Document:

EXHIBIT 4.1

                   STRUCTURED ASSET MORTGAGE INVESTMENTS INC.,

                                     SELLER,

                                [CORPORATION 1],

                                MASTER SERVICER,

                                       and

                          ---------------------------,

                                     TRUSTEE

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

                         POOLING AND SERVICING AGREEMENT

                          Dated as of ___________, 200_
                        --------------------------------

                   STRUCTURED ASSET MORTGAGE INVESTMENTS INC.
                       Mortgage Pass-Through Certificates

                                  Series 200_-_

<PAGE>
                                TABLE OF CONTENTS
                                                                          PAGE

                                    ARTICLE I

Definitions...................................................................1

                                   ARTICLE II

         Conveyance of Mortgage Loans; Original Issuance of Certificates
Section 2.01.  Conveyance of Mortgage Loans to Trustee........................1
Section 2.02.  Acceptance of Mortgage Loans by Trustee........................2
Section 2.03.  Representations, Warranties and Covenants of the Master
                 Servicer.....................................................4
Section 2.04.  Substitution of Mortgage Loans.................................6
Section 2.05.  Representations and Warranties of the Trustee..................7
Section 2.06.  Issuance of Certificates.......................................8
Section 2.07.  Representations and Warranties Concerning the Seller...........9

                                   ARTICLE III

                 Administration and Servicing of Mortgage Loans
Section 3.01.  Master Servicer to Assure Servicing............................1
Section 3.02.  Sub-Servicing Agreements Between Master Servicer and
                 Sub-Servicers................................................2
Section 3.03.  Successor Sub-Servicers........................................2
Section 3.04.  Liability of the Master Servicer...............................3
Section 3.05.  Assumption or Termination of Sub-Servicing Agreements
                 by Trustee...................................................3
Section 3.06.  Collection of Mortgage Loan Payments...........................4
Section 3.07.  Collection of Taxes, Assessments and Similar Items;
                 Servicing Accounts...........................................5
Section 3.08.  Access to Certain Documentation and Information Regarding
                 the Mortgage Loans...........................................5
Section 3.09.  Maintenance of Primary Insurance Policies;
                 Collection Thereunder........................................6
Section 3.10.  Maintenance of Hazard Insurance and Fidelity Coverage..........6
Section 3.11.  Due-on-Sale Clauses; Assumption Agreements.....................8
Section 3.12.  Realization Upon Defaulted Mortgage Loans......................9
Section 3.13.  Trustee to Cooperate; Release of Mortgage Files...............10
Section 3.14.  Servicing and Master Servicing Compensation...................11
Section 3.15.  Annual Statement of Compliance................................12
Section 3.16.  Annual Independent Public Accountants Servicing Report........12
Section 3.17.  REMIC-Related Covenants.......................................13
Section 3.18.  Additional Information........................................13
Section 3.19.  Optional Purchase of Defaulted Mortgage Loans.................13

                                   ARTICLE IV

                                    Accounts
Section 4.01.  Protected Accounts.............................................1
Section 4.02.  Certificate Account............................................2
Section 4.03.  Permitted Withdrawals and Transfers from the Certificate
                 Account......................................................4
Section 4.04.  Custody Account................................................7
Section 4.05.  Buydown Accounts...............................................8

                                    ARTICLE V
Section 5.01.  Certificates...................................................1
Section 5.02.  Registration of Transfer and Exchange of Certificates..........7
Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.............11
Section 5.04.  Persons Deemed Owners.........................................11
Section 5.05.  Transfer Restrictions on Residual Certificates................12
Section 5.06.  Restrictions on Transferability of Private Certificates.......13
Section 5.07.  ERISA Restrictions............................................13
Section 5.08.  Rule 144A Information.........................................14
Section 5.09.  Calculation of LIBOR..........................................14

                                   ARTICLE VI

                         Payments to Certificateholders
Section 6.01.  Distributions on the Certificates..............................1
Section 6.02.  [Reserved].....................................................5
Section 6.03.  Allocation of Losses...........................................5
Section 6.04.  [Reserved].....................................................8
Section 6.05.  Payments.......................................................8
Section 6.06.  Statements to Certificateholders...............................8
Section 6.07.  Reports to the Trustee and the Master Servicer................11
Section 6.08.  Monthly Advances..............................................13
Section 6.09.  Compensating Interest Payments................................13
Section 6.10.  Reports of Foreclosures and Abandonment of Mortgaged Property.14

                                   ARTICLE VII

                               The Master Servicer
Section 7.01.  Liabilities of the Master Servicer.............................1
Section 7.02.  Merger or Consolidation of the Master Servicer.................1
Section 7.03.  Indemnification of the Trustee.................................1
Section 7.04.  Limitation on Liability of the Master Servicer and Others......2
Section 7.05.  Master Servicer Not to Resign..................................3
Section 7.06.  [Reserved].....................................................3
Section 7.07  Sale and Assignment of Master Servicing.........................3

                                  ARTICLE VIII

                                     Default
Section 8.01.  Events of Default..............................................1
Section 8.02.  Trustee to Act; Appointment of Successor.......................2
Section 8.03.  Notification to Certificateholders.............................3
Section 8.04.  Waiver of Defaults.............................................3
Section 8.05.  List of Certificateholders.....................................4

                                   ARTICLE IX

                             Concerning the Trustee
Section 9.01.  Duties of Trustee..............................................1
Section 9.02.  Certain Matters Affecting the Trustee..........................2
Section 9.03.  Trustee Not Liable for Certificates or Mortgage Loans..........4
Section 9.04.  Trustee May Own Certificates...................................5
Section 9.05.  Trustee's Fees and Expenses....................................5
Section 9.06.  Eligibility Requirements for Trustee...........................5
Section 9.07.  Insurance......................................................5
Section 9.08.  Resignation and Removal of the Trustee.........................6
Section 9.09.  Successor Trustee..............................................6
Section 9.10.  Merger or Consolidation of Trustee.............................7
Section 9.11.  Appointment of Co-Trustee or Separate Trustee..................7
Section 9.12.  Master Servicer Shall Provide Information as Reasonably
                 Required.....................................................8
Section 9.13.  Federal Information Returns and Reports to
                 Certificateholders...........................................9

                                    ARTICLE X

                                   Termination
Section 10.01.  Termination Upon Repurchase by [Corporation 1] or its
                  Designee or Liquidation of All Mortgage Loans...............1
Section 10.02  Additional Termination Requirements............................3

                                   ARTICLE XI

                            Miscellaneous Provisions
Section 11.01.  Intent of Parties.............................................1
Section 11.02.  Amendment.....................................................1
Section 11.03.  Recordation of Agreement......................................2
Section 11.04.  Limitation on Rights of Certificateholders....................2
Section 11.05.  Acts of Certificateholders....................................3
Section 11.06.  [Reserved]....................................................4
Section 11.07.  Governing Law.................................................4
Section 11.08.  Notices.......................................................4
Section 11.09.  Severability of Provisions....................................4
Section 11.10.  Successors and Assigns........................................4
Section 11.11.  Article and Section Headings..................................4
Section 11.12.  Counterparts..................................................5
Section 11.13  Notice to Rating Agencies......................................5

<PAGE>
                                    EXHIBITS

Exhibit A-1   -  Form of Face of Certificates
Exhibit A-2   -  Form of Reverse of Certificates
Exhibit B     -  Mortgage Loan Schedule
Exhibit C     -  Representations and Warranties of [CORPORATION 1] Concerning
                 the Mortgage Loans
Exhibit D     -  Form of Request for Release
Exhibit E     -  Form of Affidavit pursuant to Section 860E(e)(4)
Exhibit F-1   -  Form of Investment Letter
Exhibit F-2   -  Form of Rule 144A and Related Matters Certificate
Exhibit G     -  Form of Special Servicing and Collateral Fund Agreement
Exhibit H     -  Form of Trustee's Initial Certification
Exhibit I     -  Form of Trustee's Final Certification

<PAGE>
                         POOLING AND SERVICING AGREEMENT

          Pooling and Servicing Agreement dated as of __________, 200_, among
Structured Asset Mortgage Investments Inc., a Delaware corporation, as the
seller (the "Seller"), [ CORPORATION 1], a _____________ corporation, as master
servicer (the "Master Servicer"), and _________________, a _________________, as
trustee (the "Trustee").

                              PRELIMINARY STATEMENT

          On or prior to the Closing Date, the Seller has acquired the Mortgage
Loans from [CORPORATION 1]. On the Closing Date, the Seller will sell the
Mortgage Loans and certain other property to the Trust Fund and receive in
consideration therefor Certificates evidencing the entire beneficial ownership
interest in the Trust Fund. [CORPORATION 1] will be the Master Servicer for the
Mortgage Loans.

          The Trustee shall make an election for the assets constituting REMIC
II to be treated for federal income tax purposes as a REMIC. On ____________,
200_ (the "Startup Day"), all the Classes of REMIC II Regular Certificates will
be designated "regular interests" in such REMIC and the Class R-2 Certificates
will be designated the "residual interest" in such REMIC.

          The Trustee shall make an election for the assets constituting REMIC I
to be treated for federal income tax purposes as a REMIC. On the Startup Day,
all the Classes of Certificates except for the Class R-1, Class R-2 and Class X
Certificates will be designated "regular interests" in such REMIC and the Class
R-1 Certificates will be designated the "residual interest" in such REMIC. Each
component of the Class X Certificates as described in Section 5.01 (each, a
"Separate Component") will be designated as a "regular interest" in REMIC I.

          The Mortgage Loans will have an Outstanding Principal Balance as of
the Cut-Off Date, after deducting all Scheduled Principal due on or before the
Cut-Off Date, of $_____________. The initial principal amount of the
Certificates will not exceed such Outstanding Principal Balance.

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

<PAGE>
                                    ARTICLE I

                                   Definitions

          Whenever used in this Agreement, the following words and phrases,
unless otherwise expressly provided or unless the context otherwise requires,
shall have the meanings specified in this Article.

          ACCOUNT: The Custody Account, the Certificate Account (including each
subaccount thereof), the Protected Accounts or the Servicing Accounts as the
context may require.

          ACCRUED CERTIFICATE INTEREST: For any Certificate (other than a Class
PO Certificate) for any Distribution Date, the interest accrued during the
related Interest Accrual Period at the applicable Pass-Through Rate on the
Current Principal Amount (or, in the case of a Class A-I-8 Certificate, the
Class A-I-8 Notional Amount and, in the case of a Class X Certificate, the Class
X Notional Amount) of such Certificate immediately prior to such Distribution
Date, calculated on the basis of a 360-day year consisting of twelve 30-day
months, less (i) in the case of a Senior Certificate, such Certificate's share
of any Net Interest Shortfall and the interest portion of Excess Losses and,
after the Cross-Over Date, the interest portion of any Realized Losses and (ii)
in the case of a Subordinate Certificate, such Certificate's share of any Net
Interest Shortfall and the interest portion of any Realized Losses.

          ADVANCING DATE: The fourth Business Day preceding the related
Distribution Date.

          AFFILIATE: As to any Person, any other Person controlling, controlled
by or under common control with such Person. "Control" means the power to direct
the management and policies of a Person, directly or indirectly, whether through
ownership of voting securities, by contract or otherwise. "Controlled" and
"Controlling" have meanings correlative to the foregoing. The Trustee may
conclusively presume that a Person is not an Affiliate of another Person unless
a Responsible Officer of the Trustee has actual knowledge to the contrary.

          AGREEMENT: This Pooling and Servicing Agreement and all amendments
hereof and supplements hereto.

          ALLOCABLE SHARE: With respect to each Class of Subordinate
Certificates:

               (a) as to any Distribution Date and amounts distributable
          pursuant to clauses (i) and (iii) of the Subordinate Optimal Principal
          Amount, the fraction, expressed as a percentage, the numerator of
          which is the Current Principal Amount of such Class and the
          denominator of which is the aggregate Current Principal Amount of all
          Classes of the Subordinate Certificates; and

               (b) as to any Distribution Date and amounts distributable
          pursuant to clause (ii), (iv) and (v) of the Subordinate Optimal
          Principal Amount, and as to each Class of Subordinate Certificates for
          which (x) the related Prepayment Distribution Trigger has been
          satisfied on such Distribution Date, the fraction, expressed as a
          percentage, the numerator of which is the Current Principal Amount of
          such Class and the denominator of which is the aggregate Current
          Principal Amount of all such Classes and (y) the related Prepayment
          Distribution Trigger has not been satisfied on such Distribution Date,
          ______%; provided that if on a Distribution Date, the Current
          Principal Amount of any Class of Subordinate Certificates for which
          the related Prepayment Distribution Trigger was satisfied on such
          Distribution Date is reduced to zero, any amounts distributed pursuant
          to this clause (b), to the extent of such Class's remaining Allocable
          Share, shall be distributed to the remaining Classes of Subordinate
          Certificates in reduction of their respective Current Principal
          Amounts in the order of their numerical Class designations.

          ANNIVERSARY DETERMINATION DATE: The Determination Date occurring in
____________ of each year that the Certificates are outstanding, commencing in
__________, 199_.

          APPLICABLE CREDIT RATING: A rating of _____, in the case of
_________________ or ______ for any long-term deposit or security or a rating of
____, in the case of _____________, ____ or ____ in the case of ______________,
for any short-term deposit or security (or _____ or _____, in the case of
_____________, for any Permitted Investment listed in clause (viii) of the
definition thereof).

          APPRAISED VALUE: For any Mortgaged Property, the amount set forth as
the appraised value of such Mortgaged Property in an appraisal made for the
mortgage originator in connection with its origination of the related Mortgage
Loan.

          ASSUMED FINAL DISTRIBUTION DATE: With respect to each Class of
Certificates, _____________, 20__.

          AVAILABLE FUNDS: With respect to any Distribution Date, the sum of the
Group I Available Funds and the Group II Available Funds for such Distribution
Date.

          BANKRUPTCY CODE: The United States Bankruptcy Code, as amended, as
codified in 11 U.S.C. ss.ss. 101-1330.

          BANKRUPTCY COVERAGE TERMINATION DATE: The Distribution Date upon which
the Bankruptcy Loss Amount has been reduced to zero or a negative number (or the
Cross-Over Date, if earlier).

          BANKRUPTCY LOSS: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction.

          BANKRUPTCY LOSS AMOUNT: As of any Determination Date prior to the
first Anniversary Determination Date, the Bankruptcy Loss Amount shall equal
$_____________, as reduced by the aggregate amount of Bankruptcy Losses since
the Cut-off Date. As of any Determination Date after the first Anniversary
Determination Date, other than an Anniversary Determination Date, the Bankruptcy
Loss Amount shall equal the Bankruptcy Loss Amount on the immediately preceding
Anniversary Determination Date as reduced by the aggregate amount of Bankruptcy
Losses since such preceding Anniversary Determination Date. As of any
Anniversary Determination Date, the Bankruptcy Loss Amount shall equal the
lesser of (x) the Bankruptcy Loss Amount as of the preceding Determination Date
as reduced by any Bankruptcy Losses for the preceding Distribution Date, and (y)
the Formula Amount for such Anniversary Determination Date.

          The Bankruptcy Loss Amount may be further reduced by the Master
Servicer (including accelerating the manner in which such coverage is reduced)
provided that prior to any such reduction, the Master Servicer shall obtain
written confirmation from each Rating Agency that such reduction shall not
adversely affect the then-current rating assigned to the related Classes of
Certificates by such Rating Agency and shall provide a copy of such written
confirmation to the Trustee.

          BENEFIT PLAN OPINION: The meaning specified in Section 5.07(a) hereof.

          BOOK-ENTRY CERTIFICATES: All Classes of Certificates other than the
Class R-1 and Class R-2 Certificates and, to the extent provided in Section
5.02, the Class B-4, Class B-5 and Class B-6 Certificates.

          BUSINESS DAY: Any day other than (i) a Saturday or a Sunday, or (ii) a
day on which the New York Stock Exchange is closed or on which banking
institutions in New York City or in [ ] are authorized or obligated by law or
executive order to be closed.

          BUYDOWN ACCOUNT: A custodial account established and maintained by a
Lender in a Designated Depository Institution, as described in Section 4.05 for
deposit of Buydown Funds.

          BUYDOWN FUNDS: Any amount contributed by the seller of any Mortgaged
Property, the Mortgagee, a Sub-Servicer, the Master Servicer or another party in
order to enable the Mortgagor to reduce the payments required to be made by the
Mortgagor in the early years of a Mortgage Loan.

          BUYDOWN MORTGAGE LOAN: Any Mortgage Loan as to which a specified
amount of interest is paid out of related Buydown Funds.

          BUYDOWN PERIOD: The period during which Buydown Funds are required to
be applied to a Buydown Mortgage Loan.

          CERTIFICATE: Any mortgage pass-through certificate evidencing a
beneficial ownership interest in the Trust Fund signed and countersigned by the
Trustee in substantially the forms annexed hereto as Exhibit A-1 and A-2, with
the blanks therein appropriately completed.

          CERTIFICATE ACCOUNT: The trust account or accounts created and
maintained pursuant to Section 4.02, which shall be denominated
"________________, as Trustee f/b/o holders of Structured Asset Mortgage
Investments Inc. Mortgage Pass-Through Certificates, Series 200_-_ - Certificate
Account" which shall have two subaccounts as provided in Section 4.02.

          CERTIFICATE ACCOUNT ADVANCE: As of any Determination Date, the amount
on deposit in a Protected Account or Custody Account which is not required to be
transferred to the Certificate Account for distribution during the calendar
month in which such Determination Date occurs but which is deposited in a
subaccount of the Certificate Account and used to make a distribution to
Certificateholders during such calendar month on account of Scheduled Payments
on the Mortgage Loans due on the Due Date for such month not being paid on or
before such Determination Date except insofar as such unpaid amounts are the
result of application of the Relief Act.

          CERTIFICATE OWNER: Any Person who is the beneficial owner of a
Certificate registered in the name of the Depository or its nominee.

          CERTIFICATE REGISTER: The register maintained pursuant to Section
5.02.

          CERTIFICATEHOLDER: A Holder of a Certificate.

          CLASS: With respect to the Certificates, A-I-1, A-I-2, A-I-3, A-I-4,
A-I-5, A-I-6, A-I-7, A-I-8, A-I-9, A-I-10, A-I-11, A-II, PO, X, B-1, B-2, B-3,
B-4, B-5, B-6, R-1 and R-2. With respect to the REMIC II Regular Certificates,
each such REMIC II Regular Certificate.

          CLASS A CERTIFICATES: Class A-I-1, Class A-I-2, Class A-I-3, Class
A-I-4, Class A-I-5, Classes A-I-6, Class A-I-7, Class A-I-8, Class A-I-9, Class
A-I-10, Class A-I-11 and Class A-II Certificates.

          CLASS A-I CERTIFICATES: Class A-I-1, Class A-I-2, Class A-I-3, Class
A-I-4, Class A-I-5, Classes A-I-6, Class A-I-7, Class A-I-8, Class A-I-9, Class
A-I-10, and Class A-I-11 Certificates.

          CLASS A-I SENIOR PERCENTAGE: Initially _____%. On any Distribution
Date, the lesser of (i) _____% and (ii) the percentage (carried to six places
rounded up) obtained by dividing the aggregate Current Principal Amounts of all
the Class A-I Certificates (other than the Class A-1-8 Certificates) and the
Residual Certificates immediately preceding such Distribution Date by the
aggregate Scheduled Principal Balances of all the Group I Mortgage Loans (other
than the PO Percentage of the Group I Discount Mortgage Loans) immediately
preceding such Distribution Date.

          CLASS A-II SENIOR PERCENTAGE: Initially _____%. On any Distribution
Date, the lesser of (i) _____% and (ii) the percentage (carried to six places
rounded up) obtained by dividing the aggregate Current Principal Amount of the
Class A-II Certificates immediately preceding such Distribution Date by the
aggregate Scheduled Principal Balances of all of the Group II Mortgage Loans
immediately preceding such Distribution Date.

          CLASS A-I SENIOR PREPAYMENT PERCENTAGE or CLASS A-II SENIOR PREPAYMENT
PERCENTAGE: On any Distribution Date occurring during the periods set forth
below, as follows:

Period (dates inclusive)                   Senior Prepayment Percentage
-------------------------------------   -------------------------------------
___________, 200_ --                     _____%
___________, 200_ --
___________, 200_--                     Class A-I Senior Percentage or Class
                                        A-II Senior
___________, 20__                       Percentage, respectively, plus _____%
                                        of the Group I
                                        Subordinate Percentage or Group II
                                        Subordinate Percentage,
                                        respectively

___________, 20__--                     Class A-I Senior Percentage or Class
                                        II Senior Percentage,
___________, 20__                       respectively, plus _____% of the Group I
                                        Subordinate Percentage or Group II
                                        Subordinate Percentage, respectively

___________, 20__--                     Class A-I Senior Percentage or Class
                                        A-II Senior
___________, 20__                       Percentage, respectively, plus _____% of
                                        the Group I Subordinate Percentage or
                                        Group II Subordinate Percentage,
                                        respectively

___________, 20__--                     Class A-I Senior Percentage or Class
                                        A-II Senior
___________, 20                         Percentage, respectively, plus _____% of
                                        the Group I Subordinate Percentage or
                                        Group II Subordinate Percentage,
                                        respectively

____________, 20__ and thereafter       Class A-I Senior Percentage or Class
                                        A-II Senior Percentage

Notwithstanding the foregoing, if on any Distribution Date the Class A-I Senior
Percentage or the Class A-II Senior Percentage exceeds such respective Senior
Percentage as of the Cut-Off Date, the Class A-I Senior Prepayment Percentage or
the Class A-II Senior Prepayment Percentage, respectively, for such Distribution
Date will equal _____%. On the Distribution Date on which the aggregate of the
Current Principal Amounts of the Class A-1 Certificates and the Residual
Certificates are reduced to zero, the Class A-I Senior Prepayment Percentage
shall be the minimum percentage sufficient to effect such reduction and on the
Distribution Date on which the Current Principal Amount of the Class A-II
Certificates is reduced to zero, the Class A-II Senior Prepayment Percentage
shall be the minimum percentage necessary to effect such reduction; provided
that in the circumstances described in paragraph (D) in Section 6.01(a),
prepayments resulting from Mortgage Loans in one Mortgage Loan Group and
otherwise distributable to the Subordinate Certificates will be distributed to
the Senior Certificates related to the other Mortgage Loan Group (other than the
Class PO and Class X Certificates in the case of the Group I Mortgage Loans).

In addition, notwithstanding the foregoing, no reduction of a Senior Prepayment
Percentage shall occur on any Distribution Date unless, as of the last day of
the month preceding such Distribution Date either (a)(i)(X) the aggregate
Outstanding Principal Balance of Mortgage Loans in both Mortgage Loan Groups
delinquent 60 days or more (including for this purpose any Mortgage Loans in
foreclosure and Mortgage Loans with respect to which the related Mortgaged
Property has been acquired by the Trust Fund), averaged over the last six
months, as a percentage of the aggregate Current Principal Amount of the
Subordinate Certificates averaged over the last six months, does not exceed
_____% or (Y) the aggregate Outstanding Principal Balance of the Mortgage Loans
in both Mortgage Loan Groups delinquent 60 days or more averaged over the last
six months, as a percentage of the aggregate Outstanding Principal Balance of
all Mortgage Loans averaged over the last six months, does not exceed _____% and
(ii) cumulative Realized Losses on the Mortgage Loans in both Mortgage Loan
Groups do not exceed (a) _____% of the Original Subordinate Principal Balance if
such Distribution Date occurs between and including ___________, 200_ and
___________, 20__, (b) _____% of the related Original Subordinate Principal
Balance if such Distribution Date occurs between and including ___________, 20__
and ___________, 20__, (c) _____% of the related Original Subordinate Principal
Balance if such Distribution Date occurs between and including ___________, 20__
and ___________, 20__, (d) _____% of the related Original Subordinate Principal
Balance if such Distribution Date occurs between and including ___________, 20__
and ___________, 20__, and (e) _____% of the related Original Subordinate
Principal Balance if such Distribution Date occurs during or after ___________,
20__ or (b)(i) the outstanding principal balance of the Mortgage Loans in both
Mortgage Loan Groups delinquent 60 days or more averaged over the last six
months, as a percentage of the aggregate outstanding principal balance of all of
the Mortgage Loans averaged over the last six months, does not exceed _____% and
(ii) Realized Losses on the Mortgage Loans in both Mortgage Loan Groups to date
for such Distribution date are less than _____% of the Original Subordinate
Principal Balance.

          CLASS A-I-8 NOTIONAL AMOUNT: With respect to the Class A-I-8
Certificates, an amount equal to the Current Principal Amount of the Class A-I-7
Certificates as of the Due Date in the month prior to the month of the
Distribution Date.

          CLASS A-I-11 OPTIMAL PRINCIPAL AMOUNT: With respect to any
Distribution Date occurring within the first five years after the Closing Date
(I.E., prior to the Distribution Date in ___________, 20__) zero. The Class
A-I-11 Optimal Principal Amount for any Distribution Date occurring thereafter
will be as follows: for any Distribution Date during the sixth year after the
Closing Date, _____% of the Class A-I-11 Pro Rata Optimal Principal Amount for
such Distribution Date; for any Distribution Date during the seventh year after
the Closing Date, _____% of the Class A-I-11 Pro Rata Optimal Principal Amount
for such Distribution Date; for any Distribution Date during the eighth year
after the Closing Date, _____% of the Class A-I-11 Pro Rata Optimal Principal
Amount for such Distribution Date; for any Distribution Date during the ninth
year after the Closing Date, _____% of the Class A-I-11 Pro Rata Optimal
Principal Amount for such Distribution Date; and, for any Distribution Date
thereafter, _____% of the Class A-I-11 Pro Rata Optimal Distribution Amount for
such Distribution Date. Notwithstanding the foregoing, if on any Distribution
Date the Current Principal Amount of each Class of Class A-I Certificates (other
than the Class A-I-11 Certificates) has been reduced to zero, the Class A-I-11
Optimal Principal Amount shall equal the Group I Senior Optimal Principal Amount
to the extent not distributed on such Distribution Date to the other Classes of
Class A-I Certificates or Residual Certificates.

          CLASS A-I-11 PRO RATA OPTIMAL PRINCIPAL AMOUNT: With respect to any
Distribution Date, an amount equal to the product of (x) the Group I Senior
Optimal Principal Amount for such Distribution Date multiplied by (y) a
fraction, the numerator of which is the sum of the Current Principal Amounts of
the Class A-I-11 Certificates immediately prior to such Distribution Date and
the denominator of which is the aggregate Current Principal Amounts of all
Classes of Class A-I Certificates and Residual Certificates immediately prior to
such Distribution Date.

          CLASS B GROUP I CURRENT PRINCIPAL AMOUNT: For any Distribution Date,
the aggregate Current Principal Amounts of the Class B Certificates as of such
Distribution Date less the Class B Group II Current Principal Amount for such
Distribution Date.

          CLASS B GROUP II CURRENT PRINCIPAL AMOUNT: For any Distribution Date,
the sum of the Scheduled Principal Balances of the Group II Mortgage Loans as of
such Distribution Date less the Current Principal Amount of the Class A-II
Certificates as of such Distribution Date.

          CLASS PO CASH SHORTFALL: The difference between the Class PO Principal
Distribution Amount for a Distribution Date and the actual amount distributed to
holders of the Class PO Certificates on such Distribution Date in the instance
where Group I Available Funds are insufficient to make the full amount of
distributions required to be made to holders of the Class PO Certificates.

          CLASS PO DEFERRED AMOUNT: With respect to each Distribution Date
through the Cross-Over Date, the aggregate of all amounts allocable on such
Distribution Date to the Class PO Certificates in respect of the principal
portion of Realized Losses (other than Excess Losses) and Class PO Cash
Shortfall and all amounts previously allocated in respect of such losses and
Class PO Cash Shortfall to the Class PO Certificates and not distributed on
prior Distributions Dates.

          CLASS PO DEFERRED PAYMENT WRITEDOWN AMOUNT: With respect to any
Distribution Date, the amount if any, distributed on such date in respect of the
Class PO Deferred Amount.

          CLASS PO PRINCIPAL DISTRIBUTION AMOUNT: With respect to each
Distribution Date, an amount, without duplication, equal to the sum of:

          (i) the applicable PO Percentage of all Scheduled Principal due on
     each Group I Discount Mortgage Loan on the first day of the month in which
     the Distribution Date occurs, as specified in the amortization schedule at
     the time applicable thereto (after adjustment for previous principal
     prepayments and the principal portion of Debt Service Reductions after the
     Bankruptcy Coverage Termination Date, but before any adjustment to such
     amortization schedule by reason of any other bankruptcy or similar
     proceeding or any moratorium or similar waiver or grace period);

          (ii) the applicable PO Percentage of the Scheduled Principal Balance
     of each Group I Discount Mortgage Loan which was the subject of a Voluntary
     Principal Prepayment in full received by the Master Servicer during the
     applicable Prepayment Period;

          (iii) the applicable PO Percentage of all Voluntary Principal
     Prepayments in part received on Group I Discount Mortgage Loans during the
     applicable Prepayment Period;

          (iv) the lesser of (a) the applicable PO Percentage of the sum of (w)
     the Net Liquidation Proceeds allocable to principal on each Group I
     Discount Mortgage Loan which became a Liquidated Mortgage Loan during the
     related Prepayment Period (other than Group I Discount Mortgage Loans
     described in clause (x)) and (x) the Scheduled Principal Balance of each
     Group I Discount Mortgage Loan that was purchased by a primary mortgage
     insurer during the related Prepayment Period as an alternative to paying a
     claim under the related insurance policy, and (b) the applicable PO
     Percentage of the sum of (w) the Scheduled Principal Balance of each Group
     I Discount Mortgage Loan which became a Liquidated Mortgage Loan during the
     related Prepayment Period (other than Group I Discount Mortgage Loans
     described in clause (x)) and (x) the Scheduled Principal Balance of each
     Group I Discount Mortgage Loan that was purchased by a primary mortgage
     insurer during the related Prepayment Period as an alternative to paying a
     claim under the related Insurance policy less (y) in the case of clause
     (b), the applicable PO Percentage of the principal portion of Excess Losses
     (other than Debt Service Reductions) with respect to Group I Mortgage Loans
     incurred during the related Prepayment Period; and

          (v) the applicable PO Percentage of the sum of (a) the Scheduled
     Principal Balance of each Group I Discount Mortgage Loan which was
     repurchased by the Master Servicer in connection with such Distribution
     Date and (b) the difference, if any, between the Scheduled Principal
     Balance of a Group I Discount Mortgage Loan that has been replaced by the
     Master Servicer with a substitute Group I Discount Mortgage Loan pursuant
     to the Agreement in connection with such Distribution Date and the
     Scheduled Principal Balance of such substitute Group I Discount Mortgage
     Loan.

          CLASS X COMPONENT I ACCRUED CERTIFICATE INTEREST: For any Distribution
Date, the excess of all interest accrued on the aggregate Scheduled Principal
Balances of the Group I Mortgage Loans at the weighted average of the Net Rates
on such Mortgage Loans during the related Interest Accrual Period over the sum
of (x) all Accrued Certificate Interest on the Class A-I Certificates and the
Residual Certificates for such Distribution Date, (y) the portion of the Accrued
Certificate Interest on the Class B Certificates for such Distribution Date that
the Class B Group I Current Principal Amount as of such Distribution Date bears
to the aggregate Current Principal Amounts of the Class B Certificates as of
such Distribution Date, and (z) the portion of (i) any Net Interest Shortfall
and (ii) the interest portion of any Excess Losses, and after the applicable
Cross-Over Date, (iii) the interest portion of any Realized Losses, allocated to
the Class X Certificates that the Class X Component I Accrued Certificate
Interest (determined without regard to this clause (z)) bears to the total
Accrued Certificate Interest on the Class X Certificates (determined without
regard to such Net Interest Shortfall, or the interest portion of Excess Losses
or Realized Losses, as applicable). However, if on any Distribution Date, the
interest on the Group II Mortgage Loans at their Net Rates is less than the
Accrued Certificate Interest on the Class A-II Certificates, the Class X
Component I Accrued Certificate Interest for such Distribution Date shall equal
the Accrued Certificate Interest for the Class X Certificates.

          CLASS X COMPONENT II ACCRUED CERTIFICATE INTEREST: For any
Distribution Date, the excess of all interest accrued on the aggregate Scheduled
Principal Balances of the Group II Mortgage Loans at the weighted average of the
Net Rates on such Mortgage Loans during the related Interest Accrual Period over
the sum of (x) all Accrued Certificate Interest on the Class A-II Certificates
for such Distribution Date, (y) the portion of the Accrued Certificate Interest
on the Class B Certificates for such Distribution Date that the Class B Group II
Current Principal Amount as of such Distribution Date bears to the aggregate
Current Principal Amounts of the Class B Certificates as of such Distribution
Date, and (z) the portion of (i) any Net Interest Shortfall and (ii) the
interest portion of any Excess Losses, and after the applicable Cross-Over Date,
(iii) the interest portion of any Realized Losses, allocated to the Class X
Certificates that the Class X Component II Accrued Certificate Interest
(determined without regard to this clause (z)) bears to the total Accrued
Certificate Interest on the Class X Certificates (determined without regard to
such Net Interest Shortfall, or the Interest portion of Excess Losses or
Realized Losses, as applicable). However, if on any Distribution Date, the
interest on the Group I Mortgage Loans at their Net Rates is less than the
Accrued Certificate Interest on the Class A-1 Certificates, the Class X
Component II Accrued Certificate Interest for such Distribution Date shall equal
the Accrued Certificate Interest for the Class X Certificates.

          CLASS X NOTIONAL AMOUNT: On any Distribution Date, with respect to the
Class X Certificates, an amount equal to the aggregate Scheduled Principal
Balances of all of the Mortgage Loans.

          CLOSING DATE: ___________, 200_.

          CODE: The Internal Revenue Code of 1986, as amended.

          COMPENSATING INTEREST PAYMENTS: As defined in Section 6.09.

          COMPONENT I: The sum of the 12 Separate Components corresponding to
the Class A-I Certificates (treating the Class A-I-7 and Class A-I-8
Certificates as if they were a single Class of Certificates for this purpose),
the Class R-1 Certificates and the Current Principal Amount of the Class B
Certificates which derives its distributions from Group I Mortgage Loans.

          COMPONENT II: The sum of the 2 Separate Components corresponding to
the Class A-II Certificates and to the Current Principal Amount of the Class B
Certificates which derives its distributions from Group II Mortgage Loans.

          CORPORATE TRUST OFFICE: The office of the Trustee at which at any
particular time its corporate trust business is administered, which office, at
the date of the execution of this Agreement, is located at
_______________________, Attention: ______________.

          CORRESPONDING CLASS: As indicated in Section 5.01(c).

          CROSS-OVER DATE: The first Distribution Date on which the aggregate
Current Principal Amount of the Subordinate Certificates has been reduced to
zero (giving effect to all distributions on such Distribution Date).

          CURRENT PRINCIPAL AMOUNT: With respect to any Certificate (other than
a Class A-I-8 Certificate or a Class X Certificate) as of any Distribution Date,
the initial principal amount of such Certificate reduced by (A) the sum of (i)
all amounts distributed on previous Distribution Dates on such Certificate with
respect to principal (and the Class PO Cash Shortfall with respect to a Class PO
Certificate), (ii) the principal portion of all Realized Losses allocated prior
to such Distribution Date to such Certificate, and (iii) in the case of a
Subordinate Certificate, such Certificate's pro rata share, if any, of the
Subordinate Certificate Writedown Amount and the Class PO Deferred Payment
Writedown Amount for previous Distribution Dates. With respect to any Class of
Certificates (other than the Class A-I-8 or the Class X Certificates), the
Current Principal Amount thereof will equal the sum of the Current Principal
Amounts of all Certificates in such Class. Notwithstanding the foregoing, solely
for purposes of giving consents, directions, waivers, approvals, requests and
notices, the Class R-1 and Class R-2 Certificates after the Distribution Date on
which they receive the distribution of the last dollar of their original
principal amount shall be deemed to have a Current Principal Amount equal to
their Current Principal Amount on the day immediately preceding such
Distribution Date.

          CUSTODY ACCOUNT: A trust account created and maintained pursuant to
Section 4.04.

          CUT-OFF DATE: ___________, 200_.

          CUT-OFF DATE BALANCE: $_____________.

          DEBT SERVICE REDUCTION: Any reduction of the Scheduled Payments which
a Mortgagor is obligated to pay with respect to a Mortgage Loan as a result of
any proceeding under the Bankruptcy Code or any other similar state law or other
proceeding.

          DEBTOR RELIEF LAWS: Any applicable liquidation, conservatorship,
receivership, bankruptcy, insolvency, rearrangement, moratorium, reorganization,
or similar debtor relief laws affecting the rights of creditors generally from
time to time in effect.

          DEFAULTED MORTGAGE LOAN: Any Mortgage Loan as to which the Mortgagor
has failed to make unexcused payment in full of three or more consecutive
Scheduled Payments.

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

          DEFINITIVE CERTIFICATES: The meaning specified in Subsection 5.01(b)
hereof.

          DEPOSITORY: The Depository Trust Company, the nominee of which is Cede
& Co., or any successor thereto.

          DEPOSITORY AGREEMENT: The meaning specified in Subsection 5.01(a)
hereof.

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

          DESIGNATED DEPOSITORY INSTITUTION: A depository institution
(commercial bank, mutual savings bank or savings and loan association) or trust
company (which may include the Trustee), the deposits of which are fully insured
by the FDIC to the extent provided by law.

          DETERMINATION DATE: The ______ day of the month of the Distribution
Date, or if such day is not a Business Day, the following Business Day.

          DISTRIBUTION DATE: The ____________ day of any month, beginning in the
month immediately following the month of the initial issuance of the
Certificates, or, if such ____________ day is not a Business Day, the Business
Day immediately following.

          DTC CUSTODIAN: ___________________, or its successors in interest.

          DUE DATE: With respect to each Mortgage Loan, the first day of each
month, on which its Scheduled Payment is due.

          DUE PERIOD: With respect to any Distribution Date, the period
commencing on the second day of the month preceding the month in which the
Distribution Date occurs and ending at the close of business on the first day of
the month in which the Distribution Date occurs.

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

          EVENT OF DEFAULT: An event described in Section 8.01.

          EXCESS BANKRUPTCY LOSS: Any Bankruptcy Loss, or portion thereof, (i)
occurring after the Bankruptcy Coverage Termination Date or (ii) if on such
date, in excess of the then-applicable Bankruptcy Loss Amount.

          EXCESS FRAUD LOSS: Any Fraud Loss, or portion thereof, (i) occurring
after the Fraud Coverage Termination Date or (ii) if on such date, in excess of
the then-applicable Fraud Loss Amount.

          EXCESS LIQUIDATION PROCEEDS: To the extent that such amount is not
required by law to be paid to the related Mortgagor, the amount, if any, by
which Liquidation Proceeds with respect to a Liquidated Mortgage Loan exceed the
sum of (i) the Outstanding Principal Balance of such Mortgage Loan and accrued
but unpaid interest at the related Mortgage Interest Rate through the last day
of the month in which the related Liquidation Date occurs, plus (ii) related
Liquidation Expenses.

          EXCESS LOSSES: The sum of any Excess Bankruptcy Losses, Excess Fraud
Losses and Excess Special Hazard Losses.

          EXCESS SPECIAL HAZARD LOSS: Any Special Hazard Loss, or portion
thereof, (i) occurring after the Special Hazard Termination Date or (ii) if on
such date, in excess of the then-applicable Special Hazard Loss Amount.

          FANNIE MAE: Federal National Mortgage Association or any successor
thereto.

          FDIC: Federal Deposit Insurance Corporation or any successor thereto.

          FREDDIE MAC: Freddie Mac, formerly known as Federal Home Loan Mortgage
Corporation, or any successor thereto.

          FLOATING RATE CERTIFICATES: The Class A-I-7 Certificates and A-I-8
Certificates.

          FORMULA AMOUNT: As to each Anniversary Determination Date, the greater
of (i) $___________ and (ii) the product of (x) _____% and (y) the Scheduled
Principal Balance of each Mortgage Loan remaining in the Trust whose original
principal balance was _____% or greater of the Original Value thereof.]

          FRACTIONAL UNDIVIDED INTEREST: With respect to any Class of
Certificates other than the Class A-I-8 Certificates and the Class X
Certificates, the fractional undivided interest evidenced by any Certificate of
such Class, the numerator of which is the Current Principal Amount of such
Certificate and the denominator of which is the Current Principal Amount of such
Class. With respect to the Class A-I-8 Certificates, the fractional undivided
interest evidenced by any Certificate of such Class, the numerator of which is
the Class A-I-8 Notional Amount of such Certificate and the denominator of which
is the Class A-I-8 Notional Amount of such Class. With respect to the Class X
Certificates, the fractional undivided interest evidenced by any Certificate of
such Class, the numerator of which is the Notional Amount of such Certificate
and the denominator of which is the Notional Amount of such Class. With respect
to the Certificates in the aggregate, the fractional undivided interest
evidenced by (i) a Class A-I-8 Certificate or a Class X Certificate will be
deemed to equal _____% multiplied by a fraction, the numerator of which is the
Class A-I-8 Notional Amount or the Class X Notional Amount, as the case may be,
of such Certificate and the denominator of which is the sum of the Class A-I-8
Notional Amount and the Class X Notional Amount, (ii) a Class R-1 or Class R-2
Certificate will be deemed to equal _____% multiplied by a fraction the
numerator of which is the Current Principal Amount of such Certificate and the
denominator of which is the aggregate Current Principal Amount of such Classes
and (iii) a Certificate of any other Class will be deemed to equal _____% (plus
an additional _____% if and when the Class A-I-8 and Class X Certificates have
been paid in full prior to the date of determination) multiplied by a fraction,
the numerator of which is the Current Principal Amount of such Certificate and
the denominator of which is the Current Principal Amount of all the
Certificates.

          FRAUD COVERAGE TERMINATION DATE: The Distribution Date upon which the
related Fraud Loss Amount has been reduced to zero or a negative number (or the
Cross-Over Date, if earlier).

          FRAUD LOSS: Any Realized Loss attributable to fraud in the origination
of the related Mortgage Loan.

          FRAUD LOSS AMOUNT: As of any Distribution Date after the Cut-Off Date,
(x) prior to the first anniversary of the Cut-Off Date, an amount equal to
$______________ minus the aggregate amount of Fraud Losses that would have been
allocated to the Subordinate Certificates in accordance with Section 6.03 in the
absence of the Loss Allocation Limitation since the Cut-Off Date, and (y) from
the first through the fifth anniversary of the Cut-Off Date, an amount equal to
(1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of
the Cut-Off Date and (b) ______________% of the aggregate Outstanding Principal
Balance of all of the Mortgage Loans as of the most recent anniversary of the
Cut-Off Date minus (2) the Fraud Losses that would have been allocated to the
Subordinate Certificates in accordance with Section 6.03 in the absence of the
Loss Allocation Limitation since the most recent anniversary of the Cut-Off
Date. After the fifth anniversary of the Cut-Off Date the Fraud Loss Amount
shall be zero.

          FUNDS TRANSFER DATE: The ________ day of the month of the Distribution
Date, or if such day is not a Business Day, the preceding Business Day (but in
no event less than two Business Days prior to the related Distribution Date).

          GLOBAL CERTIFICATE: Any Private Certificate registered in the name of
the Depository or its nominee, beneficial interests in which are reflected on
the books on the Depository or on the books of a Person maintaining an account
with such Depository (directly or as an indirect participant in accordance with
the rules of such Depository).

          GROUP I AVAILABLE FUNDS or GROUP II AVAILABLE FUNDS: With respect to
any Distribution Date, an amount equal to the aggregate of the following with
respect to the Group I Mortgage Loans or Group II Mortgage Loans, respectively:
(a) all previously undistributed payments on account of principal (including the
principal portion of Scheduled Payments, Principal Prepayments and the principal
portion of Net Liquidation Proceeds) and all previously undistributed payments
on account of interest received after the Cut-Off Date and on or prior to the
related Determination Date, (b) any Monthly Advances (including Certificate
Account Advances) and Compensating Interest Payments by the Master Servicer with
respect to such Distribution Date and (c) any amount reimbursed by the Master
Servicer pursuant to Subsections 4.02(d) and 4.04(d) in connection with losses
on Permitted Investments, except:

          (i) all payments that were due on or before the Cut-Off Date;

          (ii) all Principal Prepayments and Liquidation Proceeds received after
     the applicable Prepayment Period and all related payments of interest;

          (iii) all payments, other than Principal Prepayments, that represent
     early receipt of Scheduled Payments due on a date or dates subsequent to
     the Due Date in the month in which such Distribution Date occurs;

          (iv) amounts received on particular Mortgage Loans as late payments of
     principal or interest and respecting which, and to the extent that, there
     are any unreimbursed Monthly Advances (including Certificate Account
     Advances);

          (v) amounts of Monthly Advances (including Certificate Account
     Advances) determined to be Nonrecoverable Advances;

          (vi) amounts permitted to be withdrawn from the Certificate Account
     pursuant to Subsection 4.03(a); and

          (vii) amounts withdrawn by the Trustee pursuant to Subsection 4.03(b)
     to pay the Trustee's Fee.

          GROUP I DISCOUNT MORTGAGE LOAN: Any Mortgage Loan with a Net Rate less
than _____% per annum.

          GROUP I MORTGAGE LOANS: The Mortgage Loans identified as such on the
Mortgage Loan Schedule, all of which shall have Net Rates lower than or equal to
_____% per annum.

          GROUP II MORTGAGE LOANS: The Mortgage Loans identified as such on the
Mortgage Loan Schedule, all of which have Net Rates greater than _____% per
annum.

          GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT or GROUP II SENIOR OPTIMAL
PRINCIPAL AMOUNT: As to any Distribution Date, an amount equal to the sum,
without duplication, of:

          (i) the Class A-I Senior Percentage or the Class A-II Senior
     Percentage, respectively, of the applicable Non-PO Percentage of Scheduled
     Principal due on the related Due Date on each Outstanding Mortgage Loan in
     the related Mortgage Loan Group as of such Due Date as specified in the
     amortization schedule at the time applicable thereto (after adjustments for
     previous Principal Prepayments and the principal portion of Debt Service
     Reductions subsequent to the Bankruptcy Coverage Termination Date but
     before any adjustment to such amortization schedule by reason of any
     bankruptcy (except as aforesaid) or similar proceeding or any moratorium or
     similar waiver or grace period);

          (ii) the Class A-I Senior Prepayment Percentage or Class A-II Senior
     Prepayment Percentage, respectively, of the applicable Non-PO Percentage of
     all Voluntary Principal Prepayments in part on Mortgage Loans in the
     Mortgage Group received during the related Prepayment Period, together with
     the Class A-I Senior Prepayment Percentage or Class A-II Senior Prepayment
     Percentage, respectively, of the applicable Non-PO Percentage of the
     Scheduled Principal Balance of each Mortgage Loan in the related Mortgage
     Loan Group which was the subject of a Voluntary Principal Prepayment in
     full during the related Prepayment Period;

          (iii) the lesser of (x) the Class A-I Senior Prepayment Percentage or
     Class A-II Senior Prepayment Percentage, respectively, of the applicable
     Non-PO Percentage of the sum of (A) all Net Liquidation Proceeds allocable
     to principal received in respect of each Mortgage Loan in the related
     Mortgage Loan Group that became a Liquidated Mortgage Loan during the
     related Prepayment Period (other than Mortgage Loans in the related
     Mortgage Loan Group described in clause (B)) and (B) the Scheduled
     Principal Balance of each such Mortgage Loan purchased by an Insurer from
     the Trustee during the related Prepayment Period pursuant to the related
     Primary Insurance Policy; and (y) the Class A-I Senior Percentage or Class
     A-II Senior Percentage, respectively, of the applicable Non-PO Percentage
     of the sum of (A) the Scheduled Principal Balance of each Mortgage Loan in
     the related Mortgage Loan Group that became a Liquidated Mortgage Loan
     during the related Prepayment Period (other than Mortgage Loans in the
     related Mortgage Loan Group described in clause (B)) and (B) the Scheduled
     Principal Balance of each such Mortgage Loan that was purchased by an
     Insurer from the Trustee during the related Prepayment Period pursuant to
     the related Primary Insurance Policy, as reduced in each case by the Class
     A-I Senior Percentage or Class A-II Senior Percentage, respectively, of the
     applicable Non-PO Percentage of the principal portion of any Excess
     Bankruptcy Losses (other than those attributable to Debt Service
     Reductions), Excess Fraud Losses and Excess Special Hazard Losses on each
     Mortgage Loans in the Related Mortgage Loan Group incurred during the
     related Prepayment Period;

          (iv) the Class A-I Senior Prepayment Percentage or Class A-II Senior
     Prepayment Percentage, respectively, of the applicable Non-PO Percentage of
     the Scheduled Principal Balance of each Mortgage Loan in the related
     Mortgage Loan Group which was purchased on such Distribution Date pursuant
     to Section 2.02, 2.03(d) or 3.19; and

          (v) the Class A-I Senior Prepayment Percentage or Class A-II Senior
     Prepayment Percentage, respectively, of the applicable Non-PO Percentage of
     the difference, if any, between the Scheduled Principal Balance of a
     Mortgage Loan in the related Mortgage Loan Group that has been replaced by
     the Master Servicer with a Substitute Mortgage Loan pursuant to Section
     2.04 during the month of such Distribution Date and the Scheduled Principal
     Balance of such Substitute Mortgage Loan.

          GROUP I SUBORDINATE PERCENTAGE: On any Distribution Date, _____% minus
the applicable Class A-I Senior Percentage.

          GROUP II SUBORDINATE PERCENTAGE: On any Distribution Date, _____%
minus the applicable Class A-II Senior Percentage.

          GROUP I SUBORDINATE PREPAYMENT PERCENTAGE or GROUP II SUBORDINATE
PREPAYMENT PERCENTAGE: On any Distribution Date, _____% minus the applicable
Class A-I Senior Prepayment Percentage or Class A-II Senior Prepayment
Percentage, respectively, except that on any Distribution Date after the Current
Principal Amounts of the Class A-I Certificates and Residual Certificates and
Class A-II Certificates, respectively, have each been reduced to zero, the Group
I Subordinate Prepayment Percentage or Group II Subordinate Prepayment
Percentage, respectively, will equal _____%.

          HOLDER: The Person in whose name a Certificate is registered in the
Certificate Register, except that, subject to Subsection 11.05(e), solely for
the purpose of giving any consent pursuant to this Agreement, any Certificate
registered in the name of the Seller, the Master Servicer, a Sub-Servicer or the
Trustee or any Affiliate thereof shall be deemed not to be outstanding and the
Fractional Undivided Interest evidenced thereby shall not be taken into account
in determining whether the requisite percentage of Fractional Undivided
Interests necessary to effect any such consent has been obtained.

          INDEMNIFIED PERSONS: The Trustee, its employees and any separate
co-trustee.

          INDEPENDENT: When used with respect to any specified Person, this term
means that such Person (a) is in fact independent of the Seller or the Master
Servicer and of any Affiliate of the Seller or the Master Servicer, (b) does not
have any direct financial interest or any material indirect financial interest
in the Seller or the Master Servicer, or any Affiliate of the Seller or the
Master Servicer, and (c) is not connected with the Seller or the Master
Servicer, or any Affiliate as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.

          INDIVIDUAL CERTIFICATE: Any Private Certificate registered in the name
of the Holder other than the Depository or its nominee.

          INSTITUTIONAL ACCREDITED INVESTOR: Any Person meeting the requirements
of Rule 501 (a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

          INSURANCE POLICY: With respect to any Mortgage Loan, any Primary
Insurance Policy, standard hazard insurance policy, flood insurance policy or
title insurance policy.

          INSURANCE PROCEEDS: Amounts paid by the insurer under any Insurance
Policy covering any Mortgage Loan or Mortgaged Property other than amounts
required to be paid over to the Mortgagor pursuant to law or the related
Mortgage Note or Security Instrument and other than amounts used to repair or
restore the Mortgaged Property or to reimburse Insured Expenses.

          INSURED EXPENSES: Expenses covered by any Insurance Policy.

          INSURER: Any issuer of an Insurance Policy.

          INTEREST ACCRUAL PERIOD: With respect to each Distribution Date, for
each Class of REMIC II Certificates and each Class of Certificates (other than
the Class A-I-7 and Class A-I-8 Certificates), the calendar month preceding the
month in which the Distribution Date occurs, commencing in ____________, 200_;
with respect to the Class A-1-7 and Class A-1-8 Certificates for each
Distribution Date will commence on the __________ day of the calendar month
preceding the calendar month in which such Distribution Date occurs and will end
on the __________ day of the calendar month in which such Distribution Date
occurs.

          INTEREST SHORTFALL: With respect to any Distribution Date and each
Mortgage Loan that during the related Prepayment Period was the subject of a
Voluntary Principal Prepayment, or constitutes a Relief Act Mortgage Loan, an
amount determined as follows:

               (a) partial principal prepayments: The difference between (i) one
          month's interest at the applicable Net Rate on the amount of such
          prepayment and (ii) the amount of interest for the calendar month of
          such prepayment (adjusted to the applicable Net Rate) received at the
          time of such repayment;

               (b) principal prepayments in full received during the relevant
          Prepayment Period: The difference between (i) one month's interest at
          the applicable Net Rate on the Scheduled Principal Balance of such
          Mortgage Loan immediately prior to such prepayment and (ii) the amount
          of interest for the calendar month of such prepayment (adjusted to the
          applicable Net Rate) received at the time of such prepayment;

               (c) Relief Act Mortgage Loans: As to any Relief Act Mortgage
          Loan, the excess of (i) 30 days' interest (or, in the case of a
          principal prepayment in full, interest to the date of prepayment) on
          the Scheduled Principal Balance thereof (or, in the case of a
          principal prepayment in part, on the amount so prepaid) at the related
          Net Rate over (ii) 30 days' interest (or, in the case of a principal
          prepayment in full, interest to the date of prepayment) on such
          Scheduled Principal Balance (or, in the case of a Principal Prepayment
          in part, on the amount so prepaid) at the Net Rate required to be paid
          by the Mortgagor as limited by application of the Relief Act.

          INVESTMENT LETTER: The letter to be furnished by each Institutional
Accredited Investor which purchases Class B-4, Class B-5 and Class B-6
Certificates in connection with such purchase, substantially in the form set
forth as Exhibit F-1 hereto.

          LIBOR: The London interbank offered rate for one-month United States
dollar deposits established on each LIBOR Determination Date pursuant to Section
5.09.

          LIBOR DETERMINATION DATE: _____________, 200_ and, with respect to
each month thereafter until the Current Principal Amount of the Class A-I-7
Certificates and the Class A-I-8 Notional Amount have been reduced to zero, the
second business day prior to the first day of the related Interest Accrual
Period for such Certificates. For purposes of this definition, "business day"
means a day on which banks are open for dealing in foreign currency and exchange
in London and New York City.

          LIQUIDATED MORTGAGE LOAN: Any defaulted Mortgage Loan as to which the
Master Servicer has determined that all amounts it expects to recover from or on
account of such Mortgage Loan have been recovered.

          LIQUIDATION DATE: With respect to any Liquidated Mortgage Loan, the
date on which the Master Servicer has certified that such Mortgage Loan has
become a Liquidated Mortgage Loan.

          LIQUIDATION EXPENSES: With respect to a Mortgage Loan in liquidation,
unreimbursed expenses paid or incurred by or for the account of the Master
Servicer and not recovered by the Master Servicer under any Primary Insurance
Policy for reasons other than the Master Servicer's failure to ensure the
maintenance of or compliance with a Primary Insurance Policy, such expenses
including (a) property protection expenses, (b) property sales expenses, (c)
foreclosure and sale costs, including court costs and reasonable attorneys'
fees, and (d) similar expenses reasonably paid or incurred in connection with
liquidation.

          LIQUIDATION PROCEEDS: Cash received in connection with the liquidation
of a defaulted Mortgage Loan, whether through trustee's sale, foreclosure sale,
Insurance Proceeds, condemnation proceeds or otherwise.

          LOAN SUMMARY AND REMITTANCE REPORT: The report to be submitted by the
Master Servicer to the Trustee pursuant to Subsection 6.07(b).

          LOAN-TO-VALUE RATIO: The fraction, expressed as a percentage, the
numerator of which is the original principal balance of the related Mortgage
Loan and the denominator of which is the Original Value of the related Mortgaged
Property.

          LOSS ALLOCATION LIMITATION: The meaning specified in Section 6.03(d)
hereof.

          MASTER SERVICER: With respect to the Mortgage Loans, [CORPORATION 1],
or its successor in interest, or any successor master servicer with respect to
the Mortgage Loans appointed as herein provided.

          MASTER SERVICING FEE: As to any Mortgage Loan and Distribution Date,
an amount equal to the product of (i) the Scheduled Principal Balance of such
Mortgage Loan as of the Due Date in the preceding calendar month and (ii) the
Master Servicing Fee Rate.

          MASTER SERVICING FEE RATE: With respect to each Mortgage Loan, the per
annum rate of _______%.

          MONTHLY ADVANCE: The advance (including a Certificate Account Advance)
required to be made by the Master Servicer on the related Advancing Date
pursuant to Section 6.08.

          MORTGAGE FILE: The mortgage documents listed in Section 2.01(b)
pertaining to a particular Mortgage Loan and any additional documents required
to be added to the Mortgage File pursuant to this Agreement.

          MORTGAGE INTEREST RATE: The annual rate at which interest accrues from
time to time on any Mortgage Loan pursuant to the related Mortgage Note, which
rate is equal to the "Mortgage Interest Rate" set forth with respect thereto on
the Mortgage Loan Schedule.

          MORTGAGE LOAN: A mortgage loan transferred and assigned to the Trustee
pursuant to Section 2.01 or Section 2.04 and held as a part of the Trust Fund,
as identified in the Mortgage Loan Schedule, including a mortgage loan the
property securing which has become an REO Property.

          MORTGAGE LOAN GROUP: Mortgage Loan Group I or Mortgage Loan Group II.

          MORTGAGE LOAN GROUP I: The group of Mortgage Loans which is composed
of the Group I Mortgage Loans.

          MORTGAGE LOAN GROUP II: The group of Mortgage Loans which is composed
of the Group II Mortgage Loans.

          MORTGAGE LOAN SCHEDULE: The schedule, attached hereto as Exhibit B
with respect to the Mortgage Loans and as amended from time to time to reflect
the repurchase or substitution of Mortgage Loans pursuant to this Agreement,
which shall separately identify the Group I Mortgage Loans and the Group II
Mortgage Loans.

          MORTGAGE NOTE: The originally executed note or other evidence of the
indebtedness of a Mortgagor under the related Mortgage Loan.

          MORTGAGED PROPERTY: Land and improvements securing the indebtedness of
a Mortgagor under the related Mortgage Loan or, in the case of REO Property,
such REO Property.

          MORTGAGOR: The obligor on a Mortgage Note.

          NET INTEREST SHORTFALL: With respect to any Distribution Date, the
Interest Shortfall, if any, for such Distribution Date net of Compensating
Interest Payments made with respect to such Distribution Date.

          NET LIQUIDATION PROCEEDS: As to any Liquidated Mortgage Loan,
Liquidation Proceeds net of (i) Liquidation Expenses which are payable therefrom
to the Master Servicer in accordance with this Agreement and (ii) unreimbursed
advances by the related Sub-Servicer and Monthly Advances including Certificate
Account Advances.

          NET RATE: With respect to each Mortgage Loan, the Mortgage Interest
Rate in effect from time to time less the sum of the Master Servicing Fee Rate
and the Trustee's Fee (expressed as a per annum rate), each such fee being
expressed as a per annum rate.

          NON-DISCOUNT MORTGAGE LOAN: Any Mortgage Loan with a Net Rate equal to
or greater than _____%.

          NON-PO PERCENTAGE: (i) with respect to any Group I Discount Mortgage
Loan, the Net Rate thereof divided by _____%, and (ii) with respect to any
Non-Discount Mortgage Loan, _____%.

          NONRECOVERABLE ADVANCE: Any advance (i) which was previously made or
is proposed to be made by the Master Servicer and (ii) which, in the good faith
judgment of the Master Servicer, will not or, in the case of a proposed advance,
would not, be ultimately recoverable by the Master Servicer from Liquidation
Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which
such advance was made.

          OFFICER'S CERTIFICATE: A certificate signed by the Chairman of the
Board, the Vice Chairman of the Board, the President or a Vice President or
Assistant Vice President of the Master Servicer and delivered to the Trustee, as
required by this Agreement.

          OPINION OF COUNSEL: A written opinion of counsel who is or are
acceptable to the Trustee and who, unless required to be Independent (an
"Opinion of Independent Counsel"), may be internal counsel for the Master
Servicer.

          ORIGINAL SUBORDINATE PRINCIPAL BALANCE: The sum of the aggregate
Current Principal Amounts of each Class of Subordinate Certificates as of the
Cut-Off Date.

          ORIGINAL VALUE: Except in the case of a refinance Mortgage Loan, the
lesser of the Appraised Value or sales price of a Mortgaged Property at the time
a Mortgage Loan is closed, and for a refinance Mortgage Loan, the Original Value
is the value of such property set forth in an appraisal acceptable to the Master
Servicer.

          OUTSTANDING MORTGAGE LOAN: With respect to any Due Date, a Mortgage
Loan which, prior to such Due Date, was not the subject of a Principal
Prepayment in full, did not become a Liquidated Mortgage Loan and was not
purchased pursuant to Sections 2.02, 2.03 or 3.19 or replaced pursuant to
Section 2.04.

          OUTSTANDING PRINCIPAL BALANCE: As of the time of any determination,
the principal balance of a Mortgage Loan remaining to be paid by the Mortgagor,
or, in the case of an REO Property, the principal balance of the related
Mortgage Loan remaining to be paid by the Mortgagor at the time such property
was acquired by the Trust Fund less any Net Insurance Proceeds with respect
thereto to the extent applied to principal.

          PASS-THROUGH RATE: As to each Class of Certificates, the rate of
interest set forth, or determined as provided with respect thereto, in Section
5.01. Any monthly calculation of interest at a stated rate shall be based upon
annual interest at such rate divided by twelve.

          PERMITTED INVESTMENTS: Any one or more of the following obligations or
securities:

          (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;

          (ii) (a) demand or time deposits, federal funds or bankers'
     acceptances issued by any depository institution or trust company
     incorporated under the laws of the United States of America or any state
     thereof (including the Trustee acting in its commercial banking capacity)
     and subject to supervision and examination by federal and/or state banking
     authorities, provided that the commercial paper and/or the short-term
     deposit rating and/or the long-term unsecured debt obligations or deposits
     of such depository institution or trust company at the time of such
     investment or contractual commitment providing for such investment have the
     Applicable Credit Rating or better from each Rating Agency and (b) any
     other demand or time deposit or certificate of deposit that is fully
     insured by the Federal Deposit Insurance Corporation;

          (iii) repurchase obligations with respect to (a) any security
     described in clause (i) above or (b) any other security issued or
     guaranteed by an 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, in either case entered into with a depository
     institution or trust company (acting as principal) described in clause
     (ii)(a) above where the Trustee holds the security therefor;

          (iv) securities bearing interest or sold at a discount issued by any
     corporation (including the Trustee) incorporated under the laws of the
     United States of America or any state thereof that have the Applicable
     Credit Rating or better from each Rating Agency at the time of such
     investment or contractual commitment providing for such investment;
     PROVIDED, HOWEVER, that securities issued by any particular corporation
     will not be Permitted Investments to the extent that investments therein
     will cause the then outstanding principal amount of securities issued by
     such corporation and held as part of the Trust to exceed _____% of the
     aggregate Outstanding Principal Balances and amounts of all the Mortgage
     Loans and Permitted Investments held as part of the Trust;

          (v) commercial paper (including both noninterest-bearing discount
     obligations and interest-bearing obligations payable on demand or on a
     specified date not more than one year after the date of issuance thereof)
     having the Applicable Credit Rating or better from each Rating Agency at
     the time of such investment;

          (vi) a Reinvestment Agreement issued by any bank, insurance company or
     other corporation or entity;

          (vii) any other demand, money market or time deposit, obligation,
     security or investment as may be acceptable to each Rating Agency; and

          (viii) any money market funds the collateral of which consists of
     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
     (which may include repurchase obligations secured by collateral described
     in clause (i)) and having the Applicable Credit Rating or better from each
     Rating Agency;

PROVIDED, HOWEVER, that no instrument or security shall be a Permitted
Investment if such instrument or security evidences a right to receive only
interest payments with respect to the obligations underlying such instrument or
if such security provides for payment of both principal and interest with a
yield to maturity in excess of _____% of the yield to maturity at par.

          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: The Class R-1 and Class R-2 Certificates and,
to the extent provided in Section 5.02, the Class B-4, Class B-5 and Class B-6
Certificates.

          PO PERCENTAGE: (i) With respect to any Group I Discount Mortgage Loan,
the fraction, expressed as a percentage, equal to _____% minus the Net Rate
thereof divided by _____%, and (ii) with respect to any Non-Discount Mortgage
Loan, _____%.

          PREPAYMENT DISTRIBUTION TRIGGER: For a Class of Subordinate
Certificates for any Distribution Date, the Class Prepayment Distribution
Trigger is satisfied if the fraction (expressed as a percentage), the numerator
of which is the aggregate Current Principal Amount of such Class and each Class
of Subordinate Certificates subordinate thereto, if any, and the denominator of
which is the Scheduled Principal Balances of all of the Mortgage Loans as of the
Due Date in the month next preceding such Distribution Date, equals or exceeds
such percentage calculated as of the Closing Date.

          PREPAYMENT PERIOD: With respect to any Mortgage Loan and any
Distribution Date, the calendar month preceding the month of such Distribution
Date.

          PRIMARY INSURANCE POLICY: Any primary mortgage guaranty insurance
policy issued in connection with a Mortgage Loan which provides compensation to
a Mortgage Note holder in the event of default by the obligor under such
Mortgage Note or the related Security Instrument, or any replacement policy
therefor.

          PRINCIPAL PREPAYMENT: Any payment (whether partial or full) or other
recovery of principal on a Mortgage Loan which is received in advance of its
scheduled Due Date to the extent that it is not accompanied by an amount as to
interest representing scheduled interest due on any date or dates in any month
or months subsequent to the month of prepayment, including Insurance Proceeds
and the purchase price in connection with any purchase of a Mortgage Loan, any
cash deposit in connection with the substitution of a Mortgage Loan, and the
principal portion of Net Liquidation Proceeds.

          PRIVATE CERTIFICATE: Any Class B-4, Class B-5 or Class B-6
Certificate.

          PROTECTED ACCOUNT: A trust account established and maintained by the
Master Servicer or any Sub-Servicer with respect to the Mortgage Loans and with
respect to REO Property in a Designated Depository Institution for receipt of
principal and interest and other amounts as described in Section 4.01.

          QUALIFIED INSURER: Any insurance company duly qualified as such under
the laws of the state or states in which the related Mortgaged Property or
Mortgaged Properties is or are located, duly authorized and licensed in such
state or states to transact the type of insurance business in which it is
engaged and approved as an insurer by the Master Servicer, so long as the claims
paying ability of which is acceptable to the Rating Agencies for pass-through
certificates having the same rating as the Certificates rated by the Rating
Agencies as of the Closing Date.

          RATING AGENCIES: ____________ and ____________.

          RATING AGENCY ELIGIBLE ACCOUNT: An account, including one maintained
with the Trustee, which either (i) is a trust account maintained with the trust
department of a depository institution or trust company organized under the laws
of the United States of America or any one of the states thereof or the District
of Columbia or (ii) is maintained with an entity which is an institution whose
deposits are insured by the FDIC, the unsecured and uncollateralized long-term
debt obligations of which shall be rated "_____" or better by _____________ and
_____________, or one of the two highest short-term ratings by _____________ and
_____________, and which is either (a) a federal savings association duly
organized, validly existing and in good standing under the federal banking laws,
(b) an institution duly organized, validly existing and in good standing under
the applicable banking laws of any state, (c) a national banking association
under the federal banking laws, or (d) a principal subsidiary of a bank holding
company.

          REALIZED LOSS: Any (i) Deficient Valuation or (ii) as to any
Liquidated Mortgage Loan, (x) the Outstanding Principal Balance of such
Liquidated Mortgage Loan plus accrued and unpaid interest thereon at the
Mortgage Interest Rate through the last day of the month of such liquidation
LESS (y) the related Net Liquidation Proceeds.

          RECORD DATE: With respect to any Distribution Date, the close of
business on the last Business Day of the month immediately preceding the month
of such Distribution Date.

          REINVESTMENT AGREEMENTS: One or more reinvestment agreements,
acceptable to the Rating Agencies, from a bank, insurance company or other
corporation or entity (including the Trustee).

          RELIEF ACT: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.

          RELIEF ACT MORTGAGE LOAN: Any Mortgage Loan as to which the Scheduled
Payment thereof has been reduced due to the application of the Relief Act.

          REMIC: A real estate mortgage investment conduit, as defined in the
Code.

          REMIC I: That group of assets contained in the Trust Fund designated
as a REMIC consisting of the REMIC II Regular Certificates.

          REMIC II: That group of assets contained in the Trust Fund designated
as a REMIC consisting of (i) the Mortgage Loans, (ii) the Certificate Account,
(iii) any REO Property and (iv) any proceeds of the foregoing. Expenses and fees
of the Trust shall be paid by REMIC II.

          REMIC II CERTIFICATES: The REMIC II Regular Certificates and the Class
R-2 Certificates.

          REMIC II REGULAR CERTIFICATES: As defined in Section 5.01.

          REMIC OPINION: An Opinion of Independent Counsel, to the effect that
the proposed action described therein would not, under the REMIC Provisions, (i)
cause either REMIC I or REMIC II to fail to qualify as a REMIC while any regular
interest in either REMIC I or REMIC II is outstanding, (ii) result in a tax on
prohibited transactions or (iii) constitute a taxable contribution after the
Startup Day.

          REMIC PROVISIONS: The provisions of the federal income tax law
relating to REMICs, which appear at Sections 860A through 860G of the Code, and
related provisions and regulations promulgated thereunder, as the foregoing may
be in effect from time to time.

          REO PROPERTY: A Mortgaged Property acquired in the name of the
Trustee, for the benefit of Certificateholders, by foreclosure or deed-in-lieu
of foreclosure in connection with a defaulted Mortgage Loan.

          REPURCHASE PRICE: With respect to any Mortgage Loan (or any property
acquired with respect thereto) required to be repurchased pursuant to Section
2.02 or 2.03 an amount equal to the sum of (i) _____% of the Outstanding
Principal Balance of such Mortgage Loan as of the date of repurchase (or if the
related Mortgaged Property was acquired with respect thereto, _____% of the
Outstanding Principal Balance at the date of the acquisition) plus (ii) accrued
but unpaid interest on the Outstanding Principal Balance at the related Mortgage
Interest Rate, through and including the last day of the month of repurchase
reduced by (ii) any portion of the Master Servicing Fee or advances payable to
the purchaser of the Mortgage Loan.

          REQUEST FOR RELEASE: A request for release in the form attached hereto
as Exhibit D.

          REQUIRED INSURANCE POLICY: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement with respect to such Mortgage Loan.

          RESIDUAL CERTIFICATES: The Class R-1 and Class R-2 Certificates.

          RESPONSIBLE OFFICER: Any officer assigned to the corporate trust
department or similar department of the Trustee (or any successor division or
department thereto), and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer's knowledge of
and familiarity with the particular subject.

          RULE 144A CERTIFICATE: The certificate to be furnished by each
purchaser of a Private Certificate which is a Qualified Institutional Buyer as
defined under Rule 144A promulgated under the Securities Act, substantially in
the form set forth as Exhibit F-2 hereto.

          SCHEDULED PAYMENT: With respect to any Mortgage Loan and any month,
the scheduled payment or payments of principal and interest due during such
month on such Mortgage Loan which either is payable by a Mortgagor in such month
under the related Mortgage Note or, in the case of REO Property, would otherwise
have been payable under the related Mortgage Note.

          SCHEDULED PRINCIPAL: The principal portion of any Scheduled Payment.

          SCHEDULED PRINCIPAL BALANCE: With respect to any Mortgage Loan on any
Distribution Date, (A) the unpaid principal balance of such Mortgage Loan as of
the close of business on the Due Date in the month preceding the month of such
Distribution Date (i.e., taking account of the principal payment to be made on
such Due Date and irrespective of any delinquency in its payment), as specified
in the amortization schedule at the time relating thereto (before any adjustment
to such amortization schedule by reason of any bankruptcy or similar proceeding
occurring after the Cut-Off Date (other than a Deficient Valuation) or any
moratorium or similar waiver or grace period) less (B) any Principal Prepayments
(including the principal portion of Net Liquidation Proceeds) received during or
prior to the related Prepayment Period; provided that the Scheduled Principal
Balance of a Liquidated Mortgage Loan is zero.

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

          SECURITIES LEGEND: "THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF,
BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A "QIB"),
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB,
WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN "INSTITUTIONAL ACCREDITED INVESTOR"
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) (OR ANY ENTITY IN
WHICH ALL OF THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D
UNDER THE SECURITIES ACT PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER
SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) AN OPINION OF
COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
STATES. THIS CERTIFICATE MAY NOT BE TRANSFERRED TO "BENEFIT PLAN INVESTORS," AS
SUCH TERM IS DEFINED IN 29 C.F.R. ss. 2510.3-101., UNLESS THE PROPOSED
TRANSFEREE PROVIDES A BENEFIT PLAN OPINION TO THE TRUSTEE."

          SECURITY INSTRUMENT: A written instrument creating a valid [first]
lien on a Mortgaged Property securing a Mortgage Note, which may be any
applicable form of mortgage, deed of trust, deed to secure debt or security
deed, including any riders or addenda thereto.

          SELLER: Bear Stearns Mortgage Securities Inc., a Delaware corporation,
or its successors in interest.

          SELLER CONTRACT: The Mortgage Loan Purchase Agreement dated as of
___________, 200_, among [CORPORATION 1], as seller, [____________., as
guarantor,] and Bear Stearns Mortgage Securities Inc., as purchaser, and all
amendments thereof and supplements thereto.

          SENIOR CERTIFICATES: The Class A-I-1, Class A-I-2, Class A-I-3, Class
A-I-4, Class A-I-5, Class A-I-6, Class A-I-7, Class A-I-8, Class A-I-9, Class
A-I-10, Class A-I-11, Class A-II, Class PO, Class X, Class R-1 and Class R-2
Certificates.

          SENIOR PERCENTAGE: The Class A-I Senior Percentage or the Class A-II
Senior Percentage.

          SENIOR PREPAYMENT PERCENTAGE: The Class A-I Senior Prepayment
Percentage or the Class A-II Senior Prepayment Percentage.

          SEPARATE COMPONENT: As defined in footnote (3) to the table in Section
5.01(c) and which compose Component I and Component II.

          SERVICING ACCOUNT: The separate trust account created and maintained
by the Master Servicer or each Sub-Servicer with respect to the Mortgage Loans
or with respect to REO Property in a Designated Depository Institution for
collection of taxes, assessments, insurance premiums and comparable items as
described in Section 3.07.

          SERVICING OFFICER: Any officer of the Master Servicer or of an agent
or independent contractor through which all or part of the Master Servicer's
master servicing responsibilities are carried out, involved in, or responsible
for, the administration and servicing of the Mortgage Loans whose name and
specimen signature appear on a list of servicing officers furnished to the
Trustee by the Master Servicer as such list may from time to time be amended in
accordance with the foregoing.

          SPECIAL HAZARD LOSS: (i) A Realized Loss suffered by a Mortgaged
Property on account of direct physical loss, exclusive of (a) any loss covered
by a hazard policy or a flood insurance policy required to be maintained in
respect of such Mortgaged Property under Section 3.10 and (b) any loss caused by
or resulting from:

          (1)  normal wear and tear;

          (2)  conversion or other dishonest act on the part of the Trustee, the
               Master Servicer or any of their agents or employees; or

          (3)  errors in design, faulty workmanship or faulty materials, unless
               the collapse of the property or a part thereof ensues;

or (ii) any Realized Loss suffered by the Trust Fund arising from or related to
the presence or suspected presence of hazardous wastes or hazardous substances
on a Mortgaged Property unless such loss to a Mortgaged Property is covered by a
hazard policy or a flood insurance policy required to be maintained in respect
of such Mortgaged Property under Section 3.10.

          SPECIAL HAZARD LOSS AMOUNT: As of any Distribution Date, an amount
equal to $___________ minus the sum of (i) the aggregate amount of Special
Hazard Losses that would have been allocated to the Subordinate Certificates in
accordance with Section 6.03 in the absence of the Loss Allocation Limitation
and (ii) the Adjustment Amount (as defined below) as most recently calculated.
On each anniversary of the Cut-Off Date, the "Adjustment Amount" shall be equal
to the amount, if any, by which the amount calculated in accordance with the
preceding sentence (without giving effect to the deduction of the Adjustment
Amount for such anniversary) exceeds the lesser of (x) the greater of (A) the
product of the Special Hazard Percentage for such anniversary multiplied by the
Outstanding Principal Balance of all the Mortgage Loans on the Distribution Date
immediately preceding such anniversary and (B) twice the Outstanding Principal
Balance of the Mortgage Loan which has the largest Outstanding Principal Balance
on the Distribution Date immediately preceding such anniversary, and (y) an
amount calculated by the Master Servicer and approved by each Rating Agency,
which amount shall not be less than $-----------.

          SPECIAL HAZARD PERCENTAGE: As of each anniversary of the Cut-Off Date,
the greater of (i) _____% and (ii) the largest percentage obtained by dividing
(x) the aggregate Outstanding Principal Balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located
in a single, five-digit zip code area in the State of ___________ by (y) the
Outstanding Principal Balance of all the Mortgage Loans as of the immediately
preceding Distribution Date.

          SPECIAL HAZARD TERMINATION DATE: The Distribution Date upon which the
Special Hazard Loss Amount has been reduced to zero or a negative number (or the
Cross-Over Date, if earlier).

          STARTUP DAY: ___________, 200_.

          SUBORDINATE CERTIFICATE WRITEDOWN AMOUNT: As to any Distribution Date,
the amount by which (a) the sum of the Current Principal Amounts of all the
Certificates (after giving effect to the distribution of principal and the
allocation of Realized Losses and the Class PO Deferred Payment Writedown Amount
in reduction of the Current Principal Amounts of the Certificates on such
Distribution Date) exceeds (b) the aggregate Scheduled Principal Balances of the
Mortgage Loans on the first day of the month of such Distribution Date, less any
Deficient Valuation occurring on or prior to the Bankruptcy Coverage Termination
Date.

          SUBORDINATE CERTIFICATES: Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5 and Class B-6 Certificates.

          SUBORDINATE OPTIMAL PRINCIPAL AMOUNT: As to any Distribution Date, an
amount equal to the sum, without duplication, of the following (but in no event
greater than the aggregate Current Principal Amounts of the Subordinate
Certificates immediately prior to such Distribution Date):

               (i) the Group I Subordinate Percentage or Group II Subordinate
          Percentage, as applicable, of the applicable Non-PO Percentage of
          Scheduled Principal due on the related Due Date on each Outstanding
          Mortgage Loan in the related Mortgage Loan Group as of such Due Date
          as specified in the amortization schedule at the time applicable
          thereto (after adjustment for previous Principal Prepayments and the
          principal portion of Debt Service Reductions subsequent to the
          Bankruptcy Coverage Termination Date but before any adjustment to such
          amortization schedule by reason of any bankruptcy (other than as
          aforesaid) or similar proceeding or any moratorium or similar waiver
          or grace period);

               (ii) the Group I Subordinate Prepayment Percentage or Group II
          Subordinate Prepayment Percentage, as applicable, of the applicable
          Non-PO Percentage of all Voluntary Principal Prepayments in part on
          Mortgage Loans in the related Mortgage Group received during the
          related Prepayment Period, and _____% of any Group I Senior Optimal
          Principal Amount or Group II Senior Optimal Principal Amount, as
          applicable, not distributed to the related Senior Certificates on such
          Distribution Date, together with the Group I Subordinate Prepayment
          Percentage or Group II Subordinate Prepayment Percentage, as
          applicable, of the Scheduled Principal Balance of each Mortgage Loan
          in the related Mortgage Loan Group which was the subject of a
          Voluntary Principal Prepayment in full during the related Prepayment
          Period;

               (iii) the excess, if any, of the applicable Non-PO Percentage of
          (x) the sum of (A) all Net Liquidation Proceeds allocable to principal
          on Mortgage Loans in the related Mortgage Loan Group received during
          the related Prepayment Period (other than in respect of Mortgage Loans
          described in clause (B)) and (B) the Scheduled Principal Balance of
          each Mortgage Loan in the related Mortgage Loan Group that was
          purchased by an Insurer from the Trustee during the related Prepayment
          Period pursuant to the related Primary Insurance Policy, over (y) the
          sum of the amounts distributable pursuant to clause (iii) of the
          definitions of Group I Senior Optimal Principal Amount or Group II
          Senior Optimal Principal Amount, respectively, on such Distribution
          Date;

               (iv) the Group I Subordinate Prepayment Percentage or Group II
          Subordinate Prepayment Percentage of the applicable Non-PO Percentage
          of the Scheduled Principal Balance of each Mortgage Loan in the
          related Mortgage Loan Group which was purchased on such Distribution
          Date pursuant to Section 2.02, 2.03(d) or 3.19; and

               (v) the Group I Subordinate Prepayment Percentage or Group II
          Subordinate Prepayment Percentage of the applicable Non-PO Percentage
          of the difference, if any, between the Scheduled Principal Balance of
          a Mortgage Loan in the related Mortgage Loan Group that has been
          replaced by the Master Servicer with a Substitute Mortgage Loan
          pursuant to Section 2.04 during the month of such Distribution Date
          and the Scheduled Principal Balance of such Substitute Mortgage Loan.

After the aggregate current Principal Amounts of the Subordinate Certificates
have been reduced to zero, the Group I Subordinate Optimal Principal Amount and
Group II Subordinate Optimal Principal Amount shall each be zero.

          SUBORDINATE PERCENTAGE: A Group I Subordinate Percentage or Group II
Subordinate Percentage.

          SUBORDINATE PREPAYMENT PERCENTAGE: a Group I Subordinate Prepayment
Percentage or a Group II Subordinate Prepayment Percentage.

          SUB-SERVICER: Any Person with which the Master Servicer has entered
into a Sub-Servicing Agreement and which meets the qualifications of a
Sub-Servicer pursuant to Section 3.02.

          SUB-SERVICING AGREEMENT: The written contract between the Master
Servicer and a Sub-Servicer and any successor Sub-Servicer relating to servicing
and administration of certain Mortgage Loans as provided in Section 3.02.

          SUBSTITUTE MORTGAGE LOAN: A mortgage loan tendered to the Trustee
pursuant to Section 2.04, in each case, in the opinion of the Master Servicer,
(i) which has an Outstanding Principal Balance not materially greater nor
materially less than the Mortgage Loan for which it is to be substituted; (ii)
which has a Mortgage Interest Rate and Net Rate not less than, and not
materially greater than, such Mortgage Loan; (iii) which has a maturity date not
materially earlier or later than such Mortgage Loan and not later than the
latest maturity date of any Mortgage Loan; (iv) which is of the same property
type and occupancy type as such Mortgage Loan; (v) which has a Loan-to-Value
Ratio not greater than the Loan-to-Value Ratio of such Mortgage Loan; (vi) which
is current in payment of principal and interest as of the date of substitution;
and (vii) as to which the payment terms do not vary in any material respect from
the payment terms of the Mortgage Loan for which it is to be substituted. The
opinion of the Master Servicer shall be evidenced by an Officer's Certificate
delivered to the Trustee.

          TAX MATTERS PERSON: _______________, or any successor thereto or
assignee thereof.

          TRUST FUND or TRUST: The corpus of the trust created by this
Agreement, consisting of the Mortgage Loans and the other assets described in
Section 2.01(a).

          TRUSTEE: ________________, or its successor in interest, or any
successor trustee appointed as herein provided.

          TRUSTEE'S FEES: With respect to each Distribution Date, the amount to
be paid to the Trustee calculated monthly on a Mortgage Loan by Mortgage Loan
basis, equal to the sum of (i) with respect to each Mortgage Loan which has been
prepaid in full during the related Prepayment Period, the product of (a) the
amount of the Principal Prepayment, (b) _____% per annum and (c) a fraction, the
numerator of which is the number of days elapsed from the Due Date in the month
prior to the month of such Distribution Date to the date of Principal Prepayment
and the denominator of which is 365, and (ii) with respect to all other Mortgage
Loans, the product of (x) the Scheduled Principal Balance of such Mortgage Loan
on the Due Date in the month prior to the month of such Distribution Date and
(y) _____ of _____%.

          UNINSURED CAUSE: Any cause of damage to a Mortgaged Property or REO
Property such that the complete restoration of such Mortgaged Property or REO
Property is not fully reimbursable by the hazard insurance policies required to
be maintained pursuant to Section 3.10, without regard to whether or not such
policy is maintained.

          VOLUNTARY PRINCIPAL PREPAYMENT: With respect to any Distribution Date,
any Principal Prepayment received from the related Mortgagor on a Mortgage Loan.

<PAGE>
                                   ARTICLE II

                          Conveyance of Mortgage Loans;
                        Original Issuance of Certificates

          Section 2.01. CONVEYANCE OF MORTGAGE LOANS TO TRUSTEE. (a) The Seller
concurrently with the execution and delivery of this Agreement, sells, transfers
and assigns to the Trustee without recourse all its right, title and interest in
and to (i) the Mortgage Loans identified in the Mortgage Loan Schedule,
including all interest and principal due with respect to the Mortgage Loans
after the Cut-Off Date, but excluding any payments of principal and interest due
on or prior to the Cut-Off Date; (ii) such assets as shall from time to time be
credited or are required by the terms of this Agreement to be credited to the
Certificate Account (excluding any income to the Master Servicer from Permitted
Investments under Subsection 4.02(d)), (iii) such assets relating to the
Mortgage Loans as from time to time may be held by the Master Servicer or a
Sub-Servicer in Protected Accounts (excluding any income to the Master Servicer
or any Sub-Servicer from Permitted Investments under Subsection 4.01(a)), (iv)
such assets relating to the Mortgage Loans as from time to time may be held by
the Trustee in the Custody Account (excluding any income to the Master Servicer
from Permitted Investments under Section 4.04(d)), (v) any Servicing Accounts
(to the extent the mortgagee has a claim thereto and excluding any income to the
Master Servicer or Sub-Servicer or interest payable to Mortgagors pursuant to
applicable law), (vi) any REO Property, (vii) the Required Insurance Policies
and any amounts paid or payable by the insurer under any Insurance Policy (to
the extent the mortgagee has a claim thereto), (viii) the Seller Contract to the
extent provided in Subsection 2.03(b), and (ix) any proceeds of the foregoing.
Although it is the intent of the parties to this Agreement that the conveyance
of the Seller's right, title and interest in and to the Mortgage Loans and other
assets in the Trust Fund pursuant to this Agreement shall constitute a purchase
and sale and not a loan, in the event that such conveyance is deemed to be a
loan, it is the intent of the parties to this Agreement that the Seller shall be
deemed to have granted to the Trustee a first priority perfected security
interest in all of the Seller's right, title and interest in, to and under the
Mortgage Loans and other assets in the Trust Fund, and that this Agreement shall
constitute a security agreement under applicable law.

          (b) In connection with the above transfer and assignment, the Seller
hereby deposits with the Trustee, with respect to each Mortgage Loan, (i) the
original Mortgage Note, endorsed without recourse to the order of the Trustee
and showing an unbroken chain of endorsements from the original payee thereof to
the Person endorsing it to the Trustee, or if the original has been lost or
misplaced a lost note affidavit, (ii) the original Security Instrument, which
shall have been recorded, with evidence of such recording indicated thereon,
(iii) the assignment (which may be in the form of a blanket assignment if
permitted in the jurisdiction in which the Mortgaged Property is located) to the
Trustee of the Security Instrument, with evidence of recording with respect to
each Mortgage Loan in the name of the Trustee thereon, (iv) all intervening
assignments of the Security Instrument, if any, to the extent available to the
Seller with evidence of recording thereon, (v) the original or a copy of the
policy or certificate of primary mortgage guaranty insurance, to the extent
available, if any, (vi) the original policy of title insurance or mortgagee's
certificate of title insurance or commitment or binder for title insurance and
(vii) originals of all assumption and modification agreements, if any; provided,
HOWEVER, that in lieu of the foregoing, the Seller may deliver the following
documents, under the circumstances set forth below: (w) in lieu of the original
policy of title insurance, the Seller may deliver a binder or commitment
therefor, or, in California, a preliminary title report, or, in Iowa, an
attorney's certificate; (x) in lieu of the original Security Instrument or
intervening assignments thereof which have been delivered or are being delivered
to recording offices for recording and have not been returned to the Seller in
time to permit their delivery as specified above, the Seller may deliver a true
copy thereof with a certification by [CORPORATION 1] or the title company
issuing the commitment for title insurance, on the face of such copy,
substantially as follows: "Certified to be a true and correct copy of the
original, which has been transmitted for recording"; (y) in lieu of the Security
Instrument, assignment to the Trustee or intervening assignments thereof, if the
applicable jurisdiction retains the originals of such documents (as evidenced by
a certification from [CORPORATION 1] to such effect) the Seller may deliver
photocopies of such documents containing an original certification by the
judicial or other governmental authority of the jurisdiction where such
documents were recorded; and (z) in lieu of the Mortgage Notes relating to the
two Group I Mortgage Loans identified in the list delivered by the Master
Servicer to the Trustee on the Closing Date, the Seller may deliver a lost note
affidavit; and PROVIDED, FURTHER, HOWEVER, that in the case of Mortgage Loans
which have been prepaid in full after the Cut-Off Date and prior to the Closing
Date, the Seller, in lieu of delivering the above documents, may deliver to the
Trustee a certification of a Servicing Officer to such effect and shall deposit
all amounts paid in respect of such Mortgage Loans in the Certificate Account on
the Closing Date. The Seller shall deliver such original documents (including
any original documents as to which certified copies had previously been
delivered) or such certified copies together with the original title insurance
policy (or, if a master title policy has been issued by the title insurer, a
mortgagee's certificate of title insurance) if a title insurance binder or
commitment or other assurance of title was originally deposited, to the Trustee
promptly after they are received. The Master Servicer shall cause, at its
expense, the Security Instrument and intervening assignments, if any, and the
assignment of the Security Instrument to the Trustee to be recorded not later
than 180 days after the Closing Date.

          Section 2.02. ACCEPTANCE OF MORTGAGE LOANS BY TRUSTEE. (a) The Trustee
acknowledges receipt of, subject to the exceptions it notes pursuant to the
procedures described below, the documents (or certified copies thereof)
delivered to it pursuant to Section 2.01 and declares that it holds and will
continue to hold those documents and any amendments, replacements or supplements
thereto and all other assets of the Trust Fund delivered to it as Trustee in
trust for the use and benefit of all present and future Holders of the
Certificates. No later than 45 days after the Closing Date (or, with respect to
any Substitute Mortgage Loan, within 5 days after the receipt by the Trustee
thereof), the Trustee agrees, for the benefit of the Certificateholders, to
review each Mortgage File delivered to it and to execute and deliver, or cause
to be executed and delivered, to the Seller and the Master Servicer an Initial
Certification in the form annexed hereto as Exhibit H. In conducting such
review, the Trustee will ascertain whether all required documents have been
executed and received and whether those documents relate, determined on the
basis of the Mortgagor name, original principal balance and loan number, to the
Mortgage Loans it has received, as identified in Exhibit B to this Agreement, as
supplemented (PROVIDED, HOWEVER, that with respect to those documents described
in subclauses (b)(iv), (b)(v) and (b)(vii) of Section 2.01, the Trustee's
obligations shall extend only to documents actually delivered pursuant to such
subsections). In performing any such review, the Trustee may conclusively rely
on the purported due execution and genuineness of any such document and on the
purported genuineness of any signature thereon. If the Trustee finds any
document constituting part of the Mortgage File not to have been executed or
received, or to be unrelated to the Mortgage Loans identified in Exhibit B or to
appear to be defective on its face, the Trustee shall promptly notify
[CORPORATION 1]. [CORPORATION 1] shall correct or cure any such defect within 60
days from the date of notice from the Trustee of the defect and if [Corporatio
1] fails to correct or cure the defect within such period, and such defect
materially and adversely affects the interests of the Certificateholders in the
related Mortgage Loan, [CORPORATION 1], will, subject to Section 2.04, within 90
days from the Trustee's notification purchase such Mortgage Loan at the
Repurchase Price; PROVIDED, HOWEVER, that if such defect relates solely to the
inability of [CORPORATION 1] to deliver the original Security Instrument or
intervening assignments thereof, or a certified copy because the originals of
such documents, or a certified copy have not been returned by the applicable
jurisdiction, [CORPORATION 1] shall not be required to purchase such Mortgage
Loan if [Corporation 1] delivers such original documents or certified copy
promptly upon receipt, but in no event later than 360 days after the Closing
Date.

          (b) No later than 180 days after the Closing Date, the Trustee will
review, for the benefit of the Certificateholders, the Mortgage Files delivered
to it and will execute and deliver or cause to be executed and delivered to the
Seller and the Master Servicer, a Final Certification in the form annexed hereto
as Exhibit I. In conducting such review, the Trustee will ascertain whether (i)
an original of each document required to be recorded has been returned from the
recording office with evidence of recording thereon or a certified copy has been
obtained from the recording office; and (ii) an original title insurance policy
(or if a master title policy has been issued by the title insurer, a mortgagee's
certificate of title insurance) has been delivered whenever a title insurance
binder or commitment or other assurance of title was originally deposited. If
the Trustee finds any document constituting part of the Mortgage File has not
been received, or to be unrelated, determined on the basis of the Mortgagor
name, original principal balance and loan number, to the Mortgage Loans
identified in Exhibit B or to appear defective on its face, the Trustee shall
promptly notify [CORPORATION 1]. [CORPORATION 1] shall correct or cure any such
defect within 60 days from the date of notice from the Trustee of the defect and
if [CORPORATION 1] is unable to cure such defect within such period, and if such
defect materially and adversely affects the interests of the Certificateholders
in the related Mortgage Loan, [CORPORATION 1] shall, subject to Section 2.04,
within 90 days from the Trustee's notification purchase such Mortgage Loan at
the Repurchase Price; PROVIDED, HOWEVER, that if such defect relates solely to
the inability of [CORPORATION 1] to deliver the original Security Instrument or
intervening assignments thereof, or a certified copy, because the originals of
such documents, or a certified copy, have not been returned by the applicable
jurisdiction, [CORPORATION 1] shall not be required to purchase such Mortgage
Loan, if [Corporation 1] delivers such original documents or certified copy
promptly upon receipt, but in no event later than 360 days after the Closing
Date.

          (c) In the event that a Mortgage Loan is purchased by [CORPORATION 1]
in accordance with Subsections 2.02(a) or (b) above or Section 3.19,
[CORPORATION 1] shall cause the Repurchase Price to be deposited in the
appropriate subaccount of the Certificate Account and shall provide written
notification of such deposit (which notification shall detail the components of
the Repurchase Price), signed by a Servicing Officer, to the Trustee. Upon
deposit of the Repurchase Price in the appropriate subaccount of the Certificate
Account, the Trustee shall release to [CORPORATION 1] the related Mortgage File
and shall execute and deliver all instruments of transfer or assignment, without
recourse, furnished to it by [CORPORATION 1] as are necessary to vest in
[Corporation 1] title to and rights under the Mortgage Loan. Such purchase shall
be deemed to have occurred on the date on which certification of the deposit of
the Repurchase Price in the Certificate Account was received by the Trustee. The
Trustee shall amend the Mortgage Loan Schedule to reflect such repurchase and
shall promptly notify the Master Servicer and the Rating Agencies of such
amendment. The obligation of [CORPORATION 1] to repurchase any Mortgage Loan as
to which such a defect in a constituent document exists shall be the sole remedy
respecting such defect available to the Certificateholders or to the Trustee on
their behalf.

          Section 2.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER
SERVICER. (a) [CORPORATION 1] hereby represents and warrants to the Trustee as
of the Closing Date that:

               (i) It is a corporation duly organized, validly existing and in
          good standing under the laws of the state of its incorporation and is
          in good standing as a foreign corporation in each jurisdiction where
          such qualification is necessary and throughout the term of this
          Agreement will remain a corporation duly organized, validly existing
          and in good standing under the laws of the state of its incorporation
          or any state of reincorporation and in good standing as a foreign
          corporation in each jurisdiction where such qualification is necessary
          (except, in the case of foreign corporation qualification both on the
          date hereof and in the future, where the failure so to qualify would
          not reasonably be expected to have a material adverse effect on the
          Master Servicer's ability to enter into this Agreement or to perform
          its obligations hereunder), and has the corporate power and authority
          to perform its obligations under this Agreement;

               (ii) The execution and delivery of this Agreement have been duly
          authorized by all requisite corporate action;

               (iii) This Agreement, assuming due authorization, execution, and
          delivery by the other parties hereto, will constitute its legal, valid
          and binding obligation, enforceable in accordance with its terms,
          except only as such enforcement may be limited by applicable Debtor
          Relief Laws and that certain equitable remedies may not be available
          regardless of whether enforcement is sought in equity or at law;

               (iv) Its execution and delivery of this Agreement and its
          performance and compliance with the terms of this Agreement will not
          (A) violate its certificate of incorporation or bylaws (B) to its
          knowledge, violate any law or regulation, or any administrative or
          judicial decree or order to which it is subject or (C) constitute a
          default (or an event which, with notice or lapse of time, or both,
          would constitute a default) under, or result in the breach of, any
          material contract, agreement or other instrument to which it is a
          party or which may be applicable to it or any of its assets;

               (v) To its best knowledge, after reasonable investigation, it is
          not in default with respect to any order or decree of any court or any
          order, regulation or demand of any federal, state, municipal or
          governmental agency, which default would reasonably be expected to
          have consequences that would materially and adversely affect its
          financial condition or operations or its performance hereunder;

               (vi) It does not believe, nor does it have any reason or cause to
          believe, that it cannot perform each and every covenant contained in
          this Agreement to be performed by it;

               (vii) The consummation of the transactions contemplated by this
          Agreement are in the ordinary course of its business;

               (viii) No litigation is pending or, to its best knowledge,
          threatened against it, which could be reasonably expected to
          materially and adversely affect its entering into this Agreement or
          performing its obligations under this Agreement or which would have a
          material adverse effect on its financial condition; and

               (ix) As to each Mortgage Loan, the Seller Contract is in full
          force and effect.

          (b) The Seller hereby assigns to the Trustee, on behalf of the
Certificateholders, all of its right, title and interest in the Seller Contract
(but none of its obligations) insofar as such contract relates to the
representations and warranties set forth in Exhibit C hereto regarding the
Mortgage Loans (including the substitution and repurchase obligations of
[CORPORATION 1] [and the guaranty thereof of ___________]); provided that the
obligations of [CORPORATION 1] [and ____________] to substitute or repurchase a
Mortgage Loan shall be the Trustee's and the Certificateholder's sole remedy for
any breach thereof. At the request of the Trustee, the Seller shall take such
actions as may be necessary to enforce the above right, title and interest on
behalf of the Trustee and the Certificateholders or shall execute such further
documents as the Trustee may reasonably require in order to enable the Trustee
to carry out such enforcement.

          (c) [Intentionally omitted.]

          (d) If the Seller, [CORPORATION 1], the Master Servicer or the Trustee
discovers a breach of any of the representations and warranties set forth in
Exhibit C or Section 7 of the Seller Contract, and such breach existed on the
date the representation and warranty was made, which breach materially and
adversely affects the value of the interests of Certificateholders or the
Trustee in the related Mortgage Loan, the party discovering the breach shall
give prompt written notice of the breach to the other parties. [CORPORATION 1]
within 60 days of its discovery or receipt of notice that such breach has
occurred (whichever occurs earlier), shall cure the breach in all material
respects or, subject to Section 2.04, shall purchase the Mortgage Loan or any
property acquired with respect thereto from the Trustee; PROVIDED, HOWEVER, that
if there is a breach of any representation set forth in Exhibit C and the
Mortgage Loan or the related property acquired with respect thereto has been
sold, then [CORPORATION 1] shall pay, in lieu of the Repurchase Price, any
excess of the Repurchase Price over the Net Liquidation Proceeds received upon
such sale. (If the Net Liquidation Proceeds exceed the Repurchase Price, any
excess shall be paid to [CORPORATION 1] to the extent not required by law to be
paid to the borrower.) Any such purchase by [CORPORATION 1] shall be made by
depositing an amount equal to the Repurchase Price in the appropriate subaccount
of the Certificate Account and the Trustee, upon receipt of the Repurchase Price
and of written notification of such deposit by a Servicing Officer (which
notification shall detail the components of such Repurchase Price), shall
release to [CORPORATION 1] the related Mortgage File and shall execute and
deliver all instruments of transfer or assignment furnished to it by
[CORPORATION 1], without recourse, as are necessary to vest in [CORPORATION 1]
title to and rights under the Mortgage Loan or any property acquired with
respect thereto. Such purchase shall be deemed to have occurred on the date on
which certification of the deposit of the Repurchase Price in the appropriate
subaccount of the Certificate Account was received by the Trustee. The Trustee
shall amend the Mortgage Loan Schedule to reflect such repurchase and shall
promptly notify the Master Servicer and the Rating Agencies of such amendment.
Enforcement of the obligation of [CORPORATION 1] to purchase (or substitute a
Substitute Mortgage Loan for) any Mortgage Loan or any property acquired with
respect thereto (or pay the Repurchase Price as set forth in the above proviso)
as to which a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on their behalf.

          Section 2.04. SUBSTITUTION OF MORTGAGE LOANS. Notwithstanding anything
to the contrary in this Agreement, in lieu of purchasing a Mortgage Loan
pursuant to Sections 2.02 or 2.03, [CORPORATION 1] may, no later than the date
by which such purchase by [CORPORATION 1] would otherwise be required, tender to
the Trustee a Substitute Mortgage Loan accompanied by an Officer's Certificate
of [CORPORATION 1] that such Substitute Mortgage Loan conforms to the
requirements set forth in the definition of "Substitute Mortgage Loan";
PROVIDED, HOWEVER, that substitution pursuant to this Section 2.04 in lieu of
purchase shall not be permitted after the termination of the two-year period
beginning on the Startup Day. The Trustee shall examine the Mortgage File for
any Substitute Mortgage Loan in the manner set forth in Section 2.02(a) and
shall notify the Master Servicer in writing, within five Business Days after
receipt, whether or not the documents relating to the Substitute Mortgage Loan
satisfy the requirements of the third sentence of Subsection 2.02(a). Within two
Business Days after such notification, [CORPORATION 1] shall deposit in the
appropriate subaccount of the Certificate Account the amount, if any, by which
the Outstanding Principal Balance as of the next preceding Due Date of the
Mortgage Loan for which substitution is being made, after giving effect to
Scheduled Principal due on such date, exceeds the Outstanding Principal Balance
as of such date of the Substitute Mortgage Loan, after giving effect to
Scheduled Principal due on such date, which amount shall be treated for the
purposes of this Agreement as if it were the payment by [CORPORATION 1] of the
Repurchase Price for the purchase of a Mortgage Loan by [CORPORATION 1] . After
such notification to [Corporation 1], and, if any such excess exists, upon
receipt of such deposit and of written notification thereof signed by a
Servicing Officer, the Trustee shall accept such Substitute Mortgage Loan, which
shall thereafter be deemed to be a Group I Mortgage Loan or Group II Mortgage
Loan, as applicable, hereunder. In the event of such a substitution, accrued
interest on the Substitute Mortgage Loan for the month in which the substitution
occurs and any Principal Prepayments made thereon during such month shall be the
property of the Trust Fund and accrued interest for such month on the Mortgage
Loan for which the substitution is made and any Principal Prepayments made
thereon during such month shall be the property of [CORPORATION 1]. The
Scheduled Principal on a Substitute Mortgage Loan due on the Due Date in the
month of substitution shall be the property of [CORPORATION 1] and the Scheduled
Principal on the Mortgage Loan for which the substitution is made due on such
Due Date shall be the property of the Trust Fund. Upon acceptance of the
Substitute Mortgage Loan, the Trustee shall release to [CORPORATION 1] the
related Mortgage File related to any Mortgage Loan released pursuant to this
Section 2.04 and shall execute and deliver all instruments of transfer or
assignment, without recourse, in form as provided to it as are necessary to vest
in [CORPORATION 1] title to and rights under any Mortgage Loan released pursuant
to this Section 2.04. [CORPORATION 1] shall deliver the documents related to the
Substitute Mortgage Loan in accordance with the provisions of Subsections
2.01(b) and 2.02(b), with the date of acceptance of the Substitute Mortgage Loan
deemed to be the Closing Date for purposes of the time periods set forth in
those Subsections. The representations and warranties set forth in Exhibit C
shall be deemed to have been made by [CORPORATION 1] with respect to each
Substitute Mortgage Loan as of the date of acceptance of such Mortgage Loan by
the Trustee. The Trustee shall amend the Mortgage Loan Schedule to reflect such
substitution and shall provide a copy of such amended Mortgage Loan Schedule to
the Master Servicer and the Rating Agencies.

          Section 2.05. REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE. The
Trustee hereby represents and warrants to the Seller and the Master Servicer, as
of the Closing Date (and in the case of paragraphs (v) and (vi) below throughout
the term of the Agreement), that:

               (i) The Trustee is a banking association duly organized, validly
          existing and in good standing under the laws of the United States of
          America with a principal place of business in __________, __________;

               (ii) Subject to the right of the Trustee to appoint a co-trustee
          or separate trustee under Section 9.11 hereof in order to meet the
          legal requirements of a particular jurisdiction, the Trustee has full
          power, authority and legal right to execute and deliver this Agreement
          and to perform its obligations under this Agreement and has taken all
          necessary action to authorize the execution, delivery and performance
          by it of this Agreement and the Certificates;

               (iii) To the best of the Trustee's knowledge, after reasonable
          investigation, the execution and delivery by the Trustee of this
          Agreement and the Certificates and the performance by the Trustee of
          its obligations under this Agreement and the Certificates will not
          violate any provision of the Trustee's Articles of Association or
          By-Laws or any law or regulation governing the Trustee or any order,
          writ, judgment or decree of any court, arbitrator or governmental
          authority or agency applicable to the Trustee or any of its assets. To
          the best of the Trustee's knowledge, after reasonable investigation,
          such execution, delivery and performance will not require the
          authorization, consent or approval of, the giving of notice to, the
          filing or registration with, or the taking of any other action with
          respect to, any governmental authority or agency regulating the
          activities of national banking associations. To the best of the
          Trustee's knowledge, after reasonable investigation, such execution,
          delivery and performance will not conflict with, or result in a breach
          or violation of, any material indenture, mortgage, deed of trust,
          lease or other agreement or instrument to which the Trustee is a party
          or by which it or its properties is bound;

               (iv) This Agreement has been duly executed and delivered by the
          Trustee. This Agreement and the Certificates, when executed and
          delivered, will constitute the valid, legal and binding obligations of
          the Trustee, enforceable against the Trustee in accordance with their
          terms, except as the enforcement thereof may be limited by applicable
          Debtor Relief Laws and that certain equitable remedies may not be
          available regardless of whether enforcement is sought in equity or at
          law; and

               (v) All funds received by the Trustee and required to be
          deposited in the Certificate Account and the Custody Account pursuant
          to this Agreement will be promptly so deposited.

          Section 2.06. ISSUANCE OF CERTIFICATES. The Trustee acknowledges the
assignment to it of the Mortgage Loans and the other assets comprising the Trust
Fund and, concurrently therewith, has signed, and countersigned and delivered to
the Seller, in exchange therefor, Certificates in such authorized denominations
representing such Fractional Undivided Interests as the Seller has requested.
The Trustee agrees that it will hold the Mortgage Loans and such other assets
segregated on the books of the Trustee in trust for the benefit of the
Certificateholders.

          Section 2.07. REPRESENTATIONS AND WARRANTIES CONCERNING THE SELLER.
The Seller hereby represents and warrants to the Trustee and the Master Servicer
as follows:

               (i) the Seller (a) is a corporation duly organized, validly
          existing and in good standing under the laws of the State of Delaware
          and (b) is qualified and in good standing as a foreign corporation to
          do business in each jurisdiction where such qualification is
          necessary, except where the failure so to qualify would not reasonably
          be expected to have a material adverse effect on the Seller's business
          as presently conducted or on the Purchaser's ability to enter into
          this Agreement and to consummate the transactions contemplated hereby;

               (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, 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
          articles 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;

               (v) this Agreement has been duly executed and delivered by the
          Seller and, assuming due authorization, execution and delivery by the
          other parties hereto, 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, 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 will be determined adversely to the Seller and
          will if determined adversely to the Seller materially and adversely
          affect the Seller's ability to enter into this Agreement or 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>
                                   ARTICLE III

                 Administration and Servicing of Mortgage Loans

          Section 3.01. MASTER SERVICER TO ASSURE SERVICING. (a) The Master
Servicer shall supervise, or take such actions as are necessary to ensure, the
servicing and administration of the Mortgage Loans and any REO Property in
accordance with this Agreement and its normal servicing practices, which
generally conform to the standards of an institution prudently servicing
mortgage loans for its own account and shall have full authority to do anything
it reasonably deems appropriate or desirable in connection with such servicing
and administration. The Master Servicer may perform its responsibilities
relating to servicing through other agents or independent contractors, but shall
not thereby be released from any of its responsibilities as hereinafter set
forth. The authority of the Master Servicer, in its capacity as master servicer,
shall include, without limitation, the power to (i) consult with and advise any
Sub-Servicer regarding administration of a related Mortgage Loan, (ii) approve
any recommendation by a Sub-Servicer to foreclose on a related Mortgage Loan,
(iii) supervise the filing and collection of insurance claims and take or cause
to be taken such actions on behalf of the insured person thereunder as shall be
reasonably necessary to prevent the denial of coverage thereunder, and (iv)
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing a related Mortgage Loan, including the employment of
attorneys, the institution of legal proceedings, the collection of deficiency
judgments, the acceptance of compromise proposals, the filing of claims under
any Primary Insurance Policy and any other matter pertaining to a delinquent
Mortgage Loan. The authority of the Master Servicer shall include, in addition,
the power on behalf of the Certificateholders, the Trustee or any of them to (i)
execute and deliver customary consents or waivers and other instruments and
documents, (ii) consent to transfers of any related Mortgaged Property and
assumptions of the related Mortgage Notes and Security Instruments (in the
manner provided in this Agreement) and (iii) collect any Insurance Proceeds and
Liquidation Proceeds. Without limiting the generality of the foregoing, the
Master Servicer may, and is hereby authorized, and empowered by the Trustee to,
execute and deliver, on behalf of itself, the Certificateholders, the Trustee,
or any of them, any instruments of satisfaction, cancellation, partial or full
release, discharge and all other comparable instruments, with respect to the
related Mortgage Loans, the Insurance Policies and the accounts related thereto,
and the Mortgaged Properties. The Master Servicer may exercise this power in its
own name or in the name of a Sub-Servicer.

          (b) Notwithstanding the provisions of Subsection 3.01(a), the Master
Servicer shall not take any action inconsistent with the interest of the Trustee
or the Certificateholders in the Mortgage Loans or with the rights and interests
of the Trustee or the Certificateholders under this Agreement.

          (c) The Trustee shall furnish the Master Servicer with any powers of
attorney and other documents in form as provided to it necessary or appropriate
to enable the Master Servicer to service and administer the related Mortgage
Loans and REO Property.

          Section 3.02. SUB-SERVICING AGREEMENTS BETWEEN MASTER SERVICER AND
SUB-SERVICERS. (a) The Master Servicer may enter into Sub-Servicing Agreements
with Sub-Servicers for the servicing and administration of the Mortgage Loans
and for the performance of any and all other activities of the Master Service
hereunder. Each Sub-Servicer shall be either (i) an institution the accounts of
which are insured by the FDIC or (ii) another entity that engages in the
business of originating or servicing mortgage loans, and in either case shall be
authorized to transact business in the state or states in which the related
Mortgaged Properties it is to service are situated, if and to the extent
required by applicable law to enable the Sub-Servicer to perform its obligations
hereunder and under the Sub-Servicing Agreement, and in either case shall be a
Freddie Mac or Fannie Mae approved mortgage servicer. Any Sub-Servicing
Agreement entered into by the Master Servicer shall include the provision that
such Agreement may be immediately terminated (x) with cause and without any
termination fee by any Master Servicer hereunder other than [CORPORATION 1] or
(y) without cause in which case the Master Servicer shall be responsible for any
termination fee or penalty resulting therefrom. In addition, each Sub-Servicing
Agreement shall provide for servicing of the Mortgage Loans consistent with the
terms of this Agreement. With the consent of the Trustee, which consent shall
not be unreasonably withheld, the Master Servicer and the Sub-Servicers may
enter into Sub-Servicing Agreements and make amendments to the Sub-Servicing
Agreements or enter into different forms of Sub-Servicing Agreements; provided,
however, that any such amendments or different forms shall be consistent with
and not violate the provisions of this Agreement, and that no such amendment or
different form shall be made or entered into which could be reasonably expected
to be materially adverse to the interests of the Certificateholders, without the
consent of the Holders of Certificates entitled to at least _____% of the
Fractional Undivided Interests. The parties hereto acknowledge that the initial
Sub-Servicer shall be ____________.

          (b) As part of its servicing activities hereunder, the Master
Servicer, for the benefit of the Trustee and the Certificateholders, shall
enforce the obligations of each Sub-Servicer under the related Sub-Servicing
Agreement. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements and the pursuit
of other appropriate remedies, shall be in such form and carried out to such an
extent and at such time as the Master Servicer, in its good faith business
judgment, would require were it the owner of the related Mortgage Loans. The
Master Servicer shall pay the costs of such enforcement at its own expense, but
shall be reimbursed therefor only (i) from a general recovery resulting from
such enforcement only to the extent, if any, that such recovery exceeds all
amounts due in respect of the related Mortgage Loans or (ii) from a specific
recovery of costs, expenses or attorneys' fees against the party against whom
such enforcement is directed.

          Section 3.03. SUCCESSOR SUB-SERVICERS. The Master Servicer shall be
entitled to terminate any Sub-Servicing Agreement that may exist in accordance
with the terms and conditions of such Sub-Servicing Agreement and without any
limitation by virtue of this Agreement; PROVIDED, HOWEVER, that upon
termination, the Master Servicer shall either act as servicer of the related
Mortgage Loan or enter into an appropriate contract with a successor
Sub-Servicer pursuant to which such successor Sub-Servicer will be bound by all
relevant terms of the related Sub-Servicing Agreement pertaining to the
servicing of such Mortgage Loan.

          Section 3.04. LIABILITY OF THE MASTER SERVICER. (a) Notwithstanding
any Sub-Servicing Agreement, any of the provisions of this Agreement relating to
agreements or arrangements between the Master Servicer and a Sub-Servicer or
reference to actions taken through a Sub-Servicer or otherwise, the Master
Servicer shall under all circumstances remain obligated and primarily liable to
the Trustee and the Certificateholders for the servicing and administering of
the Mortgage Loans and any REO Property in accordance with this Agreement. The
obligations and liability of the Master Servicer shall not be diminished by
virtue of Sub-Servicing Agreements or by virtue of indemnification of the Master
Servicer by any Sub-Servicer, or any other Person. The obligations and liability
of the Master Servicer shall remain of the same nature and under the same terms
and conditions as if the Master Servicer alone were servicing and administering
the related Mortgage Loans. The Master Servicer shall, however, be entitled to
enter into indemnification agreements with any Sub-Servicer or other Person and
nothing in this Agreement shall be deemed to limit or modify such
indemnification. For the purposes of this Agreement, the Master Servicer shall
be deemed to have received any payment on a Mortgage Loan on the date the
Sub-Servicer received such payment; PROVIDED, HOWEVER, that this sentence shall
not apply to the Trustee acting as the Master Servicer; PROVIDED, FURTHER,
HOWEVER, that the foregoing provision shall not affect the obligation of the
Master Servicer if it is also the Trustee to advance amounts which are not
Nonrecoverable Advances.

          (b) Any Sub-Servicing Agreement that may be entered into and any
transactions or services relating to the Mortgage Loans involving a Sub-Servicer
in its capacity as such and not as an originator shall be deemed to be between
the Sub-Servicer and the Master Servicer alone, and the Trustee and
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Sub-Servicer
except as set forth in Section 3.05.

          Section 3.05. ASSUMPTION OR TERMINATION OF SUB-SERVICING AGREEMENTS BY
TRUSTEE. (a) If the Trustee or its designee shall assume the master servicing
obligations of the Master Servicer in accordance with Section 8.02, the Trustee,
to the extent necessary to permit the Trustee to carry out the provisions of
Section 8.02 with respect to the Mortgage Loans, shall succeed to all of the
rights and obligations of the Master Servicer under each of the Sub-Servicing
Agreements. In such event, the Trustee or its designee as the successor master
servicer shall be deemed to have assumed all of the Master Servicer's rights and
obligations therein and to have replaced the Master Servicer as a party to such
Sub-Servicing Agreements to the same extent as if such Sub-Servicing Agreements
had been assigned to the Trustee or its designee as a successor master servicer,
except that the Trustee or its designee as a successor master servicer shall not
be deemed to have assumed any obligations or liabilities of the Master Servicer
arising prior to such assumption and the Master Servicer shall not thereby be
relieved of any liability or obligations under such Sub-Servicing Agreements.

          (b) In the event that the Trustee or its designee as successor master
servicer for the Trustee assumes the servicing obligations of the Master
Servicer under Section 8.02, upon the reasonable request of the Trustee or such
designee as successor master servicer, the Master Servicer shall at its own
expense deliver to the Trustee, or at its written request to such designee,
photocopies of all documents and records, electronic or otherwise, relating to
the Sub-Servicing Agreements and the related Mortgage Loans or REO Property then
being serviced and an accounting of amounts collected and held by it, if any,
and will otherwise cooperate and use its reasonable best efforts to effect the
orderly and efficient transfer of the Sub-Servicing Agreements, or
responsibilities hereunder to the Trustee, or at its written request to such
designee as successor master servicer.

          Section 3.06. COLLECTION OF MORTGAGE LOAN PAYMENTS. (a) The Master
Servicer will coordinate and monitor remittances by Sub-Servicers to the Trustee
with respect to the Mortgage Loans in accordance with this Agreement.

          (b) The Master Servicer shall make its reasonable best efforts to
collect or cause to be collected all payments required under the terms and
provisions of the Mortgage Loans and shall follow, and use its best efforts to
cause Sub-Servicers to follow, collection procedures comparable to the
collection procedures of prudent mortgage lenders servicing mortgage loans for
their own account to the extent such procedures shall be consistent with this
Agreement. Consistent with the foregoing, the Master Servicer may in its
discretion (i) waive or permit to be waived any late payment charge, prepayment
charge, assumption fee, or any penalty interest in connection with the
prepayment of a Mortgage Loan and (ii) suspend or reduce or permit to be
suspended or reduced regular monthly payments for a period of up to six months,
or arrange or permit an arrangement with a Mortgagor for a scheduled liquidation
of delinquencies. In the event the Master Servicer shall consent to the
deferment of the due dates for payments due on a Mortgage Note, the Master
Servicer shall nonetheless make a Monthly Advance or shall cause the related
Sub-Servicer to make an advance to the same extent as if such installment were
due, owing and delinquent and had not been deferred through liquidation of the
Mortgaged Property; PROVIDED, HOWEVER, that the obligation of the Master
Servicer to make a Monthly Advance shall apply only to the extent that the
Master Servicer believes, in good faith, that such advances are not
Nonrecoverable Advances.

          (c) Within five Business Days after the Master Servicer has determined
that all amounts which it expects to recover from or on account of a Mortgage
Loan have been recovered and that no further Liquidation Proceeds will be
received in connection therewith, the Master Servicer shall provide to the
Trustee a certificate of a Servicing Officer that such Mortgage Loan became a
Liquidated Mortgage Loan as of the date of such determination.

          Section 3.07. COLLECTION OF TAXES, ASSESSMENTS AND SIMILAR ITEMS;
SERVICING ACCOUNTS. (a) The Master Servicer shall establish and maintain or
cause the Sub-Servicers to establish and maintain, in addition to the Protected
Accounts, one or more Servicing Accounts. The Master Servicer or a Sub-Servicer
will deposit and retain therein all collections from the Mortgagors for the
payment of taxes, assessments, insurance premiums, or comparable items as agent
of the Mortgagors.

          (b) The deposits in the Servicing Accounts shall be held in a
Designated Depository Institution in an account designated as a "Mortgage Loan
Servicing Account," held in trust by the Master Servicer or a Sub-Servicer as
Trustee of Taxes and Insurance Custodial Account for borrowers and for
[CORPORATION 1] (and its successors and assigns) acting on its own behalf and
for [CORPORATION 1] as agent for holders of various pass-through securities and
other interests in mortgage loans sold by it; and agent for various mortgagors,
as their interests may appear or under such other designation as may be
permitted by a Sub-Servicing Agreement. The amount at any time credited to a
Servicing Account must be fully insured by the FDIC, or, to the extent that such
deposits exceed the limits of such insurance, such excess must be (i)
transferred to another fully insured account in another Designated Depository
Institution or (ii) if permitted by applicable law, invested in Permitted
Investments held in trust by the Master Servicer or a Sub-Servicer as described
above and maturing, or be subject to redemption or withdrawal, no later than the
date on which such funds are required to be withdrawn, and in no event later
than 45 days after the date of investment. The Master Servicer may, or may
permit a Sub-Servicer to, establish Servicing Accounts not conforming to the
foregoing requirements to the extent that such Servicing Accounts are Rating
Agency Eligible Accounts. Withdrawals of amounts from the Servicing Accounts may
be made only to effect timely payment of taxes, assessments, insurance premiums,
or comparable items, to reimburse the Master Servicer or a Sub-Servicer for any
advances made with respect to such items, to refund to any Mortgagors any sums
as may be determined to be overages, to pay interest, if required, to Mortgagors
on balances in the Servicing Accounts or to clear and terminate the Servicing
Accounts at or any time after the termination of this Agreement in accordance
with Section 10.01.

          Section 3.08. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING THE MORTGAGE LOANS. The Master Servicer shall provide, and shall cause
any Sub-Servicer to provide, to the Trustee and the Seller access to the
documentation regarding the related Mortgage Loans and REO Property and to the
Certificateholders, the FDIC, and the supervisory agents and examiners of the
FDIC (to which the Trustee shall also provide) access to the documentation
regarding the related Mortgage Loans required by applicable regulations, such
access being afforded without charge but only upon reasonable request and during
normal business hours at the offices of the Master Servicer, the Sub-Servicers
or the Trustee that are designated by these entities; PROVIDED, HOWEVER, that,
unless otherwise required by law, the Trustee, the Master Servicer or the
Sub-Servicer shall not be required to provide access to such documentation if
the provision thereof would violate the legal right to privacy of any Mortgagor
PROVIDED, FURTHER, HOWEVER, that the Trustee and the Seller shall coordinate
their requests for such access so as not to impose an unreasonable burden on, or
cause an interruption of, the business of the Master Servicer or any
Sub-Servicer. The Master Servicer, the Sub-Servicers and the Trustee shall allow
representatives of the above entities to photocopy any of the documentation and
shall provide equipment for that purpose at a charge that covers their own
actual out-of-pocket costs.

          Section 3.09. MAINTENANCE OF PRIMARY INSURANCE POLICIES; COLLECTION
THEREUNDER. The Master Servicer shall, or shall cause the related Sub-Servicer
to, exercise its best reasonable efforts to maintain and keep in full force and
effect each Primary Insurance Policy by a Qualified Insurer, or other insurer
satisfactory to the Rating Agencies, with respect to each conventional Mortgage
Loan as to which as of the Cut-Off Date such a Primary Insurance Policy was in
effect (or, in the case of a Substitute Mortgage Loan, the date of substitution)
and the original principal amount of the related Mortgage Note exceeded _____%
of the Original Value in an amount at least equal to the excess of such original
principal amount over _____% of such Original Value until the principal amount
of any such Mortgage Loan is reduced below _____% of the Original Value or,
based upon a new appraisal, the principal amount of such Mortgage Loan
represents less than _____% of the new appraised value. The Master Servicer
shall, or shall cause the related Sub-Servicer to, effect the timely payment of
the premium on each Primary Insurance Policy. The Master Servicer and the
related Sub-Servicer shall have the power to substitute for any Primary
Insurance Policy another substantially equivalent policy issued by another
Qualified Insurer; PROVIDED THAT such substitution is subject to the condition,
to be evidenced by a writing from each Rating Agency, that it would not cause
the ratings on the Certificates to be downgraded or withdrawn.

          Section 3.10. MAINTENANCE OF HAZARD INSURANCE AND FIDELITY COVERAGE.
(a) The Master Servicer shall maintain and keep, or cause each Sub-Servicer to
maintain and keep, with respect to each Mortgage Loan and each REO Property, in
full force and effect hazard insurance (fire insurance with extended coverage)
equal to at least the lesser of the Outstanding Principal Balance of the
Mortgage Loan or the current replacement cost of the Mortgaged Property, and
containing a standard mortgagee clause; PROVIDED, HOWEVER, that the amount of
hazard insurance may not be less than the amount necessary to prevent loss due
to the application of any co-insurance provision of the related policy. Unless
applicable state law requires a higher deductible, the deductible on such hazard
insurance policy may be no more than $___________ or _____% of the applicable
amount of coverage, whichever is less. In the case of a condominium unit or a
unit in a planned unit development, the required hazard insurance shall take the
form of a multiperil policy covering the entire condominium project or planned
unit development, in an amount equal to at least _____% of the insurable value
based on replacement cost.

          (b) Any amounts collected by the Master Servicer or a Sub-Servicer
under any such hazard insurance policy (other than amounts to be applied to the
restoration or repair of the Mortgaged Property or amounts released to the
Mortgagor in accordance with the Master Servicer's or a Sub-Servicer's normal
servicing procedures, the terms of the Mortgage Note, the Security Instrument or
applicable law) shall be deposited initially in a Protected Account, for
transmittal to the appropriate subaccount of the Certificate Account or Custody
Account, subject to withdrawal pursuant to Section 4.03.

          (c) Any cost incurred by a Master Servicer or a Sub-Servicer in
maintaining any such hazard insurance policy shall not be added to the amount
owing under the Mortgage Loan for the purpose of calculating monthly
distributions to Certificateholders, notwithstanding that the terms of the
Mortgage Loan so permit. Such costs shall be recoverable by the Master Servicer
or a Sub-Servicer out of related late payments by the Mortgagor or out of
Insurance Proceeds or Liquidation Proceeds or by the Master Servicer from the
Repurchase Price, to the extent permitted by Section 4.03.

          (d) No earthquake or other additional insurance is to be required of
any Mortgagor or maintained on property acquired with respect to a Security
Instrument other than pursuant to such applicable laws and regulations as shall
at any time be in force and shall require such additional insurance. When, at
the time of origination of the Mortgage Loan, the Mortgaged Property is located
in a federally designated special flood hazard area, the Master Servicer shall
use its best reasonable efforts to cause with respect to the Mortgage Loans and
each REO Property, flood insurance (to the extent available and in accordance
with mortgage servicing industry practice) to be maintained. Such flood
insurance shall cover the Mortgaged Property, including all items taken into
account in arriving at the Appraised Value on which the Mortgage Loan was based,
and shall be in an amount equal to the lesser of (i) the Outstanding Principal
Balance of the related Mortgage Loan and (ii) the minimum amount required under
the terms of coverage to compensate for any damage or loss on a replacement cost
basis, but not more than the maximum amount of such insurance available for the
related Mortgaged Property under either the regular or emergency programs of the
National Flood Insurance Program (assuming that the area in which such Mortgaged
Property is located is participating in such program). Unless applicable state
law requires a higher deductible, the deductible on such flood insurance may not
exceed $_____________or _____% of the applicable amount of coverage, whichever
is less.

          (e) If insurance has not been maintained complying with Subsections
3.10(a) and (d) and there shall have been a loss which would have been covered
by such insurance had it been maintained, the Master Servicer shall pay, or
cause the related Sub-Servicer to pay, for any necessary repairs.

          (f) The Master Servicer shall present, or cause the related
Sub-Servicer to present, claims under the related hazard insurance or flood
insurance policy.

          (g) The Master Servicer shall obtain and maintain at its own expense
and for the duration of this Agreement a blanket fidelity bond and shall cause
each Sub-Servicer to obtain and maintain an errors and omissions insurance
policy covering such Sub-Servicer's officers, employees and other persons acting
on its behalf in connection with its activities under this Agreement. The amount
of coverage shall be at least equal to the coverage maintained by the Master
Servicer acceptable to Freddie Mac or Fannie Mae 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. The Master Servicer shall
promptly notify the Trustee of any material change in the terms of such bond or
policy. The Master Servicer shall provide annually to the Trustee a certificate
of insurance that such bond and policy are in effect. If any such bond or policy
ceases to be in effect, the Master Servicer shall, to the extent possible, give
the Trustee ten days' notice prior to any such cessation and shall use its best
efforts to obtain a comparable replacement bond or policy, as the case may be.
Any amounts relating to the Mortgage Loans collected under such bond or policy
shall be remitted to the appropriate subaccount of the Certificate Account to
the extent that such amounts have not previously been paid to such account.

          Section 3.11. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS. (a) In any
case in which the Master Servicer is notified by any Mortgagor or Sub-Servicer
that a Mortgaged Property relating to a Mortgage Loan has been or is about to be
conveyed by the Mortgagor, the Master Servicer shall enforce, or shall instruct
such Sub-Servicer to enforce, any due-on-sale clause contained in the related
Security Instrument to the extent permitted under the terms of the related
Mortgage Note and by applicable law unless the Master Servicer reasonably
believes such enforcement is likely to result in legal action by the Mortgagor.
The Master Servicer or the related Sub-Servicer may repurchase a Mortgage Loan
at the Repurchase Price when the Master Servicer requires acceleration of the
Mortgage Loan, but only if the Master Servicer is satisfied, as evidenced by an
Officer's Certificate delivered to the Trustee, that either (i) such Mortgage
Loan is in default or default is reasonably foreseeable or (ii) if such Mortgage
Loan is not in default or default is not reasonably foreseeable, such repurchase
will have no adverse tax consequences for the Trust Fund or any
Certificateholder. If the Master Servicer reasonably believes that such
due-on-sale clause cannot be enforced under applicable law or if the Mortgage
Loan does not contain a due-on-sale clause, the Master Servicer is authorized,
and may authorize any Sub-Servicer, to consent to a conveyance subject to the
lien of the Mortgage, and to take or enter into an assumption agreement from or
with the Person to whom such property has been or is about to be conveyed,
pursuant to which such Person becomes liable under the related Mortgage Note and
unless prohibited by applicable state law, such Mortgagor remains liable
thereon, on condition, however, that the related Mortgage Loan shall continue to
be covered (if so covered before the Master Servicer or the related Sub-Servicer
enters into such agreement) by any Primary Insurance Policy. The Master Servicer
shall notify the Trustee, whenever possible, before the completion of such
assumption agreement, and shall forward to the Trustee the original copy of such
assumption agreement, which copy shall be added by the Trustee to the related
Mortgage File and which 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. In connection with any such assumption agreement,
the interest rate on the related Mortgage Loan shall not be changed and no other
material alterations in the Mortgage Loan shall be made unless such material
alteration would not cause each of REMIC I and REMIC II to fail to qualify as a
REMIC for federal income tax purposes, as evidenced by a REMIC Opinion. Any fee
or additional interest collected by the Master Servicer or Sub-Servicer for
consenting to any such conveyance or entering into any such assumption agreement
may be retained by the Master Servicer or the related Sub-Servicer as additional
servicing compensation.

          (b) Notwithstanding the foregoing paragraph or any other provision of
this Agreement, the Master Servicer shall not be deemed to be in default, breach
or any other violation of its obligations hereunder by reason of any assumption
of a Mortgage Loan by operation of law or any conveyance by the Mortgagor of the
related Mortgaged Property or assumption of a Mortgage Loan which the Master
Servicer reasonably believes it may be restricted by law from preventing, for
any reason whatsoever or if the exercise of such right would impair or threaten
to impair any recovery under any applicable Insurance Policy, or, in the Master
Servicer's judgment, be reasonably, likely to result in legal action by the
Mortgagor.

          Section 3.12. REALIZATION UPON DEFAULTED MORTGAGE LOANS. (a) The
Master Servicer shall, or shall direct the related Sub-Servicer to, foreclose
upon or otherwise comparably convert the ownership of properties securing any
Mortgage Loans that come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.06 except that the Master Servicer shall not, and shall
not direct the related Sub-Servicer to, foreclose upon or otherwise comparably
convert a Mortgaged Property if there is evidence of toxic waste thereon and the
Master Servicer determines it would be imprudent to do so or not in accordance
with appropriate servicing standards. The Master Servicer can conclusively rely
on results of third party inspections from parties it reasonably believes are
qualified to conduct such inspections. In connection with such foreclosure or
other conversion, the Master Servicer in conjunction with the related
Sub-Servicer, if any, shall use its best reasonable efforts to preserve REO
Property and to realize upon defaulted Mortgage Loans in such manner as to
maximize the receipt of principal and interest by the Certificateholders, taking
into account, among other things, the timing of foreclosure and the
considerations set forth in Subsection 3.12(b). The foregoing is subject to the
proviso that the Master Servicer shall not be required to expend its own funds
in connection with any foreclosure or towards the restoration of any property
unless it determines in good faith (i) that such restoration or foreclosure will
increase the proceeds of liquidation of the Mortgage Loan to Certificateholders
after reimbursement to itself for such expenses and (ii) that such expenses will
be recoverable to it either through Liquidation Proceeds (respecting which it
shall have priority for purposes of reimbursements from the Certificate Account
pursuant to Section 4.03) or through Insurance Proceeds (respecting which it
shall have similar priority). The Master 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 (as well as its
normal servicing compensation), and in respect of the Master Servicer only, to
receive Excess Liquidation Proceeds as additional servicing compensation to the
extent that transfers or withdrawals from the Certificate Account with respect
thereto are permitted under Section 4.03. Any income from or other funds (net of
any income taxes) generated by REO Property shall be deemed for purposes of this
Agreement to be Insurance Proceeds.

          (b) The Trust Fund shall not acquire any real property (or any
personal property incident to such real property) except in connection with a
default or imminent default of a Mortgage Loan. In the event that the Trust Fund
acquires any real property (or personal property incident to such real property)
in connection with a default or imminent default of a Mortgage Loan, such
property shall be disposed of by the Trust Fund within two years after its
acquisition by the Trust Fund unless the Trustee shall have received a REMIC
Opinion with respect to such longer retention or the Master Servicer applies for
and receives an extension of the two-year period under Section 856(e)(3) of the
Code, in which case such two year period will be extended by the period set
forth in such REMIC Opinion or approved application, as the case may be. The
Trustee shall have no obligation to pay for such REMIC Opinion.

          (c) Notwithstanding anything to the contrary contained herein, the
Master Servicer shall have the right, at its sole option, to enter into an
agreement substantially in the form of Exhibit G hereto with a Holder of the
Class B-6 Certificates (provided that such form may be revised to incorporate an
option on the part of such Person to purchase a defaulted Mortgage Loan at the
end of the six-month period referred to in Subsection 2.02(b) thereof). It is
understood that the right of the Master Servicer to be reimbursed for Monthly
Advances and Nonrecoverable Advances under this Agreement shall not be affected
in any way by the provisions of any such agreement. The Trustee hereby agrees to
perform such obligations as may be required of it pursuant to the provisions of
such agreement. The Master Servicer agrees to provide the Trustee with such
information as may be necessary, or as the Trustee may reasonably request, for
the Trustee to perform such obligations.

          Section 3.13. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES. (a)
Upon payment in full of any Mortgage Loan or the receipt by the Master Servicer
of a notification that payment in full will be escrowed in a manner customary
for such purposes, the Master Servicer will immediately notify the Trustee by a
certification signed by a Servicing Officer in the Form of Exhibit D (which
certification shall include a statement to the effect that all amounts received
or to be received in connection with such payment which are required to be
deposited in the Certificate Account have been or will be so deposited in the
appropriate subaccount thereof) and shall request delivery to the Master
Servicer or Sub-Servicer, as the case may be, of the Mortgage File. Upon receipt
of such certification and request, the Trustee shall promptly release the
related Mortgage File to the Master Servicer or Sub-Servicer and execute and
deliver to the Master Servicer, without recourse, the request for reconveyance,
deed of reconveyance or release or satisfaction of mortgage or such instrument
releasing the lien of the Security Instrument (furnished by the Master
Servicer), together with the Mortgage Note with written evidence of cancellation
thereon. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be chargeable to the Certificate Account.

          (b) From time to time as is appropriate for the servicing or
foreclosure of any Mortgage Loan or collection under a Required Insurance
Policy, the Master Servicer shall deliver to the Trustee a Request for Release
signed by a Servicing Officer on behalf of the Master Servicer in substantially
the form attached as Exhibit D hereto. Upon receipt of the Request for Release,
the Trustee shall deliver the Mortgage File or any document therein to the
Master Servicer or Sub-Servicer, as the case may be.

          (c) The Master Servicer shall cause each Mortgage File or any document
therein released pursuant to Subsection 3.13(b) to be returned to the Trustee
when the need therefor no longer exists, and in any event within 21 days of the
Master Servicer's receipt thereof, unless the Mortgage Loan has become a
Liquidated Mortgage Loan and the Liquidation Proceeds relating to the Mortgage
Loan have been deposited in the appropriate subaccount of the Certificate
Account or such Mortgage File is being used to pursue foreclosure or other legal
proceedings. Prior to return of a Mortgage File or any document to the Trustee,
the Master Servicer, the related Insurer or Sub-Servicer to whom such file or
document was delivered shall retain such file or document in its respective
control unless the Mortgage File or such document has been delivered to an
attorney, or to a public trustee or other public official as required by law, to
initiate or pursue legal action or other proceedings for the foreclosure of the
Mortgaged Property either judicially or non-judicially, and the Master Servicer
has delivered to the Trustee a certificate of a Servicing Officer certifying as
to the name and address of the Person to which such Mortgage File or such
document was delivered and the purpose or purposes of such delivery. If a
Mortgage Loan becomes a Liquidated Mortgage Loan, the Trustee shall deliver the
Request for Release with respect thereto to the Master Servicer upon deposit of
the related Liquidation Proceeds in the appropriate subaccount of the
Certificate Account.

          (d) The Trustee shall execute and deliver to the Master Servicer any
court pleadings, requests for trustee's sale or other documents necessary to (i)
the foreclosure or trustee's sale with respect to a Mortgaged Property; (ii) any
legal action brought to obtain judgment against any Mortgagor on the Mortgage
Note or Security Instrument; (iii) obtain a deficiency judgment against the
Mortgagor; or (iv) enforce any other rights or remedies provided by the Mortgage
Note or Security Instrument or otherwise available at law or equity. Together
with such documents or pleadings the Master Servicer shall deliver to the
Trustee a certificate of a Servicing Officer in which it requests the Trustee to
execute the pleadings or documents. The certificate shall certify and explain
the reasons for which the pleadings or documents are required. It shall further
certify that the Trustee's execution and delivery of the pleadings or documents
will not invalidate any insurance coverage under the Required Insurance Policies
or invalidate or otherwise affect the lien of the Security Instrument, except
for the termination of such a lien upon completion of the foreclosure or
trustee's sale.

          Section 3.14. SERVICING AND MASTER SERVICING COMPENSATION. (a) As
compensation for its activities hereunder, the Master Servicer shall be entitled
to receive the Master Servicing Fee from full payments of accrued interest on
each Mortgage Loan.

          (b) The Master Servicer may retain additional servicing compensation
in the form of prepayment charges, if any, assumption fees, tax service fees,
fees for statement of account or payoff, late payment charges, interest on
amounts deposited in any Accounts or Permitted Investments of such amounts, or
otherwise. The Master Servicer is also entitled to receive Excess Liquidation
Proceeds as additional servicing compensation to the extent that transfers or
withdrawals from the appropriate subaccount of the Certificate Account with
respect thereto are permitted under Subsection 4.03(a)(xii). The Master Servicer
shall be required to pay all expenses it incurs in connection with servicing
activities under this Agreement, including fees and expenses to Sub-Servicers,
and shall not be entitled to reimbursement except as provided in this Agreement.
Expenses to be paid by the Master Servicer under this Subsection 3.14(b) shall
include payment of the expenses of the accountants retained pursuant to Section
3.16.

          Section 3.15. ANNUAL STATEMENT OF COMPLIANCE. Within 120 days after
December 31 of each year, commencing December 200_, the Master Servicer at its
own expense, shall deliver to the Trustee, with a copy to the Rating Agencies,
an Officer's Certificate stating, as to the signer thereof, that (i) a review of
the activities of the Master Servicer during the preceding fiscal year and of
performance under this Agreement has been made under such officer's supervision,
(ii) to the best of such officer's knowledge, based on such review, the Master
Servicer has fulfilled all its obligations under this Agreement for 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 including the steps being taken by the Master Servicer to remedy such
default; (iii) a review of the activities of each Sub-Servicer during the
Sub-Servicer's most recently ended fiscal year on or prior to such December 31
and its performance under its Sub-Servicing Agreement has been made under such
Officer's supervision; and (iv) to the best of the Servicing Officer's
knowledge, based on his review and the certification of an officer of the
Sub-Servicer (unless the Servicing Officer has reason to believe that reliance
on such certification is not justified), either each Sub-Servicer has performed
and fulfilled its duties, responsibilities and obligations under this Agreement
and its Sub-Servicing Agreement in all material respects throughout the year,
or, if there has been a default in performance or fulfillment of any such
duties, responsibilities or obligations, specifying the nature and status of
each such default known to the Servicing Officer. Copies of such statements
shall be provided by the Master Servicer to the Certificateholders upon request
or by the Trustee at the expense of the Master Servicer should the Master
Servicer fail to provide such copies.

          Section 3.16. ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS SERVICING REPORT.
(a) Within 120 days after December 31 of each year, commencing December 200_,
the Master Servicer, at its expense, shall cause a firm of Independent public
accountants who are members of the American Institute of Certified Public
Accountants to furnish a statement to the Master Servicer, which will be
provided to the Trustee and the Rating Agencies to the effect that, in
connection with the firm's examination of the Master Servicer's financial
statements as of the end of such fiscal year, nothing came to their attention
that indicated that the Master Servicer was not in compliance with Sections
3.07, 3.15, 4.01, 4.02, 4.03 and 4.04 except for (i) such exceptions as such
firm believes to be immaterial and (ii) such other exceptions as are set forth
in such statement.

          (b) Within 120 days after December 31 of each year, commencing
December 199_, the Master Servicer, at its expense, shall furnish to the Trustee
the most recently available letter or letters from one or more firms of
Independent certified public accountants who are members of the American
Institute of Certified Public Accountants reporting the results of such firm's
examination of the servicing procedures of any Sub-Servicer and any Master
Servicer (other than [ ]or the Trustee) in accordance with the requirements of
the Uniform Single Attestation Program for Mortgage Bankers.

          Section 3.17. REMIC-RELATED COVENANTS. For as long as REMIC I and
REMIC II shall exist, the Master Servicer and the Trustee shall act in
accordance herewith to assure continuing treatment of REMIC I and REMIC II as
REMICs, and the Trustee shall comply with any directions of the Master Servicer
to assure such continuing treatment. In particular, the Trustee shall not (a)
sell or permit the sale of all or any portion of the Mortgage Loans or of any
Permitted Investment unless such sale is as a result of a repurchase of the
Mortgage Loans pursuant to this Agreement or the Trustee has received a REMIC
Opinion prepared at the expense of the Trust Fund; and (b) other than with
respect to a substitution pursuant to Section 2.04, accept any contribution to
REMIC I or REMIC II after the Startup Day without receipt of a REMIC Opinion.

          Section 3.18. ADDITIONAL INFORMATION. The Master Servicer agrees to
furnish the Seller from time to time upon reasonable request, such further
information, reports and financial statements as the Seller deems appropriate to
prepare and file all necessary reports with the Securities and Exchange
Commission.

          Section 3.19. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS. The
Master Servicer shall have the right, but not the obligation, to purchase any
Defaulted Mortgage Loan for a price equal to the Repurchase Price therefor. Any
such purchase shall be accomplished as provided in Subsection 2.02(c) hereof.

<PAGE>
                                   ARTICLE IV

                                    Accounts

          Section 4.01. PROTECTED ACCOUNTS. (a) The Master Servicer shall
require each Sub-Servicer to establish and maintain a Protected Account
complying with the requirements set forth in this Section 4.01, with records to
be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into
which accounts shall be deposited within 24 hours of receipt all collections of
principal and interest on any Mortgage Loan and with respect to any REO Property
received by the Master Servicer, or a Sub-Servicer, including Principal
Prepayments, Insurance Proceeds, Liquidation Proceeds, and advances made from
the Sub-Servicer's own funds (less servicing compensation as permitted by
Subsection 3.14(a)) and all other amounts to be deposited in the Protected
Accounts. The Master Servicer is hereby authorized to make withdrawals from and
deposits to the related Protected Accounts for purposes required or permitted by
this Agreement. All Protected Accounts shall be held in a Designated Depository
Institution and segregated on the books of such institution. The amount at any
time credited to a Protected Account shall be fully insured by the FDIC or, to
the extent that such balance exceeds the lesser of $100,000 or the limits of
such insurance, such excess must be transferred to the appropriate subaccount of
the Certificate Account or the related Custody Account or invested in Permitted
Investments.

          Amounts on deposit in a Protected Account may be invested in Permitted
Investments, such Permitted Investments to mature, or to be subject to
redemption or withdrawal, no later than the date on which such funds are
required to be withdrawn for deposit in the Custody Account or Certificate
Account, and shall be held until required for such deposit. The income earned
from Permitted Investments made pursuant to this Section 4.01 shall be paid to
the Master Servicer or the related Sub-Servicer as additional compensation for
its obligations under this Agreement, and the risk of loss of moneys required to
be distributed to the Certificateholders resulting from such investments shall
be borne by and be the risk of the Master Servicer or the related Sub-Servicer.
The Master Servicer shall cause the related Sub-Servicer to deposit the amount
of any such loss in the related Protected Account within _______ Business Days
of receipt of notification of such loss but not later than the second Business
Day prior to the Distribution Date on which the moneys so invested are required
to be distributed to the Certificateholders. The Master Servicer may, and the
Master Servicer may permit the related Sub-Servicer to, transfer funds to other
accounts (which shall for purposes hereof be deemed to be Protected Accounts) or
to establish Protected Accounts not conforming to the foregoing requirements, to
the extent that such other accounts or Protected Accounts are Rating Agency
Eligible Accounts.

          (b) On or before each Funds Transfer Date, the Master Servicer shall
withdraw or shall cause (by written direction to the Trustee if such withdrawal
is from a Custody Account) to be withdrawn from the Protected Accounts or the
Custody Account and shall immediately deposit or cause to be deposited in the
appropriate subaccount of the Certificate Account amounts representing the
following collections and payments (other than with respect to principal of or
interest on the Mortgage Loans due on or before the Cut-Off Date):

               (i) Scheduled Payments on the related Mortgage Loans received or
          advanced by the Master Servicer or Sub-Servicers which were due on or
          before the related Due Date, net of the amount thereof comprising the
          Master Servicing Fee due the Master Servicer;

               (ii) Full Principal Prepayments and any Liquidation Proceeds
          received by the Master Servicer or Sub-Servicers with respect to such
          Mortgage Loans in the related Prepayment Period, with interest to the
          date of prepayment or liquidation, net of the amount thereof
          comprising the Master Servicing Fee due the Master Servicer;

               (iii) Partial prepayments of principal received by the Master
          Servicer or Sub-Servicers for such Mortgage Loans in the related
          Prepayment Period; and

               (iv) Any amount to be used as a Certificate Account Advance.

          (c) Withdrawals may be made from a Protected Account only to make
remittances as provided in Subsections 4.01(b) or 4.03(c), or Section 4.04; to
reimburse the Master Servicer or a Sub-Servicer for advances of principal and
interest which have been recovered by subsequent collection from the related
Mortgagor; to remove amounts deposited in error; to remove fees, charges or
other such amounts deposited on a temporary basis; or to clear and terminate the
account at the termination of this Agreement in accordance with Section 10.01.

          (d) The Master Servicer shall deliver to the Trustee on or prior to
the Determination Date in each month a statement from the institution at which
each Protected Account is maintained showing deposits and withdrawals during the
prior month.

          Section 4.02. CERTIFICATE ACCOUNT. (a) The Trustee shall establish and
maintain in the name of the Trustee, for the benefit of the Certificateholders,
the Certificate Account as a segregated non-interest bearing trust account or
accounts. The Certificate Account shall have two separate subaccounts, one each
for all funds with respect to each Mortgage Loan Group. The Trustee will deposit
in the appropriate subaccount as identified by the Master Servicer, of the
Certificate Account as received the following amounts:

               (i) Any amounts withdrawn from a Protected Account pursuant to
          Subsection 4.01(b) or the Custody Account pursuant to Section 4.04;

               (ii) Any Monthly Advance and any Compensating Interest Payments;

               (iii) Any Insurance Proceeds or Liquidation Proceeds received by
          the Master Servicer which were not deposited in a Protected Account or
          the Custody Account;

               (iv) The Repurchase Price with respect to any Mortgage Loans
          purchased by [CORPORATION 1] pursuant to Sections 2.02 or 2.03 or by
          the Master Servicer pursuant to Section 3.19, any amounts which are to
          be treated pursuant to Section 2.04 as the payment of such a
          Repurchase Price, and all proceeds of any Mortgage Loans or property
          acquired with respect thereto repurchased by the Master Servicer or
          its designee pursuant to Section 10.01;

               (v) Any amounts required to be deposited with respect to losses
          on Permitted Investments pursuant to Subsection 4.02(d) or Section
          4.04(d) below; and

               (vi) Any other amounts received by the Master Servicer or the
          Trustee and required to be deposited in such subaccount of the
          Certificate Account pursuant to this Agreement.

          (b) All amounts deposited to the Certificate Account shall be held by
the Trustee in the name of the Trustee in trust for the benefit of the
Certificateholders in accordance with the terms and provisions of this
Agreement, subject to the right of the Master Servicer to require the Trustee to
make withdrawals therefrom as provided herein. The foregoing requirements for
crediting the Certificate Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the
nature of prepayment or late payment charges or assumption, tax service,
statement account or payoff, substitution, satisfaction, release and other like
fees and charges need not be credited by the Master Servicer or the related
Sub-Servicer to the Certificate Account and may be retained by the Master
Servicer or the related Sub-Servicer as servicing compensation. In the event
that the Master Servicer shall deposit or cause to be deposited to the
Certificate Account any amount not required to be credited thereto, or shall
deposit or cause to be deposited to a subaccount of the Certificate Account any
amount which should appropriately be credited to the other subaccount of the
Certificate Account, the Trustee, upon receipt of a written request therefor
signed by a Servicing Officer of the Master Servicer, shall promptly transfer
such amount to the Master Servicer or to the other subaccount of the Certificate
Account, as applicable, any provision herein to the contrary notwithstanding.

          (c) The Certificate Account shall constitute a trust account of the
Trust Fund segregated on the books of the Trustee and held by the Trustee in
trust, and the Certificate Account and the funds deposited therein shall not be
subject to, and shall be protected from, all claims, liens, and encumbrances of
any creditors or depositors of the Trustee or the Master Servicer (whether made
directly, or indirectly through a liquidator or receiver of the Trustee or the
Master Servicer). The amount at any time credited to the Certificate Account
shall be (i) fully insured by the FDIC to the maximum coverage provided thereby,
(ii) at the written direction of the Master Servicer invested, in the name of
the Trustee, or its nominee, for the benefit of the Certificateholders, in such
Permitted Investments to be held by the Trustee as the Master Servicer may
direct (such direction to be confirmed in writing) and in the absence of such
direction, the Trustee shall invest funds in the Certificate Account in
Permitted Investments described in clause (viii) of the definition thereof, or
(iii) from the maturity of any Permitted Investment on the Business Day prior to
a Distribution Date through the distribution of such funds on such Distribution
Date or at such other time and in such amount as, in the judgment of the Master
Servicer, cannot reasonably be invested in accordance with items (i) or (ii) of
this sentence, held by the Trustee in such Certificate Account. All Permitted
Investments shall mature or be subject to redemption or withdrawal on or before,
and shall be held until, the next succeeding Distribution Date if the obligor
for such Permitted Investment is the Trustee or, if such obligor is any other
Person, the Business Day preceding such Distribution Date. With respect to the
Certificate Account and the funds deposited therein, the Trustee shall take such
action as may be necessary to ensure that the Certificateholders shall be
entitled to the priorities afforded to such a trust account (in addition to a
claim against the estate of the Trustee) as provided by 12 U.S.C. ss. 92a(e), if
applicable, or any applicable comparable state statute applicable to state
chartered banking corporations.

          (d) The income earned from Permitted Investments made pursuant to this
Section 4.02 shall be paid to the Master Servicer, as additional compensation
for its obligations under this Agreement, and the risk of loss of moneys
required to be distributed to the Certificateholders resulting from such
investments shall be borne by and be the risk of the Master Servicer. The amount
of any such loss shall be remitted by the Master Servicer to the Trustee for
deposit in the Certificate Account within _______ Business Days of receipt of
notification of such loss but not later than the _______ Business Day prior to
the Distribution Date on which the moneys so invested are required to be
distributed to the Certificateholders.

          Section 4.03. PERMITTED WITHDRAWALS AND TRANSFERS FROM THE CERTIFICATE
ACCOUNT. (a) The Trustee will, from time to time on demand of the Master
Servicer, make or cause to be made such withdrawals or transfers from the
appropriate subaccount of the Certificate Account as the Master Servicer has
designated for such transfer or withdrawal as specified in a certificate signed
by a Servicing Officer (upon which the Trustee may conclusively rely) for the
following purposes:

               (i) [intentionally omitted];

               (ii) to reimburse the Master Servicer or any Sub-Servicer for any
          Monthly Advance of its own funds or any advance of such Sub-Servicer's
          own funds, the right of the Master Servicer or a Sub-Servicer to
          reimbursement pursuant to this subclause (ii) being limited to amounts
          received on a particular Mortgage Loan (including, for this purpose,
          the Repurchase Price therefor, Insurance Proceeds and Liquidation
          Proceeds) which represent late payments or recoveries of the principal
          of or interest on such Mortgage Loan respecting which such Monthly
          Advance or advance was made;

               (iii) to reimburse the Master Servicer or any Sub-Servicer from
          Insurance Proceeds or Liquidation Proceeds relating to a particular
          Mortgage Loan for amounts expended by the Master Servicer or such
          Sub-Servicer pursuant to Section 3.12 in good faith in connection with
          the restoration of the related Mortgaged Property which was damaged by
          an Uninsured Cause or in connection with the liquidation of such
          Mortgage Loan;

               (iv) to reimburse the Master Servicer or any Sub-Servicer from
          Insurance Proceeds relating to a particular Mortgage Loan for Insured
          Expenses incurred with respect to such Mortgage Loan and to reimburse
          the Master Servicer or such Sub-Servicer from Liquidation Proceeds
          from a particular Mortgage Loan for Liquidation Expenses incurred with
          respect to such Mortgage Loan; PROVIDED THAT the Master Servicer shall
          not be entitled to reimbursement for Liquidation Expenses with respect
          to a Mortgage Loan to the extent that (i) any amounts with respect to
          such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant
          to clause (xii) of this Subsection 4.03(a) to the Master Servicer; and
          (ii) such Liquidation Expenses were not included in the computation of
          such Excess Liquidation Proceeds;

               (v) to pay the Master Servicer or any Sub-Servicer (payment to
          any Sub-Servicer to be subject to prior payment to the Master Servicer
          of an amount equal to the Master Servicing Fee), as appropriate, from
          Liquidation Proceeds or Insurance Proceeds received in connection with
          the liquidation of any Mortgage Loan, the amount which it or such
          Sub-Servicer would have been entitled to receive under subclause (x)
          of this Subsection 4.03(a) as servicing compensation on account of
          each defaulted scheduled payment on such Mortgage Loan if paid in a
          timely manner by the related Mortgagor, but only to the extent that
          the aggregate of Liquidation Proceeds and Insurance Proceeds with
          respect to such Mortgage Loan, after any reimbursement to the Master
          Servicer or any Sub-Servicer, pursuant to subclauses (ii), (iii), (iv)
          and (vii) of this Subsection 4.03(a), exceeds the Outstanding
          Principal Balance of such Mortgage Loan plus accrued and unpaid
          interest thereon at the related Mortgage Interest Rate less the Master
          Servicing Fee Rate to but not including the date of payment;

               (vi) to pay the Master Servicer or any Sub-Servicer (payment to
          any Sub-Servicer to be subject to prior payment to the Master Servicer
          of the portion of the Master Servicing Fee which the Master Servicer
          is entitled to retain as evidenced in writing to the Trustee by the
          Master Servicer, as appropriate, from the Repurchase Price for any
          Mortgage Loan, the amount which it or such Sub-Servicer would have
          been entitled to receive under subclause (x) of this Subsection
          4.03(a) as servicing compensation, but only to the extent that the
          Repurchase Price with respect to such Mortgage Loan after any
          reimbursement to the related Master Servicer and Sub-Servicer pursuant
          to subclauses (ii) and (vii) of this Subsection 4.03(a) exceeds the
          Outstanding Principal Balance of such Mortgage Loan plus accrued and
          unpaid interest thereon at the related Mortgage Interest Rate less the
          Master Servicing Fee Rate through the last day of the month of
          repurchase;

               (vii) to reimburse the Master Servicer or any Sub-Servicer for
          advances of funds pursuant to Sections 3.07, 3.09 and 3.10, the right
          to reimbursement pursuant to this subclause being limited to amounts
          received on the related Mortgage Loan (including, for this purpose,
          the Repurchase Price therefor, Insurance Proceeds and Liquidation
          Proceeds) which represent late recoveries of the payments for which
          such advances were made;

               (viii) to pay the Master Servicer or any Sub-Servicer, as the
          case may be, with respect to each Mortgage Loan that has been
          purchased pursuant to Section 2.02, 2.03, 2.04, 3.19 or 10.01, all
          amounts received thereon, representing recoveries of principal that
          reduce the Outstanding Principal Balance of the related Mortgage Loan
          below the Outstanding Principal Balance used in calculating the
          Repurchase Price or representing interest included in the calculation
          of the Repurchase Price or accrued after the end of the month during
          which such repurchase occurs;

               (ix) to reimburse the Master Servicer or any Sub-Servicer for any
          Monthly Advance or advance, after a Realized Loss has been allocated
          with respect to the related Mortgage Loan if the Monthly Advance or
          advance has not been reimbursed pursuant to clauses (ii) and (vii),
          such reimbursement to come from the subaccount relating to the
          Mortgage Loan Group of which the related Mortgage Loan is a part;

               (x) to pay the Master Servicer and any Sub-Servicer servicing
          compensation as set forth in Section 3.14;

               (xi) to reimburse the Master Servicer for expenses, costs and
          liabilities incurred by and reimbursable to it pursuant to Subsection
          7.04(d), which, if not specifically allocable to a Mortgage Loan
          Group, shall be allocated between the subaccounts, PRO RATA, based on
          the Scheduled Principal Balances of the Group I Mortgage Loans and the
          Group II Mortgage Loans, respectively;

               (xii) to pay to the Master Servicer, as additional servicing
          compensation, any Excess Liquidation Proceeds;

               (xiii) to clear and terminate the Certificate Account pursuant to
          Section 10.01; and

               (xiv) to remove amounts deposited in error.

          The Master Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any
reimbursement from the Certificate Account pursuant to subclauses (i) through
(vii), inclusive, and (ix).

          (b) On each Distribution Date, the Trustee shall make the following
payments in the priority set forth from the funds in the Certificate Account:

               (i) First, the Trustee's Fees shall be paid to the Trustee; and

               (ii) Second, the amount distributable to the Holders of the
          Certificates shall be payable in accordance with Section 6.01.

          (c) Notwithstanding the provisions of this Section 4.03, the Master
Servicer may, but is not required to, allow the Sub-Servicers to deduct from
amounts received by them or from the related Protected Account, prior to deposit
in the Certificate Account or the Custody Account, any portion to which such
Sub-Servicers are entitled as servicing compensation (including income on
Permitted Investments) or reimbursement of any reimbursable advances made by
such Sub-Servicers.

          Section 4.04. CUSTODY ACCOUNT. (a) The Trustee shall establish and
maintain for the benefit of the Certificateholders the Custody Account as a
segregated non-interest bearing trust account in the corporate trust department
of a Designated Depository Institution. The Custody Account shall constitute a
trust account of the Trust Fund segregated on the books of the Designated
Depository Institution and held by the Designated Depository Institution in
trust, and such Account and the funds deposited therein shall not be subject to,
and shall be protected from, all claims, liens, and encumbrances of any
creditors or depositors of the Designated Depository Institution, the Trustee,
the Master Servicer, any Sub-Servicer (whether made directly, or indirectly
through a liquidator or receiver of the Designated Depository Institution, the
Trustee, any Master Servicer, or any Sub-Servicer). With respect to the Custody
Account maintained with the Trustee and the funds deposited therein, the Trustee
shall take such action as may be necessary to ensure that the Certificateholders
shall be entitled to the priorities afforded to such a trust account (in
addition to a claim against the estate of the Trustee) as provided by 12 U.S.C.
ss. 92a(e), if applicable, or any applicable comparable state statute applicable
to state chartered banking corporations. The Custody Account shall be an outside
reserve fund of REMIC II and shall not constitute a part of REMIC II (or REMIC
I). The Trustee shall be the legal owner of the portion of the Funds held in the
Custody Account for the benefit of the Certificateholders and for all Federal
income tax purposes, [CORPORATION 1] shall be the owner of the Custody Account.
For all Federal tax purposes, amounts, if any, transferred by REMIC II to the
Custody Account shall be treated as amounts distributed by REMIC II to
[CORPORATION 1].

          (b) Within one Business Day after receipt, the Master Servicer shall
withdraw or shall cause to be withdrawn from each Protected Account and shall
immediately deposit or cause to be deposited in the Custody Account all amounts
in the Protected Account not otherwise invested in Permitted Investments
pursuant to Section 4.01 and exceeding the lesser of $100,000 or the FDIC
insurance limit (other than with respect to principal of or interest on the
Mortgage Loans due on or before the Cut-Off Date).

          (c) Withdrawals may be made from the Custody Account only to make
remittances as provided in Sections 4.01(b) or 4.04(d); to reimburse the Master
Servicer or any Sub-Servicer for advances of principal and interest which have
been recovered by subsequent collection from the related Mortgagor; to remove
amounts deposited in error; to remove fees, charges or other such amounts
deposited on a temporary basis; or to clear and terminate the account at the
termination of this Agreement in accordance with Section 10.01.

          (d) Funds in the Custody Account may be invested at the direction of
the Master Servicer (such direction to be confirmed promptly in writing) in
Permitted Investments held in trust for the benefit of the Certificateholders
and in the absence of such directions, funds in the Custody Account shall be
invested in Permitted Investments described in clause (viii) of the definition
thereof. Such Permitted Investments must mature, or be subject to redemption or
withdrawal, no later than the date on which such funds are required to be
withdrawn for deposit in the Certificate Account pursuant to Section 4.01(b) and
shall be held in such Account until required for such deposit. The income earned
from Permitted Investments made pursuant to this Section 4.04 shall be paid to
the Master Servicer as additional compensation for its obligations under this
Agreement, and the risk of loss of moneys required to be distributed to the
Certificateholders resulting from such investments shall be borne by and be the
risk of the Master Servicer. The amount of any such loss shall be deposited by
the Master Servicer in the Custody Account within _______ Business Days of
receipt of notification of such loss but not later than the _______ Business Day
prior to the Distribution Date on which the moneys so invested are required to
be distributed to the Certificateholders.

          Section 4.05. BUYDOWN ACCOUNTS. (a) With respect to each Group I
Mortgage Loan that is a Buydown Mortgage Loan, the Master Servicer shall require
each Sub-Servicer to establish and maintain a Buydown Account for the deposit of
the Buydown Funds provided to it. Each such Buydown Account shall be held in a
Designated Depository Institution segregated on the books of such institution
and designated as held in trust by each Sub-Servicer for the benefit of the
Mortgagor to secure the Mortgagor's obligations under the Mortgage Note, and,
except to the extent the mortgagee has a claim thereto, shall not be deemed a
part of the Trust Fund or subject to the Trust created by this Agreement nor
shall any income to the Master Servicer be deemed part of the Trust Fund. The
owner of each such Buydown Account shall be the related Sub-Servicer and the
related Sub-Servicer shall report for income tax purposes any income as loss in
such Buydown Account on its tax returns. The amount at any time credited to the
Buydown Account shall be fully insured by the FDIC or, to the extent that such
balance exceeds the limits of such insurance, such excess must be (i)
transferred to another fully insured account in another Designated Depository
Institution or (ii) invested in Permitted Investments held in trust by each
Sub-Servicer as described above. If such excess is invested in Permitted
Investments, such Permitted Investments must mature no later than the date on
which such funds are required to be withdrawn for deposit in the Certificate
Account. The Master Servicer may permit the related Sub-Servicer to establish
Buydown Accounts not conforming to the foregoing requirements to the extent that
such Buydown Accounts meet the requirements of each Rating Agency for the
maintenance of a rating on the Certificates in the highest category of each such
Rating Agency.

          (b) Each Mortgagor under a Buydown Mortgage Loan shall be obligated
for the full amount due under the related Mortgage Note.

          (c) The Buydown Funds shall equal a sum of payments which, when added
to the payment required of the related Mortgagor on each Due Date, is equal to
the full monthly payment due on that Due Date.

          (d) On or before each day on which remittances are due to the
Certificate Account in accordance with Section 4.01, the related Sub-Servicer
shall withdraw from each Buydown Account relating to the Mortgage Loans and
deposit in the Protected Account, an amount of Buydown Funds for each respective
Buydown Mortgage Loan which, when added to the amount due on such date from the
Mortgagor on such Buydown Mortgage Loan, shall equal the full monthly payment
due on such Buydown Mortgage Loan. Such amount deposited by the related
Sub-Servicers shall be remitted to the Certificate Account.

          (e) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in
its entirety, during the Buydown Period, the Master Servicer shall cause the
related Sub-Servicer to withdraw from the Buydown Account and deposit or cause
to be deposited in its Protected Account such portion of the Buydown Funds for
such Buydown Mortgage Loan that is necessary to fully prepay the related
Mortgage Loan. Any funds remaining in the related Buydown Account shall be
returned to the original source of such Buydown Funds.

          (f) If the Mortgagor on a Buydown Mortgage Loan defaults on such loan
during the Buydown Period and the property securing such Buydown Mortgage Loan
is sold in the liquidation thereof (either by the related Sub-Servicer or the
insurer under any related Primary Insurance Policy), the Master Servicer shall
cause the related Sub-Servicer to withdraw from the Buydown Account and deposit
in its Protected Account or pay to the insurer under any related Primary
Insurance Policy if the Mortgaged Property is transferred to such insurer and
such insurer pays all of the loss incurred in respect of such default, the
Buydown Funds for such Buydown Mortgage Loan still held in the Buydown Account
necessary to fully repay such Buydown Mortgage Loan. Any funds remaining in the
related Buydown Account shall be returned to the original source of such Buydown
Funds.

<PAGE>
                                    ARTICLE V

          Section 5.01. CERTIFICATES. (a) The Depository, the Seller and the
Trustee have entered into a Depository Agreement dated as of___________, 200_
(the "Depository Agreement"). Except for the Physical Certificates, the
Individual Certificates and as provided in Subsection 5.01(b), the Certificates
shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of such Certificates may not be
transferred by the Trustee except to a successor to the Depository; (ii)
ownership and transfers of registration of such Certificates on the books of the
Depository shall be governed by applicable rules established by the Depository;
(iii) the Depository may collect its usual and customary fees, charges and
expenses from its Depository Participants; (iv) the Trustee shall deal with the
Depository as representative of such Certificate Owners of the respective Class
of Certificates for purposes of exercising the rights of Certificateholders
under this Agreement, and requests and directions for and votes of such
representative shall not be deemed to be inconsistent if they are made with
respect to different Certificate Owners; and (v) the Trustee may rely and shall
be fully protected in relying upon information furnished by the Depository with
respect to its Depository Participants.

          All transfers by Certificate Owners of such respective Classes of
Certificates and Global Certificates shall be made in accordance with the
procedures established by the Depository Participant or brokerage firm
representing such Certificate Owners. 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.

          (b) If (i)(A) the Seller advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository and (B) the Trustee or the Seller is unable to
locate a qualified successor within 30 days or (ii) the Seller at its option
advises the Trustee in writing that it elects to terminate the book-entry system
through the Depository, the Trustee shall request that the Depository notify all
Certificate Owners 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
Certificates by the Depository, accompanied by registration instructions from
the Depository for registration, the Trustee shall issue the Definitive
Certificates. Neither the Seller, the Master Servicer nor the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions.

          (c) REMIC II will be evidenced by (x) the REMIC II Regular
Certificates, which will be uncertificated and non-transferable and are hereby
designated as the "regular interests" in REMIC II and (y) the Class R-2
Certificates, which are hereby designated as the single "residual interest" in
REMIC II. Except as discussed below, principal and interest shall be paid on the
REMIC II Regular Certificates in the same order and priority as payments are to
be made on the Corresponding Classes of Certificates (disregarding the Class X
Certificates). The REMIC II Regular Certificates and the Class R-2 Certificates
will have the following designations and pass-through rates, and distributions
of principal and interest thereon shall be allocated to the Corresponding Class
of Certificates in the following manner:

                                                   CORRESPONDING CLASSES
                                                     OF CERTIFICATES(1)

                                   PASS-       ALLOCATION        ALLOCATION
REMIC II        INITIAL           THROUGH         OF                 OF
CERTIFICATES    BALANCE           RATE(2)      PRINCIPAL          INTEREST

II-A-1          $___________        W1         A-I-1;A-I-2;      A-I-1;A-I-2;
                                               A-I-7 (4)         A-I-7;A-I-8
                                                                        (4)(3)
II-A-2          $___________        W1         A-I-2;A-I-3       A-I-2;A-I-3;
                                               A-I-7 (4)         A-I-7;A-I-8
                                                                        (4)(3)
II-A-3          $___________        W1         A-I-2;A-I-4       A-I-2;A-I-4
                                               A-I-7 (4)         A-I-7;A-I-8
                                                                        (4)(3)
II-A-4          $___________        W1         A-I-5;A-I-7       A-I-5;A-I-7;
                                                         (4)     A-I-8 (4)(3)
II-A-5          $___________        W1         A-I-6;A-I-7       A-I-6;A-I-7;
                                                         (4)     A-I-8 (4)(3)
II-A-6          $___________        W1         A-I-9;A-I-7       A-I-9;A-I-7;
                                                         (4)     A-I-8 (4)(3)
II-A-10         $___________        W1         A-I-10            A-I-10(3)
II-A-11         $___________        W1         A-I-11            A-I-11(3)
II-A-II         $___________        W2         A-II              A-II  (3)
II-PO           $___________        (5)        PO                N/A

II-B-1          $_________(7)       W1         All Class         All Class
                                               B Certi-          B Certi-
                                               ficates(6)        ficates
                                                                 (3),(6)

II-B-2          $_________(8)       W2         All Class         All Class
                                               B Certi-          B Certi-
                                               ficates(6)        ficates
                                                                 (3),(6)

II-R-1          $___________                   R-1 (9)           R-1
                                                                 (3),(9)

R-2             $___________                   N/A (9)           N/A (9)

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

(1)      Except as otherwise indicated, the amount of principal and interest
         allocable from a REMIC II Certificate to its corresponding Class of
         Certificates on any Distribution Date shall be _____%.

(2)      For purposes of computing the Pass-Through Rates, W1 is the rate
         computed by dividing (i) the sum of the amounts computed for each Group
         I Mortgage Loan determined by multiplying the principal balance of each
         Group I Mortgage Loan by the Net Rate of the Group I Mortgage Loan, by
         (ii) the sum of the amounts computed for each Group I Mortgage Loan by
         multiplying the Non-PO Percentage with respect to each Group I Mortgage
         Loan by the principal balance of the Group I Mortgage Loan; and W2 is
         the weighted average of the Net Rates of the Group II Mortgage Loans.

(3)      Interest from REMIC II Certificates II-A-1, II-A-2, II-A-3, II-A-4,
         II-A-5, and II-A-II in excess of ______%, ______%, ______%, ______%,
         ______%, and ______%, respectively, shall be allocated to the Class X
         Certificates as Separate Components. Interest from each of the REMIC II
         Certificates II-A-6, II-A-10, II-A-11, II-B-1, II-B-II and II-R-1 in
         excess of ______% shall be allocated to the Class X Certificates as
         Separate Components. However, if the sum of the interest allocated to
         the various Separate Components exceeds the Accrued Certificate
         Interest on the Class X Certificates, the interest allocated to each
         Separate Component shall be reduced proportionally by such excess.

(4)      Principal allocable to listed Certificates shall be apportioned among
         such Certificates in the same order and priority as payments are to be
         made with respect to the principal portions of such Certificates that
         pay simultaneously, and interest allocable to the listed Certificates
         shall be apportioned among such Certificates in proportion to payments
         of interest on such Certificates.

(5)      The Class II-PO Certificate will be a principal only Certificate and
         will not bear interest.

(6)      Principal and interest attributable to the Group I Mortgage Loans and
         allocable to the Class B Certificates shall be apportioned among such
         Certificates in the same order and priority as payments are to be made
         on such Certificates. Principal and interest attributable to the Group
         II Mortgage Loans and allocable to the Class B Certificates shall be
         apportioned among such Certificates in the same order and priority as
         payments are to be made on such Certificates.

(7)      This Initial Balance is equal to the sum of the initial principal
         balances of the Group I Mortgage Loans less the sum of the initial
         principal balances of the Class A-I, Class PO, Class R-1 and Class R-2
         Certificates (excluding the notional principal balance of the Class
         A-I-8 Certificates).

(8)      This Initial Balance is equal to the sum of the initial principal
         balances of the Group II Mortgage Loans less the initial principal
         balance of the Class A-II Certificates.

(9)      On each Distribution Date, Available Funds, if any, remaining in REMIC
         II after payment of interest and principal, as designated above, will
         be distributed to the Class R-2 Certificate. The first $___________ of
         principal payments on the Group I Mortgage Loans shall be distributed
         pro-rata between the Class II-R-1 and Class R-2 Certificates.

          (d) The Classes of the Certificates shall have the following
designations, initial principal amounts and Pass-Through Rates:

DESIGNATION               INITIAL PRINCIPAL Amount            PASS-THROUGH RATE
-----------                 ------------------                -----------------
A-I-1                           $ ____________                       ______%
A-I-2                           $ ____________                       ______%
A-I-3                           $ ____________                       ______%
A-I-4                           $ ____________                        ______
A-I-5                           $ ____________                       ______%
A-I-6                           $ ____________                       ______%
A-I-7                           $ ____________                       (1)
A-I-8                           $ ___________*                       (2)
A-I-9                           $ ____________                       ______%
A-I-10                          $ ____________                       ______%
A-I-11                          $ ____________                       ______%
A-II                            $ ____________                       ______%
PO                              $ ____________                         (3)
X                               $ ___________*                         (4)
B-1                             $ ____________                       ______%
B-2                             $ ____________                       ______%
B-3                             $ ____________                       ______%
B-4                             $ ____________                       ______%
B-5                             $ ____________                       ______%
B-6                             $ ____________                       ______%
R-1                             $ ____________                       ______%
R-2                             $ ____________                         (5)

--------------------
* Original Notional Amount

(1)      The Class A-I-7 Certificates will bear interest at _____% per annum
         during the first Interest Accrual Period. During each Interest Accrual
         Period thereafter, the Class A-I-7 Certificates will bear interest,
         subject to a maximum rate of _____% per annum and a minimum rate of
         _____% per annum, at a rate per annum equal to _____%, in excess of
         LIBOR.

(2)      The Class A-I-8 Certificates will bear interest at a rate per annum of
         _____% per annum during the first Interest Accrual Period. During each
         Interest Accrual Period thereafter, the Class A-I-8 Certificates will
         bear interest, subject to a maximum rate of _____% per annum and a
         minimum rate of _____% per annum, at a rate per annum equal to _____%
         minus LIBOR.

(3)      The Class PO Certificates are principal only Certificates and will not
         bear interest.

(4)      The Class X Certificates will bear interest on their Class X Notional
         Amount at a variable Pass-Through Rate equal to the excess of (a) the
         weighted average of the Net Rates of all of the Mortgage Loans
         (weighted on the basis of the Scheduled Principal Balances thereof)
         over (b) the weighted average of the Pass-Through Rates of all the
         Certificates (other than the Class X Certificates).

(5)      The Class R-2 Certificates will bear interest at a variable
         Pass-Through Rate equal to the weighted average of the Net Rates of the
         Group I Mortgage Loans.

          (e) With respect to each Distribution Date, each Class of Certificates
(other than the Class PO Certificates) shall accrue interest during the related
Interest Accrual Period. With respect to each Distribution Date and each such
Class of Certificates, interest shall be calculated based upon the respective
Pass-Through Rate set forth, or determined as provided, above and the Current
Principal Amount or Class A-I-8 Notional Amount or Class X Notional Amount, as
the case may be, of such Class applicable to such Distribution Date.

          (f) The Certificates shall be substantially in the forms set forth in
Exhibit A-1 and A-2. On original issuance, the Trustee shall sign, countersign
and shall deliver them at the direction of the Seller. Pending the preparation
of definitive Certificates of any Class, the Trustee may sign and countersign
temporary Certificates that are printed, lithographed or typewritten, in
authorized denominations for Certificates of such Class, substantially of the
tenor of the definitive Certificates in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as
the officers or authorized signatories executing such Certificates may
determine, as evidenced by their execution of such Certificates. If temporary
Certificates are issued, the Seller will cause Definitive Certificates to be
prepared without unreasonable delay. After the preparation of Definitive
Certificates, the temporary Certificates shall be exchangeable for Definitive
Certificates upon surrender of the temporary Certificates at the office of the
Trustee, without charge to the Holder. Upon surrender for cancellation of any
one or more temporary Certificates, the Trustee shall sign and countersign and
deliver in exchange therefor a like aggregate principal amount, in authorized
denominations for such Class, of definitive Certificates of the same Class.
Until so exchanged, such temporary Certificates shall in all respects be
entitled to the same benefits as Definitive Certificates.

          (g) Each Class of Book-Entry Certificates will be registered as a
single Certificate of such Class held by a nominee of the Depository or the DTC
Custodian, and beneficial interests will be held by investors through the
book-entry facilities of the Depository in minimum denominations of $25,000
(except $500,000 in the case of Class A-I-8 Certificates and $1,000,000 in the
case of the Class X Certificates) and in each case increments of $1 in excess
thereof, except that one Certificate of each such Class may be issued in a
different amount so that the sum of the denominations of all outstanding
Certificates of such Class shall equal the Current Principal Amount of such
Class on the Closing Date. Each Class of Global Certificates shall be issued in
fully registered form in minimum dollar denominations of $500,000 in the case of
class A-I-8 Certificates and $1,000,000 in the case of the Class X Certificates
and $25,000 and integral multiples of $1 in excess thereof, except that one
Certificate of each Class may be in a different denomination so that the sum of
the denominations of all outstanding Certificates of such Class shall equal the
Current Principal Amount of such Class on the Closing Date. On the Closing Date,
the Trustee shall execute and countersign (i) one or more Global Certificates of
each Class and/or (ii) Individual Certificates all in an aggregate principal
amount that shall equal the Current Principal Amount of such Class on the
Closing Date. The Global Certificates shall be delivered by the Seller to the
Depository or pursuant to the Depository's instructions, shall be delivered by
the Seller on behalf of the Depository to and deposited with the DTC Custodian.
The Class B-4, Class B-5 and Class B-6 Certificates will be issued in
certificated fully-registered form in minimum denominations of $25,000 and
increments of $1 in excess thereof, except that one Certificate of each such
Class may be issued in a different amount so that the sum of the denominations
of all outstanding Certificates of such Class shall equal the Current Principal
Amount (or Notional Amount in the case of the Class X Certificates) of such
Class on the Closing Date. The Class R-1 and Class R-2 Certificates shall be
issued in certificated fully-registered form in the denomination of $100 each.
The Trustee shall sign them by facsimile or manual signature and countersign
them by manual signature on behalf of the Trustee by authorized signatories, who
shall be Responsible Officers of the Trustee or its agent. A Certificate bearing
the manual and facsimile signatures of individuals who were the authorized
signatories of the Trustee or its agent at the time of issuance shall bind the
Trustee, notwithstanding that such individuals or any of them have ceased to
hold such positions prior to the delivery of such Certificate.

          (h) No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
the countersignature of the Trustee or its agent, 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
issued on the Closing Date shall be dated the Closing Date. All Certificates
issued thereafter shall be dated the date of their countersignature.

          (i) The Closing Date is hereby designated as the "startup" day of each
REMIC within the meaning of Section 860G(a)(9) of the Code.

          (j) For federal income tax purposes, each REMIC shall have a tax year
that is a calendar year and shall report income on an accrual basis.

          (k) The Trustee shall cause each REMIC to elect to be treated as a
REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this
Agreement or in the administration of any Trust established hereby shall be
resolved in a manner that preserves the validity of such elections.

          (l) The Assumed Final Distribution Date for each Class of Certificates
and REMIC II Certificates is ___________, 20__.

          Section 5.02. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.
(a) The Trustee shall maintain at an office or agency a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided.

          (b) Subject to Subsection 5.01(a) and, in the case of each Class of
Global Certificates or Physical Certificates upon the satisfaction of the
conditions set forth below, upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee maintained for such purpose,
the Trustee shall sign, countersign and shall deliver, in the name of the
designated transferee or transferees, a new Certificate of a like Class and
aggregate Fractional Undivided Interest, but bearing a different number.

          (c) By acceptance of an Individual Certificate, whether upon original
issuance or subsequent transfer, each holder of such a Certificate acknowledges
the restrictions on the transfer of such Certificate set forth in the Securities
Legend and agrees that it will transfer such a Certificate only as provided
herein. In addition to the provisions of Subsection 5.02(h), the following
restrictions shall apply with respect to the transfer and registration of
transfer of an Individual Certificate to a transferee that takes delivery in the
form of an Individual Certificate:

          (i) The Trustee shall register the transfer of an Individual
          Certificate if the requested transfer is being made to a transferee
          who has provided the Trustee with a Rule 144A Certificate.

          (ii) The Trustee shall register the transfer of any Individual
          Certificate if (x) the transferor has advised the Trustee in writing
          that the Certificate is being transferred to an Institutional
          Accredited Investor; and (y) prior to the transfer the transferee
          furnishes to the Trustee an Investment Letter, provided that, if based
          upon an Opinion of Counsel to the effect that the delivery of (x) and
          (y) above are not sufficient to confirm that the proposed transfer is
          being made pursuant to an exemption from, or in a transaction not
          subject to, the registration requirements of the Securities Act and
          other applicable laws, the Trustee shall as a condition of the
          registration of any such transfer require the transferor to furnish
          such other certifications, legal opinions or other information prior
          to registering the transfer of an Individual Certificate as shall be
          set forth in such Opinion of Counsel.

          (d) Subject to Subsection 5.02(h), so long as the Global Certificate
of such Class remains outstanding and is held by or on behalf of the Depository,
transfers of beneficial interests in such Class of Global Certificates, or
transfers by holders of Individual Certificates of such Class to transferees
that take delivery in the form of beneficial interests in the Global
Certificate, may be made only in accordance with this Subsection 5.02(d) and in
accordance with the rules of the Depository:

          (i) In the case of a beneficial interest in the Global Certificate
          being transferred to an Institutional Accredited Investor, such
          transferee shall be required to take delivery in the form of an
          Individual Certificate or Certificates and the Trustee shall register
          such transfer only upon compliance with the provisions of Subsection
          5.02(c)(ii).

          (ii) In the case of a beneficial interest in a Class of Global
          Certificates being transferred to a transferee that takes delivery in
          the form of an Individual Certificate or Certificates of such Class,
          except as set forth in clause (i) above, the Trustee shall register
          such transfer only upon compliance with the provisions of Subsection
          5.02(c)(i).

          (iii) In the case of an Individual Certificate of a Class being
          transferred to a transferee that takes delivery in the form of a
          beneficial interest in a Global Certificate of such Class, the Trustee
          shall register such transfer if the transferee has provided the
          Trustee with a Rule 144A Certificate.

          (iv) No restrictions shall apply with respect to the transfer or
          registration of transfer of a beneficial interest in the Global
          Certificate of a Class to a transferee that takes delivery in the form
          of a beneficial interest in the Global Certificate of such Class.

          (e) Subject to Subsection 5.02(h), an exchange of a beneficial
interest in a Global Certificate of a Class for an Individual Certificate or
Certificates of such Class, an exchange of an Individual Certificate or
Certificates of a Class for a beneficial interest in the Global Certificate of
such Class and an exchange of an Individual Certificate or Certificates of a
Class for another Individual Certificate or Certificates of such Class (in each
case, whether or not such exchange is made in anticipation of subsequent
transfer, and, in the case of the Global Certificate of such Class, so long as
such Certificate remains outstanding and is held by or on behalf of the
Depository) may be made only in accordance with this Subsection 5.02(e) and in
accordance with the rules of the Depository:

          (i) A holder of a beneficial interest in a Global Certificate of a
          Class may at any time exchange such beneficial interest for an
          Individual Certificate or Certificates of such Class.

          (ii) A holder of an Individual Certificate or Certificates of a Class
          may exchange such Certificate or Certificates for a beneficial
          interest in the Global Certificate of such Class if such holder
          furnishes to the Trustee a Rule 144A Certificate.

          (iii) A holder of an Individual Certificate of a Class may exchange
          such Certificate for an equal aggregate principal amount of Individual
          Certificates of such Class in different authorized denominations
          without any certification.

          (f)(i) Upon acceptance for exchange or transfer of an Individual
          Certificate of a Class for a beneficial interest in a Global
          Certificate of such Class as provided herein, the Trustee shall cancel
          such Individual Certificate and shall (or shall request the Depository
          to) endorse on the schedule affixed to the applicable Global
          Certificate (or on a continuation of such schedule affixed to the
          Global Certificate and made a part thereof) an appropriate notation
          evidencing the date of such exchange or transfer and an increase in
          the certificate balance of the Global Certificate equal to the
          certificate balance of such Individual Certificate exchanged or
          transferred therefor.

          (ii) Upon acceptance for exchange or transfer of a beneficial interest
          in a Global Certificate of a Class for an Individual Certificate of
          such Class as provided herein, the Trustee shall (or shall request the
          Depository to) endorse on the schedule affixed to such Global
          Certificate (or on a continuation of such schedule affixed to such
          Global Certificate and made a part thereof) an appropriate notation
          evidencing the date of such exchange or transfer and a decrease in the
          certificate balance of such Global Certificate equal to the
          certificate balance of such Individual Certificate issued in exchange
          therefor or upon transfer thereof.

          (g) The Securities Legend shall be placed on any Individual
Certificate issued in exchange for or upon transfer of another Individual
Certificate or of a beneficial interest in a Global Certificate.

          (h) Subject to the restrictions on transfer and exchange set forth in
this Section 5.02, the holder of any Individual Certificate may transfer or
exchange the same in whole or in part (in an initial certificate balance equal
to the minimum authorized denomination or any integral multiple of $1 in excess
thereof) by surrendering such Certificate at the Corporate Trust Office, or at
the office of any transfer agent, together with an executed instrument of
assignment and transfer satisfactory in form and substance to the Trustee in the
case of transfer and a written request for exchange in the case of exchange. The
holder of a beneficial interest in a Global Certificate may, subject to the
rules and procedures of the Depository, cause the Depository (or its nominee) to
notify the Trustee in writing of a request for transfer or exchange of such
beneficial interest for an Individual Certificate or Certificates. Following a
proper request for transfer or exchange, the Trustee shall, within five Business
Days of such request made at such Corporate Trust Office, sign, countersign and
deliver at such Corporate Trust Office, to the transferee (in the case of
transfer) or holder (in the case of exchange) or send by first class mail at the
risk of the transferee (in the case of transfer) or holder (in the case of
exchange) to such address as the transferee or holder, as applicable, may
request, an Individual Certificate or Certificates, as the case may require, for
a like aggregate Fractional Undivided Interest and in such authorized
denomination or denominations as may be requested. The presentation for transfer
or exchange of any Individual Certificate shall not be valid unless made at the
Corporate Trust Office by the registered holder in person, or by a duly
authorized attorney-in-fact.

          (i) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class and
aggregate Fractional Undivided Interest, upon surrender of the Certificates to
be exchanged at any such office or agency; PROVIDED, HOWEVER, that no
Certificate may be exchanged for new Certificates unless the original Fractional
Undivided Interest represented by each such new Certificate (i) is at least
$25,000 with respect to the Certificates other than Class A-I-8 Certificates,
Class X Certificates and the Residual Certificates, at least $500,000 with
respect to the Class A-I-8 Certificates, at least $1,000,000 with respect to the
Class X Certificates and at least $100 with respect to each Residual Certificate
or (ii) is acceptable to the Seller as indicated to the Trustee in writing.
Whenever any Certificates are so surrendered for exchange, the Trustee shall
sign and countersign and the Trustee shall deliver the Certificates which the
Certificateholder making the exchange is entitled to receive.

          (j) If the Trustee so requires, every Certificate presented or
surrendered for transfer or exchange shall be duly endorsed by, or be
accompanied by a written instrument of transfer, with a signature guarantee, in
form satisfactory to the Trustee, duly executed by the holder thereof or his or
her attorney duly authorized in writing.

          (k) No service charge shall be made for any transfer or exchange of
Certificates, but the Trustee may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Certificates.

          (l) The Trustee shall cancel all Certificates surrendered for transfer
or exchange but shall retain such Certificates in accordance with its standard
retention policy or for such further time as is required by the record retention
requirements of the Securities Exchange Act of 1934, as amended, and thereafter
may destroy such Certificates.

          (m) The following legend shall be placed on each Class PO Certificate,
whether upon original issuance or upon issuance of any other Class PO
Certificate, in exchange therefor or upon transfer thereof:

               This Certificate may not be transferred to "benefit plan
          investors" as such term is defined in 29 C.F.R. ss. 2510.3-101 (other
          than benefit plan investors which are not subject to Title I of ERISA)
          ("Benefit Plan Investors") unless the transferee provides a Benefit
          Plan Opinion to the Trustee; provided that this Certificate may be
          transferred to a Benefit Plan Investor without delivery of a Benefit
          Plan Opinion if this Certificate is made available for purchase in the
          secondary market through an underwriting or sale or placement by an
          entity which has been granted an underwriter's prohibited transaction
          exemption similar to PTE 90-30 or PTE 90-24.

          (n) The following legend shall be placed on each Class B-1, Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, whether upon
original issuance or upon issuance of any other Certificate of any such Class in
exchange therefor or upon transfer thereof:

               This Certificate may not be transferred to "benefit plan
          investors" as such term is defined in 29 C.F.R. ss. 2510.3-101 (other
          than benefit plan investors which are not subject to Title I of
          ERISA)unless the transferee provides a Benefit Plan Opinion to the
          Trustee.

          (o) Subject to the matters set forth in Section 5.02, (j) and (k), the
Class X Certificates and subject to the matters set forth in Section 5.02(k) and
(m), the Class PO Certificates may be transferred without provision of any
additional documents to the Trustee.

          Section 5.03. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. (a)
If (i) 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 (ii) there is delivered to the Trustee such security or
indemnity as it may require to save it harmless, and (iii) the Trustee has not
received notice that such Certificate has been acquired by a third Person, the
Trustee shall sign, countersign and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and Fractional Undivided Interest but in each case bearing a different
number. The mutilated, destroyed, lost or stolen Certificate shall thereupon be
canceled of record by the Trustee and shall be of no further effect and evidence
no rights.

          (b) Upon 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 duplicate Certificate issued pursuant to this Section 5.03 shall constitute
complete and indefeasible evidence of ownership in the Trust Fund, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

          Section 5.04. PERSONS DEEMED OWNERS. Prior to due presentation of a
Certificate for registration of transfer, the Seller, the Master Servicer, the
Trustee and any agent of the Seller, the Master Servicer 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 pursuant to Section
6.01 and for all other purposes whatsoever. Neither the Seller, the Master
Servicer, the Trustee nor any agent of the Seller, the Master Servicer or the
Trustee shall be affected by notice to the contrary. No Certificate shall be
deemed duly presented for a transfer effective on any Record Date unless the
Certificate to be transferred is presented no later than the close of business
on the third Business Day preceding such Record Date.

          Section 5.05. TRANSFER RESTRICTIONS ON RESIDUAL CERTIFICATES. (a)
Residual Certificates, or interests therein, may not be transferred without the
prior express written consent of the Tax Matters Person. As a prerequisite to
such consent, the proposed transferee must provide the Tax Matters Person and
the Trustee with an affidavit that the proposed transferee is not a Disqualified
Organization (as defined in Subsection 5.05(b)) (and, unless the Tax Matters
Person consents to the transfer to a person who is not a U.S. Person, an
affidavit that it is a U.S. Person) as provided in Subsection 5.05(b).

          (b) No transfer, sale or other disposition of a Residual Certificate
(including a beneficial interest therein) may be made unless, prior to the
transfer, sale or other disposition of the Residual Certificate, the proposed
transferee (including the initial purchasers thereof) delivers to the Tax
Matters Person and the Trustee an affidavit in the form attached hereto as
Exhibit E stating, among other things, that as of the date of such transfer (i)
such transferee is not any of (A) the United States, any state or political
subdivision thereof, any foreign government, any international organization, or
any agency or instrumentality of any of the foregoing (other than an
instrumentality that is a corporation all of whose activities are subject to tax
under Chapter 1 of Subtitle A of the Code and (except in the case of Freddie
Mac) a majority of whose board of directors is not selected by the United
States, or any state or political subdivision thereof), (B) any organization
that is exempt from any tax imposed by Chapter 1 of Subtitle A of the Code,
other than (x) a tax-exempt farmers' cooperative within the meaning of Section
521 of the Code or (y) an organization that is subject to the tax imposed by
section 511 of the Code on "unrelated business taxable income" or (C) a
corporation operating on a cooperative basis that is engaged in furnishing
electric energy or providing telephone service to persons in rural areas (within
the meaning of Section 1381(a)(2)(C) of the Code) (any Person described in (A),
(B), or (C) being referred to herein as a "Disqualified Organization") and that
(ii) such transferee is not acquiring such Residual Certificate for the account
of a Disqualified Organization. The Tax Matters Person shall not consent to a
transfer of a Residual Certificate if it has actual knowledge that any statement
made in the affidavit issued pursuant to the preceding sentence is not true.
Notwithstanding any transfer, sale or other disposition of a Residual
Certificate to a Disqualified Organization, such transfer, sale or other
disposition shall be deemed to be of no legal force or effect whatsoever and
such Disqualified Organization shall not be deemed to be a Holder of a Residual
Certificate for any purpose hereunder, including, but not limited to, the
receipt of distributions thereon. If any purported transfer shall be in
violation of the provisions of this Subsection 5.05(b), then the prior Holder
thereof shall, upon discovery that the transfer of such Residual Certificate was
not in fact permitted by this Subsection 5.05(b), be restored to all rights as a
Holder thereof retroactive to the date of the purported transfer. The Trustee
and the Tax Matters Person shall be under no liability to any Person for any
registration or transfer of a Residual Certificate that is not permitted by this
Subsection 5.05(b) or for making payments due on such Residual Certificate to
the purported Holder thereof or taking any other action with respect to such
purported Holder under the provisions of this Agreement so long as the written
affidavit referred to above was received with respect to such transfer, and the
Tax Matters Person and the Trustee had no knowledge that it was untrue. The
prior Holder shall be entitled to recover from any purported Holder of a
Residual Certificate that was in fact not a permitted transferee under this
Subsection 5.05(b) at the time it became a Holder all payments made on such
Residual Certificate. Each Holder of a Residual Certificate, by acceptance
thereof, shall be deemed for all purposes to have consented to the provisions of
this Subsection 5.05(b) and to any amendment of this Agreement deemed necessary
(whether as a result of new legislation or otherwise) by counsel of the Tax
Matters Person or the Seller to ensure that the Residual Certificates are not
transferred to a Disqualified Organization and that any transfer of such
Residual Certificates will not cause the imposition of a tax upon the Trust or
cause REMIC I or REMIC II to fail to qualify as a REMIC.

          (c) Unless the Tax Matters Person shall have consented in writing
(which consent may be withheld in the Tax Matters Person's sole discretion), the
Residual Certificates (including a beneficial interest therein) may not be
purchased by or transferred to any person who is not a "United States person,"
as such term is defined in Section 7701(a)(30) of the Code.

          Section 5.06. RESTRICTIONS ON TRANSFERABILITY OF PRIVATE CERTIFICATES.
(a) No offer, sale, transfer or other disposition (including pledge) of a
Private Certificate shall be made by any Holder thereof unless registered under
the Securities Act, or an exemption from the registration requirements of the
Securities Act and any applicable state securities or "Blue Sky" laws is
available and the prospective transferee (other than the Seller) of such
Certificate signs and delivers to the Trustee an Investment Letter, if the
transferee is an Institutional Accredited Investor, in the form set forth as
Exhibit F-1 hereto, or a Rule 144A Certificate, if the transferee is a Qualified
Institutional Buyer, in the form set forth as Exhibit F-2 hereto. In the case of
a proposed transfer of a Private Certificate to a transferee other than a
Qualified Institutional Buyer, the Trustee shall require an Opinion of Counsel
that such transaction is exempt from the registration requirements of the
Securities Act. The cost of such opinion shall not be an expense of the Trustee
or the Trust Fund.

          (b) Each Class B-4, Class B-5 and Class B-6 Certificate shall bear a
Securities Legend.

          Section 5.07. ERISA RESTRICTIONS. (a) Subject to the provisions of
subsection (b), No Class PO or Class B Certificates may be acquired by, or
transferred to, an entity which is acquiring such Certificates directly or
indirectly for or on behalf of, a "benefit plan investor" described in or
subject to 29 C.F.R. ss. 2510.3-101 (other than a benefit plan investor which is
not subject to Title I of ERISA)("Benefit Plan Investor") unless the proposed
transferee provides a Benefit Plan Opinion to the Trustee. A "Benefit Plan
Opinion" is an Opinion of Counsel (upon which the Trustee is authorized to rely)
to the effect that neither the proposed transfer and/or holding of a Certificate
nor the servicing, management and operation of the Trust: (i) will result in a
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
will be covered under an individual or class prohibited transaction exemption
including but not limited to Department of Labor Prohibited Transaction
Exemption ("PTE") 84-14 (Class Exemption for Plan Asset Transactions Determined
by Independent Qualified Professional Asset Managers); PTE 91-38 (Class
Exemption for Certain Transactions Involving Bank Collective Investment Funds);
PTE 90-1 (Class Exemption for Certain Transactions Involving Insurance Company
Pooled Separate Accounts), PTE 95-60 (Class Exemption for Certain Transactions
Involving Insurance Company General Accounts), and PTCE 96-23 (Class Exemption
for Plan Asset Transactions Determined by In-House Asset Managers or (ii) will
give rise to any additional fiduciary duties under ERISA on the part of the
Master Servicer or the Trustee. A Benefit Plan Opinion shall not be an expense
of the Trustee or the Master Servicer.

          (b) In the event that the Class PO Certificates are made available for
purchase in the secondary market through an underwriting or sale or placement by
an entity which has been granted an underwriter's prohibited transaction
exemption similar to PTE 90-30, no Benefit Plan Opinion shall be required for
the Class PO Certificates to be acquired by, or transferred to, an entity which
is acquiring such Certificates directly or indirectly for or on behalf of, a
Benefit Plan Investor.

          (c) Any Person acquiring a Book-Entry Certificate or a Global
Certificate which represents one of the Classes referred to in Section 5.07(a),
by acquisition of such Certificate, shall be deemed to have represented to the
Trustee that such Person is not a Benefit Plan Investor nor a trustee, fiduciary
or other party acting on behalf of any Benefit Plan Investor.

          Section 5.08. RULE 144A INFORMATION. For so long as any Subordinate
Certificates are outstanding and are "restricted securities" within the meaning
of Rule 144(a)(3) of the Securities Act, (1) the Master Servicer will provide or
cause to be provided to any holder of such Certificates and any prospective
purchaser thereof designated by such a holder, upon the request of such holder
or prospective purchaser, the information required to be provided to such holder
or prospective purchaser by Rule 144A(d)(4) under the Securities Act; and (2)
the Master Servicer shall update such information from time to time in order to
prevent such information from becoming false and misleading and will take such
other actions as are necessary to ensure that the safe harbor exemption from the
registration requirements of the Securities Act under Rule 144A is and will be
available for resales of such Certificates conducted in accordance with Rule
144A.

          Section 5.09. CALCULATION OF LIBOR. On each LIBOR Determination Date,
until the Current Principal Amount of the Class A-I-7 Certificates and the Class
A-I-8 Notional Amount have been reduced to zero, the Trustee will either (i)
request each Reference Bank to inform the Trustee of the quotation offered by
its principal London office for making one-month United States dollar deposits
in leading banks in the London interbank market as of 11:00 a.m. (London time)
on such LIBOR Determination Date, or (ii) in lieu of making a request of the
Reference Banks, the Trustee may rely on the quotations for those Reference
Banks that appear at such time on the page (the "Relevant Screen Page") whatever
its designation on which LIBOR is for the time being displayed on the Reuters
Monitor Money Rate Service on the appropriate Association Press-Dow Jones
Telerate Service, to the extent available.

          LIBOR for the next Interest Accrual Period will be established by the
Trustee on each LIBOR Determination Date as follows:

          (a) If on any LIBOR Determination Date two or more Reference Banks
provide such offered quotations, LIBOR for the next Interest Accrual Period
shall be the arithmetic mean of such offered quotations (rounded upwards if
necessary to the nearest whole multiple of 1/32%).

          (b) If on any LIBOR Determination Date only one or more of the
Reference Banks provides such offered quotations, LIBOR for the next Interest
Accrual Period shall be whichever is the higher of (i) LIBOR as determined on
the previous LIBOR Determination Date or (ii) the Reserve Interest Rate. The
"Reserve Interest Rate" shall be the rate per annum which the Trustee determines
to be either (i) the arithmetic mean (rounded upwards if necessary to the
nearest whole multiple of 1/32%) of the one-month United States dollar lending
rates that New York City banks selected by BSMSI are quoting, on the relevant
LIBOR Determination Date, to the principal London offices of at least two of the
Reference Banks to which such quotations are, in the opinion of the Trustee,
being so made, or (ii) in the event that the Trustee can determine no such
arithmetic mean, the lowest one-month United States dollar lending rate which
New York City banks selected by BSMSI are quoting on such LIBOR Determination
Date to leading European banks.

          (c) If on any LIBOR Determination Date, the Trustee is required but is
unable to determine the Reserve Interest Rate in the manner provided in
paragraph (b) above, LIBOR shall be ______%.

          Until all of the Floating Rate Certificates are paid in full, BSMSI
will at all times retain at least four Reference Banks for the purpose of
determining LIBOR with respect to each LIBOR Determination Date and shall inform
the Trustee of which Reference Banks they have retained. Each Reference Bank
shall (i) be a leading bank engaged in transactions in Eurodollar deposits in
the international Eurocurrency market, (ii) not control, be controlled by, or be
under common control with BSMSI, and (iii) have an established place of business
in London. If any such Reference Bank should be unwilling or unable to act as
such or if BSMSI should terminate the appointment of any such Reference Bank,
BSMSI will promptly appoint another leading bank meeting the criteria specified
above. Neither BSMSI nor the Trustee shall have any liability or responsibility
to any Person for (i) the selection of any Reference Bank for purposes of
determining LIBOR or (ii) any liability for a failure to retain at least four
Reference Banks which is caused by circumstances beyond their reasonable
control.

          The Pass-Through Rates on the Floating Rate Certificates for each
Interest Accrual Period shall be determined by the Trustee on each LIBOR
Determination Date so long as such Floating Rate Certificates are outstanding on
the basis of LIBOR and the respective formulae appearing in footnotes (1) and
(2) to the tables in Section 5.01(d).

          In determining LIBOR and any Pass-Through Rate for the Floating Rate
Certificates, the Trustee may conclusively rely, and shall be protected in
relying, upon the offered quotations (whether written, oral or on the Relevant
Screen Page) from the Reference Banks or the New York City banks as to LIBOR or
the Reserve Interest Rate, as appropriate, in effect from time to time. Neither
BSMSI nor the Trustee shall have any liability or responsibility to any Person
for (i) BSMSI's selection of New York City banks for purposes of determining any
Reserve Interest Rate or (ii) the Trustee's liability, following a good-faith
reasonable effort, to obtain such quotations from the Reference Banks or the New
York City banks or to determine such arithmetic mean, all as provided for in
this Section 5.09.

          The establishment of LIBOR and each Pass-through Rate for the Floating
Rate Certificates by the Trustee shall (in the absence of manifest error) be
final, conclusive and binding upon such Holder of a Certificate and BSMSI and
their successors and assigns.

<PAGE>
                                   ARTICLE VI

                         Payments to Certificateholders

          Section 6.01. DISTRIBUTIONS ON THE CERTIFICATES. (a) Interest and
principal on the Certificates will be distributed by the Trustee monthly on each
Distribution Date, commencing in ____________, 200_, in an aggregate amount
equal to the Available Funds for such Distribution Date as follows:

          (i) On each Distribution Date on or prior to the Cross-Over Date, an
          amount equal to the Group I Available Funds will be distributed in the
          following order of priority among the Certificates:

          FIRST, to the interest-bearing Class A-I Certificates, the Residual
     Certificates and Component I of the Class X Certificates, the Accrued
     Certificate Interest on each such Class and the Class X Component I Accrued
     Certificate Interest on such Component for such Distribution Date;

          SECOND, to the interest-bearing Class A-I Certificates, the Residual
     Certificates and Component I of the Class X Certificates, any Accrued
     Certificate Interest and Class X Component I Accrued Certificate Interest
     thereon remaining undistributed from previous Distribution Dates, to the
     extent of remaining Group I Available Funds, any shortfall in available
     amounts being allocated among such Classes and Component in proportion to
     the amount of such Accrued Certificate Interest and Class X Component I
     Accrued Certificate Interest remaining undistributed for each such Class or
     Component for such Distribution Date;

          THIRD, to the Class A-I Certificates (other than the Class A-I-8
     Certificates), the Residual Certificates and the Class PO Certificates in
     reduction of the Current Principal Amounts thereof:

          (A) the Group I Senior Optimal Principal Amount, in the following
     order of priority:

          (1) to the Class A-I-11 Certificates, up to the Class A-I-11 Optimal
Principal Amount for such Distribution Date, until the Current Principal Amount
thereof has been reduced to zero;

          (2) concurrently, to the Class R-1 and Class R-2 Certificates, PRO
RATA, based upon their Current Principal Amounts, until the respective Current
Principal Amounts thereof have been reduced to zero;

          (3) _______%, _______% and _______% concurrently to the Class A-I-1
Certificates, the Class A-I-7 Certificates and Class A-I-2 Certificates, until
the Current Principal Amount of the Class A-I-1 Certificates has been reduced to
zero;

          (4) _______%, _______% and _______% concurrently to the Class A-I-3
Certificates, the Class A-I-7 Certificates and Class A-I-2 Certificates, until
the Current Principal Amount of the Class A-I-3 Certificates has been reduced to
zero;

          (5) _______%, _______% and _______% concurrently to the Class A-I-4
Certificates, the Class A-I-7 Certificates and the Class A-I-2 Certificates
until the respective Current Principal Amounts of the Class A-I-4 Certificates
and the Class A-I-2 Certificates have been reduced to zero;

          (6) _______% and _______% concurrently to the Class A-I-5 Certificates
and the Class A-I-7 Certificates until the Current Principal Amount of the Class
A-I-5 Certificates has been reduced to zero;

          (7) _______% and _______% concurrently to the Class A-I-6 Certificates
and Class A-I-7 Certificates, until the Current Principal Amount of the Class
A-I-6 Certificates has been reduced to zero;

          (8) concurrently to the Class A-I-9 Certificates and the Class A-I-7
Certificates, PRO rata, based on their Current Principal Amounts, until the
Current Principal Amounts thereof have been reduced to zero;

          (9) to the Class A-I-10 Certificates, until the Current Principal
Amount thereof has been reduced to zero; and

          (B) the Class PO Principal Distribution Amount for such Distribution
     Date, to the Class PO Certificates, until the Current Principal Amount
     thereof has been reduced to zero; and

          FOURTH, the Class PO Deferred Amount for such Distribution Date to the
     Class PO Certificates; provided, that (i) on any Distribution Date,
     distributions pursuant to this priority (A) FOURTH, shall not exceed the
     excess, if any, of (x) the Available Funds remaining after giving effect to
     distributions pursuant to priorities (A) FIRST through THIRD above and (B)
     FIRST through THIRD below over (y) the amount of Accrued Certificate
     Interest for such Distribution Date and Accrued Certificate Interest
     remaining undistributed from previous Distribution Dates on all Classes of
     Subordinate Certificates then outstanding, (ii) such distributions shall
     not reduce the Current Principal Amount of the Class PO Certificates and
     (iii) no distribution will be made in respect of the Class PO Deferred
     Amount after the Cross-Over Date.

          If, after distributions have been made pursuant to priorities (A)
FIRST and SECOND above on any Distribution Date, remaining Group I Available
Funds are less than the sum of the Group I Senior Optimal Principal Amount and
the Class PO Principal Distribution Amount for such Distribution Date, such
amounts shall be proportionately reduced, and such remaining Group I Available
Funds will be distributed on the Class A-I Certificates (other than Class A-I-8
Certificates), Residual Certificates and Class PO Certificates in accordance
with clauses (a) and (b) of priority (A) THIRD above on the basis of such
reduced amounts. Notwithstanding any reduction in principal distributable to the
Class PO Certificates pursuant to this paragraph, the principal balance of the
Class PO Certificates shall be reduced not only by principal so distributed but
also by the Class PO Cash Shortfall for such Distribution Date. The Class PO
Cash Shortfall with respect to any Distribution Date will be added to the Class
PO Deferred Amount.

          (ii) On each Distribution Date on or prior to the Cross-Over Date, an
          amount equal to the Group II Available Funds will be distributed in
          the following order of priority among the Certificates:

          FIRST, to the Class A-II Certificates and Component II of the Class X
          Certificates, the Accrued Certificate Interest on such Class and Class
          X Component II Accrued Certificate Interest on such Component for such
          Distribution Date;

               SECOND, to the Class A-II Certificates and Component II of the
          Class X Certificates, any Accrued Certificate Interest and Class X
          Component II Accrued Certificate Interest thereon remaining
          undistributed from previous Distribution Dates, to the extent of the
          remaining Group II Available Funds, any shortfall in available amounts
          being allocated between such Class and Component in proportion to the
          amount of such Accrued Certificate Interest and Class X Component II
          Accrued Certificate Interest remaining undistributed for such Class or
          Component for such Distribution Date; and

               THIRD, the Group II Senior Optimal Principal Amount to the Class
          A-II Certificates until their Current Principal Amount has been
          reduced to zero.

          (iii) On each Distribution Date on or prior to the Cross-Over Date, an
          amount equal to any remaining Group I Available Funds and Group II
          Available Funds following the distributions in (A) and (B) above will
          be distributed sequentially, in the following order, to the Class B-1,
          Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates,
          in each case up to an amount equal to and in the following order: (a)
          the Accrued Certificate Interest thereon for such Distribution Date,
          (b) any Accrued Certificate Interest thereon remaining undistributed
          from previous Distribution Dates and (c) such Class's Allocable Share
          for such Distribution Date.

          (iv) On each Distribution Date prior to the occurrence of the
          Cross-Over Date but after the reduction of the Current Principal
          Amounts of the Class A-I Certificates (other than the Class A-I-8
          Certificates) or Class A-II Certificates to zero, the remaining Class
          or Classes of Class A Certificates (other than the Class A-I-8
          Certificates) will be entitled to receive, in addition to any
          Principal Prepayments related to such Class A Certificates' respective
          Mortgage Loan Group, _____% of the Principal Prepayments on the
          Mortgage Loans in the other Mortgage Loan Group (in the case of
          Mortgage Loan Group I in accordance with the priorities set forth in
          priority (A) THIRD above, and in reduction of the Current Principal
          Amounts thereof). In addition, if on any Distribution Date on which
          the aggregate Current Principal Amount of the Class A-I Certificates
          (other than the Class A-I-8 Certificates) or Class A-II Certificates
          would be greater than the aggregate Scheduled Principal Balance of the
          Mortgage Loans in the related Mortgage Loan Group (other than the
          related PO Percentage of the Group I Discount Mortgage Loans in
          Mortgage Loan Group I) and Class B Certificates are still outstanding,
          in each case after giving effect to distributions to be made on such
          Distribution Date, _____% of the Principal Prepayments otherwise
          allocable to the Class B Certificates on the Mortgage Loans in the
          other Mortgage Loan Group will be distributed to such Class or Classes
          of Class A Certificates (other than the Class A-I-8 Certificates) (in
          the case of the Class A-I Certificates, in accordance with the
          priorities set forth in priority (A) THIRD above) in reduction of the
          Current Principal Amounts thereof, until the aggregate Current
          Principal Amount of the Class A-I Certificates (other than the Class
          A-I-8 Certificates) or Class A-II Certificates, as applicable, is an
          amount equal to the aggregate Scheduled Principal Balance of the
          Mortgage Loans in the related Mortgage Loan Group (other than the
          related PO Percentage of the Group I Discount Mortgage Loans in
          Mortgage Loan Group I).

          (v) On each Distribution Date after the Cross-Over Date, distributions
          of principal on the outstanding Class A-I Certificates (other than the
          Class A-I-8 Certificates) and Residual Certificates will be made PRO
          RATA among all such Certificates, regardless of the allocation, or
          sequential nature, of principal payments described in priority (A)
          THIRD above, based upon the then Current Principal Amounts of such
          Certificates, and interest will be distributed as described above with
          respect to Distribution Dates on or prior to the Cross-Over Date.

          (vi) On each Distribution Date, any Group I Available Funds and Group
          II Available Funds remaining in REMIC I after payment of interest and
          principal as described above will be distributed to the Class R-1
          Certificates; provided that if on any Distribution Date there are any
          Group I Available Funds remaining after payment of interest and
          principal as described in the preceding paragraphs, such Group I
          Available Funds will be distributed to the Class A-II Certificates in
          accordance with the priorities in paragraph (B) above until all
          amounts due to such Certificates have been paid in full before any
          amounts are distributed to the Residual Certificates. Similarly, if on
          any Distribution Date there are any Group II Available Funds remaining
          after payment of interest and principal as described in the preceding
          paragraphs, such Group II Available Funds will be distributed to the
          Senior Certificates (other than the Class A-II Certificates and
          Component II of the Class X Certificates) in accordance with the
          priorities in paragraph (E) above until all amounts due to such Senior
          Certificates have been paid in full before any amounts are distributed
          to the Residual Certificates.

          (b) On each Distribution Date, the funds available for distribution
shall be applied to distributions on the REMIC II Regular Interests in an amount
sufficient to make the distributions on the respective Corresponding Classes of
Certificates on such Payment Date in accordance with the provisions of
subsection (a) of this Section 6.01.

          (c) No Accrued Certificate Interest or Class X Component I Accrued
Certificate Interest or Class X Component II Accrued Certificate Interest will
be payable with respect to any class of Certificates after the Distribution Date
on which the outstanding principal balance or Notional Amount of such
Certificate has been reduced to zero.

          Section 6.02. [Reserved]

          Section 6.03. ALLOCATION OF LOSSES. (a) On or prior to each
Determination Date, the Master Servicer shall determine the amount of any
Realized Loss in respect of each Mortgage Loan that occurred during the
immediately preceding calendar month.

          (b) With respect to any Distribution Date, the principal portion of
each Realized Loss (other than any Excess Special Hazard Loss, Excess Fraud Loss
and Excess Bankruptcy Loss) shall be allocated as follows:

          (i) the applicable PO Percentage of any such Realized Loss shall be
          allocated to the Class PO Certificates; and

          (ii) the applicable Non-PO Percentage of any such Realized Loss shall
          be allocated as follows:

               first, to the Class B-6 Certificates until the Current Principal
          Amount thereof has been reduced to zero;

               second, to the Class B-5 Certificates until the Current Principal
          Amount thereof has been reduced to zero;

               third, to the Class B-4 Certificates until the Current Principal
          Amount thereof has been reduced to zero;

               fourth, to the Class B-3 Certificates until the Current Principal
          Amount thereof has been reduced to zero;

               fifth, to the Class B-2 Certificates until the Current Principal
          Amount thereof has been reduced to zero;

               sixth, to the Class B-1 Certificates until the Current Principal
          Amount thereof has been reduced to zero; and

               seventh, to the Classes of Senior Certificates (other then the
          Class A-I-8, Class PO and Class X Certificates), pro rata, in
          accordance with their Current Principal Amounts.

          (c) With respect to any Distribution Date, the principal portion of
any Excess Loss (other than those attributable to Debt Service Reductions) shall
be allocated as follows:

               (i) the applicable PO Percentage of any such Excess Loss shall be
          allocated to the Class PO Certificates; and

               (ii) the applicable Non-PO Percentage of any such Excess Loss
          shall be allocated among all Classes of Certificates (other than the
          Class A-I-8, Class PO and Class X Certificates), pro rata, based on
          the respective Current Principal Amounts thereof.

          (d) Notwithstanding the foregoing, no such allocation of any Realized
Loss shall be made on a Distribution Date to a Class of Certificates to the
extent that such allocation would result in the reduction of the aggregate
Current Principal Amounts of all the Certificates as of such Distribution Date,
after giving effect to all distributions and prior allocations of Realized
Losses on such date, to an amount less than the aggregate Scheduled Principal
Balance of all of the Mortgage Loans as of the first day of the month of such
Distribution Date, less any Deficient Valuations occurring on or prior to the
Bankruptcy Coverage Termination Date (such limitation, the "Loss Allocation
Limitation").

          (e) Any Realized Losses allocated to a Class of Certificates pursuant
to Subsections 6.03(b) or (c) shall be allocated among the Certificates of such
Class in proportion to their respective Current Principal Amounts. Any
allocation of Realized Losses pursuant to this Subsection 6.03(e) shall be
accomplished by reducing the Current Principal Amount of the related
Certificates on the related Distribution Date in accordance with Subsection
6.03(f).

          (f) Realized Losses allocated in accordance with this Section 6.03
shall be allocated on the Distribution Date in the month following the month in
which such loss was incurred and, in the case of the principal portion thereof,
after giving effect to distributions made on such Distribution Date, except that
the aggregate amount of Realized Losses to be allocated to the Class PO
Certificates on such Distribution Date will be taken into account in determining
distributions in respect of the Class PO Deferred Amount.

          (g) On each Distribution Date, the Master Servicer shall determine the
Subordinate Certificate Writedown Amount, if any. Any such Certificate Writedown
Amount shall effect a corresponding reduction in the Current Principal Amount of
(i) if prior to the Cross-Over Date, the Subordinate Certificates in the reverse
order of their numerical Class designations and (ii) after the Cross-Over Date,
the Senior Certificates (other than the Class PO and Class X Certificates) pro
rata based in their respective Current Principal Amounts, which reduction shall
occur on such Distribution Date after giving effect to distributions made on
such Distribution Date.

          (h) On each Distribution Date, on or prior to the Cross-Over Date, the
Master Servicer shall determine the Class PO Deferred Payment Amount Writedown
Amount, if any. Any such Class PO Deferred Payment Writedown Amount shall effect
a corresponding reduction in the Current Principal Amount of the Subordinate
Certificates in the reverse order of their numerical Class designations.

          (i) If on any Distribution Date the Group I Available Funds are less
than the Accrued Certificate Interest on the Class A-I and Residual Certificates
and the Class X Component I Accrued Certificate Interest on Component I of the
Class X Certificates or if the Group II Available Funds are less than the
Accrued Certificate Interest on the Class A-II Certificates and the Class X
Component II Accrued Certificate Interest on Component II of the Class X
Certificates, in each case for such Distribution Date and prior to reduction for
Net Interest Shortfall and the interest portion of Realized Losses, the
shortfall will be allocated among the holders of each such respective Class or
Component in proportion to the respective amounts of Accrued Certificate
Interest and Class X Component I Accrued Certificate Interest or Class X
Component II Accrued Certificate Interest, as applicable, that would have been
allocated thereto in the absence of such Net Interest Shortfall and/or Realized
Losses for such Distribution Date on each such Class or Component. In addition,
the amount of any interest shortfalls with respect to the related Mortgage Loan
Group that are covered by subordination will constitute unpaid Accrued
Certificate Interest or unpaid Class X Component I Accrued Certificate Interest
or unpaid Class X Component II Accrued Certificate Interest and will be
distributable to holders of the Certificates of the related Classes or Component
entitled to such amounts on subsequent Distribution Dates, to the extent of
Group I Available Funds or Group II Available Funds, as applicable, after
interest distributions as required herein. Any such amount so carried forward
will not bear interest.

          (j) With respect to any Distribution Date prior to the Cross-Over
Date, Realized Losses shall be allocated to the REMIC II Regular Certificates in
a manner similar to the allocation of Realized Losses to the REMIC I Regular
Certificates under this Section 6.03, except that any losses allocated to a
Class B Certificate shall be allocated to the REMIC II Class II-B-1 Certificate
if the loss is attributable to a Group I Mortgage Loan and shall be allocated to
the REMIC II Class II-B-2 Certificate if the loss is attributable to a Group II
Mortgage Loan. With respect to any Distribution Date after the Cross-Over Date,
Realized Losses shall be allocated to the REMIC II Regular Certificates in an
amount such that distributions on the REMIC II Regular Certificates are an
amount sufficient to make the distributions on the respective Corresponding
Classes of Certificates on such Distribution Date in accordance with the
provisions of subsection (a) of Section 6.01.

          Section 6.04. [Reserved]

          Section 6.05. PAYMENTS. (a) No later than the Determination Date, the
Master Servicer shall provide to the Trustee any information with respect to the
Mortgage Loans required to enable the Trustee to make, or cause its agent to
make, distributions on the Certificates and prepare reports to
Certificateholders.

          (b) On each Distribution Date, other than the final Distribution Date,
the Trustee shall distribute to each Certificateholder of record on the directly
preceding Record Date the Certificateholder's pro rata share of its Class (based
on the aggregate Fractional Undivided Interest represented by such Holder's
Certificates) of all amounts required to be distributed on such Distribution
Date to such Class. The Trustee shall calculate such amounts based upon the
information provided by the Master Servicer pursuant to Subsection 6.05(a).

          (c) Payment of the above amounts to each Certificateholder shall be
made (i) by check mailed to each Certificateholder entitled thereto at the
address appearing in the Certificate Register or (ii) upon receipt by the
Trustee on or before the fifth Business Day preceding the Record Date of written
instructions from a Certificateholder holding Certificates representing an
initial aggregate Current Principal Amount and/or Class A-I-8 Notional Amount or
Class X Notional Amount of not less than $______________ by wire transfer to a
United States dollar account maintained by the payee at any United States
depository institution with appropriate facilities for receiving such a wire
transfer; PROVIDED, HOWEVER, that the final payment in respect of each Class of
Certificates will be made only upon presentation and surrender of such
respective Certificates at the office or agency of the Trustee specified in the
notice to Certificateholders of such final payment.

          Section 6.06. STATEMENTS TO CERTIFICATEHOLDERS. (a) Concurrently with
each distribution to Certificateholders, the Trustee shall forward by
first-class mail to each Certificateholder, with a copy to the Seller, the
Master Servicer and the Rating Agencies, a statement setting forth the following
information, expressed with respect to clauses (i) through (vi) in the aggregate
and as a Fractional Undivided Interest representing an initial Current Principal
Amount of $___________, or, in the case of a Class A-I-8 Certificate, a Class
A-I-8 Notional Amount of $___________, or, in the case of Class X Certificates,
a Class X Notional Amount of $___________, or in the case of the Class R-1 or
R-2 Certificates, an initial Current Principal Amount of $-----------:

               (i) the Current Principal Amount (or Notional Amount in the case
          of the Class X Certificates) of each Class of Certificates immediately
          prior to such Distribution Date;

               (ii) the amount of the distribution allocable to principal on
          each applicable Class of Certificates;

               (iii) the aggregate amount of interest accrued at the related
          Pass-Through Rate with respect to each Class of Certificates (other
          than the Class PO Certificates) during the related Interest Accrual
          Period;

               (iv) the Net Interest Shortfall and any other adjustments to
          interest at the related Pass-Through Rate necessary to account for any
          difference between interest accrued and aggregate interest distributed
          with respect to each Class of Certificates (other than the Class PO
          Certificates);

               (v) the amount of the distribution allocable to interest on each
          Class of Certificates (other than the Class PO Certificates);

               (vi) the Pass-Through Rates for the Class A-I-7, Class A-I-8,
          Class X and Class R-2 Certificates with respect to such Distribution
          Date;

               (vii) the Current Principal Amount and/or Class A-I-8 Notional
          Amount or Class X Notional Amount of each applicable Class of
          Certificates after such Distribution Date and the Class PO Deferred
          Amount;

               (viii) the amount of any Monthly Advances and Compensating
          Interest Payments by the Master Servicer included in such distribution
          separately stated for each Mortgage Loan Group;

               (ix) the amount of any Realized Losses (listed separately for
          each category of Realized Loss and for each Mortgage Loan Group)
          during the related Prepayment Period and the amount and source
          (separately identified) of any distribution in respect thereof
          included in such distribution;

               (x) the amount of Scheduled Principal and Principal Prepayments,
          (including but separately identifying the principal amount of
          principal prepayments, Insurance Proceeds, the purchase price in
          connection with the purchase of Mortgage Loans, cash deposits in
          connection with substitutions of Mortgage Loans and Net Liquidation
          Proceeds) with respect to each Mortgage Loan Group;

               (xi) the number of Mortgage Loans (excluding REO Property) in
          each Mortgage Loan Group remaining in the Trust Fund as of the end of
          the related Due Period;

               (xii) information for each Mortgage Group regarding any Mortgage
          Loan delinquencies as of the end of the related Due Period, including
          the aggregate number, aggregate Outstanding Principal Balance and
          aggregate Scheduled Principal Balance of Mortgage Loans delinquent one
          month, two months and three months or more;

               (xiii) for each Mortgage Loan Group, the number of Mortgage Loans
          in the foreclosure process as of the end of the related Due Period and
          the aggregate Outstanding Principal Balance of such Mortgage Loans;

               (xiv) for each Mortgage Loan Group, the number and aggregate
          Outstanding Principal Balance of all Mortgage Loans which were REO
          Property as of the end of the related Due Period;

               (xv) the book value (the sum of (A) the Outstanding Principal
          Balance of the Mortgage Loan, (B) accrued interest through the date of
          foreclosure and (C) foreclosure expenses) of any REO Property in each
          Mortgage Loan Group; PROVIDED THAT, in the event that such information
          is not available to the Master Servicer and the Trustee on the
          Distribution Date, such information shall be furnished promptly after
          it becomes available;

               (xvi) the amount of Realized Losses allocated to each Class of
          Certificates since the prior Distribution Date and in the aggregate
          for all prior Distribution Dates; and

               (xvii) the then applicable Senior Percentage, Senior Prepayment
          Percentage, Subordinate Percentage and Subordinate Prepayment
          Percentage.

          The information set forth above shall be calculated, or reported, as
the case may be, by the Trustee based on data provided by the Master Servicer
pursuant to Subsection 6.05(a) and, with respect to prior periods, Section 6.06,
upon which the Trustee may conclusively rely. The information furnished by the
Master Servicer shall be sufficient for the Trustee to calculate any statements
it is required to make.

          (b) By ___________ of each year beginning in 200_, the Trustee will
furnish a report to each Holder of the Certificates of record at any time during
such calendar year as to the aggregate of amounts reported pursuant to
subclauses (a)(ii) and (a)(v) above with respect to the Certificates, plus
information with respect to the amount of servicing compensation and such other
customary information as the Master Servicer determines and advises the Trustee
to be necessary and/or to be required by the Internal Revenue Service or by a
federal or state law or rules or regulations to enable such Holders to prepare
their tax returns for such calendar year. Copies of such report shall also be
furnished to the Master Servicer. Such obligations shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
provided by the Trustee pursuant to the requirements of the Code.

          The Master Servicer shall supply to the Trustee in a timely manner the
information required for the statements described above which, where
appropriate, shall be the information from which the Trustee can calculate the
statements it is required to make.

          Section 6.07. REPORTS TO THE TRUSTEE AND THE MASTER SERVICER. (a) Not
later than_______ days after each Distribution Date, the Trustee shall forward
to the Master Servicer a statement setting forth the status of the Certificate
Account and the Custody Account as of the close of business on the last day of
the month of the Distribution Date and showing, for the month covered by such
statement, deposits in or withdrawals from the Certificate Account and the
Custody Account.

          (b) On or before the Determination Date, the Master Servicer shall
provide to the Trustee, with respect to the Mortgage Loans and the REO Property,
respectively, a Loan Summary and Remittance Report which shall be based upon
reports from Sub-Servicers, if any, received by the Master Servicer on or before
the _______ Business Day of such month with respect to the Mortgage Loans and
REO Property and containing the following information (in respect of the REO
Property, only such information which is applicable):

               (i) Aggregate deposits to and withdrawals from each subaccount of
          the Certificate Account since the date of the prior statement, stated
          separately for each category of deposit specified in Section 4.02 and
          each category of withdrawal specified in Section 4.03, indicating
          separately the aggregate of amounts withdrawn which are not applicable
          to a particular Mortgage Loan;

               (ii) Amount of Group I Available Funds and Group II Available
          Funds expected for the related Distribution Date and attributable to
          each of the following categories:

               (A)  regularly scheduled principal;

               (B)  Principal Prepayments (stated separately for (v) partial
                    prepayments, (v) full prepayments, (w) Net Liquidation
                    Proceeds, stating Liquidation Proceeds and Liquidation
                    Expenses separately) (x) Insurance Proceeds (y) the purchase
                    price in connection with the purchase of a Mortgage Loan of
                    the applicable Mortgage Loan Group and (z) any cash deposit
                    in connection with the substitution of a Mortgage Loan of
                    the applicable Mortgage Loan Group;

               (C)  interest on the Mortgage Loans in the applicable Mortgage
                    Loan Group;

               (D)  Monthly Advances made by the Master Servicer;

               (E)  Certificate Account Advances;

               (F)  Compensating Interest Payments; and

               (G)  reimbursements in connection with losses on Permitted
                    Investments.

               (iii) Aggregate Outstanding Principal Balances of the Mortgage
          Loans of each Mortgage Loan Group as of the related Due Date, without
          giving effect to payments due on such date;

               (iv) Realized Losses for the prior month and, in the aggregate,
          from the Closing Date, separately stated for Group I Mortgage Loans
          and Group II Mortgage Loans;

               (v) [intentionally omitted];

               (vi) [intentionally omitted];

               (vii) Aggregate Scheduled Principal Balance of the Mortgage Loans
          of each Mortgage Loan Group as of the related Due Date;

               (viii) Book value of any collateral acquired by means of
          foreclosure, grant of deed in lieu of foreclosure or otherwise in
          respect of any Mortgage Loan, separately stated for Group I Mortgage
          Loans and Group II Mortgage Loans;

               (ix) Number and aggregate principal balance of Mortgage Loans
          which are 30, 60, 90 and 120 days delinquent, those which are in
          foreclosure and those which are REO Property, separately stated for
          Group I Mortgage Loans and Group II Mortgage Loans;

               (x) Interest Shortfall for each Mortgage Loan Group with respect
          to the related Distribution Date and portion thereof resulting from
          Voluntary Principal Prepayments in full;

               (xi) [intentionally omitted]

               (xii) Amount, if any, by which the aggregate of payments of
          scheduled principal and interest on the Mortgage Loans of each
          Mortgage Loan Group that were due on the related Due Date and
          delinquent, other than as a result of the Relief Act, as of the 18th
          day of such month exceeds the sum of the Monthly Advances to be made
          by the Master Servicer and Certificate Account Advances for such
          Distribution Date;

               (xiii) Aggregate Master Servicing Fee for the related Due Period;
          and

               (xiv) Such other information regarding each Mortgage Loan,
          including an updated Mortgage Loan Schedule in magnetic tape format,
          as may be reasonably requested by the Trustee.

          (c) [Intentionally omitted.]

          (d) Not less than _______ Business Days prior to any Distribution Date
for which the Current Principal Amount of a Class of Certificates will be
reduced to zero, the Master Servicer shall provide the Trustee with notice
thereof.

          Section 6.08. MONTHLY ADVANCES. If the Scheduled Payment (together
with any advances from the Sub-Servicers) on a Mortgage Loan that was due on the
Due Date in the month of a Distribution Date and is delinquent other than as a
result of application of the Relief Act exceeds the amount deposited in the
Custody Account or the Certificate Account which will be used for a Certificate
Account Advance with respect to such Mortgage Loan, the Master Servicer will
deposit in the appropriate subaccount of the Certificate Account not later than
the Advancing Date immediately preceding the related Distribution Date an amount
equal to such deficiency net of the related Master Servicing Fee for such
Mortgage Loan except to the extent the Master Servicer determines any such
advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or
future payments on the Mortgage Loan for which such Monthly Advance was made.
Subject to the foregoing, the Master Servicer shall continue to make such
advances through the date that the related Mortgaged Property has, in the
judgment of the Master Servicer, been completely liquidated. Any amount used as
a Certificate Account Advance shall be replaced by the Master Servicer by
deposit in the appropriate subaccount of the Certificate Account on or before
any future date to the extent that funds in the appropriate subaccount of the
Certificate Account on such date are less than the amount required to be
transferred by the Master Servicer to such subaccount of the Certificate
Account. If applicable, on the fifth Business Day preceding each Distribution
Date, the Master Servicer shall present an Officer's Certificate to the Trustee
(i) stating that the Master Servicer elects not to make a Monthly Advance in a
stated amount and (ii) detailing the reason it deems the advance to be
nonrecoverable.

          Section 6.09. COMPENSATING INTEREST PAYMENTS. The Master Servicer
shall deposit in the Certificate Account not later than the Advancing Date
immediately preceding the related Distribution Date an amount equal to the
lesser of (i) the Interest Shortfall resulting from Voluntary Principal
Prepayments in full for the related Distribution Date and (ii) the lesser of (A)
the Master Servicing Fee for such Distribution Date or (B) __________ of
_______% of the Scheduled Principal Balances of the Mortgage Loans with respect
to such Distribution Date (such amount, the "Compensating Interest Payment").
The Master Servicer shall not be entitled to any reimbursement of any
Compensating Interest Payment.

          Section 6.10. REPORTS OF FORECLOSURES AND ABANDONMENT OF MORTGAGED
PROPERTY. Each year the Master Servicer shall report or cause to be reported to
the Internal Revenue Service foreclosures and abandonments of any Mortgaged
Property as required by Section 6050J of the Code.

<PAGE>
                                   ARTICLE VII

                               The Master Servicer

          Section 7.01. LIABILITIES OF THE MASTER SERVICER. The Master Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically imposed upon and undertaken by it herein. Only the Master Servicer,
any successor Master Servicer or the Trustee acting as Master Servicer shall be
liable with respect to the servicing of the Mortgage Loans and the REO Property
for actions taken by any such person in contravention of the Master Servicer's
duties hereunder.

          Section 7.02. MERGER OR CONSOLIDATION OF THE MASTER SERVICER. (a) The
Master Servicer will keep in full effect its existence, rights and franchises as
a corporation under the laws of the state of its incorporation, and will obtain
and preserve its qualification to do business as a foreign corporation in each
jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement, the Certificates or any of the
Mortgage Loans and to perform its duties under this Agreement.

          (b) Any Person into which the Master Servicer may be merged or
consolidated, or any corporation resulting from any merger or consolidation to
which the Master Servicer shall be a party, or any Person succeeding to the
business of the Master Servicer, shall be the successor of the Master Servicer
hereunder, 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 7.03. INDEMNIFICATION OF THE TRUSTEE. The Master Servicer
agrees to indemnify the Indemnified Persons for, and to hold them harmless
against, any loss, liability or expense incurred on their part, arising out of,
or in connection with, this Agreement, including the costs and expenses
(including reasonable legal fees and expenses) of defending themselves against
any such claim other than (i) any loss, liability or expense related to its
failure to perform its duties in compliance with this Agreement (except as any
such loss, liability or expense shall be otherwise reimbursable pursuant to this
Agreement and (ii) any loss, liability or expense incurred by reason of such
Person's willful misfeasance, bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder, provided that with respect to any such claim, the Trustee shall have
given the Master Servicer written notice thereof promptly after the Trustee
shall have with respect to such claim knowledge thereof. The Master Servicer
shall assume the defense of any claim for which an Indemnified Person is
entitled to indemnification pursuant to this Section 7.03, and the Master
Servicer shall pay all expenses in connection therewith, including reasonable
legal fees, and shall promptly pay, discharge and satisfy any judgment or decree
which may be rendered against an Indemnified Person in respect of such claim.

          Section 7.04. LIMITATION ON LIABILITY OF THE MASTER SERVICER AND
OTHERS. Subject to the obligation of the Master Servicer to indemnify the
Indemnified Persons pursuant to Section 7.03:

          (a) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Indemnified Persons, the Seller, the Trust Fund or the Certificateholders for
taking any action or for refraining from taking any action in good faith
pursuant to this Agreement, or for errors in judgment; PROVIDED, HOWEVER, that
this provision shall not protect the Master Servicer or any such Person against
any breach of warranties or representations made herein or any liability which
would otherwise be imposed by reason of such Person's willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder.

          (b) The Master Servicer and any director, officer, employee or agent
of the Master Servicer may rely in good faith on any document of any kind PRIMA
FACIE properly executed and submitted by any Person respecting any matters
arising hereunder.

          (c) The Master Servicer and any director, officer, employee or agent
of the Master Servicer shall be indemnified by the Trust and held harmless
thereby against any loss, liability or expense incurred in connection with any
legal proceedings relating to this Agreement or the Certificates (including
reasonable legal fees and disbursements of counsel), other than (i) any loss,
liability or expense related to its failure to perform its duties in compliance
with this Agreement (except as any such loss, liability or expense shall be
otherwise reimbursable pursuant to this Agreement) and (ii) any loss, liability
or expense incurred by reason of such Person's willful misfeasance, bad faith or
gross negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder.

          (d) The Master Servicer shall not be under any obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties
under this Agreement and that in its opinion may involve it in any expense or
liability; PROVIDED, HOWEVER, the Master Servicer may in its discretion
undertake any such action which it may deem necessary or desirable with respect
to this Agreement and the rights and duties of the parties hereto and the
interests of the Certificateholders hereunder. In such event, the legal expenses
and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Trust Fund, and the Master Servicer shall
be entitled to be reimbursed therefor out of the Certificate Account as provided
by Subsection 4.03(a). Nothing in this Subsection 7.04(d) shall affect the
Master Servicer's obligation to supervise, or to take such actions as are
necessary to ensure, the servicing and administration of the Mortgage Loans
pursuant to Subsection 3.01(a).

          (e) In taking or recommending any course of action pursuant to this
Agreement, unless specifically required to do so pursuant to this Agreement, the
Master Servicer shall not be required to investigate or make recommendations
concerning potential liabilities which the Trust might incur as a result of such
course of action by reason of the condition of the Mortgaged Properties but
shall give notice to the Trustee if it has notice of such potential liabilities.

          Section 7.05. MASTER SERVICER NOT TO RESIGN. Except as provided in
Section 7.07, the Master Servicer shall not resign from the obligations and
duties hereby imposed on it except upon a determination that any such duties
hereunder are no longer permissible under applicable law. Any such determination
permitting the resignation of the Master Servicer shall be evidenced by an
Opinion of Independent Counsel to such effect delivered to the Trustee. No such
resignation by the Master Servicer shall become effective until the Trustee or a
successor to the Master Servicer shall have assumed the responsibilities and
obligations of the Master Servicer in accordance with Section 8.02 hereof. The
Trustee shall notify the Rating Agencies of the resignation of the Master
Servicer.

          Section 7.06. [Reserved]

          Section 7.07. SALE AND ASSIGNMENT OF MASTER SERVICING. The Master
Servicer may sell and assign its rights and delegate its duties and obligations
in their entirety as Master Servicer under this Agreement; PROVIDED, HOWEVER,
that: (i) the purchaser or transferee accepting such assignment and delegation
(a) shall be a Person which shall be qualified to service mortgage loans for
Freddie Mac or Fannie Mae; (b) shall, in the case of successor master servicers
only, have a net worth of not less than $_____________ (unless otherwise
approved by each Rating Agency pursuant to clause (ii) below); (c) shall be
reasonably satisfactory to the Trustee (as evidenced in a writing signed by the
Trustee) as having a comparable servicing ability to that of the Master Servicer
on the Closing Date; (d) shall execute and deliver to the Trustee an agreement,
in form and substance reasonably satisfactory to the Trustee, which contains an
assumption by such Person of the due and punctual performance and observance of
each covenant and condition to be performed or observed by it as master servicer
under this Agreement, any custodial agreement and any agreement substantially in
the form of Exhibit G hereto from and after the effective date of such
agreement; (ii) each Rating Agency shall be given prior written notice of the
identity of the proposed successor to the Master Servicer and each Rating
Agency's rating of the Certificates in effect immediately prior to such
assignment, sale and delegation will not be downgraded or withdrawn as a result
of such assignment, sale and delegation, as evidenced by a letter to such effect
delivered to the Master Servicer and the Trustee; and (iii) the Master Servicer
assigning and selling the master servicing shall deliver to the Trustee an
Officer's Certificate and an Opinion of Independent Counsel, each stating that
all conditions precedent to such action under this Agreement have been completed
and such action is permitted by and complies with the terms of this Agreement.
No such assignment or delegation shall affect any liability of the Master
Servicer arising prior to the effective date thereof.

<PAGE>
                                  ARTICLE VIII

                                     Default

          Section 8.01. EVENTS OF DEFAULT. "Event of Default," wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

               (i) The Master Servicer fails to cause to be deposited in the
          Certificate Account any amount so required to be deposited pursuant to
          this Agreement, and such failure continues unremedied for a period of
          _______ Business Days after the date such deposit was required to be
          made; or

               (ii) The Master Servicer fails to observe or perform in any
          material respect any other covenants and agreements set forth in the
          Certificates or this Agreement to be performed by it, which covenants
          and agreements materially affect the rights of Certificateholders, and
          such failure continues unremedied for a period of ______ days after
          the date on which written notice of such failure, properly requiring
          the same to be remedied, shall have been given to the Master Servicer
          by the Trustee or to the Master Servicer and the Trustee by the
          Holders of Certificates evidencing Fractional Undivided Interests
          aggregating not less than _____% of the Trust Fund; or

               (iii) There is entered against the Master Servicer a decree or
          order by a court or agency or supervisory authority having
          jurisdiction in the premises for the appointment of a conservator,
          receiver or liquidator in any insolvency, readjustment of debt,
          marshalling of assets and liabilities or similar proceedings, or for
          the winding up or liquidation of its affairs, and the continuance of
          any such decree or order is unstayed and in effect for a period of
          ______ consecutive days, or an involuntary case is commenced against
          the Master Servicer under any applicable insolvency or reorganization
          statute and the petition is not dismissed within ______ days after the
          commencement of the case; or

               (iv) The Master Servicer consents to the appointment of a
          conservator or receiver or liquidator in any insolvency, readjustment
          of debt, marshalling of assets and liabilities or similar proceedings
          of or relating to the Master Servicer or substantially all of its
          property; or the Master Servicer admits in writing its inability to
          pay its debts generally as they become due, files a petition to take
          advantage of any applicable insolvency or reorganization statute,
          makes an assignment for the benefit of its creditors, or voluntarily
          suspends payment of its obligations; or

               (v) The Master Servicer assigns or delegates its duties or rights
          under this Agreement in contravention of the provisions permitting
          such assignment or delegation under Sections 7.05 or 7.07.

          In each and every such case, so long as such Event of Default with
respect to the Master Servicer shall not have been remedied, either the Trustee
or the Holders of Certificates evidencing Fractional Undivided Interests
aggregating not less than ______% of the principal of the Trust Fund, by notice
in writing to the Master Servicer (and to the Trustee if given by such
Certificateholders), with a copy to the Rating Agencies, may terminate all of
the rights and obligations (but not the liabilities) of the Master Servicer
under this Agreement and in and to the Mortgage Loans and/or the REO Property
serviced by the Master Servicer and the proceeds thereof. Upon the receipt by
the Master Servicer of the written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates, the
Mortgage Loans, REO Property or under any other related agreements, including
the Sub-Servicing Agreements (but only to the extent that such other agreements
relate to the Mortgage Loans or REO Property) shall, subject to Section 8.02,
automatically and without further action pass to and be vested in the Trustee
pursuant to this Section 8.01; and, without limitation, the Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the Master
Servicer as attorney-in-fact or otherwise, any and all documents and other
instruments and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the Mortgage Loans and
related documents, or otherwise. The Master Servicer agrees to cooperate with
the Trustee in effecting the termination of the Master Servicer's rights and
obligations hereunder, including, without limitation, the transfer to the
Trustee of (i) the property and amounts which are then or should be part of the
Trust or which thereafter become part of the Trust; (ii) originals or copies of
all documents of the Master Servicer reasonably requested by the Trustee to
enable it to assume the Master Servicer's duties thereunder; and (iii) the
rights and obligations of the Master Servicer under the Sub-Servicing Agreements
with respect to the Mortgage Loans. In addition to any other amounts which are
then, or, notwithstanding the termination of its activities under this
Agreement, may become payable to the Master Servicer under this Agreement, the
Master Servicer shall be entitled to receive, out of any amount received on
account of a Mortgage Loan or REO Property, that portion of such payments which
it would have received as reimbursement pursuant to Section 3.14 if notice of
termination had not been given. The termination of the rights and obligations of
the Master Servicer shall not affect any obligations incurred by the Master
Servicer prior to such termination.

          Section 8.02. TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. (a) Upon the
receipt by the Master Servicer of a notice of termination pursuant to Section
8.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect
that the Master Servicer is legally unable to act or to delegate its duties to a
Person which is legally able to act, the Trustee shall automatically become the
successor in all respects to the Master Servicer in its capacity under this
Agreement and the transactions set forth or provided for herein and shall
thereafter be subject to all the responsibilities, duties, liabilities and
limitations on liabilities relating thereto placed on the Master Servicer by the
terms and provisions hereof; PROVIDED, HOWEVER, that the Trustee (i) shall be
under no obligation to purchase any Mortgage Loan pursuant to Section 10.01; and
(ii) shall have no obligation whatsoever with respect to any liability incurred
by the Master Servicer at or prior to the time of receipt by the Master Servicer
of such notice or by the Trustee of such Opinion of Independent Counsel. As
compensation therefor, the Trustee shall be entitled to all funds relating to
the Mortgage Loans which the Master Servicer would have been entitled to retain
if the Master Servicer had continued to act hereunder, except for those amounts
due the Master Servicer as reimbursement for advances previously made or
expenses previously incurred. Notwithstanding the above, the Trustee may, if it
shall be unwilling so to act, or shall, if it is legally unable so to act,
appoint or petition a court of competent jurisdiction to appoint, any
established housing and home finance institution which is a Freddie Mac- or
Fannie Mae-approved servicer, and with respect to a successor to the Master
Servicer only, having a net worth of not less than $_____________, as the
successor to the Master Servicer hereunder in the assumption of all or any part
of the responsibilities, duties or liabilities of the Master Servicer hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall 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 Mortgage Loans as it and
such successor shall agree; PROVIDED, HOWEVER, that no such compensation shall
be in excess of that permitted the Trustee under this Subsection 8.02(a), and
that such successor shall undertake and assume the obligations of the Trustee to
pay compensation to any third Person acting as an agent or independent
contractor in the performance of master servicing responsibilities hereunder.
The Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession.

          (b) If the Trustee shall succeed to any duties of the Master Servicer
respecting the Mortgage Loans as provided herein, it shall do so in a separate
capacity and not in its capacity as Trustee and, accordingly, the provisions of
Article IX shall be inapplicable to the Trustee in its duties as the successor
to the Master Servicer in the servicing of the Mortgage Loans (although such
provisions shall continue to apply to the Trustee in its capacity as Trustee);
the provisions of Article VII, however, shall apply to it in its capacity as
successor master servicer.

          Section 8.03. NOTIFICATION TO CERTIFICATEHOLDERS. Upon any termination
or appointment of a successor to the Master Servicer, the Trustee shall give
prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register and to the Rating Agencies.

          Section 8.04. WAIVER OF DEFAULTS. The Trustee shall transmit by mail
to all Certificateholders, within 60 days after the occurrence of any Event of
Default known to the Trustee, unless such Event of Default shall have been
cured, notice of each such Event of Default hereunder known to the Trustee. The
Holders of Certificates evidencing Fractional Undivided Interests aggregating
not less than _______% of the Trust Fund may, on behalf of all
Certificateholders, waive any default by the Master Servicer in the performance
of its obligations hereunder and the consequences thereof, except a default in
the making of or the causing to be made any required distribution on the
Certificates. Upon any such waiver of a past default, such default shall be
deemed to cease to exist, and any Event of Default arising therefrom shall be
deemed to have been timely remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon except to the extent expressly so waived. The Master Servicer
shall give notice of any such waiver to the Rating Agencies.

          Section 8.05. LIST OF CERTIFICATEHOLDERS. Upon written request of
three or more Certificateholders of record, for purposes of communicating with
other Certificateholders with respect to their rights under this Agreement, the
Trustee will afford such Certificateholders access during business hours to the
most recent list of Certificateholders held by the Trustee.

<PAGE>
                                   ARTICLE IX

                             Concerning the Trustee

          Section 9.01. DUTIES OF TRUSTEE. (a) The Trustee, prior to the
occurrence of an Event of Default and after the curing or waiver of all Events
of Default which may have occurred, undertakes to perform such duties and only
such duties as are specifically set forth in this Agreement as duties of the
Trustee. If an Event of Default has occurred and has not been cured or waived,
the Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise, as a
prudent person would exercise under the circumstances in the conduct of his own
affairs.

          (b) Upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments which are specifically
required to be furnished to the Trustee pursuant to any provision of this
Agreement, the Trustee 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 resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Master Servicer hereunder.

          (c) The Trustee shall make monthly distributions and the final
distribution to the Certificateholders as provided in Sections 6.01 and 10.01
herein.

          (d) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; PROVIDED, HOWEVER, that:

               (i) Prior to the occurrence of an Event of Default, and after the
          curing or waiver of all such Events of Default which may have
          occurred, the duties and obligations of the Trustee shall be
          determined solely by the express provisions of this Agreement, the
          Trustee shall not be liable except for the performance of such duties
          and obligations as are specifically set forth in this Agreement, no
          implied covenants or obligations shall be read into this Agreement
          against the Trustee and, in the absence of bad faith on the part of
          the Trustee, the Trustee may conclusively rely, as to the truth of the
          statements and the correctness of the opinions expressed therein, upon
          any certificates or opinions furnished to the Trustee and conforming
          to the requirements of this Agreement;

               (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 proved that the Trustee was negligent
          in ascertaining the pertinent facts;

               (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 directions of the Holders of Certificates
          evidencing Fractional Undivided Interests aggregating not less than
          _____% of the Trust Fund, if such action or non-action relates to the
          time, method and place of conducting any proceeding for any remedy
          available to the Trustee, or exercising any trust or other power
          conferred upon the Trustee, under this Agreement; and

               (iv) The Trustee shall not be required to take notice or be
          deemed to have notice or knowledge of any default or Event of Default
          unless a Responsible Officer of the Trustee's corporate trust
          department shall have actual knowledge thereof. In the absence of such
          notice, the Trustee may conclusively assume there is no such default
          or Event of Default.

          The Trustee shall not be required to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if there is
reasonable ground for believing that the repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it, and
none of the provisions contained in this Agreement shall in any event require
the Trustee to perform, or be responsible for the manner of performance of, any
of the obligations of the Master Servicer under this Agreement, except during
such time, if any, as the Trustee shall be the successor to, and be vested with
the rights, duties, powers and privileges of, the Master Servicer in accordance
with the terms of this Agreement.

          (e) All funds received by the Trustee and required to be deposited in
the Certificate Account and the Custody Account pursuant to this Agreement will
be promptly so deposited by the Trustee.

          Section 9.02. CERTAIN MATTERS AFFECTING THE TRUSTEE. Except as
otherwise provided in Section 9.01:

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

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

               (iii) The Trustee shall be under no obligation to exercise any of
          the trusts or powers vested in it by this Agreement, other than its
          obligation to give notices pursuant to this Agreement, or to
          institute, conduct or defend any litigation hereunder or in relation
          hereto at the request, order or direction of any of the
          Certificateholders pursuant to the provisions of this Agreement,
          unless such Certificateholders shall have offered to the Trustee
          reasonable security or indemnity against the costs, expenses and
          liabilities which may be incurred therein or thereby. Nothing
          contained herein shall, however, relieve the Trustee of the
          obligation, upon the occurrence of an Event of Default of which a
          Responsible Officer of the Trustee's corporate trust department has
          actual knowledge (which has not been cured), to exercise such of the
          rights and powers vested in it by this Agreement, and to use the same
          degree of care and skill in their exercise, as a prudent person would
          exercise under the circumstances in the conduct of his own affairs;

               (iv) 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;

               (v) Prior to the occurrence of an Event of Default hereunder and
          after the curing or waiver of all Events of Default which may have
          occurred, the Trustee shall not be bound to make any investigation
          into the facts or matters stated in any resolution, certificate,
          statement, instrument, opinion, report, notice, request, consent,
          order, approval, bond or other paper or document, unless requested in
          writing to do so by Holders of Certificates evidencing Fractional
          Undivided Interests aggregating not less than _____% of the Trust Fund
          and provided that the payment within a reasonable time to the Trustee
          of the costs, expenses or liabilities likely to be incurred by it in
          the making of such investigation is, in the opinion of the Trustee,
          reasonably assured to the Trustee by the security afforded to it by
          the terms of this Agreement. The Trustee may require reasonable
          indemnity against such expense or liability as a condition to taking
          any such action. The reasonable expense of every such examination
          shall be paid by the Certificateholders requesting the investigation;

               (vi) The Trustee may execute any of the trusts or powers
          hereunder or perform any duties hereunder either directly or through
          agents or attorneys; PROVIDED, HOWEVER, that the Trustee may not
          appoint any agent to perform its custodial or paying agent functions
          under this Agreement without the express written consent of the Master
          Servicer, which consent will not be unreasonably withheld. The Trustee
          shall not be liable or responsible for the misconduct or negligence of
          any of the Trustee's agents or attorneys or a custodian or paying
          agent appointed hereunder by the Trustee with due care and, when
          required, with the consent of the Master Servicer;

               (vii) Should the Trustee deem the nature of any action required
          on its part, other than a payment or transfer under Subsection 4.02(b)
          or Section 4.03, to be unclear, the Trustee may require prior to such
          action that it be provided by the Master Servicer with reasonable
          further instructions;

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

               (ix) The Trustee shall not be required to give any bond or surety
          with respect to the execution of the trust created hereby or the
          powers granted hereunder; and

               (x) The Trustee shall have no duty to conduct any affirmative
          investigation as to the occurrence of any condition requiring the
          repurchase of any Mortgage Loan by [CORPORATION 1] pursuant to this
          Agreement or the eligibility of any Mortgage Loan for purposes of this
          Agreement.

          Section 9.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS.
The recitals contained herein and in the Certificates (other than the signature
and countersignature of the Trustee on the Certificates) shall be taken as the
statements of the Seller, and the Trustee shall have no responsibility for their
correctness. The Trustee makes no representation as to the validity or
sufficiency of the Certificates (other than the signature and countersignature
of the Trustee on the Certificates) or of any Mortgage Loan except as expressly
provided in Sections 2.02 and 2.05 hereof. The Trustee's signature and
countersignature (or countersignature of its agent) on the Certificates shall be
solely in its capacity as Trustee and shall not constitute the Certificates an
obligation of the Trustee in any other capacity. The Trustee shall not be
accountable for the use or application by the Seller of any of the Certificates
or of the proceeds of such Certificates, or for the use or application of any
funds paid to the Seller with respect to the Mortgage Loans. Subject to the
provisions of Section 2.05, the Trustee shall not be responsible for the
legality or validity of this Agreement or any document or instrument relating to
this Agreement, the validity of the execution of this Agreement or of any
supplement hereto or instrument of further assurance, or the validity, priority,
perfection or sufficiency of the security for the Certificates issued hereunder
or intended to be issued hereunder. The Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Mortgage or any Mortgage Loan, or the perfection and
priority of any Mortgage or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Trust Fund or its ability to
generate the payments to be distributed to Certificateholders, under this
Agreement. The Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect
or maintain the perfection of any security interest or lien granted to it
hereunder or to record this Agreement.

          Section 9.04. TRUSTEE MAY OWN CERTIFICATES. The Trustee in its
individual capacity or in any capacity other than as Trustee hereunder may
become the owner or pledgee of any Certificates with the same rights it would
have if it were not Trustee, and may otherwise deal with the parties hereto.

          Section 9.05. TRUSTEE'S FEES AND EXPENSES. The Master Servicer
covenants and agrees to pay to the Trustee the Trustee's Fee with respect to the
calendar month in which the Closing Date occurs. With respect to the calendar
month following the month in which the Closing Date occurs and all subsequent
calendar months, the Trustee's Fee shall be paid from the Certificate Account,
pursuant to Subsection 4.03(b). If the funds in the Certificate Account are not
sufficient to pay the Trustee's Fees, the Master Servicer will be liable for
payment of the Trustee's Fees. The Master Servicer further covenants and agrees
to pay or reimburse the Trustee from time to time upon request for all
reasonable out-of-pocket expenses, disbursements and advances incurred or made
by the Trustee in the administration of the trusts hereunder as set forth in a
fee letter sent by the Trustee to the Master Servicer (including the reasonable
compensation, expenses and disbursements of its counsel) except any such
expense, disbursement or advance as may arise from its negligence or intentional
misconduct or which is the responsibility of the Certificateholders or the Trust
Fund hereunder. Such compensation and reimbursement obligation shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust.

          Section 9.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE. The Trustee and
any successor Trustee shall during the entire duration of this Agreement be a
state bank or trust company or a national banking association with its principal
office in ___________, __________ or such other state and city reasonably
acceptable to the Master Servicer and organized and doing business under the
laws of such state or the United States of America, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus and
undivided profits of at least $_____________ or, in the case of a successor
Trustee, $_____________, subject to supervision or examination by federal or
state authority and, in the case of a successor Trustee other than pursuant to
Section 9.10, rated in one of the two highest long-term debt categories of, or
otherwise acceptable to, each of the Rating Agencies. The Trustee shall not be
an Affiliate of the Master Servicer, unless the Trustee acts as successor Master
Servicer hereunder. If the Trustee 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 9.06 the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 9.06, the Trustee shall resign
immediately in the manner and with the effect specified in Section 9.08.

          Section 9.07. INSURANCE. The Trustee, at its own expense, shall at all
times maintain and keep in full force and effect: (i) fidelity insurance, (ii)
theft of documents insurance and (iii) forgery insurance. All such insurance
shall be in amounts, with standard coverage and subject to deductibles, as are
customary for insurance typically maintained by banks which act as custodians
for investor-owned mortgage pools. A certificate of an officer of the Trustee as
to the Trustee's compliance with this Section 9.07 shall be furnished to the
Master Servicer or any Certificateholder upon request.

          Section 9.08. RESIGNATION AND REMOVAL OF THE TRUSTEE. (a) The Trustee
may at any time resign and be discharged from the Trust hereby created by giving
written notice thereof to the Master Servicer, with a copy to the Rating
Agencies. Upon receiving such notice of resignation, the Master Servicer shall
promptly appoint a successor Trustee by written instrument, in triplicate, one
copy of which instrument shall be delivered to each of the resigning Trustee and
the successor Trustee. If no successor Trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

          (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 9.06 and shall fail to resign after
written request therefor by the Master Servicer or if at any time the Trustee
shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
or a receiver of the Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Master Servicer shall be entitled to remove the Trustee and appoint a successor
Trustee by written instrument, in triplicate, one copy of which instrument shall
be delivered to each of the Trustee so removed and the successor Trustee.

          (c) The Holders of Certificates evidencing Fractional Undivided
Interests aggregating not less than _______% of the Trust Fund may at any time
remove the Trustee and appoint a successor Trustee by written instrument or
instruments, in triplicate, signed by such Holders or their attorneys-in-fact
duly authorized, one complete set of which instruments shall be delivered to
each of the Master Servicer, the Trustee so removed and the successor so
appointed.

          (d) No resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section 9.08 shall
become effective except upon appointment of and acceptance of such appointment
by the successor Trustee as provided in Section 9.09.

          Section 9.09. SUCCESSOR TRUSTEE. (a) Any successor Trustee appointed
as provided in Section 9.08 shall execute, acknowledge and deliver to the Master
Servicer and to its predecessor Trustee an instrument accepting such appointment
hereunder. The resignation or removal of the predecessor Trustee shall then
become effective and such successor Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as Trustee herein. The predecessor Trustee shall after payment of its
outstanding fees and expenses promptly deliver to the successor Trustee all
assets and records of the Trust held by it hereunder, and the Master Servicer
and the predecessor Trustee shall execute and deliver such instruments and do
such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Trustee all such rights, powers, duties
and obligations.

          (b) No successor Trustee shall accept appointment as provided in this
Section 9.09 unless at the time of such acceptance such successor Trustee shall
be eligible under the provisions of Section 9.06.

          (c) Upon acceptance of appointment by a successor Trustee as provided
in this Section 9.09, the successor Trustee shall mail notice of the succession
of such Trustee hereunder to all Certificateholders at their addresses as shown
in the Certificate Register and to the Rating Agencies. The Master Servicer
shall pay the cost of any mailing by the successor Trustee.

          Section 9.10. MERGER OR CONSOLIDATION OF TRUSTEE. Any state bank or
trust company or national banking association into which the Trustee may be
merged or converted or with which it may be consolidated or any state bank or
trust company or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any state
bank or trust company or national banking association succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such state bank or trust company or
national banking association shall be eligible under the provisions of Section
9.06. Such succession shall be valid 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.

          Section 9.11. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE. (a)
Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust or property constituting the same may at the time be located, the Master
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee and the Master Servicer 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, and to vest in such Person or Persons, in such capacity, such
title to the Trust, or any part thereof, and, subject to the other provisions of
this Section 9.11, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee may consider necessary or desirable.

          (b) If the Master Servicer shall not have joined in such appointment
within 15 days after the receipt by it of a written request so to do, or in case
an Event of Default with respect to the Master Servicer shall have occurred and
be continuing, the Trustee shall have the power to make such appointment without
the Master Servicer.

          (c) No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor Trustee under Section 9.06
hereunder and no notice to Certificateholders of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 9.08
hereof.

          (d) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 9.11, all rights, powers, duties and obligations
conferred or imposed upon the Trustee and required to be conferred on such
co-trustee shall be conferred or imposed upon and exercised or performed by the
Trustee and such separate trustee or co-trustee jointly, except to the extent
that under any law of any jurisdiction in which any particular act or acts are
to be performed (whether as Trustee hereunder or as successor to the Master
Servicer hereunder), the Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

          (e) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article IX. 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.

          (f) To the extent not prohibited by law, any separate trustee or
co-trustee may, at any time, request the Trustee, its agent or attorney-in-fact,
with full power and authority, to do any lawful act under or with respect to
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.

          (g) No trustee under this Agreement shall be personally liable by
reason of any act or omission of another trustee under this Agreement. The
Master Servicer and the Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee, except that
following the occurrence of any Event of Default which has not been cured, the
Trustee acting alone may accept the resignation of or remove any separate
trustee or co-trustee.

          Section 9.12. MASTER SERVICER SHALL PROVIDE INFORMATION AS REASONABLY
REQUIRED. The Master Servicer shall furnish to the Trustee, during the term of
this Agreement, such periodic, special, or other reports or information as may
reasonably be requested by the Trustee in order to fulfill its duties and
obligations under this Agreement.

          Section 9.13. FEDERAL INFORMATION RETURNS AND REPORTS TO
CERTIFICATEHOLDERS. (a) For Federal income tax purposes, the taxable year of
each of REMIC I and REMIC II shall be a calendar year and the Trustee shall
maintain or cause the maintenance of the books of each of REMIC I and REMIC II
Assets on the accrual method of accounting.

          (b) The Trustee shall prepare and file or cause to be filed with the
Internal Revenue Service Federal tax information returns with respect to each of
REMIC I and REMIC II, the Trust Fund, if applicable, and the Certificates
containing such information and at the times and in the manner as may be
required by the Code or applicable Treasury regulations, and shall furnish to
each Holder of Certificates at any time during the calendar year for which such
returns or reports are made such statements or information at the times and in
the manner as may be required thereby. In connection with the foregoing, the
Trustee shall provide the name and address of the person who can be contacted to
obtain information required to be reported to the holders of regular interests
in each of REMIC I and REMIC II (the "REMIC Reporting Agent") as required by IRS
Form 8811. The Trustee shall make the elections to treat each of REMIC I and
REMIC II as a REMIC (which election shall apply to the taxable period ending
December 31, 200_ and each calendar year thereafter) in such manner as the Code
or applicable Treasury regulations may prescribe. The Trustee shall sign all tax
information returns filed pursuant to this Section and any other returns as may
be required by the Code, and in doing so shall rely entirely upon, and shall
have no liability for information provided by, or calculations provided by, the
Seller or the Master Servicer. The Trustee is hereby designated as the "Tax
Matters Person" (within the meaning of Treas. Reg. ss. 1.860F-4(d)) for each of
REMIC I and REMIC II. Any Holder of a Residual Certificate will by acceptance
thereof appoint the Trustee as agent and attorney-in-fact for the purpose of
acting as Tax Matters Person for each of REMIC I and REMIC II during such time
as the Trustee does not own any such Residual Certificate. In the event that the
Code or applicable Treasury regulations prohibit the Trustee from signing tax or
information returns or other statements, or the Trustee from acting as Tax
Matters Person (as an agent or otherwise), the Trustee shall take whatever
action that in its sole good faith judgment is necessary for the proper filing
of such information returns or for the provision of a tax matters person,
including designation of the Holder of a Residual Certificate to sign such
returns or act as tax matters person. Each Holder of a Residual Certificate
shall be bound by this Section.

          (c) The Trustee shall provide upon request such information (which
shall be provided by the Master Servicer) as required in Section 860D(a)(6)(B)
of the Code to the Internal Revenue Service, to any Person purporting to
transfer a Residual Certificate to a Person other than a transferee permitted by
Section 5.05(b), and to any regulated investment company, real estate investment
trust, common trust fund, partnership, trust, estate, organization described in
Section 1381 of the Code, or nominee holding an interest in a pass-through
entity described in Section 860E(e)(6) of the Code, any record holder of which
is not a transferee permitted by Section 5.05(b) (or which is deemed by statute
to be an entity with a disqualified member).

          (d) The Trustee shall prepare and file or cause to be filed any state
income tax returns required with respect to each of REMIC I and REMIC II or the
Trust Fund.

<PAGE>
                                    ARTICLE X

                                   Termination

          Section 10.01. TERMINATION UPON REPURCHASE BY [CORPORATION 1] OR ITS
DESIGNEE OR LIQUIDATION OF ALL MORTGAGE LOANS. (a) Subject to Section 10.02, the
respective obligations and responsibilities of the Seller, the Master Servicer
and the Trustee created hereby, other than the obligation of the Trustee or the
Master Servicer to make payments to Certificateholders as hereinafter set forth
and to the Trustee, shall terminate upon:

               (i) the repurchase by or at the direction of the Master Servicer
          or its designee of all Mortgage Loans and all property remaining in
          the Trust at a price equal to (a) ______% of the Outstanding Principal
          Balance of each Mortgage Loan (other than a Mortgage Loan related to
          REO Property) as of the date of repurchase, net of the principal
          portion of any unreimbursed Monthly Advances made by the purchaser,
          together with interest at the applicable Mortgage Interest Rate
          accrued but unpaid through and including the last day of the month of
          repurchase, plus (b) the appraised value of any REO Property (but not
          more than the Outstanding Principal Balance of the related Mortgage
          Loan, together with interest at the applicable Mortgage Interest Rate
          accrued on that balance but unpaid through and including the last day
          of the month of repurchase), less the good faith estimate of the
          Master Servicer of liquidation expenses to be incurred in connection
          with its disposal thereof, such appraisal to be calculated by an
          appraiser mutually agreed upon by the Master Servicer and the Trustee
          at the expense of the Master Servicer; or

               (ii) the later of the making of the final payment or other
          liquidation, or any advance with respect thereto, of the last Mortgage
          Loan remaining in the Trust Fund or the disposition of all property
          acquired with respect to any Mortgage Loan; PROVIDED, HOWEVER, that in
          the event that an advance has been made, but not yet recovered, at the
          time of such termination, the Person having made such advance shall be
          entitled to receive, notwithstanding such termination, any payments
          received subsequent thereto with respect to which such advance was
          made.

          (b) In no event, however, shall the Trust created hereby continue
beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Amdassador of the United States to
the Court of St. James, living on the date of this Agreement.

          (c) [Intentionally omitted.]

          (d) The right of the Master Servicer or its designee to repurchase all
Mortgage Loans pursuant to Subsection 10.01(a)(i) above shall be exercisable
only if (i) the aggregate unpaid principal balance of such Mortgage Loans at the
time of any such repurchase is less than _______% of the Cut-Off Date Balance or
(ii) the Master Servicer based upon an Opinion of Counsel, has determined that
the REMIC status of either REMIC I or REMIC II has been lost or that a
substantial risk exists that such REMIC status will be lost for the then-current
taxable year. At any time thereafter, the Master Servicer may elect to terminate
the Trust at any time, and upon such election, the Master Servicer or its
designee shall repurchase all the Mortgage Loans.

          (e) [Intentionally omitted].

          (f) The Trustee shall give notice of any termination to the
Certificateholders, with a copy to the Rating Agencies, upon which the
Certificateholders shall surrender their Certificates to the Trustee for payment
of the final distribution and cancellation. Such notice shall be given by
letter, mailed not earlier than the 15th day and not later than the 25th day of
the month next preceding the month of such final distribution, and shall specify
(i) the Distribution Date upon which final payment of the Certificates will be
made upon presentation and surrender of the Certificates at the office of the
Trustee therein designated, (ii) the amount of any such final payment and (iii)
that the Record Date otherwise applicable to such Distribution Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Trustee therein specified.

          (g) If the option of the Master Servicer to repurchase or cause the
repurchase of all Mortgage Loans under Subsection 10.01(a)(i) above is
exercised, the Master Servicer and/or its designee, as the case may be, shall
deliver to the Trustee for deposit in the Certificate Account, by the Business
Day prior to the applicable Distribution Date, an amount equal to the repurchase
price for the Mortgage Loans being purchased by it and all property acquired
with respect to such Mortgage Loans remaining in the Trust. Upon the
presentation and surrender of the Certificates, the Trustee shall distribute an
amount equal to (i) the amount otherwise distributable to the Certificateholders
(other than the holders of the Class R-2 Certificates) on such Distribution Date
but for such repurchase, (ii) the Current Principal Amount and any accrued but
unpaid interest at the Pass-Through Rate to the Certificateholders of each
Class, and (iii) the remainder to the Class R-2 Certificateholders. Upon deposit
of the required repurchase price and delivery to the Trustee of an Officer's
Certificate from the Master Servicer certifying that such deposit in the
Certificate Account has been made, and following such final Distribution Date,
the Trustee shall promptly release to the Master Servicer and/or its designee,
as the case may be, the Mortgage Files for the remaining Mortgage Loans, and the
Accounts shall terminate, subject to the Trustee's obligation to hold any
amounts payable to Certificateholders in trust without interest pending final
distributions pursuant to Subsection 10.01(i).

          (h) In the event that this Agreement is terminated by reason of the
payment or liquidation of all Mortgage Loans or the disposition of all property
acquired with respect to all Mortgage Loans under Subsection 10.01(a)(ii) above,
the Master Servicer shall deliver to the Trustee for deposit in the appropriate
subaccount of the Certificate Account all distributable amounts remaining in the
Custody Account and shall cause the Sub-Servicers to deliver to the Trustee for
deposit in the appropriate subaccount of the Certificate Account all
distributable amounts remaining in their Protected Accounts. Upon the
presentation and surrender of the Certificates, the Trustee shall distribute to
the Certificateholders, in accordance with their respective interests, all
distributable amounts remaining in the Certificate Account. Upon deposit by the
Sub-Servicers of such distributable amounts and delivery to the Trustee of an
Officer's Certificate from the Master Servicer certifying that such deposit has
been made, and following such final Distribution Date, the Trustee shall
promptly release to the Master Servicer the Mortgage Files for the remaining
Mortgage Loans, and the Accounts shall terminate, subject to the Trustee's
obligation to hold any amounts payable to the Certificateholders in trust
without interest pending final distributions pursuant to Subsection 10.01(i).

          (i) If not all of the Certificateholders shall surrender their
Certificates for cancellation within six months after the time specified in the
above-mentioned written notice, the Trustee shall give a second written notice
to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice, not all the Certificates shall have been
surrendered for cancellation, the Trustee may take appropriate steps, or appoint
any 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 subject to this Agreement.

          Section 10.02. ADDITIONAL TERMINATION REQUIREMENTS. (a) If the option
of the Master Servicer to repurchase all the Mortgage Loans under Subsection
10.01(a)(i) above is exercised, the Trust and each of REMIC I and REMIC II shall
be terminated in accordance with the following additional requirements, unless
the Trustee has been furnished with an Opinion of Counsel to the effect that the
failure of the Trust to comply with the requirements of this Section 10.02 will
not (i) result in the imposition of taxes on "prohibited transactions" as
defined in Section 860F of the Code on each of REMIC I and REMIC II or (ii)
cause each of REMIC I and REMIC II to fail to qualify as a REMIC at any time
that any Regular Certificates are outstanding:

               (i) within 90 days prior to the final Distribution Date, at the
          written direction of the Master Servicer, the Trustee shall adopt a
          plan of complete liquidation of the Trust Fund and each of REMIC I and
          REMIC II provided to it by the Master Servicer meeting the
          requirements of a "Qualified Liquidation" under Section 860F of the
          Code and any regulations thereunder as prepared by the Master
          Servicer;

               (ii) at or after the time of adoption of such a plan of complete
          liquidation and at or prior to the final Distribution Date, the
          Trustee shall sell for cash all of the assets of the Trust to or at
          the direction of the Master Servicer; and

               (iii) at the time of the making of the final payment on the
          Certificates, the Trustee shall distribute or credit from the
          Certificate Account (or cause to be distributed or credited) (i) to
          the Certificateholders other than the Holders of the Class X
          Certificates and the Class R-2 Certificates, the Current Principal
          Amount of the Certificates plus (except with respect to the Class PO
          Certificates) 30 days' interest thereon at the applicable Pass-Through
          Rate, (ii) to the Holders of the Class X Certificates, 30 days'
          interest on the Notional Amount thereof at the applicable Pass-Through
          Rate, and (iii) to the Class R-2 Certificateholders, all cash on hand
          from the Certificate Account (other than cash retained to meet
          claims); and the Trust and each of REMIC I and REMIC II shall
          terminate at such time.

          (b) By their acceptance of the Residual Certificates, the Holders
thereof hereby (i) agree to adopt such a plan of complete liquidation upon the
written request of the Master Servicer and to take such action in connection
therewith as may be reasonably requested by the Master Servicer and (ii) appoint
the Master Servicer as their attorney-in-fact, with full power of substitution,
for purposes of adopting such a plan of complete liquidation. The Trustee shall
adopt such plan of liquidation by filing the appropriate statement on the final
tax return of REMIC I and REMIC II.

<PAGE>
                                   ARTICLE XI

                            Miscellaneous Provisions

          Section 11.01. INTENT OF PARTIES. The parties intend that each of
REMIC I and REMIC II shall be treated as a REMIC for federal income tax purposes
and that the provisions of this Agreement should be construed in furtherance of
this intent.

          Section 11.02. AMENDMENT. (a) This Agreement may be amended from time
to time by the Seller, the Trustee and the Master Servicer, without notice to or
the consent of any of the Certificateholders, to cure any ambiguity, to correct
or supplement any provisions herein that may be defective or inconsistent with
any other provisions herein, to comply with any changes in the Code or to make
any other provisions with respect to matters or questions arising under this
Agreement which shall not be inconsistent with the provisions of this Agreement;
PROVIDED, HOWEVER, that such action shall not, as evidenced by an Opinion of
Independent Counsel, adversely affect in any material respect the interests of
any Certificateholder.

          (b) This Agreement may also be amended from time to time by the
Seller, the Trustee and the Master Servicer, with the consent of the holders of
Certificates evidencing Fractional Undivided Interests aggregating not less than
_____% of the Trust Fund 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 Certificateholders; PROVIDED, HOWEVER,
that no such amendment shall (i) reduce in any manner the amount of, or delay
the timing of, payments received on Mortgage Loans which are required to be
distributed on any Certificate without the consent of the Holder of such
Certificate, (ii) reduce the aforesaid percentage of Certificates the Holders of
which are required to consent to any such amendment, without the consent of the
Holders of all Certificates then outstanding, or (iii) cause either REMIC I or
REMIC II to fail to qualify as a REMIC for federal income tax purposes, as
evidenced by an Opinion of Independent Counsel which shall be provided to the
Trustee other than at the Trustee's expense.

          (c) Promptly after the execution of any such amendment, the Trustee
shall furnish a copy of such amendment or written notification of the substance
of such amendment to each Certificateholder, with a copy to the Rating Agencies.

          (d) In the case of an amendment under Subsection 11.02(b) above, it
shall not be necessary for the Certificateholders to approve the particular form
of such an amendment. Rather, it shall be sufficient if the Certificateholders
approve the substance of the amendment. 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.

          Section 11.03. RECORDATION OF AGREEMENT. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the Mortgaged Properties are situated, and
in any other appropriate public recording office or elsewhere. The Master
Servicer shall effect such recordation, at its expense upon the request in
writing of a Certificateholder, but only if such direction is accompanied by an
Opinion of Counsel (provided at the expense of the Certificateholder requesting
recordation) to the effect that such recordation would materially and
beneficially affect the interests of the Certificateholders or is required by
law.

          Section 11.04. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. (a) The
death or incapacity of any Certificateholder shall not terminate this Agreement
or the Trust, nor entitle such Certificateholder's legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding up of the Trust, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

          (b) Except as expressly provided in this Agreement, no
Certificateholders shall have any right to vote or in any manner otherwise
control the operation and management of the Trust, 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 establish the Certificateholders from
time to time as partners or members of an association; nor shall any
Certificateholders be under any liability to any third Person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

          (c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon, under or with respect to this Agreement against the
Seller, the Master Servicer or any successor to any such parties unless (i) such
Certificateholder previously shall have given to the Trustee a written notice of
a continuing default, as herein provided, (ii) the Holders of Certificates
evidencing Fractional Undivided Interests aggregating not less than _______% of
the Trust Fund shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder and shall
have offered to the Trustee such reasonable indemnity as it may require against
the costs and expenses and liabilities to be incurred therein or thereby, and
(iii) 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.

          (d) No one or more Certificateholders shall have any right by virtue
of any provision of this Agreement to affect the rights of any other
Certificateholders or to obtain or seek to obtain priority or preference over
any other such Certificateholder, or to enforce any right under this Agreement,
except in the manner herein provided and for the equal, ratable and common
benefit of all Certificateholders. For the protection and enforcement of the
provisions of this Section 11.04, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

          Section 11.05. ACTS OF CERTIFICATEHOLDERS. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Agreement to be given or taken by Certificateholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Certificateholders in person or by an agent duly appointed in writing.
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is expressly required, to the Seller. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Agreement and conclusive in favor of the Trustee and the Seller,
if made in the manner provided in this Section 11.05.

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

          (c) The ownership of Certificates (notwithstanding any notation of
ownership or other writing on such Certificates, except an endorsement in
accordance with Section 5.02 made on a Certificate presented in accordance with
Section 5.04) shall be proved by the Certificate Register, and neither the
Trustee, the Seller, the Master Servicer nor any successor to any such parties
shall be affected by any notice to the contrary.

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

          (e) In determining whether the Holders of the requisite percentage of
Certificates evidencing Fractional Undivided Interests have given any request,
demand, authorization, direction, notice, consent or waiver hereunder,
Certificates owned by the Trustee, the Seller, the Master Servicer or any
Sub-Servicer or any Affiliate thereof shall be disregarded, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Certificates which the Trustee knows to be so owned shall be so disregarded.
Certificates which have been pledged in good faith to the Trustee, the Seller,
the Master Servicer or any Sub-Servicer or any Affiliate thereof may be regarded
as outstanding if the pledgor establishes to the satisfaction of the Trustee the
pledgor's right to act with respect to such Certificates and that the pledgor is
not an Affiliate of the Trustee, the Seller, the Master Servicer or any
Sub-Servicer, as the case may be.

          Section 11.06. [Reserved]

          Section 11.07. GOVERNING LAW. THIS AGREEMENT AND THE CERTIFICATES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO ITS CONFLICT OF LAWS RULES AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          Section 11.08. NOTICES. All demands and notices hereunder shall be in
writing and shall be deemed given when delivered at or mailed by registered
mail, return receipt requested, postage prepaid, or by recognized overnight
courier, to (i) in the case of the Seller, 245 Park Avenue, New York, New York
10167, Attention: ____________, or such other address as may hereafter be
furnished to the other parties hereto in writing; (ii) in the case of
[CORPORATION 1], ______________________, Attention:_________ or such other
address as may hereafter be furnished to the other parties hereto in writing;
(iii) in the case of the Trustee, at its Corporate Trust Office, or such other
address as may hereafter be furnished to the other parties hereto in writing; or
(iv) in the case of the Rating Agencies, ______________________, Attention:
_____________ and ________________________, Attention: _____________. Any notice
delivered to the Seller, the Master Servicer or the Trustee under this Agreement
shall be effective only upon receipt. Any notice required or permitted to be
mailed to a Certificateholder, unless otherwise provided herein, shall be given
by first-class mail, postage prepaid, at the address of such Certificateholder
as shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Certificateholder receives such notice.

          Section 11.09. 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 severed from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

          Section 11.10. SUCCESSORS AND ASSIGNS. The provisions of this
Agreement shall be binding upon and inure to the benefit of the respective
successors and assigns of the parties hereto.

          Section 11.11. 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.

          Section 11.12. COUNTERPARTS. This Agreement may be executed in two or
more counterparts each of which when so executed and delivered shall be an
original but all of which together shall constitute one and the same instrument.

          Section 11.13. NOTICE TO RATING AGENCIES. The article and section
headings herein are for convenience of reference only, and shall not limited or
otherwise affect the meaning hereof. 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:

          1. Any material change or amendment to this Agreement;

          2. The occurrence of any Event of Default that has not been cured;

          3. The resignation or termination of the Master Servicer or the
Trustee;

          4. The repurchase or substitution of Mortgage Loans;

          5. The final payment to Certificateholders; and

          6. Any change in the location of the Custody Account or the
Certificate Account.

          In addition, in accordance with Section 6.06 and Section 3.16, the
Trustee and the Master Servicer, respectively, shall promptly furnish to each
Rating Agency copies of the following:

          1. Each report to Certificateholders described in Section 6.06; and

          2. Each annual independent public accountants' servicing report
received as described in Section 3.16.

<PAGE>
          IN WITNESS WHEREOF, the Seller, [CORPORATION 1] and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.

                                    STRUCTURED ASSET MORTGAGE INVESTMENTS INC.,
                                     as Seller

                                    By: __________________________
                                    Name: ________________________
                                    Title: _________________________

                                    [CORPORATION 1],
                                     -------------
                                     as Master Servicer

                                    By: __________________________
                                    Name: ________________________
                                    Title: _________________________

                                    ------------------------------
                                     as Trustee

                                    By: __________________________
                                    Name: ________________________
                                    Title: _________________________

<PAGE>
STATE OF __________)
                   )  ss.:
COUNTY OF _________)

          On the _______ day of ____________, 200_, before me, a notary public
in and for said State, personally appeared _____________________, known to me to
be a _________________ of Structured Asset Mortgage Investments Inc., the
corporation that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                ---------------------
                                                Notary Public

[Notarial Seal]

<PAGE>

STATE OF ________________)
                         )  ss.:
COUNTY OF _______________)

          On the ________ day of ___________ , 200_, before me, a notary public
in and for said State, personally appeared ______________________, known to me
to be a ____________ of __________________, the corporation that executed the
within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                               ---------------------
                                                   Notary Public

[Notarial Seal]

<PAGE>
STATE OF __________)
                   ) ss.:
COUNTY OF _________)

          On the _______day of ______________, 200_, before me, a notary public
in and for said State, personally appeared _____________________, known to me to
be a ______________ of ___________________________, the ________________ that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said bank and acknowledged to me that such bank
executed the within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                            ---------------------
                                                 Notary Public

[Notarial Seal]

<PAGE>
                                                                     EXHIBIT A-1

                          FORM OF FACE OF CERTIFICATES

<PAGE>
THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN,
STRUCTURED ASSET MORTGAGE INVESTMENTS INC., [CORPORATION 1] (THE "COMPANY") OR
THE TRUSTEE REFERRED TO BELOW OR ANY OF THEIR RESPECTIVE AFFILIATES AND IS NOT
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.
     THIS CERTIFICATE IS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
INVESTMENT CONDUIT" (A "REMIC"), AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE").
     THE CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE
PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE
CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DIFFERENT
FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE NAMED HEREIN.
     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

                       MORTGAGE PASS-THROUGH CERTIFICATE,
NO.                                                              SERIES 200_-_
                   EVIDENCING A BENEFICIAL INTEREST IN A TRUST
    CONSISTING PRIMARILY OF CONVENTIONAL, [FIRST] LIEN MORTGAGE LOANS SOLD BY

                   STRUCTURED ASSET MORTGAGE INVESTMENTS INC.

CUT-OFF DATE                  :  ___________, 200_   CLASS
:  --------------
FIRST DISTRIBUTION DATE       :  ___________, 200_   INITIAL PRINCIPAL AMOUNT
ASSUMED FINAL DISTRIBUTION    :  ____________,20__   OF THIS CERTIFICATE
DATE                                                     ("DENOMINATION")
:  --------------
MASTER SERVICER               :  _________________   APPROXIMATE ORIGINAL CLASS
PASS-THROUGH RATE             :  _____%              PRINCIPAL AMOUNT
:  --------------

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the Fractional
Undivided Interest evidenced hereby in the beneficial ownership interest of
Certificates of the same Class as this Certificate in a trust (the "Trust")
consisting primarily of conventional one- to four- family, fully amortizing,
[first] lien mortgage loans (collectively, the "Mortgage Loans") sold by
Structured Asset Mortgage Investments Inc. (the "Company"). The Mortgage Loans
were sold by [CORPORATION 1] to the Company. [Corporation 1] will act as master
servicer of the Mortgage Loans (the "Master Servicer," which term includes any
successors thereto under the Agreement referred to below). The Trust was created
pursuant to the Pooling and Servicing Agreement dated as of the Cut-off Date
specified above (the "Agreement"), by and among the Company, as seller,
[CORPORATION 1], as Master Servicer, and ____________________, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, capitalized terms used herein
shall have the meaning ascribed to them 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 its
acceptance hereof assents and by which such Holder is bound.
        Interest on this Certificate will accrue during the month prior to the
month in which a Distribution Date (as hereinafter defined) occurs on the
Current Principal Amount hereof at a per annum rate equal to the Pass-Through
Rate. The Trustee will distribute on the _____ day of each month, or, if such
_____ day is not a Business Day, the immediately following Business Day (each, a
"Distribution Date"), commencing on the First Distribution Date specified above,
to the Person in whose name this Certificate is registered at the close of
business on the last Business Day of the calendar month preceding the month of
such Distribution Date, an amount equal to the product of the Fractional
Undivided interest evidenced by this Certificate and the amount required to be
distributed to Holders of Certificates of the same Class as this Certificate.
The Assumed Final Distribution Date is the first anniversary of the Distribution
Date immediately following the latest scheduled maturity date of any Mortgage
Loan and is not likely to be the date on which the Current Principal Amount of
this Class of Certificates will be reduced to zero.
        Distributions on this Certificate will be made by the Trustee by check
mailed to the address of the Person entitled thereto as such name and address
shall appear on the Certificate Register or, if such Person so requests by
notifying the Trustee in writing as specified in the Agreement and if such
Person holds Certificates with an initial aggregate Current Principal Amount
and/or initial aggregate notional amount of not less than $________________, in
immediately available funds (by wire transfer or otherwise) to the account
specified in writing by such Person to the Trustee. Notwithstanding the above,
the final distribution on this Certificate will be made after due notice by the
Trustee of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency appointed by the Trustee
for that purpose and designated in such notice.
      Unless this Certificate has been countersigned by an authorized signatory
of the Trustee by manual signature, this Certificate shall not be entitled to
any benefit under the Agreement, or be valid for any purpose.

      IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

DATED: __________, 200_
                                                 [                     ],
Countersigned:                                   Not in its individual capacity
                                                 but solely as Trustee

By_____________________________________________
  Authorized signatory of [          ]           By_____________________________
  [          ], not in its                       AUTHORIZED OFFICER
  individual capacity but solely as Trustee

<PAGE>

                                                                     EXHIBIT A-2

                         FORM OF REVERSE OF CERTIFICATES

<PAGE>
                   STRUCTURED ASSET MORTGAGE INVESTMENTS INC.
                MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 200_-_

     This Certificate is one of a duly authorized issue of Certificates
designated as set forth on the face hereof (the "Certificates"), issued in
twenty-two Classes. The Certificates, in the aggregate, evidence the entire
beneficial ownership interest in the Trust formed pursuant to the Agreement.

     The Certificateholder, by its acceptance of ths Certificate, agrees that it
will look solely to the Trust 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 hereby, and the rights, duties and
immunities of the Trustee.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations ofthe
Master Servicer and the rights of the Certificateholders under the Agreement
from time to time by the Master Servicer and the Trustee with the consent of the
Holders of Certificates evidencing Fractional Undivided Interests aggregating
not less than ___% (or in certain cases, Holders of Certificates of affected
Classes evidencing such percentage of the Fractional Undivided Interests
thereof). 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 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 with the Trustee upon
surrender of this Certificate for registration of transfer atthe offices or
agencies maintained by the Trustee in the ____ of __________, State of
__________, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee duly executed by the Holder hereof or such
Holder's attorney duly autorized in writing, and thereupon one or more new
Certificates in authorized denominations representing a like aggregate
Fractional Undivided Interest will be issued to the designated transferee.

     The Certificates are issuable only as registered Certificates without
coupons in the Classes and denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, this
Certificate is exchangeable for one or more new Certificates evidencing the same
Class and in the same aggregate Fractional Undivided Interest, as requested by
the Holder surrendering the same.

     No service charge will be made to the Certificateholders for any such
registration of transfer, but the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith. The Master Servicer, the Trustee and any agent of any of them may
treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and neither the Master Servicer, the Trustee nor any
such agent shall be affected by notice to the contrary.

     The obligations created by the Agreement and the Trust created thereby
(other than the obligations to make payments to Certificateholders with respect
to the termination of the Agreement) shall terminate upon the earlier of (i) the
later of the (A) final payment or other liquidation (or Monthly Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust and (B)
disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and the remittance of all funds due under the
Agreement, or (ii) the optional repurchase by the party named in the Agreement
of all the Mortgage Loans and other assets of the Trust in accordance with the
terms of the Agreement. Such optional repurchase may be made only on or after
the Distribution Date on which the aggregate unpaid principal balance of the
Mortgage Loans is less than 10% of the aggregate Scheduled Principal Balance of
the Mortgage Loans at the Cut-Off Date. The exercise of such right will effect
the early retirement of the Certificates. The Trust also may be terminated on
any Distribution Date upon the determination, based upon an opinion of counsel,
that REMIC status of REMIC I or REMIC II has been lost or that a substantial
risk exists that such status will be lost for the then current year. In no
event, however, will the Trust created by the Agreement continue beyond the
expiration of 21 years after the death of certain persons identified in the
Agreement.

                                   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 assignee)

the within Certificate and hereby authorizes the transfer of registration of
such interest to the assignee on the Certificate Register of the Trust.

     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

                                   ___________________________________________
                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ----------------------------------------------------------
for the account of ----------------------------------------------------------
account number ____________________________, or, if mailed by check to
----------------------------------------------------------------------
Applicable statements should be mailed to------------------------------------
This information is provided by ---------------------------------------------
the assignee named above, or --------------------------------,
as its agent.

<PAGE>
                                                                       EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

<PAGE>
                                                                       EXHIBIT C

                REPRESENTATIONS AND WARRANTIES OF [CORPORATION 1]
                          CONCERNING THE MORTGAGE LOANS

     Capitalized terms used herein shall have the meanings set forth in the
Seller Contract and not in the Pooling and Servicing Agreement.

          (a) the information set forth and to be set forth in the Final
     Mortgage Loan Schedules hereto was and will be true and correct in all
     material respects at the date or dates respecting which such information is
     furnished, and the Seller's Information (as defined in Section 14(a)
     hereof) does not include any untrue statement of a material fact or omit to
     state a material fact necessary in order to make the statements made, in
     light of the circumstances under which they were made, not misleading
     (provided, however, that no representation or warranty is made with respect
     to the portion of the Seller's Information included in the Prospectus
     Supplement under the headings "Description of the Mortgage Loans--General"
     and "Description of the Mortgage Loans--The Master Servicer;

          (b) the terms of the Mortgage Note and the Mortgage have not been
     impaired, waived, altered or modified in any respect, except by written
     instruments, if required by law in the jurisdiction where the Mortgaged
     Property is located;

          (c) except as otherwise set forth in the Preliminary Mortgage Loan
     Schedule or the Final Mortgage Loan Schedule, the Mortgage File for each
     Mortgage Loan contains a true, accurate and complete copy of each of the
     documents contained in such Mortgage File, including all amendments,
     modifications and, if applicable, waivers and assumptions that have been
     executed in connection with such Mortgage Loan;

          (d) immediately prior to the transfer to the Purchaser, the Seller was
     the sole owner of beneficial title and holder of each Mortgage and Mortgage
     Note relating to the Mortgage Loans and is conveying the same free and
     clear of any and all liens, claims, encumbrances, participation interests,
     equities, pledges, charges or security interests of any nature and the
     Seller has full right and authority to sell or assign the same pursuant to
     this Agreement;

          (e) each Mortgage is a valid and enforceable first lien on the
     property securing the related Mortgage Note and each Mortgaged Property is
     owned by the Mortgagor in fee simple (except with respect to common areas
     in the case of condominiums, PUDs and DE MINIMIS PUDs) or by leasehold for
     a term longer than the term of the related Mortgage, subject only to (i)
     the lien of current real property taxes and assessments, (ii) covenants,
     conditions and restrictions, rights of way, easements and other matters of
     public record as of the date of recording of such Mortgage, such exceptions
     being acceptable to mortgage lending institutions generally or specifically
     reflected in the appraisal obtained in connection with the origination of
     the related Mortgage Loan or referred to in the lender's title insurance
     policy delivered to the originator of the related Mortgage Loan and (iii)
     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 such Mortgage;

          (f) as of the Cut-Off Date, no payment of principal of or interest on
     or in respect of any Mortgage Loan is 30 or more days past due;

          (g) there is no mechanics' lien or claim for work, labor or material
     affecting the premises subject to any Mortgage which is or may be a lien
     prior to, or equal with, the lien of such Mortgage except those which are
     insured against by the title insurance policy referred to in (l) below;

          (h) as of the Cut-Off Date, (i) no Mortgage Loan had been 30 days or
     more delinquent more than once during the preceding 12 months, (ii) no
     Mortgage Loan had been delinquent for 60 days or more during the preceding
     12 months and (iii) there was no delinquent tax or assessment lien against
     the property subject to any Mortgage, except where such lien was being
     contested in good faith and a stay had been granted against levying on the
     property;

          (i) there is no valid offset, defense or counterclaim to any Mortgage
     Note or Mortgage, including the obligation of the Mortgagor to pay the
     unpaid principal and interest on such Mortgage Note;

          (j) except to the extent insurance is in place which will cover such
     damage, the physical property subject to any Mortgage is free of material
     damage and is in good repair and there is no proceeding pending or
     threatened for the total or partial condemnation of any Mortgaged Property;

          (k) each Mortgage Loan at the time it was made complied in all
     material respects with applicable state and federal laws, including,
     without limitation, usury, equal credit opportunity and disclosure laws;
     each Mortgage Loan is being serviced in all material respects in accordance
     with applicable state and federal laws, including, without limitation,
     usury, equal credit opportunity and disclosure laws;

          (l) a lender's title insurance policy (on an ALTA or CLTA form) or
     binder, or other assurance of title customary in the relevant jurisdiction
     therefor in a form acceptable to Freddie Mac or Fannie Mae, was issued on
     the date of the origination of each related Mortgage Loan by a title
     insurance company qualified to do business in the jurisdiction where the
     related Mortgaged Property is located, insuring the Seller and its
     successors and assigns that the Mortgage is a first priority lien on the
     related Mortgaged Property in the original principal amount of the Mortgage
     Loan. Seller is the sole insured under such lender's title insurance
     policy, and such policy, binder or assurance is valid and remains in full
     force and effect, and each such policy, binder or assurance shall contain
     all applicable endorsements including a negative amortization endorsement,
     if applicable;

          (m) in the event the Mortgage constitutes a deed of trust, either a
     trustee, duly qualified under applicable law to serve as such, has been
     properly designated and currently so serves and is named in the Mortgage or
     if no duly qualified trustee has been properly designated and so serves,
     the Mortgage contains satisfactory provisions for the appointment of such
     trustee by the holder of the Mortgage at no cost or expense to such holder,
     and no fees or expenses are or will become payable by Purchaser to the
     trustee under the deed of trust, except in connection with a trustee's sale
     after default by the mortgagor;

          (n) the original principal amount of each Mortgage Loan is not more
     than _______% of the Original Value; with the exception of two Group I
     Mortgage Loans with a Cut-Off Date Scheduled Principal Balance of
     approximately $____________and seven Group II Mortgage Loans with a Cut-Off
     Date Scheduled Principal Balance of approximately $__________, each
     Mortgage Loan for which the outstanding principal as of the Cut-Off Date of
     the related Mortgage Note exceeded _______% of the Original Value is
     covered by a Primary Mortgage Insurance Policy issued by a private mortgage
     insurer insuring against default under the Mortgage Note in an amount at
     least equal to the excess of such outstanding principal amount over
     _______% of such Original Value until the principal balance of such
     Mortgage Loan is reduced below _________% of the Original Value or, based
     upon a new appraisal, the principal balance of such Mortgage Loan
     represents less than _______% of the new appraised value; all of the
     insurers which have Primary Mortgage Insurance Policies with respect to the
     Mortgage Loans meet Freddie Mac's, Fannie Mae's and the Rating Agencies'
     standards. The weighted average Loan-to-Value Ratio of the Group I Mortgage
     Loans and Group II Mortgage Loans does not exceed ______% and ______%,
     respectively, and the percentage (by aggregate principal balance) of Group
     I Mortgage Loans and Group II Mortgage Loans having Loan-to-Value Ratios in
     excess of _______% does not exceed _______% and _______%, respectively;

          (o) [Omitted]

          (p) at the time of origination, each Mortgaged Property was the
     subject of an appraisal which conforms to the Seller's underwriting
     requirements, and a true, accurate and complete copy of such appraisal is
     contained in the Mortgage File;

          (q) on the basis of a representation by the borrower at the time of
     origination of the Mortgage Loans, at least ________% of the Group I
     Mortgage Loans and _______% of the Group II Mortgage Loans (by aggregate
     principal balance) will be secured by Mortgages on owner-occupied primary
     residence properties;

          (r) neither the Seller nor any servicer of the related Mortgage Loans
     has advanced funds or knowingly received any advance of funds by a party
     other than the Mortgagor, directly or indirectly, for the payment of any
     amount required by the Mortgage, except for (i) interest accruing from the
     date of the related Mortgage Note or date of disbursement of the Mortgage
     Loan proceeds, whichever is later, to the date which precedes by 30 days
     the first Due Date under the related Mortgage Note, and (ii) customary
     advances for insurance and taxes;

          (s) each Mortgage Note, the related Mortgage and other agreements
     executed in connection therewith are genuine, and each is the legal, valid
     and binding obligation of the maker thereof, enforceable in accordance with
     its terms except as such enforcement may be limited by bankruptcy,
     insolvency, reorganization or other similar laws affecting the enforcement
     of creditors' rights generally and by general equity principles (regardless
     of whether such enforcement is considered in a proceeding in equity or at
     law); and all parties to each Mortgage Note and the Mortgage had legal
     capacity to execute the Mortgage Note and the Mortgage and each Mortgage
     Note and Mortgage has been duly and properly executed by the Mortgagor;

          (t) to the extent required under applicable law, each originator and
     subsequent mortgagee or servicer of the Mortgage Loans was authorized to
     transact and do business in the jurisdiction in which the related Mortgaged
     Property is located at all times when it held or serviced the Mortgage
     Loan; and any obligations of the holder of the related Mortgage Note,
     Mortgage and other loan documents have been complied with in all material
     respects; servicing of each Mortgage Loan has been in accordance with
     Seller's servicing requirements and the terms of the Mortgage Notes, the
     Mortgage and other loan documents, whether such origination and servicing
     was done by the Seller, its affiliates, or any third party which originated
     the Mortgage Loan on behalf of, or sold the Mortgage Loan to, any of them,
     or any servicing agent of any of the foregoing;

          (u) the related Mortgage Note and Mortgage contain customary and
     enforceable provisions such as to render the rights and remedies of the
     holder adequate for the realization against the Mortgaged Property of the
     benefits of the security, including realization by judicial, or, if
     applicable, non-judicial foreclosure, and there is no homestead or other
     exemption available to the Mortgagor which would interfere with such right
     to foreclosure;

          (v) the proceeds of the Mortgage Loans have been fully disbursed,
     there is no requirement for future advances thereunder and any and all
     requirements as to completion of any on-site or off-site improvements and
     as to disbursements of any escrow funds therefor have been complied with;
     and all costs, fees and expenses incurred in making, closing or recording
     the Mortgage Loan have been paid, except recording fees with respect to
     Mortgages not recorded as of the Closing Date;

          (w) as of the Closing Date, the improvements on each Mortgaged
     Property securing a Mortgage Loan is insured (by an insurer which is
     acceptable to the Seller) against loss by fire and such hazards as are
     covered under a standard extended coverage endorsement in the locale in
     which the Mortgaged Property is located, in an amount which is not less
     than the lesser of the maximum insurable value of the improvements securing
     such Mortgage Loan and the outstanding principal balance of the Mortgage
     Loan, but in no event in an amount less than an amount that is required to
     prevent the Mortgagor from being deemed to be a co-insurer thereunder; if
     the improvement on the Mortgaged Property is a condominium unit, it is
     included under the coverage afforded by a blanket policy for the
     condominium project; if upon origination of the related Mortgage Loan, the
     improvements on the Mortgaged Property were in an area identified as a
     federally designated flood area, a flood insurance policy is in effect in
     an amount representing coverage not less than the lesser of (i) the
     outstanding principal balance of the Mortgage Loan, (ii) the restorable
     cost of improvements located on such Mortgaged Property and (iii) the
     maximum coverage available under federal law; and each Mortgage obligates
     the Mortgagor thereunder to maintain the insurance referred to in the
     Mortgage at the Mortgagor's cost and expense;

          (x) there is no material monetary default existing under any Mortgage
     or the related Mortgage Note and there is no material event which, with the
     passage of time or with notice and the expiration of any grace or cure
     period, would constitute a default, breach or event of acceleration; and
     neither the Seller, any of its affiliates nor any servicer of any related
     Mortgage Loan has taken any action to waive any default, breach or event of
     acceleration; no foreclosure action is threatened or has been commenced
     with respect to the Mortgage Loan;

          (y) no Mortgagor, at the time of origination of the applicable
     Mortgage, was a debtor in any state or federal bankruptcy or insolvency
     proceeding;

          (z) each Mortgage Loan was originated by a savings and loan
     association, savings bank, commercial bank, credit union, insurance company
     or similar institution which is supervised and examined by a federal or
     State authority, or by a mortgagee approved by the Secretary of Housing and
     Urban Development pursuant to Sections 203 and 211 of the National Housing
     Act;

          (aa) all inspections, licenses and certificates required to be made or
     issued with respect to all occupied portions of the Mortgaged Property and,
     with respect to the use and occupancy of the same, including, but not
     limited to, certificates of occupancy and fire underwriting certificates,
     have been made or obtained from the appropriate authorities;

          (bb) the Mortgaged Property and all improvements thereon comply with
     all requirements of any applicable zoning and subdivision laws and
     ordinances;

          (cc) no instrument of release or waiver has been executed in
     connection with the Mortgage Loans, and no Mortgagor has been released, in
     whole or in part, except in connection with an assumption agreement which
     has been approved by the primary mortgage guaranty insurer, if any, and
     which has been delivered to the Trustee;

          (dd) except as otherwise provided in the Preliminary Mortgage Loan
     Schedule or the Final Mortgage Loan Schedule, no Mortgage Loan provides for
     a balloon payment and each Mortgage Note contains provisions providing for
     its full amortization by the end of its original term and is payable on the
     first day of each month in monthly installments of principal and interest,
     with interest payable in arrears, over an original term of not more than 15
     years in the case of the 15-Year Mortgage Loans or 30 years in the case of
     the 30-Year Mortgage Loans;

          (ee) no Mortgage Loan was originated based on an appraisal of the
     related Mortgaged Property made prior to completion of construction of the
     improvements thereon unless a certificate of completion was obtained prior
     to closing of the Mortgage Loan;

          (ff) each of the Mortgaged Properties consists of a single parcel of
     real property with a detached single-family residence erected thereon, or a
     two- to four-family dwelling, or a townhouse, or an individual condominium
     unit in a condominium project or an individual unit in a planned unit
     development. No Mortgaged Property consists of a single parcel of real
     property with a cooperative housing development erected thereon. Any
     condominium unit or planned unit development conforms with applicable
     lending guidelines established by the Seller regarding such dwellings.
     Measured by principal balance, no more than ________% and ______% of the
     Group I Mortgage Loans and Group II Mortgage Loans, respectively, are
     secured by an individual unit in a low-rise or high-rise condominium
     project, none are secured by real property with a townhouse erected
     thereon, and at least _______% and ______% of the Group I Mortgage Loans
     and the Group II Mortgage Loans, respectively, are secured by real property
     with a detached single-family residence erected thereon. None of the
     Mortgage Loans is a mobile home or manufactured dwelling;

          (gg) with the exception of two Group I Mortgage Loans, none of the
     Mortgage Loans is a buydown Mortgage Loan;

          (hh) as of the Cut-Off Date, (A) the Net Rate of each Group I Mortgage
     Loan was not more than _______% per annum and not less than _______% per
     annum, and the weighted average Net Rate of the Group I Mortgage Loans was
     approximately _______% per annum and (B) the Net Rate of each Group II
     Mortgage Loan was not more than _______% per annum and not less than
     _______% per annum, and the weighted average Net Rate of the Group II
     Mortgage Loans was approximately _______% per annum;

          (ii) the Mortgage Loans were not selected from mortgage loans owned by
     the Seller in a manner to affect adversely the interests of the Purchaser
     or the holders of the Certificates;

          (jj) as of the Cut-Off Date, (A) the remaining term of each __-Year
     Mortgage Loan is not more than ___ months and not less than ___ months in
     the case of the Group I Mortgage Loans or ___ months in the case of the
     Group II Mortgage Loans and (B) the remaining term of each __-Year Mortgage
     Loan is not more than ___ months and not less than ___ months in the case
     of the Group I Mortgage Loans or ___ months in the case of the Group II
     Mortgage Loans;

          (kk) as of the Cut-Off Date, no more than _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and the Group II Mortgage
     Loans, respectively, are cash-out refinances;

          (ll) as of the Cut-Off Date, no more than _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, are rate and term refinances;

          (mm) as of the Cut-Off Date, no fewer than _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, are purchase money loans;

          (nn) as of the Cut-Off Date, no more than _______%, _______%, _______%
     and _______% of the Group I Mortgage Loans (by principal balance) and no
     more than _______%, _______%, ________% and _______% of the Group II
     Mortgage Loans (by principal balance) are secured by properties located in
     the states of __________, ___________, __________ and ___________,
     respectively, and no more than _______% of the Group I Mortgage Loans or
     Group II Mortgage Loans (by principal balance) are located in any other
     state;

          (oo) the original principal balances of the Group I Mortgage Loans and
     the Group II Mortgage Loans ranged from approximately $_____________ to
     approximately $____________ and approximately $____________ to
     approximately $____________, respectively. The maximum outstanding
     principal balance of any Group I Mortgage Loan and Group II Mortgage Loan
     as of the Cut-off Date was approximately $_____________ and $____________,
     respectively, and the average outstanding principal balance was
     approximately $_____________ and $____________, respectively;

          (pp) with respect to Mortgaged Properties at the time of origination
     of the related Group I Mortgage Loans and Group II Mortgage Loans, measured
     by aggregate unpaid principal balance as of the Cut-off Date, at least
     _______% and ______%, respectively, of the Mortgaged Properties are owner
     occupied primary residences, no more than ______% and ________%,
     respectively, of the Mortgaged Properties are second homes and
     approximately _______% and _______%, respectively, of the Mortgaged
     Properties are investor owned properties. Each Mortgaged Property is
     lawfully occupied under applicable law;

          (qq) as of the Cut-off Date, (A) approximately _______% and _________%
     (by principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, are __-Year Mortgage Loans and (B) approximately
     _______% and _______% (by principal balance) of the Group I Mortgage Loans
     and Group II Mortgage Loans, respectively, are __-Year Mortgage Loans;

          (rr) as of the Cut-off Date, approximately _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Series I of the _____________ Loan Series Program;

          (ss) as of the Cut-off Date, approximately _______% and ________% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Series II of the ______________ Loan Series Program; and

          (tt) as of the Cut-off Date, approximately _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Series III of the ______________ Loan Series Program.

          (uu) as of the Cut-off Date, approximately _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Series III+ of the ______________ Loan Series Program.

          (vv) as of the Cut-off Date, approximately _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Series IV of the _____________ Loan Series Program.

          (ww) as of the Cut-off Date, approximately _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Series V of the ______________ Loan Series Program.

          (xx) as of the Cut-off Date, approximately _______% and _______% (by
     principal balance) of the Group I Mortgage Loans and Group II Mortgage
     Loans, respectively, were originated under, or in accordance with the
     standards of, Other Underwriting Programs.

<PAGE>

                                                                       EXHIBIT D

                               REQUEST FOR RELEASE
                                  (for Trustee)

LOAN INFORMATION

        Name of Mortgagor: _____________________________

        Loan No.:                          ____________________________

TRUSTEE

        Name:                     ____________________________
        Address:                  ____________________________

        Trustee Mortgage
        File No.:                          _____________________________

MASTER SERVICER

        Name:                     _____________________________
        Address:                  _____________________________

        Certificates:             Mortgage Pass-Through Certificates,
                                           Series 200_-_

          The undersigned hereby acknowledges that it has received from
_______________________, as Trustee for the holders of Structured Asset Mortgage
Investments Inc. Mortgage Pass-Through Certificates, Series 200_-_, 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 dated as of _________, 200_ (the "Pooling
and Servicing Agreement") among the Trustee, [CORPORATION 1] and Structured
Asset Mortgage Investments Inc.

( )  Mortgage Note dated ________, 200_, in the original principal sum of
     $____________, made by _____________, payable to, or endorsed to the order
     of, the Trustee.

( )  Mortgage recorded on ______________, 200_, 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 hereby acknowledges and agrees as follows:

          (1) The Master Servicer shall, and if the Master Servicer releases the
     Documents to a Sub-Servicer or related Insurer the Master Servicer shall
     cause such Sub-Servicer or related Insurer to, hold and retain possession
     of the Documents in trust for the benefit of the Trustee, solely for the
     purposes provided in the Agreement.

          (2) The Master Servicer shall not cause or 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 Master
     Servicer assert or seek to assert any claims or rights of setoff to or
     against the Documents or any proceeds thereof.

          (3) The Master Servicer shall return the Documents to the Trustee when
     the need therefor no longer exists, and in any event within 21 days of the
     Master Servicer's receipt thereof, unless the Mortgage Loan relating to the
     Documents has been liquidated and the proceeds thereof have been remitted
     to the Certificate Account or the Documents are being used to pursue
     foreclosure or other legal proceedings and except as expressly provided in
     the Agreement.

          (4) Prior to the return of the Documents to the Trustee, the Master
     Servicer shall, and if the Master Servicer releases such Documents to a
     Sub-Servicer or related Insurer, the Master Servicer shall cause such
     Sub-Servicer or related Insurer to, retain the Documents in its control
     unless the Documents have been delivered to an attorney, or to a public
     trustee or other public official as required by law, to initiate or pursue
     legal action or other proceedings for the foreclosure of the Mortgaged
     Property either judicially or nonjudicially, and the Master Servicer has
     delivered to the Trustee a certificate of a Servicing Officer certifying as
     to the name and address of the Person to which the Documents were delivered
     and the purpose or purposes of such delivery.

          (5) The Documents and any proceeds thereof, including any proceeds of
     proceeds, coming into the possession or control of the Master Servicer
     shall at all times be earmarked for the account of the Trustee, and the
     Master Servicer shall keep the Documents and any proceeds separate and
     distinct from all other property in the possession, custody or control of
     the Master Servicer.

Date:   ______________________, 20__

                                  [Name of Master Servicer]

                                  By: _______________________________________
                                  Its: ______________________________________

<PAGE>
                                                                       EXHIBIT E

                                                           Affidavit pursuant to
                                                       Section 860E(e)(4) of the
                                                        Internal Revenue Code of
                                                       1986, as amended, and for
                                                                  other purposes

STATE OF           )
                   ) ss:
COUNTY OF          )

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

          1. That he is [Title of Officer] of [Name of Investor] (the
"Investor"), a [savings institution] [corporation] duly organized and existing
under the laws of [the State of ] [the United States], on behalf of which he
makes this affidavit.

          2. That (i) the Investor is not a "disqualified organization" as
defined in Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended,
and will not be a disqualified organization as of [Closing Date] [date of
purchase]; (ii) it is not acquiring the Structured Asset Mortgage Investments
Inc. Mortgage Pass-Through Certificates, Series 200_-_, Class R-1 or Class R-2
Certificates (the "Residual Certificates") for the account of a disqualified
organization; (iii) it consents to any amendment of the Pooling and Servicing
Agreement that shall be deemed necessary by Structured Asset Mortgage
Investments Inc. (upon advice of counsel) to constitute a reasonable arrangement
to ensure that the Residual Certificates will not be owned directly or
indirectly by a disqualified organization; and (iv) it will not transfer such
Residual Certificates unless (a) it has received from the transferee an
affidavit in substantially the same form as this affidavit containing these same
four representations and (b) as of the time of the transfer, it does not have
actual knowledge that such affidavit is false.

          3. That the Investor is one of the following: (i) a citizen or
resident of the United States, (ii) a corporation, partnership or other entity
created or organized in or under the laws of the United States or any political
subdivision thereof or (iii) an estate or trust that is subject to U.S. federal
income tax regardless of the source of its income.

          4. That the Investor's taxpayer identification number is ___________.

          5. That no purpose of the acquisition of the Residual Certificates is
to avoid or impede the assessment or collection of tax.

          6. That the Investor understands that, as the holder of the Residual
Certificates, the Investor may incur tax liabilities in excess of any cash flows
generated by such Residual Certificates.

          7. That the Investor intends to pay taxes associated with holding the
Residual Certificates as they become due.

          IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[Title of Officer] this day of , 200_.

                                          [NAME OF INVESTOR]

                                          By_____________
                                          [Name of Officer]
                                          [Title of Officer]
                                          [Address of Investor for
                                           receipt of distributions]

                                          Address of Investor
                                          for receipt of tax
                                          information:

<PAGE>

          Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Investor, and acknowledged to me that he
executed the same as his free act and deed and the free act and deed of the
Investor.

          Subscribed and sworn before me this day of , 200_. --- -------

__________________________________
NOTARY PUBLIC

COUNTY OF
          -------------

STATE OF
         --------------

My commission expires the ___ day of ___________, 20__.

<PAGE>
                                                                     EXHIBIT F-1

                            FORM OF INVESTMENT LETTER

                                                                          [Date]

[Name of Seller]
[Address of Seller]

[Name of Trustee]
[Address of Trustee]

Re:      Structured Asset Mortgage Investments Inc., Series 2000_-_
Mortgage Pass-Through Certificates(the "Certificates"),
including the Class B-4, Class B-5 and Class B-6 Certificates
(the "Privately Offered Certificates")

Dear Sirs:

          In connection with our purchase of Privately Offered Certificates, we
confirm that:

               (i)  we understand that the Privately Offered Certificates are
                    not being registered under the Securities Act of 1933, as
                    amended (the "Act") or any applicable state securities or
                    "Blue Sky" laws, and are being sold to us in a transaction
                    that is exempt from the registration requirements of such
                    laws;

               (ii) any information we desired concerning the Certificates,
                    including the Privately Offered Certificates, the trust in
                    which the Certificates represent the entire beneficial
                    ownership interest (the "Trust") or any other matter we
                    deemed relevant to our decision to purchase Privately
                    Offered Certificates has been made available to us;

               (iii) we are able to bear the economic risk of investment in
                    Privately Offered Certificates; we are an institutional
                    "accredited investor" as defined in Section 501(a) of
                    Regulation D promulgated under the Act and a sophisticated
                    institutional investor;

               (iv) we are acquiring Privately Offered Certificates for our own
                    account, not as nominee for any other person, and not with a
                    present view to any distribution or other disposition of the
                    Privately Offered Certificates;

               (v)  we agree the Privately Offered Certificates must be held
                    indefinitely by us (and may not be sold, pledged,
                    hypothecated or in any way disposed of) unless subsequently
                    registered under the Act and any applicable state securities
                    or "Blue Sky" laws or an exemption from the registration
                    requirements of the Act and any applicable state securities
                    or "Blue Sky" laws is available;

               (vi) we agree that in the event that at some future time we wish
                    to dispose of or exchange any of the Privately Offered
                    Certificates (such disposition or exchange not being
                    currently foreseen or contemplated), we will not transfer or
                    exchange any of the Privately Offered Certificates unless:

                         (A) (1) the sale is to an Eligible Purchaser (as
                    defined below), (2) a letter to substantially the same
                    effect as either this letter or, if the Eligible Purchaser
                    is a Qualified Institutional Buyer as defined under Rule
                    144A of the Act, the Rule 144A and Related Matters
                    Certificate in the form attached to the Pooling and
                    Servicing Agreement (as defined below) is executed promptly
                    by the purchaser and delivered to the addressees hereof and
                    (3) all offers or solicitations in connection with the sale,
                    whether directly or through any agent acting on our behalf,
                    are limited only to Eligible Purchasers and are not made by
                    means of any form of general solicitation or general
                    advertising whatsoever; and

                         (B) if the Privately Offered Certificate is not
                    registered under the Act (as to which we acknowledge you
                    have no obligation), the Privately Offered Certificate is
                    sold in a transaction that does not require registration
                    under the Act and any applicable state securities or "blue
                    sky" laws and, if State Street Bank and Trust Company (the
                    "Trustee") so requests, a satisfactory Opinion of Counsel is
                    furnished to such effect, which Opinion of Counsel shall be
                    an expense of the transferor or the transferee;

               (vii) we agree to be bound by all of the terms (including those
                    relating to restrictions on transfer) of the Pooling and
                    Servicing (as defined below), pursuant to which the Trust
                    was formed; we have reviewed carefully and understand the
                    terms of the Pooling and Servicing Agreement;

               (viii) we are not "benefit plan investors," as such term is
                    defined in 29 C.F.R. ss. 2510.3-101 (other than benefit plan
                    investors which are not subject to Title I of ERISA), nor a
                    trustee, fiduciary or other party acting on behalf of any
                    such "benefit plan investors;"

               (ix) We understand that each of the Class B-4, B-5 and B-6
                    Certificates bears, and will continue to bear, a legend to
                    substantiate the following effect: "THIS CERTIFICATE HAS NOT
                    BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
                    1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES
                    LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                    AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
                    PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE
                    ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
                    144A UNDER THE ACT ("RULE 144A") TO A PERSON THAT THE HOLDER
                    REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
                    WITHIN THE MEANING OF RULE 144A (A "QIB"), PURCHASING FOR
                    ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
                    QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
                    REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
                    RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
                    REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF
                    AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN "INSTITUTIONAL
                    ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE
                    501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE ACT
                    PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT,
                    SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER
                    SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B)
                    THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO
                    COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
                    STATES. THIS CERTIFICATE MAY NOT BE TRANSFERRED TO "BENEFIT
                    PLAN INVESTORS," AS SUCH TERM IS DEFINED IN 29
                    C.F.R.SS.2510.3-101 (OTHER THAN BENEFIT PLAN INVESTORS WHICH
                    ARE NOT SUBJECT TO TITLE I OF ERISA), UNLESS THE PROPOSED
                    TRANSFEREE PROVIDES A BENEFIT PLAN OPINION TO THE TRUSTEE."

         "ELIGIBLE PURCHASER" means a corporation, partnership or other entity
which we have reasonable grounds to believe and do believe (i) can make
representations with respect to itself to substantially the same effect as the
representations set forth herein, and (ii) is either a Qualified Institutional
Buyer as defined under Rule 144A of the Act or an institutional "Accredited
Investor" as defined under Rule 501 of the Act.

          Terms not otherwise defined herein shall have the meanings assigned to
them in the Pooling and Servicing Agreement dated as of __________, 200_ among
Structured Asset Mortgage Investments Inc., ___________ and ____________ (the
"Pooling and Servicing Agreement").

          IN WITNESS WHEREOF, this document has been executed by the undersigned
who is duly authorized to do so on behalf of the undersigned Eligible Purchaser
on the ____ day of ________, 20__.

                                            Very truly yours,

                                            [PURCHASER]

                                            By:__________________________
                                                   (Authorized Officer)

                                            By:__________________________
                                                    Attorney-in-fact

<PAGE>
                                                                     EXHIBIT F-2

                FORM OF RULE 144A AND RELATED MATTERS CERTIFICATE

                                                                          [Date]

[Name of Seller]
[Address of Seller]

[Name of Trustee]
[Address of Trustee]

Re:      Structured Asset Mortgage Investments Inc., Series 200_-_
Pass-Through Certificates(the "Certificates"), including the
Class B-4, Class B-5 and Class B-6 Certificates
(the "Privately Offered Certificates")

Dear Sirs:

          In connection with our purchase of Privately Offered Certificates, the
undersigned certifies to each of the parties to whom this letter is addressed
that it is a qualified institutional buyer (as defined in Rule 144A under the
Securities Act of 1933, as amended (the "Act")) as follows:

1.   It owned and/or invested on a discretionary basis eligible securities
     (excluding affiliate's securities, bank deposit notes and CD's, loan
     participations, repurchase agreements, securities owned but subject to a
     repurchase agreement and swaps), as described below:

     Date: _____________, 20__ (must be on or after the close of its most recent
     fiscal year)

     Amount:  $_________________; and

2.   The dollar amount set forth above is:

     a.   greater than $100 million and the undersigned is one of the following
          entities:

          (1)  |_|  an insurance company as defined in Section 2(13) of the Act;
                    or1

__________________
1    A purchase by an insurance company for one or more of its separate
     accounts, as defined by Section 2(a)(37) of the Investment Company Act of
     1940, which are neither registered nor required to be registered
     thereunder, shall be deemed to be a purchase for the account of such
     insurance company.

          (2)  |_|  an investment company registered under the Investment
                    Company Act or any business development company as defined
                    in Section 2(a)(48) of the Investment Company Act of 1940;
                    or

          (3)  |_|  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; or

          (4)  |_|  a plan (i) established and maintained by a state, its
                    political subdivisions, or any agency or instrumentality of
                    a state or its political subdivisions, the laws of which
                    permit the purchase of securities of this type, for the
                    benefit of its employees and (ii) the governing investment
                    guidelines of which permit the purchase of securities of
                    this type; or

          (5)  |_|  a business development company as defined in Section
                    202(a)(22) of the Investment Advisers Act of 1940; or

          (6)  |_|  a corporation (other than a U.S. bank, savings and loan
                    association or equivalent foreign institution), partnership,
                    Massachusetts or similar business trust, or an organization
                    described in Section 501(c)(3) of the Internal Revenue Code;
                    or

          (7)  |_|  a U.S. bank, savings and loan association or equivalent
                    foreign institution, which has an audited net worth of at
                    least $25 million as demonstrated in its latest annual
                    financial statements; or

          (8)  |_|  an investment adviser registered under the Investment
                    Advisers Act; or

     b.   |_|  greater than $10 million, and the undersigned is a broker-dealer
               registered with the SEC; or

     c.   |_|  less than $10 million, and the undersigned is a broker-dealer
               registered with the SEC and will only purchase Rule 144A
               securities in transactions in which it acts as a riskless
               principal (as defined in Rule 144A); or

     d.   |_|  less than $100 million, and the undersigned is an investment
               company registered under the Investment Company Act of 1940,
               which, together with one or more registered investment companies
               having the same or an affiliated investment adviser, owns at
               least $100 million of eligible securities; or

     e.   |_|  less than $100 million, and the undersigned is an entity, all the
               equity owners of which are qualified institutional buyers.

          The undersigned further certifies that it is purchasing a Privately
Offered Certificate for its own account or for the account of others that
independently qualify as "Qualified Institutional Buyers" as defined in Rule
144A. It is aware that the sale of the Privately Offered Certificates is being
made in reliance on its continued compliance with Rule 144A. It is aware that
the transferor may rely on the exemption from the provisions of Section 5 of the
Act provided by Rule 144A. The undersigned understands that the Privately
Offered Certificates may be resold, pledged or transferred only to (i) 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 in Rule
144A, or (ii) an institutional "accredited investor," as such term is defined
under Rule 501 of the Act in a transaction that otherwise does not constitute a
public offering.

          The undersigned agrees that if at some future time it wishes to
dispose of or exchange any of the Privately Offered Certificates, it will not
transfer or exchange any of the Privately Offered Certificates to a Qualified
Institutional Buyer without first obtaining a Rule 144A and Related Matters
Certificate in the form hereof from the transferee and delivering such
certificate to the addressees hereof. Prior to making any transfer of Privately
Offered Certificates, if the proposed Transferee is an institutional "accredited
investor," the transferor shall obtain from the transferee and deliver to the
addressees hereof an Investment Letter in the form attached to the Pooling and
Servicing Agreement dated as of ___________, 200_ among Structured Asset
Mortgage Investments Inc., as Seller, [CORPORATION 1], as Master Servicer, and
______________, as Trustee, pursuant to which the Certificates were issued.

          The undersigned certifies that it is not a "benefit plan investor," as
such term is defined in 29 C.F.R. ss. 2510.3-101 (other than a benefit plan
investor which is not subject to Title I of ERISA) ("Benefit Plan Investor"),
nor a trustee, fiduciary or other party who is acquiring a Privately Offered
Certificate directly or indirectly for or on behalf of "Benefit Plan Investors."

          IN WITNESS WHEREOF, this document has been executed by the undersigned
who is duly authorized to do so on behalf of the undersigned Qualified
Institutional Buyer on the ____ day of _______, 20__.

                                           __________________________________
                                           Name of Institution

                                           __________________________________
                                           Signature

                                           __________________________________
                                           Name
                                           Title2

_____________
2    Must be President, Chief Financial Officer, or other executive officer.

<PAGE>
                                                                       EXHIBIT G

             FORM OF SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT

          This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the "Agreement")
is made and entered into as of __________________, 20___, between _____________
(the "Company") and ______________ (the "Purchaser").

                              PRELIMINARY STATEMENT

          _______________________________ is the holder of the entire interest
in The Mortgage Pass-Through Certificates, Series 200_-_, Class B-6 Certificates
(the "Class B-6 Certificates"). The Class B-6 Certificates were issued pursuant
to a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement")
dated as of ___________, 200_ between the Company (in its capacity as master
servicer thereunder, the "Master Servicer"), Structured Asset Mortgage
Investments Inc. and ______________, as Trustee.

          ________________________________ intends to resell all of the Class
B-6 Certificates directly to the Purchaser on or promptly after the date hereof.

          In connection with such sale, the parties hereto have agreed that the
Company, as Master Servicer, will engage in certain special servicing procedures
relating to foreclosures for the benefit of the Purchaser, and that the
Purchaser will deposit funds in a collateral fund to cover any losses
attributable to such procedures as well as all advances and costs in connection
therewith, as set forth herein.

          In consideration of the mutual agreements herein contained, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Purchaser agree that the following provisions shall become effective and shall
be binding on and enforceable by the Company and the Purchaser upon the
acquisition by the Purchaser of the Class B-6 Certificates.

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.01. DEFINED TERMS.

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

          BUSINESS DAY: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in New York City or _______________ are
required or authorized by law or executive order to be closed.

          COLLATERAL FUND: The fund established and maintained pursuant to
Section 3.01 hereof.

          COLLATERAL FUND PERMITTED INVESTMENTS: Either (i) obligations of, or
obligations fully guaranteed as to principal and interest by, the United States,
or any agency or instrumentality thereof, provided such obligations are backed
by the full faith and credit of the United States, (ii) repurchase agreements on
obligations specified in clause (i) provided that the unsecured obligations of
the party agreeing to repurchase such obligations are at the time rated by each
Rating Agency in the highest long-term rating category, (iii) federal funds,
certificates of deposit, time deposits and banker's acceptances of any U.S.
depository institution or trust company incorporated under the laws of the
United States or any state provided that the debt obligations of such depository
institution or trust company at the date of acquisition thereof have been rated
by each Rating Agency in the highest short-term rating category, (iv) commercial
paper of any corporation incorporated under the laws of the United States or any
state thereof which on the date of acquisition has the highest short term rating
of each Rating Agency, and (v) other obligations or securities that are
acceptable to each Rating Agency as a Collateral Fund Permitted Investment
hereunder and will not, as evidenced in writing, result in a reduction or
withdrawal in the then current rating of the Certificates and, for each of the
preceding clauses, the maturity thereof shall be not later than the earlier to
occur of (A) 30 days from the date of the related investment and (B) the
Business Day preceding the next succeeding Distribution Date.

          COMMENCEMENT OF FORECLOSURE: The first official action required under
local law in order to commence foreclosure proceedings or to schedule a
trustee's sale under a deed of trust, including (i) in the case of a mortgage,
any filing or service of process necessary to commence an action to foreclose or
(ii) in the case of a deed of trust, the posting, publishing, filing or delivery
of a notice of sale, but not including in either case (x) any notice of default,
notice of intent to foreclose or sell or any other action prerequisite to the
actions specified in (i) or (ii) above and, upon the consent of the Purchaser
which will be deemed given unless expressly withheld within two Business Days of
notification, (y) the acceptance of a deed-in-lieu of foreclosure (whether in
connection with a sale of the related property or otherwise) or (z) initiation
and completion of a short pay-off.

          CURRENT APPRAISAL: With respect to any Mortgage Loan as to which the
Purchaser has made an Election to Delay Foreclosure, an appraisal of the related
Mortgaged Property obtained by the Purchaser as nearly contemporaneously as
practicable to the time of the Purchaser's election, prepared based on the
Company's customary requirements for such appraisals.

          ELECTION TO DELAY FORECLOSURE: Any election by the Purchaser to delay
the Commencement of Foreclosure, made in accordance with Section 2.02(b).

          ELECTION TO FORECLOSURE: Any election by the Purchaser to proceed with
the Commencement of Foreclosure, made in accordance with Section 2.03(a).

          REQUIRED COLLATERAL FUND BALANCE: As of any date of determination, an
amount equal to the aggregate of all amounts previously required to be deposited
in the Collateral Fund pursuant to Section 2.02(d) (after adjustments for all
withdrawals and deposits prior to such date pursuant to Section 2.02(e)) and
Section 2.03(b) (after adjustment for all withdrawals and deposits prior to such
date pursuant to Section 2.03(c)) and Section 3.02, reduced by all withdrawals
therefrom prior to such date pursuant to Section 2.02(g) and Section 2.03(d).

          Section 1.02. DEFINITIONS INCORPORATED BY REFERENCE.

          All capitalized terms not otherwise defined in this Agreement shall
have the meanings assigned in the Pooling and Servicing Agreement.

                                   ARTICLE II

                          SPECIAL SERVICING PROCEDURES

          Section 2.01. REPORTS AND NOTICES.

          (a) In connection with the performance of its duties under the Pooling
and Servicing Agreement relating to the realization upon defaulted Mortgage
Loans, the Company as Master Servicer shall provide to the Purchaser the
following notices and reports:

          (i) Within five Business Days after each Distribution Date (or
     included in or with the monthly statements to Certificateholders pursuant
     to the Pooling and Servicing Agreement), the Company, as Master Servicer,
     shall provide to the Purchaser a report, using the same methodology and
     calculations in its standard servicing reports, indicating for the Trust
     Fund the number of Mortgage Loans that are (A) thirty days, (B) sixty days,
     (C) ninety days or more delinquent or (D) in foreclosure, and indicating
     for each such Mortgage Loan the loan number and outstanding principal
     balance.

          (ii) Prior to the Commencement of Foreclosure in connection with any
     Mortgage Loan, the Company shall provide the Purchaser with a notice (sent
     by facsimile transmission) of such proposed and imminent foreclosure,
     stating the loan number and the aggregate amount owing under the Mortgage
     Loan. Such notice may be provided to the Purchaser in the form of a copy of
     a referral letter from the Company to an attorney requesting the
     institution of foreclosure or a copy of a request to foreclose received by
     the Company from the related primary servicer which has been approved by
     the Company.

          (b) If requested by the Purchaser, the Company shall make its
servicing personnel available (during their normal business hours) to respond to
reasonable inquiries, in writing by facsimile transmission, by the Purchaser in
connection with any Mortgage Loan identified in a report under subsection (a)(i)
or (a)(ii) which has been given to the Purchaser, provided, that (1) the Company
shall only be required to provide information that is readily accessible to its
servicing personnel and is non-confidential and (2) the Company shall respond
within five Business Days orally or in writing by facsimile transmission.

          (c) In addition to the foregoing, the Company shall provide to the
Purchaser such information as the Purchaser may reasonably request concerning
each Mortgage Loan that is at least sixty days delinquent and each Mortgage Loan
which has become real estate owned, through the final liquidation thereof,
provided, that the Company shall only be required to provide information that is
readily accessible to its servicing personnel and is non-confidential.

          Section 2.02. PURCHASER'S ELECTION TO DELAY FORECLOSURE PROCEEDINGS.

          (a) The Purchaser shall be deemed to direct the Company that in the
event that the Company does not receive written notice of the Purchaser's
election pursuant to subsection (b) below within 24 hours (exclusive of any
intervening non-Business Days) of transmission of the notice provided by the
Company under Section 2.01(a)(ii) subject to extension as set forth in Section
2.02(b), the Company may proceed with the Commencement of Foreclosure in respect
of such Mortgage Loan in accordance with its normal foreclosure policies without
further notice to the Purchaser. Any foreclosure that has been initiated may be
discontinued (i) without notice to the Purchaser if the Mortgage Loan has been
brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff approved by the Company) or
(ii) with notice to the Purchaser if the Company has reached the terms of a
forbearance agreement with the borrower. In such latter case the Company may
complete such forbearance agreement unless instructed otherwise by the Purchaser
within two Business Days of notification.

          (b) In connection with any Mortgage Loan with respect to which a
notice under Section 2.01(a)(ii) has been given to the Purchaser, the Purchaser
may elect to request that the Company delay the Commencement of Foreclosure
until such time as the Purchaser determines that the Company may proceed with
the Commencement of Foreclosure. Such election must be evidenced by written
notice received within 24 hours (exclusive of any intervening non-Business Days)
of transmission of the notice provided by the Company under Section 2.01(a)(ii).
The Purchaser shall send a copy of such notice of election to each Rating Agency
as soon as practicable thereafter. Such 24 hour period shall be extended for no
longer than an additional four Business Days after the receipt of the
information if the Purchaser requests additional information related to such
foreclosure within such 24 hour period; PROVIDED, HOWEVER, that the Purchaser
will have at least one Business Day to make such election following its receipt
of any requested additional information. Any such additional information shall
(i) not be confidential in nature and (ii) be obtainable by the Company from
existing reports, certificates or statements or otherwise be readily accessible
to its servicing personnel. The Purchaser agrees that it has no right to deal
with the mortgagor. However, if the Company's normal foreclosure policies
include acceptance of a deed-in-lieu of foreclosure or short payoff, the
Purchaser will be notified and given two Business Days to respond. The Company
shall have the right to reject the notice of election by written notice to the
Purchaser within 24 hours of receipt of such notice of election, in which event
the Company may proceed with the Commencement of Foreclosure.

          (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure which has not been rejected, the Purchaser
shall obtain a Current Appraisal as soon as practicable, and shall provide the
Company with a copy of such Current Appraisal.

          (d) Within two Business Days of making any Election to Delay
Foreclosure which has not been rejected, the Purchaser shall remit by wire
transfer to the Trustee, for deposit in the Collateral Fund, an amount, as
calculated by the Company, equal to the sum of (i) _________% of the greater of
the Scheduled Principal Balance of the Mortgage Loan and the value shown in the
Current Appraisal referred to in subsection (c) above (or, if such Current
Appraisal has not yet been obtained, the Company's estimate thereof, in which
case the required deposit under this subsection shall be adjusted upon obtaining
such Current Appraisal), and (ii) three months' interest on the Mortgage Loan at
the applicable Mortgage Interest Rate. If any Election to Delay Foreclosure
which has not been rejected extends for a period in excess of three months (such
excess period being referred to herein as the "Excess Period"), the Purchaser
shall remit by wire transfer in advance to the Trustee for deposit in the
Collateral Fund the amount of each additional month's interest, as calculated by
the Company, equal to interest on the Mortgage Loan at the applicable Mortgage
Interest Rate for the Excess Period. The terms of this Agreement will no longer
apply to the servicing of any Mortgage Loan upon the failure of the Purchaser to
deposit the above amounts relating to the Mortgage Loan within two Business Days
of (i) the Election to Delay Foreclosure which has not been rejected or (ii) the
beginning of the related Excess Period, as the case may be.

          (e) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure which has not been rejected, the Company
or the Trustee may withdraw from the Collateral Fund from time to time amounts
necessary to reimburse the Company for all related Monthly Advances and
Liquidation Expenses thereafter made by the Company as Master Servicer in
accordance with the Pooling and Servicing Agreement. To the extent that the
amount of any such Liquidation Expense is determined by the Company based on
estimated costs, and the actual costs are subsequently determined to be higher,
the Company may, or the Trustee shall at the Company's direction, withdraw the
additional amount from the Collateral Fund to reimburse the Company. In the
event that the Mortgage Loan is brought current by the mortgagor, the amounts so
withdrawn from the Collateral Fund shall be redeposited therein as and to the
extent that reimbursement therefor from amounts paid by the mortgagor is not
prohibited pursuant to the Pooling and Servicing Agreement as of the date
hereof. Except as provided in the preceding sentence, amounts withdrawn from the
Collateral Fund to cover Monthly Advances and Liquidation Expenses shall not be
redeposited therein or otherwise reimbursed to the Purchaser. If and when any
such Mortgage Loan is brought current by the mortgagor, all amounts remaining in
the Collateral Fund in respect of such Mortgage Loan (after adjustment for all
previous withdrawals and deposits pursuant to this subsection and after
reimbursement to the Master Servicer for all related Monthly Advances) shall be
released to the Purchaser.

          (f) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure which has not been rejected, the Company
shall continue to service the Mortgage Loan in accordance with its customary
procedures (other than the delay in Commencement of Foreclosure as provided
herein). If and when, following such election, the Purchaser shall notify the
Company that it believes that it is appropriate to do so, the Company shall
proceed with the Commencement of Foreclosure; provided that, in any event, if
the Mortgage Loan is not brought current by the Mortgagor by the time the
Mortgage Loan becomes 6 months delinquent, the Purchaser's election shall no
longer be effective and the Company shall be entitled to proceed with the
Commencement of Foreclosure.

          (g) Upon the occurrence of a liquidation with respect to any Mortgage
Loan as to which the Purchaser made an Election to Delay Foreclosure which has
not been rejected and as to which the Company proceeded with the Commencement of
Foreclosure in accordance with subsection (f) above, the Company shall calculate
the amount, if any, by which the value shown on the Current Appraisal obtained
under subsection (c) exceeds the actual sales price obtained for the related
Mortgaged Property (net of Liquidation Expenses and unreimbursed Monthly
Advances related to the extended foreclosure period), and the Company shall, or
the Trustee shall at the direction of the Company, withdraw the amount of such
excess from the Collateral Fund and shall remit the same to the Trust Fund for
application as additional Liquidation Proceeds pursuant to the Pooling and
Servicing Agreement. After making such withdrawal, all amounts remaining in the
Collateral Fund in respect of such Mortgage Loan (after adjustment for all
withdrawals and deposits pursuant to subsection (e) and after reimbursement to
the Master Servicer for all related Monthly Advances) shall be released to the
Purchaser.

          Section 2.03. Purchaser's Election to Commence FORECLOSURE
PROCEEDINGS.

          (a) In connection with any Mortgage Loan identified in a report under
Section 2.01(a)(i)(B), the Purchaser may elect to instruct the Company to
proceed with the Commencement of Foreclosure as soon as practicable. Such
election must be evidenced by written notice received by the Company by 5:00
p.m., New York City time, on the third Business Day following the delivery of
such report under Section 2.01(a)(i). The Company shall have the right to reject
the notice of election by written notice to the Purchaser within 24 hours of
receipt of such notice of election, in which event, the Company may delay the
Commencement of Foreclosure.

          (b) Within two Business Days of making any Election to Foreclose which
has not been rejected, the Purchaser shall remit to the Trustee, for deposit in
the Collateral Fund, an amount, as calculated by the Company, equal to
_________% of the current Scheduled Principal Balance of the Mortgage Loan and
three months' interest on the Mortgage Loan at the applicable Mortgage Rate. If
and when any such Mortgage Loan is brought current by the mortgagor, all amounts
in the Collateral Fund in respect of such Mortgage Loan (after adjustment for
all withdrawals and deposits pursuant to subsection (c) below) shall be released
to the Purchaser. The terms of this Agreement will no longer apply to the
servicing of any Mortgage Loan upon the failure of the Purchaser to deposit the
above amounts relating to the Mortgage Loan within two Business Days of the
Election to Foreclose.

          (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Foreclose which has not been rejected, the Company shall
continue to service the Mortgage Loan in accordance with its customary
procedures. In connection therewith, the Company shall have the same rights to
make withdrawals for Monthly Advances and Liquidations Expenses from the
Collateral Fund as are provided under Section 2.02(e), and the Company shall
make reimbursements thereto to the limited extent provided under such
subsection. The Company shall not be required to proceed with the Commencement
of Foreclosure which has not been rejected if (i) the same is stayed as a result
of the mortgagor's bankruptcy or is otherwise barred by applicable law, or to
the extent that all legal conditions precedent thereto have not yet been
complied with, or (ii) the Company believes there is a breach of representations
or warranties by the Company, which may result in a repurchase or substitution
of such Mortgage Loan, or (iii) the Company has or expects to have the right
under the Pooling and Servicing Agreement to purchase the defaulted Mortgage
Loan and intends to exercise such right or (iv) the Company reasonably believes
the Mortgaged Property may be contaminated with or affected by hazardous wastes
or hazardous substances (and the Company supplies the Purchaser with information
supporting such belief) or (v) the same is prohibited by or is otherwise
inconsistent with the provisions of the Pooling and Servicing Agreement. Any
foreclosure that has been initiated may be discontinued (i) without notice to
the Purchaser if the Mortgage Loan has been brought current or if a refinancing
or prepayment occurs with respect to the Mortgage Loan (including by means of a
short payoff approved by the Purchaser) or (ii) with notice to the Purchaser if
the Company has reached the terms of a forbearance agreement unless instructed
otherwise by the Purchaser within two Business Days of notification.

          (d) Upon the occurrence of a liquidation with respect to any Mortgage
Loan as to which the Purchaser made an Election to Foreclose which has not been
rejected and as to which the Company proceeded with the Commencement of
Foreclosure in accordance with subsection (c) above, the Company shall calculate
the amount, if any, by which the Scheduled Principal Balance of the Mortgage
Loan at the time of liquidation (plus all unreimbursed Monthly Advances and
Liquidation Expenses in connection therewith other than those previously paid
from the Collateral Fund) exceeds the actual sales price obtained for the
related Mortgaged Property, and the Company shall, or the Trustee shall at the
direction of the Company, withdraw the amount of such excess from the Collateral
Fund and shall remit the same to the Trust Fund for application as additional
Liquidation Proceeds pursuant to the Pooling and Servicing Agreement. After
making such withdrawal, all amounts remaining in the Collateral Fund (after
adjustment for all withdrawals and deposits pursuant to subsection (c) above and
after reimbursement to the Master Servicer for all related Monthly Advances) in
respect of such Mortgage Loan shall be released to the Purchaser.

          Section 2.04. TERMINATION.

          (a) With respect to all Mortgage Loans included in the Trust Fund, the
Purchaser's right to make any Election to Delay Foreclosure or any Election to
Foreclose and the Company's obligations under Section 2.01 shall terminate on
the earliest to occur of the following: (i) at such time as the Current
Principal Amount of the Class B-6 Certificates has been reduced to zero, (ii) if
the greater of (x) ________% (or such lower or higher percentage that represents
the Company's actual loss experience with respect to the Mortgage Loans) of the
aggregate principal balance of all Mortgage Loans that are in foreclosure or are
more than 90 days delinquent on a contractual basis and the aggregate book value
of REO Properties or (y) the aggregate amount that the Company estimates through
its normal servicing practices will be required to be withdrawn from the
Collateral Fund with respect to Mortgage Loans as to which the Purchaser has
made an Election to Delay Foreclosure or an Election to Foreclose which has not
been rejected exceeds (z) the then-current Current Principal Amount of the Class
B-6 Certificates, or (iii) upon any transfer by the Purchaser of any interest
(other than a minority interest therein, but only if the transferee provides
written acknowledgment to the Company of the Purchaser's right hereunder and
that such transferee will have no rights hereunder) in the Class B-6
Certificates (whether or not such transfer is registered under the Pooling and
Servicing Agreement), including any such transfer in connection with a
termination of the Trust Fund. Unless earlier terminated as set forth herein,
this Agreement and the respective rights, obligations and responsibilities of
the Purchaser and the Company hereunder shall terminate upon the later to occur
of (i) the final liquidation of the last Mortgage Loan as to which the Purchaser
made any Election to Delay Foreclosure or any Election to Foreclose and the
withdrawal of all remaining amounts in the Collateral Fund as provided herein
and (ii) ten (10) Business Days' notice.

          (b) The Purchaser's rights pursuant to Section 2.02 or 2.03 of this
Agreement shall terminate with respect to a Mortgage Loan as to which the
Purchaser has exercised its rights under Section 2.02 or 2.03 hereof (so long as
such exercise has not been rejected), upon Purchaser's failure to deposit any
amounts required pursuant to Section 2.02(d) or 2.03(b) after one Business Day's
notice of such failure.

                                   ARTICLE III

                       COLLATERAL FUND; SECURITY INTEREST

          Section 3.01. COLLATERAL FUND.

          Upon payment by the Purchaser of the initial amount required to be
deposited in the Collateral Fund pursuant to Article II, the Company shall
request the Trustee to establish and maintain with the Trustee a segregated
account entitled "Structured Asset Mortgage Investments Inc. Mortgage
Pass-Through Certificates, Series 200_-_ Collateral Fund, for the benefit of the
Company and [the Trustee] on behalf of Certificateholders, as secured parties"
(the "Collateral Fund"). Amounts held in the Collateral Fund shall continue to
be the property of the Purchaser, subject to the first priority security
interest granted hereunder for the benefit of such secured parties, until
withdrawn from the Collateral Fund pursuant to the Section 2.02 or 2.03 hereof.

          Upon the termination of this Agreement and the liquidation of all
Mortgage Loans as to which the Purchaser has made any Election to Delay
Foreclosure or any Election to Foreclose pursuant to Section 2.04 hereof, the
Company shall distribute to the Purchaser all amounts remaining in the
Collateral Fund together with any investment earnings thereon (after giving
effect to all withdrawals therefrom permitted under this Agreement).

          The Purchaser shall not take or direct the Company or the Trustee to
take any action contrary to any provision of the Pooling and Servicing
Agreement. In no event shall the Purchaser (i) take or cause the Trustee or the
Company to take any action that could cause the Trust Fund to fail to qualify as
a REMIC or cause the imposition on the Trust Fund of any "prohibited
transaction" or "prohibited contribution" taxes or (ii) cause the Trustee or the
Company to fail to take any action necessary to maintain the status of the Trust
Fund as a REMIC.

          Section 3.02. COLLATERAL FUND PERMITTED INVESTMENTS.

          The Company shall, at the written direction of the Purchaser, direct
the Trustee to invest the funds in the Collateral Fund in the name of the
Trustee in Collateral Fund Permitted Investments. Such direction shall not be
changed more frequently then quarterly. In the absence of any direction, the
Trustee shall invest such funds in investments permitted pursuant to clause
(iii) of the definition of Collateral Fund Permitted Investments herein.

          All income and gain realized from any investment as well as any
interest earned on deposits in the Collateral Fund (net of any losses on such
investments) and any payments of principal made in respect of any Collateral
Fund Permitted Investment shall be deposited in the Collateral Fund upon
receipt. All costs and realized losses associated with the purchase and sale of
Collateral Fund Permitted Investments shall be borne by the Purchaser and the
amount of net realized losses shall be promptly deposited by the Purchaser in
the Collateral Fund. The Company shall periodically (but not more frequently
than monthly) direct the Trustee to distribute to the Purchaser upon request an
amount of cash, to the extent cash is available therefor in the Collateral Fund,
equal to the amount by which the balance of the Collateral Fund, after giving
effect to all other distributions to be made from the Collateral Fund on such
date, exceeds the Required Collateral Fund Balance. Any amounts so distributed
shall be released from the lien and security interest of this Agreement.

          Section 3.03. GRANT OF SECURITY INTEREST.

          In order to secure the obligations of the Purchaser hereunder to the
Company and the Trustee for the benefit of Certificateholders (other than its
obligations under Section 4.10), the Purchaser hereby grants to the Company and
to the Trustee for the benefit of the Certificateholders a security interest in
and lien on all of the Purchaser's right, title and interest, whether now owned
or hereafter acquired, in and to: (1) the Collateral Fund, (2) all amounts
deposited in the Collateral Fund and Collateral Fund Permitted Investments in
which such amounts are invested (and the distributions and proceeds of such
investments) and (3) all cash and non-cash proceeds of any of the foregoing,
including proceeds of the voluntary or involuntary conversion thereof (all of
the foregoing collectively, the "Collateral").

          The Purchaser acknowledges the lien on and security interest in the
Collateral for the benefit of the Company and the Trustee on behalf of the
Certificateholders. The Purchaser shall take all actions requested by the
Company as may be reasonably necessary to perfect the security interest created
under this Agreement in the Collateral and cause it to be prior to all other
security interests and liens, including the execution and delivery to the
Company or at its direction the Trustee for filing of appropriate financing
statements in accordance with applicable law.

          Section 3.04. COLLATERAL SHORTFALLS.

          In the event that amounts on deposit in the Collateral Fund at any
time are insufficient to cover any withdrawals therefrom that the Company or the
Trustee is then entitled to make hereunder, the Purchaser shall be obligated to
pay such amounts to the Company or the Trustee immediately upon demand. Such
obligation shall constitute a general corporate obligation of the Purchaser. The
failure to pay such amounts within two Business Days of such demand (except for
amounts to cover interest on a Mortgage Loan pursuant to Sections 2.02(d) and
2.03(b)), shall cause an immediate termination of the Purchaser's right to make
any Election to Delay Foreclosure or Election to Foreclose and the Company's
obligations under this Agreement with respect to all Mortgage Loans to which
such insufficiencies relate, without the necessity of any further notice or
demand on the part of the Company.

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

          Section 4.01. AMENDMENT.

          This Agreement may be amended from time to time by the Company and the
Purchaser by written agreement signed by the Company and the Purchaser provided
that no such amendment shall have a material adverse effect on the holders of
other Classes of Certificates.

          Section 4.02. COUNTERPARTS.

          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 4.03. GOVERNING LAW.

          This Agreement shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

          Section 4.04. NOTICES.

          All demands, notices and direction hereunder shall be in writing or by
telecopy and shall be deemed effective upon receipt to:

          (a) in the case of the Company,

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

or such other address as may hereafter be furnished in writing by the Company,
or

          (a) in the case of the Purchaser,

                      --------------------------------
                      --------------------------------
                      --------------------------------
                      Attention:  ____________________
                      Phone:  ________________________
                      Fax:  __________________________

          Section 4.05. SEVERABILITY OF PROVISIONS.

          If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever, including regulatory, 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.

          Section 4.06. SUCCESSOR AND ASSIGNS.

          The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and the respective successors and assigns of
the parties hereto; provided, however, that the rights under this Agreement
cannot be assigned by the Purchaser without the consent of the Company.

          Section 4.07. 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.

          Section 4.08. THIRD PARTY BENEFICIARIES.

          The Trustee on behalf of Certificateholders is the intended third
party beneficiary of this Agreement.

          Section 4.09. CONFIDENTIALITY.

          The Purchaser agrees that all information supplied by or on behalf of
the Company pursuant to Sections 2.01 or 2.02, including individual account
information, is the property of the Company and the Purchaser agrees to use such
information solely for the purposes set forth in this Agreement and to hold such
information confidential and not to disclose such information.

          Section 4.10. INDEMNIFICATION.

          The Purchaser agrees to indemnify and hold harmless the Company and
the Trustee against any and all losses, claims, damages or liabilities to which
it may be subject, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon actions taken by the
Company in accordance with the provisions of this Agreement and which actions
conflict or are alleged to conflict with the Company's or the Trustee's
obligations under the Pooling and Servicing Agreement. The Purchaser hereby
agrees to reimburse the Company and the Trustee on demand for the reasonable
legal or other expenses incurred by it in connection with investigating or
defending any such loss, claim, damage, liability or action.

          Section 4.11. REPRESENTATIONS AND WARRANTY

          The Purchaser represents and warrants that it is not an "affiliate"
(as defined in the Securities Act of 1933, as amended) of the Company.

          Section 4.12. EXPENSES OF TRUSTEE. The Purchaser shall pay the
reasonable fees and expenses of the Trustee in connection with the Trustee's
duties under this Agreement.

          IN WITNESS WHEREOF, the Company and the Purchaser have caused their
names to be signed hereto by their respective officers thereunto duly
authorized, all as of the day and year first above written.

                                    [THE COMPANY]

                                    By:________________________
                                       Name:
                                       Title:

                                    [PURCHASER]

                                    By:_______________________
                                       Name:
                                       Title:

<PAGE>
                                                                       EXHIBIT H

                          FORM OF INITIAL CERTIFICATION

[Seller]

[Master Servicer]

          Re:  Pooling and Servicing Agreement dated as of ___________, 200_
               among Structured Asset Mortgage Investments Inc., as seller,
               [CORPORATION 1], as master servicer, and ___________, as trustee
               re: Mortgage Pass-Through Certificates, Series 200_-_

Ladies and Gentlemen:

          In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, except
as otherwise noted on the attached exception report, that as to each Mortgage
Loan listed on the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed on the attachment hereto) it has reviewed the Mortgage File and
the Mortgage Loan Schedule and has determined that: (i) all documents required
to be included in the Mortgage File pursuant to the Pooling and Servicing
Agreement are in its possession; (ii) such documents have been reviewed by it
and appear regular on their face, have, where applicable, been executed and
relate to such Mortgage Loan; and (iii) based on examination by it, and only as
to such documents, the information set forth in the Mortgage Loan Schedule as to
Mortgagor Name, original principal balance and loan number respecting such
Mortgage Loan is correct and accurately reflects the information in the Mortgage
Loan File.

          The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representation that any documents specified in subclauses (iv), (v) and (vii) of
Section 2.01(b) should be included in any Mortgage File. The Trustee makes no
representations as to: (i) the validity, legality, enforceability or genuineness
of any of the documents contained in each Mortgage File of any of the Mortgage
Loans identified on the Mortgage Loan Schedule or (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.

          Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                             [TRUSTEE]

                                             By:_______________________
                                                Name:
                                                Title:

<PAGE>
                                                                       EXHIBIT I

                           FORM OF FINAL CERTIFICATION
[Seller]

[Master Servicer]

          Re:  Pooling and Servicing Agreement dated as of __________, 200_
               among Structured Asset Mortgage Investments Inc., as seller,
               [CORPORATION 1], as master servicer, and as trustee re: Mortgage
               Pass-Through Certificates, Series 200_-_

Ladies and Gentlemen:

          In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, except
as otherwise noted on the attached exception report, that as to each Mortgage
Loan listed on the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed on the attachment hereto) it has received the documents set forth
in Section 2.01 and has determined that (i) all documents required to be
included in the Mortgage File pursuant to the Pooling and Servicing Agreement
are in its possession; (ii) such documents have been reviewed by it and appear
regular on their face, have, where applicable, been executed and relate to such
Mortgage Loan; and (iii) based on examination by it, and only as to such
documents, the information set forth in the Mortgage Loan Schedule as to
Mortgagor name, original principal balance and loan number respecting such
Mortgage Loan is correct and accurately reflects the information in the Mortgage
Loan File.

          The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representation that any documents specified in subclauses (iv), (v) and (vii) of
Section 2.01(b) should be included in any Mortgage File. The Trustee makes no
representations as to: (i) the validity, legality, enforceability or genuineness
of any of the documents contained in each Mortgage File of any of the Mortgage
Loans identified on the Mortgage Loan Schedule or (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.

          Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                          [TRUSTEE]
                                          By:_______________________
                                             Name:
                                             Title:Exhibit 4.3

                      STRUCTURED ASSET MORTGAGE INVESTMENTS
                                  TRUST 200_-_

                           [LIST THE CLASSES OF NOTES]
                            -------------------------

                                    INDENTURE

                          Dated as of ___________, 200_

                          ___________________, Trustee

<PAGE>

                             CROSS REFERENCE TABLE 1

TIA SECTION                                                INDENTURE SECTION

310(a) (1)...................................................     6.11
     (a) (2).................................................     6.11
     (a) (3).................................................     6.10
     (a) (4).................................................      A.2
     (a) (5).................................................     6.11
     (b).....................................................6.8; 6.11
     (c).....................................................      N A
311(a).......................................................     6.12
     (b).....................................................     6.12
     (c).....................................................      N A
312(a).......................................................      7.1
     (b).....................................................      7.2
     (c......................................................      7.2
     (d).....................................................      7.4
313(a).......................................................      7.4
     (b) (1).................................................      7.4
     (b) (2).................................................     11.5
     (c).....................................................      7.4
     (d).....................................................      7.3
314(a).......................................................    11.15
     (b).....................................................     11.1
     (c) (1).................................................     11.1
     (c) (2).................................................     11.1
     (c) (3).................................................     11.1
     (d).....................................................     11.1
     (e).....................................................     11.1
     (f).....................................................     11.1
315(a).......................................................      6.1
     (b).....................................................6.5; 11.5
     (c).....................................................      6.1
     (d).....................................................      6.1
     (e).....................................................     5.13
316 (a) (last sentence)......................................      2.7
     (a) (1) (A).............................................     5.11
     (a) (1) (B).............................................     5.12
     (a) (2).................................................      N A
     (b).....................................................      5.7
     (c).....................................................      N A
317(a) (1)...................................................      5.3
     (a) (2).................................................      5.3
     (b).....................................................      3.3
318(a).......................................................     11.7

1   Note: This Cross Reference Table shall not, for any purpose, be deemed to be
    part of this Indenture.

2   N.A.  means Not Applicable.

<PAGE>

                                TABLE OF CONTENTS
                                                                          PAGE

ARTICLE I       Definitions and Incorporation by Reference...................2

   SECTION 1.1    Definitions...............................................2
   SECTION 1.2    Incorporation by Reference of Trust Indenture Act.........8
   SECTION 1.3    Rules of Construction.....................................9

ARTICLE II      The Notes...................................................9

   SECTION 2.1    Form......................................................9
   SECTION 2.2    Execution, Authentication and Delivery...................10
   SECTION 2.3    Temporary Notes..........................................10
   SECTION 2.4    Registration; Registration of Transfer and Exchange......11
   SECTION 2.5    Mutilated, Destroyed, Lost or Stolen Notes...............12
   SECTION 2.6    Persons Deemed Owner.....................................13
   SECTION 2.7    Payment of Principal and Interest; Defaulted Interest....13
   SECTION 2.8    Cancellation.............................................14
   SECTION 2.9    Release of Collateral....................................14
   SECTION 2.10   Book-Entry Notes.........................................15
   SECTION 2.11   Notices to Clearing Agency...............................15
   SECTION 2.12   Definitive Notes.........................................16

ARTICLE III     Covenants..................................................17

    SECTION 3.1    Payment of Principal and Interest........................17
    SECTION 3.2    Maintenance of Office or Agency..........................17
    SECTION 3.3    Money for Payments To Be Held in Trust...................17
    SECTION 3.4    Existence................................................19
    SECTION 3.5    Protection of Trust Estate...............................19
    SECTION 3.6    Opinions as to Trust Estate..............................20
    SECTION 3.7    Performance of Obligations; Servicing of Mortgage Loans..20
    SECTION 3.8    Negative Covenants.......................................22
    SECTION 3.9    Annual Statement as to Compliance........................23
    SECTION 3.10   Issuer May Consolidate, Etc.  Only on Certain Terms......23
    SECTION 3.11   Successor or Transferee..................................25
    SECTION 3.12   No Other Business........................................26
    SECTION 3.13   No Borrowing.............................................26
    SECTION 3.14   Master Servicer's Obligations............................26
    SECTION 3.15   Guarantees, Mortgage Loans, Advances and Other
                   Liabilities..............................................26
    SECTION 3.16   Capital Expenditures.....................................26
    SECTION 3.17   Reserved.................................................26
    SECTION 3.18   Restricted Payments......................................26
    SECTION 3.19   Notice of Events of Default..............................27
    SECTION 3.20   Further Instruments and Acts.............................27

ARTICLE IV      Satisfaction and Discharge..................................28

   SECTION 4.1    Satisfaction and Discharge of Indenture...................28
   SECTION 4.2    Application of Trust Money................................29
   SECTION 4.3    Repayment of Moneys Held by Paying Agent..................29

ARTICLE V       Remedies....................................................30

   SECTION 5.1    Events of Default.........................................30
   SECTION 5.2    Acceleration of Maturity; Rescission and Annulment........31
   SECTION 5.3    Collection of Indebtedness and Suits for Enforcement
                  by Trustee................................................32
   SECTION 5.4    Remedies; Priorities......................................34
   SECTION 5.5    Optional Preservation of the Mortgage Loans...............35
   SECTION 5.6    Limitation of Suits.......................................36
   SECTION 5.7    Unconditional Rights of Noteholders To Receive
                  Principal and Interest....................................36
   SECTION 5.8    Restoration of Rights and Remedies........................37
   SECTION 5.9    Rights and Remedies Cumulative............................37
   SECTION 5.10   Delay or Omission Not a Waiver............................37
   SECTION 5.11   Control by Noteholders....................................37
   SECTION 5.12   Waiver of Past Defaults...................................38
   SECTION 5.13   Undertaking for Costs.....................................38
   SECTION 5.14   Waiver of Stay or Extension Laws..........................39
   SECTION 5.15   Action on Notes...........................................39
   SECTION 5.16   Performance and Enforcement of Certain Obligations........39

ARTICLE VI      The Trustee.................................................40

   SECTION 6.1    Duties of Trustee.........................................40
   SECTION 6.2    Rights of Trustee.........................................41
   SECTION 6.3    Individual Rights of Trustee..............................42
   SECTION 6.4    Trustee's Disclaimer......................................42
   SECTION 6.5    Notice of Defaults........................................42
   SECTION 6.6    Reports by Trustee to Holders.............................42
   SECTION 6.7    Compensation and Indemnity................................42
   SECTION 6.8    Replacement of Trustee....................................43
   SECTION 6.9    Successor Trustee by Merger...............................44
   SECTION 6.10   Appointment of Co-Trustee or Separate Trustee.............44
   SECTION 6.11   Eligibility; Disqualification.............................46
   SECTION 6.12   Preferential Collection of Claims Against Issuer..........46

ARTICLE VII     Noteholders' Lists and Reports..............................46

   SECTION 7.1    Issuer To Furnish Trustee Names and Addresses
                  of Noteholders............................................46
   SECTION 7.2    Preservation of Information; Communications
                  to Noteholders............................................46
   SECTION 7.3    Reports by Issuer.........................................47
   SECTION 7.4    Reports by Trustee........................................47

ARTICLE VIII    Accounts, Disbursements and Releases........................48

   SECTION 8.1    Collection of Money.......................................48
   SECTION 8.2    Trust Accounts............................................48
   SECTION 8.3    General Provisions Regarding Accounts.....................49
   SECTION 8.4    Release of Trust Estate...................................50
   SECTION 8.5    Opinion of Counsel........................................50

ARTICLE IX      Supplemental Indentures.....................................50

   SECTION 9.1    Supplemental Indentures Without Consent of Noteholders....50
   SECTION 9.2    Supplemental Indentures with Consent of Noteholders.......52
   SECTION 9.3    Execution of Supplemental Indentures......................54
   SECTION 9.4    Effect of Supplemental Indenture..........................54
   SECTION 9.5    Conformity With Trust Indenture Act.......................54
   SECTION 9.6    Reference in Notes to Supplemental Indentures.............54

ARTICLE X       Redemption of Notes.........................................54

   SECTION 10.1   Redemption................................................54
   SECTION 10.2   Form of Redemption Notice.................................55
   SECTION 10.3   Notes Payable on Redemption Date..........................56

ARTICLE XI      Miscellaneous...............................................56

   SECTION 11.1   Compliance Certificates and Opinions, etc.................56
   SECTION 11.2   Form of Documents Delivered to Trustee....................58
   SECTION 11.3   Acts of Noteholders.......................................59
   SECTION 11.4   Notices, etc., to Trustee, Issuer and Rating Agencies.....60
   SECTION 11.5   Notices to Noteholders; Waiver............................60
   SECTION 11.6   Alternate Payment and Notice Provisions...................61
   SECTION 11.7   Conflict with Trust Indenture Act.........................61
   SECTION 11.8   Effect of Headings and Table of Contents..................61
   SECTION 11.9   Successors and Assigns....................................61
   SECTION 11.10  Separability..............................................62
   SECTION 11.11  Benefits of Indenture.....................................62
   SECTION 11.12  Legal Holidays............................................62
   SECTION 11.13  GOVERNING LAW.............................................62
   SECTION 11.14  Counterparts..............................................62
   SECTION 11.15  Recording of Indenture....................................62
   SECTION 11.16  Trust Obligation..........................................63
   SECTION 11.17  No Petition...............................................63
   SECTION 11.18  Inspection................................................63

<PAGE>

          INDENTURE dated as of ______________, 200_ , between Structured Asset
Mortgage Investments Trust 200_-_ , a Delaware business trust (the "Issuer"),
and __________________________, a _______________________, as trustee and not in
its individual capacity (the "Trustee").

          Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's Notes :

                                 GRANTING CLAUSE

          The Issuer hereby Grants to the Trustee at the Closing Date, as
Trustee for the benefit of the Holders of the Notes, all of the Issuer's right,
title and interest in and to (a) the Mortgage Loans, and all moneys due or
received thereon, on or after the Cut-off Date; (b) the security interests in
the Mortgaged Properties granted by Mortgagors pursuant to the Mortgage Loans
and any other interest of the Issuer in the Mortgaged Properties; (c) any
proceeds with respect to the Mortgage Loans from claims on any insurance
policies covering Mortgaged Properties or Mortgagors; (d) all funds on deposit
from time to time in the Trust Accounts , including the Reserve Account Initial
Deposit , and in all investments and proceeds thereof (including all income
thereon); (e) the Master Servicing Agreement; and (f) all present and future
claims, demands, causes and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing
(collectively, the "Collateral").

          The foregoing Grant is made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction except as
otherwise set forth herein, and to secure compliance with the provisions of this
Indenture, all as provided in this Indenture.

          The Trustee, as Trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties required
in this Indenture to the best of its ability to the end that the interests of
the Holders of the Notes may be adequately and effectively protected.

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.1 DEFINITIONS.

          Except as otherwise specified herein, the following terms have the
respective meanings set forth below for all purposes of this Indenture.

          "Act" has the meaning specified in Section 11.3(a).

          "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any person solely because such other Person has the
contractual right or obligation to manage such Person unless such other Person
controls such Person through equity ownership or otherwise.

          "Authorized Officer" means, with respect to the Issuer and the Master
Servicer, any officer of the Owner Trustee or the Master Servicer, as
applicable, who is authorized to act for the Owner Trustee or the Master
Servicer, as applicable, in matters relating to the Issuer and who is identified
on the list of Authorized Officers delivered by each of the Owner Trustee and
the Master Servicer to the Trustee on the Closing Date (as such list may be
modified or supplemented from time to time thereafter).

          "Basic Documents" means the Certificate of Trust, the Trust Agreement,
the Master Servicing Agreement, the Depository Agreements and other documents
and certificates delivered in connection therewith.

          "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.10.

          "Business Day" means any day other than a Saturday, a Sunday or a day
on which banking institutions or trust companies in The City of New York or
________________, are authorized or obligated by law, regulation or executive
order to remain closed.

          "Certificate of Trust" means the certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

          "Class" means the class designation of any Note.

          "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

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

          "Code" means the Internal Revenue Code of 1986, as amended from time
to time, and Treasury Regulations promulgated thereunder.

          "Collateral" has the meaning specified in the Granting Clause of this
Indenture.

          "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered,
which office at date of the execution of this Agreement is located at
____________________, Attention:_______________ or at such other address as the
Trustee may designate from time to time by notice to the Noteholders, the Master
Servicer and the Issuer, or the principal corporate trust office of any
successor Trustee (the address of which the successor Trustee will notify the
Noteholders and the Issuer).

          "Current Principal Amount" means the aggregate principal amount of all
Notes, or any class of Notes, as applicable, Outstanding at the date of
determination.

          "Default" means any occurrence that is, or with notice or the lapse of
time or both would become, an Event of Default.

          "Definitive Notes" has the meaning specified in Section 2.10.

          "Event of Default" has the meaning specified in Section 5.1.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

          "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; and with respect to any partnership, any general partner
thereof.

          "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon and a
security interest in and right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the Granting party or otherwise and generally to do
and receive anything that the Granting party is or may be entitled to do or
receive thereunder or with respect thereto.

          "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

          "Indenture" means this Indenture as amended and supplemented from time
to time.

          "Independent" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor upon
the Notes, the Seller and any Affiliate of any of the foregoing persons, (b)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Seller or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

          "Independent Certificate" means a certificate or opinion to be
delivered to the Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.

          "Interest Rate" means, with respect to the Define the Interest Rate
for each class of Notes.

          "Issuer" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

          "Issuer Order" and "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Trustee.

          "Master Servicing Agreement" means the Master Servicing Agreement,
dated as of _____________, 200_, among the Issuer, the Seller and the Master
Servicer, as the same may be amended or supplemented from time to time.

          "Notes" means any or all of the Class __, Class __ and Class __ Notes
issued hereunder and representing obligations of the Trust.

          "Note Depository Agreement" means the agreement among the Issuer, the
Trustee, the Master Servicer and The Depository Trust Company, as the initial
Clearing Agency, dated ,_______________, 200_.

          "Note Owner" means, with respect to a Book-Entry Note, the person who
is the owner of such Book-Entry Note, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing
Agency (directly as a Clearing Agency Participant or as an indirect participant,
in each case in accordance with the rules of such Clearing Agency).

          "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.4.

          "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 and TIA Section 314,
and delivered to the Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer's Certificate shall be to an Officer's Certificate of
any Authorized Officer of the Issuer.

          "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be employees of
or counsel to the Issuer and who shall be satisfactory to the Trustee, and which
opinion or opinions shall be addressed to the Trustee as Trustee, shall comply
with any applicable requirements of Section 11.1 and shall be in form and
substance satisfactory to the Trustee.

          "Outstanding" means with respect to Notes, as of the date of
determination, all Notes theretofore authenticated and delivered under this
Indenture except:

               (i) Notes theretofore canceled by the Note Registrar or delivered
               to the Note Registrar for cancellation;

               (ii) Notes or portions thereof the payment for which money in the
               necessary amount has been theretofore deposited with the Trustee
               or any Paying Agent in trust for the Holders of such Notes
               (provided, however, that if such Notes are to be redeemed, notice
               of such redemption has been duly given pursuant to this Indenture
               or provision therefor, satisfactory to the Trustee); and

               (iii) Notes in exchange for or in lieu of other Notes which have
               been authenticated and delivered pursuant to this Indenture
               unless proof satisfactory to the Trustee is presented that any
               such Notes are held by a bona fide purchaser; provided that in
               determining whether the Holders of the requisite Current
               Principal Amount of the Notes have given any request, demand,
               authorization, direction, notice, consent or waiver hereunder or
               under any Basic Document, Notes owned by the Issuer, any other
               obligor upon the Notes, the Seller or any Affiliate of any of the
               foregoing Persons shall be disregarded and deemed not to be
               Outstanding, except that, in determining whether the Trustee
               shall be protected in relying upon any such request, demand,
               authorization, direction, notice, consent or waiver, only Notes
               that a Responsible Officer of the Trustee either actually knows
               to be so owned or has received written notice thereof shall be so
               disregarded. Notes so owned that have been pledged in good faith
               may be regarded as Outstanding if the pledgee establishes to the
               satisfaction of the Trustee the pledgee's right so to act with
               respect to such Notes and that the pledgee is not the Issuer, any
               other obligor upon the Notes, the Seller or any Affiliate of any
               of the foregoing Persons.

          "Paying Agent" means the Trustee or any other Person that meets the
eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the payments to and distributions from the
Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

          "Payment Date" means a Distribution Date.

          "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.5 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

          "Proceeding" means any suit in equity, action at law or other judicial
or administrative proceeding.

          "Record Date" means, with respect to a Distribution Date or Redemption
Date, the close of business on the fourteenth day of the calendar month in which
such Distribution Date or Redemption Date occurs.

          "Redemption Date" means (a) in the case of a redemption of the Notes
pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section
10.1(b), the Distribution Date specified by the Master Servicer or the Issuer
pursuant to Section 10.1(a) or (b) as applicable.

          "Redemption Price" means (a) in the case of a redemption of the Notes
pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of
the then outstanding Class ____ Notes plus accrued and unpaid interest thereon
to but excluding the Redemption Date, or (b) in the case of a payment made to
Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note
Distribution Account, but not in excess of the amount specified in clause (a)
above.

          "Responsible Officer" means, with respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee, including any Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other
officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject.

          "Schedule of Mortgage Loans" means the listing of the Mortgage Loans
set forth in Exhibit A (which Exhibit may be in the form of microfiche).

          "State" means any one of the 50 states of the United States of America
or the District of Columbia.

          "Successor Master Servicer" has the meaning specified in Section
3.7(e).

          "Trust Estate" means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
this Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Trustee), including all proceeds thereof.

          "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939
as in force on the date hereof, unless otherwise specifically provided.

          "Trustee" means _______________, a ___________________, not in its
individual capacity but as trustee under this Indenture, or any successor
trustee under this Indenture.

          "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction, as amended from time
to time.

               (a) Except as otherwise specified herein, the following terms
          have the respective meanings set forth in the Master Servicing
          Agreement as in effect on the Closing Date for all purposes of this
          Indenture, and the definitions of such terms are equally applicable
          both to the singular and plural forms of such terms:

                                                         Section of Master
         Term                                           Servicing Agreement

Annual Percentage Rate or APR.............................Section 1.1
Certificateholders........................................Section 1.1
Closing Date..............................................Section 1.1
Collection Account........................................Section 1.1
Collection Period.........................................Section 1.1
Contract..................................................Section 1.1
Depository Agreements.....................................Section 1.1
Distribution Date.........................................Section 1.1
Eligible Deposit Account..................................Section 1.1
Eligible Investments......................................Section 1.1
Final Scheduled Distribution Date.........................Section 1.1
Final Scheduled Maturity Date.............................Section 1.1
Mortgage Loans............................................Section 1.1
Mortgaged Property........................................Section 1.1
Note Distribution Account.................................Section 1.1
Noteholders' Distributable Amount.........................Section 1.1
Noteholders' Percentage...................................Section 1.1
Master Servicer...........................................Section 1.1
Mortgagor.................................................Section 1.1
Original Pool Balance.....................................Section 1.1
Owner Trustee.............................................Section 1.1
Person....................................................Section 1.1
Pool Balance..............................................Section 1.1
Purchased Mortgage Loans..................................Section 1.1
Rating Agency.............................................Section 1.1
Rating Agency Condition...................................Section 1.1
Reserve Account...........................................Section 1.1
Seller....................................................Section 1.1
Servicer Default..........................................Section 1.1
Specified Reserve Account Balance.........................Section 1.1
Total Distribution Amount.................................Section 1.1
Trust Accounts............................................Section 1.1
Trust Agreement...........................................Section 1.1

               (b) Capitalized terms used herein and not otherwise defined
          herein or in the Master Agreement have the meanings assigned to them
          in the Trust Agreement.

          SECTION 1.2 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

          Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

          "Commission" means the Securities and Exchange Commission.

          "indenture securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Trustee.

          "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

          All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule
have the meaning assigned to them by such definitions.

          SECTION 1.3 RULES OF CONSTRUCTION.

          Unless the context otherwise requires:

                    (i) a term has the meaning assigned to it;

                    (ii) an accounting term not otherwise defined has the
                    meaning assigned to it in accordance with generally accepted
                    accounting principles as in effect from time to time;

                    (iii) "or" is not exclusive;

                    (iv) "including" means including without limitation; and

                    (v) words in the singular include the plural and words in
                    the plural include the singular.

                                   ARTICLE II

                                    THE NOTES

          SECTION 2.1 FORM.

          The Class __, Class __ and Class __ Notes, in each case together with
the Trustee's certificate of authentication, shall be in substantially the form
set forth in Exhibit B, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their
execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the
Note.

          The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

          Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit B is part of the terms of this Indenture.

          SECTION 2.2 EXECUTION, AUTHENTICATION AND DELIVERY.

          The Notes shall be executed on behalf of the Issuer by any of its
Authorized Officers. The signature of any such Authorized Officer on the Notes
may be manual or facsimile.

          Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

          The Trustee shall upon Issuer Order authenticate and deliver Class ___
Notes for original issue in an aggregate principal amount of $_____________,
Class ___Notes for original issue in the aggregate principal amount of
$_____________ and Class ___Notes for original issue in the aggregate principal
amount of $_____________. The aggregate principal amount of Class ___, Class ___
and Class ___ Notes outstanding at any time may not exceed such amounts except
as provided in Section 2.5.

          Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in the minimum denomination of $1,000 and
in integral multiples thereof (except for one Note of each class which may be
issued in a denomination other than an integral multiple of $1,000).

          No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered
hereunder.

          SECTION 2.3 TEMPORARY NOTES.

          Pending the preparation of Definitive Notes, the Issuer may execute,
and upon receipt of an Issuer Order the Trustee shall authenticate and deliver,
temporary Notes which are printed, lithographed, typewritten, mimeographed or
otherwise produced, of the tenor of the Definitive Notes in lieu of which they
are issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes.

          If temporary Notes are issued, the Issuer will cause Definitive Notes
to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.2, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

          SECTION 2.4 REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

          The Issuer shall cause to be kept a register (the "Note Register") in
which, subject to such reasonable regulations as it may prescribe, the Issuer
shall provide for the registration of Notes and the registration of transfers of
Notes. The Trustee shall be "Note Registrar" for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, the Issuer shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of Note Registrar.

          If a Person other than the Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the
Trustee shall have the right to rely upon a certificate executed on behalf of
the Note Registrar by an Executive Officer thereof as to the names and addresses
of the Holders of the Notes and the principal amounts and number of such Notes.

          Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute
and upon its request the Trustee shall authenticate and the Noteholder shall
obtain from the Trustee, in the name of the designated transferee or
transferees, one or more new Notes, in any authorized denominations, of the same
class and a like aggregate principal amount.

          At the option of the Holder, Notes may be exchanged for other Notes in
any authorized denominations, of the same class and a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(1) of the UCC are met the Issuer shall execute and upon its
request the Trustee shall authenticate and the Noteholder shall obtain from the
Trustee, the Notes which the Noteholder making the exchange is entitled to
receive.

          All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

          Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar which requirements include membership or
participation in Securities Transfer Agents Medallion Program ("Stamp") or such
other "signature guarantee program" as may be determined by the Note Registrar
in addition to, or in substitution for, Stamp, all in accordance with the
Exchange Act, and (ii) accompanied by such other documents as the Trustee may
require.

          No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

          The preceding provisions of this section notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to the Note.

          SECTION 2.5 MUTILATED, DESTROYED, LOST OR STOLEN NOTES.

          If (i) any mutilated Note is surrendered to the Trustee, or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, and (ii) there is delivered to the Trustee such security or
indemnity as may be required by it to hold the Issuer and the Trustee harmless,
then, in the absence of notice to the Issuer, the Note Registrar or the Trustee
that such Note has been acquired by a bona fide purchaser, and provided that the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute and
upon its request the Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement
Note; provided, however, that if any such destroyed, lost or stolen Note, but
not a mutilated Note, shall have become or within seven days shall be due and
payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so
due or payable or upon the Redemption Date without surrender thereof. If, after
the delivery of such replacement Note or payment of a destroyed, lost or stolen
Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of
the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom
such replacement Note was delivered or any assignee of such Person, except a
bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Trustee in connection therewith.

          Upon the issuance of any replacement Note under this Section, the
Issuer may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Trustee) connected therewith.

          Every replacement Note issued pursuant to this Section in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

          SECTION 2.6 PERSONS DEEMED OWNER.

          Prior to due presentment for registration of transfer of any Note, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note be overdue, and neither the Issuer, the Trustee nor any agent of
the Issuer or the Trustee shall be affected by notice to the contrary.

          SECTION 2.7 PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

               (a) The Notes shall accrue interest as provided in the forms of
          the Classes of Notes, set forth in Exhibit B, and such interest shall
          be payable on each Distribution Date as specified therein. Any
          installment of interest or principal, if any, payable on any Note
          which is punctually paid or duly provided for by the Issuer on the
          applicable Distribution Date shall be paid to the Person in whose name
          such Note (or one or more Predecessor Notes) is registered on the
          Record Date, by check mailed first class, postage prepaid, to such
          Person's address as it appears on the Note Register on such Record
          Date, except that, unless Definitive Notes have been issued pursuant
          to Section 2.12, with respect to Notes registered on the Record Date
          in the name of the nominee of the Clearing Agency (initially, such
          nominee to be Cede & Co.), payment will be made by wire transfer in
          immediately available funds to the account designated by such nominee
          and except for the final installment of principal payable with respect
          to such Note on a Distribution Date or on the Final Scheduled
          Distribution Date (and except for the Redemption Price for any Note
          called for redemption pursuant to Section 10.1(a)) which shall be
          payable as provided below. The funds represented by any such checks
          returned undelivered shall be held in accordance with Section 3.3.

               (b) The principal of each Note shall be payable in installments
          on each Distribution Date as provided in the forms of the Classes of
          Notes, set forth in Exhibit B. Notwithstanding the foregoing, the
          entire unpaid principal amount of the Notes shall be due and payable,
          if not previously paid, on the date on which an Event of Default shall
          have occurred and be continuing, if the Trustee or the Holders of the
          Notes representing not less than a majority of the Current Principal
          Amount of the Notes have declared the Notes to be immediately due and
          payable in the manner provided in Section 5.2. All principal payments
          on each Class of Notes shall be made pro rata to the Noteholders of
          such Class entitled thereto. The Trustee shall notify the Person in
          whose name a Note is registered at the close of business on the Record
          Date preceding the Distribution Date on which the Issuer expects that
          the final installment of principal of and interest on such Note will
          be paid. Such notice shall be mailed or transmitted by facsimile prior
          to such final Distribution Date and shall specify that such final
          installment will be payable only upon presentation and surrender of
          such Note and shall specify the place where such Note may be presented
          and surrendered for payment of such installment. Notices in connection
          with redemptions of Notes shall be mailed to Noteholders as provided
          in Section 10.2.

               (c) If the Issuer defaults in a payment of interest on the Notes,
          the Issuer shall pay defaulted interest (plus interest on such
          defaulted interest to the extent lawful) at the applicable Interest
          Rate in any lawful manner.

          The Issuer may pay such defaulted interest to the Persons who are
          Noteholders on a subsequent special record date, which date shall be
          at least five Business Days prior to the payment date. The Issuer
          shall fix or cause to be fixed any such special record date and
          payment date, and, at least 15 days before any such special record
          date, the Issuer shall mail to each Noteholder and the Trustee a
          notice that states the special record date, the payment date and the
          amount of defaulted interest to be paid.

          SECTION 2.8 CANCELLATION.

          All Notes surrendered for payment, registration of transfer, exchange
or redemption shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly canceled by the Trustee. The
Issuer may at any time deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly
canceled by the Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Notes may be held or disposed of by
the Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Order that they
be destroyed or returned to it; provided that such Issuer Order is timely and
the Notes have not been previously disposed of by the Trustee.

          SECTION 2.9 RELEASE OF COLLATERAL.

          Subject to Section 11.1, the Trustee shall release property from the
lien of this Indenture only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(l) or an Opinion of Counsel in
lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates.

          SECTION 2.10 BOOK-ENTRY NOTES.

          The Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to, as
agent for The Depository Trust Company, the initial Clearing Agency, by, or on
behalf of, the Issuer. Such Notes shall initially be registered on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency,
and no Note Owner will receive a Definitive Note representing such Note Owner's
interest in such Note, except as provided in Section 2.12. Unless and until
definitive, fully registered Notes (the "Definitive Notes") have been issued to
Note Owners pursuant to Section 2.12:

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

                    (ii) the Note Registrar and the Trustee shall be entitled to
                    deal with the Clearing Agency for all purposes of this
                    Indenture (including the payment of principal of and
                    interest on the Notes and the giving of instructions or
                    directions hereunder) as the sole Holder of the Notes, and
                    shall have no obligation to the Note Owners;

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

                    (iv) the rights of Note Owners shall be exercised only
                    through the Clearing Agency and shall be limited to those
                    established by law and agreements between such Note Owners
                    and the Clearing Agency and/or the Clearing Agency
                    Participants. Pursuant to the Note Depository Agreement,
                    unless and until Definitive Notes are issued pursuant to
                    Section 2.12, the initial Clearing Agency will make
                    book-entry transfers among the Clearing Agency Participants
                    and receive and transmit payments of principal of and
                    interest on the Notes to such Clearing Agency Participants;
                    and

                    (v) whenever this Indenture requires or permits actions to
                    be taken based upon instructions or directions of Holders of
                    Notes evidencing a specified percentage of the Current
                    Principal Amount of the Notes, the Clearing Agency shall be
                    deemed to represent such percentage only to the extent that
                    it has received instructions to such effect from Note Owners
                    and/or Clearing Agency Participants owning or representing,
                    respectively, such required percentage of the beneficial
                    interest in the Notes and has delivered such instructions to
                    the Trustee.

          SECTION 2.11 NOTICES TO CLEARING AGENCY.

          Whenever a notice or other communication to the Noteholders is
required under this Indenture, unless and until Definitive Notes shall have been
issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such
notices and communications specified herein to be given to Holders of the Notes
to the Clearing Agency, and shall have no obligation to the Note Owners.

          SECTION 2.12 DEFINITIVE NOTES.

          If (i) the Master Servicer advises the Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Notes, and the Master Servicer is unable to
locate a qualified successor, (ii) the Master Servicer at its option advises the
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency or (iii) after the occurrence of an Event of Default, Note
Owners representing beneficial interests aggregating at least a majority of the
Current Principal Amount of the Notes advise the Trustee through the Clearing
Agency in writing that the continuation of a book entry system through the
Clearing Agency is no longer in the best interests of the Note Owners, then the
Clearing Agency shall notify all Note Owners and the Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Trustee of the typewritten Note or
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, the Note Registrar or the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Notes, the Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.

<PAGE>

                                   ARTICLE III

                                    COVENANTS

          SECTION 3.1 PAYMENT OF PRINCIPAL AND INTEREST.

          The Issuer will duly and punctually pay the principal of and interest
on the Notes in accordance with the terms of the Notes and this Indenture.
Without limiting the foregoing, subject to Section 8.2(c), the Issuer will cause
to be distributed to the Noteholders all amounts on deposit in the Note
Distribution Account on a Distribution Date deposited therein pursuant to the
Master Servicing Agreement for the benefit of the Noteholders. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the Issuer
to such Noteholder for all purposes of this Indenture.

          SECTION 3.2 MAINTENANCE OF OFFICE OR AGENCY.

          The Issuer will maintain in the [Borough of Manhattan, The City of New
York], an office or agency where Notes may be surrendered for registration of
transfer or exchange, and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. The Issuer hereby
initially appoints the Trustee to serve as its agent for the foregoing purposes.
The Issuer will give prompt written notice to the Trustee of the location, and
of any change in the location, of any such office or agency. If at any time the
Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Trustee with the address thereof, such surrenders, notices and demands may
be made or served at the Corporate Trust Office, and the Issuer hereby appoints
the Trustee as its agent to receive all such surrenders, notices and demands.

          SECTION 3.3 MONEY FOR PAYMENTS TO BE HELD IN TRUST.

          As provided in Sections 8.2(a) and (b), all payments of amounts due
and payable with respect to any Notes that are to be made from amounts withdrawn
from the Collection Account and the Note Distribution Account pursuant to
Section 8.2(c) shall be made on behalf of the Issuer by the Trustee or by
another Paying Agent, and no amounts so withdrawn from the Collection Account
and the Note Distribution Account for payments of Notes shall be paid over to
the Issuer except as provided in this Section.

          On or before each Distribution Date and Redemption Date, the Issuer
shall deposit or cause to be deposited in the Note Distribution Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes,
such sum to be held in trust for the benefit of the Persons entitled thereto and
(unless the Paying Agent is the Trustee) shall promptly notify the Trustee of
its action or failure so to act.

          The Issuer will cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby
so agrees), subject to the provisions of this Section, that such Paying Agent
will:

                    (i) hold all sums held by it for the payment of amounts due
                    with respect to the Notes in trust for the benefit of the
                    Persons entitled thereto until such sums shall be paid to
                    such Persons or otherwise disposed of as herein provided and
                    pay such sums to such Persons as herein provided;

                    (ii) give the Trustee notice of any default by the Issuer of
                    which it has actual knowledge (or any other obligor upon the
                    Notes) in the making of any payment required to be made with
                    respect to the Notes;

                    (iii) at any time during the continuance of any such
                    default, upon the written request of the Trustee, forthwith
                    pay to the Trustee all sums so held in trust by such Paying
                    Agent;

                    (iv) immediately resign as a Paying Agent and forthwith pay
                    to the Trustee all sums held by it in trust for the payment
                    of Notes if at any time it ceases to meet the standards
                    required to be met by a Paying Agent at the time of its
                    appointment; and

                    (v) comply with all requirements of the Code with respect to
                    the withholding from any payments made by it on any Notes of
                    any applicable withholding taxes imposed thereon and with
                    respect to any applicable reporting requirements in
                    connection therewith.

          The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Trustee all sums held in trust by
such Paying Agent, such sums to be held by the Trustee upon the same trusts as
those upon which the sums were held by such Paying Agent; and upon such a
payment by any Paying Agent to the Trustee, such Paying Agent shall be released
from all further liability with respect to such money.

          Subject to applicable laws with respect to the escheat of funds, any
money held by the Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust and
be paid to the Issuer on Issuer Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Trustee or such Paying Agent with respect to such trust
money shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, shall at the expense of
the Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in The City of New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Issuer. The Trustee shall also adopt and employ, at the
expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Trustee or of any Paying Agent,
at the last address of record for each such Holder).

          SECTION 3.4 EXISTENCE.

          Except as otherwise permitted by the provisions of Section 3.10, the
Issuer will keep in full effect its existence, rights and franchises as a
business trust under the laws of the State of Delaware (unless it becomes, or
any successor Issuer hereunder is or becomes, organized under the laws of any
other state or of the United States of America, in which case the Issuer will
keep in full effect its existence, rights and franchises under the laws of such
other jurisdiction) and will obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

          SECTION 3.5 PROTECTION OF TRUST ESTATE.

          The Issuer will from time to time prepare (or shall cause to be
prepared), execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

                    (i) maintain or preserve the lien and security interest (and
                    the priority thereof) of this Indenture or carry out more
                    effectively the purposes hereof;

                    (ii) perfect, publish notice of or protect the validity of
                    any Grant made or to be made by this Indenture;

                    (iii) enforce any of the Collateral; or

                    (iv) preserve and defend title to the Trust Estate and the
                    rights of the Trustee and the Noteholders in such Trust
                    Estate against the claims of all persons and parties.

          The Issuer hereby designates the Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required by the Trustee pursuant to this Section.

          SECTION 3.6 OPINIONS AS TO TRUST ESTATE.

               (a) On the Closing Date, the Issuer shall furnish to the Trustee
          an Opinion of Counsel either stating that, in the opinion of such
          counsel, such action has been taken with respect to the recording and
          filing of this Indenture, any indentures supplemental hereto, and any
          other requisite documents, and with respect to the execution and
          filing of any financing statements and continuation statements, as are
          necessary to perfect and make effective the lien and security interest
          of this Indenture and reciting the details of such action, or stating
          that, in the opinion of such counsel, no such action is necessary to
          make such lien and security interest effective.

               (b) Within ____ days after the beginning of each calendar year,
          beginning with the first calendar year beginning more than three
          months after the Cut-off Date, the Issuer shall furnish to the Trustee
          an Opinion of Counsel either stating that, in the opinion of such
          counsel, such action has been taken with respect to the recording,
          filing, re-recording and refiling of this Indenture, any indentures
          supplemental hereto and any other requisite documents and with respect
          to the execution and filing of any financing statements and
          continuation statements as are necessary to maintain the lien and
          security interest created by this Indenture and reciting the details
          of such action or stating that in the opinion of such counsel no such
          action is necessary to maintain such lien and security interest. Such
          Opinion of Counsel shall also describe the recording, filing,
          re-recording and refiling of this Indenture, any indentures
          supplemental hereto and any other requisite documents and the
          execution and filing of any financing statements and continuation
          statements that will, in the opinion of such counsel, be required to
          maintain the lien and security interest of this Indenture until
          January 30 in the following calendar year.

          SECTION 3.7 PERFORMANCE OF OBLIGATIONS; SERVICING OF MORTGAGE LOANS.

               (a) The Issuer will not take any action and will use its best
          efforts not to permit any action to be taken by others that would
          release any Person from any of such Person's material covenants or
          obligations under any instrument or agreement included in the Trust
          Estate or that would result in the amendment, hypothecation,
          subordination, termination or discharge of, or impair the validity or
          effectiveness of, any such instrument or agreement, except as ordered
          by any bankruptcy or other court or as expressly provided in this
          Indenture, the Basic Documents or such other instrument or agreement.

               (b) The Issuer may contract with other Persons to assist it in
          performing its duties under this Indenture, and any performance of
          such duties by a Person identified to the Trustee in an Officer's
          Certificate of the Issuer shall be deemed to be action taken by the
          Issuer. Initially, the Issuer has contracted with the Master Servicer
          to assist the Issuer in performing its duties under this Indenture.

               (c) The Issuer will punctually perform and observe all of its
          obligations and agreements contained in this Indenture, the Basic
          Documents and in the instruments and agreements included in the Trust
          Estate, including but not limited to preparing (or causing to
          prepared) and filing (or causing to be filed) all UCC financing
          statements and continuation statements required to be filed by the
          terms of this Indenture and the Master Servicing Agreement in
          accordance with and within the time periods provided for herein and
          therein. Except as otherwise expressly provided therein, the Issuer
          shall not waive, amend, modify, supplement or terminate any Basic
          Document or any provision thereof without the consent of the Trustee
          or the Holders of at least a majority of the aggregate Current
          Principal Amount of the Outstanding Notes.

               (d) If the Issuer shall have knowledge of the occurrence of a
          Servicer Default under the Master Servicing Agreement, the Issuer
          shall promptly notify the Trustee and the Rating Agencies thereof in
          accordance with Section 11.4, and shall specify in such notice the
          action, if any, the Issuer is taking in respect of such default. If a
          Servicer Default shall arise from the failure of the Master Servicer
          to perform any of its duties or obligations under the Master Servicing
          Agreement with respect to the Mortgage Loans, the Issuer shall take
          all reasonable steps available to it to remedy such failure.

               (e) As promptly as possible after the giving of notice of
          termination to the Master Servicer of the Master Servicer's rights and
          powers pursuant to Section 8.1 of the Master Servicing Agreement, the
          Issuer shall appoint a successor Master Servicer (the "Successor
          Master Servicer"), and such Successor Master Servicer shall accept its
          appointment by a written assumption in a form acceptable to the
          Trustee. In the event that a Successor Master Servicer has not been
          appointed and accepted its appointment at the time when the Master
          Servicer ceases to act as Master Servicer, the Trustee without further
          action shall automatically be appointed the Successor Master Servicer.
          The Trustee may resign as the Master Servicer by giving written notice
          of such resignation to the Issuer and in such event will be released
          from such duties and obligations, such release not to be effective
          until the date a new Master Servicer enters into a servicing agreement
          with the Issuer as provided below. Upon delivery of any such notice to
          the Issuer, the Issuer shall obtain a new Master Servicer as the
          Successor Master Servicer under the Master Servicing Agreement. Any
          Successor Master Servicer other than the Trustee shall (i) be an
          established financial institution having a net worth of not less than
          $_____________ and whose regular business includes the servicing of
          residential mortgage loans and (ii) enter into a servicing agreement
          with the Issuer having substantially the same provisions as the
          provisions of the Master Servicing Agreement applicable to the Master
          Servicer. If within 30 days after the delivery of the notice referred
          to above, the Issuer shall not have obtained such a new Master
          Servicer, the Trustee may appoint, or may petition a court of
          competent jurisdiction to appoint, a Successor Master Servicer. In
          connection with any such appointment, the Trustee may make such
          arrangements for the compensation of such successor as it and such
          successor shall agree, subject to the limitations set forth below and
          in the Master Servicing Agreement, and in accordance with Section 8.2
          of the Master Servicing Agreement, the Issuer shall enter into an
          agreement with such successor for the servicing of the Mortgage Loans
          (such agreement to be in form and substance satisfactory to the
          Trustee). If the Trustee shall succeed to the Master Servicer's duties
          as Master Servicer of the Mortgage Loans as provided herein, it shall
          do so in its individual capacity and not in its capacity as Trustee
          and, accordingly, the provisions of Article VI hereof shall be
          inapplicable to the Trustee in its duties as the successor to the
          Master Servicer and the servicing of the Mortgage Loans. In case the
          Trustee shall become successor to the Master Servicer under the Master
          Servicing Agreement, the Trustee shall be entitled to appoint as
          Master Servicer any one of its Affiliates, or delegate any of its
          responsibilities as Master Servicer to agents, subject to the terms of
          the Master Servicing Agreement, provided that such appointment or
          delegation shall not affect or alter in any way the liability of the
          Trustee as a successor for the performance of the duties and
          obligations of the Master Servicer in accordance with the terms
          hereof.

               (f) Upon any termination of the Master Servicer's rights and
          powers pursuant to the Master Servicing Agreement, the Issuer shall
          promptly notify the Trustee. As soon as a Successor Master Servicer
          (other than the Trustee) is appointed, the Issuer shall notify the
          Trustee of such appointment, specifying in such notice the name and
          address of such Successor Master Servicer.

               (g) Without derogating from the absolute nature of the assignment
          granted to the Trustee under this Indenture or the rights of the
          Trustee hereunder, the Issuer agrees that, unless such action is
          specifically permitted hereunder or under the Basic Documents, it will
          not, without the prior written consent of the Trustee or the Holders
          of at least a majority in aggregate Current Principal Amount of the
          Outstanding Notes, amend, modify, waive, supplement, terminate or
          surrender, or agree to any amendment, modification, supplement,
          termination, waiver or surrender of, the terms of any Collateral or
          the Basic Documents, or waive timely performance or observance by the
          Master Servicer or the Seller under the Master Servicing Agreement;
          provided, however, that no such amendment shall (i) increase or reduce
          in any manner the amount of, or accelerate or delay the timing of,
          distributions that are required to be made for the benefit of the
          Noteholders, or (ii) reduce the aforesaid percentage of the Notes
          which are required to consent to any such amendment, without the
          consent of the Holders of all the Outstanding Notes. If any such
          amendment, modification, supplement or waiver shall be so consented to
          by the Trustee or such Holders, the Issuer agrees, promptly following
          a request by the Trustee to do so, to execute and deliver, in its own
          name and at its own expense, such agreements, instruments, consents
          and other documents as the Trustee may deem necessary or appropriate
          in the circumstances.

          SECTION 3.8 NEGATIVE COVENANTS.

          So long as any Notes are Outstanding, the Issuer shall not:

                    (i) except as expressly permitted by this Indenture or the
                    Basic Documents, sell, transfer, exchange or otherwise
                    dispose of any of the properties or assets of the Issuer,
                    including those included in the Trust Estate, unless
                    directed to do so by the Trustee;

                    (ii) claim any credit on, or make any deduction from the
                    principal or interest payable in respect of, the Notes
                    (other than amounts properly withheld from such payments
                    under the Code) or assert any claim against any present or
                    former Noteholder by reason of the payment of the taxes
                    levied or assessed upon any part of the Trust Estate; or

                    (iii) (A) permit the validity or effectiveness of this
                    Indenture to be impaired, or permit the lien of this
                    Indenture to be amended, hypothecated, subordinated,
                    terminated or discharged, or permit any Person to be
                    released from any covenants or obligations with respect to
                    the Notes under this Indenture except as may be expressly
                    permitted hereby, (B) permit any lien, charge, excise,
                    claim, security interest, mortgage or other encumbrance
                    (other than the lien of this Indenture) to be created on or
                    extend to or otherwise arise upon or burden the Trust Estate
                    or any part thereof or any interest therein or the proceeds
                    thereof (other than tax liens, mechanics' liens and other
                    liens that arise by operation of law, in each case on a
                    Mortgage Loan and arising solely as a result of an action or
                    omission of the related Mortgagor) or (C) permit the lien of
                    this Indenture not to constitute a valid first priority
                    (other than with respect to any such tax, mechanics' or
                    other lien) security interest in the Trust Estate.

          SECTION 3.9 ANNUAL STATEMENT AS TO COMPLIANCE.

          The Issuer will deliver to the Trustee, within ___ days after the end
of each fiscal year of the Issuer (commencing with the fiscal year 200_ ), and
otherwise in compliance with the requirements of TIA Section 314(a)(4) an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that

                    (i) a review of the activities of the Issuer during such
                    year and of performance under this Indenture has been made
                    under such Authorized Officer's supervision; and

                    (ii) to the best of such Authorized Officer's knowledge,
                    based on such review, the Issuer has complied with all
                    conditions and covenants under this Indenture throughout
                    such year, or, if there has been a default in the compliance
                    of any such condition or covenant, specifying each such
                    default known to such Authorized Officer and the nature and
                    status thereof.

          SECTION 3.10 ISSUER MAY CONSOLIDATE, ETC. ONLY ON CERTAIN TERMS.

               (a) The Issuer shall not consolidate or merge with or into any
          other Person, unless

                    (i) the Person (if other than the Issuer) formed by or
                    surviving such consolidation or merger shall be a Person
                    organized and existing under the laws of the United States
                    of America or any state and shall expressly assume, by an
                    indenture supplemental hereto, executed and delivered to the
                    Trustee, in form satisfactory to the Trustee, the due and
                    punctual payment of the principal of and interest on all
                    Notes and the performance or observance of every agreement
                    and covenant of this Indenture on the part of the Issuer to
                    be performed or observed, all as provided herein;

                    (ii) immediately after giving effect to such transaction, no
                    Default or Event of Default shall have occurred and be
                    continuing;

                    (iii) the Rating Agency Condition shall have been satisfied
                    with respect to such transaction;

                    (iv) the Issuer shall have received an Opinion of Counsel
                    (and shall have delivered copies thereof to the Trustee) to
                    the effect that such transaction will not have any material
                    adverse tax consequence to the Trust, any Noteholder or any
                    Certificateholder;

                    (v) any action as is necessary to maintain the lien and
                    security interest created by this Indenture shall have been
                    taken; and

                    (vi) the Issuer shall have delivered to the Trustee an
                    Officer's Certificate and an Opinion of Counsel each stating
                    that such consolidation or merger and such supplemental
                    indenture comply with this Article III and that all
                    conditions precedent herein provided for relating to such
                    transaction have been complied with (including any filing
                    required by the Exchange Act).

               (b) The Issuer shall not convey or transfer all or substantially
          all of its properties or assets, including those included in the Trust
          Estate, to any Person, unless

                    (i) the Person that acquires by conveyance or transfer the
                    properties and assets of the Issuer the conveyance or
                    transfer of which is hereby restricted shall (A) be a United
                    States citizen or a Person organized and existing under the
                    laws of the United States of America or any state, (B)
                    expressly assume, by an indenture supplemental hereto,
                    executed and delivered to the Trustee, in form satisfactory
                    to the Trustee, the due and punctual payment of the
                    principal of and interest on all Notes and the performance
                    or observance of every agreement and covenant of this
                    Indenture on the part of the Issuer to be performed or
                    observed, all as provided herein, (C) expressly agree by
                    means of such supplemental indenture that all right, title
                    and interest so conveyed or transferred shall be subject and
                    subordinate to the rights of Holders of the Notes, (D)
                    unless otherwise provided in such supplemental indenture,
                    expressly agree to indemnify, defend and hold harmless the
                    Issuer against and from any loss, liability or expense
                    arising under or related to this Indenture and the Notes and
                    (E) expressly agree by means of such supplemental indenture
                    that such Person (or if a group of persons, then one
                    specified Person) shall prepare (or cause to be prepared)
                    and make all filings with the Commission (and any other
                    appropriate Person) required by the Exchange Act in
                    connection with the Notes;

                    (ii) immediately after giving effect to such transaction, no
                    Default or Event of Default shall have occurred and be
                    continuing;

                    (iii) the Rating Agency Condition shall have been satisfied
                    with respect to such transaction;

                    (iv) the Issuer shall have received an Opinion of Counsel
                    (and shall have delivered copies thereof to the Trustee) to
                    the effect that such transaction will not have any material
                    adverse tax consequence to the Trust, any Noteholder or any
                    Certificateholder;

                    (v) any action as is necessary to maintain the lien and
                    security interest created by this Indenture shall have been
                    taken; and

                    (vi) the Issuer shall have delivered to the Trustee an
                    Officers' Certificate and an Opinion of Counsel each stating
                    that such conveyance or transfer and such supplemental
                    indenture comply with this Article III and that all
                    conditions precedent herein provided for relating to such
                    transaction have been complied with (including any filing
                    required by the Exchange Act).

          SECTION 3.11 SUCCESSOR OR TRANSFEREE.

               (a) Upon any consolidation or merger of the Issuer in accordance
          with Section 3.10(a), the Person formed by or surviving such
          consolidation or merger (if other than the Issuer) shall succeed to,
          and be substituted for, and may exercise every right and power of, the
          Issuer under this Indenture with the same effect as if such Person had
          been named as the Issuer herein.

               (b) Upon a conveyance or transfer of all the assets and
          properties of the Issuer pursuant to Section 3.10 (b), will be
          released from every covenant and agreement of this Indenture to be
          observed or performed on the part of the Issuer with respect to the
          Notes immediately upon the delivery of written notice to the Trustee
          stating that is to be so released.

          SECTION 3.12 NO OTHER BUSINESS.

          The Issuer shall not engage in any business other than financing,
purchasing, owning, selling and managing the Mortgage Loans in the manner
contemplated by this Indenture and the Basic Documents and activities incidental
thereto.

          SECTION 3.13 NO BORROWING.

          The Issuer shall not issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness except for the
Notes.

          SECTION 3.14 MASTER SERVICER'S OBLIGATIONS.

          The Issuer shall cause the Master Servicer to comply with Sections
[4.9, 4.10, 4.11 and 5.8] of the Master Servicing Agreement.

        SECTION 3.15 GUARANTEES, MORTGAGE LOANS, ADVANCES AND OTHER LIABILITIES.

          Except as contemplated by the Master Servicing Agreement or this
Indenture, the Issuer shall not make any Mortgage Loan or advance or credit to,
or guarantee (directly or indirectly or by an instrument having the effect of
assuring another's payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly
or indirectly, in connection with the obligations, stocks or dividends of, or
own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

          SECTION 3.16 CAPITAL EXPENDITURES.

          The Issuer shall not make any expenditure (by long term or operating
lease or otherwise) for capital assets (either realty or personalty).

          SECTION 3.17 RESERVED.

          SECTION 3.18 RESTRICTED PAYMENTS.

          The Issuer shall not, directly or indirectly, (i) pay any dividend or
make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Owner Trustee or any owner
of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer or to the Master
Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or security or (iii) set aside or otherwise
segregate any amounts for any such purpose; provided, however, that the Issuer
may make, or cause to be made, distributions to the Master Servicer, the Owner
Trustee, the Trustee and the Certificateholders as permitted by, and to the
extent funds are available for such purpose under, the Master Servicing
Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance
with this Indenture and the Basic Documents.

          SECTION 3.19 NOTICE OF EVENTS OF DEFAULT.

          The Issuer agrees to give the Trustee and the Rating Agencies prompt
written notice of each Event of Default hereunder and each default on the part
of the Master Servicer or the Seller of its obligations under the Master
Servicing Agreement.

          SECTION 3.20 FURTHER INSTRUMENTS AND ACTS.

          Upon request of the Trustee, the Issuer will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture.

<PAGE>

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

          SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE.

          This Indenture shall cease to be of further effect with respect to the
Notes except as to (i) rights of registration of transfer and exchange, (ii)
substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv)
Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights, obligations
and immunities of the Trustee hereunder (including the rights of the Trustee
under Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi)
the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them, and the Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when

                        (A)  either

                        (1) all Notes theretofore authenticated and delivered
                        (other than (i) Notes that have been destroyed, lost or
                        stolen and that have been replaced or paid as provided
                        in Section 2.5 and (ii) Notes for whose payment money
                        has theretofore been deposited in trust or segregated
                        and held in trust by the Issuer and thereafter repaid to
                        the Issuer or discharged from such trust, as provided in
                        Section 3.3) have been delivered to the Trustee for
                        cancellation; or

                        (2) all Notes not theretofore delivered to the Trustee
                        for cancellation

                    (i) have become due and payable,

                    (ii) will become due and payable at the Final Scheduled
                    Distribution Date within one year, or

                    (iii) are to be called for redemption within one year under
                    arrangements satisfactory to the Trustee for the giving of
                    notice of redemption by the Trustee in the name, and at the
                    expense, of the Issuer, and the Issuer, in the case of (i),
                    (ii) or (iii) above, has irrevocably deposited or caused to
                    be irrevocably deposited with the Trustee cash or direct
                    obligations of or obligations guaranteed by the United
                    States of America (which will mature prior to the date such
                    amounts are payable), in trust for such purpose, in an
                    amount sufficient to pay and discharge the entire
                    indebtedness on such Notes not theretofore delivered to the
                    Trustee for cancellation when due to the Final Scheduled
                    Distribution Date or Redemption Date (if Notes shall have
                    been called for redemption pursuant to Section10.1(a)), as
                    the case may be;

                        (B)  the Issuer has paid or caused to be paid all other
                        sums payable hereunder by the Issuer; and

                        (C) the Issuer has delivered to the Trustee
                        an Officer's Certificate, an Opinion of
                        Counsel and (if required by the TIA or the
                        Trustee) an Independent Certificate from a
                        firm of certified public accountants, each
                        meeting the applicable requirements of
                        Section 11.1(a) and each stating that all
                        conditions precedent herein provided for
                        relating to the satisfaction and discharge
                        of this Indenture have been complied with.

          SECTION 4.2 APPLICATION OF TRUST MONEY.

          All moneys deposited with the Trustee pursuant to Section 4.1 hereof
shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any
Paying Agent, as the Trustee may determine, to the Holders of the particular
Notes for the payment or redemption of which such moneys have been deposited
with the Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Master Servicing Agreement or required by law.

          SECTION 4.3 REPAYMENT OF MONEYS HELD BY PAYING AGENT.

          In connection with the satisfaction and discharge of this Indenture
with respect to the Notes, all moneys then held by any Paying Agent other than
the Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Trustee to be held and applied
according to Section 3.3 and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.

<PAGE>

                                    ARTICLE V

                                    REMEDIES

          SECTION 5.1 EVENTS OF DEFAULT.

          "Event of Default", wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

                    (i) a default for ______ days or more in the payment of any
                    principal of or interest on any Note; or

                    (ii) default in the observance or performance of any
                    covenant or agreement of the Issuer or the Trust Fund made
                    in this Indenture (other than a covenant or agreement, a
                    default in the observance or performance of which is
                    elsewhere in this Section specifically dealt with), which
                    continues for a period of ______ days after notice after
                    thereof shall have been given, by registered or certified
                    mail, to the Issuer by the Trustee or to the Issuer and the
                    Trustee by the Holders of at least ___% of the Current
                    Principal Amount of the Notes, a written notice specifying
                    such default or incorrect representation or warranty and
                    requiring it to be remedied and stating that such notice is
                    a "Notice of Default" hereunder; or

                    (iii) any representation or warranty of the Issuer or the
                    Trust Fund made in this Indenture or in any certificate or
                    other writing delivered pursuant hereto or in connection
                    herewith proving to have been incorrect in any material
                    respect as of the time when the same shall have been made,
                    and such breach is not cured within _____ days after notice
                    thereof after there shall have been given, by registered or
                    certified mail, to the Issuer by the Trustee or to the
                    Issuer and the Trustee by the Holders of at least ___% of
                    the Current Principal Amount of the Notes, a written notice
                    specifying such default or incorrect representation or
                    warranty and requiring it to be remedied and stating that
                    such notice is a "Notice of Default" hereunder; or

                    (iv) the filing of a decree or order for relief by a court
                    having jurisdiction in the premises in respect of the Issuer
                    or any substantial part of the Trust Estate in an
                    involuntary case under any applicable Federal or state
                    bankruptcy, insolvency or other similar law now or hereafter
                    in effect, or appointing a receiver, liquidator, assignee,
                    custodian, trustee, sequestrator or similar official of the
                    Issuer or for any substantial part of the Trust Estate, or
                    ordering the winding-up or liquidation of the Issuer's
                    affairs, and such decree or order shall remain unstayed and
                    in effect for a period of ______ consecutive days; or

                    (v) the commencement by the Issuer of a voluntary case under
                    any applicable Federal or state bankruptcy, insolvency or
                    other similar law now or hereafter in effect, or the consent
                    by the Issuer to the entry of an order for relief in an
                    involuntary case under any such law, or the consent by the
                    Issuer to the appointment or taking possession by a
                    receiver, liquidator, assignee, custodian, trustee,
                    sequestrator or similar official of the Issuer or for any
                    substantial part of the Trust Estate, or the making by the
                    Issuer of any general assignment for the benefit of
                    creditors, or the failure by the Issuer generally to pay its
                    debts as such debts become due, or the taking of action by
                    the Issuer in furtherance of any of the foregoing.

          The Issuer shall deliver to the Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer's Certificate of
any event which with the giving of notice and the lapse of time would become an
Event of Default under clause (iii), its status and what action the Issuer is
taking or proposes to take with respect thereto.

          SECTION 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

          If an Event of Default should occur and be continuing, then and in
every such case the Trustee or the Holders of Notes representing not less than a
majority of the Current Principal Amount of the Notes may declare the principal
or if any Note is a [Zero Coupon Security], such portion of the principal amount
as specified in the Note to be immediately due and payable, by a notice in
writing to the Issuer (and to the Trustee if given by Noteholders), and upon any
such declaration the unpaid principal amount of such Notes, together with
accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

          At any time after such declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article V provided, the Holders
of Notes representing a majority of the Current Principal Amount of the Notes,
by written notice to the Issuer and the Trustee, may rescind and annul such
declaration and its consequences if:

                    (i) the Issuer has paid or deposited with the Trustee a sum
                    sufficient to pay

                        (A) all payments of principal of and interest on all
                        Notes and all other amounts that would then be due
                        hereunder or upon such Notes if the Event of Default
                        giving rise to such  acceleration had not occurred; and

                        (B) all sums paid or advanced by the Trustee hereunder
                         and the reasonable compensation, expenses,
                         disbursements and advances of the Trustee and its
                         agents and counsel; and

                    (ii) all Events of Default, other than the nonpayment of the
                    principal of the Notes that has become due solely by such
                    acceleration, have been cured or waived as provided in
                    Section 5.12. No such rescission shall affect any subsequent
                    default or impair any right consequent thereto.

          SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE.

               (a) The Issuer covenants that if (i) default is made in the
          payment of any interest on any Note when the same becomes due and
          payable, and such default continues for a period of ______ days, or
          (ii) default is made in the payment of the principal of or any
          installment of the principal of any Note when the same becomes due and
          payable, the Issuer will, upon demand of the Trustee, pay to it, for
          the benefit of the Holders of the Notes, the whole amount then due and
          payable on such Notes for principal and interest, with interest upon
          the overdue principal, and, to the extent payment at such rate of
          interest shall be legally enforceable, upon overdue installments of
          interest, at the rate borne by the Notes and in addition thereto such
          further amount as shall be sufficient to cover the costs and expenses
          of collection, including the reasonable compensation, expenses,
          disbursements and advances of the Trustee and its agents and counsel.

               (b) In case the Issuer shall fail forthwith to pay such amounts
          upon such demand, the Trustee, in its own name and as trustee of an
          express trust, may institute a proceeding for the collection of the
          sums so due and unpaid, and may prosecute such proceeding to judgment
          or final decree, and may enforce the same against the Issuer or other
          obligor upon such Notes and collect in the manner provided by law out
          of the property of the Issuer or other obligor upon such Notes,
          wherever situated, the moneys adjudged or decreed to be payable.

               (c) If an Event of Default occurs and is continuing, the Trustee
          may, as more particularly provided in Section 5.4, in its discretion,
          proceed to protect and enforce its rights and the rights of the
          Noteholders, by such appropriate proceedings as the Trustee shall deem
          most effective to protect and enforce any such rights, whether for the
          specific enforcement of any covenant or agreement in this Indenture or
          in aid of the exercise of any power granted herein, or to enforce any
          other proper remedy or legal or equitable right vested in the Trustee
          by this Indenture or by law.

               (d) In case there shall be pending, relative to the Issuer or any
          other obligor upon the Notes or any Person having or claiming an
          ownership interest in the Trust Estate, proceedings under Title 11 of
          the United States Code or any other applicable Federal or state
          bankruptcy, insolvency or other similar law, or in case a receiver,
          assignee or trustee in bankruptcy or reorganization, liquidator,
          sequestrator or similar official shall have been appointed for or
          taken possession of the Issuer or its property or such other obligor
          or Person, or in case of any other comparable judicial proceedings
          relative to the Issuer or other obligor upon the Notes, or to the
          creditors or property of the Issuer or such other obligor, the
          Trustee, irrespective of whether the principal of any Notes shall then
          be due and payable as therein expressed or by declaration or otherwise
          and irrespective of whether the Trustee shall have made any demand
          pursuant to the provisions of this Section, shall be entitled and
          empowered, by intervention in such proceedings or otherwise:

                    (i) to file and prove a claim or claims for the whole amount
                    of principal and interest owing and unpaid in respect of the
                    Notes and to file such other papers or documents as may be
                    necessary or advisable in order to have the claims of the
                    Trustee (including any claim for reasonable compensation to
                    the Trustee and each predecessor Trustee, and their
                    respective agents, attorneys and counsel, and for
                    reimbursement of all expenses and liabilities incurred, and
                    all advances made, by the Trustee and each predecessor
                    Trustee, except as a result of negligence, bad faith or
                    willful misconduct) and of the Noteholders allowed in such
                    proceedings;

                    (ii) unless prohibited by applicable law and regulations, to
                    vote on behalf of the Holders of Notes in any election of a
                    trustee, a standby trustee or person performing similar
                    functions in any such proceedings;

                    (iii) to collect and receive any moneys or other property
                    payable or deliverable on any such claims and to distribute
                    all amounts received with respect to the claims of the
                    Noteholders and of the Trustee on their behalf; and

                    (iv) to file such proofs of claim and other papers or
                    documents as may be necessary or advisable in order to have
                    the claims of the Trustee or the Holders of Notes allowed in
                    any judicial proceedings relative to the Issuer, its
                    creditors and its property; and any trustee, receiver,
                    liquidator, custodian or other similar official in any such
                    proceeding is hereby authorized by each of such Noteholders
                    to make payments to the Trustee, and, in the event that the
                    Trustee shall consent to the making of payments directly to
                    such Noteholders, to pay to the Trustee such amounts as
                    shall be sufficient to cover reasonable compensation to the
                    Trustee, each predecessor Trustee and their respective
                    agents, attorneys and counsel, and all other expenses and
                    liabilities incurred, and all advances made, by the Trustee
                    and each predecessor Trustee except as a result of
                    negligence or bad faith.

               (e) Nothing herein contained shall be deemed to authorize the
          Trustee to authorize or consent to or vote for or accept or adopt on
          behalf of any Noteholder any plan of reorganization, arrangement,
          adjustment or composition affecting the Notes or the rights of any
          Holder thereof or to authorize the Trustee to vote in respect of the
          claim of any Noteholder in any such proceeding except, as aforesaid,
          to vote for the election of a trustee in bankruptcy or similar person.

               (f) All rights of action and of asserting claims under this
          Indenture, or under any of the Notes, may be enforced by the Trustee
          without the possession of any of the Notes or the production thereof
          in any trial or other proceedings relative thereto, and any such
          action or proceedings instituted by the Trustee shall be brought in
          its own name as trustee of an express trust, and any recovery of
          judgment, subject to the payment of the expenses, disbursements and
          compensation of the Trustee, each predecessor Trustee and their
          respective agents and attorneys, shall be for the ratable benefit of
          the Holders of the Notes.

               (g) In any proceedings brought by the Trustee (and also any
          proceedings involving the interpretation of any provision of this
          Indenture to which the Trustee shall be a party), the Trustee shall be
          held to represent all the Holders of the Notes, and it shall not be
          necessary to make any Noteholder a party to any such proceedings.

          SECTION 5.4 REMEDIES; PRIORITIES.

               (a) If an Event of Default shall have occurred and be continuing,
          the Trustee may do one or more of the following (subject to Section
          5.5):

                    (i) institute proceedings in its own name and as trustee of
                    an express trust for the collection of all amounts then
                    payable on the Notes or under this Indenture with respect
                    thereto, whether by declaration or otherwise, enforce any
                    judgment obtained, and collect from the Issuer and any other
                    obligor upon such Notes moneys adjudged due;

                    (ii) institute proceedings from time to time for the
                    complete or partial foreclosure of this Indenture with
                    respect to the Trust Estate;

                    (iii) exercise any remedies of a secured party under the UCC
                    and take any other appropriate action to protect and enforce
                    the rights and remedies of the Trustee and the Holders of
                    the Notes; and

                    (iv) sell the Trust Estate or any portion thereof or rights
                    or interest therein, at one or more public or private sales
                    called and conducted in any manner permitted by law;
                    provided, however, that the Trustee may not sell or
                    otherwise liquidate the Trust Estate following an Event of
                    Default, other than an Event of Default described in Section
                    5.1(i), unless(A) the Holders of _____% of the Current
                    Principal Amount of the Notes consent thereto, (B) the
                    proceeds of such sale or liquidation distributable to the
                    Noteholders are sufficient to discharge in full all amounts
                    then due and unpaid upon such Notes for principal and
                    interest or (C) the Trustee determines that the Trust Estate
                    will not continue to provide sufficient funds for the
                    payment of principal of and interest on the Notes as they
                    would have become due if the Notes had not been declared due
                    and payable, and the Trustee obtains the consent of Holders
                    of ______% of the Current Principal Amount of the Notes. In
                    determining such sufficiency or insufficiency with respect
                    to clause (B) and (C), the Trustee may, but need not, obtain
                    and rely upon an opinion of an Independent investment
                    banking or accounting firm of national reputation as to the
                    feasibility of such proposed action and as to the
                    sufficiency of the Trust Estate for such purpose.

               (b) If the Trustee collects any money or property pursuant to
          this Article V, it shall pay out such money or property (and other
          amounts including amounts held on deposit in the Reserve Account) held
          as Collateral for the benefit of the Noteholders in the following
          order:

               FIRST: to the Trustee for amounts due under Section 6.7;

               SECOND: to Noteholders for amounts due and unpaid on the Notes
          for interest, ratably, without preference or priority of any kind,
          according to the amounts due and payable on the Notes for interest;

               THIRD: to Noteholders for amounts due and unpaid on the Notes for
          principal, ratably, without preference or priority of any kind,
          according to the amounts due and payable on the Notes for principal;
          and

               FOURTH: to the Issuer for distribution to the Certificateholders.
          The Trustee may fix a record date and payment date for any payment to
          Noteholders pursuant to this Section. At least _____ days before such
          record date, the Issuer shall mail to each Noteholder and the Trustee
          a notice that states the record date, the payment date and the amount
          to be paid.

          SECTION 5.5 OPTIONAL PRESERVATION OF THE MORTGAGE LOANS.

          If the Notes have been declared to be due and payable under Section
5.2 following an Event of Default and such declaration and its consequences have
not been rescinded and annulled, the Trustee may, but need not, elect to
maintain possession of the Trust Estate. It is the desire of the parties hereto
and the Noteholders that there be at all times sufficient funds for the payment
of principal of and interest on the Notes, and the Trustee shall take such
desire into account when determining whether or not to maintain possession of
the Trust Estate. In determining whether to maintain possession of the Trust
Estate, the Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

          SECTION 5.6 LIMITATION OF SUITS.

          No Holder of any Note shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

                    (i) such Holder has previously given written notice to the
                    Trustee of a continuing Event of Default;

                    (ii) the Holders of not less than _____% of the Current
                    Principal Amount of the Notes have made written request to
                    the Trustee to institute such proceeding in respect of such
                    Event of Default in its own name as Trustee hereunder;

                    (iii) such Holder or Holders have offered to the Trustee
                    indemnity reasonably satisfactory to it against the costs,
                    expenses and liabilities to be incurred in complying with
                    such request;

                    (iv) the Trustee for _____ days after its receipt of such
                    notice, request and offer of indemnity has failed to
                    institute such proceedings; and

                    (v) no direction inconsistent with such written request has
                    been given to the Trustee during such _____-day period by
                    the Holders of a majority of the Current Principal Amount of
                    the Notes; it being understood and intended that no one or
                    more Holders of Notes shall have any right in any manner
                    whatever by virtue of, or by availing of, any provision of
                    this Indenture to affect, disturb or prejudice the rights of
                    any other Holders of Notes or to obtain or to seek to obtain
                    priority or preference over any other Holders or to enforce
                    any right under this Indenture, except in the manner herein
                    provided.

          In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing less than a majority of the Current Principal Amount of the Notes,
the Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture.

          SECTION 5.7 UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
AND INTEREST.

          Notwithstanding any other provisions in this Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.

          SECTION 5.8 RESTORATION OF RIGHTS AND REMEDIES.

          If the Trustee or any Noteholder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason or has been determined adversely to the
Trustee or to such Noteholder, then and in every such case the Issuer, the
Trustee and the Noteholders shall, subject to any determination in such
Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and the
Noteholders shall continue as though no such proceeding had been instituted.

          SECTION 5.9 RIGHTS AND REMEDIES CUMULATIVE.

          No right or remedy herein conferred upon or reserved to the Trustee or
to the Noteholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

          SECTION 5.10 DELAY OR OMISSION NOT A WAIVER.

          No delay or omission of the Trustee or any Holder of any Note to
exercise any right or remedy accruing upon any Default or Event of Default shall
impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Trustee or to the Noteholders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by
the Noteholders, as the case may be.

          SECTION 5.11 CONTROL BY NOTEHOLDERS.

          The Holders of a majority of the Current Principal Amount of the Notes
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee with respect to the Notes or
exercising any trust or power conferred on the Trustee; provided that

                    (i) such direction shall not be in conflict with any rule of
                    law or with this Indenture;

                    (ii) subject to the express terms of Section 5.4, any
                    direction to the Trustee to sell or liquidate the Trust
                    Estate shall be by the Holders of Notes representing not
                    less than _____% of the Current Principal Amount of the
                    Notes;

                    (iii) if the conditions set forth in Section 5.5 have been
                    satisfied and the Trustee elects to retain the Trust Estate
                    pursuant to such Section, then any direction to the trustee
                    by Holders of Notes representing less than _____% of the
                    Current Principal Amount of the Notes to sell or liquidate
                    the Trust Estate shall be of no force and effect; and

                    (iv) the Trustee may take any other action deemed proper by
                    the Trustee that is not inconsistent with such direction;
                    provided, however, that, subject to Section 6.1, the Trustee
                    need not take any action that it determines might involve it
                    in liability or might materially adversely affect the rights
                    of any Noteholders not consenting to such action.

          SECTION 5.12 WAIVER OF PAST DEFAULTS.

          Prior to the declaration of the acceleration of the maturity of the
Notes as provided in Section 5.2, the Holders of Notes of not less than a
majority of the Current Principal Amount of the Notes may waive any past Default
or Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes or (b) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
Holder of each Note. In the case of any such waiver, the Issuer, the Trustee and
the Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto. Upon any such waiver, such
Default shall cease to exist and be deemed to have been cured and not to have
occurred, and any Event of Default arising therefrom shall be deemed to have
been cured and not to have occurred, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.

          SECTION 5.13 UNDERTAKING FOR COSTS.

          All parties to this Indenture agree, and each Holder of any Note by
such Holder's acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by the
Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in
each case holding in the aggregate more than _____% of the Current Principal
Amount of the Notes or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture (or, in
the case of redemption, on or after the Redemption Date).

          SECTION 5.14 WAIVER OF STAY OR EXTENSION LAWS.

          The Issuer covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead or in any manner whatsoever, claim
or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture; and the Issuer (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

         SECTION 5.15        ACTION ON NOTES.

          The Trustee's right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of
any other relief under or with respect to this Indenture. Neither the lien of
this Indenture nor any rights or remedies of the Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of
the Trust Estate or upon any of the assets of the Issuer.

          SECTION 5.16 PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

               (a) Promptly following a request from the Trustee to do so and at
          the Master Servicer's expense, the Issuer agrees to take all such
          lawful action as the Trustee may request to compel or secure the
          performance and observance by the Seller and the Master Servicer, as
          applicable, of each of their obligations to the Issuer under or in
          connection with the Master Servicing Agreement in accordance with the
          terms thereof, and to exercise any and all rights, remedies, powers
          and privileges lawfully available to the Issuer under or in connection
          with the Master Servicing Agreement to the extent and in the manner
          directed by the Trustee, including the transmission of notices of
          default on the part of the Seller or the Master Servicer thereunder
          and the institution of legal or administrative actions or proceedings
          to compel or secure performance by the Seller or the Master Servicer
          of each of their obligations under the Master Servicing Agreement.

               (b) If an Event of Default has occurred and is continuing, the
          Trustee may, and, at the direction (which direction shall be in
          writing or by telephone (confirmed in writing promptly thereafter)) of
          the Holders of _______% of the Current Principal Amount of the Notes
          shall, exercise all rights, remedies, powers, privileges and claims of
          the Issuer against the Seller or the Master Servicer under or in
          connection with the Master Servicing Agreement, including the right or
          power to take any action to compel or secure performance or observance
          by the Seller or the Master Servicer of each of their obligations to
          the Issuer thereunder and to give any consent, request, notice,
          direction, approval, extension or waiver under the Master Servicing
          Agreement, and any right of the Issuer to take such action shall be
          suspended.

                                   ARTICLE VI

                                   THE TRUSTEE

          SECTION 6.1 DUTIES OF TRUSTEE.

               (a) If an Event of Default has occurred and is continuing, the
          Trustee shall exercise the rights and powers vested in it by this
          Indenture and use the same degree of care and skill in their exercise
          as a prudent person would exercise or use under the circumstances in
          the conduct of such person's own affairs.

               (b) Except during the continuance of an Event of Default:

                    (i) the Trustee undertakes to perform such duties and only
                    such duties as are specifically set forth in this Indenture
                    and no implied covenants or obligations shall be read into
                    this Indenture against the Trustee; and

                    (ii) in the absence of bad faith on its part, the Trustee
                    may conclusively rely, as to the truth of the statements and
                    the correctness of the opinions expressed therein, upon
                    certificates or opinions furnished to the Trustee and
                    conforming to the requirements of this Indenture; however,
                    the Trustee shall examine the certificates and opinions to
                    determine whether or not they conform to the requirements of
                    this Indenture.

               (c) The Trustee may not be relieved from liability for its own
          negligent action, its own negligent failure to act or its own wilful
          misconduct, except that:

                    (i) this paragraph does not limit the effect of paragraph
                    (b) of this Section;

                    (ii) the Trustee shall not be liable for any error of
                    judgment made in good faith by a Responsible Officer unless
                    it is proved that the Trustee was negligent in ascertaining
                    the pertinent facts; and

                    (iii) the Trustee shall not be liable with respect to any
                    action it takes or omits to take in good faith in accordance
                    with a direction received by it pursuant to Section 5.11.

               (d) The Trustee shall not be liable for interest on any money
          received by it except as the Trustee may agree in writing with the
          Issuer.

               (e) Money held in trust by the Trustee need not be segregated
          from other funds except to the extent required by law or the terms of
          this Indenture or the Master Servicing Agreement.

               (f) No provision of this Indenture shall require the Trustee to
          expend or risk its own funds or otherwise incur financial liability in
          the performance of any of its duties hereunder or in the exercise of
          any of its rights or powers, if it shall have reasonable grounds to
          believe that repayment of such funds or adequate indemnity against
          such risk or liability is not reasonably assured to it.

               (g) Every provision of this Indenture relating to the conduct or
          affecting the liability of or affording protection to the Trustee
          shall be subject to the provisions of this Section and to the
          provisions of the TIA.

          SECTION 6.2 RIGHTS OF TRUSTEE.

               (a) The Trustee may rely on any document believed by it to be
          genuine and to have been signed or presented by the proper person. The
          Trustee need not investigate any fact or matter stated in the
          document.

               (b) Before the Trustee acts or refrains from acting, it may
          require an Officer's Certificate or an Opinion of Counsel. The Trustee
          shall not be liable for any action it takes or omits to take in good
          faith in reliance on the Officer's Certificate or Opinion of Counsel.

               (c) The Trustee may execute any of the trusts or powers hereunder
          or perform any duties hereunder either directly or by or through
          agents or attorneys or a custodian or nominee, and the Trustee shall
          not be responsible for any misconduct or negligence on the part of, or
          for the supervision of, ______________, or any other such agent,
          attorney, custodian or nominee appointed with due care by it
          hereunder.

               (d) The Trustee shall not be liable for any action it takes or
          omits to take in good faith which it believes to be authorized or
          within its rights or powers; provided, however, that the Trustee's
          conduct does not constitute wilful misconduct, negligence or bad
          faith.

               (e) The Trustee may consult with counsel, and the advice or
          opinion of counsel with respect to legal matters relating to this
          Indenture and the Notes shall be full and complete authorization and
          protection from liability in respect to any action taken, omitted or
          suffered by it hereunder in good faith and in accordance with the
          advice or opinion of such counsel.

          SECTION 6.3 INDIVIDUAL RIGHTS OF TRUSTEE.

          The Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Trustee must comply with Sections 6.11 and 6.12.

          SECTION 6.4 TRUSTEE'S DISCLAIMER.

          The Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Trustee's certificate of authentication.

          SECTION 6.5 NOTICE OF DEFAULTS.

          If a Default occurs and is continuing and if it is either actually
known or written notice of the existence thereof has been delivered to a
Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder
notice of the Default within ___ days after such knowledge or notice occurs.
Except in the case of a Default in payment of principal of or interest on any
Note (including payments pursuant to the mandatory redemption provisions of such
Note), the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders.

          SECTION 6.6 REPORTS BY TRUSTEE TO HOLDERS.

          The Trustee shall deliver to each Noteholder such information as may
be reasonably required to enable such Holder to prepare its Federal and state
income tax returns.

          SECTION 6.7 COMPENSATION AND INDEMNITY.

          The Issuer shall or shall cause the Master Servicer to pay to the
Trustee from time to time compensation for its services in accordance with a
separate agreement between the Master Servicer and the Trustee. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall or shall cause the Master Servicer to reimburse
the Trustee for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services.
Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee's agents, counsel, accountants and
experts. The Issuer shall or shall cause the Master Servicer to indemnify the
Trustee and its officers, directors, employees and agents against any and all
loss, liability or expense (including attorneys' fees and expenses) incurred by
it in connection with the acceptance or the administration of this trust and the
performance of its duties hereunder. The Trustee shall notify the Issuer and the
Master Servicer promptly of any claim for which it may seek indemnity. Failure
by the Trustee to so notify the Issuer and the Master Servicer shall not relieve
the Issuer of its obligations hereunder or the Master Servicer of its
obligations under [Article X] of the Master Servicing Agreement. The Issuer
shall or shall cause the Master Servicer to defend the claim and the Trustee may
have separate counsel and the Issuer shall or shall cause the Master Servicer to
pay the fees and expenses of such counsel. Neither the Issuer nor the Master
Servicer need reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee's own wilful misconduct,
negligence or bad faith.

          The Issuer's payment obligations to the Trustee pursuant to this
Section shall survive the discharge of this Indenture subject to a satisfaction
of the Rating Agency Condition. When the Trustee incurs expenses after the
occurrence of a Default specified in Section 5.1(iv) or (v) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under
Title 11 of the United States Code or any other applicable Federal or state
bankruptcy, insolvency or similar law.

          SECTION 6.8 REPLACEMENT OF TRUSTEE.

          The Trustee may resign at any time by so notifying the Issuer. The
Holders of a [majority] in Current Principal Amount of the Notes may remove the
Trustee by so notifying the Trustee and may appoint a successor Trustee. The
Issuer shall remove the Trustee if:

                    (i) the Trustee fails to comply with Section 6.11; or

                    (ii) the Trustee is adjudged a bankrupt or insolvent.

          If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee.

          A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture subject to satisfaction of the Rating Agency Condition. The successor
Trustee shall mail a notice of its succession to Noteholders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee.

          If a successor Trustee does not take office within ____ days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the
Holders of a majority in Current Principal Amount of the Notes may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

          If the Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

          Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 6.8 and payment of all fees and expenses owed to the
outgoing Trustee.

          Notwithstanding the replacement of the Trustee pursuant to this
Section, the Issuer's and the Master Servicer's obligations under Section 6.7
shall continue for the benefit of the retiring Trustee.

          SECTION 6.9 SUCCESSOR TRUSTEE BY MERGER.

          If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or
transferee corporation without any further act shall be the successor Trustee.
The Trustee shall provide the Rating Agencies prior written notice of any such
transaction.

          In case at the time such successor or successors by merger, conversion
or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any
such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to
the Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or
in this Indenture provided that the certificate of the Trustee shall have.

          SECTION 6.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

               (a) Notwithstanding any other provisions of this Indenture, at
          any time, for the purpose of meeting any legal requirement of any
          jurisdiction in which any part of the Trust may at the time be
          located, the Trustee shall have the power and may execute and deliver
          all instruments to appoint one or more Persons to act as a co-trustee
          or co-trustees, or separate trustee or separate trustees, of all or
          any part of the Trust, and to vest in such Person or Persons, in such
          capacity and for the benefit of the Noteholders, such title to the
          Trust, or any part hereof, and, subject to the other provisions of
          this Section, such powers, duties, obligations, rights and trusts as
          the Trustee may consider necessary or desirable. No co-trustee or
          separate trustee hereunder shall be required to meet the terms of
          eligibility as a successor trustee under Section 6.11 and no notice to
          Noteholders of the appointment of any co-trustee or separate trustee
          shall be required under Section 6.8 hereof.

               (b) 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) 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 the
                    Trustee shall be incompetent or unqualified to perform such
                    act or acts, in which event such rights, powers, duties and
                    obligations (including the holding of title to the Trust 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 personally liable by
                    reason of any act or omission of any other trustee
                    hereunder, including acts or omissions of predecessor or
                    successor trustees; and

                    (iii) the Trustee may at any time accept the resignation of
                    or remove any separate trustee or co-trustee.

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

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

          SECTION 6.11 ELIGIBILITY; DISQUALIFICATION.

          The Trustee shall at all times satisfy the requirements of TIA Section
310(a).The Trustee shall have a combined capital and surplus of at least
$_______________ as set forth in its most recent published annual report of
condition and it shall have a long term debt rating of _______ or better by the
Rating Agencies. The Trustee shall comply with TIA Section 310(b), including the
optional provision permitted by the second sentence of TIA Section 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA
Section310(b)(1) any indenture or indentures under which other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in TIA
Section 310(b)(1) are met.

          SECTION 6.12 PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER.

          The Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

                                   ARTICLE VII

                         Noteholders' Lists and Reports

          SECTION 7.1 ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS.

          The Issuer will furnish or cause to be furnished to the Trustee (a)
not more than five days after the earlier of (i) each Record Date and (ii) three
months after the last Record Date, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such Record
Date, (b) at such other times as the Trustee may request in writing, within 30
days after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the Note Registrar,
no such list shall be required to be furnished.

          SECTION 7.2 PRESERVATION OF INFORMATION; COMMUNICATIONS TO
NOTEHOLDERS.

               (a) The Trustee shall preserve, in as current a form as is
          reasonably practicable, the names and addresses of the Holders
          contained in the most recent list furnished to the Trustee as provided
          in Section 7.1 and the names and addresses of Holders received by the
          Trustee in its capacity as Note Registrar. The Trustee may destroy any
          list furnished to it as provided in such Section 7.1 upon receipt of a
          new list so furnished.

               (b) Noteholders may communicate pursuant to TIA Section 312(b)
          with other Noteholders with respect to their rights under this
          Indenture or under the Notes.

               (c) The Issuer, the Trustee and the Note Registrar shall have the
          protection of TIA Section 312(c).

          SECTION 7.3 REPORTS BY ISSUER.

               (a) The Issuer shall:

                    (i) file with the Trustee, within 15 days after the Issuer
                    is required to file the same with the Commission, copies of
                    the annual reports and of the information, documents and
                    other reports (or copies of such portions of any of the
                    foregoing as the Commission may from time to time by rules
                    and regulations prescribe) which the Issuer may be required
                    to file with the Commission pursuant to Section 13 or 15(d)
                    of the Exchange Act;

                    (ii) file with the Trustee and the Commission in accordance
                    with rules and regulations prescribed from time to time by
                    the Commission such additional information, documents and
                    reports with respect to compliance by the Issuer with the
                    conditions and covenants of this Indenture as may be
                    required from time to time by such rules and regulations;
                    and

                    (iii) supply to the Trustee (and the Trustee shall transmit
                    by mail to all Noteholders described in TIA Section 313(c))
                    such summaries of any information, documents and reports
                    required to be filed by the Issuer pursuant to clauses (i)
                    and (ii) of this Section 7.3(a) as may be required by rules
                    and regulations prescribed from time to time by the
                    Commission.

               (b) Unless the Issuer otherwise determines, the fiscal year of
          the Issuer shall end on December 31 of each year.

          SECTION 7.4 REPORTS BY TRUSTEE.

          If required by TIA Section 313(a), within 60 days after each,
beginning with ___________, 200_, the Trustee shall mail to each Noteholder as
required by TIA Section 313(c) a brief report dated as of such date that
complies with TIA Section 313(a). The Trustee also shall comply with TIA Section
313(b).

          A copy of each report at the time of its mailing to Noteholders shall
be filed by the Trustee with the Commission and each stock exchange, if any, on
which the Notes are listed. The Issuer shall notify the Trustee if and when the
Notes are listed on any stock exchange.

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

          SECTION 8.1 COLLECTION OF MONEY.

          Except as otherwise expressly provided herein, the Trustee may demand
payment or delivery of, and shall receive and collect, directly and without
intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Trustee pursuant to this
Indenture. The Trustee shall apply all such money received by it as provided in
this Indenture. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Trust Estate, the Trustee may take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

          SECTION 8.2 TRUST ACCOUNTS.

               (a) On or prior to the Closing Date, the Issuer shall cause the
          Master Servicer to establish and maintain, in the name of the Trustee,
          for the benefit of the Noteholders and the Certificateholders, the
          Trust Accounts as provided in Section 5.1 of the Master Servicing
          Agreement

               (b) On or before each Distribution Date, the Total Distribution
          Amount with respect to the preceding Collection Period will be
          deposited in the Collection Account as provided in Section 5.2 of the
          Master Servicing Agreement. On or before each Distribution Date, the
          Noteholders' Distributable Amount with respect to the preceding
          Collection Period will be transferred from the Collection Account
          and/or the Reserve Account to the Note Distribution Account as
          provided in Sections 5.5 and 5.6 of the Master Servicing Agreement.

               (c) On each Distribution Date and Redemption Date, the Trustee
          shall distribute all amounts on deposit in the Note Distribution
          Account to Noteholders in respect of the Notes to the extent of
          amounts due and unpaid on the Notes for principal and interest in the
          following amounts and in the following order of priority (except as
          otherwise provided in Section 5.4(b)):

                    (i) accrued and unpaid interest on the Notes; provided that
                    if there are not sufficient funds in the Note Distribution
                    Account to pay the entire amount of accrued and unpaid
                    interest then due on the Notes, the amount in the Note
                    Distribution Account shall be applied to the payment of such
                    interest on the Notes pro rata on the basis of the total
                    such interest due on the Notes;

                    (ii) to the Holders of the Class ____ Notes until the
                    Current Principal Amount of the Class ____ Notes is reduced
                    to zero;

                    (iii) [Describe additional distributions to Holders of other
                    Classes of Notes].

          SECTION 8.3 GENERAL PROVISIONS REGARDING ACCOUNTS.

               (a) So long as no Default or Event of Default shall have occurred
          and be continuing, all or a portion of the funds in the Trust Accounts
          shall be invested in Eligible Investments and reinvested by the
          Trustee upon Issuer Order, subject to the provisions of Section 5.1(b)
          of the Master Servicing Agreement. All income or other gain from
          investments of moneys deposited in the Trust Accounts shall be
          deposited (or caused to be deposited) by the Trustee in the Collection
          Account, and any loss resulting from such investments shall be charged
          to such account. The Issuer will not direct the Trustee to make any
          investment of any funds or to sell any investment held in any of the
          Trust Accounts unless the security interest Granted and perfected in
          such account will continue to be perfected in such investment or the
          proceeds of such sale, in either case without any further action by
          any Person, and, in connection with any direction to the Trustee to
          make any such investment or sale, if requested by the Trustee, the
          Issuer shall deliver to the Trustee an Opinion of Counsel, acceptable
          to the Trustee, to such effect.

                  (b)      Reserved

                  (c) Subject to Section 6.1(c), the Trustee shall not in any
         way be held liable by reason of any insufficiency in any of the Trust
         Accounts resulting from any loss on any Eligible Investment included
         therein except for losses attributable to the Trustee's failure to make
         payments on such Eligible Investments issued by the Trustee, in its
         commercial capacity as principal obligor and not as trustee, in
         accordance with their terms.

                  (d) If (i) the Issuer shall have failed to give investment
         directions for any funds on deposit in the Trust Accounts to the
         Trustee by ________ (or such other time as may be agreed by the Issuer
         and Trustee) on any Business Day; or (ii) a Default or Event of Default
         shall have occurred and be continuing with respect to the Notes but the
         Notes shall not have been declared due and payable pursuant to Section
         5.2, or, if such Notes shall have been declared due and payable
         following an Event of Default, amounts collected or receivable from the
         Trust Estate are being applied in accordance with Section 5.5 as if
         there had not been such a declaration; then the Trustee shall, to the
         fullest extent practicable, invest and reinvest funds in the Trust
         Accounts in one or more Eligible Investments.

          SECTION 8.4 RELEASE OF TRUST ESTATE.

               (a) Subject to the payment of its fees and expenses pursuant to
          Section 6.7, the Trustee may, and when required by the provisions of
          this Indenture shall, execute instruments to release property from the
          lien of this Indenture, or convey the Trustee's interest in the same,
          in a manner and under circumstances that are not inconsistent with the
          provisions of this Indenture. No party relying upon an instrument
          executed by the Trustee as provided in this Article VIII shall be
          bound to ascertain the Trustee's authority, inquire into the
          satisfaction of any conditions precedent or see to the application of
          any moneys.

               (b) The Trustee shall, at such time as there are no Notes
          outstanding and all sums due the Trustee pursuant to Section 6.7 have
          been paid, release any remaining portion of the Trust Estate that
          secured the Notes from the lien of this Indenture and release to the
          Issuer or any other Person entitled thereto any funds then on deposit
          in the Trust Accounts. The Trustee shall release property from the
          lien of this Indenture pursuant to this Section 8.4(b) only upon
          receipt of an Issuer Request accompanied by an Officer's Certificate,
          an Opinion of Counsel and (if required by the TIA) Independent
          Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
          meeting the applicable requirements of Section 11.1.

          SECTION 8.5 OPINION OF COUNSEL.

          The Trustee shall receive at least seven days' notice when requested
by the Issuer to take any action pursuant to Section 8.4(a), accompanied by
copies of any instruments involved, and the Trustee shall also require as a
condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Trustee, stating the legal effect of any such action,
outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and
such action will not materially and adversely impair the security for the Notes
or the rights of the Noteholders in contravention of the provisions of this
Indenture; provided, however, that such Opinion of Counsel shall not be required
to express an opinion as to the fair value of the Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Trustee in connection with any such action.

                                   ARTICLE IX

                             Supplemental Indentures

          SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

               (a) Without the consent of the Holders of any Notes but with
          prior notice to the Rating Agencies by the Issuer, as evidenced to the
          Trustee, the Issuer and the Trustee, when authorized by an Issuer
          Order, at any time and from time to time, may enter into one or more
          indentures supplemental hereto (which shall conform to the provisions
          of the Trust Indenture Act as in force at the date of the execution
          thereof), in form satisfactory to the Trustee, for any of the
          following purposes:

                    (i) to correct or amplify the description of any property at
                    any time subject to the lien of this Indenture, or better to
                    assure, convey and confirm unto the Trustee any property
                    subject or required to be subjected to the lien of this
                    Indenture, or to subject to the lien of this Indenture
                    additional property;

                    (ii) to evidence the succession, in compliance with the
                    applicable provisions hereof, of another person to the
                    Issuer, and the assumption by any such successor of the
                    covenants of the Issuer herein and in the Notes contained;

                    (iii) to add to the covenants of the Issuer, for the benefit
                    of the Holders of the Notes, or to surrender any right or
                    power herein conferred upon the Issuer;

                    (iv) to convey, transfer, assign, mortgage or pledge any
                    property to or with the Trustee;

                    (v) to cure any ambiguity, to correct or supplement any
                    provision herein or in any supplemental indenture which may
                    be inconsistent with any other provision herein or in any
                    supplemental indenture or to make any other provisions with
                    respect to matters or questions arising under this Indenture
                    or in any supplemental indenture, provided that such action
                    shall not adversely affect the interests of the Holders of
                    the Notes;

                    (vi) to evidence and provide for the acceptance of the
                    appointment hereunder by a successor trustee with respect to
                    the Notes and to add to or change any of the provisions of
                    this Indenture as shall be necessary to facilitate the
                    administration of the trusts hereunder by more than one
                    trustee, pursuant to the requirements of Article VI; or

                    (vii) to modify, eliminate or add to the provisions of this
                    Indenture to such extent as shall be necessary to effect the
                    qualification of this Indenture under the TIA or under any
                    similar federal statute hereafter enacted and to add to this
                    Indenture such other provisions as may be expressly required
                    by the TIA.

          The Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

               (b) The Issuer and the Trustee, when authorized by an Issuer
          Order, may, also without the consent of any of the Holders of the
          Notes but with prior notice to the Rating Agencies by the Issuer, as
          evidenced to the Trustee, enter into an indenture or indentures
          supplemental hereto for the purpose of adding any provisions to, or
          changing in any manner or eliminating any of the provisions of, this
          Indenture or of modifying in any manner the rights of the Holders of
          the Notes under this Indenture; provided, however, that such action
          shall not, as evidenced by an Opinion of Counsel, adversely affect in
          any material respect the interests of any Noteholder.

          SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS.

          The Issuer and the Trustee, when authorized by an Issuer Order, also
may, with prior notice to the Rating Agencies and with the consent of the
Holders of not less than a majority of the Current Principal Amount of the
Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

                    (i) change the date of payment of any installment of
                    principal of or interest on any Note, or reduce the
                    principal amount thereof, the interest rate thereon or the
                    Redemption Price with respect thereto, change the provision
                    of this Indenture relating to the application of collections
                    on, or the proceeds of the sale of, the Trust Estate to
                    payment of principal of or interest on the Notes, or change
                    any place of payment where, or the coin or currency in
                    which, any Note or the interest thereon is payable;

                    (ii) impair the right to institute suit for the enforcement
                    of the provisions of this Indenture requiring the
                    application of funds available therefor, as provided in
                    Article V, to the payment of any such amount due on the
                    Notes on or after the respective due dates thereof (or, in
                    the case of redemption, on or after the Redemption Date);

                    (iii) reduce the percentage of the Current Principal Amount
                    of the Notes, the consent of the Holders of which is
                    required for any such supplemental indenture, or the consent
                    of the Holders of which is required for any waiver of
                    compliance with certain provisions of this Indenture or
                    certain defaults hereunder and their consequences provided
                    for in this Indenture;

                    (iv) modify or alter the provisions of the proviso to the
                    definition of the term "Outstanding";

                    (v) reduce the percentage of the Current Principal Amount of
                    the Notes required to direct the Trustee to direct the
                    Issuer to sell or liquidate the Trust Estate pursuant to
                    Section 5.4;

                    (vi) modify any provision of this Section except to increase
                    any percentage specified herein or to provide that certain
                    additional provisions of this Indenture or the Basic
                    Documents cannot be modified or waived without the consent
                    of the Holder of each Outstanding Note affected thereby;

                    (vii) modify any of the provisions of this Indenture in such
                    manner as to affect the calculation of the amount of any
                    payment of interest or principal due on any Note on any
                    Distribution Date (including the calculation of any of the
                    individual components of such calculation) or to affect the
                    rights of the Holders of Notes to the benefit of any
                    provisions for the mandatory redemption of the Notes
                    contained herein; or

                    (viii) permit the creation of any lien ranking prior to or
                    on a parity with the lien of this Indenture with respect to
                    any part of the Trust Estate or, except as otherwise
                    permitted or contemplated herein or in the Basic Documents,
                    terminate the lien of this Indenture on any property at any
                    time subject hereto or deprive the Holder of any Note of the
                    security provided by the lien of this Indenture.

          The Trustee may determine whether or not any Notes would be affected
by any supplemental indenture and any such determination shall be conclusive
upon the Holders of all Notes, whether theretofore or thereafter authenticated
and delivered hereunder. The Trustee shall not be liable for any such
determination made in good faith.

          It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

          Promptly after the execution by the Issuer and the Trustee of any
supplemental indenture pursuant to this Section, the Trustee shall mail to the
Holders of the Notes to which such amendment or supplemental indenture relates a
notice setting forth in general terms the substance of such supplemental
indenture. Any failure of the Trustee to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

          SECTION 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES.

          In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and subject to Sections 6.1 and 6.2, shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Trustee's own rights, duties, liabilities or immunities under
this Indenture or otherwise.

          SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURE.

          Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and
amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities
and immunities under this Indenture of the Trustee, the Issuer and the Holders
of the Notes shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

          SECTION 9.5 CONFORMITY WITH TRUST INDENTURE ACT.

          Every amendment of this Indenture and every supplemental indenture
executed pursuant to this Article IX shall conform to the requirements of the
Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act.

          SECTION 9.6 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES.

          Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the
Trustee shall, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Trustee shall
so determine, new Notes so modified as to conform, in the opinion of the Trustee
and the Issuer, to any such supplemental indenture may be prepared and executed
by the Issuer and authenticated and delivered by the Trustee in exchange for
Outstanding Notes.

                                    ARTICLE X

                               Redemption of Notes

          SECTION 10.1 REDEMPTION.

               (a) The Class ____ Notes are subject to redemption in whole, but
          not in part, at the direction of the Seller pursuant to Section 9.1(a)
          of the Sale and Servicing Agreement, on any Distribution Date on which
          the Seller exercises its option to purchase the Trust Estate pursuant
          to said Section 9.1(a), for a purchase price equal to the Redemption
          Price; provided, however, that the Issuer has available funds
          sufficient to pay the Redemption Price. The Master Servicer or the
          Issuer shall furnish the Rating Agencies notice of such redemption. If
          the Class ___ Notes are to be redeemed pursuant to this Section
          10.1(a), the Master Servicer or the Issuer shall furnish notice of
          such election to the Trustee not later than days prior to the
          Redemption Date and the Issuer shall deposit with the Trustee in the
          Note Distribution Account the Redemption Price of the Class ___ Notes
          to be redeemed whereupon all such Class ___ Notes shall be due and
          payable on the Redemption Date upon the furnishing of a notice
          complying with Section 10.2 to each Holder of the Class ___ Notes.

               (b) In the event that the assets of the Trust are sold pursuant
          to Section 9.2 of the Trust Agreement, all amounts on deposit in the
          Note Distribution Account shall be paid to the Noteholders up to the
          Current Principal Amount of the Notes and all accrued and unpaid
          interest thereon. If amounts are to be paid to Noteholders pursuant to
          this Section 10.1(b), the Master Servicer or the Issuer shall, to the
          extent practicable, furnish notice of such event to the Trustee not
          later than days prior to the Redemption Date whereupon all such
          amounts shall be payable on the Redemption Date.

          SECTION 10.2 FORM OF REDEMPTION NOTICE.

               (a) Notice of redemption under Section 10.1(a) shall be given by
          the Trustee by facsimile or by first class mail, postage prepaid,
          transmitted or mailed prior to the applicable Redemption Date to each
          Holder of Class ____ Notes, as of the close of business on the Record
          Date preceding the applicable Redemption Date, at such Holder's
          address appearing in the Note Register.

All notices of redemption shall state:

                    (i) the Redemption Date;

                    (ii) the Redemption Price;

                    (iii) that the Record Date otherwise applicable to such
                    Redemption Date is not applicable and that payments shall be
                    made only upon presentation and surrender of such Class ____
                    Notes and the place where such Class ____ Notes are to be
                    surrendered for payment of the Redemption Price (which shall
                    be the office or agency of the Issuer to be maintained as
                    provided in Section 3.2); and

                    (iv) that interest on the Class ____ Notes shall cease to
                    accrue on the Redemption Date.

          Notice of redemption of the Class ____ Notes shall be given by the
Trustee in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Class ____ Note shall
not impair or affect the validity of the redemption of any other Class ____
Note.

               (b) Prior notice of redemption under Sections 10.1(b) is not
          required to be given to Noteholders.

          SECTION 10.3 NOTES PAYABLE ON REDEMPTION DATE.

          The Class ____ Notes to be redeemed shall, following notice of
redemption as required by Section 10.2 (in the case of redemption pursuant to
Section 10.1(a)), on the Redemption Date become due and payable at the
Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price.

                                   ARTICLE XI

                                  Miscellaneous

          SECTION 11.1 COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

          (a) Upon any application or request by the Issuer to the Trustee to
take any action under any provision of this Indenture, the Issuer shall furnish
to the Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be furnished. Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

                    (i) a statement that each signatory of such certificate or
                    opinion has read or has caused to be read such covenant or
                    condition and the definitions herein relating thereto;

                    (ii) a brief statement as to the nature and scope of the
                    examination or investigation upon which the statements or
                    opinions contained in such certificate or opinion are based;

                    (iii) a statement that, in the opinion of each such
                    signatory, such signatory has made such examination or
                    investigation as is necessary to enable such signatory to
                    express an informed opinion as to whether or not such
                    covenant or condition has been complied with; and

                    (iv) a statement as to whether, in the opinion of each such
                    signatory such condition or covenant has been complied with.

               (b)  (i) Prior to the deposit of any Collateral or other
                    property or securities with the Trustee that is to be made
                    the basis for the release of any property or securities
                    subject to the lien of this Indenture, the Issuer shall, in
                    addition to any obligation imposed in Section 11.1(a) or
                    elsewhere in this Indenture, furnish to the Trustee an
                    Officer's Certificate certifying or stating the opinion of
                    each person signing such certificate as to the fair value
                    (within ___ days of such deposit) to the Issuer of the
                    Collateral or other property or securities to be so
                    deposited.

                    (v) Whenever the Issuer is required to furnish to the
                    Trustee an Officer's Certificate certifying or stating the
                    opinion of any signer thereof as to the matters described in
                    clause (i) above, the Issuer shall also deliver to the
                    Trustee an Independent Certificate as to the same matters,
                    if the fair value to the Issuer of the securities to be so
                    deposited and of all other such securities made the basis of
                    any such withdrawal or release since the commencement of the
                    then-current fiscal year of the Issuer, as set forth in the
                    certificates delivered pursuant to clause (i) above and this
                    clause (ii), is _______% or more of the Current Principal
                    Amount of the Notes, but such a certificate need not be
                    furnished with respect to any securities so deposited, if
                    the fair value thereof to the Issuer as set forth in the
                    related Officer's Certificate is less than $___________ or
                    less than percent of the Current Principal Amount of the
                    Notes.

                    (vi) Other than with respect to the release of any Purchased
                    Mortgage Loans or liquidated Mortgage Loans, whenever any
                    property or securities are to be released from the lien of
                    this Indenture, the Issuer shall also furnish to the Trustee
                    an Officer's Certificate certifying or stating the opinion
                    of each person signing such certificate as to the fair value
                    (within ___ days of such release) of the property or
                    securities proposed to be released and stating that in the
                    opinion of such person the proposed release will not impair
                    the security under this Indenture in contravention of the
                    provisions hereof.

to the Trustee an Officer's Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within ___ days of
such release) of the property or securities proposed to be released and stating
that in the opinion of such person the proposed release will not impair the
security under this Indenture in contravention of the provisions hereof.

                    (vii) Whenever the Issuer is required to furnish to the
                    Trustee an Officer's Certificate certifying or stating the
                    opinion of any signer thereof as to the matters described in
                    clause (iii) above, the Issuer shall also furnish to the
                    Trustee an Independent Certificate as to the same matters if
                    the fair value of the property or securities and of all
                    other property other than Purchased Mortgage Loans and
                    Defaulted Loans, or securities released from the lien of
                    this Indenture since the commencement of the then current
                    calendar year, as set forth in the certificates required by
                    clause (iii) above and this clause (iv), equals ______% or
                    more of the Current Principal Amount of the Notes, but such
                    certificate need not be furnished in the case of any release
                    of property or securities if the fair value thereof as set
                    forth in the related Officer's Certificate is less than
                    $_____________ or less than percent of the then Current
                    Principal Amount of the Notes.

                    (viii) Notwithstanding Section 2.9 or any other provision of
                    this Section, the Issuer may (A) collect, liquidate, sell or
                    otherwise dispose of Mortgage Loans as and to the extent
                    permitted or required by the Basic Documents and (B) make
                    cash payments out of the Trust Accounts as and to the extent
                    permitted or required by the Basic Documents.

          SECTION 11.2 FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

          In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

          Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Master Servicer, the Seller or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Master Servicer, the
Seller or the Issuer, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

          Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

          Whenever in this Indenture, in connection with any application or
certificate or report to the Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of the Issuer's compliance with any term hereof, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Trustee's right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in Article
VI.

          SECTION 11.3 ACTS OF NOTEHOLDERS.

               (a) Any request, demand, authorization, direction, notice,
          consent, waiver or other action provided by this Indenture to be given
          or taken by Noteholders may be embodied in and evidenced by one or
          more instruments of substantially similar tenor signed by such
          Noteholders in person or by agents duly appointed in writing; and
          except as herein otherwise expressly provided such action shall become
          effective when such instrument or instruments are delivered to the
          Trustee, and, where it is hereby expressly required, to the Issuer.
          Such instrument or instruments (and the action embodied therein and
          evidenced thereby) are herein sometimes referred to as the "Act" of
          the Noteholders signing such instrument or instruments. Proof of
          execution of any such instrument or of a writing appointing any such
          agent shall be sufficient for any purpose of this Indenture and
          (subject to Section 6.1) conclusive in favor of the Trustee and the
          Issuer, if made in the manner provided in this Section.

               (b) The fact and date of the execution by any person of any such
          instrument or writing may be proved in any customary manner of the
          Trustee.

               (c) The ownership of Notes shall be proved by the Note Register.

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

          SECTION 11.4 NOTICES, ETC., TO TRUSTEE, ISSUER AND RATING AGENCIES.

          Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
to be made upon, given or furnished to or filed with:

               (a) The Trustee by any Noteholder or by the Issuer shall be
          sufficient for every purpose hereunder if personally delivered,
          delivered by overnight courier or mailed certified mail, return
          receipt requested and shall be deemed to have been duly given upon
          receipt to the Trustee at its Corporate Trust Office, or

               (b) The Issuer by the Trustee or by any Noteholder shall be
          sufficient for every purpose hereunder if personally delivered,
          delivered by overnight courier or mailed certified mail, return
          receipt requested and shall be deemed to have been duly given upon
          receipt to the Issuer addressed to: , in care of Attention: or at any
          other address previously furnished in writing to the Trustee by
          Issuer. The Issuer shall promptly transmit any notice received by it
          from the Noteholders to the Trustee.

          Notices required to be given to the Rating Agencies by the Issuer, the
Trustee or the Owner Trustee shall be in writing, personally delivered,
delivered by overnight courier or mailed certified mail, return receipt
requested to (i) in the case of ______________, at the following address:
_______________________ and (ii) in the case of _______________, at the
following address: _______________________; or as to each of the foregoing, at
such other address as shall be designated by written notice to the other
parties.

          SECTION 11.5 NOTICES TO NOTEHOLDERS; WAIVER.

          Where this Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first class, postage prepaid to each
Noteholder affected by such event, at his address as it appears on the Note
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner here in provided shall conclusively be presumed to
have been duly given.

          Where this Indenture provides for notice in any manner, such notice
may be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with the Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

          In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

          Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

          SECTION 11.6 ALTERNATE PAYMENT AND NOTICE PROVISIONS.

          Notwithstanding any provision of this Indenture or any of the Notes to
the contrary, the Issuer may enter into any agreement with any Holder of a Note
providing for a method of payment, or notice by the Trustee or any Paying Agent
to such Holder, that is different from the methods provided for in this
Indenture for such payments or notices, provided that such methods are
reasonable and consented to by the Trustee (which consent shall not be
unreasonably withheld). The Issuer will furnish to the Trustee a copy of each
such agreement and the Trustee will cause payments to be made and notices to be
given in accordance with such agreements.

          SECTION 11.7 CONFLICT WITH TRUST INDENTURE ACT.

          If any provision hereof limits, qualifies or conflicts with another
provision hereof that is required to be included in this indenture by any of the
provisions of the Trust Indenture Act, such required provision shall control.

          The provisions of TIA Sections 310 through 317 that impose duties on
any person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

          SECTION 11.8 EFFECT OF HEADINGS AND TABLE OF CONTENTS

          The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

          SECTION 11.9 SUCCESSORS AND ASSIGNS

          All covenants and agreements in this Indenture and the Notes by the
Issuer shall bind its successors and assigns, whether so expressed or not. All
agreements of the Trustee in this Indenture shall bind its successors.

          SECTION 11.10 SEPARABILITY.

          In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

          SECTION 11.11 BENEFITS OF INDENTURE.

          Nothing in this Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties hereto and their successors
hereunder, and the Noteholders, and any other party secured hereunder, and any
other person with an Ownership interest in any part of the Trust Estate, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

          SECTION 11.12 LEGAL HOLIDAYS.

          In any case where the date on which any payment is due shall not be a
Business Day, then (notwithstanding any other provision of the Notes or this
Indenture) payment need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the date an
which nominally due, and no interest shall accrue for the period from and after
any such nominal date.

          SECTION 11.13 GOVERNING LAW.

THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK , WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

          SECTION 11.14 COUNTERPARTS.

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

          SECTION 11.15 RECORDING OF INDENTURE.

          If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuer and at its
expense accompanied by an Opinion of Counsel (which may be counsel to the
Trustee or any other counsel reasonably acceptable to the Trustee) to the effect
that such recording is necessary either for the protection of the Noteholders or
any other person secured hereunder or for the enforcement of any right or remedy
granted to the Trustee under this Indenture.

          SECTION 11.16 TRUST OBLIGATION.

          No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Master Servicer, the holder of the GP
Interest, the Owner Trustee or the Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Seller, the Master Servicer, the holder of the GP
Interest, the Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Seller, the
Master Servicer, the holder of the GP Interest, the Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Master Servicer, the holder of the GP Interest, the Owner
Trustee or the Trustee or of any successor or assign of the Seller, the Master
Servicer, the holder of the GP Interest, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

          SECTION 11.17 NO PETITION.

          The Trustee, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they will not at any time
institute against the Seller, the holder of the GP Interest or the Trust, or
join in any institution against the Seller, the holder of the GP Interest or the
Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the Basic Documents.

          SECTION 11.18 INSPECTION.

          The Issuer agrees that, on reasonable prior notice, it will permit any
representative of the Trustee, during the Issuer's normal business hours, to
examine all the books of account, records, reports, and other papers of the
Issuer, to make copies and extracts therefrom, to cause such books to be audited
by Independent certified public accountants, and to discuss the Issuer's
affairs, finances and accounts with the Issuer's officers, employees, and
independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. The Trustee shall and shall cause its
representatives to hold in confidence all such information except to the extent
disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the Trustee
may reasonably determine that such disclosure is consistent with its Obligations
hereunder.

                       THIS SPACE LEFT INTENTIONALLY BLANK

<PAGE>

          IN WITNESS WHEREOF, the Issuer and the Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly
authorized, all as of the day and year first above written.

------------------------,
not in its individual capacity but
solely as Owner Trustee,

By:
     -------------------------------
Name:
       -----------------------------
Title:
        ----------------------------

-------------------------,
not in its individual capacity
but solely as Trustee,

By:
     -------------------------------
Name:
       -----------------------------
Title:
        ----------------------------

<PAGE>

                                    EXHIBIT A
                             Mortgage Loan Schedule

<PAGE>

                                    EXHIBIT B
                                  Form of Note

REGISTERED        $

No.

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO.

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note 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.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

CLASS _____ ____% MORTGAGE-BACKED NOTES

__________, a business trust organized and existing under the laws of the State
of Delaware (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $[INSERT
INITIAL PRINCIPAL AMOUNT OF NOTE] and the denominator of which is
$_________________ by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class ___ Notes pursuant to
Section 3.1 of the Indenture; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the Distribution Date
(the "Class ____ Final Scheduled Distribution Date"). The Issuer will pay
interest on this Note at the rate per annum shown above on each Distribution
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date). Interest on this Note will accrue for each Distribution Date
from the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
____________, 200_. Interest will be computed on the basis of the actual number
of days elapsed in a day year. Such principal of and interest on this Note shall
be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

          Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

          Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

By                                  ,
    ---------------------------------
not in its individual capacity but
solely as Owner Trustee under the
Trust Agreement,

By:
     -------------------------------
Name:
       -----------------------------
Title:
        ----------------------------

Date:
       -----------------------------

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:
       -----------------------------

______________, not in its
individual capacity but solely as
Trustee,

By:
     -------------------------------
Authorized Signatory

REVERSE OF NOTE

This Note is one of a duly authorized issue of Notes of the Issuer, designated
as its Class ___ % Mortgage-Backed Notes (herein called the "Class ___ Notes"),
all issued under an Indenture dated as of, 200_ (such indenture, as supplemented
or amended, is herein called the "Indenture"), between the Issuer and _________,
as trustee (the "Trustee", which term includes any successor Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

          The Class ___, Class ___ and Class ___ Notes (together, the "Notes")
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

          Principal of the Class ___ Notes will be payable on each Distribution
Date in an amount described on the face hereof. "Distribution Date" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing ____________, 200_.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class ___ Final Scheduled Distribution Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Trustee or the Holders of the Notes
representing not less than a majority of the Current Principal Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2 of the Indenture. All principal payments on the Class
___ Notes shall be made pro rata to the Class ___ Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) effected by any payments made on any Distribution
Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Distribution Date, then the Trustee, in the
name of and on behalf of the Issuer, will notify the Person who was the Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed
prior to such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Trustee's
principal Corporate Trust Office or at the office of the Trustee's agent
appointed for such purposes located in The City of New York.

          The Issuer shall pay interest on overdue installments of interest at
the Class ___ Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
("Stamp") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, Stamp, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or
exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Seller, the Master Servicer, the holder of the GP Interest, the
Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Seller, the Master Servicer, the
holder of the GP Interest, the Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the holder of the GP Interest, the Owner Trustee or the Trustee
or of any successor or assign of the Seller, the Master Servicer, the holder of
the GP Interest, the Trustee or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed (it being understood that
the Trustee and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder will not at any
time institute against the Seller, the holder of the GP Interest, or the Issuer
or join in any institution against the Seller, the holder of the GP Interest or
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings, under any United States Federal
or state bankruptcy or similar law in connection with any obligations relating
to the Notes, the Indenture or the Basic Documents.

          Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Note (as of the day of determination or as
of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Current Principal Amount of all Notes at the time Outstanding.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Current Principal Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Holders of
Notes under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither in its individual
capacity, in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and indemnifications
have been made by the Owner Trustee for the sole purposes of binding the
interests of the Owner Trustee in the assets of the Issuer. The Holder of this
Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the
Indenture, the Holder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D.  or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises.

Dated:
        ----------------------------
Signature Guaranteed:
                     ---------------------------------------

NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}]]