance  concerning this insurance or the subject thereof
or in case of any  fraud,  attempted  fraud or  false  swearing  by the  Assured
touching any matter  relating to this insurance or the subject  thereof  whether
before or after a loss, or if the Assured shall make any claim which is false or
fraudulent either in amount or otherwise.

11.      OTHER INSURANCE

If at the time of Loss or  Default  there is any  other  valid  and  collectible
insurance  which would  attach if this  insurance  had not been  effected,  this
insurance shall apply only as excess and in no event as contributing  insurance,
and then only after all other insurance has been exhausted.

12.      ASSIGNMENT OF POLICY

This Policy shall be void if assigned or transferred without the written consent
of this Company, whether such transfer be voluntary or involuntary.

13.      SUIT AGAINST COMPANY

No suit,  action or  proceeding  for the recovery of any claim under this Policy
shall be instituted or sustainable in any court of law or equity unless Proof of
Loss has been duly filed with respect thereto,  and unless such suit,  action or
proceeding  be commenced  within  twelve  months next after  Default;  provided,
however,  that if by the laws of the State  within  which this  Policy is issued
such  limitation  is  invalid,  then any such  claims  shall be void unless such
action,  suit or  proceedings  be commenced  within the  shortest  limit of time
permitted by the laws of such State to be fixed herein.

14.      CANCELLATION

This Policy may be  cancelled  by the Assured by mailing to the Company  written
notice stating when thereafter such cancellation shall be effective. This Policy
may be cancelled  by the Company by mailing to the Assured at the address  shown
in this Policy or last known address  written notice stating when, not less than
five days  thereafter,  such  cancellation  shall be  effective.  The mailing of
notice as aforesaid  shall be sufficient  proof of notice and the effective date
of cancellation  stated in the notice shall become the end of the policy period.
Delivery of such written notice either by the Assured or by the Company shall be
equivalent to mailing.

Cancellation  of this Policy  shall not affect the  insurance  privilege  of the
Assured with respect to any loan previously reported for insurance.

16.      CONFORMITY TO STATUTE

Terms of this  Policy  which  are in  conflict  with the  statutes  of the State
wherein this Policy is issued are hereby amended to conform to such statutes.

No.   U 86
Renewal of Policy No. _________

OLD REPUBLIC INSURANCE COMPANY

GREENBURG, PENNSYLVANIA

(A STOCK COMPANY)

ISSUED TO
JPMorgan Chase Bank
as Trustee of
Home Equity Mortgage Trust 2005-4
CREDIT INSURANCE POLICY
New York, New York

ICS-IC-Rev. 859
11/99

<PAGE>

                                   ENDORSEMENT
                                   -----------

   This endorsement, effective September, 2005, forms a part of Policy No. U86

 issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-54
                               New York, New York

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

It is hereby  understood  and agreed  upon that,  solely  with  respect to loans
purchased  from DLJ Mortgage  Capital on or about  September  29,  2005,  in the
amount of $114,753,519 for securitization Home Equity Mortgage Trust 2005-4, and
insured  under  this  Policy,  section  1, under  Provisions  and  Stipulations,
definitions c (Borrower), sentence 2 is amended to read:

"No such person shall be accepted by the Assured as a Borrower if such person is
past due more than  eighty-nine days as to the payment of an obligation owed the
Assured, or more than fifteen days as to any other payment obligation insured by
the  Company,  or  more  than  thirty  days  as to  the  payment  of  any  other
indebtedness evidenced by a note, bond or contract signed by such person and the
Assured through its usual credit  investigation is placed on notice of such fact
or facts  unless  other  circumstances  known to the Assured make a loan to such
person a credit risk acceptable to a prudent lender."

This endorsement shall not apply to any other loans insured under this policy.

         Nothing herein contained shall be held to vary, alter, waive or extend
any of the terms, conditions, agreements or limitations of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This endorsement shall not be valid until countersigned by a duly
authorized representative of the Company.

         Attest:

         ___________________________                  __________________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_______________________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT
                                   -----------

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

  issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4
                               New York, New York

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

               It is understood and agreed that the word "default" in Section
               13 shall be deleted and replaced with "Proof of Loss has been
               filed."

         Nothing herein contained shall be held to vary, alter, waive or extend
any of the terms, conditions, agreements or limitations of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This endorsement shall not be valid until countersigned by a duly
authorized representative of the Company.

         Attest:

         ___________________________                     _______________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

________________________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

  issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4
                               New York, New York

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

                                 LOAN LIMITATION
                             CREDIT INSURANCE POLICY

The first  sentence of the fifth  paragraph  of the policy is hereby  amended to
read as follows:

         "The  Company's  liability for loss with respect to the insured Loan of
         any one borrower shall be limited to Two Hundred Fifty Thousand Dollars
         ($250,000),  provided such Insured Loan meets all of the qualifications
         set forth in the  Company's  `Qualifying  specifications  for Guideline
         Underwriting' and Company  Sanctioned  Guidelines in effect on the date
         of such  Insured  Loan,  unless a higher  limit  has been  specifically
         approved by the Company and endorsed hereon."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                     _______________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

___________________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

  issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4
                               New York, New York

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

                                  EXTENDED TERM

The first sentence in 1.b. (3) of the provisions and Stipulations of the policy
is hereby amended to read as follows:

         "Contains  payment  and  maturity  requirement  meeting  the  following
         specifications:  The Note shall by  payable,  the first of which  shall
         fall due within  six months and the last  within 360 months and 32 days
         from the date of the Note."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                  __________________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

________________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

  issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4
                               New York, New York

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

The sentence in Paragraph 1.b (4) of the Provisions and  Stipulations  is hereby
amended to read as follows:

         "Is for an amount  equal to the net  proceeds of such note,  as defined
         below,  provided  that the net  proceeds  of such  note,  plus the then
         unpaid net  proceeds of any other loans (a) which have been made by the
         Assured to the same  Borrower  and which are  insured by the Company do
         not exceed Two Hundred Fifty Thousand  Dollars  ($250,000) and that (b)
         such note meets all of the  qualifications  set forth in the  Company's
         `Qualifying Specifications for Guideline Underwriting' in effect on the
         date of the Loan,  except that notes for greater amounts may be insured
         hereunder by endorsements to this policy specifically  identifying such
         notes."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                       _____________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_______________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

 issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4.
                               New York, New York

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

This  endorsement is issued in  consideration  of the Assured's  request for the
change in the mode of premium permitted herein.

It is hereby  understood  and agreed  that page 1  paragraph  3 of the Policy is
deleted in its entirety and replaced with:

         "Effective  September  1, 2005,  the  Assured  shall pay the  Company a
         monthly  premium  of .140% on the  unpaid  balance  outstanding  at the
         beginning  of every  month  of any Loan  reported  for  insurance.  The
         premium  shall be payable  on the  (25th)  day of every  month in which
         there  is  an  unpaid  balance  outstanding  on  a  Loan  reported  for
         Insurance.  The  first  premium  payment  shall be due on the date upon
         which the Loan is reported for insurance."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                 ___________________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_____________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

It is hereby  understood  and  agreed  that  Section  7  entitled  "Transfer  or
Prepayment  of Loans  Reported for  Insurance"  is deleted and the  following is
substituted therefor:

         All liability for loss under this Policy with respect to any individual
         Loan shall  terminate  upon sale of transfer  of such Loan  (including,
         without  limiting  the  generality  of  application  of  this  section,
         transfers  pursuant to or resulting from merger or consolidation of the
         Assured with any other corporation or company).  Such sales or transfer
         may be made to a  transferee  holding  a similar  Policy  issued by the
         Company only with the prior written approval of the Company.

         In no event will the Company refund any premium to the Assured upon the
         sale or transfer of any Loan or Loans insured hereunder.

         All liability for loss under this Policy with respect to any individual
         Loan insured hereunder shall terminate upon prepayment of the Loan. All
         such Loans shall be reported to the Company by the Assured monthly in a
         manger acceptable to the Company.

         In the even of such a sale,  transfer,  or prepayment,  the insured net
         proceeds  reported to the Company by the Assured for the same liability
         period shall be reduced by insured net proceeds of all such Loans.

         Nothing  contained herein shall be construed to prevent the pledging of
         such Loans as collateral security under a bonafide loan agreement

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                        ____________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It is  understood  and agreed that Section 4 is deleted in its entirety
and is replaced with:

         "All  Losses  shall  be paid  within  30  days  after  presentation  of
         satisfactory evidence of Loss to the Company."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                      ______________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

______________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It is  understood  and agreed that in Section 5, the  wording  starting
with:

         "Less any part of the foregoing amounts which the Assured has collected
         from  others,  or which the  Assured  can  collect  from a  reserve  or
         holdback funds in its hands" is deleted and replace with "unless agreed
         to by the Company."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                        ____________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It is understood and agreed that in Section 5 the following  wording is
         deleted from the first sentence:

         "or of the actual purchase price thereof, whichever is lesser, less the
         unearned discount thereon".

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                        ____________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

__________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

  issued to JPMORGAN CHASE BANK AS TRUSTEE OF HOME EQUITY MORTGAGE TRUST 2005-4
                               New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It is hereby understood and agreed that Section 2 of the Provisions and
         Stipulations  of the  Policy  (CONDITIONS  PRECEDENT  TO  RECOVERY)  is
         amended to waive the right of the  Company to  require  the  Assured to
         reduce a note to judgment.

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                    ________________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It  is  hereby  understood  and  agreed  that  Section  1.  c.  of  the
         Definitions is deleted and replaced with "Borrower  means one,  whether
         individual, partnership, corporation or other legal entity, who applies
         for and receives a Loan evidenced by an Eligible Note."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                  __________________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

__________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It is  understood  and agreed that the  following  wording of the first
         sentence of Section 6 "and  against  any  reserve or holdback  funds in
         it's hands" is deleted.

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                          __________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2004-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

                  Notwithstanding  any terms to the  contrary  in the Policy and
         each endorsement thereto, Old Republic acknowledges that the duties and
         obligations  of the Assured  under the Policy will be  performed by the
         servicer  of the Loans and not by the  Assured,  other than the duty to
         pay the premium which shall remain with the Assured.  Old Republic will
         treat such  servicer  as the Assured  for all such  purposes  under the
         Policy.  The Assured shall remain the  beneficiary of any payments made
         by Old Republic under the Policy.

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  coalitions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                   _________________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

______________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

It is hereby understand and agreed the Paragraph 5.a. is amended to read as
follows

"uncollected earned interest to the date or presentation of Proof of Loss; plus"

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                        ____________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

___________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

         It is understood and agreed that the second sentence of Section 9 shall
         be amended to read as follows:

                  "The terms of this Policy may be waived or changed  only after
         written approval of the Company and by an endorsement  signed on behalf
         of the  Company  by its  President,  Vice  President  or  Secretary  an
         countersigned by a duly authorized  representative of the Company. Such
         Endorsement  shall  only be  effective  with  respect to Loans that are
         reported for Insurance after the effective date of that endorsement."

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                           _________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_______________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

                         PAYMENT APPLICATION ENDORSEMENT

The sentence in paragraph 3, Section 2, of the  Provisions and  Stipulations  of
the policy reading:

                  All  payments  received  on account of the Note,  except  late
         charges,  must be applied to the maturing  installments in their order,
         except that any sum received by the Assured in excess of three advanced
         monthly  payments  shall be credited to the final  installments  in the
         absence  of  specific  written  instructions  from the  Borrower  to do
         otherwise.

Is hereby  amended by  deleting  the last half of the last  sentence  so that it
reads as follows:

                  All  payments  received  on account of the Note,  except  late
         charges, must be applied to the maturing installments in their order in
         the absence of specific  written  instructions  form the Borrower to do
         otherwise.

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                         ___________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

_____________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

It is  understood  and agreed  that the term  "Loan" in item a under  section 1,
Definitions,  is hereby  amended to mean an advance  of funds,  evidenced  by an
Eligible  Note,  the  proceeds  of  which  have  been or are to be used  for any
purpose, located within the United States of America.

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                       _____________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 28th day of September, 2005

________________________________, Authorized Representative.

<PAGE>

                                   ENDORSEMENT

 This endorsement, effective September 1, 2005, forms a part of Policy No. U 86

                        issued to JPMORGAN CHASE BANK AS
                         TRUSTEE OF HOME EQUITY MORTGAGE
                        TRUST 2005-4 New York, New York.

           by OLD REPUBLIC INSURANCE COMPANY, Greensburg, Pennsylvania

                          MAXIMUM LIABILITY ENDORSEMENT

It is  hereby  understood  and  agreed  that the  Company's  maximum  cumulative
liability  for Loss under this Policy as stipulated in paragraph 5 is amended to
be ten percent (10%) of the  Aggregate  net proceeds of loans insured  hereunder
made by the  Assured  during  the  12-month  period  immediately  following  the
effective  date of this Policy and during  each  succeeding  12-month  period in
which this Policy is in full force and effect.

It is further  understood and agreed that the Company's  maximum liability under
this Policy  shall in no event  exceed  $11,447,395  during  each such  12-month
period.

         Nothing herein contained shall be held to vary, alter,  waive or extend
any of the terms,  conditions,  agreements or  limitations  of the Policy or any
Endorsement attached thereto, except as herein set forth.

         This  endorsement  shall  not be valid  until  countersigned  by a duly
authorized representative of the Company.

         Attest:

         ___________________________                         ___________________
                           President                                   Secretary

Countersigned at Chicago, Illinois this 29th day of September, 2005

_______________________________, Authorized Representative.

<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

                            (Available Upon Request)

<PAGE>

                                   SCHEDULE II

                     SELLER'S REPRESENTATIONS AND WARRANTIES

         (i)      The Seller is a corporation duly organized, validly existing
and in good standing under the laws of the state of its incorporation;

         (ii)     the Seller has full corporate power to own its property, to
carry on its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii)    the execution and delivery by the Seller of this Agreement
have been duly authorized by all necessary corporate action on the part of the
Seller; and neither the execution and delivery of this Agreement, nor the
consummation of the transactions herein contemplated hereby, 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 Seller or its properties or
the certificate of incorporation or by-laws of the Seller, except those
conflicts, breaches or defaults which would not reasonably be expected to have a
material adverse effect on the Seller's ability to enter into this Agreement and
to consummate the transactions contemplated hereby;

         (iv)     the execution, delivery and performance by the Seller 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 those consents, approvals,
notices, registrations or other actions as have already been obtained, given or
made and, in connection with the recordation of the Mortgages, powers of
attorney or assignments of Mortgages not yet completed;

         (v)      this Agreement has been duly executed and delivered by the
Seller and, assuming due authorization, execution and delivery by the Trustee,
the Servicers and the Depositor, constitutes a valid and binding obligation of
the Seller enforceable against it in accordance with its terms (subject to
applicable bankruptcy and insolvency laws and other similar laws affecting the
enforcement of the rights of creditors generally); and

         (vi)     there are no actions, litigation, suits or proceedings pending
or to the knowledge of the Seller, threatened against the Seller before or by
any court, administrative agency, arbitrator or governmental body (i) with
respect to any of the transactions contemplated by this Agreement or (ii) with
respect to any other matter which in the judgment of the Seller if determined
adversely to the Seller would reasonably be expected to materially and adversely
affect the Seller's ability to perform its obligations under this Agreement; and
the Seller is not in default with respect to any order of any court,
administrative agency, arbitrator or governmental body so as to materially and
adversely affect the transactions contemplated by this Agreement.

<PAGE>

                                 SCHEDULE III A

                     WILSHIRE REPRESENTATIONS AND WARRANTIES

         (i)      Wilshire is a corporation duly organized, validly existing and
in good standing under the laws of the state of its incorporation;

         (ii)     Wilshire has full corporate power to own its property, to
carry on its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii)    The execution and delivery by Wilshire of this Agreement have
been duly authorized by all necessary corporate action on the part of Wilshire;
and neither the execution and delivery of this Agreement, nor the consummation
of the transactions herein contemplated hereby, 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 Wilshire or its properties or the
certificate of incorporation or bylaws of Wilshire, except those conflicts,
breaches or defaults which would not reasonably be expected to have a material
adverse effect on Wilshire ability to enter into this Agreement and to
consummate the transactions contemplated hereby;

         (iv)     This Agreement has been duly executed and delivered by
Wilshire and, assuming due authorization, execution and delivery by the Trustee,
the Seller and the Depositor, constitutes a valid and binding obligation of
Wilshire enforceable against it in accordance with its terms (subject to
applicable bankruptcy and insolvency laws and other similar laws affecting the
enforcement of the rights of creditors generally); and

         (v)      There are no actions, litigation, suits or proceedings pending
or to the knowledge of Wilshire, threatened against Wilshire 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 Wilshire if determined adversely to
Wilshire would reasonably be expected to materially and adversely affect
Wilshire's ability to perform its obligations under this Agreement, other than
as Servicer has previously advised Seller; and Wilshire is not in default with
respect to any order of any court, administrative agency, arbitrator or
governmental body so as to materially and adversely affect the transactions
contemplated by this Agreement.

<PAGE>

                                 SCHEDULE III B

                      Ocwen REPRESENTATIONS AND WARRANTIES

         (i)      Ocwen is a limited liability company duly organized, validly
existing and in good standing under the laws of the state of its organization;

         (ii)     Ocwen has full corporate power to own its property, to carry
on its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii)    The execution and delivery by Ocwen of this Agreement have
been duly authorized by all necessary corporate action on the part of Ocwen; and
neither the execution and delivery of this Agreement, nor the consummation of
the transactions herein contemplated hereby, 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 Ocwen or its properties or the certificate
of incorporation or bylaws of Ocwen, except those conflicts, breaches or
defaults which would not reasonably be expected to have a material adverse
effect on Ocwen ability to enter into this Agreement and to consummate the
transactions contemplated hereby;

         (iv)     This Agreement has been duly executed and delivered by Ocwen
and, assuming due authorization, execution and delivery by the Trustee, the
Seller and the Depositor, constitutes a valid and binding obligation of Ocwen
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally); and

         (v)      There are no actions, litigation, suits or proceedings pending
or to the knowledge of Ocwen, threatened against Ocwen 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 Ocwen if determined adversely to Ocwen
would reasonably be expected to materially and adversely affect Ocwen's ability
to perform its obligations under this Agreement, other than as Servicer has
previously advised Seller; and Ocwen is not in default with respect to any order
of any court, administrative agency, arbitrator or governmental body so as to
materially and adversely affect the transactions contemplated by this Agreement.

<PAGE>

                                 SCHEDULE III C

                     INDYMAC REPRESENTATIONS AND WARRANTIES

         (i)      IndyMac is a corporation duly organized, validly existing and
in good standing under the laws of the state of its incorporation;

         (ii)     IndyMac has full corporate power to own its property, to carry
on its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii)    The execution and delivery by IndyMac of this Agreement have
been duly authorized by all necessary corporate action on the part of IndyMac;
and neither the execution and delivery of this Agreement, nor the consummation
of the transactions herein contemplated hereby, 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 IndyMac or its properties or the
certificate of incorporation or bylaws of IndyMac, except those conflicts,
breaches or defaults which would not reasonably be expected to have a material
adverse effect on IndyMac ability to enter into this Agreement and to consummate
the transactions contemplated hereby;

         (iv)     This Agreement has been duly executed and delivered by IndyMac
and, assuming due authorization, execution and delivery by the Trustee, the
Seller and the Depositor, constitutes a valid and binding obligation of IndyMac
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally); and

         (v)      There are no actions, litigation, suits or proceedings pending
or to the knowledge of IndyMac, threatened against IndyMac 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 IndyMac if determined adversely to
IndyMac would reasonably be expected to materially and adversely affect
IndyMac's ability to perform its obligations under this Agreement, other than as
Servicer has previously advised Seller; and IndyMac is not in default with
respect to any order of any court, administrative agency, arbitrator or
governmental body so as to materially and adversely affect the transactions
contemplated by this Agreement.

<PAGE>

                                 SCHEDULE III D

       REPRESENTATIONS AND WARRANTIES OF SELECT PORTFOLIO SERVICING, INC.

         SPS,  in  its   capacity  as  Special   Servicer,   hereby   makes  the
representations  and warranties set forth in this Schedule IIIC to the Depositor
and the Trustee,  as of the Closing Date, or if so specified  herein,  as of the
Cut-off Date or such other date as may be specified.

                  (i)      SPS is a corporation duly formed, validly existing
         and in good standing under the laws of the jurisdiction of its
         incorporation and is qualified under the laws of each state where
         required by applicable law or is otherwise exempt under applicable law
         from such qualification.

                  (ii)     SPS has all requisite corporate power, authority and
         capacity to enter into the Agreement and to perform the obligations
         required of it thereunder. The Agreement (assuming the due
         authorization and execution of the Agreement by the other parties
         thereto) constitutes a valid and legally binding agreement of SPS
         enforceable in accordance with its terms, except as such enforceability
         may be limited by bankruptcy, insolvency, moratorium, reorganization
         and similar laws, and by equitable principles affecting the
         enforceability of the rights of creditors.

                  (iii)    None of the execution and delivery of the Agreement,
         the consummation of any other transaction contemplated therein, or the
         fulfillment of or compliance with the terms of the Agreement, will
         result in the breach of, or constitute a default under, any term or
         provision of the organizational documents of SPS or conflict with,
         result in a material breach, violation or acceleration of or constitute
         a material default under, the terms of any indenture or other agreement
         or instrument to which SPS is a party or by which it is bound, or any
         statute, order, judgment, or regulation applicable to SPS of any court,
         regulatory body, administrative agency or governmental body having
         jurisdiction over SPS.

                  (iv)     There is no action, suit, proceeding or investigation
         pending, or to SPS's knowledge threatened, against SPS before any
         court, administrative agency or other tribunal (a) asserting the
         invalidity of the Agreement, (b) seeking to prevent the consummation of
         any of the transactions contemplated thereby or (c) which might
         reasonably be expected to materially and adversely affect the
         performance by SPS of its obligations under, or the validity or
         enforceability of, the Agreement.

                  (v)      No consent, approval, authorization or order of any
         court, regulatory body or governmental agency or court is required,
         under state or federal law prior to the execution, delivery and
         performance by SPS of the Agreement or the consummation of the
         transactions contemplated by the Agreement.

<PAGE>

                                   SCHEDULE IV

          REPRESENTATIONS AND WARRANTIES RELATING TO THE MORTGAGE LOANS

         DLJMC, in its capacity as Seller,  hereby makes the representations and
warranties set forth in this Schedule IV to the Depositor and the Trustee, as of
the Closing Date,  or the date  specified  herein,  with respect to the Mortgage
Loans identified on Schedule I hereto.

         (i)      The Seller or its affiliate is the sole owner of record and
holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note.
Immediately prior to the transfer and assignment to the Depositor on the Closing
Date, the Mortgage Loan, including the Mortgage Note and the Mortgage, were not
subject to an assignment or pledge, and the Seller had good and marketable title
to and was the sole owner thereof and had full right to transfer and sell the
Mortgage Loan to the Depositor free and clear of any encumbrance, equity, lien,
pledge, charge, claim or security interest and has the full right and authority
subject to no interest or participation of, or agreement with, any other party,
to sell and assign the Mortgage Loan and following the sale of the Mortgage
Loan, the Depositor will own such Mortgage Loan free and clear of any
encumbrance, equity, participation interest, lien, pledge, charge, claim or
security interest.

         (ii)     Any and all requirements of any federal, state or local law
including, without limitation, usury, truth-in-lending, real estate settlement
procedures, consumer credit protection, equal credit opportunity or disclosure
laws applicable to the Mortgage Loan have been complied with in all material
respects.

         (iii)    The terms of the Mortgage Note and the Mortgage have not been
impaired, waived, altered or modified in any respect, except by written
instruments which have been recorded to the extent any such recordation is
required by law, or, necessary to protect the interest of the Depositor. No
instrument of waiver, alteration or modification has been executed, and no
Mortgagor has been released, in whole or in part, from the terms thereof except
in connection with an assumption agreement and which assumption agreement is
part of the Mortgage File and the terms of which are reflected in the Mortgage
Loan Schedule; the substance of any such waiver, alteration or modification has
been approved by the issuer of any related Primary Insurance Policy and title
insurance policy, to the extent required by the related policies.

         (iv)     The Mortgage Loan complies with all the terms, conditions and
requirements of the originator's underwriting standards in effect at the time of
origination of such Mortgage Loan.

         (v)      The information set forth in the Mortgage Loan Schedule,
attached to the Agreement as Schedule I, is complete, true and correct in all
material respects as of the Cut-off Date.

         (vi)     With respect to any first lien Mortgage Loan, the related
Mortgage is a valid, subsisting, enforceable and perfected first lien on the
Mortgaged Property and, with respect to any second lien Mortgage Loan, the
related Mortgage is a valid, subsisting, enforceable and perfected second lien
on the Mortgaged Property, and all buildings on the Mortgaged Property and all
installations and mechanical, electrical, plumbing, heating and air conditioning
systems affixed to such buildings, and all additions, alterations and
replacements made at any time with respect to the foregoing securing the
Mortgage Note's original principal balance. The Mortgage and the Mortgage Note
do not contain any evidence of any security interest or other interest or right
thereto. Such lien is free and clear of all adverse claims, liens and
encumbrances having priority over the first or second lien, as applicable, of
the Mortgage subject only to (1) with respect to any Second Mortgage Loan, the
related First Mortgage Loan, (2) the lien of non-delinquent current real
property taxes and assessments not yet due and payable, (3) covenants,
conditions and restrictions, rights of way, easements and other matters of the
public record as of the date of recording which are acceptable to mortgage
lending institutions generally and either (A) which are referred to or otherwise
considered in the appraisal made for the originator of the Mortgage Loan, or (B)
which do not adversely affect the appraised value of the Mortgaged Property as
set forth in such appraisal, and (4) other matters to which like properties are
commonly subject which do not materially interfere with the benefits of the
security intended to be provided by the Mortgage or the use, enjoyment, value or
marketability of the related Mortgaged Property. Any security agreement, chattel
mortgage or equivalent document related to and delivered in connection with the
Mortgage Loan establishes and creates (1) with respect to any First Mortgage
Loan, a valid, subsisting, enforceable and perfected first lien and first
priority security interest and (2) with respect to any second lien Mortgage
Loan, a valid, subsisting, enforceable and perfected second lien and second
priority security interest, in each case, on the property described therein, and
the Seller has the full right to sell and assign the same to the Depositor.

         (vii)    There are no mechanics' or similar liens or claims which have
been filed for work, labor or material (and no rights are outstanding that under
law could give rise to such liens) affecting the related Mortgaged Property
which are or may be liens prior to or equal to the lien of the related Mortgage.

         (viii)   All taxes, governmental assessments, insurance premiums,
water, sewer and municipal charges, leasehold payments or ground rents which
previously became due and owing have been paid, or escrow funds have been
established in an amount sufficient to pay for every such escrowed item which
remains unpaid and which has been assessed but is not yet due and payable.

         (ix)     The Mortgage Note and the Mortgage are not subject to any
right of rescission, set-off, counterclaim or defense, including, without
limitation, the defense of usury, nor will the operation of any of the terms of
the Mortgage Note or the Mortgage, or the exercise of any right thereunder,
render the Mortgage Note or Mortgage unenforceable, in whole or in part, or
subject to any right of rescission, set-off, counterclaim or defense, including
the defense of usury, and no such right of rescission, set-off, counterclaim or
defense has been asserted with respect thereto.

         (x)      The Mortgaged Property is not subject to any material damage
by waste, fire, earthquake, windstorm, flood or other casualty. At origination
of the Mortgage Loan there was, and there currently is, no proceeding pending
for the total or partial condemnation of the Mortgaged Property.

         (xi)     All improvements subject to the Mortgage which were considered
in determining the appraised value of the Mortgaged Property lie wholly within
the boundaries and building restriction lines of the Mortgaged Property (and
wholly within the project with respect to a condominium unit) and no
improvements on adjoining properties encroach upon the Mortgaged Property except
those which are insured against by a title insurance policy and all improvements
on the property comply with all applicable zoning and subdivision laws and
ordinances.

         (xii)    Seller has delivered or caused to be delivered to the Trustee
or the Custodian on behalf of the Trustee the original Mortgage bearing evidence
that such instruments have been recorded in the appropriate jurisdiction where
the Mortgaged Property is located as determined by the Seller (or, in lieu of
the original of the Mortgage or the assignment thereof, a duplicate or conformed
copy of the Mortgage or the instrument of assignment, if any, together with a
certificate of receipt from the Seller or the settlement agent who handled the
closing of the Mortgage Loan, certifying that such copy or copies represent true
and correct copy(ies) of the original(s) and that such original(s) have been or
are currently submitted to be recorded in the appropriate governmental recording
office of the jurisdiction where the Mortgaged Property is located) or a
certification or receipt of the recording authority evidencing the same.

         (xiii)   The Mortgage File contains each of the documents specified in
Section 2.01(b) of the Agreement.

         (xiv)    As of the Closing Date, each Mortgage Loan shall be serviced
in all material respects in accordance with the terms of the Agreement.

         (xv)     All buildings or other customarily insured improvements upon
the Mortgaged Property are insured by an insurer acceptable under the FNMA
Guides, against loss by fire, hazards of extended coverage and such other
hazards as are provided for in the FNMA Guides or by FHLMC, as well as all
additional requirements set forth in this Agreement. All such standard hazard
policies are in full force and effect and on the date of origination contained a
standard mortgagee clause naming the Seller and its successors in interest and
assigns as loss payee and such clause is still in effect and all premiums due
thereon have been paid. If at the time of origination, the Mortgage Loan was
required to have flood insurance coverage in accordance with the Flood Disaster
Protection Act of 1973, as amended, such Mortgage Loan is covered by a flood
insurance policy meeting the requirements of the current guidelines of the
Federal Insurance Administration which policy conforms to FNMA and FHLMC
requirements, as well as all additional requirements set forth in this
Agreement. Such policy was issued by an insurer acceptable under FNMA or FHLMC
guidelines. The Mortgage obligates the Mortgagor thereunder to maintain all such
insurance at the Mortgagor's cost and expense, and upon the Mortgagor's failure
to do so, authorizes the holder of the Mortgage to maintain such insurance at
the Mortgagor's cost and expense and to seek reimbursement therefor from the
Mortgagor.

         (xvi)    With respect to each Mortgage Loan that has a Prepayment
Penalty feature, each such Prepayment Penalty is enforceable and, at the time
such Mortgage Loan was originated, each Prepayment Penalty complied with
applicable federal, state and local law, subject to federal preemption where
applicable.

         (xvii)   As of the Cut-off Date, no Mortgage Loan is (a) a
non-performing loan (i.e. a mortgage loan that is more than 90 days delinquent);
(b) a re-performing loan (i.e. a mortgage loan that was more than 90 days
delinquent within the twelve month period preceding the Cut-off Date but is
contractually current); or (c) a sub-performing loan (i.e. a mortgage loan that
is at least 30 days delinquent but subject to a payment plan or agreement
pursuant to which the Mortgagor is contractually current).

         (xviii)  The Mortgage Note and the related Mortgage are original and
genuine and each is the legal, valid and binding obligation of the maker
thereof, enforceable in all respects in accordance with its terms subject to
bankruptcy, insolvency, moratorium, reorganization and other laws of general
application affecting the rights of creditors and by general equitable
principles.

         (xix)    To the knowledge of the Seller, (i) no proceeds from any
Mortgage Loan were used to finance single-premium credit insurance policies,
(ii) no Mortgage Loan originated prior to October 1, 2002 will impose a
Prepayment Penalty for a term in excess of five years and no Mortgage Loan
originated on or after October 1, 2002 will impose a Prepayment Penalty for a
term in excess of three years, (iii) the related Servicer of each Mortgage Loan
has fully furnished, in accordance with the Fair Credit Reporting Act and its
implementing regulations, accurate and complete information on its borrower
credit files to Equifax, Experian and Trans Union Credit Information on a
monthly basis, (iv) the original principal balance of each Mortgage Loan is
within Freddie Mac's dollar amount for conforming one- to four-family mortgage
loans and (v) no Mortgage Loan secured by a Mortgaged Property located in the
State of Georgia was originated on or after October 1, 2002 and before March 7,
2003 and no Mortgage Loan secured by Mortgaged Property located in the State of
Georgia that was originated on or after March 7, 2003 is a "high cost home loan"
as defined in the Georgia Fair Lending Act (HB 1361), as amended.

         (xx)     Each Mortgage Loan at the time it was made complied in all
material respects with applicable local, state and federal laws, including, but
not limited to, all applicable predatory and abusive lending laws.

         (xxi)    No Mortgage Loan is classified as (a) a "high cost mortgage
loan" under the Home Ownership and Equity Protection Act of 1994 or (b) a "high
cost home," "covered," "high cost," "high risk home" or "predatory" loan under
any other applicable state, federal or local law (or a similarly classified loan
using different terminology under a law imposing heightened regulatory scrutiny
or additional legal liability for residential mortgage loans having high
interest rates, points and/or fees).

         (xxii)   No Mortgage Loan is a High Cost Loan or Covered Loan as such
terms are defined in Version 5.6 Revised; Appendix E of the Standard & Poor's
LEVELS(R) Glossary.

         (xxiii)  With respect to any Mortgage Loan originated on or after
October 1, 2004, either (a) the related Mortgage and the related Mortgage Note
does not contain a mandatory arbitration clause (that is, a clause that requires
the related Mortgagor to submit to arbitration to resolve any dispute arising
out of or relating in any way to the Mortgage Loan) or (b) the related Mortgage
and the related Mortgage Note contained a mandatory arbitration clause as of the
related origination date and such clause has or will be waived by the originator
or an entity designated by the Seller in writing no later than sixty (60) days
after the related Closing Date which notice included or will include the
following language: "WE ARE HEREBY NOTIFYING YOU THAT THE MANDATORY ARBITRATION
CLAUSE OF YOUR LOAN, REQUIRING THAT YOU SUBMIT TO ARBITRATION TO RESOLVE ANY
DISPUTE ARISING OUT OF OR RELATING IN ANY WAY TO YOUR MORTGAGE LOAN, IS
IMMEDIATELY NULL AND VOID. YOU ARE FREE TO CHOOSE TO EXERCISE ANY OF YOUR RIGHTS
OR ENFORCE ANY REMEDIES UNDER YOUR MORTGAGE LOAN THROUGH THE COURT SYSTEM." A
copy of the written notice referred to in the immediately preceding sentence, if
applicable, shall be retained in the related Mortgage File.

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