Document:

<PAGE>

                                                                     EXHIBIT 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                   Depositor,

                          CENDANT MORTGAGE CORPORATION
                                    Servicer,

                                       and

                             WELLS FARGO BANK, N.A.
                                     Trustee

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

                         POOLING AND SERVICING AGREEMENT

                          Dated as of November 1, 2004

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

            MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES MLCC 2004-F
                       MORTGAGE PASS-THROUGH CERTIFICATES

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
ARTICLE I.            DEFINITIONS......................................................................     6

         Section 1.01.         Definitions.............................................................     6

         Section 1.02.         Calculations Respecting Mortgage Loans..................................    36

ARTICLE II.           DECLARATION OF TRUST;  ISSUANCE OF CERTIFICATES..................................    36

         Section 2.01.         Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans....    36

         Section 2.02.         Acceptance of Trust Fund by Trustee; Review of Documentation for Trust
                               Fund....................................................................    38

         Section 2.03.         Representations and Warranties of the Depositor and the Servicer........    39

         Section 2.04.         Discovery of Breach; Repurchase or Substitution of Mortgage Loans.......    44

         Section 2.05.         Grant Clause............................................................    47

ARTICLE III.          THE CERTIFICATES.................................................................    48

         Section 3.01.         The Certificates........................................................    48

         Section 3.02.         Registration............................................................    49

         Section 3.03.         Transfer and Exchange of Certificates...................................    49

         Section 3.04.         Cancellation of Certificates............................................    52

         Section 3.05.         Replacement of Certificates.............................................    52

         Section 3.06.         Persons Deemed Owners...................................................    53

         Section 3.07.         Temporary Certificates..................................................    53

         Section 3.08.         Appointment of Paying Agent.............................................    54

         Section 3.09.         Book-Entry Certificates.................................................    54

ARTICLE IV.           ADMINISTRATION OF THE TRUST FUND.................................................    55

         Section 4.01.         Custodial Accounts; Distribution Account................................    55

         Section 4.02.         Reports to Trustee and Certificateholders...............................    57

ARTICLE V.            DISTRIBUTIONS TO HOLDERS OF CERTIFICATES.........................................    59

         Section 5.01.         Distributions Generally.................................................    59

         Section 5.02.         Distributions from the Distribution Account.............................    60

         Section 5.03.         Allocation of Losses....................................................    63

         Section 5.04.         Advances................................................................    64

ARTICLE VI.           CONCERNING THE TRUSTEE; EVENTS OF DEFAULT........................................    64

         Section 6.01.         Duties of Trustee.......................................................    64

         Section 6.02.         Certain Matters Affecting the Trustee...................................    66
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
         Section 6.03.         Trustee Not Liable for Certificates.....................................    68

         Section 6.04.         Trustee May Own Certificates............................................    68

         Section 6.05.         Eligibility Requirements for Trustee....................................    68

         Section 6.06.         Resignation and Removal of Trustee......................................    69

         Section 6.07.         Successor Trustee.......................................................    69

         Section 6.08.         Merger or Consolidation of Trustee......................................    70

         Section 6.09.         Appointment of Co-Trustee, Separate Trustee or Custodian................    70

         Section 6.10.         Authenticating Agents...................................................    71

         Section 6.11.         Indemnification of Trustee..............................................    72

         Section 6.12.         Fees and Expenses of the Trustee........................................    73

         Section 6.13.         Collection of Monies....................................................    73

         Section 6.14.         Events of Default; Trustee To Act; Appointment of Successor.............    73

         Section 6.15.         Additional Remedies of Trustee Upon Event of Default....................    75

         Section 6.16.         Waiver of Defaults......................................................    76

         Section 6.17.         Notification to Holders.................................................    76

         Section 6.18.         Directions by Certificateholders and Duties of Trustee During Event of
                               Default.................................................................    76

         Section 6.19.         Preparation of Tax Returns and Other Reports............................    76

         Section 6.20.         Annual Certificate by Trustee...........................................    77

ARTICLE VII.          PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND.....................    78

         Section 7.01.         Purchase of Mortgage Loans; Termination of Trust Fund Upon Purchase or
                               Liquidation of All Mortgage Loans.......................................    78

         Section 7.02.         Procedure Upon Termination of Trust Fund................................    79

         Section 7.03.         Additional Trust Fund Termination Requirements..........................    79

ARTICLE VIII.         RIGHTS OF CERTIFICATEHOLDERS.....................................................    80

         Section 8.01.         Limitation on Rights of Holders.........................................    80

         Section 8.02.         Access to List of Holders...............................................    81

         Section 8.03.         Acts of Holders of Certificates.........................................    81

ARTICLE IX.           ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS...............................    82

         Section 9.01.         Servicer to Act as Servicer.............................................    82

         Section 9.02.         Title, Management and Disposition of REO Property.......................    83
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
         Section 9.03.         Trustee and Depositor's Right to Examine Servicer Records...............    85

         Section 9.04.         Legal Proceedings Involving the Servicer and/or the Mortgage Loans......    85

         Section 9.05.         Material Changes........................................................    85

         Section 9.06.         Servicer Shall Provide Information as Reasonably Required...............    86

         Section 9.07.         Servicer Not to Resign..................................................    86

         Section 9.08.         Custodial Accounts and Escrow Accounts..................................    87

         Section 9.09.         Assumption Processing...................................................    87

         Section 9.10.         Books and Records.......................................................    87

         Section 9.11.         Annual Statement as to Compliance.......................................    87

         Section 9.12.         Annual Independent Certified Public Accountants' Servicing Reports......    88

         Section 9.13.         Officer's Certificate...................................................    88

         Section 9.14.         Servicing Compensation..................................................    88

         Section 9.15.         Indemnification.........................................................    89

         Section 9.16.         Non Solicitation........................................................    89

         Section 9.17.         Successor to the Servicer...............................................    90

         Section 9.18.         Statements to the Trustee...............................................    90

         Section 9.19.         Merger or Consolidation of the Servicer.................................    91

         Section 9.20.         Limitation on Liability of the Servicer.................................    91

ARTICLE X.            REMIC ADMINISTRATION.............................................................    91

         Section 10.01.        REMIC Administration....................................................    91

         Section 10.02.        Prohibited Transactions and Activities..................................    94

         Section 10.03.        Indemnification with Respect to Prohibited Transactions or Loss of REMIC
                               Status..................................................................    94

         Section 10.04.        REO Property............................................................    95

ARTICLE XI.           MISCELLANEOUS PROVISIONS.........................................................    96

         Section 11.01.        Binding Nature of Agreement; Assignment.................................    96

         Section 11.02.        Entire Agreement........................................................    96

         Section 11.03.        Amendment...............................................................    96

         Section 11.04.        Voting Rights...........................................................    97

         Section 11.05.        Provision of Information................................................    97

         Section 11.06.        Governing Law...........................................................    98
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
         Section 11.07.        Notices.................................................................    98

         Section 11.08.        Severability of Provisions..............................................    98

         Section 11.09.        Indulgences; No Waivers.................................................    98

         Section 11.10.        Headings Not To Affect Interpretation...................................    99

         Section 11.11.        Benefits of Agreement...................................................    99

         Section 11.12.        Special Notices to the Rating Agencies..................................    99

         Section 11.13.        [RESERVED].............................................................    100

         Section 11.14.        Counterparts...........................................................    100

         Section 11.15.        No Petitions...........................................................    100
</TABLE>

                                      -iv-

<PAGE>

      This POOLING AND SERVICING AGREEMENT, dated as of November 1, 2004 (the
"Agreement"), by and among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware
corporation, as depositor (the "Depositor"), CENDANT MORTGAGE CORPORATION, a New
Jersey corporation, as servicer (the "Servicer") and WELLS FARGO BANK, N.A., as
Trustee (the "Trustee"), and acknowledged by MERRILL LYNCH CREDIT CORPORATION a
Delaware corporation, as seller (the "Seller"), for purposes of Section 2.04.

                              PRELIMINARY STATEMENT

      The Depositor has acquired the Mortgage Loans from the Seller and at the
Closing Date is the owner of the Mortgage Loans and the other property being
conveyed by the Depositor to the Trustee hereunder for inclusion in the Trust
Fund. On the Closing Date, the Depositor will acquire the Certificates from the
Trustee as consideration for the Depositor's transfer to the Trust Fund of the
Mortgage Loans and the other property constituting the Trust Fund. The Depositor
has duly authorized the execution and delivery of this Agreement to provide for
the conveyance to the Trustee of the Mortgage Loans and the other property
constituting the Trust Fund. All covenants and agreements made by the Seller in
the Mortgage Loan Purchase and Sale Agreement and in this Agreement and all
covenants and agreements made by the Depositor, the Servicer and the Trustee
herein with respect to the Mortgage Loans and the other property constituting
the Trust Fund are for the benefit of the Holders from time to time of the
Certificates. The Depositor, the Servicer and the Trustee are entering into this
Agreement, and the Trustee is accepting the Trust Fund created hereby, for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

      As provided herein, the Trustee shall elect that the Trust Fund be treated
for federal income tax purposes as comprising three real estate mortgage
investment conduits (each a "REMIC" or, in the alternative, "REMIC 1," "REMIC 2"
and the "Upper Tier REMIC," respectively) in a tiered structure. The
Certificates, other than the Class A-R Certificate, shall represent ownership of
regular interests in the Upper Tier REMIC. For federal income tax purposes, in
addition to representing ownership of a REMIC regular interest, (i) each of the
Class A-1B and Class A-2 Certificates represents the right to receive payments
in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, and (ii)
each of the Class B-2 and Class B-3 Certificates represents the right to receive
payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls as
provided in Section 5.02. For federal income tax purposes, (i) each Class X-A
Certificate will represent two REMIC regular interests and the obligation to
make certain non-REMIC payments to the holders of the Class A-1B and Class A-2
Certificates and (ii) each Class X-B Certificate will represent two REMIC
regular interests and the obligation to make certain non-REMIC payments to the
holders of the Class B-2 and Class B-3 Certificates in respect of Basis Risk
Shortfalls and Unpaid Basis Risk Shortfalls. The Class A-R Certificate
represents the sole class of residual interest in each of REMIC 1, REMIC 2 and
the Upper Tier REMIC.

      The Upper Tier REMIC shall hold as its assets the several classes of
uncertificated REMIC 2 Regular Interests. REMIC 2 shall hold as its assets the
several uncertificated classes of REMIC 1 Regular Interests. REMIC 1 shall hold
as its assets the property of the Trust Fund other than the REMIC 1 Interests,
the REMIC 2 Interests and the interests in the grantor trusts described herein.

      Each Upper Tier REMIC Regular Interest is hereby designated as a regular
interest in the Upper Tier REMIC for purposes of the REMIC Provisions. Each
REMIC 2 Regular Interest is

                                       1
<PAGE>

hereby designated as a regular interest in REMIC 2 for purposes of the REMIC
provisions. Each REMIC 1 Regular Interest is hereby designated as a regular
interest in REMIC 1 for purposes of the REMIC Provisions.

      The Class LT1-R Interest is hereby designated as the sole class of
residual interest in REMIC 1 for purposes of the REMIC Provisions. The Class
LT2-R Interest is hereby designated as the sole class of residual interest in
REMIC 2 for purposes of the REMIC provisions. The Class A-R Certificate, other
than the portion thereof representing the right to receive payments in respect
of the Class LT1-R Interest or the Class LT2-R Interest is hereby designated as
the sole class of residual interest in the Upper Tier REMIC for purposes of the
REMIC provisions and will also represent the Class LT1-R Interest and the Class
LT2-R Interest.

THE REMIC 1 INTERESTS

      The following table sets forth (or describes) the class designation,
interest rate, initial principal amount, and related pool of Mortgage Loans for
each class of REMIC 1 Interests:

<TABLE>
<CAPTION>
                                                        Interest    Related Mortgage Pool
Class Designation               Principal Amount          Rate           or Pools
-----------------               ----------------          ----           --------
<S>                             <C>                     <C>         <C>
LT11A                           $    263,591.0198          (2)           Pool 1
LT11B                           $  8,500,082.0198          (3)           Pool 1
LT12A                           $     46,543.8708          (2)           Pool 2
LT12B                           $  1,500,043.8708          (4)           Pool 2
LT1Z                            $989,702,328.2788          (2)           Pool 1 and Pool 2
LT1-R                                          (1)         (1)           N/A
</TABLE>

----------
(1)   The Class LT1-R Interest represents the sole class of residual interest in
      REMIC 1 and has neither a principal amount nor an interest rate. The Class
      LT1-R Interest shall be represented by the Class A-R Certificate.

(2)   The Class LT11A Interest, the Class LT12A Interest, and the Class LT1Z
      Interest shall have an interest rate for each Distribution Date (and the
      related Accrual Period) equal to the Net WAC.

(3)   The Class LT11B Interest shall have an interest rate for any Distribution
      Date (and the related Accrual Period) equal to the Pool 1 Net WAC.

(4)   The Class LT12B Interest shall have an interest rate for any Distribution
      Date (and the related Accrual Period) equal to the Pool 2 Net WAC.

      On each Distribution Date, the Trustee shall first pay or charge as an
expense of REMIC 1 all expenses of the Trust for such Distribution Date.

      Principal distributions shall be deemed to be made on the REMIC 1
Interests first, so as to keep the uncertificated principal balance of each
REMIC 1 Interest ending with the designation "A" equal to 1% of the excess of
(x) the aggregate Principal Balance of the Mortgage Loans in the related
Mortgage Pool over (y) the aggregate class principal amounts of the Certificates
in the Certificate Group related to such Mortgage Pool (except that if 1% of any
such excess is greater than the principal amount of the corresponding REMIC 1
Interest ending with the designation "A", the least amount of principal shall be
distributed to such REMIC 1 Interests such that the REMIC 1 Subordinated Balance
Ratio is maintained); second, to each REMIC 1 Interest ending with the
designation "B" so as to keep the uncertificated principal balance of each such
REMIC 1 Interest equal to 1% of the aggregate Principal Balance of the Mortgage
Loans in the related

                                       2
<PAGE>

Mortgage Pool and finally, all remaining principal amounts shall be distributed
in respect of the Class LT1Z Interest. Realized Losses with respect to principal
shall be allocated among the REMIC 1 Interests first, so as to keep the
uncertificated principal balance of each REMIC 1 Interest ending with the
designation "A" equal to 1% of the excess of (x) the aggregate Principal Balance
of the Mortgage Loans in the related Mortgage Pool over (y) the aggregate class
principal amounts of the Certificates in the Certificate Group related to such
Mortgage Pool (except that if 1% of any such excess is greater than the
principal amount of the corresponding REMIC 1 Interest ending with the
designation "A", the least amount of losses shall be allocated to such REMIC 1
Interests such that the REMIC 1 Subordinated Balance Ratio is maintained);
second, to each REMIC 1 Interest ending with the designation "B" so as to keep
the uncertificated principal balance of each such REMIC 1 Interest equal to 1%
of the aggregate Principal Balance of the Mortgage Loans in the related Mortgage
Pool and finally, all remaining Realized Losses with respect to principal shall
be distributed in respect of the Class LT1Z Interest.

      If on any Distribution Date the Certificate Principal Amount of any Class
of Certificates is increased pursuant to the penultimate sentence of the
definition of "Certificate Principal Amount", then there shall be an equivalent
aggregate increase in the principal amounts of the REMIC 1 Regular Interests,
with such increase allocated (before the making of distributions and the
allocation of losses on the REMIC 1 Regular Interests on such Distribution Date)
among the REMIC 1 Regular Interests as follows: (i) first, to each REMIC 1
Interest ending with the designation "B" so as to keep the uncertificated
principal balance of each such REMIC 1 Interest equal to 1% of the aggregate
Principal Balance of the Mortgage Loans in the related Mortgage Pool, (ii)
second, to each REMIC 1 Regular Interest ending with the designation "A", so
that the uncertificated principal balance of each REMIC 1 Regular Interest
ending with the designation "A" is as close as possible to (but does not exceed)
1% of the excess of (x) the aggregate Principal Balance of the Mortgage Loans in
related Mortgage Pool over (y) the aggregate class principal balance of the
Certificates in the Certificate Group related to such Mortgage Pool; provided,
however, that (a) the REMIC 1 Subordinated Balance Ratio is maintained and (b)
amounts allocated to any REMIC 1 Regular Interest pursuant to this clause (ii)
shall not exceed the amount of any previous realized losses allocated to such
REMIC 1 Regular Interest not previously offset by distributions or increases in
the principal amount of such REMIC 1 Regular Interest and (iii) finally, all
remaining amounts to the Class LT1Z Interest.

      All computations with respect to the REMIC 1 Interests shall be computed
to eight decimal places.

THE REMIC 2 INTERESTS

      The following table sets forth (or describes) the class designation,
interest rate, initial principal amount, and corresponding class of certificates
or components for each class of REMIC 2 Interests:

<TABLE>
<CAPTION>
                                                             Interest      Corresponding Class of
Class Designation               Principal Amount               Rate       Certificates or Components
-----------------               ----------------               ----       --------------------------
<S>                             <C>                          <C>          <C>
LT2A1A                          $329,459,600.00                (2)        Class A-1A
LT2A1B                          $494,189,400.00                (2)        Class A-1B, X-A1B Component
LT2A2                           $145,350,000.00                (3)        Class A-2, X-A2 Component
LT2B1                           $ 10,512,000.00                (4)        Class B-1
LT2B2                           $  8,000,000.00                (4)        Class B-2, Component XB2
LT2B3                           $  4,500,000.00                (4)        Class B-3, Component XB3
</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>
                                                             Interest      Corresponding Class of
Class Designation               Principal Amount               Rate       Certificates or Components
-----------------               ----------------               ----       --------------------------
<S>                             <C>                          <C>          <C>
LT2B4                           $  2,500,000.00                (4)        Class B-4
LT2B5                           $  2,000,000.00                (4)        Class B-5
LT2B6                           $  3,501,489.06                (4)        Class B-6
LT2AR                           $        100.00                (2)        Class A-R
LT2-R                                        (1)               (1)        N/A
</TABLE>

----------

(1)   The Class LT2-R Interest represents the sole class of residual interest in
      REMIC 2 and has neither a principal amount nor an interest rate. The Class
      LT2-R Interest shall be represented by the Class A-R Certificate.

(2)   The Class LT2A1A, Class LT2A1B and Class LT2AR Interests shall have an
      interest rate for each Distribution Date (and the related Accrual Period)
      equal to the Pool 1 Net WAC.

(3)   The Class LT2A2 Interest shall have an interest rate for each Distribution
      Date (and the related Accrual Period) equal to the Pool 2 Net WAC.

(4)   Each of the Class LT2B1 Interest, the Class LT2B2 Interest, the Class
      LT2B3 Interest, the Class LT2B4 Interest, the Class LT2B5 Interest and the
      Class LT2B6 Interest shall have an interest rate for each Distribution
      Date (and the related Accrual Period) equal to the Subordinate Net WAC
      which is the numerical equivalent of the weighted average of the interest
      rates on the Class LT11A Interest and the Class LT12A Interest (treating,
      for purposes of computing this weighted average, the Class LT11A Interest
      as subject to a cap and a floor equal to the interest rate on the Class
      LT11B Interest and the Class LT12A Interest as subject to a cap and a
      floor equal to the interest rate on the Class LT12B Interest).

      Principal payments shall be deemed made and Realized Losses with respect
to principal shall be allocated among the REMIC 2 Interests in the same manner
as such payments are made or such Realized Losses are allocated among the
Corresponding Classes of Certificates (treating the initial Class Principal
Amount of the Class B-6 Certificates, for purposes of this sentence, as being
$3,501,489.06, treating the first $0.06 of distributions to the Class A-R
Certificate under Section 5.02(a)(vi) from principal payments on the Mortgage
Loans as distributed to the Class B-6 Certificates and disregarding Section
5.03(c)).

      The principal amount of each REMIC 2 Regular Interest shall be increased
on any Distribution Date on which, and in the amount by which, the Certificate
Principal Amount of any Corresponding Class of Certificates is increased
pursuant to the penultimate sentence of "Certificate Principal Amount."

THE CERTIFICATES

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

<TABLE>
<CAPTION>
                  Related Class or
                Classes of interests                         Initial Class
   Class         in the Upper Tier       Certificate      Principal Amount or      Minimum Denominations
Designation            REMIC            Interest Rate    Class Notional Amount    or Percentage Interest
-----------            -----            -------------    ---------------------    ----------------------
<S>             <C>                     <C>              <C>                      <C>
Class A-1A          Class A-1A               (1)                                        $  25,000.00
                                                               $329,459,600
                 Upper Tier REMIC            (2)               $494,189,400             $  25,000.00
Class A-1B      Class A-1B Interest

Class A-2        Upper Tier REMIC            (3)               $145,350,000             $  25,000.00
                Class A-2 Interest
</TABLE>

                                       4
<PAGE>

<TABLE>
<CAPTION>
                  Related Class or
                Classes of interests                         Initial Class
   Class         in the Upper Tier       Certificate      Principal Amount or      Minimum Denominations
Designation            REMIC            Interest Rate    Class Notional Amount    or Percentage Interest
-----------            -----            -------------    ---------------------    ----------------------
<S>             <C>                     <C>              <C>                      <C>
Class X-A        X-A1B Component,            (4)                         (4)            $  25,000.00
                  X-A2 Component,

Class X-B        Component XB2 and           (5)                         (5)            $  25,000.00
                   Component XB3

Class A-R            Class A-R               (6)               $        100                      100%

Class B-1            Class B-1               (7)               $ 10,512,000             $  25,000.00

Class B-2        Upper Tier REMIC            (8)               $  8,000,000             $  25,000.00
                Class B-2 Interest

Class B-3        Upper Tier REMIC            (9)               $  4,500,000             $ 100,000.00
                Class B-3 Interest

Class B-4            Class B-4              (10)               $  2,500,000             $ 100,000.00

Class B-5            Class B-5              (10)               $  2,000,000             $ 100,000.00

Class B-6            Class B-6              (10)               $  3,501,489             $ 100,000.00
</TABLE>

(1)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class A-1A Certificates will be equal
      to the Pool 1 Net WAC.

(2)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class A-1B Certificates will be the
      least of (i) LIBOR plus 0.31%; (ii) the Pool 1 Net WAC and (iii) 11.75%;
      provided, however, if the Mortgage Loans and related property are not
      purchased pursuant to Section 7.01(c) on the Initial Optional Purchase
      Date, then with respect to each subsequent Distribution Date the per annum
      rate calculated pursuant to clause (i) above with respect to the Class
      A-1B Certificates will be LIBOR plus 0.62%.

(3)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class A-2 Certificates will be the
      least of (i) LIBOR plus 0.33%; (ii) the Pool 2 Net WAC and (iii) 11.75%;
      provided, however, if the Mortgage Loans and related property are not
      purchased pursuant to Section 7.01(c) on the Initial Optional Purchase
      Date, then with respect to the Distribution Date occurring in the month in
      which the next LIBOR Determination Date with respect to the Class A-2
      Certificates occurs and each subsequent Distribution Date the per annum
      rate calculated pursuant to clause (i) above with respect to the Class A-2
      Certificates will be LIBOR plus 0.66%.

(4)   The Class X-A Certificates consist of two components, the X-A1B Component
      and X-A2 Component. On any Distribution Date, the Class X-A Certificate
      will have a Class Notional Amount equal to the sum of the Component
      Notional Amount of such two Components. The Class X-A Certificates are
      entitled to receive on each Distribution Date the sum of the amount of
      interest accrued on such two Components.

(5)   The Class X-B Certificates will represent a 100% interest in each of
      Component XB2 and Component XB3. See the definitions of "Component XB2"
      and "Component XB3" for the interest rate and notional balance of these
      Components. On any Distribution Date, the Class X-B Certificates will have
      a Class Notional Amount equal to the sum of the Component Notional Amount
      of Component XB2 and Component XB3.

(6)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class A-R Certificate will equal the
      Pool 1 Net WAC.

                                       5
<PAGE>

(7)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class B-1 Certificates will be equal
      to the Subordinate Net WAC.

(8)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class B-2 Certificates will be the
      least of (i) LIBOR plus 0.90%; (ii) the Subordinate Net WAC and (iii)
      11.75%; provided, however, if the Mortgage Loans and related property are
      not purchased pursuant to Section 7.01(c) on the Initial Optional Purchase
      Date, then with respect to each subsequent Distribution Date the per annum
      rate calculated pursuant to clause (i) above with respect to the Class B-2
      Certificates will be LIBOR plus 1.35%.

(9)   The Certificate Interest Rate with respect to any Distribution Date (and
      the related Accrual Period) for the Class B-3 Certificates will be the
      least of (i) LIBOR plus 1.50%; (ii) the Subordinate Net WAC and (iii)
      11.75%; provided, however, if the Mortgage Loans and related property are
      not purchased pursuant to Section 7.01(c) on the Initial Optional Purchase
      Date, then with respect to each subsequent Distribution Date the per annum
      rate calculated pursuant to clause (i) above with respect to the Class B-3
      Certificates will be LIBOR plus 2.25%.

(10)  The Certificate Interest Rates with respect to any Distribution Date (and
      the related Accrual Period) for the Class B-4, Class B-5 and Class B-6
      Certificates will be equal to the Subordinate Net WAC.

      As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $1,000,012,589.06.

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

                                   ARTICLE I.

                                   DEFINITIONS

      Section 1.01. Definitions.

      The following words and phrases, unless the context otherwise requires,
shall have the following meanings:

      Accepted Servicing Practices: The Servicer's normal servicing practices,
which will conform to the mortgage servicing practices of prudent mortgage
lending institutions which service for their own account mortgage loans of the
same type as the Mortgage Loans in the jurisdictions in which the related
Mortgaged Properties are located.

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

      Accrual Period: With respect to any Distribution Date and any Class of
LIBOR Certificates, the period commencing on the 25th day of the month preceding
the month in which the Distribution Date occurs and ending on the 24th day of
the month in which the Distribution Date occurs; provided, however, that the
first Accrual Period with respect to the LIBOR Certificates shall be the period
beginning on the Closing Date and ending on December 24, 2004. The Accrual
Period applicable to the Components, Class A-1A, Class A-R, Class B-1, Class
B-4, Class B-5, Class B-6 Certificates and each Class of Lower Tier REMIC
Interests shall be the

                                       6
<PAGE>

calendar month immediately preceding the month in which the related Distribution
Date occurs. Interest shall accrue on all Classes of Certificates, all
Components and on all Lower Tier REMIC Interests on the basis of a 360-day year
consisting of twelve 30-day months.

      Act: The Securities Act of 1933, as amended.

      Additional Collateral: With respect to any Additional Collateral Mortgage
Loan, the meaning assigned thereto in the Mortgage Loan Purchase and Sale
Agreement.

      Additional Collateral Mortgage Loan: Each Mortgage Loan identified as such
in the Mortgage Loan Schedule.

      Adjustment Date: As to any Mortgage Loan, the date on which the related
Mortgage Rate adjusts in accordance with the terms of the related Mortgage Note.

      Advance: With respect to a Mortgage Loan, the payments required to be made
by the Trustee solely in its capacity as successor servicer or by the Servicer
with respect to any Distribution Date pursuant to this Agreement, the amount of
any such payment being equal to the aggregate of the payments of principal and
interest (net of the applicable Servicing Fee and net of any net income in the
case of any REO Property) on the Mortgage Loans that were due on the related Due
Date and not received as of the close of business on the related Determination
Date, less the aggregate amount of any such delinquent payment that either the
Trustee or the Servicer has determined would constitute Nonrecoverable Advances
if advanced.

      Adverse REMIC Event: As defined in Section 10.01(f) hereof.

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

      Aggregate Senior Percentage: As to any Distribution Date, the percentage
equivalent of a fraction, the numerator of which is the aggregate of the Class
Principal Amounts of the Class A-1A, Class A-1B, Class A-2 and Class A-R
Certificates and the denominator of which is the Aggregate Stated Principal
Balance, but in no event greater than 100%.

      Aggregate Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances for all Mortgage Loans (and when such
term is used with respect to a particular Mortgage Pool, the aggregate of the
Stated Principal Balances of the Mortgage Loans in such Mortgage Pool) which
were outstanding on the Due Date in the month preceding the month of such
Distribution Date.

      Aggregate Subordinate Percentage: As to any Distribution Date, the
difference between 100% and the Aggregate Senior Percentage for such
Distribution Date, but in no event less than zero.

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

                                       7
<PAGE>

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

      Allocable Share: With respect to each Class of Subordinate Certificates
and any Distribution Date, the percentage equivalent of a fraction, the
numerator of which is the Class Principal Amount of such Class and the
denominator of which is the aggregate of the Class Principal Amounts of each
Class of Subordinate Certificates.

      Ancillary Fees: With respect to any Mortgage Loan, (i) all late charges,
(ii) all fees payable pursuant to Cendant's "Speed Pay" program, (iii) all
returned-item charges (e.g. insufficient funds charges) and (iv) modification or
conversion fees.

      Applicable Credit Support Percentage: As to any Class of Subordinate
Certificates and any Distribution Date, the sum of the Class Subordination
Percentages of such Class and the aggregate Class Subordination Percentage of
all other Classes of Subordinate Certificates having higher numerical Class
designations than such Class.

      Apportioned Principal Balance: As to any Distribution Date and each Class
of Subordinate Certificates and any Mortgage Pool, the Class Principal Amount
thereof multiplied by a fraction, the numerator of which is the applicable Pool
Subordinate Amount (i.e., the Pool 1 Subordinate Amount or the Pool 2
Subordinate Amount, as the case may require), and the denominator of which is
the sum of such Pool Subordinate Amounts on such date.

      Appraised Value: With respect to any Mortgage Loan, the Appraised Value of
the related Mortgaged Property shall be: (i) with respect to a Mortgage Loan
other than a Refinancing Mortgage Loan, the lesser of (a) the value of the
Mortgaged Property based upon the appraisal made at the time of the origination
of such Mortgage Loan and (b) the sales price of the Mortgaged Property at the
time of the origination of such Mortgage Loan; and (ii) with respect to a
Refinancing Mortgage Loan, the value of the Mortgaged Property based upon the
appraisal made at the time of the origination of such Refinancing Mortgage Loan.

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

      Authenticating Agent: The Trustee or any authenticating agent appointed by
the Trustee pursuant to Section 6.10 until any successor authenticating agent
for the Certificates is named, and thereafter "Authenticating Agent" shall mean
any such successor.

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

      Available Distribution Amount: With respect to any Distribution Date and
each Mortgage Pool, the total amount of all cash received by the Trustee on the
Mortgage Loans in such Mortgage Pool from the Servicer or otherwise through the
Distribution Account Deposit Date for deposit into the Distribution Account in
respect of such Distribution Date, including (1) all scheduled installments of
interest (net of the Servicing Fee) and principal collected on the

                                       8
<PAGE>

related Mortgage Loans and due during the Due Period related to such
Distribution Date, together with any Advances in respect thereof, (2) all
Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and the proceeds
of any Additional Collateral from the related Mortgage Loans, in each case for
such Distribution Date, (3) all partial or full Principal Prepayments, together
with any accrued interest thereon, identified as having been received from the
related Mortgage Loans during the related Prepayment Period, (4) any amounts
received from the Servicer in respect of Prepayment Interest Shortfalls with
respect to the related Mortgage Loans; and (5) the aggregate Purchase Price of
all Defective Mortgage Loans and Converted Mortgage Loans (if any) in such
Mortgage Pool purchased from the Trust Fund during the related Prepayment
Period, minus:

      (A) all related fees, charges and amounts payable or reimbursable to the
Trustee under this Agreement, to the extent that, if paid by the Trust Fund,
such fees, charges or other amounts would constitute "unanticipated expenses"
(within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)) of any
of the REMICs provided for herein and up to an aggregate maximum amount equal to
$300,000 annually; provided, such annual aggregate maximum amount shall exclude
(i) any Servicing Transfer Costs, or amounts reimbursable to the Servicer under
this Agreement and (ii) any costs, damages or expenses incurred by the Trustee
in connection with any "high cost" home loans or any predatory or abusive
lending laws, which amounts shall in no case be subject to any such limitation;

      (B) in the case of (2), (3), (4) and (5) above, any related unreimbursed
expenses incurred by the Servicer in connection with a liquidation or
foreclosure and any unreimbursed Advances or Servicing Advances due to the
Servicer (or, pursuant to Section 5.04, the Trustee);

      (C) any related unreimbursed Nonrecoverable Advances due to the Servicer
(or, pursuant to Section 5.04, the Trustee); and

      (D) in the case of (1) through (4) above, any related amounts collected
which are determined to be attributable to a subsequent Due Period or Prepayment
Period.

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

      Bankruptcy Code: The United States Bankruptcy Code of 1986, as amended.

      Basis Risk Shortfall: With respect to any Distribution Date and any Class
of LIBOR Certificates, the excess, if any, of (i) the amount of Current Interest
that would have been payable on such Class for such Distribution Date if the
Certificate Interest Rate for such Class as set forth in the Preliminary
Statement hereto were determined without regard to clause (ii) in the definition
thereof, over (ii) the actual Current Interest payable on such Class for such
Distribution Date.

      BBA: The British Banker's Association.

      Book-Entry Certificates: Beneficial interests in Certificates designated
as "Book-Entry Certificates" in this Agreement, ownership and transfers of which
shall be evidenced or made

                                       9
<PAGE>

through book entries by a Clearing Agency as described in Section 3.09;
provided, that after the occurrence of a Book-Entry Termination whereupon
book-entry registration and transfer are no longer permitted and Definitive
Certificates are to be issued to Certificate Owners, such Book-Entry
Certificates shall no longer be "Book-Entry Certificates." As of the Closing
Date, the following Classes of Certificates constitute Book-Entry Certificates:
Class A-1A, Class A-1B, Class A-2, Class X-A, Class B-1, Class B-2, Class B-3,
Class B-4, Class B-5, Class B-6 and Class X-B.

      Book-Entry Termination: The occurrence of any of the following events: (i)
the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Book Entry Certificates, and the Depositor
is unable to locate a qualified successor; or (ii) the Depositor at its option
advises the Trustee and the Certificate Registrar in writing that it elects to
terminate the book-entry system through the Clearing Agency.

      Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day
on which banking institutions in New York, New York or, if other than New York,
any city in which the Corporate Trust Office of the Trustee is located, or the
States of Maryland or Minnesota, are authorized or obligated by law or executive
order to be closed.

      Cendant: Cendant Mortgage Corporation or its successors in interest.

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

      Certificate Group: Each of the Group 1 Certificates and the Group 2
Certificates.

      Certificate Interest Rate: With respect to each Class of Certificates and
any Distribution Date, the applicable per annum rate described in the
Preliminary Statement hereto.

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

      Certificate Principal Amount: With respect to any Certificate (other than
a Class X Certificate), at the time of determination, the maximum specified
dollar amount of principal to which the Holder thereof is then entitled
hereunder, such amount being equal to the initial principal amount set forth on
the face of such Certificate, less (i) the amount of all principal distributions
previously made with respect to such Certificate; (ii) all Realized Losses
allocated to such Certificate; and (iii) in the case of a Subordinate
Certificate, any Subordinate Certificate Writedown Amount allocated to such
Certificates. Notwithstanding the foregoing, on any Distribution Date relating
to a Due Period in which a Subsequent Recovery has been received by the
Servicer, the Certificate Principal Amount of any Class of Certificates then
outstanding for which any Realized Loss or any Subordinate Certificate Writedown
Amount has been applied will be increased, in order of seniority, by an amount
equal to the lesser of (i) the amount such Class of Certificates has been
written down in respect of Realized Losses or Subordinate Certificate Writedown
Amounts, to the extent not previously offset by increases in Certificate
Principal Amount pursuant to this sentence and (ii) the total of any Subsequent
Recovery distributed on such date to the Certificateholders (reduced (x) by the
amount of the increase in the Certificate Principal Amount of any more senior
Class of Certificates pursuant to this sentence on such Distribution Date and
(y) to reflect a proportionate amount of the increase in the Certificate

                                       10
<PAGE>

Principal Amount of any pari passu Class of Certificates on such Distribution
Date pursuant to this sentence) For purposes of Article V hereof, unless
specifically provided to the contrary, Certificate Principal Amounts shall be
determined as of the close of business of the immediately preceding Distribution
Date, after giving effect to all distributions made on such date.

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

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

      Civil Relief Act: The Servicemembers Civil Relief Act as amended.

      Class: Collectively, Certificates bearing the same class designation. In
the case of the REMIC 1, REMIC 2 and the Upper Tier REMIC, the term "Class"
refers to all REMIC Interests having the same alphanumeric designation.

      Class A Certificates: Any Class A-1A, Class A-1B, Class A-2 or Class A-R
Certificate.

      Class A-R Certificate: The Class A-R Certificate executed by the Trustee,
and authenticated and delivered by the Authenticating Agent, substantially in
the form annexed hereto as Exhibit A, and evidencing the ownership of the Class
LT1-R Interest, the Class LT2-R Interest and the residual interest in the Upper
Tier REMIC.

      Class Excess Interest Amount: For each Class of the LIBOR Certificates and
the Component related to such Class, the product of (i) the initial Class
Principal Amount of such Class, (ii) the initial Certificate Interest Rate of
such Class and (iii) a fraction, the numerator of which is the excess 30 over of
the number of days in the initial Accrual Period for such Class and the
denominator of which is 360.

      Class Notional Amount: With respect to the Class X-A and Class X-B
Certificates, the class notional amount calculated as provided in the
Preliminary Statement hereto.

      Class Principal Amount: With respect to each Class of Certificates (other
than a Class X Certificate) the aggregate of the Certificate Principal Amounts
of all Certificates of such Class at the date of determination.

      Class X Certificates: Any of the Class X-A or Class X-B Certificates.

      Class Subordination Percentage: With respect to each Class of Subordinate
Certificates, for each Distribution Date, the percentage obtained by dividing
the Class Principal Amount of such Class immediately prior to such Distribution
Date by the sum of the Class Principal Amounts of all Classes of Certificates
immediately prior to such Distribution Date.

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

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

                                       11
<PAGE>

      Closing Date: November 30, 2004.

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

      Compensating Interest Payment: As to any Distribution Date, the lesser of
(1) the Servicing Fee for such date and (2) any Prepayment Interest Shortfall
for such date.

      Component Interest Rate: With respect to the X-A1B Component and any
Distribution Date, the interest rate specified in the definition of X-A1B
Component. With respect to the X-A2 Component and any Distribution Date, the
interest rate specified in the definition of X-A2 Component. With respect to
Component XB2 and any Distribution Date, the interest rate specified in the
definition of Component XB2. With respect to Component XB3 and any Distribution
Date, the interest rate specified in the definition of Component XB3.

      Component Notional Amount: With respect to X-A1B Component and any
Distribution Date, the notional amount specified in the definition of X-A1B
Component. With respect to X-A2 Component and any Distribution Date, the
notional amount specified in the definition of X-A2 Component. With respect to
Component XB2 and any Distribution Date, the notional amount specified in the
definition of Component XB2. With respect to Component XB3 and any Distribution
Date, the notional amount specified in the definition of Component XB3.

      Component XB2: A regular interest in the Upper Tier REMIC having a
notional amount for any Distribution Date equal to the Class Principal Amount of
the Class B-2 Certificates immediately before such Distribution Date and having
an interest rate with respect to any Distribution Date (and the related Accrual
Period) equal to the excess, if any, of (x) the Subordinate Net WAC for such
Distribution Date over (y) the Certificate Interest Rate on the Class B-2
Certificates for such Distribution Date. For purposes of the definition of
"Class Excess Interest Amount", Component XB2 shall be related to the Class B-2
Certificates.

      Component XB3: A regular interest in the Upper Tier REMIC having a
notional amount for any Distribution Date equal to the Class Principal Amount of
the Class B-3 Certificates immediately before such Distribution Date and having
an interest rate with respect to any Distribution Date (and the related Accrual
Period) equal to the excess, if any, of (x) the Subordinate Net WAC for such
Distribution Date over (y) the Certificate Interest Rate on the Class B-3
Certificates for such Distribution Date. For purposes of the definition of
"Class Excess Interest Amount", the Component XB3 shall be related to the Class
B-3 Certificates.

      Components: Each of the X-A1B Component, the X-A2 Component, Component XB2
and Component XB3.

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

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

                                       12
<PAGE>

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

      Cooperative Shares: Shares issued by a Cooperative Corporation.

      Corporate Trust Office: With respect to the presentment of Certificates
for registration of transfer, exchange or final payment, Wells Fargo Bank, N.A.,
Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention:
Corporate Trust Services - MLMI Series MLCC 2004-F and for all other purposes,
Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045,
Attention: Corporate Trust Services - MLMI Series MLCC 2004-F, or such other
address as the Trustee may designate from time to time by notice to the
Certificateholders.

      Corresponding Classes of Certificates or Components: With respect to each
Lower Tier REMIC Interest, the Class or Classes of Certificates or Components
appearing opposite such Lower Tier REMIC Interest as described in the
Preliminary Statement hereto.

      Credit Support Depletion Date: The first Distribution Date, if any, on
which the aggregate Certificate Principal Amounts of the Subordinate
Certificates have been reduced to zero.

      Current Interest: With respect to each Class of Certificates and each
Component on each Distribution Date, the aggregate amount of interest accrued at
the applicable Certificate Interest Rate or Component Interest Rate during the
related Accrual Period on the Class Principal Amount or Component Notional
Amount of such Class or Component; provided, however, that with respect to the
first Distribution Date only, the aggregate Current Interest for each Component
will be increased by the related Class Excess Interest Amount.

      Custodial Account: The separate trust account or accounts created and
maintained by the Servicer pursuant to the Fannie Mae Servicing Guide which
shall be entitled "Wells Fargo Bank, N.A., in trust for the registered holders
for Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F Mortgage
Pass-Through Certificates." The Custodial Account shall be an Eligible Account.

      Custodial Agreement: The Custodial Agreement, dated as of December 15,
2000, between Merrill Lynch Credit Corporation and Wells Fargo Bank Minnesota,
N.A., as custodian, as amended by Amendment No. 1, dated as of January 16, 2002
a copy of which (excluding all exhibits thereto) is attached hereto as Exhibit
O.

      Custodian: Wells Fargo Bank, N.A., any successor in interest or any
successor custodian appointed pursuant to the Custodial Agreement.

      Cut-off Date: November 1, 2004.

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

      Debt Service Reduction: With respect to any Mortgage Loan, a reduction by
a court of competent jurisdiction in a proceeding under the Bankruptcy Code in
the Scheduled Payment for such Mortgage Loan which became final and
non-appealable, except such a reduction resulting from a Deficient Valuation or
any reduction that results in a permanent forgiveness of principal.

                                       13
<PAGE>

      Defective Mortgage Loan: The meaning specified in Section 2.04(a).

      Deficient Valuation: With respect to any Mortgage Loan, a valuation of the
related Mortgaged Property by a court of competent jurisdiction in an amount
less than the then outstanding indebtedness under the Mortgage Loan, or any
reduction in the amount of principal to be paid in connection with any Scheduled
Payment that results in a permanent forgiveness of principal, which valuation or
reduction results from an order of such court which is final and non-appealable
in a proceeding under the Bankruptcy Code.

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

      Deleted Mortgage Loan: As defined in Section 2.04(a).

      Delinquent: Any Mortgage Loan with respect to which the Scheduled Payment
due on a Due Date is not received.

      Depositor: Merrill Lynch Mortgage Investors, Inc., a Delaware corporation,
having its principal place of business at 250 Vesey Street, 4 World Financial
Center, 10th Floor, New York, New York 10080, or its successors in interest.

      Determination Date: With respect to each Distribution Date, the 15th day
of the month in which such Distribution Date occurs, or, if such 15th day is not
a Business Day, the next succeeding Business Day.

      Disqualified Organization: A "disqualified organization" as defined in
Section 860E(e)(5) of the Code.

      Distribution Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 4.01 in the name of the Trustee for the
benefit of the Certificateholders and designated "Wells Fargo Bank, N.A., in
trust for registered holders of Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-F, Mortgage Pass-Through Certificates." Funds in the Distribution
Account (exclusive of any earnings on investments made with funds deposited in
the Distribution Account) shall be held in trust for the Trustee and the
Certificateholders for the uses and purposes set forth in this Agreement.

      Distribution Account Deposit Date: The 18th day of each calendar month
after the initial issuance of the Certificates or, if such 18th day is not a
Business Day, the immediately preceding Business Day, commencing in December
2004.

      Distribution Date: The 25th day of each month or, if such 25th day is not
a Business Day, the next succeeding Business Day, commencing in December 2004.

      Due Date: With respect to any Mortgage Loan, the date on which a Scheduled
Payment is due under the related Mortgage Note as indicated in the Mortgage
Note, which is the first day of the calendar month.

      Due Period: As to any Distribution Date, the period beginning on the
second day of the month preceding the month of such Distribution Date, and
ending on the first day of the month of such Distribution Date.

                                       14
<PAGE>

      EDP: The electronic data processing system used by the Seller and the
Servicer, which are licensees of ALLTEL Information Services, Inc.

      Effective Loan-to-Value Ratio: A fraction, expressed as a percentage, the
numerator of which is the original Stated Principal Balance of the Mortgage
Loan, less the amount of Additional Collateral required to secure such Mortgage
Loan at the time of origination, if any, and the denominator of which is the
Appraised Value of the related Mortgage Property at such date.

      Eligible Account: Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company the
short-term unsecured debt obligations of which (or, in the case of a depository
institution or trust company that is the principal subsidiary of a holding
company, the debt obligations of such holding company) have the highest
short-term ratings of each Rating Agency at the time any amounts are held on
deposit therein, or (ii) an account or accounts in a depository institution or
trust company in which such accounts are insured by the FDIC or the SAIF (to the
limits established by the FDIC or the SAIF) and the uninsured deposits in which
accounts are otherwise secured such that, as evidenced by an Opinion of Counsel
delivered to the Trustee and to each Rating Agency, the Certificateholders have
a claim with respect to the funds in such account or a perfected first priority
security interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution or trust company in which
such account is maintained, or (iii) a trust account or accounts maintained with
the trust department of a federal or state chartered depository institution or
trust company, acting in its fiduciary capacity or (iv) any other account
acceptable to each Rating Agency. Eligible Accounts may bear interest, and may
include, if otherwise qualified under this definition, accounts maintained with
the Trustee, any Paying Agent, or the Servicer.

      ERISA: The Employee Retirement Income Security Act of 1974, as amended,
and as it may be further amended from time to time, any successor statutes
thereto, and applicable U.S. Department of Labor regulations issued pursuant
thereto in temporary or final form.

      ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the requirements of an
Underwriter's Exemption.

      ERISA-Restricted Certificates: The Class A-R, Class B-5 or Class B-6
Certificates.

      Escrow Account: The separate trust account or accounts created and
maintained by the Servicer pursuant to the Fannie Mae Servicing Guide which
shall be entitled "Wells Fargo Bank, N.A., in trust for the registered holders
for Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F Mortgage
Pass-Through Certificates." The Escrow Account shall be an Eligible Account.

      Event of Default: As defined in Section 6.14.

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

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

      FHA: The Federal Housing Administration or any successor thereto.

                                       15
<PAGE>

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

      Final Certification: As referred to in Section 2.02(c), the form of which
is set forth at Exhibit L.

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

      GNMA: The Government National Mortgage Association, or any successor
thereto.

      Global Securities: The global certificates representing the Book-Entry
Certificates.

      Group 1: All of the Group 1 Certificates.

      Group 1 Certificate: Any Class A-1A, Class A-1B or Class A-R Certificate.

      Group 2: All of the Group 2 Certificates.

      Group 2 Certificate: Any Class A-2 Certificate.

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

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

      Indemnified Parties: As defined in Section 9.15.

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

      Index: As to each Mortgage Loan, the index from time to time in effect for
adjustment of the Mortgage Rate as set forth as such on the related Mortgage
Note.

      Initial Certification: As referred to in Section 2.02(a), the form of
which is set forth at Exhibit K.

                                       16
<PAGE>

      Initial LIBOR Rate: 2.20750% with respect to the Class A-1B, Class B-2 and
Class B-3 Certificates and 2.63000% with respect to the Class A-2 Certificates.

      Initial Optional Purchase Date: The first Distribution Date following the
date on which the Aggregate Stated Principal Balance is less than 10.00% of the
Cut-off Date Balance.

      Insurance Policy: With respect to any Mortgage Loan, any insurance policy,
including all names and endorsements thereto in effect, including any
replacement policy or policies for any Insurance Policies.

      Insurance Proceeds: Proceeds paid by any Insurance Policy (excluding
proceeds required to be applied to the restoration and repair of the related
Mortgaged Property or released to the Mortgagor), in each case other than any
amount included in such Insurance Proceeds in respect of Insured Expenses and
the proceeds from any Limited Purpose Surety Bond.

      Insured Expenses: Expenses covered by an Insurance Policy or any other
insurance policy with respect to the Mortgage Loans.

      Interest Distribution Amount: For each Class of Certificates or Component,
on any Distribution Date, the Current Interest for such Class or Component, as
reduced by such Class's or Component's share of Net Prepayment Interest
Shortfalls and Relief Act Reductions. Any such shortfalls and reductions shall
be allocated among (i) all Classes of Certificates (other than the Class X
Certificates) of the related Certificate Group from such Mortgage Pool, (ii) the
X-A1B Component (in the case of Net Prepayment Interest Shortfalls or Relief Act
Reductions related to Pool 1) or the X-A2 Component (in the case of Net
Prepayment Interest Shortfalls or Relief Act Reductions related to Pool 2), and
(iii) the Subordinate Certificates proportionately on the basis of (1) in the
case of the Senior Certificates (other than the Class X Certificates), Current
Interest otherwise distributable thereon on such Distribution Date; (2) in the
case of the X-A1B Component and X-A2 Component, if applicable, the Current
Interest otherwise distributable thereon on such Distribution Date and (3) in
the case of Subordinate Certificates, interest accrued at the Net WAC of the
applicable Mortgage Pool on their Apportioned Principal Balance before taking
into account any reductions in such amounts from Net Interest Shortfalls for
that Distribution Date. Amounts so allocated to the Class B-2 or Class B-3
Certificates will be allocated between the Class B-2 Certificates and Component
XB2 or between the Class B-3 Certificates and Component XB3, as the case may be,
proportionately, based on the Current Interest otherwise distributable in
respect thereof on such Distribution Date.

      Interest Shortfall: As to any Class of Certificates or Component and any
Distribution Date, (i) the amount by which the Interest Distribution Amount
(exclusive of any payments to such Class in respect of Basis Risk Shortfalls or
Unpaid Basis Risk Shortfalls) for such Class or Component on such Distribution
Date and all prior Distribution Dates exceeds (ii) amounts distributed in
respect thereof to such Class or Component on prior Distribution Dates (as
determined without reduction for amounts not paid to such Class or in respect of
such Component as a result of the provisos set forth in Sections 5.02(a)(i) and
5.02(b) hereof.

      Interest Transfer Amount: For any Distribution Date and for any
Undercollateralized Group, an amount equal to one month's interest on the
applicable Principal Transfer Amount at the related Mortgage Pool's Net WAC,
plus any shortfall of interest on the Senior Certificates related to such
Undercollateralized Group remaining unpaid from prior Distribution Dates.

                                       17
<PAGE>

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

      Latest Possible Maturity Date: The Distribution Date in November 2029.

      LIBOR: With respect to the first Accrual Period, the Initial LIBOR Rate.
With respect to each subsequent Accrual Period, a per annum rate determined on
the LIBOR Determination Date in the following manner by the Trustee on the basis
of the "Interest Settlement Rate" set by the BBA for one-month (or six-month
with respect to the Class A-2 Certificates) United States dollar deposits, as
such rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on
such LIBOR Determination Date.

      (a) If on such a LIBOR Determination Date, the BBA's Interest Settlement
Rate does not appear on the Telerate Page 3750 as of 11:00 a.m. (London time),
or if the Telerate Page 3750 is not available on such date, the Trustee will
obtain such rate from Reuters' "page LIBOR 01" or Bloomberg's page "BBAM." If
such rate is not published for such LIBOR Determination Date, LIBOR for such
date will be the most recently published Interest Settlement Rate. In the event
that the BBA no longer sets an Interest Settlement Rate, the Trustee will
designate an alternative index that has performed, or that the Trustee expects
to perform, in a manner substantially similar to the BBA's Interest Settlement
Rate. The Trustee will select a particular index as the alternative index only
if it receives an Opinion of Counsel, which opinion shall be an expense
reimbursed from the Distribution Account, that the selection of such index will
not cause any of the REMICs to lose their classification as REMICs for federal
income tax purposes.

      (b) The establishment of LIBOR by the Trustee and the Trustee's subsequent
calculation of the Certificate Interest Rate applicable to the LIBOR
Certificates for the relevant Accrual Period, in the absence of manifest error,
will be final and binding.

      LIBOR Business Day: Any day on which banks in London, England and The City
of New York are open and conducting transactions in foreign currency and
exchange.

      LIBOR Certificate: Any Class A-1B, Class A-2, Class B-2 and Class B-3
Certificate.

      LIBOR Determination Date: With respect to the Class A-1B, Class B-2 and
Class B-3 Certificates, the second LIBOR Business Day immediately preceding the
commencement of each Accrual Period and with respect to the Class A-2
Certificates, the second LIBOR Business Day immediately preceding every sixth
Accrual Period beginning with the Accrual Period commencing during November
2004.

      Limited Purpose Surety Bond: Any Limited Purpose Surety Bond listed in
Exhibit F.

      Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan (including any REO Property) which was liquidated in the
calendar month preceding the month of such Distribution Date and as to which the
Servicer has certified (in accordance with this Agreement) that it has received
all amounts it expects to receive in connection with the liquidation of such
Mortgage Loan including the final disposition of an REO Property.

      Liquidation Proceeds: Amounts, including Insurance Proceeds, received in
connection with the partial or complete liquidation of defaulted Mortgage Loans,
whether through trustee's sale, foreclosure sale or otherwise or amounts
received in connection with any condemnation or

                                       18
<PAGE>

partial release of a Mortgaged Property and any other proceeds received in
connection with an REO Property.

      Loan-To-Value Ratio: With respect to any Mortgage Loan and as to any date
of determination, the fraction (expressed as a percentage) the numerator of
which is the principal balance of the related Mortgage Loan at such date of
determination and the denominator of which is the Appraised Value of the related
Mortgaged Property.

      Loss: With respect to any indemnification arising under Section 9.15 of
this Agreement, any and all losses, claims, damages, penalties, liabilities,
obligations, judgments, settlements, awards, demands, offsets, defenses,
counterclaims, actions or proceedings, reasonable out-of-pocket costs, expenses
and attorneys' fees of an Indemnified Party (including but not limited to, (a)
any reasonable costs, expenses and attorneys' fees incurred by such Indemnified
Party in enforcing such right of indemnification against any Indemnifying Party
or with respect to any appeal, and (b) interest on any amount for which an
Indemnified Party is entitled to be indemnified from the date such Indemnified
Party notifies the Servicer of the expenditure or such amounts until such
amounts are paid by the Servicer; provided, however, that in no event shall a
"Loss" include a claim for consequential damages, indirect damages or lost
profits except when the Loss results from the gross negligence, fraud or willful
misconduct of the Servicer.

      Lower Tier REMIC Interests: Any of the REMIC 1 Interests or the REMIC 2
Interests.

      Lower Tier Regular Interests: Any of the REMIC 1 Regular Interests or the
REMIC 2 Regular Interests.

      Margin: As to each Mortgage Loan, the percentage amount set forth on the
related Mortgage Note added to the Index in calculating the Mortgage Rate
thereon.

      Material Defect: As defined in Section 2.02(b).

      Maximum Rate: As to any Mortgage Loan, the maximum rate set forth on the
related Mortgage Note at which interest can accrue on such Mortgage Loan.

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

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

      MERS System: The system of recording transfers of mortgages electronically
maintained by MERS.

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

      Monthly Statement: The statement delivered to the Certificateholders
pursuant to Section 4.02.

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

                                       19
<PAGE>

      Mortgage Documents: With respect to each Mortgage Loan, the mortgage
documents required to be delivered to the Trustee pursuant to this Agreement.

      Mortgage Loan: A Mortgage and the related notes or other evidences of
indebtedness secured by each such Mortgage conveyed, transferred, sold, assigned
to or deposited with the Trustee pursuant to Section 2.01 (including any
Replacement Loan and REO Property), including without limitation, each Mortgage
Loan listed on the Mortgage Loan Schedule, as amended from time to time.

      Mortgage Loan Purchase and Sale Agreement: The Mortgage Loan Purchase and
Sale Agreement, dated as of November 1, 2004, between the Seller and the
Depositor with respect to the sale and purchase of the Mortgage Loans.

      Mortgage Loan Schedule: The schedule attached hereto as Schedule A, which
shall identify each Mortgage Loan, as such schedule may be amended by the
Depositor or the Servicer from time to time to reflect the addition of
Replacement Mortgage Loans to, or the deletion of Deleted Mortgage Loans from,
the Trust Fund. Such schedule shall, among other things (1) identify the
designated Mortgage Pool in which such Mortgage Loan is included and (2)
separately identify One-Month LIBOR Loans, Six-Month LIBOR Loans and Additional
Collateral Mortgage Loans.

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

      Mortgage Pools: Any of Pool 1 and Pool 2.

      Mortgage Rate: As to any Mortgage Loan, the annual rate of interest borne
by the related Mortgage Notes.

      Mortgaged Property: The underlying property, including any Additional
Collateral, securing a Mortgage Loan which, with respect to a Cooperative Loan,
is the related Cooperative Shares and Property Lease.

      Mortgagor: The obligor on a Mortgage Note.

      Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan or
any other disposition of related Mortgaged Property, the related Liquidation
Proceeds net of Advances, Servicer Advances, related Servicing Fees and any
other accrued and unpaid fees received and retained in connection with the
liquidation of such Mortgage Loan or Mortgaged Property.

      Net Interest Shortfalls: With respect to any Distribution Date, any Net
Prepayment Interest Shortfalls for that Distribution Date and the amount of
interest that would otherwise have been received with respect to any Mortgage
Loan which was subject to (i) a Relief Act Reduction or (ii) the interest
portion of any Debt Service Reduction or Deficient Valuation, after exhaustion
of the respective amounts of coverage provided by the Subordinate Certificates
for those type of losses.

      Net Mortgage Rate: With respect to any Mortgage Loan and any Distribution
Date, the related Mortgage Rate as of the Due Date in the month preceding the
month of such Distribution Date reduced by the Servicing Fee Rate for such
Mortgage Loan.

                                       20
<PAGE>

      Net Prepayment Interest Shortfall: With respect to any Mortgage Loan and
any Distribution Date, the amount by which any Prepayment Interest Shortfall for
such date exceeds the amount payable by the Servicer in respect of such
shortfall.

      Net WAC: As to any Distribution Date, the weighted average of the Net
Mortgage Rates of the Mortgage Loans as of the first day of the calendar month
immediately preceding the calendar month of such Distribution Date, weighted on
the basis of their outstanding Stated Principal Balances at such time. When the
term "Net WAC" is used herein with reference to only the One-Month LIBOR Loans
or only the Six-Month LIBOR Loans, such weighted average shall be computed with
reference solely to the Mortgage Loans in the relevant group.

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

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

      Nonrecoverable Advance: Any portion of an Advance or Servicer Advance
previously made or proposed to be made by the Servicer (as certified in an
Officer's Certificate of the Servicer) or by the Trustee pursuant to Section
5.04, which in the good faith judgment of such party, shall not be ultimately
recoverable by such party from the related Mortgagor, related Liquidation
Proceeds or otherwise.

      Non-U.S. Person: Any person other than a "United States person" within the
meaning of Section 7701(a)(30) of the Code.

      Offering Document: The Prospectus.

      Officer's Certificate: A certificate signed by the Chairman of the Board,
the Vice Chairman of the Board, the President, a vice president (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or one
of the assistant treasurers or assistant secretaries (or any other officer
customarily performing functions similar to those performed by any of the above
designated officers and also to whom, with respect to a particular matter, such
matter is referred because of such officer's knowledge of and familiarity with a
particular subject) of the Depositor or the Trustee, as the case may be, and
delivered to the Depositor or the Trustee, as the case may be, as required by
this Agreement.

      Officer's Certificate of the Servicer: A certificate (i) signed by the
Chairman of the Board, the Vice Chairman of the Board, the President, a Managing
Director, a Vice President (however denominated), an Assistant Vice President,
the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant
Secretaries of the Servicer, or (ii) if provided for herein, signed by a
Servicing Officer, as the case may be, and delivered to the Trustee or the
Depositor, as the case may be.

      One-Month LIBOR Loan: Each Mortgage Loan bearing a Mortgage Rate that
adjusts in accordance with LIBOR for one-month U.S. dollar deposits.

      Opinion of Counsel: A written opinion of counsel, who may be an employee
of the Depositor or the Servicer, that is reasonably acceptable to each
addressee of such opinion; provided that any Opinion of Counsel relating to (a)
qualification of the Mortgage Loans in a REMIC or (b) compliance with the REMIC
Provisions, must be an opinion of counsel reasonably acceptable to each
addressee of such opinion, who (i) is in fact independent of the Servicer and
the Depositor, (ii) does not have any material direct or indirect financial
interest in the Servicer or

                                       21
<PAGE>

the Depositor or in an affiliate of either and (iii) is not connected with the
Servicer or the Depositor as an officer, employee, director or person performing
similar functions.

      Optional Termination Price: An amount equal to the sum of (i) 100% of the
Stated Principal Balance of the Mortgage Loans (other than any Mortgage Loan
that has become an REO Property) plus accrued interest thereon at the applicable
Mortgage Rate through the Due Date in the month in which the Optional
Termination Price is to be distributed to the Certificateholders and the fair
market value of any REO Property plus accrued interest thereon; (ii) any
unreimbursed costs and damages incurred by the Trust Fund (or the Trustee on
behalf of the Trust Fund) in connection with the violation of any anti-predatory
or anti-abusive lending laws; and (iii) the payment of all amounts (including,
without limitation, all previously unreimbursed Advances and Servicing Advances
and accrued and unpaid Servicing Fees) payable or reimbursable to the Servicer
or Trustee.

      Original Applicable Credit Support Percentage: With respect to each Class
of Subordinate Certificates, the corresponding percentage set forth opposite its
Class designation: Class B-1 - 3.10%; Class B-2 - 2.05%; Class B-3 - 1.25%;
Class B-4 - 0.80%; Class B-5 - 0.55%; and Class B-6 - 0.35%.

      Original Subordinate Principal Amount: The aggregate of the initial Class
Principal Amounts of the Classes of Subordinated Certificates.

      Originator: With respect to any Mortgage Loan, the entity that (i) took
the Mortgagor's loan application, (ii) processed the Mortgagor's loan
application, and (iii) closed and/or funded the Mortgagor's Mortgage Loan.

      Overcollateralized Group: On any Distribution Date, any Certificate Group
which is not an Undercollateralized Group.

      Parent Power(R) Guaranty and Security Agreement: With respect to any
Additional Collateral Loan, as defined in the Mortgage Loan Purchase and Sale
Agreement.

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

      Percentage Interest: With respect to any Certificate, its percentage
interest in the undivided beneficial ownership interest in the Trust Fund
evidenced by all Certificates of the same Class as such Certificate. With
respect to any Certificate other than a Class X-A Certificate, a Class X-B
Certificate or the Class A-R Certificate, the Percentage Interest evidenced
thereby shall equal the initial Certificate Principal Amount thereof divided by
the initial Class Principal Amount of all Certificates of the same Class. With
respect to the Class A-R Certificate, the Percentage Interest evidenced thereby
shall be as specified on the face thereof, or otherwise, be equal to 100%. With
respect to any Class X-A Certificate, the Percentage Interest evidenced thereby
shall equal its initial Class Notional Amount as set forth on the face thereof
divided by the initial Class Notional Amount of such Class. With respect to any
Class X-B Certificate, the Percentage Interest represented thereby shall equal
the initial Class Notional Amount thereof divided by the initial Class Notional
Amount of all of the Certificates of the same class.

      Permitted Investments: At any time, any one or more of the following
obligations and securities:

                                       22
<PAGE>

                  (i) obligations of the United States or any agency thereof,
            provided that such obligations are backed by the full faith and
            credit of the United States;

                  (ii) general obligations of or obligations guaranteed by any
            state of the United States or the District of Columbia receiving the
            highest long-term debt rating of each Rating Agency, or such lower
            rating as shall not result in the downgrading or withdrawal of the
            ratings then assigned to the Certificates by the Rating Agencies, as
            evidenced by a signed writing delivered by each Rating Agency;

                  (iii) commercial or finance company paper which is then
            receiving the highest commercial or finance company paper rating of
            each Rating Agency rating such paper, or such lower rating as shall
            not result in the downgrading or withdrawal of the ratings then
            assigned to the Certificates by the Rating Agencies, as evidenced by
            a signed writing delivered by each Rating Agency;

                  (iv) certificates of deposit, demand or time deposits, or
            bankers' acceptances issued by any depository institution or trust
            company incorporated under the laws of the United States or of any
            state thereof and subject to supervision and examination by federal
            and/or state banking authorities, provided that the commercial paper
            and/or long-term unsecured debt obligations of such depository
            institution or trust company (or in the case of the principal
            depository institution in a holding company system, the commercial
            paper or long-term unsecured debt obligations of such holding
            company, but only if Moody's is not the applicable Rating Agency)
            are then rated one of the two highest long-term and the highest
            short-term ratings of each Rating Agency for such securities, or
            such lower ratings as shall not result in the downgrading or
            withdrawal of the ratings then assigned to the Certificates by the
            Rating Agencies, as evidenced by a signed writing delivered by each
            Rating Agency;

                  (v) guaranteed reinvestment agreements issued by any bank,
            insurance company or other corporation acceptable to the Rating
            Agencies at the time of the issuance of such agreements, as
            evidenced by a signed writing delivered by each Rating Agency;

                  (vi) repurchase obligations with respect to any security
            described in clauses (i) and (ii) above, in either case entered into
            with a depository institution or trust company (acting as principal)
            described in clause (iv) above;

                  (vii) securities (other than stripped bonds, stripped coupons
            or instruments sold at a purchase price in excess of 115% of the
            face amount thereof) bearing interest or sold at a discount issued
            by any corporation incorporated under the laws of the United States
            or any state thereof which, at the time of such investment, have one
            of the two highest ratings of each Rating Agency (except if the
            Rating Agency is Moody's, such rating shall be the highest
            commercial paper rating of Moody's for any such series), or such
            lower rating as shall not result in the downgrading or withdrawal of
            the ratings then assigned to the Certificates by the Rating
            Agencies, as evidenced by a signed writing delivered by each Rating
            Agency;

                                       23
<PAGE>

                  (viii) interests in any money market fund which at the date of
            acquisition of the interests in such fund and throughout the time
            such interests are held in such fund has the highest applicable
            rating by each Rating Agency rating such fund or such lower rating
            as shall not result in a change in the rating then assigned to the
            Certificates by each Rating Agency including funds for which the
            Trustee or any of its Affiliates is investment manager or adviser;

                  (ix) short-term investment funds sponsored by any trust
            company or national banking association incorporated under the laws
            of the United States or any state thereof which on the date of
            acquisition has been rated by each applicable Rating Agency in their
            respective highest applicable rating category or such lower rating
            as shall not result in a change in the rating then specified stated
            maturity and bearing interest or sold at a discount acceptable to
            each Rating Agency as shall not result in the downgrading or
            withdrawal of the ratings then assigned to the Certificates by the
            Rating Agencies; and

                  (x) such other investments having a specified stated maturity
            and bearing interest or sold at a discount acceptable to the Rating
            Agencies as shall not result in the downgrading or withdrawal of the
            ratings then assigned to the Certificates by the Rating Agencies;

      provided, that no such instrument shall be a Permitted Investment if (i)
such instrument evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) such instrument
would require the Depositor to register as an investment company under the
Investment Company Act of 1940, as amended, or (iii) such instrument would not
be a "permitted investment" within the meaning of such term as provided for in
Section 860G(a)(5) of the Code and the Treasury Regulations thereunder.

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

      Pool Net WAC: The Pool 1 Net WAC or Pool 2 Net WAC, as the context may
require.

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

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

      Pool 1 Net WAC: With respect to any Distribution Date, the weighted
average of the Net Mortgage Rates of the Pool 1 Mortgage Loans as of the first
day of the calendar month immediately preceding the calendar month of such
Distribution Date, weighted on the basis of their Stated Principal Balances at
such time.

      Pool 1 Subordinate Amount: For any Distribution Date, the excess of (a)
the Aggregate Stated Principal Balance of the Pool 1 Mortgage Loans as of the
first day of the month preceding the month in which such Distribution Date
occurs over (b) the sum of the Class Principal Amounts of the Class A-1A, Class
A-1B and Class A-R Certificates immediately before such Distribution Date.

                                       24
<PAGE>

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

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

      Pool 2 Net WAC: With respect to any Distribution Date, the weighted
average of the Net Mortgage Rates of the Pool 2 Mortgage Loans as of the first
day of the calendar month immediately preceding the calendar month of such
Distribution Date, weighted on the basis of their Stated Principal Balances at
such time.

      Pool 2 Subordinate Amount: For any Distribution Date, the excess of (a)
the Aggregate Stated Principal Balance of the Pool 2 Mortgage Loans as of the
first day of the month preceding the month in which such Distribution Date
occurs over (b) the aggregate Class Principal Amount of the Class A-2
Certificates immediately before such Distribution Date.

      Pool Percentage: With respect to each Mortgage Pool and any Distribution
Date, a fraction, expressed as a percentage, the numerator of which is the
Aggregate Stated Principal Balance of such Mortgage Pool and the denominator of
which is the Aggregate Stated Principal Balance as of such Due Date.

      Pool Subordinate Amount: Any of the Pool 1 Subordinate Amount or the Pool
2 Subordinate Amount.

      Prepayment Interest Shortfall: With respect to any full or partial
Principal Prepayment of a Mortgage Loan, the excess, if any, of (i) one full
month's interest at the applicable Mortgage Rate on the outstanding principal
balance of such Mortgage Loan immediately prior to such Principal Prepayment
over (ii) the amount of interest actually received with respect to such Mortgage
Loan in connection with such Principal Prepayment.

      Prepayment Period: With respect to each Distribution Date, the calendar
month immediately preceding the month in which the Distribution Date occurs.

      Primary Mortgage Insurance Policy: Each policy of primary mortgage
guaranty insurance or any replacement policy therefor with respect to any
Mortgage Loan.

      Principal Distribution Amount: With respect to any Mortgage Pool and any
Distribution Date, the sum of (a) each Scheduled Payment of principal collected
or advanced on the related Mortgage Loans (before taking into account any
Deficient Valuations or Debt Service Reductions) and due during the related Due
Period, (b) that portion of the Purchase Price representing principal of any
Mortgage Loans in such Mortgage Pool purchased in accordance with Section 2.04
hereof and received during the related Prepayment Period, (c) the principal
portion of any related Substitution Amount received during the related
Prepayment Period, (d) the principal portion of all Insurance Proceeds received
during the related Prepayment Period with respect to Mortgage Loans in such
Mortgage Pool that are not yet Liquidated Mortgage Loans, (e) the principal
portion of all Net Liquidation Proceeds received during the related Prepayment
Period with respect to Liquidated Mortgage Loans in such Mortgage Pool, (f) all
Subsequent Recoveries received during the related Prepayment Period with respect
to Liquidated Mortgage Loans in such Mortgage Pool, (g) the principal portion of
the proceeds of any Additional Collateral with respect to the Mortgage Loans in
such Mortgage Pool, (h) the principal portion of all partial and full principal
prepayments of Mortgage Loans in such Mortgage Pool applied by the Servicer
during the related Prepayment Period and (i) on the Distribution Date on which
the

                                       25
<PAGE>

Trust Fund is to be terminated pursuant to Article VII hereof, that portion of
the Optional Termination Price in respect of principal for such Mortgage Pool.

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

      Principal Prepayment In Full: Any Principal Prepayment of the entire
principal balance of the Mortgage Loans.

      Principal Transfer Amount: For any Distribution Date and for any
Undercollateralized Group, the excess, if any, of the aggregate Class Principal
Amount of such Undercollateralized Group immediately prior to such Distribution
Date over the Aggregate Stated Principal Balance of the related Mortgage Pool
immediately prior to such Distribution Date.

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

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

      Pro Rata Senior Percentage: With respect to each Distribution Date and
each Mortgage Pool, the percentage equivalent of a fraction the numerator of
which is the aggregate Class Principal Amount of the Class or Classes of the
Related Certificate Group immediately prior to such Distribution Date and the
denominator of which is the Aggregate Stated Principal Balance of the related
Mortgage Pool for such Distribution Date.

      Prospectus: The prospectus supplement dated November 23, 2004, together
with the accompanying prospectus dated October 25, 2004, relating to the initial
sale of the Class A-1A, Class A-1B, Class A-2, Class A-R, Class X-A, Class B-1,
Class B-2 and Class B-3 Certificates.

      Purchase Date: Any Distribution Date on which Certificates may be
repurchased pursuant to Section 7.01(c).

      Purchase Price: With respect to any Mortgage Loan required or permitted to
be purchased by the Depositor pursuant to this Agreement, by the Servicer
pursuant to this Agreement, or by the Seller pursuant to the Mortgage Loan
Purchase Agreement, an amount equal to the sum of (i) 100% of the unpaid
principal balance of the Mortgage Loan on the date of such purchase, (ii)
accrued interest thereon at the applicable Net Mortgage Rate from the date
through which interest was last paid by the Mortgagor to the Due Date in the
month in which the Purchase Price is to be distributed to Certificateholders and
(iii) any unreimbursed costs, penalties and/or damages incurred by the Trust
Fund in connection with any violation relating to such Mortgage Loan of any
predatory or abusive lending law.

      Rapid Prepayment Conditions: As to any Distribution Date either of the
following conditions: if (1) the Aggregate Subordinate Percentage on such date
is less than 200% of the Aggregate Subordinate Percentage on the Closing Date or
(2) the outstanding Stated Principal Balance of the Mortgage Loans in any
Mortgage Pool delinquent 60 days or months, as a percentage of such Mortgage
Pool's Pool Subordinate Amount, is greater than or equal to 50%.

                                       26
<PAGE>

      Rating Agency: Each of Moody's, S&P and Fitch Ratings.

      Realized Loss: With respect to each Liquidated Mortgage Loan, an amount
(not less than zero or more than the Stated Principal Balance of the Mortgage
Loan) as of the date of such liquidation, equal to (i) the Stated Principal
Balance of the Liquidated Mortgage Loan as of the date of such liquidation, plus
(ii) interest at the Net Mortgage Rate from the Due Date as to which interest
was last paid or advanced (and not reimbursed) to Certificateholders up to the
Due Date in the month in which Liquidation Proceeds are required to be
distributed on the Stated Principal Balance of such Liquidated Mortgage Loan
from time to time, minus (iii) the Net Liquidation Proceeds and the proceeds of
any Additional Collateral, if any, received during the month in which such
liquidation occurred, to the extent applied as recoveries of interest at the Net
Mortgage Rate and to principal of the Liquidated Mortgage Loan. With respect to
each Mortgage Loan which has become the subject of a Deficient Valuation, if the
principal amount due under the related Mortgage Note has been reduced, the
difference between the principal balance of the Mortgage Loan outstanding
immediately prior to such Deficient Valuation and the principal balance of the
Mortgage Loan as reduced by the Deficient Valuation.

      Record Date: As to any Distribution Date (i) with respect to the LIBOR
Certificates, the last Business Day preceding such Distribution Date (or the
Closing Date, in the case of the first Distribution Date) unless such
Certificates shall no longer be Book-Entry Certificates, in which case the
Record Date shall be the last Business Day of the month preceding the month of
such Distribution Date and (ii) in the case of all other Certificates (including
LIBOR Certificates that are subsequently reissued as Definitive Certificates),
the last Business Day of the month preceding the month of each Distribution
Date.

      Refinancing Mortgage Loan: Any Mortgage Loan originated in connection with
the refinancing of an existing mortgage loan.

      Related Certificate Group: The Certificate Group related to a particular
Mortgage Pool as indicated by the same numerical designation (i.e., Group 1
Certificates are related to Pool 1 and Group 2 Certificates are related to Pool
2).

      Related Class of Upper Tier REMIC Interest: With respect to any Class of
Certificates, the interest in the Upper Tier REMIC appearing opposite such Class
in the Preliminary Statement hereto.

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

      REMIC: Each pool of assets in the Trust Fund designated as a REMIC as
described in the Preliminary Statement.

      REMIC Components: Each of the X-A1B Component, the X-A2 Component,
Component XB2 and Component XB3.

      REMIC Interests: Any regular or residual interest in any of REMIC 1, REMIC
2 or the Upper Tier REMIC, as described in the Preliminary Statement.

                                       27
<PAGE>

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

      REMIC 1: As described in the Preliminary Statement.

      REMIC 1 Interest: Each class of interest in REMIC 1 as described in the
Preliminary Statement.

      REMIC 1 Regular Interest: Each of the REMIC 1 Interests other than the
Class LT1-R Interest.

      REMIC 1 Subordinated Balance Ratio: The ratio among the uncertificated
principal balances of each of the REMIC 1 Interests ending with the designation
"A" that is equal to the ratio among, with respect to each such REMIC 1
Interest, the excess of (x) the aggregate Scheduled Principal Balance of the
Mortgage Loans in the related Mortgage Pool over (y) the aggregate Class
Principal Amount of the Certificates in the Certificate Group related to such
Mortgage Pool.

      REMIC 2: As described in the Preliminary Statement.

      REMIC 2 Interest: Each class of interest in REMIC 2 as described in the
Preliminary Statement.

      REMIC 2 Regular Interest: Each of the REMIC 2 Interests other than the
Class LT2-R Interest.

      REO Disposition: The final sale by the Servicer of an REO Property.

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

      Replacement Mortgage Loan: A mortgage loan substituted by the Seller for a
Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
in a Request for Release substantially in the form attached to this Agreement,
(i) have a Stated Principal Balance, after deduction of the principal portion of
the Scheduled Payment due in the month of substitution, not in excess of, and
not more than 10% less than, the Stated Principal Balance of the Deleted
Mortgage Loan; (ii) have a Maximum Rate not less than (and not more than two
percentage points greater than) the Maximum Rate of the Deleted Mortgage Loan;
(iii) have a gross margin not less than that of the Deleted Mortgage Loan and,
if Mortgage Loans equal to 1% or more of the balance of the related Mortgage
Pool as of the Cut-off Date have become Deleted Mortgage Loans, not more than
two percentage points more than that of the Deleted Mortgage Loan; (iv) have an
Effective Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan;
(v) have Adjustment Dates that are no more or less frequent than the Deleted
Mortgage Loan; (vi) have a remaining term to maturity no greater than (and not
more than one year less than that of) the Deleted Mortgage Loan; (vii) not
permit conversion of the related Mortgage Rate to a permanent fixed Mortgage
Rate; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a
Cooperative Loan; (ix) have the same or better FICO credit score; (x) have

                                       28
<PAGE>

an initial interest adjustment date no earlier than five months before (and no
later than five months after) the initial adjustment date of the Deleted
Mortgage Loan, (xi) comply with each representation and warranty set forth in
Schedule B of this Agreement; and (xii) shall be accompanied by an Opinion of
Counsel that such Replacement Mortgage Loan would not adversely affect the REMIC
status of the Trust Estate or would not otherwise be prohibited by this
Indenture.

      Request for Release: A request for release, substantially in the form of
Exhibit N attached hereto, properly completed and signed by a Servicing Officer
(or, if delivered on behalf of the Seller or Depositor, an Authorized Officer
thereof).

      Residual Certificate: The Class A-R Certificate.

      Residual Interest: The Residual Certificate, other than the portion
thereof representing the right to payments in respect of the Class LT1-R
Interest and the Class LT2-R Interest.

      RESPA: The Real Estate Settlement Procedures Act, 12 U.S.C Section 2601 et
seq., and Regulation X, 24 C.F.R. Section 3500.21, thereunder, as the foregoing
may be amended from time to time.

      Responsible Officer: With respect to the Trustee, any officer in the
corporate trust department or similar group of the Trustee with direct
responsibility for the administration of this Agreement and also, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of his or her knowledge of and familiarity with the particular
subject.

      Restricted Certificate: Any Class X-B, Class B-4, Class B-5 or Class B-6
Certificate.

      Restricted Global Security: As defined in Section 3.01(c).

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

      SAIF: The Saving's Association Insurance Fund, or any successor thereto.

      Schedule of Exceptions: As defined in Section 2.02(a) of this Agreement.

      Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on
any Due Date allocable to principal and/or interest on such Mortgage Loan which,
unless otherwise specified in this Agreement, shall give effect to any related
Debt Service Reduction and any Deficient Valuation that affects the amount of
the monthly payment due on such Mortgage Loan.

      Section 302 Requirements: Any rules or regulations promulgated pursuant to
the Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).

      Seller: Merrill Lynch Credit Corporation, a Delaware corporation.

      Senior Certificate: Any one of the Class A-1A, Class A-1B, Class A-2,
Class X-A, Class X-B or Class A-R Certificates.

                                       29
<PAGE>

      Senior Percentage: Except as provided in this definition, for each
Mortgage Pool with respect to any Distribution Date before December 2014, 100%.
The Senior Percentage for each Mortgage Pool for any Distribution Date occurring
(i) before the Distribution Date in December 2014, but in or after December 2007
on which the Two Times Test is satisfied, or (ii) in or after December 2014, is
the related Pro Rata Senior Percentage. If the Two Times Test is satisfied with
respect to any Distribution Date prior to the Distribution Date in December
2007, the Senior Percentage for such Mortgage Pool is the Pro Rata Senior
Percentage plus 50% of an amount equal to 100% minus the related Pro Rata Senior
Percentage. With respect to any Distribution Date after the Senior Termination
Date, the Senior Percentage for such Mortgage Pool will equal zero. If on any
Distribution Date the allocation to the Senior Certificates of the related
Certificate Group then entitled to distributions of principal of full and
partial principal prepayments and other amounts in the percentage required above
would reduce the sum of the Class Principal Amounts of those Certificates to
below zero, the Senior Percentage for such Distribution Date shall be limited to
the percentage necessary to reduce such Class Principal Amounts to zero.

      Senior Prepayment Percentage: With respect to any Distribution Date,
during the ten years beginning on the first Distribution Date, 100%. Except as
provided herein, the related Senior Prepayment Percentage for each Mortgage Pool
and any Distribution Date occurring on or after the tenth anniversary of the
first Distribution Date shall be as follows: (i) from December 2014 through
November 2015, the Senior Percentage plus 70% of the Subordinate Percentage for
that Distribution Date; (ii) from December 2015 through November 2016, the
Senior Percentage plus 60% of the Subordinate Percentage for that Distribution
Date; (iii) from December 2016 through November 2017, the Senior Percentage plus
40% of the Subordinate Percentage for that Distribution Date; (iv) from December
2017 through November 2018, the related Senior Percentage plus 20% of the
Subordinate Percentage for that Distribution Date; and (v) from and after
December 2018, the Senior Percentage for that Distribution Date; provided,
however, that there shall be no reduction in the Senior Prepayment Percentage
for a Mortgage Pool unless both Step Down Conditions are satisfied; and
provided, further, that if on any such Distribution Date the Pro Rata Senior
Percentage exceeds the initial Pro Rata Senior Percentage, the Senior Prepayment
Percentage for a Mortgage Pool for that Distribution Date shall again equal
100%.

      Notwithstanding the above, if on any Distribution Date the Two Times Test
is satisfied, the Senior Prepayment Percentage for a Mortgage Pool shall equal
the related Senior Percentage for such Distribution Date. In addition, if on any
Distribution Date the allocation to the Senior Certificates of the related
Certificate Group then entitled to distributions of principal of full and
partial principal prepayments and other amounts in the percentage required above
would reduce the sum of the Class Principal Amounts of those Certificates to
below zero, the Senior Prepayment Percentage for a Mortgage Pool for such
Distribution Date shall be limited to the percentage necessary to reduce the
related Class Principal Amounts to zero.

      Senior Principal Distribution Amount: With respect to any Mortgage Pool
and Distribution Date, the sum of:

            (1) the related Senior Percentage of all amounts described in clause
      (a) of the definition of "Principal Distribution Amount" for that
      Distribution Date;

            (2) with respect to each Mortgage Loan in the related Mortgage Pool
      which became a Liquidated Mortgage Loan during the related Prepayment
      Period, the lesser of

                                       30
<PAGE>

                  (x) the related Senior Percentage of the Stated Principal
            Balance of that Mortgage Loan and

                  (y) the related Senior Prepayment Percentage of the amount of
            the Net Liquidation Proceeds allocable to principal received with
            respect to that Mortgage Loan; and

            (3) the related Senior Prepayment Percentage of the amounts
      described in clauses (b), (c), (d), (f), (g), (h) and (i) of the
      definition of "Principal Distribution Amount".

      Senior Termination Date: For each Certificate Group, the Distribution Date
when the aggregate of the Class Certificate Principal Balances of that Group has
been reduced to zero.

      Servicer: Cendant and its successors and assigns.

      Servicer Advance: The outstanding moneys that have been advanced by the
Servicer from its funds in connection with its servicing of a Mortgage Loan
(including, but not limited to, taxes, ground rents, assessments, insurance
premiums, release fees, foreclosure and bankruptcy fees and expenses, and other
expenses) (i) that have been made by the Servicer in accordance with the terms
and provisions herein, (ii) that are recoverable through Liquidation Proceeds
and/or Insurance Proceeds, or that are made at the direction of the Seller or to
preserve its security interest in the related Mortgaged Property and (iii) for
which the Servicer has a right of reimbursement.

      Servicing Fee: As to any Distribution Date and each Mortgage Loan, an
amount equal to the product of (a) one-twelfth of the Servicing Fee Rate and (b)
the outstanding principal balance of such Mortgage Loan as of the first day of
the related Due Period.

      Servicing Fee Rate: With respect to each Mortgage Loan and any
Distribution Date, 0.25% per annum.

      Servicing Officer: Any officer of the Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans whose name and
facsimile signature appear on a list of servicing officers furnished to the
Trustee by the Servicer on the Closing Date and attached hereto as Exhibit M, as
such list may from time to time be amended.

      Servicing Transfer Costs: As defined in Section 6.14(b).

      Six-Month LIBOR Loan: Each Mortgage Loan bearing a Mortgage Rate that
adjusts in accordance with LIBOR for six-month U.S. dollar deposits.

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

      Stated Principal Balance: As to any Mortgage Loan and Due Date, the unpaid
principal balance of such Mortgage Loan as of such Due Date as specified in the
amortization schedule at the time relating thereto (before any adjustment to
such amortization schedule by reason of any moratorium or similar waiver or
grace period) after giving effect to any previous Principal Prepayments and
Liquidation Proceeds allocable to principal and to the payment of principal due
on such Due Date and irrespective of any delinquency in payment by the related
Mortgagor.

                                       31
<PAGE>

      Step Down Conditions: As of the first Distribution Date as to which any
decrease in any Senior Prepayment Percentage applies, (i) the outstanding Stated
Principal Balance of all Mortgage Loans 60 days or more Delinquent (including
Mortgage Loans in bankruptcy, REO and foreclosure) (averaged over the preceding
six month period), as a percentage of the aggregate of the Class Principal
Amounts of the Classes of Subordinate Certificates on such Distribution Date,
does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to
the Mortgage Loans do not exceed (a) with respect to each Distribution Date from
December 2014 through November 2015, 30% of the Original Subordinate Principal
Amount, (b) with respect to each Distribution Date from December 2015 through
November 2016, 35% of the Original Subordinate Principal Amount, (c) with
respect to each Distribution Date from December 2016 through November 2017, 40%
of the Original Subordinate Principal Amount, (d) with respect to each
Distribution Date from December 2017 through November 2018, 45% of the Original
Subordinate Principal Amount and (e) with respect to each Distribution Date from
and after December 2018, 50% of the Original Subordinate Principal Amount.

      Subordinate Certificate: Any of the Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5 or Class B-6 Certificates.

      Subordinate Certificate Writedown Amount: The amount described in Section
5.03(b)(iii).

      Subordinate Class Percentage: As to any Distribution Date and any Class of
Subordinate Certificates, a fraction, expressed as a percentage, the numerator
of which is the Class Principal Amount of such Class on such date, and the
denominator of which is the aggregate Class Principal Amount of all Classes of
Subordinate Certificates on such date.

      Subordinate Net WAC: For any Distribution Date, the weighted average of
the Pool 1 Net WAC and the Pool 2 Net WAC, weighted on the basis of the Pool
Subordinate Amounts for Pool 1 and Pool 2, respectively, for such Distribution
Date.

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

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

      Subordinate Principal Distribution Amount: With respect to any
Distribution Date and each Mortgage Pool, an amount equal to the sum of:

            (1) the related Subordinate Percentage of all amounts described in
      clause (a) of the definition of "Principal Distribution Amount" for that
      Distribution Date;

            (2) with respect to each Mortgage Loan in the related Mortgage Pool
      that became a Liquidated Mortgage Loan during the related Prepayment
      Period the amount of the Net Liquidation Proceeds allocated to principal
      received with respect thereto remaining after application thereof pursuant
      to clause (2) of the definition of "Senior Principal Distribution Amount"
      for that Distribution Date, up to the Subordinate Percentage of the Stated
      Principal Balance of such Mortgage Loan; and

                                       32
<PAGE>

            (3) the related Subordinate Prepayment Percentage of all amounts
      described in clauses (b), (c), (d), (f), (g), (h) and (i) of the
      definition of "Principal Distribution Amount" for that Mortgage Pool and
      that Distribution Date;

            minus the sum of:

            any Principal Transfer Amount paid from the Available Distribution
      Amount of the Related Certificate Group to an Undercollateralized Group;
      and

            the amount of principal distributions made to the Senior
      Certificates pursuant to Section 5.02(h);

      Subsequent Recovery: The amount, if any, recovered by the Servicer with
respect to a Liquidated Mortgage Loan with respect to which a Realized Loss has
been incurred after liquidation and disposition of such Mortgage Loan.

      Substitution Amount: As defined in the second paragraph of Section
2.04(b).

      Tax Matters Person: The "tax matters person" as specified in the REMIC
Provisions which shall initially be the Holder of the Class A-R Certificate.

      Telerate Page 3750: The display currently so designated as "Page 3750" on
the Bridge Telerate Service (or such other page selected by the Trustee as may
replace Page 3750 on that service for the purpose of displaying daily comparable
rates on prices).

      Trust Fund: The corpus of the trust created pursuant to this Agreement,
consisting of (i) the Mortgage Loans, including the right to all payments of
principal and interest received on or with respect to the Mortgage Loans on and
after the Cut-off Date (other than Scheduled Payments due on or before such
date), and all such payments due after such date but received prior to such date
and intended by the related Mortgagors to be applied after such date; (ii) all
of the Depositor's right, title and interest in and to all amounts from time to
time credited to and the proceeds of the Distribution Account, any Custodial
Accounts or any Escrow Accounts established with respect to the Mortgage Loans;
(iii) all of the Depositor's rights under the Mortgage Loan Purchase and Sale
Agreement and the Mortgage Loan Purchase Agreement; (iv) all of the Depositor's
right, title or interest in REO Property and the proceeds thereof; (v) all of
the Depositor's rights under any Insurance Policies relating to the Mortgage
Loans; (vi) all proceeds of the conversion, voluntary or involuntary, of any of
the foregoing into cash or other liquid assets, including without limitation,
all Insurance Proceeds, Liquidation Proceeds and condemnation awards; and (vii)
the Depositor's security interest in any collateral pledged to secure the
Mortgage Loans, including the Mortgaged Properties and any Additional Collateral
relating to the Additional Collateral Mortgage Loans, including, but not limited
to, any pledge, control and guaranty agreements and the Limited Purpose Surety
Bond and any proceeds of the foregoing.

      Trustee: Wells Fargo Bank, N.A. and any Person succeeding the Trustee
hereunder, or if any separate trustee or any co-trustee shall be appointed as
herein provided, then such separate trustee and such co-trustee, as the case may
be.

      Trustee Mortgage Files: With respect to each Mortgage Loan, the Mortgage
Documents to be retained in the custody and possession of the Trustee.

                                       33
<PAGE>

      Two Times Test: As to any Distribution Date, (i) the Aggregate Subordinate
Percentage is at least two times the Aggregate Subordinate Percentage as of the
Closing Date; (ii) the aggregate of the Stated Principal Balances of all
Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in
bankruptcy, REO and foreclosure) (averaged over the preceding six-month period),
as a percentage of the aggregate of the Class Principal Amount of the
Subordinate Certificates on such Distribution Date, does not equal or exceed
50%; and (iii) cumulative Realized Losses with respect to the Mortgage Loans do
not exceed 20% of the Original Subordinate Principal Amount.

      UCC: The Uniform Commercial Code as enacted in the relevant jurisdiction.

      Undercollateralized Group: With respect to any Distribution Date, and any
Certificate Group, the aggregate Class Principal Amount of such Certificate
Group is greater than the aggregate Stated Principal Balance of the Mortgage
Loans in the related Mortgage Pool immediately prior to such Distribution Date.

      Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Countrywide Securities Corporation.

      Underwriter's Exemption: Prohibited Transaction Exemption ("PTE") 90-29
(Exemption Application No. D-8019, 55 Fed. Reg. 21459 (1990)) as amended, or any
substantially similar administrative exemption granted by the U.S. Department of
Labor to an Underwriter.

      Underwriting Agreement: The underwriting agreement, dated February 28,
2003 and the terms agreement, dated November 22, 2004, each between the
Depositor and the Underwriters, referred to collectively.

      Underwriting Standards: As to each Mortgage Loan, the Seller's or
Originator's written underwriting guidelines in effect as of the origination
date of such Mortgage Loan.

      Uniform Commercial Code: The Uniform Commercial Code as in effect in any
applicable jurisdiction from time to time.

      Unpaid Basis Risk Shortfall: With respect to any Distribution Date and any
Class of LIBOR Certificates, the aggregate of all Basis Risk Shortfalls with
respect to such Certificate remaining unpaid from previous Distribution Dates,
plus interest accrued thereon at the applicable Certificate Interest Rate
determined without regard to clause (ii) of the definition therefor to the
extent not paid on prior Distribution Dates.

      Upper Tier REMIC: As described in the Preliminary Statement.

      Upper Tier REMIC Class A-1B Interest: An uncertificated interest in the
Upper Tier REMIC having the same characteristics as the Class A-1B Certificates,
but without the right to receive payments in respect of Basis Risk Shortfalls
and Unpaid Basis Risk Shortfalls.

      Upper Tier REMIC Class A-2 Interest: An uncertificated interest in the
Upper Tier REMIC having the same characteristics as the Class A-2 Certificates,
but without the right to receive payments in respect of Basis Risk Shortfalls
and Unpaid Basis Risk Shortfalls.

                                       34
<PAGE>

      Upper Tier REMIC Class B-2 Interest: An uncertificated interest in the
Upper Tier REMIC having the same characteristics as the Class B-2 Certificates,
but without the right to receive payments in respect of Basis Risk Shortfalls
and Unpaid Basis Risk Shortfalls.

      Upper Tier REMIC Class B-3 Interest: An uncertificated interest in the
Upper Tier REMIC having the same characteristics as the Class B-3 Certificates,
but without the right to receive payments in respect of Basis Risk Shortfalls
and Unpaid Basis Risk Shortfalls.

      Upper Tier REMIC Regular Interest: Each of the REMIC Components, the Class
A-1A Certificates, the Upper Tier REMIC Class A-1B Interest, the Upper-Tier
REMIC Class A-2 Interest, the Class B-1 Certificates, the Upper-Tier REMIC Class
B-2 Interest, the Upper-Tier REMIC Class B-3 Interest, the Class B-4
Certificates, the Class B-5 Certificates and the Class B-6 Certificates.

      USAP Report: A report in compliance with the Uniform Single Attestation
Program for Mortgage Bankers delivered in accordance with Section 9.13.

      Voting Interests: The portion of the voting rights of all the Certificates
that is allocated to any Certificate for purposes of the voting provisions of
this Agreement. At all times during the term of this Agreement, 98.00% of all
Voting Interests shall be allocated to the Class A-1A, Class A-1B, Class A-2,
Class A-R, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates. Voting Interests shall be allocated among such Certificates (other
than the Class A-R Certificates) based on the product of (i) 98.00% and (ii) the
fraction, expressed as a percentage, the numerator of which is the aggregate
Class Principal Amounts for each Class then outstanding and the denominator of
which is the Aggregate Stated Principal Balance outstanding, and the remainder
of such percentage of Voting Interests shall be allocated to the Class A-R
Certificates. At all times during the term of this Agreement, 2.00% of all
Voting Interests shall be allocated among the Class X-A and Class X-B
Certificates, while they remain outstanding, in proportion to their relative
Class Notional Amounts. Voting Interests shall be allocated among the
Certificates within each such Class in proportion to their Certificate Principal
Amounts or Percentage Interests.

      X-A1B Component: An interest only Component represented by the Class X-A
Certificates which has a notional amount for any Distribution Date equal to the
Class Principal Amount of the Class A-1B Certificates immediately prior to such
Distribution Date and having an interest rate with respect to any Distribution
Date (and the related Accrual Period) equal to the excess, if any, of (i) the
Pool 1 Net WAC for such Distribution Date over (ii) the Certificate Interest
Rate of the Class A-1B Certificates for such Distribution Date. For purposes of
Section 5.02(h), the X-A1B Component shall be related to the Group 1
Certificates. For purposes of the definition of "Class Excess Interest Amount",
the X-A1B Component shall be related to the Class A-1B Certificates.

      X-A2 Component: An interest-only Component represented by the Class X-A
Certificates which has a notional amount for any Distribution Date equal to the
Class Principal Amount of the Class A-2 Certificates immediately prior to such
Distribution Date and having an interest rate with respect to any Distribution
Date (and the related Accrual Period) equal to the excess, if any, of (i) the
Pool 2 Net WAC for such Distribution Date over (ii) the Certificate Interest
Rate of the Class A-2 Certificates for such Distribution Date. For purposes of
Section 5.02(h), the X-A2 Component shall be related to the Group 2
Certificates. For purposes of the definition of "Class Excess Interest Amount",
the X-A2 Component shall be related to the Class A-2 Certificates.

                                       35
<PAGE>

      Section 1.02. Calculations Respecting Mortgage Loans.

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

                                   ARTICLE II.

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

      Section 2.01. Creation and Declaration of Trust Fund; Conveyance of
Mortgage Loans.

                  (a) Concurrently with the execution and delivery of this
Agreement, the Depositor does hereby establish the Trust Fund and transfer,
assign, set over, deposit with and otherwise convey to the Trustee, without
recourse, subject to Sections 2.02 and 2.04, in trust, all the right, title and
interest of the Depositor in and to the Trust Fund. Such conveyance includes,
without limitation, (i) the Mortgage Loans, including the right to all payments
of principal and interest received on or with respect to the Mortgage Loans on
and after the Cut-off Date (other than Scheduled Payments due on or before such
date), and all such payments due after such date but received prior to such date
and intended by the related Mortgagors to be applied after such date; (ii) all
of the Depositor's right, title and interest in and to all amounts from time to
time credited to and the proceeds of the Distribution Account, any Custodial
Accounts or any Escrow Account established with respect to the Mortgage Loans;
(iii) all of the Depositor's rights under the Mortgage Loan Purchase and Sale
Agreement; (iv) all of the Depositor's right, title or interest in REO Property
and the proceeds thereof; (v) all of the Depositor's rights under any Insurance
Policies relating to the Mortgage Loans; (vi) all proceeds of the conversion,
voluntary or involuntary, of any of the foregoing into cash or other liquid
assets, including, without limitation, all Insurance Proceeds, Liquidation
Proceeds and condemnation awards; and (vii) the Depositor's security interest in
any collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties and any Additional Collateral relating to the Additional Collateral
Mortgage Loans, including, but not limited to, any pledge, control and guaranty
agreements and the Limited Purpose Surety Bond and any proceeds of the
foregoing, to have and to hold, in trust; and the Trustee declares that, subject
to the review provided for in Section 2.02, it has received and shall hold the
Trust Fund, as trustee, in trust, for the benefit and use of the Holders of the
Certificates and for the purposes and subject to the terms and conditions set
forth in this Agreement, and, concurrently with such receipt, has caused to be
executed, authenticated and delivered to or upon the order of the Depositor, in
exchange for the Trust Fund, Certificates in the authorized denominations
evidencing the entire ownership of the Trust Fund. Notwithstanding anything to
the contrary in this Agreement, the Trust Fund shall not obtain title to or
beneficial ownership of any Additional Collateral as a result of or in lieu of
the disposition thereof or otherwise.

      The foregoing sale, transfer, assignment, set-over, deposit and conveyance
does not and is not intended to result in the creation or assumption by the
Trustee of any obligation of the Depositor, the Seller or any other Person in
connection with the Mortgage Loans or any other agreement or instrument relating
thereto except as specifically set forth therein.

      It is agreed and understood by the parties hereto that it is not intended
that any Mortgage Loan be included in the Trust Fund that is a "High-Cost Home
Loan" as defined in the New

                                       36
<PAGE>

Jersey Home Ownership Act, effective November 27, 2003, the New Mexico Home Loan
Protection Act, effective January 1, 2004 and the Massachusetts Predatory Home
Loan Practices Act, effective November 7, 2004.

      In connection with such transfer and assignment of the Mortgage Loans, the
Depositor shall deliver to, and deposit with, or cause to be delivered to and
deposited with, the Trustee, the documents or instruments described in Section 2
of the Custodial Agreement with respect to each Mortgage Loan; provided that in
Section 2a thereof, a lost note affidavit (including a copy of the original
Mortgage Note) may be delivered in lieu of the original Mortgage Note (each a
"Trustee Mortgage File") (the Custodial Agreement to be deemed modified by the
foregoing) so transferred and assigned.

                  (b) The Depositor shall cause the Mortgage Notes with respect
to each Mortgage Loan to be completed either (A) in blank, without recourse, or
(B) endorsed to "Wells Fargo Bank, N.A., as Trustee of the Merrill Lynch
Mortgage Investors Trust Series MLCC 2004-F, Mortgage Pass-Through Certificates,
without recourse" and the Depositor shall cause Assignments of Mortgage with
respect to each Mortgage Loan other than a Cooperative Mortgage Loan to be
completed either (A) in blank or (B) to "Wells Fargo Bank, N.A., as Trustee of
the Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F, Mortgage
Pass-Through Certificates," within 30 days of the Closing Date for purpose of
their recording; provided, however, that such Assignments of Mortgage need not
be recorded unless required in writing by the Rating Agencies; provided,
further, that with respect to each MERS Mortgage Loan where MERS is not the
Mortgagee of record, the original Assignment of Mortgage showing MERS as the
assignee of the Mortgage, with the evidence of recording thereon or copies
thereof certified by an officer of the Depositor to have been submitted for
recordation, shall be delivered to the Trustee.

      If any Mortgage has been recorded in the name of MERS or its designee, no
Assignment of Mortgage in favor of the Trustee will be required to be prepared
or delivered and instead, the Servicer shall take all actions as are necessary
to cause the Trustee to be shown as the owner of the related Mortgage Loan on
the records of MERS for the purpose of the system of recording transfer of
beneficial ownership of mortgages maintained by MERS.

                  (c) In instances where a title insurance policy is required to
be delivered to the Trustee and is not so delivered, the Depositor will provide
a copy of such title insurance policy to the Trustee, as promptly as practicable
after the execution and delivery hereof, but in any case within 270 days of the
Closing Date.

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

      Section 2.02. Acceptance of Trust Fund by Trustee; Review of Documentation
for Trust Fund.

                  (a) The Trustee, by execution and delivery hereof,
acknowledges receipt by it of the Trustee Mortgage Files pertaining to the
Mortgage Loans listed on the

                                       37
<PAGE>

Mortgage Loan Schedule, subject to review thereof as provided herein. Upon
receipt by the Trustee of each Trustee Mortgage File, the Trustee shall review
each Trustee Mortgage File in accordance with the review procedures set forth in
Section 2 of Amendment No. 1 to the Custodial Agreement.

      In making such verifications, the Trustee may rely conclusively on the
Mortgage Loan Schedule and the documents constituting the Trustee Mortgage File,
and the Trustee shall have no obligation to independently verify the validity,
enforceability, recordability, sufficiency, due authorization or genuineness of
any document in any Trustee Mortgage File or any Mortgage Loan hereunder, nor
the collectibility, insurability, effectiveness or suitability of any Mortgage
Loan hereunder. The Trustee shall prepare an initial certification to be
delivered to the Depositor, the Seller and the Servicer on the Closing Date in
the form annexed hereto as Exhibit K (the "Initial Certification") with respect
to the Mortgage Loans (other than any Mortgage Loan paid in full or any Mortgage
Loan specifically identified on the Schedule of Exceptions attached to the
Initial Certification (the "Schedule of Exceptions") as not covered by such
Initial Certification) listed on the Mortgage Loan Schedule. If the Trustee
determines from such verification that any discrepancy or deficiency exists with
respect to a Trustee Mortgage File, the Trustee shall note such omission,
discrepancy or deficiency on the Schedule of Exceptions attached to the Initial
Certification, and shall deliver a copy (which shall be electronic, if
requested) of the Schedule of Exceptions to the Depositor on the Closing Date.
During the life of the Mortgage Loans (while subject to this Agreement), in the
event the Trustee discovers any defect with respect to any Trustee Mortgage
File, the Trustee shall give written specification of such defect to the
Depositor. Except as specifically provided above, the Trustee shall be under no
duty to review, inspect or examine such documents to determine that any of them
are enforceable or appropriate for their prescribed purpose.

                  (b) If in the course of the review described in paragraph (a)
of this Section 2.02 the Trustee discovers any document or documents
constituting a part of a Trustee Mortgage File that is missing, does not appear
regular on its face (i.e., is mutilated, damaged, defaced, torn or otherwise
physically altered) or appears to be unrelated to the Mortgage Loans identified
in the Mortgage Loan Schedule (each, a "Material Defect"), the Trustee, upon
discovering such Material Defect shall promptly identify the Mortgage Loan to
which such Material Defect relates to the Depositor, the Seller and the
Servicer. Within 90 days of its receipt of such notice (but in no case prior to
the 270th day following the Closing Date), the Depositor shall be required to
cure such Material Defect (and, in such event, the Depositor shall provide the
Trustee with an Officer's Certificate confirming that such cure has been
effected) If the Servicer notifies the Depositor and the Trustee in writing that
(i) a loss has occurred and (ii) such loss relates to a Mortgage Loan for which
the Trustee previously identified a Material Defect or for which the Servicer
has identified a Material Defect and the Depositor has not cured such Material
Defect, then the Depositor shall repurchase such Mortgage Loan at the Purchase
Price therefor in the event that such loss would, if such Mortgage Loan is not
repurchased by the Depositor, constitute a Realized Loss and such loss is
attributable to the failure of the Depositor to have cured such Material Defect.
A loss shall be deemed to be attributable to the failure of the Depositor to
cure a Material Defect if, as determined by the Depositor, upon mutual agreement
with the Trustee each acting in good faith, absent such Material Defect, such
loss would not have been incurred. Within the two-year period following the
Closing Date, the Depositor may, in lieu of repurchasing a Mortgage Loan
pursuant to this Section 2.02(b), substitute for such Mortgage Loan a
Replacement Mortgage Loan subject to the provisions of Section 2.04.

                  (c) Within 270 days following the Closing Date, the Trustee
shall deliver to the Depositor, the Seller and the Servicer, a final
certification substantially in the form

                                       38
<PAGE>

attached as Exhibit L (the "Final Certification") evidencing the completeness of
the Trustee Mortgage Files in its possession or control, with any exceptions
noted on the Schedule of Exceptions attached to the Final Certification.

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

                  (e) Upon execution of this Agreement, the Depositor hereby
delivers to the Trustee and the Trustee acknowledges receipt of the Mortgage
Loan Purchase and Sale Agreement.

      Section 2.03. Representations and Warranties of the Depositor and the
Servicer.

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

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

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

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

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

                  (v) there are no actions, suits or proceedings pending or, to
            the knowledge of the Depositor, threatened or likely to be asserted
            against or

                                       39
<PAGE>

            affecting the Depositor, before or by any court, administrative
            agency, arbitrator or governmental body (A) with respect to any of
            the transactions contemplated by this Agreement or (B) with respect
            to any other matter which in the judgment of the Depositor will be
            determined adversely to the Depositor and will if determined
            adversely to the Depositor materially and adversely affect it or its
            business, assets, operations or condition, financial or otherwise,
            or adversely affect its ability to perform its obligations under
            this Agreement;

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

                  (vii) This Agreement creates a valid and continuing security
            interest (as defined in the applicable Uniform Commercial Code (the
            "UCC"), in the Mortgage Loans in favor of the Trustee, which
            security interest is prior to all other liens, and is enforceable as
            such against creditors of and purchasers from the Depositor;

                  (viii) The Mortgage Loans constitute "instruments" within the
            meaning of the applicable UCC;

                  (ix) Other than the security interest granted to the Trustee
            pursuant to this Agreement, the Depositor has not pledged, assigned,
            sold, granted a security interest in, or otherwise conveyed any of
            the Mortgage Loans. The Depositor has not authorized the filing of
            and is not aware of any financing statement against the Depositor
            that includes a description of the collateral covering the Mortgage
            Loans other than a financing statement relating to the security
            interest granted to the Trustee hereunder or that has been
            terminated. The Depositor is not aware of any judgment or tax lien
            filings against the Depositor;

                  (x) None of the Mortgage Loans have any marks or notations
            indicating that such Mortgage Loans have been pledged, assigned or
            otherwise conveyed to any Person other than the Trustee; and

                                       40
<PAGE>

                  (xi) The Depositor has received all consents and approvals
            required by the terms of the Mortgage Loans to convey the Mortgage
            Loans hereunder to the Trustee;

                  (xii) As of the Closing Date, each Mortgage Loan is a
            "qualified mortgage" within the meaning of Section 860G(a)(3) of the
            Code (without regard to Treasury Regulations Section 1.860G-2(f)) or
            any similar rule that provides that a defective obligation is a
            qualified mortgage for a temporary period);

                  (xiii) As of the Closing Date, no Mortgage Loan provides for
            interest other than at either (x) a single fixed rate in effect
            throughout the term of the Mortgage Loan or (y) a single "variable
            rate" (within the meaning of Treasury Regulations Section
            1.860G-1(a)(3)) in effect throughout the term of the Mortgage Loan;

                  (xiv) As of the Closing Date, no Mortgage is the subject of
            pending or final foreclosure proceedings; and

                  (xv) As of the Closing Date, the Depositor would not initiate
            foreclosure proceedings with respect to any Mortgage Loan based on
            such Mortgage Loan's delinquency status prior to the next scheduled
            payment date for such Mortgage Loan.

      The foregoing representations made in this Section 2.03 by the Depositor
shall survive the termination of this Agreement and shall not be waived by any
party hereto

                  (b) The Servicer hereby represents, warrants, and covenants to
the Depositor and to the Trustee, for the benefit of the Certificateholders as
of the Closing Date that:

                  (i) The Servicer is a corporation duly organized, validly
            existing and in good standing under the laws of the State of New
            Jersey. The Servicer has in full force and effect (without notice of
            possible suspension, revocation or impairment) all required
            qualifications, permits, approvals, licenses, and registrations, or
            exemption therefrom, to conduct all activities in all jurisdictions
            in which its activities with respect to the Mortgage Loans require
            it to be qualified or licensed;

                  (ii) The Servicer has all requisite corporate power, authority
            and capacity to carry on its business as it is now being conducted,
            to execute and deliver this Agreement, and to perform all of its
            obligations hereunder. The Servicer does not believe, nor does it
            have any cause or reason to believe, that it cannot perform each and
            every covenant contained in this Agreement;

                  (iii) The execution, delivery and performance of this
            Agreement by the Servicer and consummation of the transactions
            contemplated hereby have been duly and validly authorized by all
            necessary corporate, shareholder or other action by the Servicer;
            this Agreement has been duly and validly executed and delivered by
            the Servicer; and this Agreement is a valid and legally binding
            agreement of the Servicer, enforceable against the Servicer in
            accordance with its respective terms, subject to bankruptcy,
            insolvency and similar laws affecting

                                       41
<PAGE>

            generally the enforcement of creditors' rights and the discretion of
            a court to grant specific performance of contracts;

                  (iv) Neither the execution and delivery of this Agreement, nor
            the consummation of the transactions contemplated hereby, nor
            compliance with their respective terms and conditions shall (a)
            violate, conflict with, result in the breach of, constitute a
            default under, be prohibited by or require any additional approval
            under any terms, conditions or provisions of the Servicer's articles
            of incorporation or by-laws or any other similar corporate or
            organizational document of the Servicer; any mortgage, indenture,
            deed of trust, loan or credit agreement or other agreement or
            instrument to which the Servicer is now a party or by which it is
            bound; or any law, ordinance, rule, regulation, order, judgment or
            decree of any governmental authority applicable to the Servicer; or
            (b) result in the creation or imposition of any lien, charge or
            encumbrance of any material nature upon any of the properties or
            assets of the Servicer;

                  (v) The Servicer holds all licenses, approvals, permits and
            other authorizations, or exemptions therefrom, required under
            applicable law to assume responsibility for servicing the Mortgage
            Loans;

                  (vi) There is no litigation, claim, demand, proceeding or
            governmental investigation existing or pending, or to the knowledge
            of the Servicer, threatened, nor is there any order, injunction or
            decree outstanding against or relating to the Servicer that could
            (i) have a material adverse effect upon the performance by the
            Servicer of its obligations under this Agreement or (ii) to the
            Servicer's knowledge, result in any material loss or liability to
            Depositor, the Trustee, the Trust Fund or the Seller. Further, to
            the Servicer's knowledge, there is no meritorious basis for any such
            litigation, claim, demand, proceeding, or governmental
            investigation;

                  (vii) The Servicer has been approved by GNMA, Fannie Mae and
            FHLMC and will remain approved as an "eligible seller/servicer" of
            residential mortgage loans as provided in GNMA, Fannie Mae, or FHLMC
            guidelines and in good standing. The Servicer has not received any
            notification from GNMA, Fannie Mae or FHLMC that the Servicer is not
            in compliance with the requirements of the approved
            "seller/servicer" status. The Servicer is a mortgagee approved by
            the Secretary of HUD pursuant to Section 203 and 211 of the National
            Housing Act. The Servicer has not received any notification from HUD
            that the Servicer is not in compliance with the requirements of the
            approved mortgagee status;

                  (viii) The servicing practices to be used by the Servicer
            under this Agreement are, and shall remain, in all material respects
            in compliance with Accepted Servicing Practices, including without
            limitation, all federal, state and local laws, rules, all
            regulations and requirements in connection therewith, and Fannie Mae
            guidelines, as applicable;

                  (ix) The Servicer has not received written notice from or on
            behalf of FHA, HUD, FDIC, Fannie Mae, FHLMC or GNMA, advising the
            Servicer of its failure to comply with applicable servicing or
            claims procedures, or resulted in a

                                       42
<PAGE>

            request for repurchase of mortgage loans or indemnification in
            connection with any mortgage loans;

                  (x) The Servicer has in place a contingency plan that will
            enable it to perform its obligations under this Agreement in all
            material respects, at another location within five (5) Business Days
            in the event its primary location is rendered inoperative as a
            result of a natural or other disaster or emergency;

                  (xi) The Servicer maintains and shall maintain, in good
            standing, all licenses and approvals necessary to service the
            Mortgage Loans and maintains and shall at all times maintain the
            capital requirements imposed by the licensing or approving entities
            having jurisdiction over the Servicer. The Servicer has filed
            applications for all applicable licenses and qualifications to do
            business and to service the Mortgage Loans in the U.S. Virgin
            Islands;

                  (xii) The Servicer maintains and shall at all times maintain
            error and omissions and fidelity insurance coverage of the type and
            in the amounts required by Fannie Mae;

                  (xiii) The Servicer has, and shall at all times maintain
            during the term of this Agreement, sufficient systems, including but
            not limited to the Servicer's EDP, and trained and experienced
            personnel in place to perform its obligations under this Agreement;

                  (xiv) For so long as, and to the extent that, the Servicer
            services the Mortgage Loans, the Servicer will continue to comply
            with each applicable federal, state, or local, law, statute, and
            ordinance, and any rule, regulation, or order issued thereunder,
            pertaining to the subject matter of this Agreement, including, but
            not limited to, usury, RESPA, Consumer Credit Reporting Act, Equal
            Credit Opportunity Act, Federal Deposit Insurance Corporation
            Improvement Act, Regulation B, Fair Credit Reporting Act, Fair Debt
            Collection Practices Act, Fair Housing Act, Truth in Lending Act and
            Regulation Z, Flood Disaster Protection Act of 1973, and any
            applicable regulations related thereto, and such other fair housing,
            anti-redlining, equal credit opportunity, truth-in-lending, real
            estate settlement procedures, fair credit reporting, and every other
            prohibition against unlawful discrimination in residential mortgage
            lending or governing consumer credit, and all state consumer credit
            statutes and regulations, as amended. In the event the Depositor or
            the Trustee has a reasonable good faith belief in the Servicer's
            non-compliance with this representation and warranty and upon the
            Depositor's or the Trustee's written request, the Servicer shall
            deliver to the Depositor or the Trustee reasonable evidence of
            compliance with any of the requirements of this representation and
            warranty; and

                  (xv) Neither the Servicer, its parent, nor any of its
            subsidiaries is in bankruptcy, receivership or conservatorship. The
            Servicer has the requisite financial resources and ability to meet
            its obligations under this Agreement, including, but not limited to,
            any and all indemnification obligations,

      Within 60 days of the earlier of either discovery by or notice to the
Servicer of any breach of a representation or warranty set forth in this Section
2.03(B) which materially and adversely affects the ability of the Servicer to
perform its duties and obligations under this

                                       43
<PAGE>

Agreement or otherwise materially and adversely affects the value of the
Mortgage Loans, the Mortgaged Property or the priority of the security interest
on such Mortgaged Property, the Servicer shall use its best efforts promptly to
cure such breach in all material respects and, if such breach cannot be cured,
the Servicer shall, at the Trustee's option, assign the Servicer's rights and
obligations under this Agreement (or respecting the affected Mortgage Loans) to
a successor servicer selected by the Depositor with the prior consent and
approval of the Trustee. Such assignment shall be made in accordance with this
Agreement.

      Section 2.04. Discovery of Breach; Repurchase or Substitution of Mortgage
Loans.

                  (a) Pursuant to Sections 3(a) and 3(b) of the Mortgage Loan
Purchase and Sale Agreement, the Seller has made certain representations and
warranties as to the characteristics of the Mortgage Loans (such representations
and warranties are set out in full in Schedule B of this Agreement) as of the
Closing Date and the conveyance thereof from the Seller to the Depositor, for
the benefit of the Trustee and the Certificateholders, and the Seller has agreed
to comply with the provisions of this Section 2.04 in respect of a breach of any
of such representations and warranties.

      It is understood and agreed that (i) the representations and warranties of
the Depositor and the Servicer set forth in Section 2.03 and (ii) the
representations and warranties of the Seller set forth in Sections 3(a) and 3(b)
of the Mortgage Loan Purchase and Sale Agreement shall survive delivery of the
Trustee Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to
the Trustee and shall continue throughout the term of this Agreement. Upon
discovery (i) by the Depositor, the Seller, the Servicer or the Trustee of a
breach of any representation or warranty made by the Depositor under Section
2.03 which materially adversely affects the value of a Mortgage Loan or the
interest therein of the Certificateholder (a "Defective Mortgage Loan"), or (ii)
by the Depositor or the Seller of the breach by the Seller of any representation
or warranty under the Mortgage Loan Purchase and Sale Agreement in respect of
any Mortgage Loan, which breach results in the Mortgage Loan being a "Defective
Mortgage Loan" (each of such parties hereby agreeing to give written notice of
such breach to the Trustee and the other of such parties), the Trustee, or its
designee, shall promptly notify the Depositor in writing of such breach and
request that the Depositor cure or cause the cure of such breach within 90 days
from the date that the Depositor discovered or was notified of such breach, and
if the Depositor does not cure such breach in all material respects during such
period, the Trustee shall (i) in the case of an uncured breach under Section
2.03, cause the Depositor to repurchase such Defective Mortgage Loan at the
Purchase Price and (ii) in the case of an uncured breach by the Seller under the
Mortgage Loan Purchase and Sale Agreement, cause the Depositor to enforce the
Seller's obligation under the Mortgage Loan Purchase and Sale Agreement to
repurchase that Defective Mortgage Loan from the Trust Fund at the Purchase
Price, in each case on or prior to the Determination Date following the
expiration of such 90-day period (subject to Section 2.04(b) below); provided,
however, that, in connection with any such breach under clause (ii) above that
could not reasonably have been cured within such 90-day period, if the Seller
shall have commenced to cure such breach within such 90-day period and, if the
defective Mortgage Loan qualifies as a "qualified mortgage" within the meaning
of Section 860G(a)(3) of the Code following such 90-day period, the Seller shall
be permitted to proceed thereafter diligently and expeditiously to cure the same
within an additional 90-day period. The Purchase Price for the repurchased
Defective Mortgage Loan shall be deposited in the related Distribution Account,
and the Trustee, or its designee, upon receipt of such deposit and two copies of
a Request for Release with respect to such Defective Mortgage Loan, shall
release to the Seller or the Depositor, as applicable, the related Trustee
Mortgage File and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, representation or warranties, as
either party

                                       44
<PAGE>

shall furnish to it and as shall be necessary to vest in such party any
Defective Mortgage Loan released pursuant hereto and the Trustee, or its
designee, shall have no further responsibility with regard to such Trustee
Mortgage File (it being understood that the Trustee shall have no responsibility
for determining the sufficiency of such assignment for its intended purpose) In
lieu of repurchasing any such Defective Mortgage Loan as provided above, the
Seller may cause such Defective Mortgage Loan to be removed from the Trust Fund
(in which case it shall become a Deleted Mortgage Loan) and substitute one or
more Replacement Mortgage Loans in the manner and subject to the limitations set
forth in Section 2.04(b) below. It is understood and agreed that the obligation
of the Seller (or the Depositor, if applicable) to cure or to repurchase (or to
substitute for) any Mortgage Loan as to which a breach has occurred and is
continuing shall constitute the sole remedy against the Seller (or the
Depositor, if applicable) respecting such breach available to the Trustee on
behalf of the Certificateholders. With respect to the representations and
warranties described in Schedule B which are made to the best of the Seller's
knowledge, if it is discovered by any of the Depositor, the Seller or the
Trustee that the substance of such representation and warranty is inaccurate and
such inaccuracy materially and adversely affects the value of the related
Mortgage Loan, then notwithstanding the Seller's lack of knowledge with respect
to the substance of such representation and warranty, such inaccuracy shall be
deemed a breach of the applicable representation or warranty.

                  (b) Any substitution of Replacement Mortgage Loans for Deleted
Mortgage Loans made pursuant to Section 2.04(a) above must be effected prior to
the last Business Day that is within two years after the Closing Date. As to any
Deleted Mortgage Loan for which the Seller substitutes a Replacement Mortgage
Loan or Loans, such substitution shall be effected by delivering to the Trustee
for such Replacement Mortgage Loan or Loans, the Mortgage Note, the Mortgage,
the Assignment to the Trustee, and such other documents and agreements, with all
necessary endorsements thereon, together with an Officers' Certificate stating
that each such Replacement Mortgage Loan satisfies the definition thereof and
specifying the Substitution Amount (as described below), if any, in connection
with such substitution. The Trustee shall acknowledge receipt for such
Replacement Mortgage Loan and, within 45 days thereafter, shall review such
Mortgage Documents as specified in this Agreement under Section 2.02(a) and
deliver to the Depositor, with respect to such Replacement Mortgage Loans, a
certification substantially in the form of a revised Initial Certification, with
any exceptions noted thereon. Within one year of the date of substitution, the
Trustee shall deliver to the Depositor a certification substantially in the form
of a revised Final Certification, with respect to such Replacement Mortgage
Loans, with any exceptions noted thereon. Monthly Payments due with respect to
Replacement Mortgage Loans in the month of substitution shall not be included as
part of the Trust Fund and shall be retained by the Seller. For the month of
substitution, distributions to Certificateholders shall reflect the collections
and recoveries in respect of such Deleted Mortgage in the Due Period preceding
the month of substitution and the Seller shall thereafter be entitled to retain
all amounts subsequently received in respect of such Deleted Mortgage Loan. Upon
such substitution, such Replacement Mortgage Loan shall constitute part of the
Trust Fund and shall be subject in all respects to the terms of this Agreement
and the Mortgage Loan Purchase and Sale Agreement, including all representations
and warranties thereof included in the Mortgage Loan Purchase and Sale
Agreement, in each case as of the date of substitution.

      For any month in which the Seller substitutes one or more Replacement
Mortgage Loans for one or more Deleted Mortgage Loans, the Trustee, based upon
information provided by the Servicer, shall determine the excess (each, a
"Substitution Amount"), if any, by which the aggregate Purchase Price of all
such Deleted Mortgage Loans exceeds the aggregate Stated Principal Balance of
the Replacement Mortgage Loans replacing such Deleted Mortgage Loans, together
with one month's interest on such excess amount at the applicable Net Mortgage
Rate.

                                       45
<PAGE>

On the date of such substitution, the Seller shall deliver or cause to be
delivered to the Servicer for deposit in the Custodial Account an amount equal
to the related Substitution Amount, if any, and the Trustee, upon receipt of the
related Replacement Mortgage Loan or Loans and two copies of a Request for
Release with respect to the Deleted Mortgage Loan or Loans, shall release to the
Seller the related Trustee Mortgage File or Files and shall execute and deliver
such instruments of transfer or assignment, in each case without recourse, as
the Seller shall deliver to it and as shall be necessary to vest therein any
Deleted Mortgage Loan released pursuant hereto.

      In addition, the Seller shall obtain at its own expense and deliver to the
Trustee an Opinion of Counsel to the effect that such substitution (either
specifically or as a class of transactions) shall not cause (a) any federal tax
to be imposed on the Trust Fund, including without limitation, any federal tax
imposed on "prohibited transactions" under Section 860F(a)(l) of the Code or on
"contributions after the startup date" under Section 860G(d)(l) of the Code, or
(b) any REMIC created hereunder to fail to qualify as a REMIC at any time that
any Certificate is outstanding. If such Opinion of Counsel can not be delivered,
then such substitution may only be effected at such time as the required Opinion
of Counsel can be given.

                  (c) Upon discovery by the Seller, the Depositor, the Servicer
or the Trustee that any Mortgage Loan does not constitute a "qualified mortgage"
within the meaning of Section 860G(a)(3) of the Code, the party discovering such
fact shall within two Business Days give written notice thereof to the other
parties. In connection therewith, the Seller or Depositor, as applicable, shall
repurchase, or the Seller, subject to the limitations set forth in Section
2.04(b), shall substitute one or more Replacement Mortgage Loans for the
affected Mortgage Loan within 90 days of the earlier of discovery or receipt of
such notice with respect to such affected Mortgage Loan. Any such repurchase or
substitution shall be made in the same manner as set forth in Sections 2.04(a)
and 2.04(b) above. The Trustee shall re-convey to the Seller the Mortgage Loan
to be released pursuant hereto in the same manner, and on the same terms and
conditions, as it would a Mortgage Loan repurchased for breach of a
representation or warranty.

      The Seller indemnifies and holds the Trust Fund, the Trustee, the
Depositor, the Servicer and each Certificateholder harmless against any and all
taxes, claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments, and any other costs, fees and expenses that the Trust
Fund, the Trustee, the Depositor, the Servicer and any Certificateholder may
sustain in connection with any actions of such party relating to a repurchase of
a Mortgage Loan other than in compliance with the terms of this Section 2.04 and
the Mortgage Loan Purchase and Sale Agreement, to the extent that any such
action causes (i) any federal or state tax to be imposed on the Trust Fund,
including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code, or (ii) any REMIC formed
hereby to fail to qualify as a REMIC at any time that any Certificate is
outstanding.

                  (d) Notwithstanding anything to the contrary in this
Agreement, Seller shall service and administer the Additional Collateral, it
being understood and agreed that only Seller shall service and administer the
related securities accounts, lines of credit and guarantees with respect to
Additional Collateral.

      Section 2.05. Grant Clause.

                  (a) It is intended that the conveyance of the Depositor's
right, title and interest in and to property constituting the Trust Fund
pursuant to this Agreement shall constitute, and shall be construed as, a sale
of such property and not a grant of a security interest

                                       46
<PAGE>

to secure a loan. However, if such conveyance is deemed to be in respect of a
loan, it is intended that: (1) the rights and obligations of the parties shall
be established pursuant to the terms of this Agreement; (2) the Depositor hereby
grants to the Trustee for the benefit of the Holders of the Certificates a first
priority security interest in all of the Depositor's right, title and interest
in, to and under, whether now owned or hereafter acquired, the Trust Fund and
all proceeds of any and all property constituting the Trust Fund to secure
payment of the Certificates; and (3) this Agreement shall constitute a security
agreement under applicable law. If such conveyance is deemed to be in respect of
a loan and the trust created by this Agreement terminates prior to the
satisfaction of the claims of any Person holding any Certificate, the security
interest created hereby shall continue in full force and effect and the Trustee
shall be deemed to be the collateral agent for the benefit of such Person, and
all proceeds shall be distributed as herein provided.

                  (b) The Depositor shall, to the extent consistent with this
Agreement, take such reasonable actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in the Mortgage Loans
and the other property described above, such security interest would be deemed
to be a perfected security interest of first priority under applicable law and
will be maintained as such throughout the term of this Agreement. The Depositor
will, at its own expense, make all initial filings on or about the Closing Date
and shall forward a copy of such filing or filings to the Trustee. Without
limiting the generality of the foregoing, the Depositor shall prepare and
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Depositor, all filings necessary to maintain the effectiveness of any
original filings necessary under the relevant UCC to perfect the Trustee's
security interest in or lien on the Mortgage Loans and the other property
described above, including without limitation (x) continuation statements, and
(y) such other statements as may be occasioned by (1) any change of name of
Seller, the Depositor or the Trustee, (2) any change of location of the place of
business or the chief executive office of the Seller or the Depositor, (3) any
transfer of any interest of the Depositor in any Mortgage Loan or (4) any change
under the relevant UCC or other applicable laws. The Depositor shall not
organize under the law of any jurisdiction other than the State under which each
is organized as of the Closing Date (whether changing its jurisdiction of
organization or organizing under an additional jurisdiction) without giving 30
days prior written notice of such action to its immediate and intermediate
transferee, including the Trustee. Before effecting such change, the Depositor
proposing to change its jurisdiction of organization shall prepare and file in
the appropriate filing office any financing statements or other statements
necessary to continue the perfection of the interests of its immediate and
mediate transferees, including the Trustee, in the Mortgage Loans and the other
property described above. In connection with the transactions contemplated by
this Agreement, the Depositor authorizes its immediate or mediate transferee to
file in any filing office any initial financing statements, any amendments to
financing statements, any continuation statements, or any other statements or
filings described in this paragraph (b).

                                  ARTICLE III.

                                THE CERTIFICATES

      Section 3.01. The Certificates.

                  (a) The Certificates shall be issuable in registered form only
and shall be securities governed by Article 8 of the New York Uniform Commercial
Code. The Book-Entry Certificates will be evidenced by one or more certificates,
beneficial ownership of which will be held in the dollar denominations in
Certificate Principal Amount, or Class Notional Amount, as applicable, or in the
Percentage Interests, specified herein. Each Class of Book-Entry

                                       47
<PAGE>

Certificates will be issued in the minimum denominations in Certificate
Principal Amount (or Class Notional Amount) specified in the Preliminary
Statement hereto and in integral multiples of $1 in excess thereof. Each Class
of Non-Book-Entry Certificates other than the Residual Certificates shall be
issued in definitive, fully registered form in the minimum denominations in
Certificate Principal Amount specified in the Preliminary Statement hereto and
in integral multiples of $1 in excess thereof. The Residual Certificates shall
be issued as single Certificates and maintained in definitive, fully registered
form in a denomination equal to 100% of the Percentage Interest of each such
Class. The Class X-A and Class X-B Certificates shall each be issued as single
Certificates in a denomination equal to 100% of the Percentage Interest of each
such Class.

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

                  (c) The Class X-B, Class B-4, Class B-5 and Class B-6
certificates offered and sold in reliance on the exemption from registration
under Rule 144A under the Act shall be issued initially in the form of one or
more permanent global Certificates in definitive, fully registered form without
interest coupons with the applicable legends set forth in Exhibit A added to the
forms of such Certificates (each, a "Restricted Global Security").

      Section 3.02. Registration.

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

      Section 3.03. Transfer and Exchange of Certificates.

                  (a) A Certificate (other than Book-Entry Certificates which
shall be subject to Section 3.09 hereof) may be transferred by the Holder
thereof only upon presentation

                                       48
<PAGE>

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

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

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

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

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

                  (ii) The Certificate Registrar shall register the transfer of
            a Restricted Certificate if the requested transfer is being made to
            an "accredited investor" under Rule 501(a)(1), (2), (3) or (7) under
            the Act, or to any Person all of the equity owners in which are such
            accredited investors, by a transferor who furnishes to the
            Certificate Registrar a letter of the transferee substantially in
            the form of Exhibit H hereto.

                  (d)(i) No transfer of an ERISA Restricted Certificate that is
a Class A-R Certificate may be made to any Person that is an employee benefit
plan subject to Title I of

                                       49
<PAGE>

ERISA, a plan subject to Section 4975 of the Code or a plan or arrangement
subject to any provisions under any federal, state, local, non-U.S. or other
laws or regulations that are substantively similar to the foregoing provisions
of ERISA or the Code ("Similar Law") (collectively, a "Plan"), or to any Person
directly or indirectly acquiring a Class A-R Certificate for, on behalf of or
with any assets of any such Plan. Each Person to whom a Class A-R Certificate is
to be transferred shall be required or deemed to represent that it is not a
Plan, as set forth in Exhibit B.

                  (ii) No transfer of an ERISA-Restricted Certificate that is a
Class B-5 or Class B-6 Certificate shall be made unless the prospective
transferee provides the Trustee and the Depositor with (A) a representation as
set forth in Exhibit I to the effect that such transferee is not a Plan and is
not directly or indirectly acquiring the Certificate for, on behalf of or with
any assets of any such Plan, (B) if the Certificate has been the subject of an
ERISA-Qualifying Underwriting, a representation that such transferee is an
insurance company that is acquiring the Certificate with funds contained in an
"insurance company general account," as defined in Section V(E) of Prohibited
Transaction Class Exemption ("PTCE") 95-60, and the acquisition and holding of
the Certificate are covered and exempt under Sections I and III of PTCE 95-60,
or (C) solely in the case of a Definitive Certificate, an Opinion of Counsel
satisfactory to the Trustee and the Depositor to the effect that the acquisition
and holding of such Certificate will not constitute or result in a nonexempt
prohibited transaction under ERISA or the Code, or a violation of Similar Law,
and will not subject the Certificate Registrar, the Depositor, the Servicer or
the Trustee to any obligation in addition to those expressly undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Certificate
Registrar, the Depositor, the Servicer or the Trustee.

                  (iii) For purposes of paragraphs (i) and (ii) of this
Subsection 3.03(d), other than subparagraph (ii)(C), the representation as set
forth in Exhibit B or Exhibit I, as applicable, shall be deemed to have been
made to the Trustee or the Depositor by the transferee's acceptance of an ERISA
Restricted Certificate (or the acceptance by a Certificate Owner of the
beneficial interest in any Class of ERISA Restricted Certificates)
Notwithstanding any other provision herein to the contrary, any purported
transfer of an ERISA Restricted Certificate to or on behalf of a Plan without
the delivery to the Trustee or the Depositor of a representation or an Opinion
of Counsel satisfactory to the Trustee or the Depositor as described above shall
be void and of no effect. None of the Certificate Registrar, the Depositor, the
Servicer or the Trustee shall be under any liability to any Person for any
registration or transfer of any ERISA Restricted Certificate that is in fact not
permitted by this Section 3.03(d) nor shall the Paying Agent be under any
liability for making any payments due on such Certificate to the Holder thereof
or taking any other action with respect to such Holder under the provisions of
this Agreement so long as the transfer was registered by the Certificate
Registrar in accordance with the foregoing requirements. The Certificate
Registrar, Depositor, Servicer, Paying Agent and/or Trustee shall be entitled,
but not obligated, to recover from any Holder of any ERISA Restricted
Certificate that was in fact a Plan and that held such Certificate in violation
of this Section 3.03(d) all payments made on such ERISA Restricted Certificate
at and after the time it commenced such holding. Any such payments so recovered
shall be paid and delivered to the last preceding Holder of such Certificate
that is not a Plan.

                  (iv) Notwithstanding the foregoing, no representation or
Opinion of Counsel shall be required for the initial issuance of the ERISA
Restricted Certificates.

                  (e) As a condition of the registration of transfer or exchange
of any Certificate, the Certificate Registrar may require the certified taxpayer
identification number of

                                       50
<PAGE>

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

                  (f) Notwithstanding anything to the contrary contained herein,
no Residual Certificate or beneficial interest therein may be owned, pledged or
transferred, directly or indirectly, by or to (i) a Disqualified Organization or
(ii) an individual, corporation or partnership or other person unless, in the
case of clause (ii), such person is (A) not a Non-U.S. Person or (B) is a
Non-U.S. Person that holds a Residual Certificate in connection with the conduct
of a trade or business within the United States and has furnished the transferor
and the Certificate Registrar with an effective Internal Revenue Service Form
W-8ECI or successor form at the time and in the manner required by the Code (any
such person who is not covered by clause (A) or (B) above is referred to herein
as a "Non-permitted Foreign Holder").

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

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<PAGE>

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

                  (g) Each Holder or Certificate Owner of a Restricted
Certificate, ERISA-Restricted Certificate or Residual Certificate, or an
interest therein, by such Holder's or Owner's acceptance thereof, shall be
deemed for all purposes to have consented to the provisions of this section.

      Section 3.04. Cancellation of Certificates.

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

      Section 3.05. Replacement of Certificates.

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

      If after the delivery of such new Certificate, a protected purchaser of
the original Certificate in lieu of which such new Certificate was issued
presents for payment such original Certificate, the Depositor, the Certificate
Registrar and the Trustee or any agent shall be entitled to recover such new
Certificate from the Person to whom it was delivered or any Person taking
therefrom, except a protected purchaser, and shall be entitled to recover upon
the security or indemnity provided therefor to the extent of any loss, damage,
cost or expenses incurred by the Depositor, the Certificate Registrar, the
Trustee or any agent in connection therewith.

                                       52
<PAGE>

      Section 3.06. Persons Deemed Owners.

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

      Section 3.07. Temporary Certificates.

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

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

      Section 3.08. Appointment of Paying Agent.

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

      Section 3.09. Book-Entry Certificates.

                  (a) Each Class of Book-Entry Certificates, upon original
issuance, shall be issued in the form of one or more typewritten Certificates
representing the Book-Entry Certificates. The Book-Entry Certificates shall
initially be registered  on the Certificate Register

                                       53
<PAGE>

in the name of the nominee of the Clearing Agency, and no Certificate Owner will
receive a definitive certificate representing such Certificate Owner's interest
in the Book-Entry Certificates, except as provided in Section 3.09(c) Unless
Definitive Certificates have been issued to Certificate Owners of Book-Entry
Certificates pursuant to Section 3.09(c):

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

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

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

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

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

                  (c) If (i) (A) the Clearing Agency or the Depositor advises
the Paying Agent in writing that the Clearing Agency is no longer willing or
able to discharge properly its responsibilities with respect to the Book-Entry
Certificates, and (B) the Depositor is unable to locate a qualified successor
satisfactory to the Depositor and the Paying Agent, (ii) the Depositor, at its
option, advises the Paying Agent in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after the occurrence of
an Event of Default, Certificate Owners representing beneficial interests
aggregating not less than 50% of the Class Principal Amount (or Class Notional
Amount) of a Class of Book-Entry Certificates advise the Paying Agent and the
Clearing Agency through the Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of the Certificate Owners of a Class of Book-Entry
Certificates, the Certificate Registrar shall notify the Clearing Agency to
effect notification to all Certificate Owners, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the
Certificate Registrar of the Book-Entry Certificates by the Clearing Agency,
accompanied by registration instructions from the Clearing Agency for
registration, the Certificate Registrar shall issue the Definitive Certificates.
Neither the Depositor, the Certificate Registrar nor the Trustee shall be

                                       54
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liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Certificates all references herein to obligations imposed upon or
to be performed by the Clearing Agency shall be deemed to be imposed upon and
performed by the Certificate Registrar, to the extent applicable, with respect
to such Definitive Certificates and the Certificate Registrar shall recognize
the holders of the Definitive Certificates as Certificateholders hereunder.
Notwithstanding the foregoing, the Certificate Registrar, upon the instruction
of the Depositor, shall have the right to issue Definitive Certificates on the
Closing Date in connection with credit enhancement programs.

                                   ARTICLE IV.

                        ADMINISTRATION OF THE TRUST FUND

      Section 4.01. Custodial Accounts; Distribution Account.

                  (a) On or prior to the Closing Date, the Servicer shall
establish and maintain one or more Custodial Accounts, as provided herein, into
which the Servicer shall deposit daily, within two Business Days of receipt
thereof, in immediately available funds, any Scheduled Payments and unscheduled
payments with respect to the Mortgage Loans, net of any deductions or
reimbursements permitted under this Agreement. Prior to 1:00 p.m. New York City
time on each Distribution Account Deposit Date, the Servicer shall remit to the
Trustee for deposit into the Distribution Account, all amounts so required to be
deposited into such account in accordance with the terms of this Agreement.

                  (b) Funds in the Custodial Accounts may be invested in
Permitted Investments selected by the Servicer, which shall mature not later
than one Business Day prior to the Distribution Account Deposit Date (except
that if such Permitted Investment is an obligation of the Servicer or is managed
or advised by the Servicer or its affiliates, then such Permitted Investment
shall mature not later than such applicable Distribution Account Deposit Date)
and any such Permitted Investment shall not be sold or disposed of prior to its
maturity. All such Permitted Investments shall be made in the name of the
Servicer (in its capacity as such) or its nominee. All income and gain realized
from any Permitted Investment shall be for the benefit of the Servicer as
servicing compensation and shall be subject to its withdrawal or order from time
to time, and shall not be part of the Trust Fund. The amount of any losses
incurred in respect of any such investments shall be deposited in the Custodial
Accounts by the Servicer out of its own funds, without any right of
reimbursement therefor, immediately as realized. Any such funds that are not
invested in Permitted Investments may be held uninvested.

                  (c) The Trustee, shall establish and maintain an Eligible
Account entitled "Distribution Account of Wells Fargo Bank, N.A., as Trustee,
for the benefit of Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F
Holders of Mortgage Pass-Through Certificates." The Trustee shall, promptly upon
receipt from the Servicer on each Distribution Account Deposit Date, deposit
into the Distribution Account and retain on deposit until the related
Distribution Date the following amounts:

                  (i) the aggregate of collections with respect to the Mortgage
            Loans remitted by the Servicer from the Custodial Accounts in
            accordance with this Agreement, including the amount of any Advances
            or Compensating Interest Payments with respect to the Mortgage Loans
            required to be paid by the Servicer; and

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<PAGE>

                  (ii) any other amounts so required to be deposited in the
            Distribution Account in the related Due Period pursuant to this
            Agreement.

                  (c) In the event Servicer has remitted in error to the
Distribution Account any amount not required to be remitted in accordance with
the definition of Available Distribution Amount, it may at any time direct the
Trustee to withdraw such amount from the Distribution Account for repayment to
the Servicer, as applicable, by delivery of an Officer's Certificate of the
Servicer to the Trustee which describes the amount deposited in error.

                  (d) On each Distribution Date and Purchase Date, the Trustee
shall distribute the Available Distribution Amount to the Certificateholders and
any other parties entitled thereto in the amounts and priorities set forth in
Section 5.02. The Trustee may from time to time withdraw from the Distribution
Account and pay itself or the Servicer any amounts permitted to be paid or
reimbursed to such Person from funds in the Distribution Account pursuant to the
clauses (A) through (D) of the definition of Available Distribution Amount.

                  (e) Funds in the Distribution Account may be invested in
Permitted Investments selected by the Trustee, which shall mature not later than
one Business Day prior to the Distribution Date (except that if such Permitted
Investment is an obligation of the Trustee or is managed or advised by the
Trustee or its affiliates, then such Permitted Investment shall mature not later
than such applicable Distribution Date) and any such Permitted Investment shall
not be sold or disposed of prior to its maturity. All such Permitted Investments
shall be made in the name of the Trustee (in its capacity as such) or its
nominee. All income and gain realized from any Permitted Investment shall be for
the benefit of the Trustee and shall be subject to its withdrawal or order from
time to time, and shall not be part of the Trust Fund. The amount of any losses
incurred in respect of any such investments shall be deposited in such
Distribution Account by the Trustee out of its own funds, without any right of
reimbursement therefor, immediately as realized. Any such funds that are not
invested in Permitted Investments may be held uninvested.

      Section 4.02. Reports to Trustee and Certificateholders.

      On each Distribution Date, the Trustee shall have prepared and shall make
available to each Certificateholder and other interested parties a written
report setting forth the following information (based solely on the report
provided to the Trustee by the Servicer pursuant to Section 9.18).

                  (i) the amount of the distributions, separately identified,
            with respect to each Class of Certificates;

                  (ii) the amount of the distributions set forth in the clause
            (i) allocable to principal, separately identifying the aggregate
            amount of any Principal Prepayments or other unscheduled recoveries
            of principal included in that amount;

                  (iii) the amount of the distributions set forth in the clause
            (i) allocable to interest and how it was calculated;

                  (iv) the amount of any unpaid Interest Shortfall, Basis Risk
            Shortfall or Unpaid Basis Risk Shortfall (if applicable) and the
            related accrued interest thereon, with respect to each Class of
            Certificates;

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<PAGE>

                  (v) the Class Principal Amount of each Class of Certificates
            after giving effect to the distribution of principal on that
            Distribution Date;

                  (vi) the Aggregated Stated Principal Balance of the Mortgage
            Loans in each Mortgage Pool and the applicable Net WAC of the
            Mortgage Loans at the end of the related Prepayment Period;

                  (vii) the Stated Principal Balance of the Mortgage Loans in
            each Mortgage Pool whose Mortgage Rates adjust on the basis of the
            One-Month LIBOR index and the Six-Month LIBOR index at the end of
            the related Prepayment Period;

                  (viii) the Pro Rata Senior Percentage, Senior Percentage and
            the Subordinate Percentage for each Mortgage Pool for the following
            Distribution Date;

                  (ix) the Senior Prepayment Percentage and Subordinate
            Prepayment Percentage for each Mortgage Pool the following
            Distribution Date;

                  (x) in the aggregate and with respect to each Mortgage Pool,
            the amount of Servicing Fee paid to or retained by the Servicer;

                  (xi) in the aggregate and with respect to each Mortgage Pool,
            the amount of Advances for the related Due Period;

                  (xii) in the aggregate and with respect to each Mortgage Pool,
            the number and Stated Principal Balance of the Mortgage Loans that
            were (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1)
            30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) in
            foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and
            (3) 90 or more days and (C) in bankruptcy as of the close of
            business on the last day of the calendar month preceding that
            Distribution Date;

                  (xiii) in the aggregate and with respect to each Mortgage
            Pool, for any Mortgage Loan as to which the related Mortgaged
            Property was an REO property during the preceding calendar month,
            the principal balance of that Mortgage Loan as of the close of
            business on the last day of the related Due Period;

                  (xiv) in the aggregate and with respect to each Mortgage Pool,
            the total number and principal balance of any REO properties as of
            the close of business on the last day of the preceding Due Period;

                  (xv) in the aggregate and with respect to each Mortgage Pool,
            the amount of Realized Losses incurred during the preceding calendar
            month;

                  (xvi) in the aggregate and with respect to each Mortgage Pool,
            the cumulative amount of Realized Losses incurred since the Closing
            Date;

                  (xvii) the Realized Losses, if any, allocated to each Class of
            Certificates on that Distribution Date;

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<PAGE>

                  (xviii) the Certificate Interest Rate for each Class of
            Certificates for that Distribution Date;

                  (xix) the amount of any Principal Transfer Amounts or Interest
            Transfer Amounts paid to an Undercollateralized Group or Principal
            Transfer Amounts between Groups in the event of Rapid Prepayment
            Conditions; and

                  (xx) for each Class of Certificates, the amounts accrued or
            paid in respect of each deemed interest rate cap agreement under
            which such Class of Certificates is deemed entitled to receive or
            deemed obligated to make payments as provided for in Section 10.01
            hereof.

      The Trustee shall make such reports available each month via its website
at http://www.ctslink.com. Assistance in using the website may be obtained by
calling the Trustee's customer service desk at (301) 815-6600.
Certificateholders and other parties that are unable to use the website are
entitled to have a paper copy mailed to them via first class mail by contacting
the Trustee and indicating such. In preparing or furnishing the foregoing
information, the Trustee shall be entitled to rely conclusively on the accuracy
of the information or data regarding the Mortgage Loans and the related REO
Properties that has been provided to the Trustee by the Servicer, and the
Trustee shall not be obligated to verify, recompute, reconcile or recalculate
any such information or data.

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

      The Trustee shall prepare and file with the Internal Revenue Service
("IRS"), on behalf of each of REMIC 1, REMIC 2 and the Upper Tier REMIC, an
application for an employer identification number on IRS Form SS-4 or by any
other acceptable method. The Trustee shall also file a Form 8811 as required.
The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
Number Assigned, shall upon request promptly forward a copy of such notice to
the Depositor. The Trustee shall furnish any other information that is required
by the Code and regulations thereunder to be made available to
Certificateholders. The Depositor shall cause the Servicer to provide the
Trustee with such information as is necessary for the Trustee to prepare such
reports.

                                   ARTICLE V.

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

      Section 5.01. Distributions Generally.

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                  (a) Subject to Section 7.01 respecting the final distribution
on the Certificates, on each Distribution Date the Trustee or the Paying Agent
shall make distributions in accordance with this Article V. Such distributions
shall be made by check mailed to each Certificateholder's address as it appears
on the Certificate Register of the Certificate Registrar or, upon written
request made to the Trustee at least five Business Days prior to the related
Record Date by any Certificateholder owning an aggregate initial Certificate
Principal Amount of at least $1,000,000, or in the case of a Class of Class X
Certificates or Residual Certificate, a Percentage Interest of not less than
100%, by wire transfer in immediately available funds to an account specified in
the request and at the expense of such Certificateholder; provided, however,
that the final distribution in respect of any Certificate shall be made only
upon presentation and surrender of such Certificate at the Certificate
Registrar's Corporate Trust Office; provided, further, that the foregoing
provisions shall not apply to any Class of Certificates as long as such
Certificate remains a Book-Entry Certificate in which case all payments made
shall be made through the Clearing Agency and its Clearing Agency Participants.
Wire transfers will be made at the expense of the Holder requesting such wire
transfer by deducting a wire transfer fee from the related distribution.
Notwithstanding such final payment of principal of any of the Certificates, each
Residual Certificate will remain outstanding until the termination of each REMIC
and the payment in full of all other amounts due with respect to the Residual
Certificates and at such time such final payment in retirement of any Residual
Certificate will be made only upon presentation and surrender of such
Certificate at the Certificate Registrar's Corporate Trust Office. If any
payment required to be made on the Certificates is to be made on a day that is
not a Business Day, then such payment will be made on the next succeeding
Business Day.

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

      Section 5.02. Distributions from the Distribution Account.

                  (a) Subject to Sections 5.02(g) and 5.02(h), on each
Distribution Date, the Available Distribution Amount for the related Mortgage
Pool (in the case of the Components of the Class X-A Certificates and the Senior
Certificates other than the Class X-B Certificates) and the Mortgage Pools in
the aggregate (in the case of the Subordinate Certificates and the Class X-B
Certificates) shall be withdrawn by the Trustee from the Distribution Account
and allocated among the classes of Senior Certificates and Subordinate
Certificates in the following order of priority:

                  (i) Concurrently, to the payment of the Interest Distribution
            Amount and any accrued but unpaid Interest Shortfalls with respect
            to each class of Senior Certificates (other than the Class X
            Certificates) and the Components, with, subject to the proviso set
            forth below, (x) all amounts payable in respect of Component XB2 and
            Component XB3 being payable to the Class X-B Certificates and (y)
            all amounts payable in respect of the X-A1B Component and X-A2
            Component being payable to the Class X-A Certificates; provided,
            however, that on each Distribution Date, amounts that would
            otherwise be payable to the Class X-A or Class X-B Certificates
            under this clause (a)(i) will (A) in the case of amounts otherwise
            payable to the Class X-A Certificates in respect of the X-A1B
            Component, be paid to the Class A-1B Certificates to the extent of
            any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for the
            Class A-1B Certificates as of such Distribution Date, (B) in the
            case of amounts

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<PAGE>

            otherwise payable to the Class X-A Certificates in respect of the
            X-A2 Component, be paid to the Class A-2 Certificates to the extent
            of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for
            the Class A-2 Certificates as of such Distribution Date, and (C) in
            the case of amounts otherwise payable to the Class X-B Certificates,
            be paid to the Class B-2 and Class B-3 Certificates to the extent of
            any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for the
            Class B-2 and Class B-3 Certificates, respectively, as of such
            Distribution Date;

                  (ii) Concurrently, to the Senior Certificates from the
            Available Distribution Amount remaining in the related Mortgage Pool
            after application of amounts pursuant to clause (i) above, as
            follows:

                        (A) pro rata between (i) the Class A-R Certificate and
                  Class A-1A Certificates and (ii) the Class A-1B Certificates
                  (provided that the amount allocated to the Class A-R and Class
                  A-1A Certificates will be distributed sequentially in that
                  order), the Senior Principal Distribution Amount for Pool 1,
                  until their respective Class Principal Amounts have been
                  reduced to zero; and

                        (B) to the Class A-2 Certificates, the Senior Principal
                  Distribution Amount for Pool 2, until the Class Principal
                  Amount thereof have been reduced to zero.

                  (iii) From the Available Distribution Amount from the Mortgage
            Pools in the aggregate remaining after the application of amounts
            pursuant to clauses (i) and (ii) above, to the Class B-1, Class B-2
            and Class B-3 Certificates, sequentially, in that order, the
            Interest Distribution Amount and any Interest Shortfalls, in each
            case, for such Class on such date;

                  (iv) From the Available Distribution Amount from the Mortgage
            Pools in the aggregate remaining after application of amounts
            pursuant to clauses (i) through (iii) above, to the Class B-1, Class
            B-2 and Class B-3 Certificates, sequentially, in that order, such
            Class' Subordinate Class Percentage of the Subordinate Principal
            Distribution Amount for each Mortgage Pool, until its Class
            Principal Amount has been reduced to zero;

                  (v) From the remaining Available Distribution Amount from the
            Mortgage Pools in the aggregate remaining after application of
            amounts pursuant to clauses (i) through (iv) in the following order
            of priority:

                        (A) to the Class B-4 Certificates, the payment of its
                  Interest Distribution Amount and any outstanding Interest
                  Shortfalls;

                        (B) to the Class B-4 Certificates, such Class'
                  Subordinate Class Percentage of the Subordinate Principal
                  Distribution Amount for each Mortgage Pool, until its Class
                  Principal Amount has been reduced to zero;

                        (C) to the Class B-5 Certificates, the payment of its
                  Interest Distribution Amount and any outstanding Interest
                  Shortfalls;

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<PAGE>

                        (D) to the Class B-5 Certificates, such Class'
                  Subordinate Class Percentage of the Subordinate Principal
                  Distribution Amount for each Mortgage Pool, until its Class
                  Principal Amount has been reduced to zero;

                        (E) to the Class B-6 Certificates, the payment of its
                  Interest Distribution Amount and any outstanding Interest
                  Shortfalls; and

                        (F) to the Class B-6 Certificates, such Class'
                  Subordinate Class Percentage of the Subordinate Principal
                  Distribution Amount for each Mortgage Pool, until its Class
                  Principal Amount has been reduced to zero;

                  (vi) To the Class A-R Certificate, any remaining amount of the
            Available Distribution Amount from the Mortgage Pools in the
            aggregate allocated as provided in Section 5.02(d).

      Amounts that would have been distributed in respect of the Class X-A and
Class X-B Certificates, but for the proviso set forth in clause (a)(i) above
shall be treated as having been distributed to the Class X-A Certificates (in
respect of the X-A1B Component, in the case of payments to the Class A-1B
Certificates, and the X-A2 Component, in the case of payments to the Class A-2
Certificates) and the Class X-B Certificates, as the case may be, for purposes
of determining subsequent Interest Shortfalls with respect to the Class X-B
Certificates and the Components of the Class X-A Certificates.

                  (b) On each Distribution Date on and after the Credit Support
Depletion Date, the Available Distribution Amount for each Mortgage Pool shall
be distributed to the remaining Classes of Certificates of the related
Certificate Group (and to the related Components of the Class X-A Certificates)
on a pro rata basis, first, to pay the Interest Distribution Amount and any
accrued but unpaid Interest Shortfalls; provided, however, that on each
Distribution Date with respect to the Class A-1B or Class A-2 Certificates (as
applicable) (i) the amount of the Interest Distribution Amount that would
otherwise be payable to the X-A1B Component will be paid to the Class A-1B
Certificates to the extent of any Basis Risk Shortfalls or Unpaid Basis Risk
Shortfalls for the Class A-1B Certificates, and (ii) the amount of the Interest
Distribution Amount that would otherwise be payable to the X-A2 Component will
be paid to the Class A-2 Certificates to the extent of any Basis Risk Shortfalls
or Unpaid Basis Risk Shortfalls for the Class A-2 Certificates, second, to pay
the Senior Principal Distribution Amount for such Mortgage Pool; and third, to
the Class A-R Certificate, any remaining Available Distribution Amount from such
Mortgage Pool.

      Amounts that would have been distributed in respect of the X-A1B Component
or X-A2 Component but for the proviso set forth in this Section 5.02(b) shall be
treated as having been distributed to such Components for purposes of
determining subsequent Interest Shortfalls with respect to such Components.

                  (c) Notwithstanding the priority and allocation set forth in
Section 5.02(a)(iv) and Section 5.02(a)(v) above, if with respect to any Class
of Subordinate Certificates on any Distribution Date the sum of the related
Class Subordination Percentages of such Class and of all other Classes of
Subordinate Certificates which have a higher numerical Class designation than
such Class is less than the Original Applicable Credit Support Percentage for
such Class, no distribution of Principal Prepayments shall be made to any such
Classes and the

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<PAGE>

amount of such Principal Prepayment otherwise distributable to such Classes
shall be distributed to any Classes of Subordinate Certificates having lower
numerical Class designations than such Class, pro rata, based on the Class
Principal Amounts of the respective Classes immediately prior to such
Distribution Date and shall be distributed in the sequential order provided in
Section 5.02(a)(iv) and Section 5.02(a)(v) above.

                  (d) Amounts distributed to the Residual Certificates pursuant
to subparagraph (a)(vi) of this Section 5.02 on any Distribution Date shall be
allocated among the REMIC residual interests represented thereby such that each
such interest is allocated the excess of funds available to the related REMIC
over required distributions to the regular interests in such REMIC on such
Distribution Date.

                  (e) For purposes of distributions provided in this Section
5.02, each Mortgage Pool shall "relate" to the Senior Class or Classes of the
applicable Related Certificate Group, the X-A1B Component shall be related to
Pool 1 and the X-A2 Component shall be related to Pool 2.

                  (f) For purposes of distributions of interest in paragraph (a)
of this Section 5.02 such distributions to a Class of Certificates on any
Distribution Date shall be made first, in respect of Current Interest; and
second, in respect of Interest Shortfalls.

                  (g) Notwithstanding the priority of distributions set forth in
paragraph (a) of this Section 5.02, if on any Distribution Date prior to the
Credit Support Depletion (1) either one of the Rapid Prepayment Conditions is
satisfied on such date and (2) the Certificate Principal Amount of the Senior
Certificates relating to one of the Mortgage Pools has been reduced to zero,
then that portion of the Available Distribution Amount for such Mortgage Pool
described in Section 5.02(a)(ii) that represents principal collections on the
Mortgage Loans shall be applied as an additional distribution to the remaining
Classes of Senior Certificates on a pro rata basis in reduction of, and in
proportion to, the Class Principal Amounts thereof; provided, however, that any
such amounts distributable to the Class A-R and Class A-1A Certificates shall be
distributed sequentially thereto in such order.

                  (h) If, on any Distribution Date, any Certificate Group would
constitute an Undercollateralized Group and the other Certificate Group
constitutes an Overcollateralized Group, then notwithstanding Section
5.02(a)(ii), the Available Distribution Amount for the Overcollateralized Group
to the extent remaining following distributions of interest and principal to the
related Senior Certificates of that Certificate Group and to the Components of
the Class X-A Certificates, if any, related to the Overcollateralized Group,
shall be distributed up to the sum of the Interest Transfer Amount and the
Principal Transfer Amount for the Undercollateralized Group to the Senior
Certificates related to the Undercollateralized Group and to the Components of
the Class X-A Certificates related to the Undercollateralized Group in payment
of accrued but unpaid interest, if any, and then to such Senior Certificates as
principal, in the same order and priority as such Certificates would receive
other distributions of principal.

      Section 5.03. Allocation of Losses.

                  (a) On or prior to each Distribution Date, the Trustee shall
aggregate the information provided by the Servicer with respect to the total
amount of Realized Losses, with respect to the Mortgage Loans for the related
Distribution Date.

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<PAGE>

                  (b) On each Distribution Date, the principal portion of
Realized Losses with respect to such Distribution Date shall be allocated as
follows:

                  (i) Realized Losses shall be allocated in the following order:

            first, to the Classes of Subordinate Certificates in reverse order
      of their respective numerical Class designations (beginning with the Class
      of Subordinate Certificates with the highest numerical Class designation)
      until the Class Principal Amount of each such Class is reduced to zero;
      and

            second, to each Class of Senior Certificates relating to the
      Mortgage Pool which sustained such loss (allocated among the Senior
      Classes relating to such Mortgage Pool on a pro rata basis) in each case,
      until the Class Principal Amount of each Class of Senior Certificates is
      reduced to zero.

                  (ii) Reserved.

                  (iii) The Class Principal Amount of the Class of Subordinate
            Certificates then outstanding with the highest numerical Class
            designation shall be reduced on each Distribution Date by the
            amount, if any, by which the aggregate of the Class Principal
            Amounts of all outstanding Classes of Certificates (after giving
            effect to the distribution of principal and the allocation of
            Realized Losses, on such Distribution Date) exceeds the Aggregate
            Stated Principal Balance for the following Distribution Date.

                  (iv) Any allocation of a loss pursuant to this section to a
            Class of Certificates shall be achieved by reducing the Class
            Principal Amount thereof by the amount of such loss.

                  (c) Notwithstanding the other provisions of Section 5.03, the
            first $0.06 of Realized Losses shall not be allocated to any Class
            of Certificates.

      Section 5.04. Advances.

      If the Servicer fails to remit any Advance required to be made under this
Agreement, the Trustee solely in its capacity as successor Servicer shall itself
make, or shall cause the successor Servicer to make, such Advance. If the
Trustee solely in its capacity as successor Servicer determines that an Advance
is required, it shall on the Business Day preceding the related Distribution
Date immediately following such Determination Date remit from its own funds (or
funds advanced by the successor Servicer) for deposit in the Distribution
Account immediately available funds in an amount equal to such Advance. Each of
the Trustee and the Servicer shall be entitled to be reimbursed for all Advances
made by it, respectively. Notwithstanding anything to the contrary herein, in
the event the Trustee (or successor servicer) determines in its reasonable
judgment that an Advance is Nonrecoverable, the Trustee (or successor servicer)
shall be under no obligation to make such Advance.

                                   ARTICLE VI.

                    CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

      Section 6.01. Duties of Trustee.

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<PAGE>

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

                  (b) The Trustee, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Trustee which are specifically required to be
furnished pursuant to any provision of this Agreement, shall examine them to
determine whether they are in the form required by this Agreement; provided,
however, that the Trustee shall not be responsible for the accuracy or content
of any such resolution, certificate, statement, opinion, report, document, order
or other instrument furnished by the Servicer to the Trustee pursuant to this
Agreement, and shall not be required to recalculate or verify any numerical
information furnished to the Trustee pursuant to this Agreement. Subject to the
immediately preceding sentence, if any such resolution, certificate, statement,
opinion, report, document, order or other instrument is found not to conform to
the form required by this Agreement in a material manner the Trustee shall take
such action as it deems appropriate to cause the instrument to be corrected, and
if the instrument is not corrected to the Trustee's satisfaction, the Trustee
will provide notice thereof to the Certificateholders and will, at the expense
of the Trust Fund, which expense shall be reasonable given the scope and nature
of the required action, take such further action as directed by the
Certificateholders.

                  (c) The Trustee shall not have any liability arising out of or
in connection with this Agreement, except for its negligence or willful
misconduct. Notwithstanding anything in this Agreement to the contrary, the
Trustee shall not be liable for special, indirect or consequential losses or
damages of any kind whatsoever (including, but not limited to, lost profits) No
provision of this Agreement shall be construed to relieve the Trustee of
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct; provided, however, that:

                  (i) The Trustee shall not be liable with respect to any action
            taken, suffered or omitted to be taken by it in good faith in
            accordance with the direction of Holders of Certificates as provided
            in Section 6.18 hereof;

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

                  (iii) No provision of this Agreement shall require the Trustee
            to expend or risk its own funds or otherwise incur any financial
            liability in the performance of any of its duties hereunder, or in
            the exercise of any of its rights or powers, if it shall have
            reasonable grounds for believing that repayment of such funds or
            adequate indemnity against such risk or liability is not reasonably
            assured to it; and none of the provisions contained in this
            Agreement shall in any

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            event require the Trustee to perform, or be responsible for the
            manner of performance of, any of the obligations of the Servicer
            under this Agreement;

                  (iv) The Trustee shall not be responsible for any act or
            omission of the Servicer, the Depositor or the Seller.

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

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

                  (f) The Trustee shall not be required to perform services
under this Agreement, or to expend or risk its own funds or otherwise incur
financial liability for the performance of any of its duties hereunder or the
exercise of any of its rights or powers if there is reasonable ground for
believing that the timely payment of its fees and expenses or 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 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
Servicer in accordance with the terms of this Agreement.

                  (g) The Trustee shall not be held liable by reason of any
insufficiency in the Distribution Account resulting from any investment loss on
any Permitted Investment included therein (except to the extent that the Trustee
is the obligor and has defaulted thereon).

                  (h) Except as otherwise provided herein, the Trustee shall not
have any duty (A) to see to any recording, filing, or depositing of this
Agreement or any agreement referred to herein or any financing statement or
continuation statement evidencing a security interest, or to see to the
maintenance of any such recording or filing or depositing or to any
re-recording, refiling or redepositing of any thereof, (B) to see to the
provision of any insurance, (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Trust Fund
other than from funds available in the Distribution Account, or (D) to confirm
or verify the contents of any reports or certificates of the Servicer delivered
to the Trustee pursuant to this Agreement believed by the Trustee to be genuine
and to have been signed or presented by the proper party or parties.

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

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

      Section 6.02. Certain Matters Affecting the Trustee.

Except as otherwise provided in Section 6.01:

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

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

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

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

                  (v) The Trustee may execute any of the trusts or powers
            hereunder or perform any duties hereunder either directly or by or
            through agents, custodians or attorneys, which agents, custodians or
            attorneys shall have any and all of the rights, powers, duties and
            obligations of the Trustee conferred on it by

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            such appointment, provided that the Trustee shall continue to be
            responsible for its duties and obligations hereunder to the extent
            provided herein, and provided further that the Trustee shall not be
            responsible for any misconduct or negligence on the part of any such
            agent or attorney appointed with due care by the Trustee;

                  (vi) The Trustee shall not be under any obligation to exercise
            any of the trusts or powers vested in it by this Agreement or to
            institute, conduct or defend any litigation hereunder or in relation
            hereto, in each case at the request, order or direction of any of
            the Certificateholders pursuant to the provisions of this Agreement,
            unless such Certificateholders shall have offered to the Trustee
            reasonable security or indemnity against the costs, expenses and
            liabilities which may be incurred therein or thereby;

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

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

      Section 6.03. Trustee Not Liable for Certificates.

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

      Section 6.04. Trustee May Own Certificates.

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

      Section 6.05. Eligibility Requirements for Trustee.

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

      Section 6.06. Resignation and Removal of Trustee.

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

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

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

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

      Section 6.07. Successor Trustee.

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

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

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

      Section 6.08. Merger or Consolidation of Trustee.

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

      Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian.

                  (a) Notwithstanding any other provisions hereof, at any time,
the Trustee, the Depositor or the Certificateholders evidencing more than 50% of
the Class Principal Amount (or Percentage Interest) of every Class of
Certificates shall have the power from time to time to appoint one or more
Persons, approved by the Trustee, to act either as co-trustees jointly with the
Trustee, or as separate trustees, or as custodians, for the purpose of holding
title to, foreclosing or otherwise taking action with respect to any Mortgage
Loan outside the state where the Trustee has its principal place of business
where such separate trustee or co-trustee is necessary or advisable (or the
Trustee has been advised by the Servicer that such separate trustee or
co-trustee is necessary or advisable) under the laws of any state in which a
property securing a Mortgage Loan is located or for the purpose of otherwise
conforming to any legal requirement, restriction or condition in any state in
which a property securing a Mortgage Loan is located or in any state in which
any portion of the Trust Fund is located. The separate trustees, co-trustees, or
custodians so appointed shall be trustees or custodians for the benefit of all
the Certificateholders

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<PAGE>

and shall have such powers, rights and remedies as shall be specified in the
instrument of appointment; provided, however, that no such appointment shall, or
shall be deemed to, constitute the appointee an agent of the Trustee. The
obligation of the Trustee to make Advances pursuant to Section 5.04 hereof shall
not be affected or assigned by the appointment of a co-trustee.

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

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

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

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

                  (iv) the Trustee may at any time, by an instrument in writing
            executed by it, with the concurrence of the Depositor, accept the
            resignation of or remove any separate trustee, co-trustee or
            custodian, so appointed by it or them, if such resignation or
            removal does not violate the other terms of this Agreement.

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

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

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

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

                  (g) The Trust shall pay the reasonable compensation of the
co-trustees (which compensation shall not reduce any compensation payable to the
Trustee under such Section).

      Section 6.10. Authenticating Agents.

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

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

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

      Section 6.11. Indemnification of Trustee.

      The Trustee and its respective directors, officers, employees and agents
shall be entitled to indemnification from the Depositor and the Trust Fund;
provided that the Trust Fund's indemnification under this Section 6.11 is
limited by Section 4.01(d) for any loss, liability or expense (including,
without limitation, reasonable attorneys' fees and disbursements (and, in

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connection with any custody agreement the Trustee may enter pursuant to this
Agreement, including the reasonable compensation and the expenses and
disbursements of its agents or counsel)), incurred without negligence or willful
misconduct on its part, arising out of, or in connection with, the acceptance or
administration of the trusts created hereunder or in connection with the
performance of their duties hereunder including the costs and expenses of
defending themselves against any claim in connection with the exercise or
performance of any of their powers or duties hereunder, provided that:

                  (i) with respect to any such claim, the Trustee shall have
            given the Depositor written notice thereof promptly after the
            Trustee shall have knowledge thereof;

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

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

                  (iv) the Trust's Fund's indemnification obligations hereunder
            shall be limited to losses, liability, costs or expenses, payments
            in respect of which by the Trust Fund would constitute
            "unanticipated expenses" within the meaning of Treasury Regulations
            Section 1.860G-1(b)(3)(ii)).

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

      Section 6.12. Fees and Expenses of the Trustee.

      As compensation for its services hereunder, the Trustee shall be entitled
to retain any and all investment earnings on amounts on deposit in the
Distribution Account pending the distribution of such funds to
Certificateholders on each Distribution Date (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust) Any expenses incurred by the Trustee shall be reimbursed to the
extent provided in Section 6.11.

      Section 6.13. Collection of Monies.

      Except as otherwise expressly provided in this Agreement, the Trustee may
demand payment or delivery of, and shall receive and collect, all money and
other property payable to or receivable by the Trustee pursuant to this
Agreement. The Trustee shall hold all such money and property received by it as
part of the Trust Fund and shall distribute it as provided in this Agreement.

      Section 6.14. Events of Default; Trustee To Act; Appointment of Successor.

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

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                  (i) any failure by the Servicer to make any Advance, to
            deposit in the Custodial Account or to remit to the Trustee any
            payment required to be made under the terms of this Agreement on the
            day it is due;

                  (ii) any material breach on the part of the Servicer of any
            other term, agreement, covenant, representation or warranty in this
            Agreement that has not been cured after written notice and a thirty
            (30) day curative period;

                  (iii) following entry against the Servicer of a decree or
            order of a court or agency or supervisory authority having
            jurisdiction for the appointment of a trustee, conservator,
            receiver, liquidator, assignee, custodian or sequestrator (or other
            similar official) for the Servicer in any federal or state
            bankruptcy, insolvency, readjustment of debt, marshaling of assets
            and liabilities or similar proceedings, or for the winding-up or
            liquidation of the Servicer's affairs, if such decree or order has
            remained in force undischarged or unstayed for a period of sixty
            (60) days;

                  (iv) upon consent by the Servicer to the appointment of a
            trustee, conservator, receiver, liquidator, assignee, custodian or
            sequestrator (or other similar official) in, or commencement of a
            voluntary case under, any federal or state bankruptcy insolvency,
            readjustment of debt, marshaling of assets and liabilities or
            similar proceedings of or relating to the Servicer or of or relating
            to all or substantially all of the Servicer's property;

                  (v) upon the Servicer's (A) admitting in writing its inability
            to pay its debts generally as they become due, (B) filing a petition
            to take advantage of any applicable insolvency or reorganization
            statute, (C) making an assignment for the benefit of its creditors
            or (D) voluntarily suspending payment of its obligations; or

                  (vi) the Servicer ceases to be eligible to sell mortgage loans
            to or service mortgage loans for FNMA, FHLMC or GNMA or ceases to be
            a HUD-approved mortgagee.

      If an Event of Default shall occur and be continuing, then, in each and
every case, subject to applicable law, so long as any such Event of Default
shall not have been remedied within any period of time prescribed by this
Agreement, by notice in writing to the Servicer either (x) the Depositor or (y)
the Trustee may (or the Trustee shall if so directed by Certificateholders
evidencing more than 50% of the Class Principal Amount (or Class Notional
Amount) of each Class of Certificates) terminate all of the rights and
obligations of the Servicer under this Agreement in accordance with the terms of
this Agreement. On or after the receipt by the Servicer of such written notice,
all authority and power of the Servicer, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the Trustee; and the Trustee
is hereby authorized and empowered to execute and deliver, on behalf of the
defaulting 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.

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      If any Event of Default shall occur, the Trustee, upon becoming aware of
the occurrence thereof, shall promptly notify the Depositor and each Rating
Agency of the nature and extent of such Event of Default.

                  (b) Within 90 days of the time the Servicer receives a notice
of termination from the Trustee pursuant to Section 6.14, the Trustee, unless
another Servicer shall have been appointed, shall be the successor in all
respects to the Servicer in its capacity as such under this Agreement and the
transactions set forth or provided for therein and shall have all the rights and
powers and be subject to all the responsibilities, duties and liabilities
relating thereto and arising thereafter placed on the Servicer thereunder,
including the obligation to make Advances; provided, however, that any failure
to perform such duties or responsibilities caused by the Servicer's failure to
provide information required by this Agreement or this Agreement shall not be
considered a default by the Trustee hereunder. In addition, the Trustee shall
have no responsibility for any act or omission of the Servicer prior to the
issuance of any notice of termination. The Trustee shall have no liability
relating to any representations and warranties of the Servicer set forth in this
Agreement. In the Trustee's capacity as such successor, the Trustee shall have
the same limitations on liability provided to the Servicer in this Agreement. As
compensation therefor, the Trustee shall be entitled to receive all compensation
payable to the Servicer under this Agreement.

      The Trustee shall be entitled to be reimbursed by the Depositor and the
Trust Fund (pursuant to Section 6.11 but without regard to any annual limitation
thereunder), in the event that the Servicer does not reimburse the Trustee under
this Agreement, for all costs associated with the transfer of servicing from the
predecessor Servicer, including, without limitation, any costs or expenses
associated with the termination of the predecessor Servicer, the appointment of
a successor servicer, the complete transfer of all servicing data and the
completion, correction or manipulation of such servicing data as may be required
by the Trustee or any successor servicer to correct any errors or
insufficiencies in the servicing data or otherwise to enable the Trustee or
successor servicer to service the Mortgage Loans property and effectively (such
costs, "Servicing Transfer Costs").

                  (c) Notwithstanding the above, the Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, petition a
court of competent jurisdiction to appoint, or, with the consent of the
Depositor, appoint on its own behalf any established housing and home finance
institution servicer, or servicing or mortgage servicing institution having a
net worth of not less than $15,000,000 and meeting such other standards for a
successor servicer as are set forth in this Agreement and reasonably
satisfactory to the Depositor, as the successor to the Servicer in the
assumption of all of the responsibilities, duties or liabilities of a servicer,
like the Servicer. Any entity designated by the Trustee as a successor servicer
may be an Affiliate of the Trustee; provided, however, that, unless such
Affiliate meets the net worth requirements and other standards set forth herein
for a successor servicer, the Trustee, in its individual capacity shall agree,
at the time of such designation, to be and remain liable to the Trust Fund for
such Affiliate's actions and omissions in performing its duties under this
Agreement. In connection with such appointment and assumption, the Trustee may
make such arrangements for the compensation of such successor out of payments on
Mortgage Loans as it and such successor shall agree; provided, however, that no
such compensation shall be in excess of that permitted to the Servicer under
this Agreement. The Trustee and such successor shall take such actions,
consistent with this Agreement, as shall be necessary to effectuate any such
succession and may make other arrangements with respect to the servicing to be
conducted hereunder which are not inconsistent herewith and therewith. Neither
the Trustee nor any other successor servicer shall be deemed to be in default
hereunder by reason of any failure to make, or

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any delay in making, any distribution hereunder or any portion thereof caused by
(i) the failure of the Servicer to deliver, or any delay in delivering, cash,
documents or records to it, (ii) the failure of the Servicer to cooperate as
required by this Agreement, (iii) the failure of the Servicer to deliver the
Mortgage Loan data to the Trustee as required by this Agreement or (iv)
restrictions imposed by any regulatory authority having jurisdiction over the
Servicer.

      Section 6.15. Additional Remedies of Trustee Upon Event of Default.

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

      Section 6.16. Waiver of Defaults.

      More than 50% of the Aggregate Voting Interests of Certificateholders may
waive any default or Event of Default by the Servicer in the performance of its
obligations hereunder, except that a default in the making of any required
deposit to the Distribution Account that would result in a failure of the
Trustee to make any required payment of principal of or interest on the
Certificates may only be waived with the consent of 100% of the affected
Certificateholders. Upon any such waiver of a past default, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereon
except to the extent expressly so waived.

      Section 6.17. Notification to Holders.

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

      Section 6.18. Directions by Certificateholders and Duties of Trustee
During Event of Default.

      Subject to the provisions of Section 8.01 hereof, during the continuance
of any Event of Default, Holders of Certificates evidencing not less than 25% of
the Class Principal Amount (or Percentage Interest) of each Class of
Certificates affected thereby may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Agreement; provided,
however, that the Trustee shall be under no obligation to pursue any such
remedy, or to exercise any of the trusts or powers vested in it by this
Agreement (including, without limitation, (i) the conducting or

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defending of any administrative action or litigation hereunder or in relation
hereto and (ii) the terminating of the Servicer or any successor servicer from
its rights and duties as servicer) at the request, order or direction of any of
the Certificateholders, unless such Certificateholders shall have offered to the
Trustee reasonable security or indemnity against the cost, expenses and
liabilities which may be incurred therein or thereby; and, provided further,
that, subject to the provisions of Section 8.01, the Trustee shall have the
right to decline to follow any such direction if the Trustee, in accordance with
an Opinion of Counsel, determines that the action or proceeding so directed may
not lawfully be taken or if the Trustee in good faith determines that the action
or proceeding so directed would involve it in personal liability for which it is
not indemnified to its satisfaction or be unjustly prejudicial to the
non-assenting Certificateholders.

      Section 6.19. Preparation of Tax Returns and Other Reports.

                  (a) The Trustee shall prepare or cause to be prepared on
behalf of the Trust Fund, based upon information calculated in accordance with
this Agreement pursuant to instructions given by the Depositor, and the Trustee
shall file federal tax returns, all in accordance with Article X hereof. The
Trustee shall prepare and file such state income tax returns and such other
returns as may be required by applicable law relating to the Trust Fund, and, if
required by state law, and shall file any other documents to the extent required
by applicable state tax law (to the extent such documents are in the Trustee's
possession). The Trustee shall forward copies to the Depositor of all such
returns and Form 1099 supplemental tax information and such other information
within the control of the Trustee as the Depositor may reasonably request in
writing, and shall distribute to each Certificateholder such forms and furnish
such information within the control of the Trustee as are required by the Code
and the REMIC Provisions to be furnished to them, and will prepare and
distribute to Certificateholders Form 1099 (supplemental tax information) (or
otherwise furnish information within the control of the Trustee) to the extent
required by applicable law.

                  (b) The Trustee shall prepare and file with the Internal
Revenue Service ("IRS"), on behalf of each of REMIC 1, REMIC 2 and the Upper
Tier REMIC, an application on IRS Form SS-4 or shall obtain a Taxpayer
Identification Number for each of REMIC 1, REMIC 2 and the Upper Tier REMIC
using another reasonable method. If the application is filed on Form SS-4, the
Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
Number Assigned for each REMIC, shall promptly forward copies of such notices to
the Depositor, upon request. The Trustee will file an IRS Form 8811.

                  (c) The Depositor shall prepare or cause to be prepared the
initial current report on Form 8-K. Thereafter, within 15 days after each
Distribution Date, the Trustee shall, in accordance with industry standards,
file with the Securities and Exchange Commission (the "Commission") via the
Electronic Data Gathering and Retrieval System (EDGAR), a Form 8-K with a copy
of the statement to the Certificateholders for such Distribution Date as an
exhibit thereto. Prior to January 31, 2005, the Trustee shall, in accordance
with industry standards, file a Form 15 Suspension Notification with respect to
the Trust Fund, if applicable. Prior to March 31, 2005, the Trustee shall file a
Form 10-K executed by the Depositor, in substance conforming to industry
standards, with respect to the Trust Fund. The Depositor shall be responsible
for preparing all filings and certificates required by the Sarbanes-Oxley Act of
2002. The Trustee agrees to promptly furnish to the Depositor, from time to time
upon request, such further information, reports, and financial statements within
its control related to this Agreement and the Mortgage Loans as the Depositor
reasonably deems appropriate to prepare and file all necessary reports with the
Commission.

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      Section 6.20. Annual Certificate by Trustee.

                  (a) By March 15th of each year for which a Form 10-K is to be
filed with a certification by the Depositor, an officer of the Trustee shall
execute and deliver an Officer's Certificate, signed by the senior officer in
charge of the Trustee or any officer to whom that officer reports, to the
Depositor for the benefit of such Depositor and its officers, directors and
affiliates, certifying as to the matters described in the Officer's Certificate
attached hereto as Exhibit P.

                  (b) The Trustee shall indemnify and hold harmless the
Depositor and its officers, directors, agents and affiliates from and against
any losses, damages, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and other costs and expenses arising out of or based
upon a breach by the Trustee or any of its officers, directors, agents or
affiliates of its obligations under this Section 6.20 any material misstatement
or omission in the Officer's Certificate required under this Section or the
negligence, bad faith or willful misconduct of the Trustee in connection
therewith. If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Depositor, then the Trustee agrees that it
shall contribute to the amount paid or payable by the Depositor as a result of
the losses, claims, damages or liabilities of the Depositor in such proportion
as is appropriate to reflect the relative fault of the Trustee on the one had
and the Depositor on the other in connection with a breach of the Trustee's
obligations under this Section 6.20, any material misstatement or omission in
the Officer's Certificate required under this Section or the Trustee's
negligence, bad faith or willful misconduct in connection therewith.

                                  ARTICLE VII.

                         PURCHASE OF MORTGAGE LOANS AND
                          TERMINATION OF THE TRUST FUND

      Section 7.01. Purchase of Mortgage Loans; Termination of Trust Fund Upon
Purchase or Liquidation of All Mortgage Loans.

                  (a) The respective obligations and responsibilities of the
Trustee, the Servicer and the Depositor created hereby (other than the
obligation of the Trustee to make payments to Certificateholders as set forth in
Section 7.02), shall terminate on the earliest of (i) the final payment or other
liquidation of the last Mortgage Loan remaining in the Trust Fund and the
disposition of all REO Property, (ii) the sale of the property held by the Trust
Fund at auction in accordance with Section 7.01(c) and (iii) the Latest Possible
Maturity Date; provided, however, that in no event shall the Trust Fund created
hereby continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James's, living on the date hereof. Any
termination of the Trust Fund shall be carried out in such a manner so that the
termination of each REMIC included therein shall qualify as a "qualified
liquidation" under the REMIC Provisions.

                  (b) [Reserved]

                  (c) Any termination of the Trust Fund pursuant to clause
(a)(ii) above shall be effected by the auction by the Trustee of all of the
Mortgage Loans and REO Properties via a solicitation of bids in accordance with
procedures to be agreed upon by the Trustee and the Depositor. The Trustee shall
accept the highest such bid, provided that such bid equals or exceeds the amount
described in the definition of "Optional Termination Price."

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Notwithstanding anything to the contrary herein, the Optional Termination Price
received by the Trustee shall be deposited by the Trustee directly into the
Distribution Account no later than the Business Day prior to the date of
termination.

      The right of the Trustee to conduct an auction pursuant to the preceding
paragraph shall be conditioned upon the aggregate outstanding Stated Principal
Balance of the Mortgage Loans, at the time of such auction, aggregating ten (10)
percent or less of the Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date.

                  (d) The Servicer and the Trustee shall be reimbursed from the
Optional Termination Price for any Advances, Servicer Advances, accrued and
unpaid Servicing Fees, the cost of any auction conducted pursuant to (c) above
or other amounts with respect to the Mortgage Loans that are reimbursable to
such parties under this Agreement.

      Section 7.02. Procedure Upon Termination of Trust Fund.

                  (a) Notice of any optional termination pursuant to the
provisions of Section 7.01(c) specifying the Distribution Date upon which the
final distribution shall be made or the Purchase Date, shall be given promptly
by the Trustee by first class mail to Certificateholders mailed no later than
the first day of the month in which the Distribution Date selected for purchase
of the Mortgage Loans occurs or upon (x) the sale of all of the property of the
Trust Fund by the Trustee or in the case of a sale of assets of the Trust Fund,
or (y) upon the final payment or other liquidation of the last Mortgage Loan or
REO Property in the Trust Fund. Such notice shall specify (A) the Purchase Date
and the Distribution Date upon which final distribution on the Certificates of
all amounts required to be distributed to Certificateholders pursuant to Section
5.02 will be made upon presentation and surrender of the Certificates at the
Certificate Registrar's Corporate Trust Office, and (B) that the Record Date
otherwise applicable to such Distribution Date is not applicable, distribution
being made only upon presentation and surrender of the Certificates at the
office or agency of the Trustee therein specified. The Trustee shall give such
notice to the Certificate Registrar at the time such notice is given to Holders
of the Certificates. Upon any such termination, the duties of the Trustee and
the Certificate Registrar with respect to the Certificates shall terminate and
the Trustee shall terminate the Distribution Account and any other account or
fund maintained with respect to the Certificates, subject to the Trustee's
obligation hereunder to hold all amounts payable to Certificateholders in trust
without interest pending such payment.

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

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                  (c) Any reasonable expenses incurred by the Trustee, to the
extent that such expenses, if paid or reimbursed by the Trust Fund, would
constitute "unanticipated expenses" within the meaning of Treasury Regulations
Section 1.860G-1(b)(3)(ii), in connection with any redemption or termination or
liquidation of the Trust Fund shall be reimbursed from proceeds received from
the liquidation of the Trust Fund.

      Section 7.03. Additional Trust Fund Termination Requirements.

                  (a) Any termination of the Trust Fund shall be effected in
accordance with the following additional requirements, unless the Trustee seeks
and receives an Opinion of Counsel (at the expense of such requesting party),
addressed to the Trustee, to the effect that the failure of the Trust Fund to
comply with the requirements of this Section 7.03 will not (I) result in the
imposition of taxes on any REMIC under the REMIC Provisions or (II) cause any
REMIC established hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

                  (i) Within 89 days prior to the time of the making of the
            final payment on the Certificates upon notification by the Depositor
            that it intends to exercise its option to cause the termination of
            the Trust Fund, the Trustee shall adopt a plan of complete
            liquidation prepared by the Depositor of the Trust Fund on behalf of
            each REMIC, meeting the requirements of a qualified liquidation
            under the REMIC Provisions;

                  (ii) Any sale of the assets of the Trust Fund pursuant to
            Section 7.01 or 7.02 shall be a sale for cash and shall occur at or
            after the time of adoption of such a plan of complete liquidation
            and prior to the time of making of the final payment on the
            Certificates;

                  (iii) On the date specified for final payment of the
            Certificates, the Trustee shall make final distributions of
            principal and interest on the Certificates in accordance with
            Section 5.02 and, after payment of, or provision for any outstanding
            expenses, distribute or credit, or cause to be distributed or
            credited, to the Holders of the Residual Certificates all cash on
            hand after such final payment (other than cash retained to meet
            claims), and the Trust Fund (and each REMIC) shall terminate at that
            time; and

                  (iv) In no event may the final payment on the Certificates or
            the final distribution or credit to the Holders of the Residual
            Certificates be made after the 89th day from the date on which the
            plan of complete liquidation is adopted.

                  (b) By its acceptance of a Residual Certificate, each Holder
thereof hereby agrees to accept the plan of complete liquidation adopted by the
Trustee under this Section and to take such other action in connection therewith
as may be reasonably requested by the Trustee.

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                                  ARTICLE VIII.

                          RIGHTS OF CERTIFICATEHOLDERS

      Section 8.01. Limitation on Rights of Holders.

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

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

      Section 8.02. Access to List of Holders.

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

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<PAGE>

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

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

      Section 8.03. Acts of Holders of Certificates.

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

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

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

                  (d) Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Certificate shall bind
every future Holder of the same Certificate and the Holder of every Certificate
issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done

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<PAGE>

by the Trustee in reliance thereon, whether or not notation of such action is
made upon such Certificate.

                                   ARTICLE IX.

               ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

      Section 9.01. Servicer to Act as Servicer.

                  (a) Commencing on the Closing Date, the Servicer shall service
each Mortgage Loan in accordance with Accepted Servicing Practices.

                  (b) The Servicer shall maintain an EDP containing all
information and programming necessary to service the Mortgage Loans in
accordance with Section 2.01(a) hereof. The Mortgage Loans shall be grouped on
the Servicer's EDP to reflect the Trust Fund as the owner of the Mortgage Loans.

                  (c) The Servicer may not waive, modify or vary any term of a
Mortgage Note without the Depositor's prior written consent. The Servicer shall
comply with all applicable federal, state and local legal and regulatory
requirements (including laws, statutes, rules, regulations and ordinances) in
connection with the modification of the Mortgage Note.

                  (d) Notwithstanding anything herein to the contrary, the
Servicer shall follow any reasonable directions given by the Trustee and/or the
Depositor with respect to the servicing of the Mortgage Loans.

                  (e) With the exception of Ancillary Fees and any other charges
expressly permitted by the Mortgage Note and applicable law, the Servicer
covenants and agrees that it will not, without the prior written consent of the
Seller, charge or collect from any Mortgagor, or trustee under a deed of trust,
any fees of any kind including, but not limited to charges for amounts expended
by the Servicer, regardless of the characterization of the fee or charge.

                  (f) The Trustee agrees to execute such limited powers of
attorney provided to it by the Servicer as are necessary and appropriate to
assist the Servicer to carry out its servicing and administrative
responsibilities under this Agreement.

                  (g) In connection with its duties hereunder, in the event the
Servicer requires an original of any document contained in a Mortgagor's file to
service a Mortgage Loan, it shall submit a written request to the Custodian and
the Custodian shall provide the original document to the Servicer within two (2)
Business Days after receipt of the written request, provided that (a) as to any
recorded document, the applicable recorder's office has returned the recorded
document to the Servicer or (b) as to the original title insurance policy, the
Servicer has received such policy. When requesting a release of documents from
the Custodian, the Servicer shall use the form attached hereto as Exhibit N.
Notwithstanding the foregoing, the Servicer acknowledges and agrees that the
Seller maintains agreements with document custodians selected by it from time to
time, pursuant to which such custodians maintain Mortgage Loan files on behalf
of the Seller. The Servicer agrees to cooperate with such custodians and request
from such custodians the documents and Mortgage Files required by the Servicer
which are maintained by such custodians (with a copy of such request sent to the
Seller).

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<PAGE>

                  (h) The Servicer shall not, unless default by the related
Mortgagor has occurred or is imminent, knowingly permit any modification, waiver
or amendment of any material term of any Mortgage Loan (including but not
limited to the interest rate, the principal balance, the amortization schedule,
or any other term affecting the amount or timing of payments on the Mortgage
Loan or the collateral therefor) unless the Servicer shall have provided to the
Depositor and the Trustee an Opinion of Counsel in writing to the effect that
such modification, waiver or amendment would not cause an Adverse REMIC Event.

      Section 9.02. Title, Management and Disposition of REO Property.

                  (a) If title to a Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be taken in the name of the Trustee or its designee. Notwithstanding the
foregoing, the Servicer shall not acquire title to any Mortgaged Property, or
proceed with the management of any REO Property, for which the Servicer has
knowledge that such Mortgaged Property or REO Property is affected by hazardous
waste. The Servicer shall either itself, or through an agent, manage, conserve,
protect and operate each REO Property (and may temporarily rent the same) on
behalf of the Trust Fund.

      In the event that the Trust Fund acquires any REO Property in connection
with a default or imminent default on a Mortgage Loan, the Servicer shall
dispose of such REO Property not later than the end of the third taxable year
after the year of its acquisition by the Trust Fund unless the Servicer has
applied for and received a grant of extension from the Internal Revenue Service
to the effect that, under the REMIC Provisions and any relevant proposed
legislation and under applicable state law, the Trust Fund may hold REO Property
for a longer period without adversely affecting the REMIC status of such REMIC
or causing the imposition of a federal or state tax upon such REMIC. If the
Servicer has received such an extension, then the Servicer shall continue to
attempt to sell the REO Property for its fair market value for such period
longer than three years as such extension permits (the "Extended Period") If the
Servicer has not received such an extension and the Servicer is unable to sell
the REO Property within the period ending 3 months before the end of such third
taxable year after its acquisition by the Trust Fund or if the Servicer has
received such an extension, and the Servicer is unable to sell the REO Property
within the period ending three months before the close of the Extended Period,
the Servicer shall, before the end of the three year period or the Extended
Period, as applicable, (i) purchase such REO Property at a price equal to the
REO Property's fair market value or (ii) auction the REO Property to the highest
bidder (which may be the Servicer) in an auction reasonably designed to produce
a fair price prior to the expiration of the three-year period or the Extended
Period, as the case may be. The Trustee shall sign any document prepared by the
Servicer or take any other action reasonably requested by the Servicer which
would enable the Servicer, on behalf of the Trust Fund, to request such grant of
extension.

      Notwithstanding any other provisions of this Agreement, no REO Property
acquired by the Trust Fund shall be held, rented (or allowed to continue to be
rented) or otherwise used by or on behalf of the Trust Fund in such a manner or
pursuant to any terms that would: (i) cause such REO Property to fail to qualify
as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code;
or (ii) subject the Trust Fund to the imposition of any federal income taxes on
the income earned from such REO Property, including any taxes imposed by reason
of Sections 860F or 860G(c) of the Code, unless the Servicer has agreed to
indemnify and hold harmless the Trust Fund with respect to the imposition of any
such taxes.

                  (b) The Servicer shall deposit or cause to be deposited in the
applicable Custodial Account, on a daily basis, all revenues received with
respect to each REO

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Property and shall be permitted to withdraw therefrom, to the extent of the
amount of such revenues on deposit therein, funds necessary for the proper
operation, management and maintenance of such REO Property, including but not
limited to the cost of maintaining any hazard insurance and the fees of any
managing agent acting on behalf of the Servicer.

                  (c) If the Servicer elects to dispose of an REO Property
without utilizing the services of an agent, the Servicer shall notify the
Trustee of its receipt of any and all bona fide offers to purchase that REO
Property. Each such REO Disposition shall be carried out by the Servicer at such
price, and upon such terms and conditions.

      If the Servicer utilizes the services of an approved agent to dispose of
an REO Property, the Servicer shall provide the Trustee with a copy of such
agent's marketing plan, which shall include, but not be limited to, (i) the
marketing time period, (ii) an estimate of the costs of any repairs or
improvements, (iii) the lowest acceptable sale price for the REO Property and
(iv) other proposed terms and conditions of sale. The REO Disposition shall be
carried out by the Servicer in accordance with the terms thereof. If the
Servicer receives a bona fide offer to purchase an REO Property and would like
to accept the offer, but the offer is outside the parameters of the approved
marketing plan, the Servicer shall provide the Trustee with written notification
of the terms and conditions of the offer.

      The Servicer, upon an REO Disposition, shall be entitled to reimbursement
for any related unreimbursed Servicing Advances from proceeds received in
connection with such REO Disposition. If the proceeds from an REO Disposition
are insufficient to reimburse the Servicer for any related unreimbursed
Servicing Advances, to the extent such reimbursement will constitute an
"unanticipated expense" (within the meaning of Treasury Regulations Section
1.860G-1(b)(3)(ii)) of a REMIC provided for herein, the Servicer shall be
entitled to withdraw any such deficiency from amounts on deposit in the
applicable Custodial Account. All proceeds from an REO Disposition, net of any
reimbursement to the Servicer as provided above, shall be remitted to the
Trustee within three (3) Business Days following receipt thereof.

      Section 9.03. Trustee and Depositor's Right to Examine Servicer Records.

                  (a) The Servicer shall cooperate with the Depositor and/or the
Trustee, its counsel, accountants (including outside accountants), supervisory
agents, examiners and other representatives in providing reasonable access
during normal business hours to examine and audit any and all of the books,
records, documentation or other information of the Servicer related to the
Mortgage Loans, which may be relevant to the performance or observance by the
Servicer of the terms, covenants or conditions of this Agreement.

                  (b) The examination and audit rights and other rights to
access described in clause (a) above shall be afforded by the Servicer at its
offices without charge, upon reasonable request, and during normal business
hours or at such other times as may be reasonable under applicable
circumstances. The Servicer, at its expense, shall make available all customary,
reasonable office space, facilities, and equipment for the visiting party and
shall provide the visiting party with access to reasonable cooperation with its
officers and employees. The salaries, travel, subsistence and other related
expenses for the Depositor's and/or the Trustee's representatives shall be borne
by the Depositor and/or the Trustee.

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      Section 9.04. Legal Proceedings Involving the Servicer and/or the Mortgage
Loans.

                  (a) The Servicer shall commence, defend, appear, or otherwise
participate in any foreclosure, condemnation, bankruptcy, or other legal
proceedings relating to a Mortgage Loan in the name of the Trustee and/or the
Trust Fund. The Servicer shall provide the Trustee, on a monthly basis, with
such written reports as it receives regarding any legal proceedings.

                  (b) The Servicer shall commence all foreclosures, bankruptcies
and other legal proceedings in the name of the Trustee and/or the Trust Fund
unless otherwise directed in writing by the Trustee.

      Section 9.05. Material Changes.

      The Servicer shall promptly report to the Trustee and the Depositor any
change in its business operations, financial condition, properties or assets
that could have a material adverse effect on the Servicer's ability to perform
its obligations hereunder. Events for which the Trustee and the Depositor must
receive notice include, but are not limited to, the following:

                  (a) any merger or consolidation, any changes in the Servicer's
ownership whether directly or indirectly (including any change in ownership of
the Servicer's parent), or any significant reorganization;

                  (b) any material changes in management ordered or required by
a regulatory authority supervising or licensing the Servicer;

                  (c) the entry against the Servicer of a decree or order of a
court or agency or supervisory authority having jurisdiction for the appointment
of a trustee, conservator, receiver, liquidator, assignee, custodian or
sequestrator (or other similar official) in any federal or state bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or
similar proceedings, or for the winding-up or liquidation of its affairs, if
such decree or order has remained in force undischarged or unstayed for a period
of sixty (60) days;

                  (d) the consent by the Servicer to the appointment of a
trustee, conservator, receiver, liquidator, assignee, custodian or sequestrator
(or other similar official) in, or commencement of a voluntary case under, any
federal or state bankruptcy, insolvency, readjustment of debt, marshaling of
assets and liabilities or similar proceedings;

                  (e) upon the Servicer's (A) admitting in writing its inability
to pay its debts generally as they become due, (B) filing a petition to take
advantage of any applicable insolvency or reorganization statute, (C) making an
assignment for the benefit of its creditors or (D) voluntarily suspending
payment of its obligations;

                  (f) entry of any court judgment or regulatory order in which
the Servicer is or may be required to pay a claim or claims that may have a
material adverse effect on the Servicer's financial condition;

                  (g) any admission by the Servicer to the commission of, or any
finding that the Servicer has committed, any violation of any law, regulation or
order in any proceeding or audit commenced by any governmental, or regulatory
authority, or any proceeding commenced in any court of law;

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                  (h) the commencement of any class action law suits against the
Servicer; and

                  (i) the Servicer's entry into any agreement with a third party
that would result in any material change in the financial status or ownership of
the Servicer or any merger of the Servicer.

      Section 9.06. Servicer Shall Provide Information as Reasonably Required.

      During the term of this Agreement, the Servicer shall furnish any reports
or documentation that the Trustee and/or the Depositor may reasonably request.
Reports requested may include reports not specified or otherwise required by
this Agreement or reports required to comply with any regulations regarding any
supervisory agents or examiners of the Trustee and/or the Depositor, as
applicable. All reports will be delivered in accordance with the Trustee and/or
the Depositor's reasonable instructions and directions. The Servicer agrees to
execute and deliver all such instruments and take all such action as the Trustee
and/or the Depositor, as applicable, from time to time, may reasonably request
in order to effectuate the purpose and to carry out the terms of this Agreement.

      Section 9.07. Servicer Not to Resign.

      The Servicer shall neither assign this Agreement or the servicing
hereunder or delegate its rights or duties hereunder or any portion hereof (to
other than a third party in the case of outsourcing routine tasks such as taxes,
insurance and property inspection, in which case the Servicer shall be fully
liable for such tasks as if the Servicer performed them itself) nor sell or
otherwise dispose of all or substantially all of its property or assets without
the prior written consent of the Trustee and the Depositor, which consent shall
be granted or withheld in the reasonable discretion of such parties, provided,
however, that (i) the Servicer may assign its rights and obligations hereunder
without prior written consent of the Trustee and the Depositor to any entity
that is directly owned or controlled by the Servicer, and the Servicer
guarantees the performance of such entity hereunder, (ii) the Servicer is no
longer permitted to act as Servicer under applicable law as evidenced by an
Opinion of Counsel or (iii) upon a sale of its servicing rights with respect to
the Mortgage Loans with the prior written consent of the Seller. In the case of
item (i) above, the Servicer shall provide the Trustee and the Depositor with a
written statement guaranteeing the successor entity's performance of the
Servicer's obligations under the Agreement.

      Section 9.08. Custodial Accounts and Escrow Accounts.

      The Servicer shall segregate and hold all funds collected and received
pursuant to each Mortgage Loan separate and apart from any of its own funds and
general assets. The Servicer shall create and maintain Custodial Accounts and
Escrow Accounts for the deposit of all funds, except as otherwise provided
herein, received by the Servicer on the Mortgage Loans.

      Section 9.09. Assumption Processing.

      Within three (3) Business Days of receipt by the Servicer of a request by
a Mortgagor to be released from liability for payment of a Mortgage Loan in
connection with an assumption of the related Mortgage Note, the Servicer shall
notify the Trustee of such request. Upon the completion of the assumption
processing, the Seller shall provide the Servicer with all necessary information
to enable the Servicer to update its EDP.

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      Section 9.10. Books and Records.

      The Servicer shall be responsible for maintaining, and shall maintain, a
complete set of records for the Mortgage Loans. The Servicer's books and records
shall clearly reflect the ownership of the Mortgage Loans by the Trust Fund. All
documents, records and correspondence, regardless of the media in which they are
stored or maintained, are property of the Trust Fund, and the Servicer shall
hold the same in a fiduciary capacity for the Trust Fund. The Servicer may
retain copies of all such documents, records and correspondence as may be
necessary to service the Mortgage Loans under this Agreement.

      Section 9.11. Annual Statement as to Compliance.

      The Servicer will deliver to the Depositor and the Trustee on or before
February 28 of each year, beginning in 2005 or such other date that the
Depositor gives the Servicer at least 30 days prior notice of in order to remain
in compliance with the Section 302 Requirements, an Officer's Certificate of the
Servicer stating that (i) a review of the activities of the Servicer during the
preceding calendar year and of performance under this Agreement has been made
under such officer's supervision, and (ii) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all of its
obligations under this Agreement throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to such officer and the nature and status thereof.

      Section 9.12. Annual Independent Certified Public Accountants' Servicing
Reports.

      On or before March 15 of each year, beginning in 2005 or such other date
as to which the Depositor gives the Servicer at least 30 days prior written
notice, in order to remain in compliance with the Section 302 Requirements, the
Servicer at its expense shall cause a nationally recognized firm of independent
certified public accountants that is a member of the American Institute of
Certified Public Accountants to furnish a USAP Report to the Trustee and the
Depositor.

      Section 9.13. Officer's Certificate.

                  (a) By February 28th of each year beginning in 2005 or such
other date specified in a written notice within 15 days prior to the date on
which a Form 10-K is required to be filed with a certification by the Depositor,
an officer of the Servicer shall execute and deliver an Officer's Certificate
substantially in the form of Exhibit R attached hereto, signed by the senior
officer in charge of servicing of the Servicer or any officer to whom that
officer reports, to the Trustee and Depositor for the benefit of such parties
and their respective officers, directors and affiliates.

                  (b) The Servicer shall indemnify and hold harmless the
Depositor and its officers, directors, agents and affiliates from and against
any losses, damages, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and other costs and expenses arising out of or based
upon a breach by the Servicer or any of its officers, directors, agents or
affiliates of its obligations under this Section 9.13 any material misstatement
or omission in the Officer's Certificate required under this Section 9.13 or the
negligence, bad faith or willful misconduct of the Servicer in connection
therewith. If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Depositor, then the Servicer agrees that it
shall contribute to the amount paid or payable by the Depositor as a result of
the losses, claims, damages or liabilities of the Depositor in such proportion
as is appropriate to reflect the relative

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fault of the Servicer on the one had and the Depositor on the other in
connection with a breach of the Servicer's obligations under this Section 9.13,
any material misstatement or omission in the Officer's Certificate required
under this Section 9.13 or the Servicer's negligence, bad faith or willful
misconduct in connection therewith.

      Section 9.14. Servicing Compensation.

                  (a) Subject to the following paragraph, as compensation for
its services hereunder, the Servicer shall be entitled to a Servicing Fee
payable with respect to each Mortgage Loan. As to each Mortgage Loan, the
Servicing Fee shall be payable monthly from payments of interest on such
Mortgage Loan prior to the deposit of such payments into the applicable
Custodial Account, shall accrue at the applicable Servicing Fee Rate, and shall
be computed on the basis of the same principal amount and for the same period
respecting which such interest payment was computed.

                  (b) The Servicing Fee for each Mortgage Loan shall be payable
solely from (i) the interest portion of the related Monthly Payment (to the
extent paid by the Mortgagor, but only if a full interest payment is received),
or (ii) from any payment of interest made with respect to the Mortgage Loan from
the proceeds of foreclosure or any judgment, writ of attachment or levy against
the Mortgagor or the Mortgagor's assets, or (iii) from funds paid in connection
with any prepayment in full, or (iv) from Insurance Proceeds or Liquidation
Proceeds.

                  (c) As additional compensation hereunder, the Servicer may
retain (i) all net interest earnings on balances maintained in the Custodial
Account and Escrow Accounts and (ii) the Ancillary Fees.

                  (d) The Servicer's right to the Servicing Fee shall not be
transferred in whole or in part except in connection with any permitted transfer
of all the Servicer's obligations under this Agreement. The Servicer shall be
required to pay all expenses incurred by it in connection with its servicing
activities hereunder and shall not be entitled to reimbursement therefor except
as specifically provided for herein.

      Section 9.15. Indemnification.

      The Servicer shall indemnify and hold the Trustee, the Trust Fund and the
Depositor and their respective officers, directors, employees and agents
(collectively, the "Indemnified Parties") harmless from, and will reimburse the
Indemnified Parties for, any and all Losses incurred by any of the Indemnified
Parties to the extent that such Losses result from, are caused by or arise out
of any one or more of the following:

                  (i) Any material misrepresentations made by the Servicer in
            this Agreement, or in any schedule, exhibit, or certificate
            furnished pursuant hereto;

                  (ii) Any material breach of any of the representations and
            warranties of the Servicer or the nonfulfillment of any term,
            covenant, condition or obligation of the Servicer set forth in this
            Agreement or in any schedule, statement, exhibit, or certificate
            furnished pursuant hereto, or any default or failure to perform by
            the Servicer hereunder;

                  (iii) Any failure of the Servicer to comply with Accepted
            Servicing Practices in connection with servicing the Mortgage Loans;

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                  (iv) Any liabilities or obligations, contingent or otherwise,
            of the Servicer of any nature whatsoever relating to the Servicer's
            obligations under this Agreement, to the extent that any related
            Loss to the Trustee, Trust Fund or Depositor is not increased by
            negligence, bad faith or willful misconduct on the part of the
            Trustee, Trust Fund or Depositor; or

                  (v) Any non-compliance with the terms of the powers of
            attorney or the use thereof that results in a Loss to the Trustee,
            Trust Fund or Depositor.

      The indemnity provided in this Section 9.15 shall remain in full force and
effect regardless of any investigation made by the Trustee, Trust Fund or
Depositor or its representatives. The provisions of this Section 9.15 shall
survive the termination of this Agreement and the payment of the outstanding
Certificates.

      Section 9.16. Non Solicitation.

      For as long as the Servicer services the Mortgage Loans, the Servicer
covenants that it will not, and that it will ensure that its affiliates and
agents, will not, directly solicit or provide information for any other party to
solicit for prepayment or refinancing of any of the Mortgage Loans by the
related Mortgagors. It is understood that the promotions undertaken by the
Servicer which are directed to the general public at large, or certain segments
thereof, shall not constitute solicitation as that term is used in this Section
9.16.

      Section 9.17. Successor to the Servicer.

      Simultaneously with the termination of the Servicer's responsibilities and
duties under this Agreement (a) the Trustee shall, in accordance with the
provisions of this Agreement (i) succeed to and assume all of the Servicer's
responsibilities, rights, duties and obligations under this Agreement, or (ii)
appoint a successor meeting the eligibility requirements set forth herein and
which shall succeed to all rights and assume all of the responsibilities, duties
and liabilities of the Servicer under this Agreement with the termination of the
Servicer's responsibilities, duties and liabilities under this Agreement. If the
Trustee shall succeed to and assume the Servicer's responsibilities, rights,
duties and obligations under this Agreement, such succession shall not be
effective prior to 90 days after the Trustee's knowledge that the Servicer shall
be terminated hereunder. The Servicer shall not be removed hereunder prior to
the effectiveness of the assumption of its responsibilities, rights, duties and
obligations by the successor thereto. Any successor to the Servicer shall be
subject to the approval of the Depositor, the Trustee and each Rating Agency.
Each Rating Agency must deliver to the Trustee a letter to the effect that such
transfer of servicing will not result in a qualification, withdrawal or
downgrade of the then-current rating of any of the Certificates. In connection
with such appointment and assumption, the Trustee or the Depositor, as
applicable, 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 Servicer under this Agreement. In the event that the Servicer's
duties, responsibilities and liabilities under this Agreement should be
terminated pursuant to the aforementioned sections, the Servicer shall discharge
such duties and responsibilities during the period from the date it acquires
knowledge of such termination until the effective date thereof with the same
degree of diligence and prudence which it is obligated to exercise under this
Agreement, and shall take no action whatsoever that might impair or prejudice
the rights or financial condition of its successor. The resignation or removal
of the Servicer pursuant to the aforementioned sections shall not become
effective until a successor shall be appointed pursuant to this Section 9.17 and
shall in no event

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relieve the Servicer of the representations and warranties made herein and the
remedies available to the Trustee herein, it being understood and agreed that
the provisions of this Agreement regarding indemnification and nonsolicitation
shall be applicable to the Servicer notwithstanding any such resignation or
termination of the Servicer, or the termination of this Agreement.

      Section 9.18. Statements to the Trustee.

                  (a) Not later than the 15th calendar day of each month (or if
such calendar day is not a Business Day, the immediately succeeding Business
Day), the Servicer shall furnish to the Trustee (i) a monthly remittance advice
in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan
report in the format set forth in Exhibit D-2 hereto relating to the period
ending on the first day of the current calendar month and (ii) all such
information required on a magnetic tape or other similar media mutually agreed
upon by the Trustee and the Servicer.

                  (b) The Servicer shall provide the Trustee with such
information concerning the Mortgage Loans as is necessary for the Trustee to
prepare its federal income tax return as the Trustee may reasonably request from
time to time.

      Section 9.19. Merger or Consolidation of the Servicer.

      Any entity into which the Servicer may be merged or consolidated, or any
entity resulting from any merger, conversion or consolidation to which the
Servicer shall be a party, or any corporation succeeding to the business of the
Servicer, shall be the successor of the Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided,
however that the successor Servicer shall satisfy all the requirements of
Section 9.17 with respect to the qualifications of a successor Servicer.

      Section 9.20. Limitation on Liability of the Servicer.

      Neither the Servicer nor any of its directors, officers, employees or
agents shall be under any liability to the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Servicer or any such Person against any breach
of representations or warranties made by it herein or protect the Servicer or
any such Person from any liability which would otherwise be imposed by reasons
of willful misfeasance, bad faith or negligence in the performance of its duties
or by reason of reckless disregard of its obligations and duties hereunder. The
Servicer and any director, officer, employee or agent of the Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense incurred in connection with any audit, controversy or judicial
proceeding relating to a governmental taxing authority or any legal action
relating to this Agreement or the Certificates or any other unanticipated or
extraordinary expense, other than any loss, liability or expense incurred by
reason of willful misfeasance, bad faith or negligence in the performance of
duties hereunder or by reason of reckless disregard of obligations and duties
hereunder. The Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action that is not incidental to its respective
duties hereunder and which in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may in its discretion undertake
any such action that it may deem necessary or desirable in respect of this
Agreement and the rights and duties of the parties hereto and interests of the
Trustee and the Certificateholders hereunder. In such event, the legal expenses
and costs of such action and any liability resulting therefrom shall

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be expenses, costs and liabilities of the Trust Fund, and the Servicer shall be
entitled to be reimbursed therefor out of the Custodial Account.

                                   ARTICLE X.

                              REMIC ADMINISTRATION

      Section 10.01. REMIC Administration.

                  (a) REMIC elections as set forth in the Preliminary Statement
shall be made on Forms 1066 or other appropriate federal tax or information
return for the taxable year ending on the last day of the calendar year in which
the Certificates are issued. The regular interests and residual interest in each
REMIC shall be as designated in the Preliminary Statement and Section 1.01.

                  (b) The Closing Date is hereby designated as the "Startup Day"
of each REMIC within the meaning of section 860G(a)(9) of the Code. The latest
possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will
be the Latest Possible Maturity Date.

                  (c) The Trustee shall represent the Trust Fund in any
administrative or judicial proceeding relating to an examination or audit by any
governmental taxing authority with respect thereto. The Trustee shall pay any
and all tax-related expenses (not including taxes) of each REMIC, including but
not limited to any professional fees or expenses related to audits or any
administrative or judicial proceedings with respect to such REMIC that involve
the Internal Revenue Service or state tax authorities, but only to the extent
that (i) such expenses are ordinary or routine expenses, including expenses of a
routine audit but not expenses of litigation (except as described in (ii)); or
(ii) such expenses or liabilities (including taxes and penalties) are
attributable to the negligence or willful misconduct of the Trustee in
fulfilling its duties hereunder (including its duties as tax return preparer)
The Trustee shall be entitled to reimbursement of expenses to the extent
provided in clause (i) above from the Distribution Account, provided, however,
the Trustee shall not be entitled to reimbursement for expenses incurred in
connection with the preparation of tax returns and other reports as required by
Section 6.19 and this Section.

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

                  (e) The Trustee or its designee shall perform on behalf of
each REMIC all reporting and other tax compliance duties that are the
responsibility of such REMIC under the Code, the REMIC Provisions, or other
compliance guidance issued by the Internal Revenue Service or any state or local
taxing authority. Among its other duties, if required by the Code, the REMIC
Provisions, or other such guidance, the Trustee shall provide, upon receipt of
additional reasonable compensation, to the Treasury or other governmental
authority such information as is necessary for the application of any tax
relating to the transfer of a Residual Certificate to any disqualified person or
organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person
designated in Section 860E(e)(3) of the Code.

                  (f) The Trustee and the Holders of Certificates shall take any
action or cause any REMIC to take any action necessary to create or maintain the
status of any REMIC as a REMIC under the REMIC Provisions and shall assist each
other as necessary to create or

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maintain such status. Neither the Trustee nor the Holder of any Residual
Certificate shall knowingly take any action, cause any REMIC to take any action
or fail to take (or fail to cause to be taken) any action that, under the REMIC
Provisions, if taken or not taken, as the case may be, could (i) endanger the
status of any REMIC as a REMIC or (ii) result in the imposition of a tax upon
any REMIC (including but not limited to the tax on prohibited transactions as
defined in Code Section 860F(a)(2) and the tax on prohibited contributions set
forth on Section 860G(d) of the Code) (either such event, an "Adverse REMIC
Event") unless the Trustee has received an Opinion of Counsel (at the expense of
the party seeking to take such action) to the effect that the contemplated
action will not endanger such status or result in the imposition of such a tax.
In addition, prior to taking any action with respect to any REMIC or the assets
therein, or causing any REMIC to take any action, which is not expressly
permitted under the terms of this Agreement, any Holder of a Residual
Certificate will consult with the Trustee, in writing, with respect to whether
such action could cause an Adverse REMIC Event to occur with respect to any
REMIC, and no such Person shall take any such action or cause any REMIC to take
any such action as to which the Trustee has advised it in writing that an
Adverse REMIC Event could occur; provided, however, that if no Adverse REMIC
Event would occur but such action could result in the imposition of additional
taxes on the Residual Certificateholders, no such Person shall take any such
action, or cause any REMIC to take any such action without the written consent
of the Residual Certificateholders.

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

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

                  (i) No additional contributions of assets shall be made to any
REMIC, except as expressly provided in this Agreement.

                  (j) The Trustee shall not enter into any arrangement by which
any REMIC will receive a fee or other compensation for services.

                  (k) (i) Reserved;

                  (ii) The Trustee shall treat the Class A-1B Certificates as
            representing ownership, through a grantor trust, of the Upper Tier
            REMIC Class A-1B Interest. The Trustee shall treat the rights of the
            Holders of the Class A-1B Certificates to receive distributions in
            respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
            as interests in interest rate cap contracts written by the Holders
            of each of the Class X-A Certificates (as holders of interests in
            the X-A1B Component) in favor of the Holders of the Class A-1B
            Certificates.

                  (iii) The Trustee shall treat the Class A-2 Certificates as
            representing ownership, through a grantor trust, of the Upper Tier
            REMIC Class A-2 Interest. The Trustee shall treat the rights of the
            Holders of the Class A-2 Certificates to receive distributions in
            respect of Basis Risk

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<PAGE>

            Shortfalls and Unpaid Basis Risk Shortfalls, as interests in
            interest rate cap contracts written by the Holders of each of the
            Class X-A Certificates (as holders of interests in the X-A2
            Component) in favor of the Holders of the Class A-2 Certificates.

                  (iv) The Trustee shall treat each of the Class B-2 and Class
            B-3 Certificates as representing ownership, through grantor trusts,
            of the Upper Tier REMIC Class B-2 Interest and the Upper Tier REMIC
            Class B-3 Interest respectively. The Trustee shall treat the rights
            of the Holders of the Class B-2 and Class B-3 Certificates to
            receive payments in respect of Basis Risk Shortfalls and Unpaid
            Basis Risk Shortfalls as interests in interest rate cap contracts
            written by the Holders of the Class X-B Certificates in favor of the
            Holders of the Class B-2 and Class B-3 Certificates.

                  (v) For purposes of determining the issue prices of the REMIC
            regular interests or portions thereof represented by the
            Certificates, the interest rate cap contracts described in this
            Section 10.01(k) shall be assumed to have a zero value unless and
            until required otherwise by an applicable taxing authority.

                  (vi) Each holder or beneficial owner of a Class A-1B, Class
            A-2, Class X-A, Class X-B, Class B-2 or Class B-3 Certificate
            agrees, by its acceptance of such Certificate or a beneficial
            interest therein, to treat, for tax purposes, such Certificate in a
            manner consistent with the treatment described in this Section
            10.01(k) For information reporting purposes, the Trustee shall treat
            the rights of the holders of the Class A-1B, Class A-2, Class B-2
            and Class B-3 Certificates to receive payments that are treated
            under this Section 10.01(k) as payments on cap contracts or interest
            rate cap agreements as having no value unless and until required
            otherwise by an applicable taxing authority.

                  (vii) For federal income tax purposes, the Trustee shall treat
            distributions from the Trust Fund as occurring as required by the
            terms of the Upper Tier REMIC Interests, with any difference between
            such and actual distributions being treated as resulting from
            payments in respect of the interest rate cap agreements described in
            this Section 10.01(k).

                  (l) The Class A-R Holder shall act as "tax matters person"
      with respect to each REMIC and irrevocably appoints the Trustee to act as
      its agent in such roles.

                  (m) Neither the Trustee nor the Depositor, as assignees under
      this Agreement, shall provide any consent pursuant to this Agreement or
      knowingly take any action under this Agreement that would conflict with or
      violate the provisions of this Article X.

      Section 10.02. Prohibited Transactions and Activities.

      Neither the Depositor nor the Trustee shall sell, dispose of, or
substitute for any of the Mortgage Loans, except in a disposition pursuant to
(i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
(iii) the termination of each REMIC pursuant to Article VII of this Agreement,
(iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
assets for any REMIC, nor sell or dispose of any investments in the Distribution
Account for gain, nor accept any contributions to any REMIC after the Closing
Date, unless it has received an Opinion of Counsel (at the expense of the party
causing such sale, disposition, or substitution) that such disposition,

                                       93
<PAGE>
acquisition, substitution, or acceptance will not (a) affect adversely the
status of any such REMIC as a REMIC or of the interests therein other than the
Residual Certificate as the regular interests therein, (b) affect the
distribution of interest or principal on the Certificates, (c) result in the
encumbrance of the assets transferred or assigned to the Trust Fund (except
pursuant to the provisions of this Agreement) or (d) cause any such REMIC to be
subject to any tax including a tax on prohibited transactions or prohibited
contributions pursuant to the REMIC Provisions.

      Section 10.03. Indemnification with Respect to Prohibited Transactions or
Loss of REMIC Status.

      In the event that a REMIC fails to qualify as a REMIC, loses its status as
a REMIC, or incurs federal, state or local taxes as a result of a prohibited
transaction or prohibited contribution under the REMIC Provisions due to the
negligent performance by the Trustee of its duties and obligations set forth
herein, the Trustee shall indemnify the Certificateholders of the related
Residual Certificate against any and all losses, claims, damages, liabilities or
expenses ("Losses") resulting from such negligence; provided, however, that the
Trustee shall not be liable for any such Losses attributable to the action or
inaction of the Depositor or the Holder of the Residual Certificate, nor for any
such Losses resulting from misinformation provided by any of the foregoing
parties on which the Trustee has relied. Notwithstanding the foregoing, however,
in no event shall the Trustee have any liability (1) for any action or omission
that is taken in accordance with and in compliance with the express terms of, or
which is expressly permitted by the terms of, this Agreement or the Mortgage
Loan Purchase and Sale Agreement, (2) for any Losses other than arising out of
malfeasance, willful misconduct or negligent performance by the Trustee with
respect to its duties and obligations set forth herein, and (3) for any special
or consequential damages to Certificateholders of the related Residual
Certificate (in addition to payment of principal and interest on the
Certificates).

      Section 10.04. REO Property.

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

                  (b) The Depositor shall cause the Servicer (to the extent
provided in this Agreement) to make reasonable efforts to sell any REO Property
for its fair market value. In any event, however, the Depositor shall, or shall
cause the Servicer (to the extent provided in this Agreement) to, dispose of any
REO Property within three years of its acquisition by the Trust Fund unless the
Depositor or the Servicer (on behalf of the Trust Fund) has received a grant of
extension from the Internal Revenue Service to the effect that, under the REMIC
Provisions and any relevant proposed legislation and under applicable state law,
the REMIC may hold REO Property for a longer period without adversely affecting
the REMIC status of such REMIC or causing the imposition of a Federal or state
tax upon such REMIC. If such an extension has been received, then the Depositor,
acting on behalf of the Trustee hereunder, shall, or shall cause the

                                       94
<PAGE>

Servicer to, continue to attempt to sell the REO Property for its fair market
value for such period longer than three years as such extension permits (the
"Extended Period") If such an extension has not been received and the Depositor
or the Servicer, acting on behalf of the Trust Fund hereunder, is unable to sell
the REO Property within 33 months after its acquisition by the Trust Fund or if
such an extension, has been received and the Depositor or the Servicer is unable
to sell the REO Property within the period ending three months before the close
of the Extended Period, the Depositor shall cause the Servicer, before the end
of the three year period or the Extended Period, as applicable, to (i) purchase
such REO Property at a price equal to the REO Property's fair market value or
(ii) auction the REO Property to the highest bidder (which may be the Servicer)
in an auction reasonably designed to produce a fair price prior to the
expiration of the three-year period or the Extended Period, as the case may be.

                                   ARTICLE XI.

                            MISCELLANEOUS PROVISIONS

      Section 11.01. Binding Nature of Agreement; Assignment.

      This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

      Section 11.02. Entire Agreement.

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

      Section 11.03. Amendment.

                  (a) This Agreement may be amended from time to time by the
Depositor, the Servicer and the Trustee, without notice to or the consent of any
of the Holders, (i) to cure any ambiguity or mistake, (ii) to cause the
provisions herein to conform to or be consistent with or in furtherance of the
statements made with respect to the Certificates, the Trust Fund or this
Agreement in any Offering Document, or to correct or supplement any provision
herein which may be inconsistent with any other provisions herein or with the
provisions of this Agreement, (iii) to add any other provisions with respect to
matters or questions arising under this Agreement, (iv) to modify alter, amend,
add to or rescind any of the terms or provisions contained in this Agreement or
(v) to add, delete, or amend any provisions to the extent necessary or desirable
to comply with any requirements imposed by the Code and the REMIC Provisions. No
such amendment effected pursuant to the preceding sentence shall, as evidenced
by an Opinion of Counsel, adversely affect the status of any REMIC created
pursuant to this Agreement, nor shall such amendment effected pursuant to
clauses (iii) or (iv) of such sentence adversely affect in any material respect
the interests of any Holder unless such Holder has consented thereto. Prior to
entering into any amendment without the consent of Holders pursuant to this
paragraph, the Trustee shall be provided with an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that such
amendment is permitted under this Section. Any such amendment shall be deemed
not to adversely affect in any material respect any Holder, if the Trustee
receives written confirmation from each Rating Agency that such

                                       95
<PAGE>
amendment will not cause such Rating Agency to reduce the then current rating
assigned to the Certificates.

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

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

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

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

                  (f) Neither the Seller nor the Trustee shall consent to the
assignment by the Servicer of the Servicer's rights and obligations under this
Agreement without the prior written consent of the Depositor, which consent
shall not be unreasonably withheld.

      Section 11.04. Voting Rights.

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

      Section 11.05. Provision of Information.

                                       96
<PAGE>

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

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

                  (c) On each Distribution Date, the Trustee shall deliver or
cause to be delivered by first class mail or make available on its website to
the Depositor, a copy of the report delivered to Certificateholders pursuant to
Section 4.02.

      Section 11.06. Governing Law.

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

      Section 11.07. Notices.

      All requests, demands, notices, authorizations, directions, consents,
waivers and communications hereunder shall be in writing and shall be deemed to
have been duly given when received by (a) in the case of the Depositor, Merrill
Lynch Mortgage Investors, Inc., 250 Vesey Street, 4 World Financial Center, 10th
Floor, New York, New York, 10080, telecopy number (212) 449-9015, Attention:
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F, (b) in the case of
the Servicer, Cendant Mortgage Corporation, 3000 Leadenhall Road, Mt. Laurel New
Jersey 08054, telecopy number (856) 917-6910, Attention: Robert E. Groody, Chief
Operating Officer, (c) in the case of the Seller, Merrill Lynch Credit
Corporation, 4802 Deer Lake Drive East, Jacksonville, Florida 32246, telecopy
number (908) 218-8848, Attention: Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-F, and (d) with respect to the Trustee or the Certificate Registrar,
P.O. Box 98, Columbia, Maryland 21046, Attention: Client Manager - MLMI Trust
Series MLCC 2004-F, with a copy to it at its respective Corporate Trust Office,
or as to each party such other address as may hereafter be furnished by such
party to the other parties in writing. All demands, notices and communications
to a party hereunder shall be in writing and shall be deemed to have been duly
given when delivered to such party at the relevant address, facsimile number or
electronic mail address set forth above or at such other address, facsimile
number or electronic mail address as such party may designate from time to time
by written notice in accordance with this Section 11.07.

      Section 11.08. Severability of Provisions.

                                       97
<PAGE>

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

      Section 11.09. Indulgences; No Waivers.

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

      Section 11.10. Headings Not To Affect Interpretation.

      The headings contained in this Agreement are for convenience of reference
only, and they shall not be used in the interpretation hereof.

      Section 11.11. Benefits of Agreement.

      Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder and the Holders of the Certificates, any benefit or any
legal or equitable right, power, remedy or claim under this Agreement, except to
the extent specified in Section 11.15.

      Section 11.12. Special Notices to the Rating Agencies.

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

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

                  (ii) the occurrence of any Event of Default;

                  (iii) any notice of termination given to the Servicer pursuant
            to Section 6.14 or any resignation of the Servicer pursuant to this
            Agreement;

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

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

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

If to Moody's, to:

            Moody's Investors Service, Inc.
            99 Church Street

                                       98
<PAGE>

            New York, New York 10007
            Attention: ABS Monitoring

            If to S&P, to:

            Standard & Poor's Ratings Service,
              a division of The McGraw-Hill Companies, Inc.
            55 Water Street
            New York, New York 10041
            Attention: Residential Mortgages

            If to Fitch Ratings, to:

            Fitch, Inc.
            One State Street Plaza
            30th Floor
            New York, New York 10004
            Attention: Surveillance Group

                  (c) The Trustee shall provide or make available to the Rating
Agencies reports prepared pursuant to Section 4.02. In addition, the Trustee
shall, at the expense of the Trust Fund, make available to each Rating Agency
such information as such Rating Agency may reasonably request regarding the
Certificates or the Trust Fund, to the extent that such information is
reasonably available to the Trustee.

      Section 11.13. [RESERVED].

      Section 11.14. Counterparts.

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

      Section 11.15. No Petitions.

      The Trustee and the Servicer, by entering into this Agreement, hereby
covenants and agrees that it shall not at any time institute against the
Depositor, or join in any institution against the Depositor 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 this Agreement or any of the
documents entered into by the Depositor in connection with the transactions
contemplated by this Agreement.

                                       99
<PAGE>

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

                                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                     as Depositor

                                     By:__________________________________
                                             Name:     Matthew Whalen
                                             Title:    President

                                     CENDANT MORTGAGE CORPORATION,
                                     as Servicer

                                     By:__________________________________
                                             Name:     Richard Bradfield
                                             Title:    Vice President

                                     WELLS FARGO BANK, N.A.,
                                     as Trustee

                                     By:__________________________________
                                             Name:     Sandra Whalen
                                             Title:    Vice President

Solely for purposes of Section 2.04,
accepted and agreed to by:

MERRILL LYNCH CREDIT CORPORATION

By:__________________________________
        Name:     Kathy Ciaffa
        Title:    Vice President

                                      100
<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                             [INTENTIONALLY OMITTED]

                                       A-1
<PAGE>

                                    EXHIBIT B

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF                   )
                           )       ss.:
COUNTY OF                  )

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

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

      2.    That the Purchaser's Taxpayer Identification Number is [ ].

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

      4.    That the Purchaser is not, and on __________________ [date of
            transfer] will not be, an employee benefit plan subject to Title I
            of the Employee Retirement Income Security Act of 1974, as amended
            ("ERISA"), a plan subject to Section 4975 of the Code, or a plan
            subject to any provisions under any federal, state, local, non-U.S.
            or other laws or regulations that are substantively similar to
            foregoing provisions of ERISA or the Code (collectively, a "Plan"),
            and is not directly or indirectly acquiring a Residual Certificate
            for, on behalf of or with any assets of any such Plan.

      5.    That the Purchaser hereby acknowledges that under the terms of the
            Pooling and Servicing Agreement dated as of November 1, 2004 (the
            "Agreement"), among

                                      B-1
<PAGE>

            Merrill Lynch Mortgage Investors, Inc., as Depositor, Cendant
            Mortgage Corporation, as Servicer and Wells Fargo Bank, N.A., as
            Trustee with respect to Merrill Lynch Mortgage Investors Trust
            Series MLCC 2004-F Mortgage Pass-Through Certificates, no transfer
            of the Residual Certificates shall be permitted to be made to any
            person unless the Certificate Registrar and Trustee have received a
            certificate from such transferee containing the representations in
            paragraphs 3 and 4 hereof.

      6.    That the Purchaser does not hold REMIC residual securities as
            nominee to facilitate the clearance and settlement of such
            securities through electronic book-entry changes in accounts of
            participating organizations (such entity, a "Book-Entry Nominee").

      7.    That the Purchaser does not have the intention to impede the
            assessment or collection of any federal, state or local taxes
            legally required to be paid with respect to such Residual
            Certificate.

      8.    That the Purchaser will not transfer a Residual Certificate to any
            person or entity (i) as to which the Purchaser has actual knowledge
            that the requirements set forth in paragraph 3, paragraph 6 or
            paragraph 10 hereof are not satisfied or that the Purchaser has
            reason to believe does not satisfy the requirements set forth in
            paragraph 7 hereof, and (ii) without obtaining from the prospective
            Purchaser an affidavit substantially in this form and providing to
            the Trustee and the Certificate Registrar a written statement
            substantially in the form of Exhibit C to the Agreement.

      9.    That the Purchaser understands that, as the holder of a Residual
            Certificate, the Purchaser may incur tax liabilities in excess of
            any cash flows generated by the interest and that it intends to pay
            taxes associated with holding such Residual Certificate as they
            become due.

      10.   That the Purchaser (i) is not a Non-U.S. Person or (ii) is a
            Non-U.S. Person that holds a Residual Certificate in connection with
            the conduct of a trade or business within the United States and has
            furnished the transferor, the Trustee and the Certificate Registrar
            with an effective Internal Revenue Service Form W-8ECI (Certificate
            of Foreign Person's Claim for Exemption From Withholding on Income
            Effectively Connected With the Conduct of a Trade or Business in the
            United States) or successor form at the time and in the manner
            required by the Code. "Non-U.S. Person" means an individual,
            corporation, partnership or other person other than (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 state thereof, including for this purpose, the
            District of Columbia; (iii) an estate that is subject to U.S.
            federal income tax regardless of the source of its income; (iv) a
            trust if a court within the United States is able to exercise
            primary supervision over the administration of the trust and one or
            more United States trustees have authority to control all
            substantial decisions of the trust; and, (v) to the extent provided
            in Treasury regulations, certain trusts in existence on August 20,
            1996 that are treated as United States persons prior to such date
            and elect to continue to be treated as United States persons.

                                      B-2
<PAGE>

      11.   The Purchaser will not cause income from the Residual Certificate to
            be attributable to a foreign permanent establishment or fixed base
            (within the meaning of an applicable income tax treaty) of the
            Purchaser or another U.S. taxpayer.

      12.   That the Purchaser agrees to such amendments of the Agreement as may
            be required to further effectuate the restrictions on transfer of
            any Residual Certificate to such a "disqualified organization," an
            agent thereof, a Book-Entry Nominee, or a person that does not
            satisfy the requirements of paragraph 7 and paragraph 10 hereof.

      13.   That the Purchaser consents to the designation of the Trustee to act
            as agent for the "tax matters person" of each REMIC created by the
            Trust Fund pursuant to the Agreement.

      14.   That the Purchaser agrees to be bound by Section 3.03(f) of the
            Agreement.

                                      B-3
<PAGE>

      IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.

                                           _____________________________________
                                           [Name of Purchaser]

                                           By:__________________________________
                                                   Name:
                                                   Title:

      Personally appeared before me the above-named [name of officer]
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the [title of officer] _________________ of the
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

      Subscribed and sworn before me this _____ day of __________ 20__.

NOTARY PUBLIC

_________________________________

COUNTY OF _______________________

STATE OF ________________________

My commission expires the _____ day of __________ 20__.

                                      B-4
<PAGE>

                                    EXHIBIT C

              RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                        ________________________
                                                                 Date

Re:   Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F
      Mortgage Pass-Through Certificates

      _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true and has no reason to believe that the
information contained in paragraph 7 thereof is not true, and has no reason to
believe that the Transferee has the intention to impede the assessment or
collection of any federal, state or local taxes legally required to be paid with
respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the
Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.

                                             Very truly yours,

                                             ___________________________________
                                             Name:
                                             Title:

                                      C-1
<PAGE>

                                   EXHIBIT D-1

                  STANDARD LAYOUT FOR MONTHLY REMITTANCE ADVICE

                             [INTENTIONALLY OMITTED]

                                     D-1-1
<PAGE>

                                   EXHIBIT D-2

                STANDARD LAYOUT FOR MONTHLY DEFAULTED LOAN REPORT

                             [INTENTIONALLY OMITTED]

                                     D-1-2
<PAGE>

                                    EXHIBIT E

                    MORTGAGE LOAN PURCHASE AND SALE AGREEMENT

                        See Exhibit 99.1, filed herewith

                                      E-1
<PAGE>

                                    EXHIBIT F

                      LIST OF LIMITED PURPOSE SURETY BONDS

      Ambac Assurance Corporation Surety Bond No. AB0039BE, issued February 26,
1996, for Merrill Lynch Credit Corporation.

                                      F-1
<PAGE>

                                    EXHIBIT G

                     FORM OF RULE 144A TRANSFER CERTIFICATE

Re:   Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F
      Mortgage Pass-Through Certificates

      Reference is hereby made to the Pooling and Servicing Agreement, dated as
of November 1, 2004 (the "Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as Depositor, Cendant Mortgage Corporation, as Servicer and Wells Fargo
Bank, N.A., as Trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Agreement.

      This letter relates to $__________ initial Certificate Balance of Class
Certificates which are held in the form of Definitive Certificates registered in
the name of        (the "Transferor") The Transferor has requested a transfer of
such Definitive Certificates for Definitive Certificates of such Class
registered in the name of [insert name of transferee].

      In connection with such request, and in respect of such Certificates, the
Transferor hereby certifies that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Agreement and the
Certificates and (ii) Rule 144A under the Securities Act to a purchaser that the
Transferor reasonably believes is a "qualified institutional buyer" within the
meaning of Rule 144A purchasing for its own account or for the account of a
"qualified institutional buyer," which purchaser is aware that the sale to it is
being made in reliance upon Rule 144A, in a transaction meeting the requirements
of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or any other applicable jurisdiction.

      This certificate and the statements contained herein are made for your
benefit and the benefit of the Underwriters and the Depositor.

                                            ____________________________________
                                            [Name of Transferor]

                                            By:_________________________________
                                                   Name:
                                                   Title:

Dated:_______________________________

                                      G-1
<PAGE>

                                    EXHIBIT H

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

                                      Date

Dear Sirs:

      In connection with our proposed purchase of $______________ principal
amount of Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F Mortgage
Pass-Through Certificates (the "Privately Offered Certificates") of Merrill
Lynch Mortgage Investors, Inc. (the "Depositor"), we confirm that:

      (1) We understand that the Privately Offered Certificates have not been,
and will not be, registered under the Securities Act of 1933, as amended (the
"Securities Act"), and may not be sold except as permitted in the following
sentence. We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell any Privately Offered
Certificates within two years of the later of the date of original issuance of
the Privately Offered Certificates or the last day on which such Privately
Offered Certificates are owned by the Depositor or any affiliate of the
Depositor we will do so only (A) to the Depositor, (B) to "qualified
institutional buyers" (within the meaning of Rule 144A under the Securities Act)
in accordance with Rule 144A under the Securities Act ("QIBs"), (C) pursuant to
the exemption from registration provided by Rule 144 under the Securities Act,
or (D) to an institutional "accredited investor" within the meaning of Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that is not
a QIB (an "Institutional Accredited Investor") which, prior to such transfer,
delivers to the Certificate Registrar under the Pooling and Servicing Agreement,
dated as of November 1, 2004 (the "Agreement"), among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Cendant Mortgage Corporation, as Servicer and
Wells Fargo Bank, N.A., as Trustee, a signed letter in the form of this letter;
and we further agree, in the capacities stated above, to provide to any person
purchasing any of the Privately Offered Certificates from us a notice advising
such purchaser that resales of the Privately Offered Certificates are restricted
as stated herein.

      (2) We understand that, in connection with any proposed resale of any
Privately Offered Certificates to an Institutional Accredited Investor, we will
be required to furnish to the Certificate Registrar a certification from such
transferee in the form hereof to confirm that the proposed sale is being made
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. We further understand that the
Privately Offered Certificates purchased by us will bear a legend to the
foregoing effect.

      (3) We are acquiring the Privately Offered Certificates for investment
purposes and not with a view to, or for offer or sale in connection with, any
distribution in violation of the Securities Act. We have such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Privately Offered Certificates,

                                      H-1
<PAGE>

and we and any account for which we are acting are each able to bear the
economic risk of such investment.

      (4) We are an Institutional Accredited Investor and we are acquiring the
Privately Offered Certificates purchased by us for our own account or for one or
more accounts (each of which is an Institutional Accredited Investor) as to each
of which we exercise sole investment discretion.

      (5) We have received such information as we deem necessary in order to
make our investment decision.

      (6) If we are acquiring ERISA-Restricted Certificates, we are not a Plan
and we are not acquiring the ERISA-Restricted Certificates for, on behalf of or
with any assets of any such Plan except in accordance with Section 3.03(d) of
the Pooling and Servicing Agreement.

      Terms used in this letter which are not otherwise defined herein have the
respective meanings assigned thereto in the Agreement.

      You are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the
matters covered hereby.

                                        Very truly yours,

                                        ________________________________________
                                        [Purchaser]

                                        By:_____________________________________
                                        Name:
                                        Title:

                                      H-2
<PAGE>

                                    EXHIBIT I

                        FORM OF ERISA TRANSFER AFFIDAVIT

STATE OF NEW YORK               )
                                )      ss.:
COUNTY OF NEW YORK              )

      The undersigned, being first duly sworn, deposes and says as follows:

      1. The undersigned is the ______________________ of ______________ (the
"Investor"), a [corporation duly organized] and existing under the laws of
__________, on behalf of which he makes this affidavit.

      2. (a) With respect to a transfer of an ERISA-Restricted Certificate that
is a Class A-R Certificate, the Investor is not, and on __________________ [date
of transfer] will not be, an employee benefit plan subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), a plan
subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
"Code") or a plan or arrangement subject to any provisions under any federal,
state, local, non-U.S. or other laws or regulations that are substantively
similar to foregoing provisions of ERISA or the Code ("Similar Law")
(collectively, a "Plan"), and is not directly or indirectly acquiring a Class
A-R Certificate for, on behalf of or with any assets of any such Plan.

            (b) With respect to a transfer of an ERISA-Restricted Certificate
that is a Class B-5 or Class B-6 Certificate, the Investor shall provide the
Trustee and the Depositor with (A) a representation to the effect that the
Investor is not a Plan and is not directly or indirectly acquiring the
Certificate for, on behalf of or with any assets of any such Plan, (B) if the
Certificate has been the subject of an ERISA-Qualifying Underwriting, a
representation that the Investor is an insurance company that is acquiring the
Certificate with funds contained in an "insurance company general account," as
defined in Section V(E) of Prohibited Transaction Class Exemption ("PTCE")
95-60, and the acquisition and holding of the Certificate are covered and exempt
under Sections I and III of PTCE 95-60, or (C) solely in the case of a
Definitive Certificate, an Opinion of Counsel satisfactory to the Trustee and
the Depositor to the effect that the acquisition and holding of such Certificate
will not constitute or result in a nonexempt prohibited transaction under ERISA
or the Code, or a violation of Similar Law, and will not subject the Trustee,
the Certificate Registrar, the Servicer or the Depositor to any obligation in
addition to those expressly undertaken in the Agreement, which Opinion of
Counsel shall not be an expense of the Trustee, the Certificate Registrar, the
Servicer or the Depositor.

      3. The Investor hereby acknowledges that under the terms of the Pooling
and Servicing Agreement dated as of November 1, 2004 (the "Agreement"), among
Merrill Lynch Mortgage Investors, Inc., as Depositor, Cendant Mortgage
Corporation, as Servicer and Wells Fargo Bank, N.A., as Trustee, no transfer of
the ERISA-Restricted Certificates shall be permitted to be made to any person
unless the Certificate Registrar has received a certificate from such transferee
in the form hereof.

                                      I-1
<PAGE>

      IN WITNESS WHEREOF, the Investor has caused this instrument to be executed
on its behalf, pursuant to proper authority, by its duly authorized officer,
duly attested, this ____ day of _______________ 20___.

                                               _________________________________
                                               [Investor]

                                               By:______________________________
                                                      Name:
                                                      Title:

ATTEST:

______________________________

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )

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

      Subscribed and sworn before me this _____ day of _________ 20___.

                                               _________________________________
                                               NOTARY PUBLIC

                                               My commission expires the
                                               _____ day of __________, 20___.

                                      I-2
<PAGE>

                                    EXHIBIT J

                        FORM OF LETTER OF REPRESENTATIONS
                        WITH THE DEPOSITORY TRUST COMPANY

                             [INTENTIONALLY OMITTED]

                                      J-1
<PAGE>

                                    EXHIBIT K

                          FORM OF INITIAL CERTIFICATION
            MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES MLCC 2004-F

                                ___________, 2004

To:   Merrill Lynch Mortgage Investors, Inc.
      250 Vesey Street
      4 World Financial Center, 10th Floor
      New York, New York 10080

      Cendant Mortgage Corporation
      3000 Leadenhall Road
      Mt. Laurel, New Jersey 08054

      Merrill Lynch Credit Corporation
      4802 Deer Lake Drive East
      Jacksonville, Florida 32246

      Reference is made to the Pooling and Servicing Agreement among Merrill
Lynch Mortgage Investors, Inc. (the "Depositor"), Cendant Mortgage Corporation
(the "Servicer") and Wells Fargo Bank, N.A., as trustee (the "Trustee"), dated
as of November 1, 2004 (the "Agreement"), pursuant to which the Depositor has
delivered to the Trustee, with respect to each Mortgage Loan set forth on
Schedule A hereto (the "Mortgage Loan Schedule"), the documents set forth in
Section 2.01 of the Agreement.

      With respect to each Mortgage Loan listed on the Mortgage Loan Schedule
and except as otherwise noted on the Schedule of Exceptions set forth on
Schedule B hereto, the Trustee confirms that (1) the Trustee has received all of
the documents required to be delivered to the Trustee pursuant to Section 2.01
of the Agreement, (2) the Trustee has reviewed each Trustee's Mortgage File in
accordance with Section 2.02(a) of the Agreement, and the documents contained in
each Trustee's Mortgage File conform to the requirements set forth in such
Section 2.02(a), and (3) the Trustee has physical possession of the documents in
each Trustee's Mortgage File. The Trustee has not independently verified the
validity, enforceability, sufficiency, recordability, due authorization or
genuineness or any document in any Trustee's Mortgage File or any related
Mortgage Loan, nor the collectibility, insurability, effectiveness or
suitability of any related Mortgage Loan.

      All terms used herein and not otherwise defined herein shall have the
respective meaning ascribed to such term in the Agreement.

                                       WELLS FARGO BANK, N.A.,
                                       as Trustee

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                       K-1
<PAGE>

                                    EXHIBIT L

                           FORM OF FINAL CERTIFICATION
            MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES MLCC 2004-F

                               _____________, 2004

To:   Merrill Lynch Mortgage Investors, Inc.
      250 Vesey Street
      4 World Financial Center, 10th Floor
      New York, New York 10080

      Cendant Mortgage Corporation
      3000 Leadenhall Road
      Mt. Laurel, New Jersey 08054

      Merrill Lynch Credit Corporation
      4802 Deer Lake Drive East
      Jacksonville, Florida 32246

      Reference is made to the Pooling and Servicing Agreement among Merrill
Lynch Mortgage Investors, Inc. (the "Depositor"), Cendant Mortgage Corporation
(the "Servicer") and Wells Fargo Bank, N.A., as Trustee (the "Trustee"), dated
as of November 1, 2004 (the "Agreement"), pursuant to which the Depositor has
delivered to the Trustee, with respect to each Mortgage Loan set forth on
Schedule A hereto (the "Mortgage Loan Schedule"), the documents set forth in
Section 2.01 of the Agreement.

      With respect to each Mortgage Loan listed on the Mortgage Loan Schedule
and except as otherwise noted on the Schedule of Exceptions set forth on
Schedule B hereto, the Trustee confirms that (1) the Trustee has received all of
the documents required to be delivered to the Custodian pursuant to Section 2.01
of the Agreement, (2) the Trustee has reviewed each Trustee's Mortgage File in
accordance with Section 2 of Amendment No. 1 to the Custodial Agreement, and the
documents contained in each Trustee's Mortgage File conform to the requirements
set forth in such Section 2, and (3) the Trustee has physical possession of the
documents in each Trustee's Mortgage File. The Trustee has not independently
verified the validity, enforceability, sufficiency, recordability, due
authorization or genuineness or any document in any Trustee's Mortgage File or
any related Mortgage Loan, nor the collectibility, insurability, effectiveness
or suitability of any related Mortgage Loan.

      All terms used herein and not otherwise defined herein shall have the
respective meaning ascribed to such term in the Agreement.

                                            WELLS FARGO BANK, N.A.,
                                            as Trustee

                                            By:________________________________
                                            Name:______________________________
                                            Title:_____________________________

                                      L-1
<PAGE>

                                    EXHIBIT M

                           LIST OF SERVICING OFFICERS

                             [INTENTIONALLY OMITTED]

                                       M-1
<PAGE>

                                    EXHIBIT N

                               REQUEST FOR RELEASE

To:   Wells Fargo Bank, N.A.
      1015 10th Avenue S.E.
      Minneapolis, Minnesota  55414
      (Attention: Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F)

      Re:   Pooling and Servicing Agreement, dated as of November 1, 2004, among
            Merrill Lynch Mortgage Investors, Inc., as Depositor, Cendant
            Mortgage Corporation, as Servicer and Wells Fargo Bank, N.A., as
            Trustee

      In connection with the administration of the pool of Mortgage Loans held
by you as Trustee for the benefit of Certificateholders, we request the release
of the (Trustee's Mortgage File/[specify documents]) for the Mortgage Loan
described below, for the reason indicated.

File/document to be sent to:

            [Company]
            [Address]
            [Attn:]
            [Telephone Number ____]

Mortgagor's Name, Address & Zip Code:

Mortgage Loan Number:

Reason for Requesting Documents (check one)

______ 1.   Mortgage Loan Paid in Full
            ([Seller/Depositor] [Servicer], hereby certifies that all amounts
            received in connection therewith have been credited to the Custodial
            Account or the Distribution Account, as applicable.)

______ 2.   Mortgage Loan in Foreclosure

______ 3.   Mortgage Loan Repurchased or Substituted For
            ([Seller/Depositor] [Servicer], hereby certifies that any applicable
            repurchase price or substitution shortfall amount has been credited
            to the Custodial Account or the Distribution Account, as
            applicable.)

______ 4.   Mortgage Loan Liquidated
            ([Seller/Depositor] [Servicer], hereby certifies that all proceeds
            of foreclosure, insurance or other liquidation have been finally
            received and credited to the Custodial Account or the Distribution
            Account, as applicable.)

______ 5.   Other (explain)

                                      N-1
<PAGE>

            If box 1, 2 or 3 above is checked, and if all or part of the
            Trustee's Mortgage File was previously released to us, please
            release to us our previous receipt on file with you, as well as any
            additional documents in your possession relating to the above
            specified Mortgage Loan.

            If box 4 or 5 above is checked, upon our return of all of the above
            documents to you as Trustee, please acknowledge your receipt by
            signing in the space indicated below, and returning this form.

                                            [SELLER/DEPOSITOR]
                                            [SERVICER]

                                            By:   _____________________________
                                            Date: _____________________________

Documents returned to Trustee:

__________________________________,
as Trustee

By:   _____________________________
Date: _____________________________

                                      N-2
<PAGE>

                                    EXHIBIT O

                               CUSTODIAL AGREEMENT

      THIS CUSTODIAL AGREEMENT dated as of December 15, 2000 (this "Agreement"),
between MERRILL LYNCH CREDIT CORPORATION ("MLCC") having an address at 4802 Deer
Lake Drive East, Jacksonville, Florida 32246 and WELLS FARGO BANK MINNESOTA,
N.A. ("Custodian"), having an address at Sixth and Marquette, Minneapolis,
Minnesota 55479- 0031.

                              PRELIMINARY STATEMENT

      MLCC may, from time to time, purchase certain Mortgage Loans from third
party sellers pursuant to the terms and conditions of certain mortgage loan
purchase agreements entered into between MLCC and such third parties (each, a
"Purchase Agreement") MLCC desires that the Custodian act as custodian with
respect to the documents for the Mortgage Loans delivered from time to time to
the Custodian hereunder, and the Custodian desires to act as custodian with
respect to the documents for the Mortgage Loans.

      NOW, THEREFORE, in consideration of the mutual covenants set forth herein
and for other good and valuable consideration, the sufficiency and receipt of
which is hereby acknowledged, the parties hereto hereby agree as follows:

      1. Definitions.

      "Additional Collateral Mortgage Loan": Each Mortgage Loan that is either a
Mortgage 100sm Loan or Parent Power(R) Mortgage Loan as to which the Additional
Collateral is provided. For purposes hereof, the term "Additional Collateral"
shall mean (i) with respect to any Mortgage 100sm Loan, the marketable
securities subject to a security interest pursuant to the related Mortgage 100sm
Pledge Agreement, or (ii) with respect to any Parent Power(R) Mortgage Loan, the
related Parent Power(R) Agreement.

      "Agreement": This Custodial Agreement and all amendments and attachments
hereto and supplements hereof.

      "Assignment": An assignment of the Mortgage, notice of transfer or
equivalent instrument in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to give record
notice of the sale or transfer of the Mortgage Loan.

      "Business Day": Any day other than (i) a Saturday or Sunday, or (ii) a day
on which banking or savings associations in the State of New Jersey or the State
of Minnesota are authorized or obligated by law or executive order to be closed.

      "Closing Date": With respect to each Mortgage Loan, the date upon which
the MLCC completes the purchase of such Mortgage Loan.

      "Custodian": Wells Fargo Bank Minnesota, N.A., or its successor in
interest or assigns.

                                      O-1
<PAGE>

      "Custodian's Mortgage File": As to each Mortgage Loan, all Mortgage Loan
documents delivered to the Custodian pursuant hereto and held by the Custodian
with respect to each Mortgage Loan.

      "Custody Receipt": An Initial Custody Receipt and/or a Final Custody
Receipt.

      "Cut-off Date": With respect to each Mortgage Loan, the first day of the
month in which the related Delivery Date occurs or such other date specified by
the Registered Holder.

      "Delivery Date": The date on which MLCC delivers or causes to be delivered
to the Custodian the Mortgage Loans listed on the related Mortgage Loan
Schedule.

      "Exception Report": The Exception Report prepared by the Custodian as part
of the Initial Custody Receipt and as updated thereafter.

      "Final Custody Receipt": A final custody receipt as to each Mortgage Loan,
which final custody receipt is delivered to MLCC, or its successor in interest
or assigns, by the Custodian in the form annexed hereto as Exhibit Two.

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

      "Gross Margin": With respect to each adjustable rate Mortgage Loan, the
fixed number of basis points set forth in the Mortgage Loan Schedule that is
added to the Index on each Interest Rate Adjustment Date in accordance with the
terms of the related Mortgage Note to determine the Mortgage Interest Rate for
such Mortgage Loan, subject to any applicable Periodic Rate Cap or Lifetime Rate
Cap.

      "Index": With respect to each adjustable rate Mortgage Loan, a rate per
annum to which the Gross Margin is added on each Interest Rate Adjustment Date
to determine the new Mortgage Interest Rate for such Mortgage Loan.

      "Initial Custody Receipt": An initial custody receipt as to each Mortgage
Loan, which initial custody receipt is delivered to MLCC, or its successor in
interest or assigns, by the Custodian in the form annexed hereto as Exhibit One.

      "Interest Rate Adjustment Date": With respect to each adjustable rate
Mortgage Loan, the date on which the Mortgage Interest Rate is adjusted in
accordance with the terms of the related Mortgage Note.

      "Lifetime Rate Cap": With respect to each adjustable rate Mortgage Loan,
the maximum Mortgage Interest Rate that may be borne thereby, as set forth in
the related Mortgage Note.

      "Loan-to-Value Ratio": With respect to any First Mortgage Loan, as of any
date of determination, the ratio on such date of the outstanding principal
balance of such Mortgage Loan to the Appraised Value of the related Mortgaged
Property.

      "Mortgage": The mortgage, deed of trust or other instrument creating a
first or second lien on real property securing the Mortgage Note.

                                      O-2
<PAGE>

      "Mortgage Interest Rate": The annual rate at which interest accrues on any
Mortgage Loan and with respect to any adjustable rate Mortgage Loan, as such
annual rate may be adjusted on any Interest Rate Adjustment Date and subject to
the limitations on such interest rate imposed by any Lifetime Rate Cap or any
Periodic Rate Cap.

      "Mortgage Loan": An individual Mortgage Loan, including but not limited to
all documents included in the Custodian's Mortgage File, monthly payments,
principal prepayments, proceeds from REO dispositions and any and all rights,
benefits, proceeds and obligations arising therefrom or in connection therewith,
and which is the subject of this Agreement.

      "Mortgage Loan Schedule": The list of Mortgage Loans purchased by MLCC
from a third party seller from time to time that are subject to this Agreement
which list shall set forth the following information with respect to each
Mortgage Loan:

                  (i) the loan number;

                  (ii) the Mortgagor's name, social security number, and FICO
            score;

                  (iii) the street address of the Mortgaged Property, including
            city, state and zip code, if available;

                  (iv) the Mortgage Interest Rate at origination and, in the
            case of an adjustable rate Mortgage Loan, the Mortgage Interest Rate
            in effect as of the related Cut-off Date, which rate may vary from
            that reflected in the Mortgage and Note;

                  (v) for each adjustable rate Mortgage Loan, the first Interest
            Rate Adjustment Date;

                  (vi) for each adjustable rate Mortgage Loan, the Gross Margin;

                  (vii) for each adjustable rate Mortgage Loan, the Lifetime
            Rate Cap, if applicable;

                  (viii) for each adjustable rate Mortgage Loan, the Periodic
            Rate Cap, if applicable;

                  (ix) the original term to maturity and remaining term to
            maturity;

                  (x) the original principal balance;

                  (xi) the first payment due date;

                  (xii) the maturity date;

                  (xiii) the monthly payment in effect as of the related Cut-off
            Date;

                  (xiv) the principal balance as of the related Cut-off Date;

                  (xv) as to any First Mortgage Loan the Loan-to-Value Ratio at
            origination;

                                      O-3
<PAGE>

                  (xvi) a code indicating whether the Mortgaged Property is
            occupied by the Mortgagor;

                  (xvii) a code indicating the type of Residential Dwelling;

                  (xviii) a code indicating the purpose of the Mortgage Loan;

                  (xix) a code indicating the Mortgage Loan documentation type
            (i.e. limited documentation, full documentation, easy documentation,
            etc.); and

                  (xx) for each adjustable rate Mortgage Loan, a code indicating
            the type of Index.

      "Mortgage Note": The note evidencing the indebtedness of a Mortgagor
secured by a Mortgage.

      "Mortgaged Property": The underlying real property securing repayment of a
Mortgage Note, consisting of a fee simple estate in a single parcel of real
property improved by a Residential Dwelling.

      "Mortgagor": The obligor on a Mortgage Note, the owner of the Mortgaged
Property and the grantor or mortgagor named in the related Mortgage and such
grantor's or mortgagor's successor in title to the Mortgaged Property.

      "Opinion of Counsel": A document signed by an attorney, explaining the
attorney's understanding of the law as applicable to a state of facts submitted
for the purpose of an opinion.

      "Periodic Rate Cap": With respect to each adjustable rate Mortgage Loan as
to which the related Mortgage Loan Schedule indicates the existence of a
Periodic Rate Cap, the provision of the related Mortgage Note that provides for
a maximum amount by which the Mortgage Interest Rate may increase (or, if so
indicated on such Mortgage Loan Schedule, decrease) on an Interest Rate
Adjustment Date above (or below) the Mortgage Interest Rate in effect
immediately prior to such Interest Rate Adjustment Date.

      "Pledge Agreement": Any Mortgage 100 Pledge Agreement, Parent Power
Guaranty and Security Agreement for Securities Account, or Parent Power Guaranty
Agreement for Real Estate related to an Additional Collateral Mortgage Loan.

      "Registered Holder": MLCC, its successors in interest or assigns, in whole
or in part, as the case may be.

      "Residential Dwelling": Any one of the following: (i) a detached
one-family dwelling, (ii) a detached two- to four-family dwelling, (iii) a
one-family dwelling unit in a Fannie Mae-eligible condominium project, or (iv) a
detached one-family dwelling in a planned unit development, none of which is a
co-operative.

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

                                      O-4
<PAGE>

      2. Delivery of Mortgage Loan Schedule and Custodian's Mortgage File.

      MLCC may, from time to time, deliver or cause to be delivered to the
Custodian a Mortgage Loan Schedule and the following documents for each Mortgage
Loan listed on such Mortgage Loan Schedule, to be held by the Custodian for the
benefit of the Registered Holder, as the owner thereof:

                  (a) The original Mortgage Note endorsed, "Pay to the order of
___________, without recourse" and signed in the name of the name of last
endorsee, by an authorized officer of the last endorsee. If the Mortgage Loan
was acquired by the last endorsee in a merger or other type of acquisition, the
endorsement must be by "[name of last endorsee], successor [by merger to or in
interest to, as applicable] [name of predecessor]"; and if the Mortgage Loan was
acquired or originated by the last endorsee while doing business under another
name, the endorsement must be by "[name of last endorsee], successor in interest
to [previous name]." The Mortgage Note shall include all intervening
endorsements showing a complete chain of title from the originator to the last
endorsee.

                  (b) The original recorded Mortgage, with evidence of recording
thereon, or, if the original Mortgage has not yet been returned from the
recording office, a copy of the original Mortgage certified by the previous
owner to be a true copy of the original of the Mortgage which has been delivered
for recording in the appropriate recording office of the jurisdiction in which
the Mortgaged Property is located.

                  (c) The original Assignment of each Mortgage, executed in
blank by either MLCC or its Servicer. If the Mortgage Loan was acquired by the
last endorsee in a merger or other type of acquisition, the assignment must be
by "[name of last assignee], successor [by merger to or in interest to, as
applicable] [name of predecessor]"; and if the Mortgage Loan was acquired or
originated by the last endorsee while doing business under another name, the
assignment must be by "[name of last assignee], successor in interest to
[previous name]."

                  (d) The original policy of title insurance (or a preliminary
title report if the original title insurance policy has not been received from
the title insurance company).

                  (e) Originals of any intervening assignments of the Mortgage,
with evidence of recording thereon or, if the original intervening assignment
has not yet been returned from the recording office, a copy of such assignment
certified by the Seller to be a true copy of the original of the assignment
which has been delivered for recording in the appropriate recording office of
the jurisdiction in which the Mortgaged Property is located.

                  (f) With respect to a Mortgage Loan that, according to the
Mortgage Loan Schedule is covered by a primary mortgage insurance policy, the
original or a copy of primary mortgage insurance certificate, if any.

                  (g) If indicated on the Mortgage Loan Schedule, originals of
all assumption and modification agreements, if any, with originals or copies of
the underlying instruments being modified.

                  (h) With respect to each Additional Collateral Mortgage Loan,

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                        1. Copy of the related Mortgage 100 Pledge Agreement for
Securities Account or the Parent Power Guaranty and Security Agreement for
Securities Account or the Parent Power Guaranty Agreement for Real Estate, as
the case may be;

                        2. copy of the UCC-1 (applicable for South Carolina and
Rhode Island only);

                        3. an original form UCC-3, if applicable;

                        4. For loans originated by a correspondent lender, an
original assignment of security interest of the related Mortgage 100 Pledge
Agreement or Parent Power Agreement, as the case may be.

                  (i) With respect to each Cooperative Loan:

                        1. the original proprietary lease;

                        2. the original recognition agreement;

                        3. the original security agreement;

                        4. the original or copy of the assignment of proprietary
lease;

                        5. the original cooperative stock certificate and stock
power executed by borrower in blank;

                        6. the original UCC-1 Financing Statements; and

                        7. the original UCC-3 Financing Statements.

                  (j) Power of Attorney, if applicable.

      From time to time, MLCC shall forward or cause to be forwarded to the
Custodian additional documents, original or otherwise, evidencing an assumption
or modification of a Mortgage Loan which documents shall become part of the
Custodian's Mortgage File.

      3. Obligations of the Custodian.

                  (a) With respect to each Custodian's Mortgage File, the
Custodian is exclusively the custodian for the Registered Holder from and after
the related Delivery Date. The Custodian shall hold all documents constituting
the Custodian's Mortgage File received by it for the exclusive use and benefit
of the Registered Holder, and shall make disposition thereof only in accordance
with this Agreement and the instructions furnished by the Registered Holder. The
Custodian shall segregate and maintain continuous custody of all documents
constituting the Custodian's Mortgage File received by it in secure and
fire-resistant facilities in accordance with customary standards for such
custody. The Custodian represents and warrants that it will verify the receipt
of required documents, the accuracy of certain information, and indicate
discrepancies pursuant to the custody receipt requirements herein. The Custodian
makes no representations or warranties as to, and shall not be responsible to,
verify: (i) the validity, legality, enforceability, sufficiency, recordability,
due authorization or genuineness of any of the documents contained in

                                      O-6
<PAGE>

each Custodian's Mortgage File or any of the Mortgage Loans or (ii) the
collectibility, insurability, effectiveness or suitability of any such Mortgage
Loan. No provision of this Agreement shall be construed to impose on the
Custodian any obligation of a third party seller under this Agreement or a
Purchase Agreement under any circumstances.

                  (b) The Custodian shall, at its own expense, maintain at all
times during the existence of this Agreement and keep in full force and effect a
fidelity bond, errors and omissions insurance, theft and documents insurance and
forgery insurance in amounts and with standard coverage as is customary for
insurance typically maintained by institutions that act as custodians. The
minimum coverage under any such bond and insurance policies shall be at least
equal to the corresponding amounts required by the Government National Mortgage
Association, Fannie Mae or Freddie Mac either of the Custodian or in their
respective Seller/Servicing Guides. A certificate of an authorized officer for
the Custodian shall be furnished to the Registered Holder upon request as
evidence of its compliance with any such requirement.

      4. Custody Receipts.

                  (a) Initial Custody Receipt. The Custodian shall review the
documents delivered to it on each Delivery Date and shall deliver to MLCC as
initial Registered Holder within two (2) Business Days following the Delivery
Date, or within a mutually agreed upon time between the Bank and the Custodian,
but prior to the Closing Date, an Initial Custody Receipt with respect to the
Mortgage Loans, in which the Custodian shall certify that such Mortgage Loans
are held for MLCC (as Registered Holder) and that, as to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full
or any Mortgage Loan specifically identified in such certification as not
covered by such certification), (a) all documents described in Paragraphs 2(a)
through 2(e) and to the extent provided in the Custodian's Mortgage Files
Paragraphs 2(f) through 2(j), if applicable, of this Agreement are in its
possession and (b) each Mortgage Note has been endorsed and each Assignment has
been executed as provided in Paragraph 2 hereof. If the Custodian determines
from such verification that any discrepancy or deficiency exists with respect to
a Custodian's Mortgage File, the Custodian shall note such discrepancy on the
schedule of exceptions attached to the Initial Custody Receipt as Schedule B
thereto (the "Exception Report").

      The Custodian shall also note on the Exception Report, with respect to
each Mortgage Loan, whether a certified copy of the related Mortgage was
delivered to the Custodian in lieu of the original of such Mortgage, whether a
certified copy of an intervening assignment of the related Mortgage was
delivered to the Custodian in lieu of the original of such assignment, and
whether a preliminary title report with respect to such Mortgage Loan was
delivered to the Custodian in lieu of the original policy of title insurance.

      On the first Business Day of each calendar month following delivery of the
Initial Custody Receipt until the month in which the Final Custody Receipt is to
be delivered pursuant to Subsection (b) below, the Custodian shall deliver to
the Registered Holder of the Initial Custody Receipt, an updated Exception
Report, revised to reflect any changes with respect to the status of the
exceptions noted for the related Mortgage Loans.

                  (b) Final Custody Receipt. Not later than sixty (60) days
following the date of each delivery of an Initial Custody Receipt, the Custodian
shall deliver to the Registered Holder of the Initial Custody Receipt the Final
Custody Receipt, with respect to the Mortgage Loans related to such Initial
Custody Receipt, in which the Custodian shall certify to the Registered Holder
that, as to each Mortgage Loan listed in the related Mortgage Loan

                                      O-7
<PAGE>

Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
specifically identified in such certification as not covered by such
certification), (a) all documents described in Paragraphs 2(a) through 2(e), and
to the extent provided in the Custodian's Mortgage Files Paragraphs 2(f) through
2(j), if applicable, of this Agreement are in its possession, (b) such documents
have been reviewed by it and appear regular on their face and relate to such
Mortgage Loan, (c) based on its examination and only as to the foregoing
documents, the information set forth in items (i), (ii), (iii) excluding the zip
code requirement, (iv), (vi), (vii), (viii) and (x) of the definition of
"Mortgage Loan Schedule" respecting such Mortgage Loan is correct, and which as
to items (iv), (vi), (viii), and (x) for adjustable rate Mortgage Loans may
reflect interest rates or amounts that as of the Cutoff Date vary from those
provided in the Mortgage Loan Documents and (d) each Mortgage Note has been
endorsed and each Assignment has been executed as provided in Paragraph 2
hereof. If the Custodian determines from such verification that any discrepancy
or deficiency exists with respect to a Custodian's Mortgage File, the Custodian
shall note such discrepancy on the Exception Report attached to the Final
Custody Receipt as Schedule B thereto. The Custodian shall also note on such
Exception Report, with respect to each Mortgage Loan, whether a certified copy
of the related Mortgage was delivered to the Custodian in lieu of the original
of such Mortgage, whether a certified copy of an intervening assignment of the
related Mortgage was delivered to the Custodian in lieu of the original of such
assignment, and whether a preliminary title report with respect to such Mortgage
Loan was delivered to the Custodian in lieu of the original policy of title
insurance. Except as specifically provided above, the Custodian shall be under
no duty to review, inspect or examine such documents to determine that any of
them are enforceable or appropriate for their prescribed purpose. Upon delivery
of the Final Custody Receipt to the Registered Holder of the Initial Custody
Receipt, the Initial Custody Receipt shall be of no further force or effect.

                  (c) Within five (5) days of receipt of written directions, in
the form attached hereto as Exhibit Six, from the Registered Holder with respect
to all or a portion of the Mortgage Loans owned by such Registered Holder, and
upon the prior tender by such Registered Holder of the applicable Initial and/or
Final Custody Receipt(s), as applicable, the Custodian shall deliver all or any
portion of the Custodian's Mortgage Files held by it to the Registered Holder,
or to such other party as the Registered Holder may direct, as provided in
Paragraph 19, at the place indicated in any such written direction from the
Registered Holder and shall deliver to the Registered Holder a new Initial or
Final Custody Receipt, as applicable, with respect to the Custodian's Mortgage
Files retained by the Custodian. The Registered Holder may require the Custodian
to complete the endorsements on any Mortgage Notes in its possession and to
complete the Assignment of Mortgages prepared by the Servicer in blank, within a
reasonable period of time. The cost of this shall be reimbursed by the
Registered Holder. A list of authorized signatures for such written directions
has been furnished to the Custodian by the Registered Holder pursuant to
Paragraph 20 hereof. Upon the Custodian's receipt of such written notification
from the Registered Holder that the Registered Holder has sold any or all of the
Mortgage Loans, which notification shall be accompanied by the Initial and/or
Final Custody Receipt(s), as applicable that relate to such Mortgage Loans, the
Custodian shall change its records to reflect that such purchaser is the owner
of such Mortgage Loans and shall immediately, upon the direction of such
Registered Holder, either deliver the related Custodian's Mortgage Files to such
purchaser at the expense of such purchaser or issue an Initial or Final Custody
Receipt in the name of such purchaser. Such purchaser, as a Registered Holder,
shall be required to simultaneously furnish to the Custodian a list of
authorized signatures for written directions pursuant to Paragraph 20 hereof.
The Custodian shall then deliver to the Registered Holder a new Initial and/or
Final Custody Receipt, as applicable reflecting all Mortgage Loans with respect
to which the Custodian still holds the related Custodian's Mortgage Files on
behalf of the Registered Holder. The Registered Holder and the Custodian agree
herein that any purchaser of any or all of

                                      O-8
<PAGE>

the Mortgage Loans shall succeed to the rights and obligations of the Registered
Holder under this Agreement with respect to such Mortgage Loans upon receipt of
the related Initial and/or Final Custody Receipt, as applicable subject to the
provisions of Paragraph 15 hereof.

      5. Fees and Expenses of the Custodian.

      It is understood that the Custodian will charge such fees for its services
under this Agreement as are set forth in a separate agreement between the
Custodian and MLCC, the payment of which, together with the Custodian's expenses
in connection herewith, shall be solely the obligation of the Registered Holder
with respect to the related Mortgage Loans.

      6. Removal of the Custodian.

      Any Registered Holder with respect to all or a portion of the Mortgage
Loans owned by such Registered Holder, with or without cause, may, upon thirty
(30) days' written notice to the Custodian, remove and discharge or any
successor Custodian thereafter appointed, as to such portion or all of the
Mortgage Loans the Custodian, from the performance of its duties under this
Agreement. In the event of any such removal, upon tender of the Custody Receipts
and satisfaction of any outstanding fees and expenses of the Custodian, the
Custodian shall promptly transfer to such Registered Holder or to a successor
Custodian appointed by such Registered Holder at the expense of such Registered
Holder, as directed by such Registered Holder in writing, all Custodian's
Mortgage Files related to the Mortgage Loans as to which the Custodian is being
terminated.

      7. Examination of the Custodian's Mortgage File.

      Upon reasonable prior written notice to the Custodian, but not less than
two (2) Business Day, any Registered Holder with respect to all or a portion of
the Mortgage Loans owned by such Registered Holder and its agents, accountants,
attorneys, auditors, prospective purchasers, and third-party contractors
authorized by such Registered Holder will be permitted, during normal business
hours, to examine the Custodian's Mortgage Files, documents, records and other
papers in the possession of or under the control of the Custodian relating to
any or all of the Mortgage Loans for which the Custodian holds the related
Custodian's Mortgage File for such Registered Holder at the expense of the
inspecting party.

      8. Counterparts.

      For the purpose of facilitating the execution of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original and all of which together shall constitute and be one and the same
instrument.

      9. Periodic Statements.

      Upon the request of any Registered Holder at any other time with at least
two (2) Business Days' notice to the Custodian, the Custodian shall provide to
the Registered Holder with respect to all or a portion of the Mortgage Loans
owned by such Registered Holder, a list of all of the Mortgage Loans for which
the Custodian holds a Custodian's Mortgage File pursuant to this Agreement. Such
list may be in the form of a copy of the Mortgage Loan Schedule with manual
deletions to denote specifically any Mortgage Loans paid off, liquidated or
repurchased or otherwise released by the Custodian since the date of this
Agreement.

                                      O-9
<PAGE>

      10. Governing Law.

      This Agreement shall be construed in accordance with the laws of the State
where MLCC is headquartered, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

      11. Copies of Mortgage Documents.

      Upon the request of the Registered Holder with respect to all or a portion
of the Mortgage Loans owned by such Registered Holder, and at the cost and
expense of such party, the Custodian shall provide such Registered Holder with
copies or originals as provided in Section 21 hereof, of the Mortgage Notes,
Mortgages, Assignments and other documents to the extent that such documents are
part of the Custodian's Mortgage File relating to one or more of the Mortgage
Loans.

      12. No Adverse Interest of Custodian.

      By execution of this Agreement, the Custodian represents, warrants and
covenants that it currently does not hold, and during the existence of this
Agreement shall not hold, any adverse interest, by way of security or otherwise,
in any Mortgage Loan.

      13. Termination By Custodian.

      The Custodian may terminate its obligations under this Agreement upon at
least sixty (60) days' notice to the Registered Holder with respect to all or a
portion of the Mortgage Loans owned by such Registered Holder. The Custodian
shall then be responsible for all costs associated with such termination,
including costs associated with the transfer of the Custodial Files. If, in the
event of such termination, the Registered Holder shall appoint a successor
Custodian within such sixty day period, then upon such appointment and tender of
the related Custody Receipts, the Custodian shall promptly transfer to such
successor Custodian, as directed by the Registered Holder with respect to all or
a portion of the Mortgage Loans owned by such Registered Holder, all of the
Custodian's Mortgage Files being administered under this Agreement and shall
either complete the Assignments and endorse the Mortgage Notes as directed by
the Registered Holder or allow the Registered Holder or its agents or attorneys,
access to the Custodian's Mortgage Files for such purpose. Notwithstanding the
foregoing, if the Registered Holder fails to appoint a Custodian within such
sixty day period, the Custodian may petition any court of competent jurisdiction
for the appointment of a successor Custodian.

      14. Termination of Agreement.

      This Agreement shall terminate upon the earlier of (a) the final payment
or other liquidation (or advance with respect thereto) of the last Mortgage
Loan, (b) the disposition of all property acquired upon foreclosure or by deed
in lieu of foreclosure of the last Mortgage Loan, or (c) the delivery by the
Custodian of the last Custodian's Mortgage File pursuant to the direction of the
Registered Holder hereunder. In such event the Registered Holder with respect to
all or a portion of the Mortgage Loans owned by such Registered Holder shall so
notify the Custodian and tender all Custody Receipts, and thereafter all
documents remaining in the Custodian's Mortgage Files shall be forwarded to the
Registered Holder.

                                      O-10
<PAGE>

      15. Assignment of Agreement.

      The Registered Holder with respect to all or a portion of the Mortgage
Loans owned by such Registered Holder shall have the right to assign, in whole
or in part, its interests under this Agreement with respect to some or all of
the Mortgage Loans, and to designate any person or exercise any rights of the
Registered Holder hereunder, and such assignee or designee shall accede to the
rights and obligations hereunder of the Registered Holder with respect to such
Mortgage Loans. All references to the Registered Holder shall be deemed to
include its assignee or designee. In connection with any such assignment, the
Registered Holder with respect to all or a portion of the Mortgage Loans owned
by such Registered Holder may require that arrangements reasonably satisfactory
to it be made for the exchange of previously executed and outstanding Custody
Receipt(s) for a Custody Receipt representing such assignment. The Custodian may
not assign its interests or delegate its duties under this Agreement without the
prior written consent of the Registered Holder. In the event of any such
assignment or delegation, the Registered Holder shall not be responsible for any
fees of the successor Custodian in excess of the fees formerly paid by the
Registered Holder to the Custodian.

      16. Notice.

      All demands, notices and communications hereunder shall be in writing and
shall be sent to the other party at the address shown on the first page hereof,
or such other address as may hereafter be furnished to the other party by
written notice given to the other party hereto in a notice complying with the
terms and provisions of this Section 16 or on an Exhibit Six notice provided
pursuant to Section 4(c).

      Any such demand, notice or communication hereunder shall be deemed
conclusively to have been given if personally delivered at or mailed by
registered mail, postage prepaid, and return receipt requested or transmitted by
telex, telegraph or facsimile transmission and by a similar writing to the other
party at its address as described in Subclause (a).

      17. Indemnification.

                  (a) Neither the Custodian nor any of its directors, officers,
agents or employees, shall be liable for any action taken or omitted to be taken
by it or them hereunder or in connection herewith in good faith and believed by
it or them to be within the purview of this Agreement, except for its or their
own negligence, lack of good faith or willful misconduct.

                  (b) The Registered Holder and the Custodian agree to indemnify
and hold each other and their respective directors, officers, agents and
employees harmless against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever, including reasonable attorney's fees, that may
be imposed on, incurred by, or asserted against it or them in any action taken
or not taken by it or them hereunder. This indemnification shall include, but
not be limited to, the claims of third parties arising from or related to this
Agreement or the Mortgage Loans. This indemnification applies if such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses, disbursements, or claims were imposed on, incurred by or
asserted against the party seeking indemnification because of the breach of the
obligations, negligence, lack of good faith or willful misconduct of the other
party or any of its directors, officers, agents or employees. The foregoing
indemnification shall survive any termination of this Agreement and the
resignation or removal of the Custodian.

                                      O-11
<PAGE>

                  (c) In the event that the Custodian fails to produce a
Mortgage Note, Assignment of Mortgage or any other document related to a
Mortgage Loan that was in its possession pursuant to Section 2 within four (4)
Business Days after required or requested by the Registered Holder or its
Servicer (a "Custodial Delivery Failure"), and provided that (i) Custodian
previously delivered to the Registered Holder an Initial Custody Receipt which
did not list such document as an exception; (ii) such document is not
outstanding pursuant to a request for release in the form annexed hereto as
Exhibit Five; and (iii) such document was held by the Custodian on behalf of the
Registered Holder, then the Custodian shall: (a) with respect to any missing
Mortgage Note, promptly deliver to the Registered Holder upon request, a Lost
Note Affidavit in the form of Exhibit Seven hereto and (b) with respect to any
missing document related to such Mortgage Loan, including but not limited to a
missing Mortgage Note, (1) indemnify the Registered Holder, and its successor in
interest, in accordance with the succeeding paragraph and, (2) obtain and
maintain an insurance bond in the name of the Registered Holder, and its
successors in interest and assigns, insuring against any losses associated with
the loss of such document, in an amount equal to the then outstanding principal
balance of the related Mortgage Loan or such lesser amount requested by the
Registered Holder, at the Registered Holder's sole option, at any time the long
term obligations of the Custodian are rated below the second highest rating
category of Moody's Investors Service, Inc. or Standard and Poor's Ratings
Group, a division of McGraw-Hill, Inc.

                  (d) The Custodian agrees to indemnify and hold the Registered
Holder, and its designees, harmless against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever, including reasonable
attorney's fees, that may be imposed on, incurred by, or asserted against it or
them in any way relating to or arising out of a Custodial Delivery Failure, as
defined herein, or the Custodian's negligence, lack of good faith or willful
misconduct. The forgoing indemnification shall survive any termination or
assignment of this Agreement.

      18. Reliance of Custodian.

      In the absence of bad faith on the part of the Custodian, the Custodian
may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any request, instructions, certificate,
opinion or other document furnished to the Custodian, reasonably believed by
Custodian to be genuine and to have been signed or presented by the proper party
or parties and conforming to the requirements of this Agreement. No
representations, warranties, covenants or obligations of the Custodian shall be
implied with respect to this Agreement or the Custodian's services hereunder.

      19. Transmission of Custodian's Mortgage File.

      Written instructions as to the method of shipment and shipper(s) Custodian
is directed to utilize in connection with transmission of mortgage files and
loan documents in the performance of the Custodian's duties hereunder shall be
delivered by the Registered Holder (the "Requesting Party") with respect to all
or a portion of the Mortgage Loans owned by such Registered Holder to the
Custodian prior to any shipment of any mortgage files and loan documents
hereunder. The Registered Holder will arrange for the provision of such services
at its sole cost and expense (or, at Custodian's option, reimburse Custodian for
all costs and expenses incurred by Custodian consistent with such instructions)
and will maintain such insurance against loss or damage to mortgage files and
loan documents as the Requesting Party deems appropriate. Without limiting the
generality of the provisions of Paragraph 17 above, it is expressly agreed that
in no event shall the Custodian have any liability for any losses or damages to
any person, including, without

                                      O-12
<PAGE>

limitation, the Requesting Party, arising out of actions of the Custodian
consistent with instructions of the Requesting Party. In the absence of any
written instructions with respect to the transmission of the Custodian's
Mortgage Files, the parties hereby agree that the Custodian may utilize any
nationally recognized overnight courier service and shall be entitled to
reimbursement from the Registered Holder.

      20. Authorized Representative.

      Unless the Registered Holder shall have given the Custodian written notice
to the contrary, each individual designated as an authorized representative of
the Registered Holder with respect to all or a portion of the Mortgage Loans
owned by such Registered Holder, and the Custodian, respectively (an "Authorized
Representative"), is authorized to give and receive notices, requests and
instructions and to deliver certificates and documents in connection with this
Agreement on behalf of the Registered Holder with respect to all or a portion of
the Mortgage Loans owned by such Registered Holder, or the Custodian, as the
case may be, and the specimen signature for each such Authorized Representative
of MLCC as the initial Registered Holder and each such Authorized Representative
of the Custodian initially authorized hereunder is set forth on Exhibit Three
and Exhibit Four hereof, respectively. Any subsequent Registered Holder of the
Mortgage Loans shall provide the Custodian specimen signatures for each
Authorized Representative of such Registered Holder. From time to time, the
Registered Holder and the Custodian may, by delivering to the other party a
revised exhibit, change the information previously given pursuant to this
Paragraph, but each of the parties hereto shall be entitled to rely conclusively
on the then current exhibit until receipt of a superseding exhibit.

      21. Release of Custodian's File for Servicing.

      Upon written request by the Registered Holder or its Servicer with respect
to all or a portion of the Mortgage Loans owned by such Registered Holder,
pursuant to the form attached hereto as Exhibit Five, the Custodian shall use
its best efforts to promptly, and in no event no later than two (2) Business
Days after receipt of such written request completed in accordance with this
Agreement, release to the Registered Holder or its Servicer for the servicing or
foreclosure of any of the Mortgage Loans the related Custodian's Mortgage File.
All Custodian's Mortgage Files so released to the Registered Holder's Servicer
shall be held by such Servicer in trust for the benefit of the Registered Holder
in accordance with the provisions of a servicing agreement entered into between
the Registered Holder and such Servicer. The Registered Holder or its Servicer
shall return to the Custodian the Custodian's Mortgage File that has been
released to the Registered Holder or its Servicer, when the Registered Holder's
or its Servicer's need therefor in connection with such servicing or foreclosure
no longer exists, unless the Mortgage Loan shall be liquidated, in which case,
upon receipt of a certification to this effect from the Registered Holder or its
Servicer to the Custodian in the form annexed hereto as Exhibit Five, and the
Custodian shall thereupon reflect any such liquidation on the list of Mortgage
Loans maintained by it pursuant to Paragraph 9 of this Agreement.

      Custodian shall not release more than 5% of the number of Mortgage Loans
at any time without additional written consent from Registered Holder. This
limitation shall not apply to the release of Custodial Files upon payment in
full.

      22. Release of Custodian's Mortgage File for Payment.

      Upon the repurchase or substitution of any Mortgage Loan pursuant to a
Purchase Agreement or the payment in full of any Mortgage Loan, which shall be
evidenced by the

                                      O-13
<PAGE>

Custodian's receipt of a request for release, receipt and certification in the
form annexed hereto as Exhibit Five (which certification shall include a
statement to the effect that all amounts received in connection with such
payment or repurchase have been credited to the account of the Registered
Holder), the Custodian shall use its best efforts promptly and in no event later
than two (2) Business Days after receipt of the written request therefor
completed in accordance with this Agreement, release the related Custodian's
Mortgage File to the Registered Holder or, at the request of the Registered
Holder, its Servicer, such repurchase thereupon to be noted on the list
maintained by the Custodian pursuant to Paragraph 9 of this Agreement.

      23. Reproduction of Documents.

      This Agreement and all documents relating thereto, including, without
limitation, (a) consents, waivers and modifications that may hereafter be
executed, and (b) certificates and other information previously or hereafter
furnished, may be reproduced by any photographic, photostatic, microfilm,
microcard, miniature photographic or other similar process. The parties agree
that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original
is in existence and whether or not such reproduction was made by a party in the
regular course of business, and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

      24. Severability.

      If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, the invalidity
of any such covenant, agreement, provision or term of this Agreement shall in no
way affect the validity or enforceability of the other provisions of this
Agreement; provided, however, that if the invalidity of any covenant, agreement
or provision shall deprive any party of the economic benefit intended to be
conferred by this Agreement, the parties shall negotiate in good faith to
develop a structure the economic effect of which is as nearly as possible the
same as the economic effect of this Agreement.

      25. Amendment; Exhibits.

      This Agreement may be amended from time to time by the parties hereto only
by a written agreement signed by the parties hereto. The exhibits to this
Agreement are hereby incorporated and made a part hereof and are an integral
part of this Agreement.

      26. Captions.

      Section headings are used herein for convenience only and do not limit or
expand the scope of the provisions herein.

      28. Representations and Warranties of Custodian.

      Custodian represents and warrants to and covenants with MLCC as follows:

                  (a) Custodian is a corporation duly incorporated, validly
existing and in good standing under the laws of Minnesota.

                  (b) Custodian has full corporate power to execute, deliver and
perform the obligations under this Agreement. MLCC may rely on the actions of
Custodian

                                      O-14
<PAGE>

without further inquiry. No additional consent, authorization, or regulatory
filing is required in order for Custodian to legally perform its obligations.

                  (c) This agreement constitutes a legal, valid and binding
obligation of Custodian, enforceable against Custodian in accordance with the
terms herein except as limited by bankruptcy, insolvency, liquidation or other
similar laws affecting generally the enforcement of creditor's rights.

                                      O-15
<PAGE>

      IN WITNESS WHEREOF, the Custodian and MLCC have caused this Agreement to
be executed as of the date and year first written above.

                                              WELLS FARGO BANK MINNESOTA, N.A.,
                                              Custodian

                                              By:_______________________________
                                              Name:  ___________________________
                                              Title: ___________________________

                                              MERRILL LYNCH CREDIT CORPORATION
                                              ("MLCC")

                                              By:_______________________________
                                              Name:  ___________________________
                                              Title: ___________________________

                                      O-16
<PAGE>

                                    EXHIBIT P

                       AMENDMENT NO. 1 CUSTODIAL AGREEMENT

      Amendment No. 1, dated as of January 16, 2002 (this "Amendment"), between
Merrill Lynch Credit Corporation ("MLCC") and Wells Fargo Bank Minnesota, N.A.
(the "Custodian"), to the Custodial Agreement, dated as of December 15, 2000
(the "Custodial Agreement").

                                    RECITALS

      WHEREAS, MLCC may from time to time, purchase certain Mortgage Loans from
third party sellers pursuant to the terms and condition of certain mortgage loan
purchase agreements entered into between MLCC and such parties (each, a
"Purchase Agreement");

      WHEREAS, pursuant to the Custodial Agreement, the Custodian has agreed to
take possession of mortgage notes evidencing Mortgage Loans and certain other
Mortgage Loan Documents delivered from time to time pursuant to the Custodial
Agreement;

      WHEREAS, MLCC and the Custodian have agreed, subject to the terms and
conditions of this Amendment, that the Custodial Agreement be amended to reflect
the replacement of individual certifications with a Master Trust Receipt; and

      Accordingly, MLCC and Custodian hereby agree, in consideration of the
mutual promises and mutual obligations set forth herein, that the Custodial
Agreement is hereby amended as follows:

            SECTION 1. Definitions:

            (a) Section 1 of the Custodial Agreement is hereby amended by
deleting the definitions of "Custody Receipt", "Final Custody Receipt" and
"Initial Custody Receipt."

            (b) Section 1 of the Custodial Agreement is hereby amended by
inserting the following definition into its proper alphabetical order:

            "Trust Receipt": A trust receipt in the form annexed hereto as
            Exhibit One delivered to MLCC by the Custodian covering all of the
            Mortgage Loans subject to this Custodial Agreement from time to
            time, as reflected in the Mortgage Loan Schedule and Exception
            Report attached thereto in accordance with Section 4(b).

            (c) Section 1 of the Custodial Agreement is hereby amended by
deleting the definition of " Exception Report" and replacing it in its entirety
as follows:

            "Exception Report": The Exception Report prepared by the Custodian
            as an annex to the Trust Receipt which lists all exceptions with
            respect to the Mortgage Loan Schedule and attached thereto as
            Schedule B, as updated from time to time in accordance with Section
            4 hereof.

                                      P-1
<PAGE>

            SECTION 2. Trust Receipt. Section 4 is hereby deleted in its
entirety and replaced in its entirety with the following:

            (a) The Custodian shall review the documents delivered to it on each
Delivery Date and shall deliver to Registered Holder within the time frames
outlined in exhibit B to this amendment, but prior to Closing Date, a Mortgage
Loan Schedule and Exception Report with respect to the Mortgage Loans, and the
delivery of each Mortgage Loan Schedule and Exception Report by the Custodian
hereunder shall be the Custodian's certification that such Mortgage Loans are
held for MLCC (as Registered Holder) and that, as to each Mortgage Loan listed
in the related Mortgage Loan Schedule (other than any Mortgage Loan paid in full
or any Mortgage Loan specifically identified in such certification as not
covered by the Exception Report), (a) all documents described in Paragraphs 2(a)
through 2(e) and to the extent provided in the Custodian's Mortgage Files
Paragraphs 2(f) through 2(j), if applicable, of this Agreement are in its
possession, (b) such documents have reviewed by it and appear regular on their
face and relate to such Mortgage Loan, (c) based on its examination and only as
to the foregoing documents, the information set forth in terms (i), (ii), (iii)
excluding the zip code requirement, (iv), (vi), (vii), (viii) and (x) of the
definition of "Mortgage Loan Schedule" respecting such Mortgage Loan is correct,
and which as to items (iv) (vi), (viii) and (x) for adjustable rate Mortgage
Loan Documents and (d) each Mortgage Note has been endorsed and each Assignment
has been executed as provided in Paragraph 2 hereof. The Custodian shall
determine whether any discrepancy or deficiency exists with respect to a
Custodian's Mortgage File and shall note such discrepancy on the Exception
Report. The Custodian shall also note on such Exception Report, with respect to
each Mortgage Loan, whether a certified copy of the related Mortgage was
delivered to the Custodian in lieu of the original of such Mortgage, whether a
certified copy of an intervening assignment of the related Mortgage was
delivered to the Custodian in lieu of the original of such assignment, and
whether a preliminary title report with respect to such Mortgage Loan was
delivered to the Custodian in lieu of the original policy of title insurance.
Except as specifically provided above, the Custodian shall be under no duty to
review, inspect or examine such documents to determine that any of them are
enforceable or appropriate for their prescribed purpose.

            (b) On the date of this Amendment, the Custodian shall deliver to
MLCC, a Trust Receipt with a Mortgage Loan Schedule and Exception Report
attached thereto reflecting all Mortgage Loans subject to the Custodial
Agreement as of such date.

            (c) Each Mortgage Loan Schedule and Exception Report delivered by
the Custodian to MLCC shall supersede and cancel the Mortgage Loan Schedule and
Exception Report previously delivered by the Custodian to MLCC hereunder, and
shall replace the then existing Mortgage Loan Schedule and Exception Report to
be attached to the Trust Receipt. Notwithstanding anything to the contrary set
forth herein, in the event that the Mortgage Loan Schedule and Exception Report
attached to the Trust Receipt is different from the most recently delivered
Mortgage Loan Schedule and Exception Report, then the most recently delivered
Mortgage Loan Schedule and Exception Report shall control and be binding upon
the parties hereto.

            (d) The Custodian shall deliver to MLCC, electronically a Mortgage
Loan Schedule and Exception Report reflecting any additional Mortgage Loans
received and reviewed in accordance with the procedures set forth in Section
2(a) hereof.

            (e) Within five (5) days of receipt of written directions, in the
form attached hereto as Exhibit Six, from the Registered Holder with respect to
all or a portion of the Mortgage

                                      P-2
<PAGE>

Loans owned by such Registered Holder, the Custodian shall deliver all or any
portion of the Custodian's Mortgage Files held by it to Registered Holder, or to
such other party as the Registered Party may direct, as provided in Paragraph
19, at the place indicated in any such written direction from the Registered
Holder and shall deliver to the Registered Holder a new Mortgage Loan Schedule
and Exception Report, with respect to the Custodian's Mortgage Files retained by
the Custodian. The Registered Holder may require the Custodian to complete the
endorsements on any Mortgage Notes in its possession and to complete the
Assignment of Mortgages prepared by the Servicer in blank, within a reasonable
period of time. The cost of this shall be reimbursed by the Registered Holder. A
list of authorized signatures for such written directions has been furnished to
the Custodian by the Registered Holder pursuant to Paragraph 20 hereof. Upon the
Custodian's receipt of such written notification from the Registered Holder that
the Registered Holder has sold any or all of the Mortgage Loans, which
notification shall be accompanied by a Mortgage Loan Schedule identifying such
Mortgage Loans, the Custodian shall change its records to reflect that such
purchaser is the owner of such Mortgage Loans and shall immediately, upon the
direction of such Registered Holder, either deliver the related Custodian's
Mortgage Files to such purchaser at the expense of such purchaser or issue a
Mortgage Loan Schedule and Exception Report in the name of such purchaser. Such
purchaser, as a Registered Holder, shall be required to simultaneously furnish
to the Custodian a list of authorized signatures for written directions pursuant
to Paragraph 20 hereof. The Custodian shall then deliver to the Registered
Holder a new Mortgage Loan Schedule and Exception Report, reflecting all
Mortgage Loans with respect to which the Custodian still holds the related
Custodian's Mortgage Files on behalf of the Registered Holder. The Registered
Holder and the Custodian agree herein that any purchaser of any or all of the
Mortgage Loans shall succeed to the rights and obligations of the Registered
Holder under this Agreement with respect to such Mortgage Loans upon receipt of
its own Trust Receipt and Mortgage Loan Schedule and Exception Report, as
further specified in Paragraph 15 hereof.

            SECTION 3. Termination of Agreement. Section 14 of the Custodial
Agreement is hereby amended by deleting "Custody Receipts" from the sixth line
of the paragraph and replacing it with "Mortgage Loan Schedule and Exception
Report."

            SECTION 4. Assignment of Agreement. Section 15 of the Custodial
Agreement is hereby deleted in its entirety and replaced in its entirety with
the following:

                  "The Registered Holder with respect to all or a portion of the
Mortgage Loans owned by such Registered Holder shall have the right to assign,
in whole or in part, its interests under this Agreement with respect to some or
all of the Mortgage Loans, and to designate any person (such person, an
"Assignee") or exercise any rights of the Registered Holder hereunder, and such
assignee or designee shall accede to the rights and obligations hereunder of the
Registered Holder with respect to such Mortgage Loans. All references to the
Registered Holder shall be deemed to include its assignee or designee. In
connection with any such assignment, the Registered Holder with respect to all
or a portion of the Mortgage Loans owned by such Registered Holder, the
Custodian shall issue (a) a Trust Receipt in the form of Exhibit One hereto with
a Mortgage Loan Schedule and Exception Report with respect to the Mortgage Loans
subject to such assignment to the Assignee and (b) an updated Mortgage Loan
Schedule and Exception Report to the assigning Registered Holder with respect to
the Mortgage Loans which the Custodian holds for the Registered Holder. The
Custodian may not assign its interest or delegate its duties under this
Agreement without the prior written consent of the Registered Holder. In the
event of any such assignment or delegation, the Registered Holder shall not be

                                      P-3
<PAGE>

responsible for any fees of the successor Custodian in excess of the fees
formerly paid by the Registered Holder to the Custodian."

            SECTION 5. Indemnification. Section 17 of the Custodial Agreement is
hereby amended by deleting "an Initial Custody Receipt" from the fifth line of
subsection (c) and replacing it with "a Mortgage Loan Schedule and Exception
Report."

            SECTION 6. Exhibits. The Exhibits of the Custodial Agreement are
hereby amended by deleting "Exhibit One" and "Exhibit Two" and adding The Form
of Trust Receipt attached as Exhibit A to this Amendment as Exhibit One to the
Custodial Agreement.

            SECTION 7. Delivered Documents. On the date hereof, MLCC shall have
received the following documents, each of which shall be satisfactory to the
MLCC in form and substance:

            (a) Amendment. This Amendment No. 1, executed and delivered by a
duly authorized officer of MLCC and the Custodian; and

            (b) Other Documents. Such other documents as the Purchaser or
counsel to the Purchaser may reasonably request.

            SECTION 8. Limited Effect. Except as expressly amended and modified
by this Amendment, the Custodial Agreement shall continue to be, and shall
remain, in full force and effect in accordance with its terms.

            SECTION 9. Counterparts. This Amendment may be executed by each of
the parties hereto on any number of separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same
instrument.

            SECTION 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                            [SIGNATURE PAGE FOLLOWS]

                                      P-4
<PAGE>

            IN WITNESS WHEREOF, the parties have caused their names to be signed
hereto by their respective officers thereunto duly authorized as of the day and
year first above written.

                                            WELLS FARGO BANK MINNESOTA, N.A.,
                                            ("CUSTODIAN")

                                            By:_________________________________
                                                 Name:  Sarah J. Kerr
                                                 Title: Assistant Vice President

                                            MERRILL LYNCH CREDIT CORPORATION
                                            ("MLCC")

                                            By:_________________________________
                                                 Name:  ________________________
                                                 Title: ________________________

                                      P-5
<PAGE>
                                    EXHIBIT Q

                         OFFICER'S CERTIFICATE - TRUSTEE

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Re:   Pooling and Servicing Agreement (the "Agreement") dated as of November 1,
      2004 among Merrill Lynch Mortgage Investors, Inc., as depositor (the
      "Depositor"), Cendant Mortgage Corporation, as servicer (the "Servicer")
      and Wells Fargo Bank, N.A., as trustee (the "Trustee") - Merrill Lynch
      Mortgage Investors Trust Series MLCC 2004-F Mortgage Loan Pass-Through
      Certificates

      I, [identify the certifying individual], a [title] of the Trustee hereby
certify to the Depositor, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:

      1.    I have reviewed the Monthly Statements delivered pursuant to Section
            4.02 the Agreement since the last Officer's Certificate executed
            pursuant to Section 6.20 of the Agreement [or in the case of the
            first certification, since the Cut-off Date] (the "Trustee
            Information").

      2.    Based on my knowledge, the information in the Monthly Statements ,
            taken as a whole, does not contain any untrue statement of a
            material fact or omit to state a material fact necessary to make the
            statements made, in light of the circumstances under which such
            statements were made, not misleading as of the date hereof;

      3.    Based on my knowledge, the Monthly Statements required to be
            prepared by the Trustee under the Agreement has been prepared and
            provided in accordance with the Agreement; and

      4.    I am responsible for reviewing the activities performed by the
            Trustee under the Agreement and the Trustee has, as of the date
            hereof fulfilled its obligations under the Agreement and there are
            no significant deficiencies relating to the Trustee's compliance
            with this Agreement.

Date:                                        Wells Fargo Bank, N.A., as Trustee

                                             By:________________________________
                                             Name:______________________________
                                             Title:_____________________________

                                       Q-1
<PAGE>

                                    EXHIBIT R

                        OFFICER'S CERTIFICATE - SERVICER

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Wells Fargo Bank, N.A.
Sixth Street and Marquette Avenue
Minneapolis, Minnesota  55479

Re:   Pooling and Servicing Agreement (the "Agreement") dated as of November 1,
      2004 among Merrill Lynch Mortgage Investors, Inc., as depositor (the
      "Depositor"), Cendant Mortgage Corporation, as servicer (the "Servicer")
      and Wells Fargo Bank, N.A., as trustee ( the "Trustee") - Merrill Lynch
      Mortgage Investors Trust Series MLCC 2004-F Mortgage Loan Pass-Through
      Certificates

      cc. I, [identify the certifying individual], a [title] of the Servicer
hereby certify to the Trustee and the Depositor, and their respective officers,
directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that:

      1. I have reviewed the information required to be delivered to the Trustee
pursuant to the Agreement (the "Servicing Information").

      2. Based on my knowledge, the information in the Annual Statement of
Compliance, and all servicing reports, officer's certificates and other
information relating to the servicing of the Mortgage Loans submitted to the
Trustee by the Servicer taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading as of the last day of the period covered by the Annual
Statement of Compliance;

      3. Based on my knowledge, the Servicing Information required to be
provided to the Trustee by the Servicer under the Agreement has been provided to
the Trustee;

      4. I am responsible for reviewing the activities performed by the Servicer
under the Agreement and based upon the review required under the Agreement, and
except as disclosed in the Annual Statement of Compliance, the Annual
Independent Certified Public Accountant's Servicing Report and all servicing
reports, officer's certificates and other information relating to the servicing
of the Mortgage Loans submitted to the Trustee by the Servicer, the Servicer
has, as of the last day of the period covered by the Annual Statement of
Compliance fulfilled its obligations under the Agreement; and

      5. I have disclosed to the Trustee and the Depositor all significant
deficiencies relating to the Servicer's compliance with the minimum servicing
standards in accordance with a review conducted in compliance with the Uniform
Single Attestation Program for Mortgage Bankers as set forth in the Agreement.

                                      R-1
<PAGE>

Date:                                 Cendant Mortgage Corporation, as Servicer

                                      By:_______________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                                      R-2
<PAGE>

                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

                             [INTENTIONALLY OMITTED]

<PAGE>

                                   SCHEDULE B
                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
                                  OF THE SELLER

      The Seller hereby represents and warrants to the Depositor as to each
Mortgage Loan, as of the Closing Date as follows:

            (a) The information set forth in the Mortgage Loan Schedule is true
and correct in all material respects as of the Cut-off Date;

            (b) As of the related Closing Date, the Mortgage Loan is not
delinquent in payment more than 30 days and the Mortgage Loan has not been
dishonored; there are no material defaults under the terms of the Mortgage Loan;
the Seller has not advanced funds, or induced, solicited or knowingly received
any advance of funds from a party other than the owner of the Mortgaged Property
subject to the Mortgage, directly or indirectly, for the payment of any amount
required by the Mortgage Loan;

            (c) To the best of the Seller's knowledge, with respect to those
Mortgage Loans as to which the Mortgagors are required to deposit funds into an
escrow account for payment of taxes, assessments, insurance premiums and similar
items as they become due, there are no delinquent taxes, ground rents, water
charges, sewer rents, assessments or other outstanding charges which constitute
a lien on the related Mortgaged Property, and all escrow deposits have been
collected, are under the control of the Servicer, and have been applied to the
payment of such items in a timely fashion, in accordance with such Mortgage. No
escrow deposits or escrow payments or other charges or payments due the Servicer
have been capitalized under the related Mortgage or Mortgage Note. With respect
to those Mortgage Loans for which escrow deposits are not required, to the best
of the Seller's knowledge, there are no delinquent taxes or other outstanding
charges affecting the related Mortgaged Property which constitute a lien on the
related Mortgaged Property;

            (d) The terms of the Mortgage Note and the Mortgage have not been
impaired, waived, altered or modified in any respect, except by written
instruments contained in the Mortgage File, approved, if necessary, by the
insurer under any Primary Mortgage Insurance Policy and recorded in all places
necessary to maintain the first priority of the lien, the substance of which
waiver, alteration or modification is reflected on the Mortgage Loan Schedule.
No Mortgagor has been released, in whole or in part, except in connection with
an assumption agreement which assumption agreement is part of the Mortgage File
and the terms of which are reflected in the Mortgage Loan Schedule;

            (e) Neither the Mortgage Note nor the Mortgage is subject to any
right of rescission, set-off, counterclaim or defense, including the defense of
usury, nor will the operation of any of the terms of the Mortgage Note and the
Mortgage, or the exercise of any right thereunder, render the Mortgage
unenforceable, in whole or in part, or subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury and to the best
of the Seller's knowledge, no such right of rescission, set-off, counterclaim or
defense has been asserted by any Person with respect thereto;

            (f) All buildings upon the Mortgaged Property are required to be
insured by a generally acceptable insurer against loss by fire, hazards of
extended coverage and such other

                                      -1-
<PAGE>

hazards as are customarily included in extended coverage in the area where the
Mortgaged Property is located, pursuant to standard hazard insurance policies in
an amount which is equal to the lesser of (A) the replacement cost of the
improvements securing such Mortgage Loan or (B) the principal balance owing on
such Mortgage Loan. To the best knowledge of the Seller, all such standard
hazard policies are in effect. On the date of origination, such standard hazard
policies contained a standard mortgagee clause naming the Seller or the
originator of the Mortgage Loan and their respective successors in interest as
mortgagee and, to the best knowledge of the Seller, such clause is still in
effect and, to the best of the Seller's knowledge, all premiums due thereon have
been paid. If the Mortgaged Property is located in an area identified by the
Federal Emergency Management Agency as having special flood hazards under the
National Flood Insurance Act of 1994, as amended, such Mortgaged Property is
covered by flood insurance in the amount required under the National Flood
Insurance Act of 1994. The Mortgage obligates the Mortgagor thereunder to
maintain all such insurance at Mortgagor's cost and expense, and on the
Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain
such insurance at Mortgagor's cost and expense and to seek reimbursement
therefor from the Mortgagor;

            (g) To the best of the Seller's knowledge, at the time of
origination of such Mortgage Loan and thereafter, all requirements of any
federal, state or local law including, without limitation, usury,
truth-in-lending, real estate settlement procedures, consumer credit protection,
equal credit opportunity or disclosure laws required to be complied with by the
Seller as the originator of the Mortgage Loan and applicable to the Mortgage
Loan have been complied with in all material respects;

            (h) The Mortgage has not been satisfied as of the Closing Date,
canceled or subordinated, in whole, or rescinded, and the Mortgaged Property has
not been released from the lien of the Mortgage, in whole or in part (except for
a release that does not materially impair the security of the Mortgage Loan or a
release the effect of which is reflected in the Loan-to-Value Ratio for the
Mortgage Loan as set forth in the Mortgage Loan Schedule), nor to the best of
the Seller's knowledge has any instrument been executed that would effect any
such release, cancellation, subordination or rescission;

            (i) Ownership of the Mortgaged Property is held in fee simple or a
leasehold estate. With respect to Mortgage Loans that are secured by a leasehold
estate, (i) the lease is valid, in full force and effect, and conforms to all of
Fannie Mae's requirements for leasehold estates; (ii) all rents and other
payments due under the lease have been paid; (iii) the lessee is not in default
under any provision of the lease; (iv) the term of the lease exceeds the
maturity date of the related Mortgage Loan by at least five (5) years; and (v)
the terms of the lease provide a Mortgagee with an opportunity to cure any
defaults. Except as permitted by the fourth sentence of this paragraph (i), the
Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
Property, including all buildings on the Mortgaged Property and all
installations and mechanical, electrical, plumbing, heating and air conditioning
systems affixed to such buildings, and all additions, alterations and
replacements made at any time with respect to the foregoing securing the
Mortgage Note's original principal balance. The Mortgage and the Mortgage Note
do not contain any evidence on their face of any security interest or other
interest or right thereto. Such lien is free and clear of all adverse claims,
liens and encumbrances having priority over the first lien of the Mortgage
subject only to (1) the lien of non-delinquent current real property taxes and
assessments not yet due and payable, (2) covenants, conditions and restrictions,
rights of way, easements and other matters of the public record as of the date
of recording which are acceptable to mortgage lending institutions generally, or
which are specifically referred to in the lender's title insurance policy
delivered to the originator of the Mortgage Loan and either (A) which are

                                      -2-
<PAGE>

referred to or otherwise considered in the appraisal made for the originator of
the Mortgage Loan, or (B) which do not in the aggregate adversely affect the
appraised value of the Mortgaged Property as set forth in such appraisal, and
(3) other matters to which like properties are commonly subject which do not in
the aggregate materially interfere with the benefits of the security intended to
be provided by the Mortgage or the use, enjoyment, value or marketability of the
related Mortgaged Property. Any security agreement, chattel mortgage or
equivalent document related to and delivered in connection with the Mortgage
Loan establishes and creates a valid, subsisting and enforceable first lien and
first priority security interest on the property described therein. With respect
to each Co-op Loan, the security instruments create a valid, enforceable and
subsisting first priority security interest in the Co-op Lease and Co-op Stock
securing the related Mortgage Note subject to only to (a) the lien of the
related cooperative for unpaid assessments representing the Mortgagor's pro rata
share of payments for a blanket mortgage, if any, current and future real
property taxes, insurance premiums, maintenance fees and other assessments to
which like collateral is commonly subject, and (b) other matters to which the
collateral is commonly subject which do not materially interfere with the
benefits of the security intended to be provided; provided, however, that the
related Co-op Loan may be subordinated or otherwise subject to the lien of a
Mortgage on the cooperative building;

            (j) The Mortgage Note is not subject to a third party's security
interest or other rights or interest therein;

            (k) The Mortgage Note and the related Mortgage are genuine and each
is the legal, valid and binding obligation of the maker thereof, enforceable in
accordance with its terms subject to bankruptcy, insolvency and other laws of
general application affecting the rights of creditors. All parties to the
Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage
Loan and to execute and deliver the Mortgage Note and the Mortgage. The Mortgage
Note and the Mortgage have been duly and properly executed by such parties. The
proceeds of the Mortgage Loan have been fully disbursed and 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;

            (l) Seller has good title to, and the full right to transfer and
sell, the Mortgage Loan free and clear of any encumbrance, equity, lien, pledge,
charge, claim or security interest, including, to the best knowledge of the
Seller, any lien, claim or other interest arising by operation of law;

            (m) To the best of the Seller's knowledge, each Mortgage Loan is
covered by an ALTA lender's title insurance policy or other generally acceptable
form of policy or insurance acceptable to Fannie Mae or FHLMC, issued by a title
insurer acceptable to Fannie Mae or FHLMC and qualified to do business in the
jurisdiction where the Mortgaged Property is located, insuring (subject to the
exceptions contained in paragraph (ix)(1) (2) and (3) above) the Seller, its
successors and assigns, as to the first priority lien of the Mortgage in the
original principal amount of the Mortgage Loan. To the best of the Seller's
knowledge, the Seller is the sole insured of such lender's title insurance
policy, such title insurance policy has been duly and validly endorsed to the
purchaser or the assignment to the purchaser of the Seller's interest therein
does not require the consent of or notification to the insurer and such lender's
title insurance policy is in full force and effect and will be in full force and
effect upon the consummation of the transactions contemplated by this Agreement.
To the best of the Seller's knowledge, no claims have been made under such
lender's title insurance policy, and no prior holder of the related Mortgage has
done, by act or omission, anything which would impair the coverage of such
lender's title insurance policy;

                                      -3-
<PAGE>

            (n) To the best of the Seller's knowledge, there is no default,
breach, violation or event of acceleration existing under the Mortgage or the
related Mortgage Note and no event which, with the passage of time or with
notice and the expiration of any grace or cure period, would constitute a
default, breach, violation or event permitting acceleration, except for any
Mortgage Loan payment which is not late by more than 30 days, and the Seller has
not waived any default, breach, violation or event permitting acceleration;

            (o) To the best of the Seller's knowledge, there are no mechanics'
or similar liens or claims which have been filed for work, labor or material
(and, to the best of the Seller's knowledge, no rights are outstanding that
under law could give rise to such lien) affecting the related Mortgaged Property
which are or may be liens prior to, or equal or coordinate with, the lien of the
related Mortgage;

            (p) To the best of the Seller's knowledge, all improvements subject
to the Mortgage, lay wholly within the boundaries and building restriction lines
of the Mortgaged Property (and wholly within the project with respect to a
condominium unit) and no improvements on adjoining properties encroach upon the
Mortgaged Property except those which are insured against by the title insurance
policy referred to in paragraph (xiii) above and all improvements on the
property comply with all applicable zoning and subdivision laws and ordinances;

            (q) To the best of the Seller's knowledge, each Mortgage Loan was
originated by the Seller or by a savings association, a savings bank, a
commercial bank or similar banking institution that is supervised and examined
by a Federal or state banking authority, a mortgagee approved by the Secretary
of HUD pursuant to Section 203 and 211 of the National Housing Act, or a Fannie
Mae- or FHLMC-approved seller. To the best of the Seller's knowledge, each
Mortgage Loan was underwritten generally in accordance with the Underwriting
Standards as in effect at the time of origination. To the best of the Seller's
knowledge, the Mortgage contains the usual and customary provision of the Seller
at the time of origination for the acceleration of the payment of the unpaid
principal balance of the Mortgage Loan if the related Mortgaged Property is sold
without the prior consent of the mortgagee thereunder;

            (r) The Mortgaged Property at origination or acquisition was and, to
the best of the Seller's knowledge, currently is free of material damage and
waste and at origination there was, and to the best of the Seller's knowledge
there currently is, no proceeding pending for the total or partial condemnation
thereof;

            (s) The related Mortgage contains customary and enforceable
provisions such as to render the rights and remedies of the holder thereof
adequate for the realization against the Mortgaged Property of the benefits of
the security provided thereby, including, (1) in the case of a Mortgage
designated as a deed of trust, by trustee's sale or judicial foreclosure, and
(2) otherwise by judicial foreclosure. The Seller has no knowledge of any
homestead or other exemption available to the Mortgagor which would interfere
with the right to sell the Mortgaged Property at a trustee's sale or the right
to foreclose the Mortgage;

            (t) To the best of the Seller's knowledge, if the Mortgage
constitutes a deed of trust, a trustee, duly qualified if required under
applicable law to act as such, has been properly designated and currently so
serves and is named in the Mortgage, and no fees or expenses are or will become
payable to the trustee under the deed of trust, except in connection with a
trustee's sale or attempted sale after default by the Mortgagor;

                                      -4-
<PAGE>

            (u) With respect to each Mortgage Loan, there is an appraisal on a
Fannie Mae-approved form (or a narrative residential appraisal) of the related
Mortgaged Property that conforms to the applicable requirements of the Financial
Institutions Reform Recovery and Enforcement Act and that was signed prior to
the approval of such Mortgage Loan application by a qualified appraiser,
appointed by the Seller or the originator of such Mortgage Loan, as appropriate,
who has no interest, direct or indirect, in the Mortgaged Property or in any
loan made on the security thereof, and whose compensation is not affected by the
approval or disapproval of such Mortgage Loan;

            (v) No Mortgage Loan contains "subsidized buydown" or "graduated
payment" features;

            (w) The Mortgaged Property is a single-family (one- to four-unit)
dwelling residence erected thereon, or an individual condominium unit in a
condominium, or a Co-operative Apartment or an individual unit in a planned unit
development or in a de minimis planned unit development as defined by Fannie
Mae. No such residence is a mobile home or a manufactured dwelling which is not
permanently attached to the land;

            (x) No Mortgage Loan provides for negative amortization;

            (y) No Mortgage Loan had an original term in excess of thirty (30)
years;

            (z) [RESERVED]

            (aa) As of the Closing Date, each Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G(a)(3) of the Code (without regard
to Treasury Regulations Section 1.860G-2(f) or any similar rule that provides
that a defective obligation is a qualified mortgage for a temporary period);

            (bb) As of the Closing Date, no Mortgage Loan provides for interest
other than at either (x) a single fixed rate in effect throughout the term of
the Mortgage Loan or (y) a single "variable rate" (within the meaning of
Treasury Regulations Section 1.860G-1(a)(3)) in effect throughout the term of
the Mortgage Loan.

            (cc) As of the Closing Date, no Mortgage Loan is the subject of
pending or final foreclosure proceedings.

            (dd) Based on delinquencies in payment on the Mortgage Loans as of
the Closing Date, Seller would not initiate foreclosure proceedings with respect
to any of the Mortgage Loans prior to the next scheduled payment date on such
Mortgage Loan.

            (ee) Each Mortgage Note is comprised of one original promissory note
and each such promissory note constitutes an "instrument" for purposes of
section 9-102(a)(65) of the UCC.

            (ff) No Mortgage Loan is covered by the Home Ownership and Equity
Protection Act of 1994 ("HOEPA") and no Mortgage Loan is "high cost" as defined
by any applicable federal, state or local predatory or abusive lending law. Any
breach of this representation shall be deemed to materially and adversely affect
the value of the Mortgage Loan and shall require a repurchase of the affected
Mortgage Loan

                                      -5-
<PAGE>

            (gg) Each Mortgage Loan at the time it was made complied in all
material respects with applicable local, state and federal laws, including, but
not limited to, all applicable predatory or abusive lending laws

            (hh) No Mortgage Loan is a High Cost Loan or Covered Loan, as
applicable (as such terms are defined in the then current Standard & Poor's
LEVELS(R) Glossary which is now Version 5.6 Revised, Appendix E, attached to the
Mortgage Loan Purchase and Sale Agreement as Exhibit A) and no Mortgage Loan
originated on or after October 1, 2002 through March 6, 2003 is governed by the
Georgia Fair Lending Act

            (ii) None of the Mortgage Loans that are secured by a Mortgaged
Property located in the State of Illinois are in violation of the provisions of
the Illinois Interest Act.

                                      -6-<PAGE>

                                                                     EXHIBIT 4.1
================================================================================

                                TRUST AGREEMENT

                                    between

                      CORPORATE ASSET BACKED CORPORATION,
                                  as Depositor

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,
                          as Trustee and Option Agent

                                     CABCO
                Series 2004-102 Trust (SBC Communications Inc.)

================================================================================
<PAGE>

           RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
                            AND AGREEMENT PROVISIONS*

<TABLE>
<CAPTION>
Trust Indenture
 Act Section                                   Agreement Section
---------------                                -----------------
<S>                                            <C>
    310(a)(1)                                              7.14(a)
       (a)(2)                                              7.14(a)
       (a)(3)                                                 7.13
       (a)(4)                                               7.1(f)
       (a)(5)                                              7.14(a)
          (b)                                              7.14(b)
          (c)                                       Not Applicable

       311(a)                                                  7.4
          (b)                                                  7.4
          (c)                                       Not Applicable

       312(a)                                       3.7(a), 3.8(a)
          (b)                                               3.8(b)
          (c)                                               3.8(c)

       313(a)                                                  7.6
          (b)                                                  7.6
          (c)                                                  7.6
          (d)                                                  7.6

       314(a)                                       4.1(a), 4.1(b)

       315(a)                               7.1(a), 7.1(b), 7.1(c)
          (b)                                              7.16(b)
          (c)                                                 7.16
          (d)                                               7.1(c)
          (e)                                               7.1(g)

    316(a)(1)                                               7.5(a)
    316(a)(2)                                       Not Applicable
       316(b)                                               6.3(c)
       316(c)                                               3.7(b)

       317(a)                                       Not Applicable
       317(b)                                                  6.4
</TABLE>

------------------------
* This reconciliation and tie shall not, for any purpose, be deemed to be part
of the within agreement.

<PAGE>

<TABLE>
<CAPTION>
Trust Indenture
 Act Section                                   Agreement Section
---------------                                -----------------
<S>                                            <C>
       318(a)                                                10.12
</TABLE>

<PAGE>

                                TABLE OF CONTENTS

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

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1.    Definitions.............................................   1
Section 1.2.    Other Definitional Provisions...........................  10
Section 1.3.    Incorporation by Reference of Trust Indenture Act.......  10

                                   ARTICLE II

                                  ORGANIZATION

Section 2.1.    Creation of Trust; Trust Assets and Obligations........   11
Section 2.2.    Name of Trust..........................................   12
Section 2.3.    Business of Trust......................................   12
Section 2.4.    Trust Office...........................................   12
Section 2.5.    Purposes and Powers....................................   13
Section 2.6.    Appointment of Trustee.................................   13
Section 2.7.    Declaration of Trust...................................   14
Section 2.8.    Liability of Certificateholders........................   14
Section 2.9.    Title to Trust Property................................   14
Section 2.10.   Situs of Trust.........................................   14
Section 2.11.   Representations and Warranties of Depositor............   14
Section 2.12.   Tax Treatment..........................................   15
Section 2.13.   Retained Interest......................................   16
Section 2.14.   [Reserved].............................................   16
Section 2.15.   Call Options, Exercise of Call Options and Exchange of
                Certificates for Underlying Securities.................   16
Section 2.16.   The Swap Agreement and Swap Payments...................   19
Section 2.17.   Mergers................................................   19
Section 2.18.   Grant of Security Interest.............................   19

                                  ARTICLE III

                                THE CERTIFICATES

Section 3.1.    The Certificates.......................................   21
Section 3.2.    Form of the Certificates...............................   22
Section 3.3.    Execution, Authentication and Delivery.................   22
</TABLE>

<PAGE>
<TABLE>
<S>                                                                         <C>
Section 3.4.    Registration of Certificates; Registration of Transfer and
                Exchange of Certificates.................................   22
Section 3.5.    Mutilated, Destroyed, Lost or Stolen Certificates........   23
Section 3.6.    Persons Deemed Certificateholders........................   24
Section 3.7.    Access to List of Certificateholders' Names and Addresses   24
Section 3.8.    Preservation of Information; Communications to
                Certificateholders.......................................   25
Section 3.9.    Legend on Global Certificates............................   25
Section 3.10.   Definitive Certificates..................................   26
Section 3.11.   Definitive Certificates After Available Information
                Event....................................................   26
Section 3.12.   Actions by Certificateholders............................   27
Section 3.13.   Additional Legends.......................................   27

                                   ARTICLE IV

                             EXCHANGE ACT REPORTING

Section 4.1.    Exchange Act Reporting...................................   28

                                   ARTICLE V

                               ACTIONS BY TRUSTEE

Section 5.1.    Prior Notice to Certificateholders, the Option Agent
                and the Swap Counterparty with Respect to Certain
                Matters..................................................   29
Section 5.2.    Action by Trustee with Respect to Certain Matters........   30
Section 5.3.    Majority Control.........................................   30

                                   ARTICLE VI

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 6.1.    Establishment of Collection Account and Securities
                Account..................................................   30
Section 6.2.    Application of Trust Funds...............................   31
Section 6.3.    Certain Provisions Applicable to all Distributions to
                Certificateholders.......................................   33
Section 6.4.    Appointment of Paying Agent..............................   34
Section 6.5.    Method of Payment........................................   35
Section 6.6.    Reports to Certificateholders............................   35
Section 6.7.    Accounting and Information to Certificateholders,
                Internal Revenue Service and Others......................   36
Section 6.8.    Signature on Returns.....................................   36
Section 6.9.    No Implied Duties of the Depositor.......................   36
</TABLE>

<PAGE>

<TABLE>
<S>                                                                         <C>
                                  ARTICLE VII

                                  THE TRUSTEE

Section 7.1.    Duties of Trustee; Notice of Defaults.....................   37
Section 7.2.    Rights of Trustee.........................................   38
Section 7.3.    Acceptance of Trusts and Duties...........................   38
Section 7.4.    Preferential Collection of Claims Against Trustee.........   40
Section 7.5.    Action Upon Instruction by Certificateholders.............   40
Section 7.6.    Furnishing of Documents; Reports to Certificateholders
                and DTC...................................................   40
Section 7.7.    Representations and Warranties of Trustee.................   41
Section 7.8.    Reliance; Advice of Counsel...............................   42
Section 7.9.    Trustee May Own Certificates..............................   43
Section 7.10.   Compensation and Indemnity................................   43
Section 7.11.   Replacement of Trustee....................................   44
Section 7.12.   Merger or Consolidation of Trustee........................   45
Section 7.13.   Appointment of Co-Trustee or Separate Trustee.............   45
Section 7.14.   Eligibility Requirements for Trustee......................   46
Section 7.15.   Voting of the Underlying Securities Other than in the
                Case of an Underlying Securities Event of Default;
                Modification of the Swap Agreement........................   47
Section 7.16.   Trustee's Liquidation, Enforcement and Voting of
                Underlying Securities Upon an Underlying Securities Event
                of Default................................................   49
Section 7.17.   Swap Agreement Termination Events.........................   51
Section 7.18.   Annual Statement..........................................   51

                                  ARTICLE VIII

                            TERMINATION OF AGREEMENT

Section 8.1.    Termination of Agreement..................................   51

                                   ARTICLE IX

                                   AMENDMENTS

Section 9.1.    Allocation of Voting Rights...............................   53
Section 9.2.    Amendments Without Consent of Certificateholders..........   53
Section 9.3.    Amendments With Consent of Certificateholders and the
                Swap Counterparty.........................................   53
Section 9.4.    Form of Amendments........................................   54
</TABLE>

<PAGE>

<TABLE>
<S>                                                                           <C>
                                   ARTICLE X

                                 MISCELLANEOUS

Section 10.1.   Certificateholders Have No Legal Title to Trust Property...   54
Section 10.2.   Limitations on Rights of Others............................   54
Section 10.3.   Notices....................................................   55
Section 10.4.   Tax Classification Election................................   55
Section 10.5.   Severability...............................................   55
Section 10.6.   Counterparts...............................................   56
Section 10.7.   Successors and Assigns.....................................   56
Section 10.8.   No Petition Covenant.......................................   56
Section 10.9.   No Recourse................................................   56
Section 10.10.  Headings...................................................   56
Section 10.11.  Governing Law..............................................   57
Section 10.12.  Conflict with Trust Indenture Act..........................   57
</TABLE>

<PAGE>

Exhibit A  --   Series 2004-102 Underlying Securities Schedule

Exhibit B  --   Terms of the Certificates

Exhibit C  --   Form of Certificate

Exhibit D  --   Form of Swap Agreement

<PAGE>

                                 TRUST AGREEMENT

            TRUST AGREEMENT, dated as of December 15, 2004 (this "Agreement"),
between Corporate Asset Backed Corporation, as depositor (the "Depositor"), and
U.S. Bank Trust National Association, as trustee (the "Trustee") for CABCO
Series 2004-102 Trust (SBC Communications Inc.) (the "Trust") and as option
agent (in such capacity, the "Option Agent") for the holders of the Certificates
from time to time with respect to the Call Options described below.

            The Trust is issuing $32,500,000 in initial aggregate certificate
principal balance of collared floating rate callable certificates (the
"Certificates"), entitled to distributions of principal, premium (if any) and
interest.

            The Trust is acquiring the Underlying Securities, excluding the
Retained Interest, and the Depositor's rights and obligations (excluding the
one-time payment paid by the Swap Counterparty to the Depositor under the
Confirmation) under the Confirmation. The Certificates, in the aggregate, will
evidence the entire beneficial ownership of the Trust Assets, including the
Underlying Securities and the Confirmation, subject to the liabilities of the
Trust, if any. The Certificates are subject to the Call Options.

            In consideration of the mutual agreements herein contained, each
party agrees that the following terms and provisions shall govern the
Certificates and the Trust, for the benefit of all the other parties and the
Certificateholders and the Option Holder to the extent provided herein.

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

            Section 1.1. Definitions.

            Except as otherwise specified herein or as the context may otherwise
require, the following terms have the respective meanings set forth below for
all purposes of this Agreement.

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

            "Agreement" means this Trust Agreement.

            "Assignment Agreement" means the assignment and assumption
agreement, dated as of the Closing Date, among the Swap Counterparty, the
Depositor and the Trust pursuant to which the Depositor assigns to the Trust all
of its rights and obligations (excluding the one-time payment paid by the Swap
Counterparty to the Depositor under the Confirmation) under the Confirmation.

                                       1
<PAGE>

            "Available Funds" means, for any Distribution Date, Available
Interest Funds and Available Principal Funds for such Distribution Date.

            "Available Information Event" means that the Underlying Securities
Issuer has suspended its Exchange Act reporting at a time when the Exchange Act
reporting requirements applicable to the Trust have not been suspended or
terminated.

            "Available Interest Funds" means, for any Distribution Date, the sum
of (i) any Interest Distribution Amounts received on or prior to such
Distribution Date from the Swap Counterparty pursuant to the Swap Agreement with
respect to the preceding Interest Accrual Period and (ii) any Interest
Distribution Amounts representing interest on the Underlying Securities that are
actually received by the Trust pursuant to the Underlying Securities Indenture
on such Distribution Date and not required to be paid to the Swap Counterparty
pursuant to the Swap Agreement.

            "Available Principal Funds" shall mean all amounts received from the
Underlying Securities Issuer with respect to principal of the Underlying
Securities on the Final Distribution Date or any other date.

            "Business Day" means any day other than (i) a Saturday, a Sunday or
a day on which banking institutions in the City of New York are authorized or
obligated by law or executive order to be closed for business, or (ii) a day
that is not a business day for purposes of the Underlying Securities.

            "Calculation Agent" means the London Branch of UBS AG.

            "Call Date" has the meaning specified in the Call Option Agreement.

            "Called Certificates" has the meaning set forth in Section 2.15(c)
of this Agreement.

            "Call Notice" has the meaning specified in the Call Option
Certificate.

            "Call Options" means the call options with respect to the
Certificates granted to the Depositor by UBS Securities LLC under the Call
Option Agreement.

            "Call Option Agreement" means the call option agreement, dated as of
the Closing Date, among the Depositor, UBS Securities LLC and the Option Agent
pursuant to which UBS Securities LLC grants the Call Options to the Depositor.

            "Call Option Certificate" means the physical certificate evidencing
the Call Options, substantially in the forms attached as an exhibit to the Call
Option Agreement.

            "Call Price" has the meaning specified in the Call Option Agreement.

            "Certificateholder" means each Person in whose name a Certificate is
registered on the Certificate Register.

                                       2
<PAGE>

            "Certificate Owner" means any Person who is the beneficial owner of
an interest in any Certificate.

            "Certificate Principal Balance" means, initially, with respect to
the Certificates and each Certificate of such Class, the amount identified as
the initial Certificate Principal Balance with respect to such Class (in Section
3.1(b) of this Agreement) or Certificate, as applicable, and, thereafter, such
initial amount as reduced by the aggregate of all amounts allocable to principal
previously distributed to Certificateholders, if applicable.

            "Certificate Register" and "Certificate Registrar" have the
respective meanings specified in Section 3.4.

            "Certificates" has the meaning specified in the preamble to this
Agreement.

            "Class" means Certificates having the same terms and conditions and
the same relative rights and interests.

            "Closing Date" means the date of this Agreement.

            "Code" means the Internal Revenue Code of 1986, as amended.

            "Collection Account" means the collection account established
pursuant to Section 6.1.

            "Commission" means the Securities and Exchange Commission.

            "Confirmation" means the confirmation, dated as of December 7, 2004,
related to the Depositor Master Agreement between the Depositor and the Swap
Counterparty.

            "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 is initially located at U.S. Bank Trust National
Association, 100 Wall Street, Suite 1600, New York, NY 10005, or the principal
corporate trust office of any successor Trustee as designated by such successor
Trustee by notice to the Certificateholders and the Rating Agency, or, in either
case, such other office as the Trustee may designate from time to time by notice
to the Certificateholders and the Rating Agency.

            "Depositor" means Corporate Asset Backed Corporation, a Delaware
corporation, and any permitted successor or assignee.

            "Depositor Master Agreement" means the ISDA Master Agreement, dated
as of December 7, 2004, including the schedule thereto, and the related
Confirmation between the Depositor and the Swap Counterparty.

            "Depositor Order" means a written order signed by an authorized
officer of the Depositor.

                                       3
<PAGE>

            "Distribution Date" means (i) quarterly on the fifteenth day of
March, June, September and December (or if any such date is not a Business Day,
then the next succeeding Business Day) or (ii) upon the occurrence of a Swap
Agreement Termination Event that is not a Trust Termination Event, June 15 and
December 15 of each year (or if any such date is not a Business Day, then the
next succeeding Business Day), commencing on March 15, 2005, and ending on the
earlier of (x) the Final Distribution Date and (y) the date on which the Trust
is terminated under this Agreement.

            "DTC" means The Depository Trust Company and any successor.

            "Early Termination Date" means the date so designated as such in
accordance with the terms of the Swap Agreement.

            "Early Termination Payment" has the meaning specified in the
Confirmation.

            "Eligible Trust Account" means a segregated account with (a) the
corporate trust department of the Trustee or (b) a trust company or corporation
with trust powers organized under the laws of the United States of America or
any one of the states thereof or the District of Columbia (or any domestic
branch of a foreign bank), having corporate trust powers and acting as trustee
for funds deposited in such account, so long as any of the securities of such
depository institution shall have a credit rating from the Rating Agency in one
of its four highest rating categories, and in the case of each of clauses (a)
and (b) that is identified and held separate and apart from the general assets
of the Trustee, and that contains only property held by the Trustee as
fiduciary.

            "Exchange Act" means the United States 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, any Vice President, the Secretary or the Treasurer of such
corporation and, with respect to any partnership, any general partner thereof.

            "Final Distribution Date" means June 15, 2034.

            "Grant" means to sell, convey, assign, transfer, create, grant a
lien upon and a security interest in and right to set-off against, deposit, set
over and confirm to the Trustee pursuant to this Agreement, and the terms
"Granted" and "Granting" have meanings correlative to the foregoing. A Grant of
any Underlying Securities or of any 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, premium, if any, and interest payments in respect of
such Underlying Securities 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, and generally to do and receive anything
that the Granting party was entitled to do or receive thereunder or with respect
thereto prior to the Grant.

            "Integration Election" means an election under Treasury Regulation
Section 1.1275-6.

                                       4
<PAGE>

            "Interest Accrual Period" means (i) with respect to the first
Distribution Date, the period from and including the Closing Date to but
excluding the first Distribution Date and (ii) with respect to any Distribution
Date thereafter, the period from and including the preceding Distribution Date
to but excluding such current Distribution Date.

            "Interest Distribution Amount" means, with respect to each
Distribution Date, an amount equal to the product of (x) the then outstanding
Certificate Principal Balance, (y) the Interest Rate for the preceding Interest
Accrual Period and (z) the actual number of days in such Interest Accrual Period
divided by 360.

            "Interest Rate" means 3.25% per annum (since the Three-Month USD
LIBOR as of December 7, 2004 (2.45%) plus .65% is less than 3.25%) from and
including the Closing Date to but excluding the first Distribution Date and, for
each Interest Accrual Period thereafter, a floating rate, not to exceed 8.00%
per annum, equal to the greater of (i) Three-Month USD LIBOR plus .65% and (ii)
3.25%. Following the occurrence of a Swap Agreement Termination Event that is
not a Trust Termination Event, interest will be payable semi-annually at a fixed
rate equal to 6.450% per annum.

            "LIBOR Determination Date" means, for the first Interest Accrual
Period, the sixth London Banking Day preceding the commencement of such interest
accrual period. Thereafter, for each subsequent Interest Accrual Period
beginning on and after the first Distribution Date, the second London Banking
Day preceding the commencement of such Interest Accrual Period.

            "London Banking Day" shall mean any day on which the commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) in London.

            "Opinion of Counsel" means one or more written opinions of counsel,
who may be employees of or counsel to the Depositor or any of its Affiliates,
and who shall be reasonably satisfactory to the Trustee, which opinion or
opinions shall be addressed to the Trustee and shall be in form and substance
reasonably satisfactory to the Trustee.

            "Option Agent" means U.S. Bank Trust National Association, in its
capacity as option agent for the Call Options under the Call Option Agreement
and any successor in such capacity.

            "Option Holder" means the holder of the Call Options.

            "Outstanding" means, as of any date of determination, all
Certificates theretofore authenticated and delivered under this Agreement
except:

            (a) certificates previously cancelled by the Certificate Registrar
or delivered to the Certificate Registrar for cancellation;

            (b) certificates or portions thereof the payment for which money in
the necessary amount has been theretofore irrevocably deposited with the Trustee
in trust for the Certificateholders of such Certificates; and

                                       5
<PAGE>

            (c) certificates in exchange for or in lieu of which other
Certificates have been authenticated and delivered pursuant to this Agreement,
or the replacement Certificates thereof recovered by the Trustee pursuant to
Section 3.5(b) of this Agreement when a Protected Purchaser presents proof
satisfactory to the Trustee that it holds the original Certificates and is a
Protected Purchaser; provided that in determining whether the Certificateholders
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Certificates owned by or pledged to the Depositor, the Trustee
in its individual capacity, or any Affiliate of either of the foregoing Persons
shall be disregarded and for purposes of determining the requisite Certificate
Principal Balance of Certificates shall be 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
Certificates that the Trustee actually knows to be so owned shall be so
disregarded. In order to give effect to the foregoing provision, the Depositor
shall promptly give or cause to be given written notice to the Trustee of any
Certificates to its knowledge owned by or pledged to the Depositor or any
Affiliate, and shall refrain (and use commercially reasonable efforts to cause
its Affiliates to refrain) from giving any such request, demand, authorization,
direction, notice, consent or waiver.

            "Paying Agent" has the meaning specified in Section 6.4 of this
Agreement.

            "Person" means any individual, corporation, estate, limited
liability company, partnership, joint venture, association, joint stock company,
trust (including any trust beneficiary), unincorporated organization or
government or any agency or political subdivision thereof.

            "Placement Agency Agreement" means the placement agency agreement,
dated as of the Closing Date, between UBS Securities LLC and the Depositor in
terms of which UBS Securities LLC agrees to act as placement agent for the
Depositor in the sale of the Call Options.

            "Placement Agent" means UBS Securities LLC, in its capacity as
placement agent under the Placement Agency Agreement.

            "Proceeding" means any suit in equity, action at law or other
judicial or administrative proceeding.

            "Protected Purchaser" has the meaning specified in the Uniform
Commercial Code as in effect in the State of New York.

            "Rating Agency" means Standard & Poor's.

            "Rating Agency Condition" means with respect to any specified
action, that the Rating Agency shall have been given ten (10) days' prior notice
of such action and that such Rating Agency shall have notified the Trustee in
writing that such action will not result in a reduction or withdrawal of the
then-current rating of the Certificates.

            "Record Date" means, with respect to each Distribution Date, the day
immediately preceding each Distribution Date.

            "Responsible Officer" means, with respect to the Trustee, any
officer within the Corporate Trust Office of the Trustee, including any Senior
Vice President, Vice President,

                                       6
<PAGE>

Assistant Vice President, Secretary, 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.

            "Retained Interest" means, with respect to the Underlying Securities
Granted to the Trustee on the Closing Date, the interest accrued on such
Underlying Securities from and including August 18, 2004, to but excluding the
Closing Date.

            "SEC" means the Securities and Exchange Commission.

            "SEC Reporting Failure" means that (i) an Available Information
Event has occurred, and either (x) the suspension of Exchange Act reporting by
the Underlying Securities Issuer continues for a period of at least one year, or
(y) the Underlying Securities Issuer announces or takes measures that
demonstrate, in connection with such suspension or at any time thereafter, that
it will no longer be a reporting company under the Exchange Act; (ii) the
Certificates have been be removed from the DTC book-entry system; (iii)
definitive certificates representing the Certificates have been issued to the
beneficial owners of the Certificates; and (iv) the Underlying Securities Issuer
has not resumed filing Exchange Act reports within sixty (60) days of such
issuance.

            "Securities Account" means the securities account established
pursuant to Section 2.18 of this Agreement.

            "Securities Act" means the United States Securities Act of 1933, as
amended.

            "Securities Intermediary" means U.S. Bank Trust National
Association, maintaining the Securities Account in its capacity as securities
intermediary within the meaning of Section 8-102 of the UCC, and any qualified
successor.

            "Standard & Poor's" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., and any successor.

            "Swap Agreement" means the ISDA Master Agreement, dated as of the
Closing Date, including the schedule thereto, between the Trust and the Swap
Counterparty, and the Confirmation assigned by the Depositor to the Trust
(excluding the one-time payment paid by the Swap Counterparty to the Depositor
under the Confirmation) pursuant to the Assignment Agreement.

            "Swap Agreement Termination Event" means the occurrence of any event
that would constitute an "Event of Default" or "Termination Event" under the
Swap Agreement.

            "Swap Counterparty" means the London Branch of UBS AG, or any
permitted successor or assign thereto.

            "Telerate Page 3750" means the display on the Dow Jones Telerate
Service on page 3750 (or any other page as may replace such page on that service
for the purpose of displaying LIBOR).

                                       7
<PAGE>

            "Termination Date" has the meaning set forth in Section 8.1 of this
Agreement.

            "Three-Month USD LIBOR" means, with respect to any LIBOR
Determination Date, the London interbank offered rate for three-month (such
period being referred to as the "Index Maturity") United States dollar deposits,
commencing on the second London Banking Day immediately following such LIBOR
Determination Date (or, in the case of the first LIBOR Determination Date, the
sixth London Banking Day immediately following such LIBOR Determination Date),
which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such LIBOR
Determination Date. If Telerate Page 3750 is unavailable at such time, LIBOR for
the appropriate Index Maturity will be determined at approximately 11:00 a.m.,
London time, on such LIBOR Determination Date on the basis of the rate at which
LIBOR having such Index Maturity is offered by four major banks selected by the
Calculation Agent in the London interbank market commencing on the second (or
sixth) London Banking Day immediately following such LIBOR Determination Date.
The Calculation Agent will request the principal London office of each of such
banks to provide a quotation of its rate. If at least two such quotations are
provided, LIBOR for such Index Maturity will be the arithmetic mean of such
quotations. If fewer than two quotations are provided, LIBOR for a given Index
Maturity for such LIBOR Determination Date will be the arithmetic mean of LIBOR
quoted at approximately 11:00 a.m., New York City time, on such LIBOR
Determination Date by three major banks in New York City selected by the
Calculation Agent for LIBOR having such Index Maturity, commencing on the second
(or sixth) London Banking Day immediately following such LIBOR Determination
Date; provided, however, that if the banks selected as aforesaid by the
Calculation Agent are not quoting as mentioned in this sentence, LIBOR for such
Index Maturity will be LIBOR determined with respect to the Interest Accrued
Period immediately preceding the current Distribution Date.

            "TIA" means the Trust Indenture Act of 1939, as amended.

            "Treasury Regulations" means regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

            "Trust" means the CABCO Series 2004-102 Trust (SBC Communications
Inc.) created pursuant to this Agreement.

            "Trust Assets" means the Underlying Securities, any proceeds
thereof, the rights of the Trust under the Swap Agreement, the Collection
Account and any other assets of the Trust from time to time; each subject to the
obligations of the Trust under the Swap Agreement.

            "Trustee" means U.S. Bank Trust National Association, in its
capacity as trustee under this Agreement and any successor qualifying under
Section 7.14 of this Agreement.

            "Trust Regulatory Event" means the occurrence of a Swap Agreement
Termination Event due to certain legislative, regulatory or judicial action that
make it unlawful for the Trust to comply with any material provision of the Swap
Agreement.

            "Trust Swap Default" means the occurrence of a Swap Agreement
Termination Event related to the failure of the Trust to make any payment under
the Swap Agreement, and such

                                       8
<PAGE>

failure is not remedied by the third Business Day after notice of such failure
is given to the Trust, or certain events of bankruptcy, insolvency or
reorganization in respect of the Trust; provided that an Underlying Securities
Payment Default or an Underlying Securities Bankruptcy Default has not occurred.

            "Trust Termination Event" means a Trust Swap Default, an Underlying
Securities Bankruptcy Default, an Underlying Securities Payment Default, a Trust
Regulatory Event, an SEC Reporting Failure, and a redemption or repurchase of or
an unscheduled payment on, or the exercise by the Option Holder of its Call
Options upon a tender offer for, 100% of the Underlying Securities.

            "UCC" means the Uniform Commercial Code as in effect from time to
time in the State of New York.

            "Underlying Securities" has the meaning set forth in Section 2.1(a)
of this Agreement.

            "Underlying Securities Bankruptcy Default" means the occurrence of
an Underlying Securities Event of Default relating to a bankruptcy, insolvency
or reorganization of the Underlying Securities Issuer.

            "Underlying Securities Event of Default" means the occurrence of an
event of default under the Underlying Securities Indenture, and the failure of
the Underlying Securities Issuer to pay the Whole Amount Due after demand by the
Trustee made pursuant to Section 7.16(a) of this Agreement or otherwise to cure
such default in accordance with the provisions of the Underlying Securities
Indenture.

            "Underlying Securities Issuer" means the issuer of the Underlying
Securities and any successor provided for in the Underlying Securities
Indenture.

            "Underlying Securities Payment Date" means each June 15 and December
15 commencing December 15, 2004, and any other date on which Underlying
Securities are redeemed or repurchased, prepaid or liquidated in whole or in
part or on which any unscheduled payment is made on the Underlying Securities.

            "Underlying Securities Payment Default" means the occurrence of (x)
an Underlying Securities Event of Default relating to the failure to pay any
principal, interest or other amounts on the Underlying Securities when due, (y)
any failure by the Underlying Securities Issuer to pay any redemption price of
the Underlying Securities or any amount payable upon acceleration of the
Underlying Securities when due pursuant to Section 7.16(f), or (z) any shortfall
in the payments on the Underlying Securities when due following a defeasance of
the Underlying Securities Issuer's obligations on the Underlying Securities
pursuant to Section 8.01 of the Underlying Securities Indenture.

            "Underlying Securities Indenture" means the Indenture dated November
1, 1994, among the Underlying Securities Issuer and the Underlying Securities
Trustee.

            "Underlying Securities Trustee" means The Bank of New York.

                                       9
<PAGE>

            "Underwriter" means UBS Securities LLC in its capacity as
underwriter under the Underwriting Agreement.

            "Underwriting Agreement" means the underwriting agreement, dated as
of December 7, 2004, between the Depositor and the Underwriter pursuant to which
the Underwriter agrees to purchase from the Depositor, and the Depositor agrees
to sell to the Underwriter, the Certificates.

            "Voting Rights" means the voting rights attaching to the
Certificates, as specified in Article IX of this Agreement.

            "Whole Amount Due" has the meaning assigned to such term in Section
7.16(a) of this Agreement.

            Section 1.2. Other Definitional Provisions.

            All references in this Agreement to Articles, Sections, subsections
and Exhibits are to Articles, Sections, subsections and Exhibits to this
Agreement unless otherwise specified. All terms defined in this Agreement shall
have the defined meanings when used in any certificate, notice, Call Options,
Certificate or other document made or delivered pursuant hereto, unless
otherwise defined therein. Whenever used in this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, any noun or pronoun
shall be deemed to include the plural as well as the singular and to cover both
genders.

            Section 1.3. Incorporation by Reference of Trust Indenture Act.

            Whenever this Agreement refers to a provision of the TIA, such
provision is incorporated by reference in and made a part of this Agreement. The
following TIA terms used in this Agreement have the following meanings:

            "indenture securities" means the Certificates.

            "obligor" on the Certificates means the Trustee on behalf of the
Trust and, to the extent specified in this Agreement, the Depositor.

            All other TIA terms used in this Agreement that are defined by the
TIA, including by reference to another statute, or defined by a Commission rule
have the respective meanings assigned to them by such definitions.

                                       10
<PAGE>

                                   ARTICLE II

                                  ORGANIZATION

            Section 2.1. Creation of Trust; Trust Assets and Obligations.

            (a) The Trust is hereby created under the laws of the State of New
York for the benefit of the Certificateholders. The assets of the Trust shall
consist of:

                  (i) the securities described in Exhibit A, exclusive of the
      Retained Interest, which are being Granted, transferred and sold to the
      Trustee by the Depositor simultaneously with the execution of this
      Agreement;

                  (ii) all right, title and interest in and to the distributions
      on the Underlying Securities after the date of this Agreement, exclusive
      of the Retained Interest (subject to the Trust's obligations to the Swap
      Counterparty under the Swap Agreement);

                  (iii) the rights of the Trust under the Swap Agreement
      (subject to the Trust's obligations to the Swap Counterparty under the
      Swap Agreement); and

                  (iv) any other proceeds of the Underlying Securities or the
      Swap Agreement.

            The securities described in Exhibit A, exclusive of the Retained
Interest, are referred to in this Agreement as the "Underlying Securities." The
Trustee shall hold the assets of the Trust for the benefit of the
Certificateholders, subject to the obligations of the Trust, if any.

            (b) The parties acknowledge that UBS Securities LLC, as the initial
purchaser, and then sole holder, of the Certificates, has granted the Call
Options to the Depositor under the Call Option Agreement, and the Depositor
intends to sell the Call Options, through UBS Securities LLC as Placement Agent
under the Placement Agency Agreement, to the Swap Counterparty. By its purchase
of a Certificate, (i) each Certificateholder agrees to assume the obligation to
perform the related Call Option on the terms and conditions contained in the
Call Option Agreement, permitting the Option Holder or its assignee to purchase
such Certificate at the Call Price and at the times specified in such Call
Option Agreement and (ii) each Certificateholder that purchases a Certificate
directly from the Underwriter agrees to make the "integration election" set
forth in Section 2.12 below. By its purchase of a Certificate, each
Certificateholder further agrees (x) to appoint U.S. Bank Trust National
Association as the Option Agent to act on its behalf with respect to the related
Call Option under this Agreement and the Call Option Agreement, and (y) that
upon any transfer of a Certificate, the transferor of the Certificate shall be
released from its obligation to perform the related Call Option, and the
transferor's appointment of U.S. Bank Trust National Association as its agent
with respect thereto shall thereupon terminate. Under the terms of the Call
Options, the Call Options may be assigned by the holder thereof if the holder
assigns all of the Call Options by transfer in accordance with the terms thereof
to any person other than to the Depositor. The Call Options are not obligations
of or securities issued by the Trust, and are enforceable by the Option Holder
against the Certificateholders and the Option Agent to the extent set forth in
the Call Option Agreement; provided, however, that each Certificateholder
agrees, by accepting a Certificate, that following an exercise of a Call Option
in compliance with the Call Option

                                       11
<PAGE>

Agreement, the Trustee shall treat the Option Holder as the Certificateholder
thereof, and distribute the Underlying Securities to the Option Holder, as
provided in Section 2.15.

            (c) The Depositor, concurrently with the execution and delivery
hereof, does hereby Grant to the Trustee, on behalf and for the benefit of the
Certificateholders and without recourse, all the right, title and interest of
the Depositor in, to and under the Underlying Securities, now existing or
hereafter acquired and all other assets included or to be included in the Trust
for the benefit of the Certificateholders. The Grant will include all interest,
premium (if any) and principal received by or on behalf of the Depositor of, on
or with respect to any Underlying Securities due after the Closing Date,
exclusive of the Retained Interest, which has not been Granted to the Trustee.

            (d) In connection with the Grant referred to in the preceding
paragraph, on the Closing Date, the Depositor shall deliver the Underlying
Securities to the Trustee through the facilities of DTC, and the Trustee shall
accept delivery of the Underlying Securities and shall credit the Underlying
Securities to a trust account of the Trustee, or its authorized agent.

            (e) The Grant of such Underlying Securities by the Depositor
accomplished hereby is absolute and is intended by the parties hereto as a sale.

            Section 2.2. Name of Trust.

            The name of the Trust is CABCO Series 2004-102 Trust (SBC
Communications Inc.).

            Section 2.3. Business of Trust.

            Subject to Section 2.5, the Trustee may conduct the business of the
Trust, make and execute contracts and other instruments on behalf of the Trust
and sue and be sued on behalf of the Trust or in the name of the Trust, subject
to the terms of this Agreement. In order to effectuate the purpose of the Trust,
on the Closing Date the Trustee shall, on behalf of the Trust, (a) acquire from
the Depositor the Underlying Securities for the benefit of the
Certificateholders; (b) enter into the Assignment Agreement with the Depositor
pursuant to which the Depositor will assign to the Trust its rights and
obligations (excluding the one-time payment paid by the Swap Counterparty to the
Depositor under the Confirmation) under the Confirmation; (c) enter into the
Swap Agreement with the Swap Counterparty; (d) issue the Certificates to or upon
the order of the Depositor for sale pursuant to the Underwriting Agreement; and
(e) enter into such other agreements, execute such other documents and take such
other actions as the Depositor may direct in conjunction with the issuance of
the Certificates.

            Section 2.4. Trust Office.

            The office of the Trust shall be in care of the Trustee at the
Corporate Trust Office, or at such other address as the Trustee may designate by
written notice to the Certificateholders, the Rating Agency, the Swap
Counterparty and the Depositor. All Certificates may be surrendered for
registration of transfer or exchange at the Corporate Trust Office as provided
in Section 3.4 and all notices and demands to or upon the Trustee in respect of
the Certificates and this Agreement may be served on the Trustee at the
Corporate Trust Office. The Trustee shall give prompt written

                                       12
<PAGE>

notice to the Depositor, the Rating Agency, the Swap Counterparty and to the
Certificateholders of any change in the location of the Certificate Register or
any such office or agency.

            Section 2.5. Purposes and Powers.

            The purpose of the Trust is to engage in the following activities:

            (a) to acquire from the Depositor, and thereafter to hold, the
Underlying Securities;

            (b) to enter into the Assignment Agreement with the Depositor
pursuant to which the Depositor will assign its rights and obligations (but
excluding the one-time payment paid by the Swap Counterparty to the Depositor
under the Confirmation) under the Confirmation to the Trust;

            (c) to enter into the Swap Agreement with the Swap Counterparty;

            (d) to issue the Certificates;

            (e) to distribute to the Certificateholders as provided in Articles
VI and VIII amounts, if any, received by the Trust on, or in respect of, the
Underlying Securities;

            (f) to distribute to the Certificateholders the proceeds of the
exercise of the Call Options by the Option Holder and to distribute to the
Option Holder the proceeds from the liquidation of the Underlying Securities for
which the Called Certificates are exchanged; and

            (g) to engage in those limited activities, upon appropriate
direction of the Depositor, including entering into agreements that are
necessary, suitable or convenient to accomplish the foregoing or are incidental
thereto or connected therewith; provided that they are not inconsistent with the
intended classification of the Trust as a grantor trust for federal income tax
purposes.

            The Trust is hereby authorized to engage in the foregoing
activities. The Trust shall not (a) engage in any activity not required by the
terms of this Agreement or (b) issue or sell any certificates or other
obligations other than the Certificates or incur, assume or guaranty any
indebtedness. After the Closing Date, and subject to Sections 5.2 and 5.3, the
Trust shall not purchase or otherwise acquire any assets, subject to Section
7.15 and, in the case of an Underlying Securities Event of Default, Section
7.16, agree to any modification of the terms of the Underlying Securities. The
Trust shall not take any action that is inconsistent with its intended
classification as a grantor trust for federal income tax purposes.

            Section 2.6. Appointment of Trustee.

            The Depositor hereby appoints the Trustee as trustee of the Trust
effective as of the date hereof, to have all the rights, powers and duties set
forth herein.

                                       13
<PAGE>

            Section 2.7. Declaration of Trust.

            The Trustee hereby declares that it shall hold the Trust Assets in
trust upon and subject to the conditions set forth in this Agreement, for the
use and benefit of the Certificateholders, subject to the obligations of the
Trust, if any. The Underlying Securities and their proceeds shall be held in a
segregated account of the Trustee that is identified and held separate and apart
from the general assets of the Trustee and that contains only property held by
the Trustee as fiduciary.

            Section 2.8. Liability of Certificateholders.

            No Certificateholder shall have any personal liability for any
liability or obligation of the Trust.

            Section 2.9. Title to Trust Property.

            Legal title to the Trust Assets shall be vested at all times in the
Trustee.

            Section 2.10. Situs of Trust.

            The Trust shall be located and administered in the State of New
York. All bank accounts maintained by the Trustee on behalf of the Trust shall
be located in and governed by the laws of the State of New York. The Trust shall
have no employees; provided, however, that nothing herein shall restrict or
prohibit the Trustee from having employees within or without the State of New
York. The principal office of the Trust shall be the Corporate Trust Office in
New York.

            Section 2.11. Representations and Warranties of Depositor.

            The Depositor hereby represents and warrants to the Trustee that:

            (a) the Depositor has been duly organized and is validly existing as
a corporation in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as such
properties are presently owned and such business is presently conducted;

            (b) the Depositor has obtained all necessary licenses and approvals
in all jurisdictions in which its ownership or lease of property or the conduct
of its business requires such qualification, except where failure to obtain such
qualification would have no material adverse effect on the Depositor's ability
to perform its obligations hereunder;

            (c) the Depositor has the power and authority to execute and deliver
this Agreement and to carry out its terms; and the execution, delivery and
performance of this Agreement have been duly authorized by the Depositor by all
necessary corporate action. This Agreement, upon its execution and delivery by
the Depositor and assuming due authorization, execution and delivery by the
Trustee and Option Agent, will constitute a valid, legal and binding obligation
of the Depositor, enforceable against it in accordance with the terms hereof,
except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, receivership,

                                       14
<PAGE>

moratorium or other laws relating to or affecting the rights of creditors
generally, and by general equity principles (regardless of whether such
enforcement is considered a proceeding in equity or at law); and

            (d) the consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms of this Agreement do not conflict
with, result in any breach of any of the terms and provisions of or constitute
(with or without notice or lapse of time) a default under, the certificate of
incorporation or by-laws of the Depositor, or any indenture, trust agreement or
agreement or other instrument to which the Depositor is a party or by which it
is bound, or result in the creation or imposition of any lien upon any of its
properties pursuant to the terms of any such indenture or trust agreement, other
agreement or other instrument (other than pursuant to this Agreement), or
violate any law or, to the best of the Depositor's knowledge, any order, rule or
regulation applicable to the Depositor of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Depositor or any of its properties.

            The Depositor hereby represents and warrants to the Trustee with
respect to the Granted Underlying Securities that:

                  (i) the Depositor is duly authorized to deliver the Underlying
      Securities to the Trustee;

                  (ii) the Underlying Securities so delivered are genuine;

                  (iii) at the time of delivery of the Underlying Securities,
      the Depositor owns such Underlying Securities, has the right to transfer
      such Underlying Securities and such Underlying Securities are free and
      clear of any lien, pledge, encumbrance, right, charge, claim or other
      security interest; and

                  (iv) such delivery is irrevocable and free of any continuing
      claim by the Depositor.

            To the Depositor's knowledge, the information set forth on Exhibit A
attached hereto is true and correct in all material respects as of the date
hereof.

            The representations and warranties of the Depositor set forth in
this Section 2.11 shall survive delivery of the Granted Underlying Securities to
the Trustee and shall inure to the benefit of the Trustee for the benefit of the
Certificateholders.

            Section 2.12. Tax Treatment.

            The Depositor and the Trustee, by entering into this Agreement, and
each Certificateholder and Certificate Owner, by acquiring a Certificate or
interest therein, (a) express their intention that the Trust (i) be classified
as a "grantor trust" under Subpart E, Part I of Subchapter J of the Code and
corresponding provisions of applicable state and local tax laws and not an
association taxable as a corporation for federal income tax purposes and (ii)
shall constitute a fixed investment trust for federal income tax purposes under
Treasury Regulation Section 301.7701-4, and (b) unless otherwise required by
appropriate taxing authorities, agree to

                                       15
<PAGE>

treat the Certificates as representing undivided beneficial ownership interests
in the assets of the Trust, subject to the obligations of the Trust (if any),
for the purposes of federal income taxes, state and local income and franchise
taxes and any other taxes imposed upon, measured by, or based upon gross or net
income. Each initial Certificateholder and Certificate Owner, also agrees to
elect to treat its pro rata portion of the Underlying Securities, the Call
Options and the Swap Agreement as integrated into a single synthetic debt
instrument in accordance with Treasury Regulation Section 1.1275-6 (an
"Integration Election"). The Trustee agrees to make an Integration Election as
of the Closing Date with respect to the Underlying Securities and the Trust's
position under the Swap Agreement. Further, the provisions of this Agreement
shall be interpreted to further this intention of the parties.

            Section 2.13. Retained Interest.

            On the first Underlying Securities Payment Date on or after the
Closing Date, the Trust shall pay to the Depositor the Retained Interest (which
is retained by the Depositor and is not deposited in the Trust).

            Section 2.14. [Reserved].

            Section 2.15. Call Options, Exercise of Call Options and Exchange of
Certificates for Underlying Securities.

            (a) Concurrently with the execution of this Agreement, U.S. Bank
Trust National Association, as Option Agent, shall execute the Call Option
Agreement and the Call Options, dated as of the date hereof, evidencing all of
the Call Options.

            (b) Pursuant to the Call Option Agreement, the Option Agent must
notify the Trustee immediately upon its receipt of a Call Notice. If the number
of Certificates specified in such Call Notice is less than the outstanding
number of Certificates, the Trustee shall select the Certificates to be
purchased under the Call Options as follows: the Certificates selected by the
Trustee shall be a pro rata portion of the Certificates held by each
Certificateholder; provided that purchases of a fraction of a single Certificate
shall not be made and the Trustee shall round up or down the number of
Certificates to be purchased from each Certificateholder to avoid such
fractional purchases.

            (c) Upon a Call Date with respect to the exercise of the Call
Options and upon notification to the Trustee by the Option Agent of the receipt
of the Call Price by the Option Agent and the satisfaction of the conditions
specified in the Call Option Agreement, (i) the Certificates acquired pursuant
to the exercise of the Call Options (the "Called Certificates") shall be
transferred to the Option Holder and (ii) if the Call Options are exercised in
connection with a tender offer, the Trustee will initially distribute, out of
the tender offer proceeds, the Call Price to the Certificateholders from whom
the Called Certificates were purchased, and thereafter the Option Agent will pay
to the Option Holder, subject to Section 6.2(d), the amount that the tender
offer proceeds exceeds the Call Price, if any. The parties acknowledge that,
pursuant to the Call Option Agreement, the Call Notice shall automatically
expire (i) if the Call Options are being exercised other than in connection with
a tender offer, and the Option Holder has not paid the Call Price to the Option
Agent by 10:00 a.m. (New York City time) on the Call Date, or (ii) in the case

                                       16
<PAGE>

of a tender offer, if the Trustee has not received payment of the Call Price
from the Underlying Securities Issuer or other purchaser by 10:00 a.m. (New York
City time) on the later of (A) the date specified for settlement in the Call
Notice, or (B) the earlier to occur of the date immediately following the date
on which the tender offer is consummated or the date on which it expires
unconsummated, and that, in such event, none of the Option Holder, the Option
Agent or the Trustee shall have any obligation with respect to the Call Notice,
and the expiration of a Call Notice shall in no way affect the Option Holder's
right to deliver a Call Notice at a later date.

            (d) Unless the Call Options are exercised in connection with a
tender offer, following payment of the Call Price, the Option Agent shall remit
the Call Price to the Trustee, and subject to the following sentence, the
Trustee shall distribute the Call Price to Certificateholders of Called
Certificates. However, Certificateholders holding Called Certificates in
definitive physical form (other than DTC) shall not be entitled to be paid the
Call Price for such Called Certificates until such Called Certificates have been
presented and surrendered to the Trustee. If any Certificateholder shall not
surrender its Called Certificates that are in definitive physical form for
cancellation within six (6) months after the Call Date, the Trustee shall give a
second written notice to such remaining Certificateholders to surrender their
Called Certificates that are in definitive physical form for cancellation and
receive the final distribution with respect thereto. If within one (1) year
after the second notice any of the Called Certificates that are in definitive
physical form shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the applicable Certificateholders concerning surrender of their Called
Certificates that are in definitive physical form, and the cost thereof shall be
paid out of the Call Price in respect of such Called Certificates.

            (e) Each Certificateholder, by its acceptance of such Certificate,
(i) irrevocably appoints and authorizes the Option Agent to carry out as
attorney-in-fact of such Certificateholder the actions provided by this
Agreement or the Call Option Agreement to be carried out by such
Certificateholder or by the Option Agent as such attorney-in-fact, (ii) agrees
to assume and be bound by the terms and provisions of the related Call Option
and covenants and agrees to perform its obligations under such Call Option and
(iii) consents to the provisions of the Call Option Agreement.

            (f) Upon any transfer of a Certificate, the transferee shall assume
and be bound by the terms of the related Call Option and the Call Option
Agreement (without the requirement of any further action on the part of such
transferee), and the transferor shall be released from its obligations under the
related Call Option and such agreement, and the transferor's appointment of U.S.
Bank Trust National Association as its Option Agent with respect thereto shall
thereupon terminate (in each case without the requirement of any further action
on the part of such transferor).

            (g) This Section 2.15 shall not provide the Option Holder with a
lien against, an interest in or a right to specific performance with respect to
the Underlying Securities; provided that satisfaction of the conditions set
forth in Section 2.15(c) shall entitle the Option Holder, as applicable, to a
distribution of the proceeds from the liquidation of the Underlying Securities.

                                       17
<PAGE>

            (h) The rights of the Certificateholders under this Agreement and
the Certificates are subject to the terms, provisions and conditions of this
Agreement, the Call Option Agreement and the Call Options.

            (i)   (i) If the Trustee receives any announcement or proposal of an
amendment to the Underlying Securities Indenture or the Underlying Securities or
a notice of redemption of, tender offer for or other unscheduled repayment on or
repurchase of some or all of the Underlying Securities, the Trustee shall within
two (2) Business Days notify the Option Agent and send to the Option Agent
copies of all materials received by the Trustee in connection therewith. If in
connection with a tender offer for the Underlying Securities the Trustee
receives a Call Notice from the Option Holder, no later than seven (7) Business
Days prior to the expiration of the tender offer acceptance period, that the
Option Holder desires to exercise Call Options in connection with the
consummation of any such tender offer, then the Trustee shall tender, in
compliance with the tender offer requirements, a principal amount of Underlying
Securities equal to the amount of Certificates subject to such Call Options;
provided that the Trustee shall not so tender unless the tender offer price
shall equal or exceed the applicable Call Price.

                  (ii) The Call Date for any exercise of Call Options in
      connection with a tender offer shall be deemed to be the Business Day on
      which such Underlying Securities are accepted for payment and paid for, if
      such payment occurs on or before 1:00 p.m., and the following Business Day
      if such payment occurs after 1:00 p.m.

                  (iii) On the Call Date, the Call Price shall be deducted from
      the tender offer proceeds and paid to Certificateholders by the Trustee on
      behalf of the Option Agent, and the excess of the tender offer proceeds
      over the Call Price, subject to Section 6.2(e), shall be paid to the
      Option Holder.

                  (iv) If fewer than all tendered Underlying Securities are
      accepted for payment and paid for, (A) the Call Options deemed exercised
      shall be reduced so that the Certificate Principal Balance of the Called
      Certificates corresponds to the principal amount of Underlying Securities
      accepted for payment and paid for and (B) the Call Options not exercised
      shall remain outstanding.

                  (v) If (A) the tender offer is terminated by the Underlying
      Securities Issuer or any other tender offeror without consummation
      thereof, (B) all tenders by the Trust of Underlying Securities are
      otherwise rejected or (C) the Trustee shall not have received payment of
      the tender price from the Underlying Securities Issuer or other purchaser
      of the Underlying Securities in immediately available funds by 10:00 a.m.
      on the later of (x) the date specified for settlement in the Call Notice,
      or (y) the earlier to occur of the date immediately following the date on
      which the tender offer is consummated or the date on which it expires
      unconsummated, then (1) the Call Notice will be of no further force and
      effect, and (2) the Call Options will be deemed not exercised and will
      remain outstanding.

                  (vi) The parties acknowledge that under the Call Option
      Agreement, if Underlying Securities are redeemed in part by the Underlying
      Securities Issuer and the Option Holder does not exercise Call Options
      with respect to all the Underlying Securities

                                       18
<PAGE>

      redeemed in such partial redemption, the number of Call Options held by
      the Option Holder shall be reduced proportionately so that the aggregate
      amount of Certificates callable by the exercise of Call Options shall
      equal the amount of outstanding Certificates after giving effect to such
      partial redemption.

            Section 2.16. The Swap Agreement and Swap Payments.

            (a) Concurrently with the execution of this Agreement, the Depositor
shall execute the Assignment Agreement pursuant to which the Depositor shall
assign its rights and obligations (excluding the one-time payment paid by the
Swap Counterparty to the Depositor under the Confirmation) under the
Confirmation to the Trust.

            (b) Once the Confirmation has been assigned to the Trust, pursuant
to the Swap Agreement, the Trust shall pay to the Swap Counterparty (i) for so
long as the Swap Agreement shall not have been terminated, on each Underlying
Securities Payment Date, an amount equal to the full stated amount of each
interest payment scheduled to be paid in respect of the Underlying Securities on
such Underlying Securities Payment Date, whether or not actually paid by the
Underlying Securities Issuer and whether or not any obligation to pay any such
interest on the Underlying Securities has been waived by any party, excluding
the Retained Interest and (ii) an amount equal to any Early Termination Payment
owed by it to the Swap Counterparty under the Swap.

            (c) Once the Confirmation has been assigned to the Trust, pursuant
to the Swap Agreement, the Swap Counterparty shall pay to the Trust (i) for so
long as the Swap Agreement shall not have been terminated, on each Distribution
Date and on the Final Distribution Date, an amount equal to the Interest
Distribution Amount for the immediately preceding Interest Accrual Period and
(ii) an amount equal to any Early Termination Payment owed by it to the Trust
under the Swap Agreement.

            (d) Once the Confirmation has been assigned to the Trust, pursuant
to the Swap Agreement, if a Swap Agreement Termination Event occurs in which the
Swap Counterparty is the "Defaulting Party" or the only "Affected Party" under
the Swap Agreement, the Trustee agrees to designate as an Early Termination Date
the earliest date following the Trustee's receipt of actual knowledge thereof on
which the Swap Agreement can practicably be terminated.

            Section 2.17. Mergers.

            The Trust shall not dissolve, liquidate, merge or consolidate with
any other trust, corporation, company or entity or sell any of its assets,
except as expressly provided herein, or acquire all or substantially all of the
assets or capital stock or other ownership interest of any other corporation,
company or entity.

            Section 2.18. Grant of Security Interest.

            (a) It is the express intent of the parties hereto that the
conveyance of the Underlying Securities by the Depositor to the Trustee be, and
be construed as, a sale of the Underlying Securities by the Depositor and not a
pledge of the Underlying Securities by the Depositor to secure a debt or other
obligation of the Depositor.

                                       19
<PAGE>

            (b) In the event that, notwithstanding the aforementioned intent of
the parties, any Underlying Securities are held to be property of the Depositor,
then (i) it is the express intent of the parties that such conveyance be deemed
a pledge of such Underlying Securities by the Depositor to the Trustee to secure
a debt or other obligation of the Depositor and (ii) (A) this Agreement shall be
deemed to be a security agreement within the meaning of Articles 8 and 9 of the
UCC; (B) the conveyance provided for in Section 2.1(a) shall be deemed to be a
Grant by the Depositor to the Trustee of a security interest in all the
Depositor's right, title and interest in and to such Underlying Securities and
all amounts payable to the holders of such Underlying Securities in accordance
with the terms hereof and all proceeds of the conversion, voluntary or
involuntary, of the foregoing into cash, instruments, securities or other
property including all amounts from time to time held or invested in the
Collection Account, whether in the form of cash, instruments, securities or
other property; (C) the obligations secured by such security agreement shall be
deemed to be all the Depositor's obligations under this Agreement including the
obligation to provide to the Certificateholders the benefits of this Agreement
relating to the Underlying Securities and the Trust; and (D) notifications to
persons holding such property, and acknowledgements, receipts or confirmations
from persons holding such property shall be deemed notifications to,
acknowledgements, receipts or confirmations from, financial intermediaries,
bailees or agents (as applicable) of the Trustee for the purpose of perfecting
such security interest under applicable law.

            In such event, the Depositor will be deemed to have hereby Granted
to the Trustee a security interest in the Underlying Securities and all other
property described in (ii)(B) of the preceding paragraph, for the purpose of
securing to the Trustee the performance by the Depositor of the obligations
described in clause (ii)(C) of the preceding paragraph.

            (c) [Reserved].

            (d) In connection with any such deemed grant of a security interest
in the Underlying Securities,

                  (i) the Depositor hereby represents and warrants as follows:

                        (A) In the event the Underlying Securities are held to
            be property of the Depositor, then this Agreement creates a valid
            and continuing security interest (as defined in the UCC) in the
            Underlying Securities in favor of the Trustee, which security
            interest is prior to all other liens, and is enforceable as such as
            against creditors of, and purchasers from, the Depositor. Under the
            UCC as in effect on the date of this Agreement, if this Agreement
            were deemed to create a security interest, the procedures specified
            in this Agreement would be sufficient to maintain a first priority
            lien on the Underlying Securities for so long as the Underlying
            Securities remain outstanding;

                        (B) Immediately prior to the transfer of the Underlying
            Securities to the Trust, Depositor owned and had good and marketable
            title to the Underlying Securities free and clear of any lien, claim
            or encumbrance of any Person;

                                       20
<PAGE>

                        (C) Depositor has not assigned, pledged, sold, granted a
            security interest in or otherwise conveyed any interest in the
            Underlying Securities (or, if any such interest has been assigned,
            pledged or otherwise encumbered, it has been released). Depositor
            has not authorized the filing of and is not aware of any financing
            statements against Depositor that includes a description of the
            Underlying Securities. Depositor is not aware of any judgment or tax
            lien filings against Depositor; and

                        (D) Depositor has not consented to the compliance by the
            Securities Intermediary with entitlement orders of any Person other
            than the Trustee, as trustee of the Trust; and

                  (ii) the Trustee hereby represents and warrants as follows:

                        (A) It has taken all steps necessary to cause the
            Securities Intermediary for the Securities Account to identify on
            its records that the Trustee, as the trustee for the Trust, is the
            Person having a security entitlement against the Securities
            Intermediary in the Securities Account;

                        (B) The Underlying Securities have been credited to a
            trust account (the "Securities Account") of the Trustee, or its
            authorized agent, in accordance with Section 6.1. The Trustee, as
            Securities Intermediary for the Securities Account, has agreed to
            treat the Underlying Securities as "financial assets" within the
            meaning of the UCC; and

                        (C) The Securities Account is not in the name of any
            Person other than the Trustee.

                                   ARTICLE III

                                THE CERTIFICATES

            Section 3.1. The Certificates.

            (a) The Certificates shall be issued in one Class and shall have the
terms set forth in this Agreement. The Certificates shall be issued in
substantially the form set forth in Exhibit C to this Agreement, with such
changes as shall be approved by the Depositor and the Trustee, such approval to
be manifested by the execution and authentication thereof by the Trustee. The
Certificates shall evidence the entire undivided beneficial ownership of the
assets of the Trust, subject to the liabilities of the Trust (if any), and
amounts distributable in respect of the Certificates shall be payable solely
from payments or property received by the Trustee on or in respect of the
Underlying Securities, after satisfaction of such liabilities (if any).

            (b) Each of the Certificates shall be issued in denominations of
$25.00 and integral multiples of $25.00 in excess thereof. Purchases and
redemptions of a fraction of a single Certificate shall not be permitted.

                                       21
<PAGE>

            The Certificates shall have an initial aggregate Certificate
Principal Balance of $32,500,000. Each of the Certificateholders shall be
entitled to a distribution of principal (and any premium) on the Final
Distribution Date (or any Underlying Securities Payment Date on which principal
or premium is paid), to the extent of principal payments made on the Underlying
Securities (including any premium) on such date.

            (c) The holders of the Certificates shall be entitled to receive on
each Distribution Date an amount equal to the related Interest Distribution
Amount.

            Section 3.2. Form of the Certificates.

            (a) The Certificates shall initially be issued in one or more global
certificates in fully registered form, in the name of Cede & Co., nominee of
DTC, substantially in the form set forth in Exhibit C. The Trustee, upon receipt
of a Depositor Order to that effect, shall cause such Certificates to be
executed and authenticated as provided in Section 3.3 below concurrently with
the sale of the Underlying Securities to the Trust upon written order of the
Depositor. Each Certificate may have such letters, numbers or other marks of
identification as the Depositor and the Trustee may determine. All Certificates
shall be identical in all respects except for the denominations thereof and, if
applicable, the name of the registered Certificateholder and the number of the
Certificate. All Certificates issued under this Agreement shall be in all
respects equally and ratably entitled to the benefits of this Agreement, without
preference, priority or distinction on account of the actual time or times of
authentication and delivery, all in accordance with the terms and provisions of
this Agreement.

            (b) The terms of the form of certificate set forth in Exhibit C to
this Agreement shall form part of this Agreement.

            Section 3.3. Execution, Authentication and Delivery.

            The Certificates shall be executed on behalf of the Trust by manual
or facsimile signature of a Responsible Officer of the Trustee, pursuant to a
Depositor Order, and authenticated by a Responsible Officer of the Trustee.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to execute
or authenticate Certificates on behalf of the Trust, shall be valid and binding
obligations of the Trust, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery
of such Certificates or did not hold such offices at the date of authentication
and delivery of such Certificates. No Certificate shall entitle its holder to
any benefit under this Agreement, or shall be valid for any purpose, unless
there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit C, executed by the Trustee by
manual signature. Such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

            Section 3.4. Registration of Certificates; Registration of Transfer
and Exchange of Certificates.

            (a) The registrar appointed by the Depositor (the "Certificate
Registrar") shall keep or cause to be kept, at the office or agency of the Trust
maintained pursuant to Section 2.4, a

                                       22
<PAGE>

register (the "Certificate Register") in which, subject to such reasonable
regulations as it may prescribe, it shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as provided herein;
provided, however, that no Certificate may be subdivided upon transfer or
exchange such that the denomination of any resulting Certificate is other than
the authorized denominations specified in Section 3.1(b). The initial
Certificate Registrar shall be the Trustee. Upon any resignation of a
Certificate Registrar, the Trustee shall promptly appoint a successor or, if it
elects not to make such an appointment, assume the duties of Certificate
Registrar.

            (b) Upon surrender for registration of transfer of any Certificate
at the Corporate Trust Office maintained pursuant to Section 2.4, the Trustee
shall execute on behalf of the Trust, and shall authenticate and deliver in the
name of the designated transferee or transferees, as provided in Section 3.3,
one or more new Certificates, in authorized denominations and of a like
aggregate Certificate Principal Balance, dated the date of authentication by the
Trustee.

            (c) At the option of a Certificateholder, Certificates may be
exchanged for other Certificates in authorized denominations and of a like
aggregate Certificate Principal Balance, upon surrender of the Certificates to
be exchanged at the office or agency of the Trust maintained pursuant to Section
2.4. Whenever any Certificates are so surrendered for exchange, the Trustee
shall execute on behalf of the Trust, and shall authenticate and deliver in the
name of the Certificateholder, one or more new Certificates dated the date of
authentication by the Trustee. Such Certificates shall be delivered to the
Certificateholder making the exchange.

            (d) Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer in
form reasonably satisfactory to the Trustee and the Certificate Registrar, duly
executed by the Certificateholder or its attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer and exchange shall be
cancelled and subsequently destroyed by the Trustee or the Certificate Registrar
in accordance with its customary practice.

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

            (f) The provisions of Sections 7.1, 7.3, 7.8 and 7.10 shall apply to
the Trustee in its role as Certificate Registrar, for so long as the Trustee
shall act as Certificate Registrar.

            Section 3.5. Mutilated, Destroyed, Lost or Stolen Certificates.

            (a) If (i) any mutilated Certificate is surrendered to the
Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar, the Trustee and the Depositor
such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Certificate Registrar or the
Trustee that such Certificate has been acquired by a Protected Purchaser, the
Trustee shall execute on behalf of the Trust, and shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a

                                       23
<PAGE>

replacement Certificate and a like aggregate Certificate Principal Balance;
provided, however, that if any such mutilated, destroyed, lost or stolen
Certificate shall have become or within seven (7) days shall be due and payable,
then instead of issuing a replacement Certificate the Trustee may pay such
mutilated, destroyed, lost or stolen Certificate when so due or payable.

            (b) If, after the delivery of a replacement Certificate or payment
in respect of a mutilated, destroyed, lost or stolen Certificate pursuant to
Section 3.5(a), a Protected Purchaser of the original Certificate in lieu of
which such replacement Certificate was issued presents for payment such original
Certificate, the Trustee shall be entitled to recover such replacement
Certificate or payment from the Person to whom it was delivered or any Person
taking such replacement Certificate from such Person to whom such replacement
Certificate was delivered or any assignee of such Person, except a Protected
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 Trustee in connection therewith.

            (c) In connection with the issuance of any replacement Certificate
under this Section 3.5, the Trustee may require the payment by the
Certificateholder 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 and the Certificate Registrar)
connected therewith.

            (d) Any Certificate issued pursuant to this Section 3.5 in
replacement of any mutilated, destroyed, lost or stolen Certificate shall
represent ownership of a beneficial interest in the Trust Assets, and shall be
entitled to all the benefits of this Agreement equally and proportionately with
any and all other Certificates duly issued hereunder.

            (e) The provisions of this Section 3.5 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 Certificates.

            Section 3.6. Persons Deemed Certificateholders.

            Prior to due presentation of a Certificate for registration of
transfer, the Trustee, the Certificate Registrar, the Depositor and their
respective employees, officers, agents and Affiliates may treat the Person in
whose name the Certificate is registered in the Certificate Register as the
Certificateholder of such Certificate for the purpose of receiving distributions
pursuant to Articles VI and VIII and for all other purposes whatsoever, and none
of the Trustee, the Certificate Registrar, the Depositor and their respective
employees, officers, agents and Affiliates shall be affected by any notice to
the contrary.

            Section 3.7. Access to List of Certificateholders' Names and
Addresses.

            (a) The Depositor shall furnish or cause to be furnished to the
Trustee on the Record Date before each Distribution Date, and at such other
times as the Trustee may request in writing, a list, in such form as the Trustee
may reasonably require, to the extent such information is in the possession or
control of the Depositor, of the names and addresses of the Certificateholders
as of such Record Date; provided, however, that so long as the Trustee is the
Certificate Registrar, the Depositor shall not be required to furnish such list
to the Trustee. If the Trustee is the

                                       24
<PAGE>

Certificate Registrar, upon written request by the Depositor, the Trustee shall
furnish or cause to be furnished to the Depositor, within fifteen (15) days
after receipt of such request, a list, in such form as the Depositor may
reasonably require, of the names and addresses of the Certificateholders as of
the most recent Record Date. Each Certificateholder, by receiving and holding a
Certificate, shall be deemed to have agreed not to hold any of the Depositor or
the Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

            (b) For purposes of determining the identity of Certificateholders
entitled to vote or in connection with any notice or other communication to be
provided to Certificateholders pursuant to this Agreement with respect to any
consent or other action to be taken by Certificateholders, the Trustee shall
establish a record date for such consent or other action and give each
Certificateholder notice of such record date not less than fifteen (15) calendar
days in advance of such record date to the extent possible. Such record date
shall be the later of thirty (30) days prior to the first solicitation of such
consent or other action and the date of the most recent list of
Certificateholders, if any, furnished to the Trustee pursuant to Section 3.7(a).

            Section 3.8. Preservation of Information; Communications to
Certificateholders.

            (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Certificateholders
contained in the most recent list furnished to the Trustee as provided in
Section 3.7(a), if any, and the names and addresses of Certificateholders
received by the Trustee in its capacity as Certificate Registrar. The Trustee
may destroy any list furnished to or prepared by it as provided in such Section
3.7(a) upon receipt or preparation of a new list.

            (b) Certificateholders shall have the right to communicate pursuant
to Section 312(b) of the TIA with other Certificateholders with respect to their
rights under this Agreement or the Certificates, and the Trustee shall take such
action, from time to time, as may be required by the provisions of Section
312(b) of the TIA.

            (c) The Depositor, the Trustee and the Certificate Registrar shall
have the protection provided by Section 312(c) of the TIA.

            Section 3.9. Legend on Global Certificates.

            Each global Certificate for a Certificate shall bear the following
legend:

                  THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF
                  THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED
                  IN THE NAME OF THE NOMINEE OF THE DEPOSITORY TRUST COMPANY
                  ("DTC"), CEDE & CO. THIS CERTIFICATE IS EXCHANGEABLE FOR
                  CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC
                  OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
                  THE TRUST AGREEMENT AND MAY

                                       25
<PAGE>

                  NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC OR BY A NOMINEE OF
                  DTC TO DTC OR ANOTHER NOMINEE OF DTC.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC TO THE TRUST OR ITS AGENT FOR
                  REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
                  CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF DTC'S NOMINEE,
                  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.

            Section 3.10. Definitive Certificates.

            If (a) DTC or the Depositor advises the Trustee that DTC is no
longer willing or able to continue as depositary, and the Depositor does not
appoint a qualified successor within ninety (90) days; or (b) an Available
Information Event occurs, then, in any such case, the Trustee shall notify DTC
of the occurrence of any such event and of its intent to make definitive
certificates available, and shall request the surrender by DTC to the Trustee of
the global certificate or certificates evidencing the Certificates and shall
notify all DTC participants with interest in the Certificates of the
availability of definitive certificates through DTC. Upon such surrender,
accompanied by registration instructions from DTC, the Trustee shall execute and
authenticate the definitive certificates in accordance with the instructions of
DTC. Neither the Certificate Registrar nor the Trustee shall be liable for any
delay in delivery of such instructions and each may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of
definitive certificates, the Trustee shall recognize the registered holders of
the definitive certificates as Certificateholders and shall notify the
Underlying Securities Issuer that the Underlying Securities are held pursuant to
this Trust Agreement and that the Certificateholders constitute record holders
of the Underlying Securities.

            Section 3.11. Definitive Certificates After Available Information
Event.

            If an Available Information Event occurs, then not later than thirty
(30) days after notice to the Trustee by the Depositor of such event, the
Trustee shall cause the removal of the Certificates from the DTC book-entry
system as set forth in Section 3.10 and shall notify the Underlying Securities
Issuer that the Certificateholders constitute record holders of the Underlying
Securities for purposes of the Exchange Act.

                                       26
<PAGE>

            Section 3.12. Actions by Certificateholders.

            Subject to Section 6.3(c), no Certificateholder or Certificate Owner
may institute any Proceeding against the Underlying Securities Issuer with
respect to the Underlying Securities unless:

            (a) such Certificateholder or Certificate Owner previously has given
to the Trustee written notice of a continuing breach of the Underlying
Securities;

            (b) Certificateholders or Certificate Owners evidencing not less
than 25% of the Outstanding Certificates have requested in writing that the
Trustee institute the proceeding in its own name as Trustee;

            (c) the Trustee has for fifteen (15) days not instituted the
Proceeding; and

            (d) no direction inconsistent with the written request has been
given to the Trustee during the fifteen (15) day period by Certificateholders
evidencing more than a majority of the Outstanding Certificates.

The Trustee will not be required to take any action however, unless the Trustee
has been offered reasonable indemnity for its costs, expenses and liabilities by
such Certificateholders or Certificate Owners.

            Section 3.13. Additional Legends.

            Each Certificate, whether issued in global form or definitive
physical form shall bear a legend substantially in accordance with the
following:

                  BY ACQUIRING OR ACCEPTING ANY INTEREST IN THIS CERTIFICATE,
                  YOU ACKNOWLEDGE THAT THIS CERTIFICATE IS SUBJECT TO A PURCHASE
                  OPTION GRANTED TO CORPORATE ASSET BACKED CORPORATION, A
                  DELAWARE CORPORATION (THE "DEPOSITOR"), BY UBS SECURITIES LLC
                  UNDER THE CALL OPTION AGREEMENT, DATED AS OF DECEMBER 15, 2004
                  (THE "CALL OPTION AGREEMENT"), AMONG THE DEPOSITOR, AS THE
                  SOLE INITIAL OPTION HOLDER, UBS SECURITIES LLC, AS THE INITIAL
                  PURCHASER FROM THE DEPOSITOR, AND SOLE HOLDER AT THE TIME OF
                  SUCH GRANT, OF THE CERTIFICATES, AND U.S. BANK TRUST NATIONAL
                  ASSOCIATION, A NATIONAL BANKING ASSOCIATION, ACTING AS OPTION
                  AGENT FOR THE CERTIFICATEHOLDERS WITH RESPECT TO THE OPTIONS
                  (THE "OPTION AGENT"), WHICH OBLIGATIONS HAVE BEEN ASSUMED BY
                  EACH SUBSEQUENT HOLDER OF SUCH CERTIFICATES; YOU AGREE TO
                  ASSUME THE

                                       27
<PAGE>

                  OBLIGATION OF YOUR TRANSFEROR TO PERFORM SUCH OPTION; AND YOU
                  ACKNOWLEDGE THAT YOUR TRANSFEROR HAS BEEN RELEASED FROM ITS
                  OBLIGATION TO PERFORM SUCH OPTION. THE CALL OPTION AGREEMENT
                  PERMITS THE HOLDER OF THE OPTION TO PURCHASE THIS CERTIFICATE
                  FROM YOU, WITHOUT YOUR CONSENT, AT THE TIMES AND ON THE
                  CONDITIONS SPECIFIED IN THE CALL OPTION AGREEMENT AT THE CALL
                  PRICE SPECIFIED IN THAT AGREEMENT. THE OPTION MAY BE
                  TRANSFERRED FROM TIME TO TIME. UPON THE EXERCISE OF THE OPTION
                  IN THE MANNER SPECIFIED IN THE CALL OPTION AGREEMENT, THIS
                  CERTIFICATE WILL BE TRANSFERRED TO, AND REGISTERED IN THE NAME
                  OF, THE RELEVANT OPTION HOLDER BY THE TRUSTEE, AND YOU WILL BE
                  PAID THE CALL PRICE FOR THIS CERTIFICATE IN ACCORDANCE WITH
                  THE TERMS OF THE CALL OPTION AGREEMENT, WITHOUT THE
                  REQUIREMENT OF ANY FURTHER ACTION BY YOU, EXCEPT THAT, IF THE
                  CERTIFICATES ARE HELD IN DEFINITIVE FORM AT SUCH TIME, YOU
                  WILL NOT RECEIVE SUCH CALL PRICE UNLESS AND UNTIL YOU
                  SURRENDER THIS CERTIFICATE.

                                   ARTICLE IV

                             EXCHANGE ACT REPORTING

            Section 4.1. Exchange Act Reporting.

            The Depositor shall:

            (a) on behalf of the Trust, prepare and file or cause the Trustee
(in accordance with instructions from the Depositor as to form and substance) to
prepare and file with the Commission in accordance with rules and regulations
prescribed by the Commission, following the execution thereof by the Depositor,
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), if any, that the Depositor on
behalf of the Trust may be required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act with respect to the Trust;

            (b) on behalf of the Trust, prepare and file or cause the Trustee
(in accordance with instructions from the Depositor as to form and substance) to
prepare and file with the Commission, in accordance with rules and regulations
prescribed by the Commission, such

                                       28
<PAGE>

additional information, documents and reports, including such certificates of
independent public accountants, if any, contemplated by the Securities Act, the
Exchange Act or the rules or interpretations of the Commission thereunder, with
respect to compliance by the Trust with the conditions and covenants of this
Trust Agreement, if any, as may be required to be filed with the Commission from
time to time by such rules and regulations;

            (c) supply to the Trustee (and the Trustee shall transmit by mail to
all Certificateholders described in TIA Section 313(c) and to the Swap
Counterparty, in the manner and to the extent provided therein) such summaries
of any information, documents and reports required to be filed by the Trustee
pursuant to clauses (a) and (b) of this Section 4.1, if any, as may be required
by rules and regulations prescribed from time to time by the Commission;

            (d) after an Available Information Event, on behalf of the Trust,
prepare, execute and file or cause the Trustee to prepare, execute and file with
the Commission following the execution thereof by the Depositor, reports of the
kind referred to in clause (a) of this Section 4.1 with respect to the
Underlying Securities Issuer, to the extent such reports are then available to
the Depositor, for as long as the Depositor on behalf of the Trust is required
to file such reports under the Exchange Act. Such reports shall include
quarterly and annual financial statements and other information of the type
required to be filed on Form 8-K under the Exchange Act with respect to the
Underlying Securities Issuer. A copy of each such report shall be provided to
the Trustee at least ten (10) Business Days prior to the date required for
filing; and

            (e) the Depositor shall deliver to the Trustee, on or before
February 15th of each year, an Officer's Certificate signed by an Executive
Officer of the Depositor stating that:

                  (i) a review of the activities of the Depositor during such
      fiscal year and of the performance under this Agreement has been made
      under such Executive Officer's supervision; and

                  (ii) to the best of such Executive Officer's knowledge, based
      on such review, the Depositor has fulfilled all of its obligations under
      this Agreement throughout such year, or, if there has been a default in
      the fulfillment of any such obligation, specifying each such default known
      to such Executive Officer and the nature and status thereof. A copy of
      such certificate may be obtained by any Certificateholder by a request in
      writing to the Depositor addressed to the Corporate Trust Office of the
      Trustee.

                                    ARTICLE V

                               ACTIONS BY TRUSTEE

            Section 5.1. Prior Notice to Certificateholders, the Option Agent
and the Swap Counterparty with Respect to Certain Matters.

            (a) Subject to Section 7.16, the Trustee shall not take action with
respect to the following matters, unless (i) the Trustee shall have notified the
Certificateholders, the Option Agent and the Swap Counterparty in writing of the
proposed action at least thirty (30) days before

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<PAGE>

the taking of such action, (ii) no Certificateholders shall have notified the
Trustee in writing prior to the thirtieth day after such notice is given that
such Certificateholders have withheld consent or provided alternative direction,
and, if any such Certificateholders have so withheld consent or provided
alternative direction, a majority of the Voting Rights of all the Certificates,
as specified in Section 5.3, shall have notified the Trustee in writing prior to
such thirtieth day that they have consented to such action, and (iii) the Rating
Agency Condition is satisfied:

                        (A) the initiation of any claim or lawsuit by the Trust
                        (other than a commencement of a Proceeding under Section
                        7.16) or the compromise of any action, claim or lawsuit
                        brought by or against the Trust; or

                        (B) any amendment to this Agreement under Section 9.3.

            (b) The Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust without the unanimous prior
approval of all Certificateholders and the delivery to the Trustee by each such
Certificateholder of a certificate certifying that each such Certificateholder
reasonably believes that the Trust is insolvent.

            Section 5.2. Action by Trustee with Respect to Certain Matters.

            Subject to Section 7.15 and, in the case of an Underlying Securities
Event of Default that has occurred and is continuing, Section 7.16, the Trustee
shall not agree to any amendment, modification or supplement to the Underlying
Securities.

            Section 5.3. Majority Control.

            Except as expressly provided herein, any action that may be taken or
consent that may be given or withheld by the Certificateholders under this
Agreement may be taken, given or withheld by Certificateholders evidencing a
majority of the Voting Rights of all the Certificates.

                                   ARTICLE VI

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

            Section 6.1. Establishment of Collection Account and Securities
Account.

            (a) The Trustee shall establish and maintain in the Trust's name
Eligible Trust Accounts known as the Collection Account and the Securities
Account, bearing an additional designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders, subject to
the obligations of the Trust, if any. The Trustee, directly or through its
agents, shall make reasonable efforts to collect all scheduled payments under
the Trust Assets and will follow, or cause to be followed, any collection
procedures that it would follow with respect to comparable financial assets that
it holds for its own account; provided that these procedures shall be consistent
with this Agreement and any related instrument governing the Underlying
Securities and any other Trust Asset.

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<PAGE>

            (b) The Trustee shall possess all right, title and interest in and
to all funds on deposit from time to time in the Collection Account and the
Securities Account and in all proceeds thereof. The Collection Account and the
Securities Account shall be under the sole dominion and control of the Trustee
for the benefit of the Certificateholders, subject to the obligations of the
Trust, if any. If at any time the Collection Account or the Securities Account
ceases to be an Eligible Trust Account, the Trustee shall within five (5)
Business Days (or such longer period, not to exceed thirty (30) calendar days,
to which the Rating Agency may consent) establish a new Collection Account or
Securities Account, as applicable, as an Eligible Trust Account and shall
transfer any funds in the existing Collection Account or Securities Account, as
applicable, to such new Collection Account or new Securities Account, as
applicable.

            (c) The Collection Account shall be a non-interest bearing account.
Pending application pursuant to Section 6.2, moneys held in the Collection
Account shall be held uninvested.

            (d) The Securities Intermediary hereby agrees that any Trust Asset
credited to the Securities Account shall be treated as a "financial asset"
within the meaning of Section 8-102(a)(9) of the UCC.

            (e) If at any time the Securities Intermediary shall receive any
order from the Trustee directing the transfer or redemption of any Trust Asset
on deposit in the Securities Account, the Securities Intermediary shall comply
with such entitlement order without further consent by the Depositor or any
other Person. The Securities Intermediary shall take all instructions (including
without limitation all notifications and entitlement orders) with respect to the
Securities Account solely from the Trustee.

            (f) The Securities Intermediary hereby confirms and agrees that:

                  (i) there are no other agreements entered into between the
      Securities Intermediary and the Depositor with respect to the Securities
      Account;

                  (ii) it has not entered into, and until the termination of
      this Agreement will not enter into, any agreement with any other Person
      relating to the Securities Account and/or any financial assets credited
      thereto pursuant to which it has agreed to comply with entitlement orders
      (as defined in Section 8-102(a)(8) of the UCC) of such other Person; and

                  (iii) it has not entered into, and until the termination of
      the Agreement will not enter into, any agreement with the Depositor or the
      Trustee purporting to limit or condition the obligation of the Securities
      Intermediary to comply with entitlement orders as set forth in this
      Section 6.1.

            Section 6.2. Application of Trust Funds.

            (a) The Trustee shall credit to the Collection Account all moneys or
property received by the Trust that constitute payments on, or proceeds from
redemption or sale (including issuer and third party tender offers and other
repurchases) of, the Underlying Securities. Any non-cash property received will
be liquidated by the Trustee in the manner determined by the

                                       31
<PAGE>

Trustee and using commercially reasonable efforts only to the extent necessary
to avoid distribution of fractional securities or other fractional property to
Certificateholders, and the proceeds thereof will be credited to the Collection
Account.

            (b) Except as otherwise specified in subsections (c) and (d) below,
the Trustee shall, subject to its right pursuant to Sections 7.16(a) and (b) to
payment of its reasonable expenses related to any proceeding in respect of a
failure by the Underlying Securities Issuer to pay the Whole Amount Due,
distribute the Available Funds (subject to the Trust's obligations to the Swap
Counterparty under the Swap Agreement) as follows :

                  (i) On each Distribution Date, the Trustee will pay from
      Available Interest Funds to the Certificateholders, interest accrued and
      unpaid, pro rata in proportion to their entitlements thereto; provided,
      however, that if the Trustee has not received any amounts of Available
      Interest Funds on or prior to the related Distribution Date, such amounts
      shall be applied in accordance with this Section 6.2(b) promptly upon
      receipt of such amounts.

                  (ii) The Trustee will pay, on the Final Distribution Date,
      Available Principal Funds to the Certificateholders, pro rata by
      Certificate Principal Balance, from Available Principal Funds, an amount
      not to exceed the then outstanding Certificate Principal Balance.

                  (iii) Any Available Funds remaining in the Collection Account
      after the payments set forth in clauses 6.2(b)(i) and 6.2(b)(ii) above
      shall be paid to the Certificateholders, pro rata by Certificate Principal
      Balance.

Any portion of the Available Funds (i) that does not constitute principal of, or
interest on, the Underlying Securities, (ii) that is not received in connection
with a redemption, repurchase or liquidation of or an unscheduled payment on the
Underlying Securities and (iii) for which allocation by the Trustee is not
otherwise contemplated by this Agreement, shall be remitted by the Trustee to
the Certificateholders.

            (c) Notwithstanding Section 6.2(b) above, if the Underlying
Securities are liquidated prior to the Final Distribution Date as a result of
(i) an Underlying Securities Payment Default, an Underlying Securities
Bankruptcy Default, an SEC Reporting Failure, a Trust Swap Default or a Trust
Regulatory Event, or (ii) the Underlying Securities Issuer has redeemed, made
other repurchases of or made an unscheduled payment on some or all of the
Underlying Securities, then a corresponding portion of the Certificates will be
redeemed. On the third Business Day after the Trustee receives the proceeds of
any such liquidation, redemption, repurchase of or unscheduled payment on the
Underlying Securities, the Trustee shall, subject to its right pursuant to
Sections 7.16(a) and (b) to payment of its reasonable expenses related to any
proceeding in respect of a failure by the Underlying Securities Issuer to pay
the Whole Amount Due, make distributions in respect of the proceeds:

                  (i) first, to the Swap Counterparty, in an amount equal to any
      Early Termination Payment payable by the Trust to the Swap Counterparty,
      if any; and

                                       32
<PAGE>

                  (ii) thereafter, any remainder will be paid to the
      Certificateholders, pro rata by Certificate Principal Balance.

            If any Early Termination Payment is payable by the Swap Counterparty
to the Trust the amount of such payment will be added to the proceeds payable to
the Certificateholders.

            (d) Notwithstanding Section 6.2(c) above, if the Option Holder has
exercised its Call Options and prior to the Final Distribution Date (i) the
Underlying Securities Issuer (or any third party tender offeror) has redeemed,
successfully tendered for, made other repurchases of or made an unscheduled
payment on some or all of the Underlying Securities or (ii) the Underlying
Securities are liquidated as a result of an Underlying Securities Payment
Default, an Underlying Securities Bankruptcy Default, an SEC Reporting Failure,
a Trust Swap Default or a Trust Regulatory Event, then a corresponding portion
of the Certificates will be redeemed. On the third Business Day after the
Trustee receives the proceeds of any such liquidation, redemption, tender for,
repurchase of or unscheduled payment on the Underlying Securities, the Trustee
shall, subject to its right pursuant to Sections 7.16(a) and (b) to payment of
its reasonable expenses related to any proceeding in respect of a failure by the
Underlying Securities Issuer to pay the Whole Amount Due, make distributions in
respect of the proceeds:

                  (i) first, to the Swap Counterparty, in an amount equal to any
      Early Termination Payment payable by the Trust to the Swap Counterparty,
      if any; and

                  (ii) thereafter, any remainder will be paid to the Option
      Holder.

            If any Early Termination Payment is payable by the Swap Counterparty
to the Trust the amount of such payment will be added to the proceeds payable to
the Option Holder.

            (e) It is understood that payments in the nature of unscheduled
payment or redemption penalties, late payment charges, default interest or
reinvestment income which may be received by the Trustee shall be deposited by
the Trustee in the Collection Account for distribution to the Certificateholders
as additional interest, and shall not be retained by the Trustee for its own
account.

            (f) If the number of Certificates redeemed pursuant to Sections
6.2(c) and (d) is less than the outstanding number of Certificates, the Trustee
shall select the Certificates to be redeemed as follows: the Certificates
selected by the Trustee shall be a pro rata portion of the Certificates held by
each Certificateholder; provided that purchases of a fraction of a single
Certificate shall not be made and the Trustee shall round up or down the number
of Certificates to be purchased from each Certificateholder to avoid such
fractional purchases.

            Section 6.3. Certain Provisions Applicable to all Distributions to
Certificateholders.

            (a) If any withholding tax is imposed on any distribution (or
allocations of income) by the Trust to a Certificateholder, such tax shall
reduce the amount otherwise distributable to the Certificateholder. The Trustee
is hereby authorized and directed to retain from amounts otherwise distributable
to the Certificateholders sufficient funds for the payment of any tax that is
legally required to be withheld by the Trust (but such authorization shall not
prevent the

                                       33
<PAGE>

Trustee if indemnified to its satisfaction, from contesting any such tax in
appropriate proceedings and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax
imposed with respect to a Certificateholder shall be treated as cash distributed
to such Certificateholder at the time it is withheld by the Trust and remitted
to the appropriate taxing authority. If the Trustee determines that withholding
tax is payable with respect to a distribution (such as a distribution to a
Certificateholder that is a non-U.S. Person), the Trustee may in its sole
discretion withhold such amounts in accordance with this Section 6.3(a). If a
Certificateholder wishes to apply for a refund of any such withholding tax, the
Trustee shall reasonably cooperate with such Certificateholder in making such
claim so long as such Certificateholder agrees to reimburse the Trustee for any
out-of-pocket expenses incurred. The Trustee shall not be liable to any Person
for withholding or failing to withhold any such withholding tax. In the event
that withholding taxes should have been imposed on any distribution by the Trust
to a Certificateholder but was not so withheld at the time of the payment, the
Trustee is hereby also authorized and directed to obtain from amounts otherwise
distributable currently and in the future to the respective Certificateholder to
pay amounts that should have been withheld by the Trust and any penalties and
interest due.

            (b) [Reserved].

            (c) Notwithstanding any other provisions in this Agreement, the
right of any Certificateholder to receive a distribution of principal, interest,
and premium, if any, allocable to a Certificate and to institute suit for the
enforcement of any such distribution shall not be impaired without the consent
of such Certificateholder.

            Section 6.4. Appointment of Paying Agent.

            The Trustee may appoint one or more paying agents (each, a "Paying
Agent") with respect to the Certificates. Any such Paying Agent shall be
authorized to make distributions to Certificateholders from the Collection
Account pursuant to the provisions of this Agreement and shall report the
amounts of such distributions to the Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from such Collection Account for the purpose
of making such distributions. The Trustee in its sole discretion may revoke such
power and remove the Paying Agent. The initial Paying Agent(s) shall be the
Trustee and any co-paying agent chosen by the Depositor and reasonably
acceptable to the Trustee, including, if and so long as the Certificates are
listed on any securities exchange and such exchange so requires, a co-paying
agent in any city required by the rules of such exchange. Any Paying Agent shall
be permitted to resign as a Paying Agent upon thirty (30) days' notice to the
Trustee. If the Trustee shall resign as a Paying Agent, the Trustee shall
appoint a successor or additional Paying Agent. The Trustee shall cause each
Paying Agent and each successor or additional Paying Agent to execute and
deliver to the Trustee an instrument in which such Paying Agent or successor or
additional Paying Agent shall agree with the Trustee that (a) it will hold all
sums, if any, held by it for distribution to the Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums shall be
distributed to such Certificateholders or returned to the Trustee, and (b) it
will give the Trustee notice of any default by the Underlying Securities Issuer
(if such default is known to such Paying Agent). The Paying Agent shall return
all unclaimed funds to the Trustee and upon removal shall also return all funds
in its possession to the Trustee. The provisions of Sections 7.1, 7.3, 7.8 and
7.10 shall apply to the Trustee also in its roles as Paying Agent, for so long
as the

                                       34
<PAGE>

Trustee shall act as Paying Agent. Any reference in this Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise.
Notwithstanding anything contained herein to the contrary, the appointment of a
Paying Agent pursuant to this Section 6.4 shall not release the Trustee from the
duties, obligations, responsibilities or liabilities arising under this
Agreement other than with respect to funds paid to such Paying Agent.

            Section 6.5. Method of Payment.

            Distributions required to be made to Certificateholders on any
Distribution Date shall be made to each Certificateholder of record on the
immediately preceding Record Date either by wire transfer, in immediately
available funds, to the account of such Certificateholder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided to the Certificate Registrar appropriate written instructions at
least five (5) Business Days prior to such Record Date, or, if not, by check
mailed to such Certificateholder at the address of such Certificateholder
appearing in the Certificate Register.

            Section 6.6. Reports to Certificateholders.

            On the Business Day next following each Distribution Date, the
Trustee shall forward or cause to be forwarded to the Depositor, the Swap
Counterparty, each Certificateholder, the Option Agent and the New York Stock
Exchange (or, if the Certificates are no longer listed on the New York Stock
Exchange, to any exchange or securities trading system on which the Certificates
are then listed or quoted), a statement setting forth:

            (a) the amount of the distribution on such Distribution Date to the
Certificateholders allocable to principal of and premium, if any, and interest
on the Certificates, and the amount of aggregate unpaid interest accrued as of
such Distribution Date;

            (b) the aggregate stated principal amount of the Underlying
Securities and the current interest rate thereon at the close of business on
such Distribution Date; and

            (c) the aggregate Certificate Principal Balance of the Certificates
at the close of business on such Distribution Date.

            In the case of information furnished pursuant to subclause (a)
above, the amounts shall be expressed as an aggregate dollar amount for all the
Certificates or as a dollar amount per minimum authorized denomination of the
Certificates. Within a reasonable period of time after the end of each calendar
year, the Trustee shall furnish to each person who at any time during such
calendar year was a Certificateholder a statement containing the information set
forth in subclauses (a) and (b) above, aggregated for such calendar year or the
applicable portion thereof during which such person was a Certificateholder.
Such obligation of the Trustee shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the
Trustee pursuant to any requirements of the Code as are from time to time in
effect.

                                       35
<PAGE>

            Section 6.7. Accounting and Information to Certificateholders,
Internal Revenue Service and Others.

            (a) The Trustee shall (i) maintain (or cause to be maintained) the
books of the Trust on a calendar year basis on the accrual method of accounting,
(ii) deliver to each Certificateholder, as may be required by the Code and
applicable Treasury Regulations or otherwise, such information reasonably
available to the Trustee as may be required to enable each Certificateholder to
prepare its federal income tax returns, (iii) file such tax returns relating to
the Trust and make such elections as may from time to time be required or
appropriate under any applicable state or federal statute or rule or regulation
thereunder, (iv) cause such tax returns to be signed in the manner required by
law and (v) collect or cause to be collected any withholding tax as described in
and in accordance with Section 6.3(a) with respect to income or distributions to
Certificateholders. The Trustee shall be authorized to retain an agent for the
purpose of performing its obligations under the preceding clauses (i), (ii) and
(iii), but no expense of any such agent shall be an expense of the Trust,
notwithstanding that such expenses shall not have been paid by the Depositor
pursuant to its separate fee agreement with the Trustee.

            (b) The Depositor shall appoint a firm of independent certified
public accountants to determine that the Trust Assets exist at the balance sheet
date and that such Trust Assets reflects the correct value on that date and to
review each of the distribution reports prepared by the Trustee pursuant to
Section 6.6 and to verify (i) that such reports and the calculations made
therein were made accurately and in accordance with the terms of this Agreement
and (ii) that the Depositor and the Trustee have each fulfilled their
obligations under this Agreement. The Depositor shall instruct the accountants
(i) to promptly report to the Depositor any errors in such distribution reports
discovered in verifying such calculations and (ii) to render to the Depositor an
annual examination report, prepared in compliance with procedures to be agreed
upon between the Depositor and such independent certified public accountants
based on established or stated criteria as set forth in the professional
standards of the American Institute of Certified Public Accountants, within
forty-five (45) days (or such longer period as may be acceptable to the
Depositor) following the end of each calendar year that specifies the
calculations made in reviewing the distribution reports prepared by the
Depositor for the previous calendar year and such accountants' associated
findings.

            Section 6.8. Signature on Returns.

            Subject to applicable law, the Trustee shall sign on behalf of the
Trust any and all tax returns of the Trust.

            Section 6.9. No Implied Duties of the Depositor.

            No implied covenants or obligations shall be read into this
Agreement against the Depositor. The Depositor shall not be under any obligation
whatsoever to appear in, prosecute or defend any action, suit or other
proceeding in respect of the Underlying Securities or other Trust Assets or the
Certificates that is not incidental to its responsibilities under this Agreement
or that in its opinion may involve it in any expense or liability unless
indemnification satisfactory to it is provided.

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<PAGE>

                                   ARTICLE VII

                                   THE TRUSTEE

            Section 7.1. Duties of Trustee; Notice of Defaults.

            (a) The Trustee shall not be liable except for the performance by
the Trustee of such duties, and only such duties, as are specifically set forth
in this Agreement, including the administration of the Trust in the interest of
the Certificateholders, subject to and in accordance with the provisions of this
Agreement. No implied covenants or obligations shall be read into this Agreement
against the Trustee.

            (b) In the absence of bad faith on its part, the Trustee may
conclusively rely upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Agreement in determining the truth of the
statements and the correctness of the opinions contained therein; provided,
however, that the Trustee shall have examined such certificates or opinions so
as to determine compliance of the same with the requirements of this Agreement.

            (c) The Trustee shall not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct
or bad faith, except that:

                  (i) this Section 7.1(c) shall not limit the effect of Section
      7.1(a) or (b) above;

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

                  (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 5.1, 5.3 or 7.5; and

                  (iv) the Trustee shall not be liable for any loss or
      diminution in value of Underlying Securities sold by it under this
      Agreement in good faith in accordance with its terms.

            (d) Moneys received by the Trustee hereunder shall be deposited in
the Collection Account, and the Trustee shall not be liable to pay any interest
thereon.

            (e) The Trustee shall not take any action that (i) is inconsistent
with the purposes of the Trust set forth in Section 2.3, (ii) would, to the
actual knowledge of a Responsible Officer of the Trustee, result in the Trust's
being characterized as other than a grantor trust for federal income tax
purposes or (iii) the Trustee should reasonably be expected to know would
adversely affect the intended classification of the Trust as a grantor trust for
federal income tax purposes (in this connection, the Trustee shall be protected
in assuming that the performance of its express duties hereunder, including any
actions taken at the direction of the Depositor, is in accordance with this
Agreement). The Depositor shall not direct the Trustee to take any action that
would violate the provisions of this Section 7.1(e).

                                       37
<PAGE>

            (f) The Trustee (except as specifically provided herein) shall have
the legal power to exercise all of the rights, powers and privileges of holders
of the Underlying Securities and other Trust Assets. However, the Trustee
(except as specifically provided herein) shall not be under any obligation
whatsoever to appear in, prosecute or defend any action, suit or other
proceeding in respect of the Underlying Securities or other Trust Assets that is
not incidental to its responsibilities under this Agreement or that in its
opinion may involve it in any expense or liability unless indemnification
satisfactory to it is provided.

            (g) Section 315(e) of the TIA is hereby excluded from operation in
respect of this Agreement.

            (h) If the Underlying Securities Issuer announces its intention to
tender for or repurchase the Underlying Securities, or if a third party
announces its intention to tender for the Underlying Securities, the Trustee
shall be required to not accept such tender offer or repurchase offer, and
neither the Certificateholders nor the Option Holder will receive any proceeds
from such tender offer or repurchase.

            (i) The Trustee shall perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further
acts, instruments and assurances as may be required by the Option Agent and the
Swap Counterparty in order to enable it to carry out or perform its duties under
the Call Option Agreement and the Swap Agreement.

            Section 7.2. Rights of Trustee.

            The Trustee is authorized and directed to execute and deliver the
documents referred to in Article II to which the Trust is to be a party, in such
written form as the Depositor shall approve by Depositor Order. In addition to
the foregoing, the Trustee is authorized and shall be obligated to take all
actions required of the Trust pursuant to such documents.

            Section 7.3. Acceptance of Trusts and Duties.

            Except as otherwise provided in this Article VII, in accepting the
Trust hereby created, the Trustee acts solely as Trustee hereunder and not in
its individual capacity and all Persons having any claim against the Trustee by
reason of the transactions contemplated by this Agreement shall look only to the
Trust Assets for payment or satisfaction thereof. The Trustee accepts the trusts
hereby created and agrees to perform its duties hereunder with respect to such
trusts but only upon the terms of this Agreement. The Trustee also agrees to
disburse all moneys actually received by it constituting part of the Trust
Assets upon the terms of this Agreement. The Trustee (and any director, officer,
employee or agent of the Trustee) shall not be liable or accountable under the
Trust Agreement under any circumstances, except (i) for its own negligent
action, its own negligent failure to act or its own willful misconduct or bad
faith (except that the foregoing shall not limit the effect of subsection 7.1(a)
or (b), or (ii) in the case of the inaccuracy of any representation or warranty
contained in Section 7.7). In particular, but not by way of limitation (and
subject to the exceptions set forth in the preceding sentence):

            (a) the Trustee shall at no time have any responsibility or
liability for or with respect to the legality, validity and enforceability of
any Underlying Securities or other Trust Assets, or the perfection and priority
of any security interest created by any Underlying Securities

                                       38
<PAGE>

or the maintenance of any such perfection and priority, or for or with respect
to the sufficiency of the Trust Assets or their sufficiency to generate the
payments to be distributed to Certificateholders under this Agreement, including
the terms and conditions of any Underlying Securities or other Trust Assets; the
validity of the assignment of any Underlying Securities or other Trust Assets to
the Trust or of any intervening assignment; the completeness of any Underlying
Securities or other Trust Assets; the performance or enforcement of any
Underlying Securities or other Trust Assets; the compliance by the Depositor
with any warranty or representation made under any agreement or document or the
accuracy of any such warranty or representation or any action of the Depositor
taken in the name of the Trustee;

            (b) under no circumstances shall the Trustee be liable for
indebtedness or other payment or distribution obligations evidenced by or
arising under this Agreement, including the Certificate Principal Balance of and
distributions on the Certificates;

            (c) the Trustee shall not be responsible for or in respect of and
makes no representation as to the validity or sufficiency of any provision of
this Agreement, the accuracy or completeness of any offering documents for the
Certificates or for the due execution hereof by the Depositor or for the form,
character, genuineness, sufficiency, value or validity of any of the Underlying
Securities, the Certificates (other than the certificate of authentication on
the Certificates), the Call Options or any related documents, and the Trustee
shall in no event assume or incur any liability, duty or obligation to any
Certificateholder, other than as expressly provided for in this Agreement;

            (d) the Trustee shall not be liable for the default or misconduct of
the Depositor or any other party (other than itself, as provided in this
Agreement) under this Agreement or otherwise;

            (e) except as described in Section 7.16 in connection with an
Underlying Securities Event of Default, the Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Agreement or to
make any investigation of related matters or to institute, conduct or defend any
litigation under or in relation to this Agreement at the request, order or
direction of any of the Certificateholders, unless the Certificateholders have
offered the Trustee reasonable security or indemnity against the costs, expenses
and liabilities which may be incurred by the Trustee. The right of the Trustee
to perform any discretionary act enumerated in this Agreement shall not be
construed as a duty, and the Trustee shall not be answerable for other than its
misconduct, bad faith or negligence in the performance of any such act;

            (f) the Trustee shall not incur any liability to any
Certificateholder if, by reason of any provision of any present or future law,
or regulation thereunder, or any governmental authority, or by reason of any act
of God or war or other circumstance beyond the control of the relevant party,
the Trustee shall be prevented or forbidden from doing or performing any act or
thing that the terms of this Agreement provide shall be done or performed; and
the Trustee shall not incur any liability to any Certificateholder by reason of
any non-performance or delay, caused as aforesaid, in the performance of any act
or thing which the terms of this Agreement provide shall or may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Agreement; and

                                       39
<PAGE>

            (g) the rights, protections, immunities and benefits given to the
Trustee hereunder are extended to, and enforceable by, the Trustee in each of
its capacities hereunder.

            Section 7.4. Preferential Collection of Claims Against Trustee.

            The Trustee shall comply with Section 311(a) of the TIA, excluding
any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the TIA to the
extent required by that Section.

            Section 7.5. Action Upon Instruction by Certificateholders.

            (a) Subject to Sections 5.3 and 9.3 and in accordance with the terms
of this Agreement, the Certificateholders may by written instruction direct the
Trustee in the management of the Trust. Subject to Sections 7.3(e), 7.5(c) and
7.15, such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Section 5.3.

            (b) Notwithstanding the foregoing, the Trustee shall not be required
to take any action under this Agreement if the Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to
result in liability on the part of the Trustee or is contrary to the terms of
this Agreement or is otherwise contrary to law, or if the Trustee shall not have
received indemnity satisfactory to it as provided in Section 7.3(e). No
provision of this Agreement shall require the Trustee to expend or risk funds or
otherwise incur any financial liability in the performance of any of its rights
or powers under this Agreement, if the Trustee shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it.

            (c) Whenever the Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement, or is
unsure as to the application, intent, interpretation or meaning of any provision
of this Agreement, the Trustee shall promptly give notice (in such form as shall
be appropriate under the circumstances) to the Certificateholders (with a copy
to the Option Agent) requesting instruction as to the course of action to be
adopted, and, to the extent the Trustee acts in good faith in accordance with
any instruction received in accordance with Section 5.3, or otherwise in
accordance with the instructions of the Depositor or the Certificateholders in
accordance with this Agreement, the Trustee shall not be liable on account of
such action to any Person. If the Trustee shall not have received appropriate
instructions within ten (10) days of such notice (or within such shorter period
of time as reasonably may be specified in such notice or may be necessary under
the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action which is consistent, in its view, with this Agreement, and as
it shall deem to be in the best interests of the Certificateholders, and the
Trustee shall have no liability to any Person for any such action or inaction.

            Section 7.6. Furnishing of Documents; Reports to Certificateholders
and DTC.

            (a) The Trustee shall furnish to the Certificateholders and the Swap
Counterparty, with a copy to the New York Stock Exchange (or, if the
Certificates are no longer listed on the New York Stock Exchange, to any
exchange or securities trading system on which the Certificates are then listed
or quoted), promptly upon receipt of a written request therefor, duplicates or
copies of all reports, notices, requests, demands, certificates, financial
statements and

                                       40
<PAGE>

any other instruments furnished to the Trustee under this Agreement. In
addition, if required by Section 313(a) of the TIA, within sixty (60) days after
December 31 of each year, the Trustee shall mail to (i) each Certificateholder
as required by Section 313(c) of the TIA and (ii) the Depositor, a brief report
dated as of such date that complies with Section 313(a) of the TIA. A copy of
any report delivered pursuant to this Section 7.6(a) shall, at the time of its
mailing to Certificateholders and the Depositor, be filed by the Trustee with
the Commission and the New York Stock Exchange (or, if the Certificates are no
longer listed on the New York Stock Exchange, to any exchange or securities
trading system on which the Certificates are then listed or quoted).

            (b) The Trustee shall within ninety (90) days of an event described
in Section 313(b) of the TIA mail to (i) each Certificateholder as required by
Section 313(c) of the TIA and (ii) the Depositor, a brief report dated as of
such date that complies with Section 313(b) of the TIA. A copy of any report
delivered pursuant to this Section 7.6(b) shall, at the time of its mailing to
Certificateholders and the Depositor, be filed by the Trustee with the
Commission and the New York Stock Exchange (or, if the Certificates are no
longer listed on the New York Stock Exchange, to any exchange or securities
trading system on which the Certificates are then listed or quoted).

            (c) Annual unaudited reports setting forth the amounts of payments
on the Certificates, and whether such amounts are principal, premium or interest
shall be prepared by the Trustee and sent to the Certificateholders.

            Section 7.7. Representations and Warranties of Trustee.

            The Trustee hereby represents and warrants, for the benefit of the
Certificateholders, that:

            (a) it is a banking association duly incorporated, validly existing
and in good standing under the laws of the United States of America;

            (b) it has full power, authority and legal right to execute,
deliver, and perform its obligations under this Agreement, and has taken all
necessary action to authorize the execution, delivery and performance by it of
this Agreement;

            (c) the Trustee maintains its books and records with respect to its
Securities Accounts in the State of New York;

            (d) the Trustee has not granted any lien on the Trust Assets nor are
the Trust Assets subject to any lien on properties of the Trustee in its
individual capacity; the Trustee has no actual knowledge and has not received
actual notice of any lien on the Trust Assets (other than any liens of the
Trustee in favor of the beneficiaries of the Trust Agreement); other than the
interests of the Certificateholders, the books and records of the Trustee do not
identify any Person as having an interest in the Trust Assets;

            (e) the Trustee makes no representation as to (i) the validity,
legality, sufficiency or enforceability of any of the Trust Assets or (ii) the
collectability, insurability, effectiveness or suitability of any of the Trust
Assets;

                                       41
<PAGE>

            (f) the execution, delivery and performance by it of this Agreement
(i) will not violate any provision of any law or regulation governing the powers
of the Trustee or any order, writ, judgment or decree of any court, arbitrator
or governmental authority applicable to the Trustee or any of its assets and
(ii) will not violate any provision of the corporate charter or by-laws of the
Trustee;

            (g) this Agreement has been duly executed and delivered by the
Trustee and constitutes the legal, valid and binding agreement of the Trustee,
enforceable against the Trustee in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar laws affecting the enforcement of creditors' rights in general and
by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law; and

            (h) the execution, delivery and performance by the Trustee of this
Agreement 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
in respect of, any governmental authority or agency regulating the banking and
corporate trust activities of banks or trust companies in the jurisdiction in
which the Trust was formed.

            The Trustee and the Securities Intermediary hereby represent and
warrant that:

            (a) the Securities Account is a "securities account" within the
meaning of Section 8-501 of the UCC and contains only property held by the
Securities Intermediary as fiduciary. The Securities Intermediary is acting in
the capacity of a "securities intermediary" within the meaning of Section
8-102(a)(14) of the UCC;

            (b) the Granted Underlying Securities have been (i) delivered to the
Securities Intermediary pursuant to the Agreement; (ii) credited to the
Securities Account; and (iii) registered in the name of the Securities
Intermediary or its nominee, indorsed to the Securities Intermediary or in blank
or credited to another securities account maintained in the name of the
Securities Intermediary. In no case will any Underlying Securities or other
financial assets credited to the Securities Account be registered in the name of
the Depositor, payable to the order of the Depositor or specially indorsed to
the Depositor except to the extent the foregoing have been specially indorsed to
the Securities Intermediary or in blank; and

            (c) the Securities Account is an account to which financial assets
are or may be credited, and the Securities Intermediary shall treat the Trustee
as entitled to exercise the rights that comprise any financial asset credited to
the account.

            Section 7.8. Reliance; Advice of Counsel.

            (a) The Trustee shall incur no liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond, facsimile transmission or other document or
paper reasonably believed by it to be genuine and reasonably believed by it to
be signed by the proper party or parties and need not investigate any fact or
matter in any such document. The Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such
body and that the same is in full force and effect. As to

                                       42
<PAGE>

any fact or matter the method of the determination of which is not specifically
prescribed herein, the Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter,
and such certificate shall constitute full protection to the Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon.

            (b) In the exercise or administration of the trusts hereby created
and in the performance of its duties and obligations under this Agreement, the
Trustee: (i) may act directly or through its agents, attorneys, custodians or
nominees (including the granting of a power of attorney to Responsible Officers
of the Trustee to execute and deliver this Agreement, any Certificate or other
documents related thereto on behalf of the Trustee) pursuant to agreements
entered into with any of them, and the Trustee shall not be liable for the
conduct or misconduct of such agents, attorneys, custodians or nominees if such
agents, attorneys, custodians or nominees shall have been selected by the
Trustee in good faith and with reasonable care and (ii) may consult with
counsel, accountants and other skilled professionals to be selected in good
faith and with reasonable care and employed by it. The Trustee shall not be
liable for anything done, suffered or omitted in good faith by it in accordance
with the opinion or advice of any such accountants or other such persons and not
contrary to this Agreement.

            Section 7.9. Trustee May Own Certificates.

            The Trustee in its individual or any other capacity shall be
permitted to become the owner or pledgee of Certificates and may deal with the
Depositor in the same manner as it would have if it were not the Trustee,
subject to the limitations on the rights of the Trustee, if it is holding the
Certificates in its individual capacity, in voting on any demand, authorization,
direction, notice, consent or waiver hereunder, set forth in the definition of
"Outstanding" in Section 1.1.

            Section 7.10. Compensation and Indemnity.

            U.S. Bank Trust National Association shall be entitled to receive
from the Depositor, as compensation for acting as Trustee hereunder and acting
as Option Agent under the Call Option Agreement, fees pursuant to a separate
agreement between U.S. Bank Trust National Association and the Depositor, and
shall be reimbursed by the Depositor for all reasonable expenses, disbursements
and advances incurred or made as Trustee (including the reasonable compensation,
disbursements and expenses of its counsel and other persons not regularly in its
employ). The Depositor shall indemnify and hold harmless the Trustee and its
successors, assigns, agents, directors, officers and employees against any and
all loss, liability or reasonable expense (including attorney's fees) incurred
by it in connection with any legal action relating to the administration of this
Trust and the performance of its duties thereunder. The Trustee shall notify the
Depositor promptly of any claim for which it or any such Person may seek
indemnity. Failure by the Trustee to so notify the Depositor shall not relieve
the Depositor of its obligations hereunder. The Depositor need not reimburse any
expense or indemnify against any loss, liability or expense that is incurred by
the Trustee through the Trustee's own misconduct, negligence or bad faith in the
performance of the Trustee's duties under this Agreement. The Depositor agrees
that the provisions of this Section 7.10 shall apply to U.S. Bank Trust National
Association acting in its individual capacity hereunder in the same manner as
they apply to the Trustee. The

                                       43
<PAGE>

indemnities contained in this Section 7.10 shall survive the resignation or
termination of the Trustee or the termination of this Agreement.

            Failure by the Depositor to pay, reimburse or indemnify the Trustee
shall not entitle the Trustee to any payment, reimbursement or indemnification
from the Trust, nor shall such failure release the Trustee from the duties it is
required to perform under this Agreement. Any unpaid, unreimbursed or
unindemnified amounts shall not be borne by the Trust and shall not constitute a
claim against the Trust (except to the extent that the Trustee is entitled to
recover such amount pursuant to the provisions of Section 7.16(a)).

            Section 7.11. Replacement of Trustee.

            (a) The Trustee may resign at any time and be discharged from the
trusts hereby created by giving thirty (30) days' prior written notice thereof
to the Depositor. The Depositor shall appoint a successor Trustee by delivering
a written instrument, in duplicate, to the resigning Trustee and the successor
Trustee. If no successor Trustee shall have been appointed and have accepted
appointment within thirty (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. The Depositor shall
remove the Trustee if:

                  (i) the Trustee shall cease to be eligible in accordance with
      the provisions of Section 7.14 and shall fail to resign after written
      request therefor by the Depositor;

                  (ii) the Trustee shall be adjudged bankrupt or insolvent;

                  (iii) a receiver or other public officer shall be appointed or
      take charge or control of the Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation;

                  (iv) the Trustee shall fail to carry out its duties hereunder;
      or

                  (v) the Trustee shall otherwise be incapable of acting.

            (b) If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, the Depositor shall promptly appoint a
successor Trustee by written instrument, in duplicate (one copy of which
instrument shall be delivered to the outgoing Trustee so removed and one copy to
the successor Trustee) and shall pay all fees and expenses owed to the outgoing
Trustee.

            (c) Unless the Trust has been completely liquidated and the proceeds
of the liquidation distributed to Certificateholders, any resignation or removal
of the Trustee and appointment of a successor Trustee pursuant to any of the
provisions of this Section 7.11 shall not become effective until a written
acceptance of appointment is delivered by the successor Trustee to the outgoing
Trustee and the Depositor and all fees and expenses due to the outgoing Trustee
are paid; provided that with respect to any of the events specified in Section
7.11(a) above, the payment of the fees and expenses due to the outgoing Trustee
shall not be a condition for the removal of such Trustee and the appointment of
a successor Trustee. Any successor Trustee

                                       44
<PAGE>

appointed pursuant to this Section 7.11 must be eligible to act in such capacity
in accordance with Section 7.14 and, following compliance with the preceding
sentence, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Trustee. The Depositor shall provide notice within five (5)
Business Days of the resignation or removal of the Trustee to the Swap
Counterparty, the Rating Agency and each Certificateholder.

            (d) The predecessor Trustee shall upon payment of its fees and
expenses deliver to the successor Trustee all documents and statements and
moneys held by it under this Agreement. The Depositor and the predecessor
Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the
successor Trustee all such rights, powers, duties and obligations.

            (e) Upon acceptance of appointment by a successor Trustee pursuant
to this Section 7.11, the Depositor shall mail notice of the successor of such
Trustee to the Swap Counterparty, all Certificateholders and the Rating Agency.

            Section 7.12. Merger or Consolidation of Trustee.

            Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder; provided that
such corporation is eligible pursuant to Section 7.14, and without the execution
or filing of any instrument or any further act on the part of any of the parties
hereto; provided, however, that the Trustee shall mail notice of such merger or
consolidation to the Depositor, the Swap Counterparty, and the Rating Agency.

            Section 7.13. Appointment of Co-Trustee or Separate Trustee.

            (a) Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Assets may at the time be located, the Depositor 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
Depositor to act as co-trustee, jointly with the Trustee, or as separate trustee
or trustees, of all or any part of the Trust Assets, and to vest in such Person
in such capacity such title to the Trust Assets, or any part thereof, and,
subject to the other provisions of this Section 7.13, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider
necessary or desirable. If the Depositor shall not have joined in such
appointment within fifteen (15) days after the receipt by it of a request to do
so, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 7.14 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 7.11.

                                       45
<PAGE>

            (b) Each 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, power, duties and obligations conferred or
      imposed upon the Trustee shall be conferred 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 Assets 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 separate trustee or co-trustee under this Agreement
      shall be personally liable by reason of any act or omission of any other
      trustee under this Agreement; and

                  (iii) the Depositor and the Trustee acting jointly may at any
      time accept the resignation of, or may 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 VII. 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. Each such instrument shall be filed with the Trustee and a copy
thereof given to the Depositor.

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

            Section 7.14. Eligibility Requirements for Trustee.

            (a) The Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA. The Trustee shall at all times be a bank that is not
an Affiliate of the Depositor (but may have normal banking relationships with
the Depositor or the Underlying Securities Issuer and its respective
Affiliates), which (i) is organized and doing business under the laws of any
State or the United States; (ii) is authorized under such laws to exercise
corporate trust powers; (iii) has a combined capital and surplus of at least
$50,000,000; (iv) is subject to supervision or examination

                                       46
<PAGE>

by federal or state authority; and (v) has (or has a parent which has) a
long-term unsecured debt rating of at least BBB- by Standard & Poor's. If such
corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority,
then for the purpose of this Section 7.14, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section 7.14, the Trustee shall resign immediately in the manner and with the
effect specified in Section 7.11.

            (b) The Trustee shall comply with Section 310(b) of the TIA;
provided that, if the exclusion requirements set forth in Section 310(b)(1) of
the TIA are met, any other trust agreement under which other securities are
outstanding that evidence beneficial ownership interests in obligations of any
Underlying Securities Issuer shall be excluded from the operation of Section
310(b)(1) of the TIA.

            Section 7.15. Voting of the Underlying Securities Other than in the
Case of an Underlying Securities Event of Default; Modification of the Swap
Agreement.

            The Trustee shall not consent to any amendment, modification or
supplement to the Underlying Securities except as permitted by this Agreement.

            (a) The Trustee shall exercise any voting or consent rights with
respect to the Underlying Securities as set forth in Section 7.15(b), (c) or
(d). The Trustee shall not, however, exercise such rights if the exercise
thereof (or the action with respect to which such rights are so elicited) would
adversely affect the intended classification of the Trust as a grantor trust for
federal income tax purposes.

            (b) The Trustee may, subject to the provisions of Section 7.15(c)
below and, in the case of an Underlying Securities Event of Default, Section
7.16, vote and give consents and waivers in respect of the Underlying Securities
as permitted by DTC. In the event that the Trustee receives a request from DTC
or the Underlying Securities Trustee or the Underlying Securities Issuer for its
consent to any amendment, modification or waiver of the Underlying Securities,
the Underlying Securities Indenture or any other documents relating to the
Underlying Securities, or receives any other solicitation for any action with
respect to the Underlying Securities, the Trustee shall mail a notice of such
proposed amendment, modification, waiver or solicitation to each Option Holder,
the Swap Counterparty and each Certificateholder of record as of such date. The
Trustee shall request instructions from the Certificateholders as to whether or
not to consent to or vote to accept such amendment, modification, waiver or
solicitation, and, subject to Section 7.15(c), the Trustee will vote a principal
amount of the Underlying Securities equal to the Certificate Principal Balance
of the Outstanding Certificates whose holders have given the Trustee
instructions to vote.

                                       47
<PAGE>

            (c) Notwithstanding anything to the contrary herein, the Trustee
shall at no time vote or consent to any matter:

                  (i) unless such vote or consent (or the action with respect to
      which such vote or consent is solicited) would not, based on an Opinion of
      Counsel, adversely affect the intended classification of the Trust as a
      grantor trust for federal income tax purposes;

                  (ii) that would amend the Underlying Securities Indenture or
      Underlying Securities to alter the timing or amount of any payment on the
      Underlying Securities, except at the direction of the holders of all the
      Outstanding Certificates and the Option Holder; or

                  (iii) that would result in the exchange or substitution of any
      of the outstanding Underlying Securities pursuant to a plan for the
      refunding or refinancing of such Underlying Securities, except at the
      direction of the holders of all the Outstanding Certificates and the
      Option Holder.

            The Trustee shall have no liability for any failure to act resulting
from any Certificateholder's or Option Holder's late return of, or failure to
return, directions requested by the Trustee from the Certificateholders or
Option Holder with respect to the Certificates.

            (d) If an offer is made by the Underlying Securities Issuer to issue
new obligations in exchange and substitution for any of the Underlying
Securities, pursuant to a plan for the refunding or refinancing of the
Underlying Securities, or any other offer is made for the Underlying Securities,
the Trustee shall mail a notice of such offer to each Option Holder, to each
Certificateholder of record as of such date and to the Swap Counterparty and
must reject any such offer unless directed to accept it by holders of 100% of
the Outstanding Certificates, the holder of all the Call Options and the Swap
Counterparty, in which case the Trustee will accept the offer; but only if the
Trustee has received an Opinion of Counsel to the effect that any such exchange
will not adversely affect the intended classification of the Trust as a grantor
trust for federal income tax purposes and will not result in a deemed exchange
of the Underlying Securities or the Certificates for federal income tax
purposes. However, if the Option Holder has given notice of its exercise of the
Call Options on the Certificates and has paid the Call Price within such ten
(10) Business Day period, the Trustee shall, with respect to such offer, accept
the offer for a principal amount of the Underlying Securities equal to the
Certificate Principal Balance of the Outstanding Certificates subject to such
Call Options as directed by the Option Holder.

            (e) The Trustee shall not consent to any amendment to the Swap
Agreement unless (i) it shall have received the prior consent to such amendment
of Certificateholders representing 66 2/3% of the Voting Rights and (ii) the
Rating Agency shall have confirmed in writing that such amendment will not
result in a reduction or withdrawal of the then current rating of the
Certificates; provided, however, that the Trustee may consent to any amendment
to the Swap Agreement without the consent of the Certificateholders to cure any
ambiguity in, or to correct or supplement any provision of the Swap Agreement
which may be inconsistent with any other provision thereof, or to otherwise cure
any defect therein; provided that any such amendment does not materially
adversely affect the interest of the Certificateholders and that the Rating
Agency shall have given its prior written confirmation that such amendment will
not result in a reduction or

                                       48
<PAGE>

withdrawal of the then current rating of the Certificates; provided further,
however, that notwithstanding anything to the contrary, the Trustee shall not
consent to any amendment to the Swap Agreement that alters the timing or amount
of any payment on the Swap Agreement unless (i) it shall have received the prior
consent to such amendment of Certificateholders representing 100% of the Voting
Rights and (ii) the Rating Agency has been given prior written notice of any
such amendment (and no rating confirmation shall be required).

            Section 7.16. Trustee's Liquidation, Enforcement and Voting of
Underlying Securities Upon an Underlying Securities Event of Default.

            (a) If an Underlying Securities Payment Default or an Underlying
Securities Bankruptcy Default occurs and continues unremedied for the period
specified in the Underlying Securities Indenture (or, if no such period is
specified, upon such Underlying Securities Payment Default or an Underlying
Securities Bankruptcy Default), and the Underlying Securities Issuer shall, upon
demand of the Trustee, fail to pay forthwith to the Trustee, for the benefit of
the Certificateholders, the whole amount then due and payable on the Underlying
Securities for principal or premium (if any) and interest, with interest upon
the overdue principal, premium and interest at the rate borne by the Underlying
Securities as provided for in the Underlying Securities Indenture, 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, to the
extent permitted by law and the terms of the Underlying Securities (such amount,
the "Whole Amount Due"), the Trustee shall promptly thereafter proceed against
the Underlying Securities Issuer on behalf of the Certificateholders to enforce
the Underlying Securities or otherwise protect the interests of the
Certificateholders (including, in the Trustee's discretion, voting to accelerate
the Underlying Securities). The Trustee shall be entitled to recover its
reasonable expenses of any such proceeding in respect of a failure by the
Underlying Securities Issuer to pay the Whole Amount Due from the proceeds of
the Trust Assets, and to secure such obligation to pay such expenses, the
Trustee shall have a lien prior to the Certificates on all Trust Assets for the
amount of such expenses.

            (b) If any Underlying Securities Event of Default (other than an
Underlying Securities Payment Default or an Underlying Securities Bankruptcy
Default) occurs and is continuing, then, subject to Section 7.1(f), the Trustee
may proceed against the Underlying Securities Issuer on behalf of the
Certificateholders; provided, however, that only with the approval of the
holders of Outstanding Certificates representing 66-2/3% of the Voting Rights
will (i) the Trustee be entitled to recover its reasonable expenses of
proceeding against the Underlying Securities Issuer out of the Trust Assets,
(ii) the Trustee vote the Underlying Securities in favor of directing, or take
other action as may be appropriate to direct, the Underlying Securities Trustee
to accelerate the Underlying Securities by declaring the unpaid principal amount
of the Underlying Securities and any accrued and unpaid interest on the
Underlying Securities to be due and payable or (iii) the holders of the
Certificates be entitled to direct the Trustee in any such proceeding, subject
to the receipt by the Trustee of indemnity satisfactory to it, and may instruct
the Trustee to stop the proceeding against the Underlying Securities Issuer and,
using commercially reasonable efforts, sell the Underlying Securities instead,
in a manner determined by the Trustee. If the Trustee does not receive the
approval of 66-2/3% of the Voting Rights of the Outstanding Certificates, it
will take no action with respect to any such Underlying Securities Event of
Default.

                                       49
<PAGE>

            (c) If there is an Underlying Securities Payment Default, an
Underlying Securities Bankruptcy Default, an SEC Reporting Failure, a Trust Swap
Default, a Trust Regulatory Event or any other Underlying Securities Event of
Default and such event of default is known to the Trustee, the Trustee shall
give notice to the Certificateholders, the Option Agent and the Swap
Counterparty in the manner and to the extent provided in Section 313(c) of the
TIA within two (2) Business Days after the Trustee has actual knowledge of the
occurrence of such event of default. Such notice shall identify the Underlying
Securities and set forth (i) the date and nature of such default or event, (ii)
if applicable, the amount of interest, principal or redemption price in default
and (iii) any other information that the Trustee may deem appropriate. If the
Trustee receives any announcement, proposal or notice of a tender offer for, a
redemption or repurchase of or an unscheduled payment on some or all of the
Underlying Securities, the Trustee will be required to deliver a copy of that
document to the Certificateholders, the Option Agent and the Swap Counterparty
within two (2) Business Days of its receipt.

            (d) Upon the occurrence of an Underlying Securities Payment Default,
an Underlying Securities Bankruptcy Default, an SEC Reporting Failure, a Trust
Swap Default or a Trust Regulatory Event, after giving notice to the
Certificateholders of such event of default, the Trustee, using commercially
reasonable efforts, shall sell, within thirty (30) days of giving notice, the
Underlying Securities in a manner determined by the Trustee and deposit the
liquidation proceeds, if any, into the Collection Account for distribution not
later than three (3) Business Days after the receipt of such proceeds in
accordance with Section 6.2(c).

            (e) If, following an Underlying Securities Event of Default
(excluding an Underlying Securities Payment Default and an Underlying Securities
Bankruptcy Default), the Trustee receives money or other property in respect of
the Underlying Securities (including from the sale thereof) or actual notice
that money or other property will be received, the Trustee will promptly give
notice to the registered holders of the Outstanding Certificates that remain
unpaid, and to the Option Agent and the Swap Counterparty. Such notice shall
state that the Trustee shall, not later than three (3) Business Days after the
receipt of such moneys, allocate and distribute such moneys to the holders of
the Certificates then Outstanding and unpaid (after deducting the costs incurred
in connection therewith) in accordance with Section 6.2(b). Non-cash property
shall be distributed in-kind except that, to the extent necessary to avoid
distribution of fractional securities or other fractional property to the
Certificateholders, non-cash property will be liquidated by the Trustee, using
commercially reasonable efforts, in the manner determined by the Trustee, and
the proceeds thereof distributed in cash. Any property other than cash received
in respect of the Underlying Securities by the Trust shall not be distributed
until the Trust is liquidated.

            (f) If, following an Underlying Securities Event of Default
(excluding an Underlying Securities Payment Default and an Underlying Securities
Bankruptcy Default) amounts due in respect of principal on the Underlying
Securities are accelerated, the Trustee shall distribute any payments or
property received by the Trustee after such acceleration of the Underlying
Securities to the Certificateholders, after paying any obligations of the Trust
in accordance with Section 6.2, on the third Business Day after the Trustee
receives such payments or property. If the amounts due in respect of principal
on the Underlying Securities are accelerated and repaid in full, such repayment
shall be treated as a redemption of the Underlying Securities by the Trustee. If
the amounts due in respect of principal on the Underlying Securities are
accelerated

                                       50
<PAGE>

and not repaid in full it shall be treated as an Underlying Securities Payment
Default by the Trustee.

            (g) With the unanimous consent of all the Certificateholders, the
Trustee, using commercially reasonable efforts, shall sell the Underlying
Securities in a manner determined by the Trustee and deposit the proceeds into
the Collection Account for distribution not later than three (3) Business Days
after the receipt of such proceeds in accordance with Section 6.2(b).

            Section 7.17. Swap Agreement Termination Events

            (a) Until a Responsible Officer of the Trustee has actual knowledge
of the occurrence of an event that would constitute a Swap Agreement Termination
Event (other than an Underlying Securities Payment Default, an Underlying
Securities Bankruptcy Default, an SEC Reporting Failure, a Trust Swap Default, a
Trust Regulatory Event or a redemption or repurchase of or an unscheduled
payment on, or the exercise by the Option Holder of its Call Options upon a
tender offer for, some or all of the Underlying Securities), the Trustee shall
be entitled to assume (and shall be fully protected, indemnified and held
harmless in doing so, in accordance with Section 7.10) that no Swap Agreement
Termination Event has occurred and may accordingly seek instructions under this
Section 7.17 exclusively from the Swap Counterparty.

            (b) As promptly as practicable after, and in any event within thirty
(30) days after, the occurrence of any Swap Agreement Termination Event (other
than an Underlying Securities Payment Default, an Underlying Securities
Bankruptcy Default, an SEC Reporting Failure, a Trust Swap Default, a Trust
Regulatory Event or a redemption or repurchase of or an unscheduled payment on,
or the exercise by the Option Holder of its Call Options upon a tender offer
for, some or all of the Underlying Securities), actually known to the Trustee,
the Trustee shall give notice of such Swap Agreement Termination Event to the
Certificateholders and the Option Agent.

            Section 7.18. Annual Statement.

            The Trustee shall deliver to the Depositor, on or before February 15
of each year, an annual statement signed by a Responsible Officer of the Trustee
to the effect that the Trustee has fulfilled its obligations under this Trust
Agreement throughout the preceding year with respect to the Certificates. A copy
of such certificate may be obtained by any Certificateholder by a request in
writing to the Trustee addressed to the Corporate Trust Office of the Trustee.

                                  ARTICLE VIII

                            TERMINATION OF AGREEMENT

            Section 8.1. Termination of Agreement.

            (a) This Agreement (other than Section 7.10) shall terminate and the
Trust shall dissolve, wind-up and terminate and be of no further force or effect
upon thirty (30) days after the final distribution by the Trustee of all moneys
or other property or proceeds of the Trust Assets in

                                       51
<PAGE>

accordance with the terms of Article VI (the date of such termination, the
"Termination Date"). The bankruptcy, liquidation, dissolution, death or
incapacity of any Certificateholder shall not (i) operate to terminate this
Agreement or the Trust, (ii) 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 all or any part of the
Trust or the Trust Assets or (iii) otherwise affect the rights, obligations and
liabilities of the parties hereto.

            (b) Neither the Depositor nor any Certificateholder in its capacity
as such shall be entitled to revoke or terminate the Trust. Notwithstanding the
foregoing sentence, a Certificateholder that is also an Option Holder may
exercise the Call Options in accordance with its terms and have the Certificates
acquired pursuant to such exercise cancelled pursuant to Section 2.15 whether or
not such exercise would result in the early termination of the Trust pursuant to
the terms of this Agreement.

            (c) Notice of termination of the Trust, specifying the date upon
which the Certificateholders shall surrender their Certificates to the Trustee
for payment of the final distribution and cancellation, shall be given by the
Trustee by letter to the Certificateholders mailed in accordance with Section
10.3 stating: (i) the date upon or with respect to which final distributions on
the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Trustee therein designated; (ii) the amount of
any such final distributions; (iii) that the Record Date, if any, otherwise
applicable to such Distribution Date is not applicable, distributions being made
only upon presentation and surrender of the Certificates at the office of the
Trustee therein specified; (iv) the office where definitive certificates should
be surrendered to the Trustee; and (v) that after such date, no further periodic
distributions shall accrue on the Certificates. The Trustee shall give such
notice to the Certificate Registrar (if other than the Trustee) and the
Depositor at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Certificates, the Trustee shall cause to be
distributed to Certificateholders amounts distributable on such Distribution
Date pursuant to Section 6.2.

            (d) If any Certificateholder shall not surrender its Certificates
for cancellation within six months after the date specified in the written
notice described in Section 8.1(c) above, the Trustee shall give a second
written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice any of the Certificates
shall not have been surrendered for cancellation, the Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the remaining Certificateholders concerning surrender of their Certificates, and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement.

                                       52
<PAGE>

                                   ARTICLE IX

                                   AMENDMENTS

            Section 9.1. Allocation of Voting Rights.

            Except as otherwise provided herein, so long as the Certificates
remain Outstanding, the Certificateholders shall have 1 (one) vote for each
$25.00 of Certificate Principal Balance of Certificates held by them.

            Section 9.2. Amendments Without Consent of Certificateholders.

            This Agreement may be amended by the Depositor and the Trustee
without the consent of any of the Certificateholders (but with prior notice to
the Rating Agency and the Swap Counterparty), to (a) cure any error or
ambiguity, (b) correct or supplement any provision in this Agreement that may be
or is inconsistent with any other provision in this Agreement, (c) add to the
covenants, restrictions or obligations of the Depositor or the Trustee for the
benefit of the Certificateholders, (d) provide for the appointment of a
successor Trustee with respect to the Trust Assets and add to or change any
provisions that shall be necessary to facilitate the administration of the
trusts hereunder by more than one trustee pursuant to Article VII, and (e) add,
change or eliminate any other provisions of this Agreement in any manner that
shall not, as evidenced by an Opinion of Counsel, (i) adversely affect in any
material respect the interests of the Certificateholders or Option Holder or
(ii) adversely affect the intended classification of the Trust as a grantor
trust for federal income tax purposes, or result in a sale or exchange of any
Certificate for tax purposes; provided that the Trustee has received written
confirmation from the Rating Agency that the Rating Agency Condition will be
satisfied if such amendment is made and (f) to comply with any requirements
imposed by the Code.

            Section 9.3. Amendments With Consent of Certificateholders and the
Swap Counterparty.

            (a) This Agreement may be amended from time to time by the Depositor
and the Trustee with the consent of Certificateholders whose Certificates
evidence more than a majority of the Voting Rights as of the close of business
on the record date for such consent as established by the Trustee (which
consent, whether given pursuant to this Section 9.3 or pursuant to any other
provision of this Agreement, shall be conclusive and binding on such Person and
on all future holders of Certificates and of any Certificates issued upon the
transfer thereof or in exchange thereof or in lieu thereof whether or not
notation of such consent is made upon the Certificates), and upon satisfaction
of the Rating Agency Condition, 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 (a) reduce in any manner the amount of, or
alter the timing of, collections of payments on Trust Assets or distributions or
payments that are required to be made on any Certificate, (b) reduce the
aforesaid percentage of Voting Rights required to consent to any such amendment,
(c) as evidenced by an Opinion of Counsel, adversely affect the intended
classification of the Trust as a grantor trust for federal income tax purposes,
(d) cause the termination of the Trust, without, in each case, the consent of
all Certificateholders or (e) change

                                       53
<PAGE>

any provisions relating to the Call Options that would adversely affect the
Option Holder without the consent of the Option Holder.

            (b) The Trustee shall not enter into any amendment or modification
of this Agreement that would affect the method, amount or timing of payment due
to the Swap Counterparty or the consent rights of the Swap Counterparty
hereunder without satisfying the consent requirements set forth in the Swap
Agreement.

            Section 9.4. Form of Amendments.

            (a) Promptly after the execution of any amendment, supplement or
consent pursuant to Section 9.2 or 9.3(a), the Trustee shall furnish a copy of
such amendment, supplement or consent to each Certificateholder, the Swap
Counterparty and to the Rating Agency.

            (b) It shall not be necessary for the consent of Certificateholders
pursuant to Section 9.2 or 9.3 to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents (and any other
consents of Certificateholders provided for in this Agreement) and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable requirements as the Trustee may prescribe.

            (c) Prior to the execution of any amendment to this Agreement, the
Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating
that the execution of such amendment is authorized or permitted by this
Agreement and all conditions provided for in this Trust Agreement relating to
such amendment have been complied with. The Trustee may, but shall not be
obligated to, enter into any such amendment that affects the Trustee's own
rights, duties or immunities under this Agreement or otherwise.

                                    ARTICLE X

                                  MISCELLANEOUS

            Section 10.1. Certificateholders Have No Legal Title to Trust
Property.

            The Certificateholders shall not have legal title to any part of the
Trust Assets. The Certificateholders shall be entitled to receive distributions
with respect to their beneficial ownership interests in the Trust Assets only in
accordance with Articles VI and VIII. No transfer, by operation of law or
otherwise, of any right, title or interest in the Trust Assets shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust
Assets.

            Section 10.2. Limitations on Rights of Others.

            The provisions of this Agreement are solely for the benefit of the
Trustee, the Depositor, the Option Agent, the Option Holder and the
Certificateholders and nothing in this Agreement, whether express or implied,
shall be construed to give to any other Person any legal or

                                       54
<PAGE>

equitable right, remedy or claim in the Trust Assets or under or in respect of
this Agreement or any covenants, conditions or provisions contained herein.

            Section 10.3. Notices.

            (a) All demands, notices and communications upon or to the Depositor
or the Trustee or the Rating Agency under this Agreement shall be in writing,
personally delivered, sent by electronic facsimile (with hard copy to follow via
first class mail) or mailed by certified mail-return receipt requested, and
shall be deemed to have been duly given upon receipt (i) in the case of the
Depositor, to the Depositor at the following address: Corporate Asset Backed
Corporation, 445 Broad Hollow Road, Suite 239, Melville, New York 11747,
Attention: Andrew L. Stidd; (ii) in the case of the Trust or the Trustee, to the
Trustee at its Corporate Trust Office; (iii) in the case of the Option Agent, to
the Option Agent c/o the Trustee at its Corporate Trust Office; (iv) in the case
of the Swap Counterparty, to the Swap Counterparty at the following address: 677
Washington Boulevard, Stamford, CT 06901, Attention: Region Americas Legal/Fixed
Income Section; (v) in the case of the Rating Agency, at the applicable address
specified by such Rating Agency from time to time; and (vi) in the case of any
other Person, to such other Person at such other address as shall be designated
by such Person in a written notice to the other parties to this Agreement.

            (b) Any notice required or permitted to be given to a
Certificateholder 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 10.4. Tax Classification Election.

            In the event that the Trust is not classified as a grantor trust for
federal income tax purposes, the Trustee shall file such forms as may be
required, or as the Depositor may specify, for the Trust to elect pursuant to
Section 761 of the Code to be excluded from the application of Subchapter K of
the Code. By their acceptance of the Certificates, the Certificateholders
authorize the Trustee to execute such forms on their behalf as may be required
to make such election and acknowledge that they will be able to determine their
taxable income with respect to the Certificates accurately without regard to the
provisions of Subchapter K of the Code.

            Section 10.5. Severability.

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

                                       55
<PAGE>

            Section 10.6. Counterparts.

            This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute one and the same instrument.

            Section 10.7. Successors and Assigns.

            All covenants and agreements contained herein shall be binding upon
the Depositor, the Trustee, and each Certificateholder and their respective
successors and permitted assigns, and such covenants shall inure to the benefit
of such persons and the Option Agent and the holder of the Call Options, all as
herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Certificateholder shall bind the successors and
assigns of such Certificateholder.

            Section 10.8. No Petition Covenant.

            Notwithstanding any prior termination of this Agreement, the Trustee
and U.S. Bank Trust National Association acting in its individual capacity
hereunder, the Depositor, each Certificateholder and each Certificate Owner
shall not, prior to the date which is one year and one day after the termination
of this Agreement, and the payment in full of all debt or other securities of
the Trust or the Depositor, or any trust created by the Depositor that issues
certificates rated at the request of the Depositor by a nationally recognized
rating agency, acquiesce in, petition or otherwise invoke or cause the Trust or
the Depositor to invoke the process of any court or governmental authority for
the purpose of commencing or sustaining a case against the Trust or the
Depositor under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Trust or the Depositor or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Trust or the Depositor.

            Section 10.9. No Recourse.

            Each Certificateholder by accepting a Certificate acknowledges that
such Certificateholder's Certificates represent beneficial interests in the
Trust only and do not represent interests in or obligations of the Depositor,
the Trustee, the Option Holder or any Affiliate of any of them and no recourse
may be had against such parties or their assets, except as may be expressly set
forth or contemplated in this Agreement or the Certificates, and each
Certificateholder's recourse is limited to the Underlying Securities, and the
proceeds thereof. The Trustee shall have no recourse to the Underlying
Securities.

            Section 10.10. Headings.

            The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or
provisions hereof.

                                       56
<PAGE>

            Section 10.11. Governing Law.

            THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISION, OTHER
THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW.

            Section 10.12. Conflict with Trust Indenture Act.

            (a) If any provision of this Agreement limits, qualifies or
conflicts with a provision of the TIA that is required to be included in this
Agreement by any of the provisions of the TIA, such imposed provision shall
control. If any provision of this Agreement modifies or excludes any provision
of the TIA that may be so modified or excluded, the latter provision shall be
deemed to apply to this Agreement as so modified or excluded, as the case may
be.

            (b) The provisions of Sections 310 through 317 of the TIA that
impose duties on any Person (including the provisions automatically deemed
included herein unless expressly excluded by this Agreement) are a part of and
govern this Agreement, whether or not physically contained herein.

                                       57
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Trust
Agreement to be executed by their respective duly authorized officers or
authorized signatories as of the date first above written.

                                  CORPORATE ASSET BACKED CORPORATION, as
                                  Depositor

                                  By: /s/ Robert D. Vascellaro
                                      ------------------------------------------
                                      Name: Robert D. Vascellaro
                                      Title: Vice President

                                  By: /s/ James Hausmann
                                      ------------------------------------------
                                      Name: James Hausmann
                                      Title: Vice President

                                  U.S. BANK TRUST NATIONAL ASSOCIATION,
                                    as Trustee, and in its individual capacity,
                                    as Option Agent and as Securities
                                    Intermediary

                                  By: /s/ David J. Kolibachuk
                                      ------------------------------------------
                                                 Responsible Officer

<PAGE>

                                                                       EXHIBIT A
                                                              TO TRUST AGREEMENT

                 SERIES 2004-102 UNDERLYING SECURITIES SCHEDULE

<TABLE>
<S>                                        <C>
Underlying Securities Issuer:              SBC Communications Inc.

Underlying Securities:                     6.450% Global Notes due June 15, 2034

Underlying Securities Trustee:             The Bank of New York

Issue Date:                                August 18, 2004

Maturity Date:                             June 15, 2034

Currency:                                  US dollars

Denominations:                             $2,000 and integral multiples of
                                           $1,000

Aggregate Principal Amount Issued:         $750,000,000

Aggregate Principal Amount Outstanding:    $750,000,000

Type of Security:                          Corporate debt security

Common Code:                               019916090

ISIN Number:                               US78387GAM50

CUSIP No.:                                 78387GAM5

Stated Interest Rate:                      6.450% per annum

Interest Accrual Periods:                  Interest shall accrue semi-annually
                                           on June 15 and December 15 of each
                                           year.

Interest Payment Dates:                    Interest on the Underlying Securities
                                           is payable semi-annually in arrears
                                           on June 15 and December 15 of each
                                           year.

Mode of Payment:                           Fixed rate security

Principal Amount of                        $32,500,000
Underlying Securities Deposited
Under Trust Agreement:
</TABLE>

                                   Exhibit A-1

<PAGE>

<TABLE>
<S>                                <C>
Rating:                            A by Standard & Poor's

Priority:                          The Underlying Securities are unsecured and
                                   unsubordinated obligations of the Underlying
                                   Securities Issuer and rank equally with all
                                   of its other indebtedness issued under the
                                   Underlying Securities Indenture.

Redemption:                        The Underlying Securities Issuer may redeem
                                   the Underlying Securities, in whole or in
                                   part, at the option of the Underlying
                                   Securities Issuer at any time, on at least 30
                                   days', but not more than 60 days', prior
                                   notice mailed to the holders of the
                                   Underlying Securities to be redeemed, at a
                                   redemption price equal to the greater of (i)
                                   100% of the principal amount of the
                                   Underlying Securities to be redeemed and (ii)
                                   the sum of the present values of the
                                   remaining scheduled payments of principal of
                                   and interest thereon that would be due after
                                   the related redemption date but for the
                                   redemption, discounted to the date of
                                   redemption on a semi-annual basis (assuming a
                                   360-day year consisting of twelve 30-day
                                   months) at a certain treasury rate plus 20
                                   basis points, plus, in each case, accrued and
                                   unpaid interest on the principal amount of
                                   the Underlying Securities being redeemed to
                                   the date of redemption.

Exchange Listing:                  Luxembourg Stock Exchange

Underlying Securities Indenture:   The Underlying Securities have been issued
                                   pursuant to an Indenture, dated as of
                                   November 1, 1994, among the Underlying
                                   Securities Issuer and The Bank of New York,
                                   as trustee.
</TABLE>

The Underlying Securities will be held by the Trustee as book-entry credits to
an account of the Trustee or its agent at The Depository Trust Company, New
York, New York.

                                   Exhibit A-2

<PAGE>

                                                                       EXHIBIT B
                                                              TO TRUST AGREEMENT

                            TERMS OF THE CERTIFICATES

I. Terms of the Certificates.

<TABLE>
<S>                                <C>
Aggregate Certificate Principal
Balance of the Certificates:       $32,500,000

Authorized Denomination:           $25.00 and integral
                                   multiples thereof

Ratings:                           The Certificates will be assigned a minimum
                                   rating of A by Standard & Poor's Rating
                                   Services, a division of The McGraw-Hill
                                   Companies, Inc.

Interest rate:                     For the first interest accrual period, from
                                   and including the closing date to but
                                   excluding the first Distribution Date,
                                   interest will be payable at the rate of 3.25%
                                   per annum (since the Three-Month USD LIBOR as
                                   of December 7, 2004 (2.45%) plus .65% is less
                                   than 3.25%). Thereafter, for each Interest
                                   Accrual Period interest will be reset
                                   quarterly and will be payable on each
                                   Distribution Date at a floating rate, not to
                                   exceed 8.00% per annum, equal to the greater
                                   of (i) Three-Month USD LIBOR plus .65% and
                                   (ii) 3.25%. Following the occurrence of a
                                   Swap Agreement Termination Event that is not
                                   a Trust Termination Event, interest will be
                                   payable semi-annually at a fixed rate equal
                                   to 6.450% per annum.

LIBOR determination date:          For the initial Interest Accrual period, the
                                   sixth London Banking Day preceding the
                                   commencement of such Interest Accrual Period.
                                   For each subsequent Interest Accrual Period,
                                   the second London Banking Day preceding the
                                   commencement of such Interest Accrual Period.

Interest distribution amount:      With respect to each Distribution Date,
                                   holders of the certificates will receive an
                                   Interest Distribution Amount equal to the
                                   product of (x) the then outstanding
                                   Certificate Principal Balance, (y) the
                                   interest rate for the preceding Interest
                                   Accrual Period and (z) the actual number of
                                   days in such Interest Accrual Period divided
                                   by 360.
</TABLE>

                                   Exhibit B-1

<PAGE>
 <TABLE>
<S>                                   <C>
Principal distributions:              Principal in respect of the certificates
                                      will be paid to the Certificateholders
                                      following the trust's receipt of any
                                      principal payments in respect of the
                                      Underlying Securities following:

                                      -  a redemption or repurchase of or an
                                         unscheduled payment on some or all of
                                         the Underlying Securities by the
                                         Underlying Securities Issuer;

                                      -  any liquidation of the Underlying
                                         Securities following an Underlying
                                         Securities Payment Default, an
                                         Underlying Securities Bankruptcy
                                         Default, an SEC Reporting Failure, a
                                         Trust Swap Default or a Trust
                                         Regulatory Event; or

                                      -  the maturity of the Underlying
                                         Securities.

Interest Accrual Period:              Quarterly

Distribution dates:                   Quarterly on the fifteenth day of March,
                                      June, September and December or if any
                                      such date is not a business day, then the
                                      next succeeding business day, commencing
                                      March 15, 2005. Following the occurrence
                                      of any Swap Agreement Termination Event
                                      that is not a Trust Termination Event,
                                      distributions will be made semi-annually
                                      on the Distribution Dates in June and
                                      December.

Final Distribution Date:              June 15, 2034

Record Dates:                         The day immediately preceding each
                                      Distribution Date.

Denominations; Specified Currency:    The Certificates will be denominated and
                                      payable in U.S. dollars.

Closing Date:                         December 15, 2004

Initial Certificate Registrar:        U.S. Bank Trust National Association

Corporate Trust Office:               U.S. Bank Trust National Association
                                      100 Wall Street, Suite 1600
                                      New York, NY 10005
                                      Attention: Corporate Trust Department
</TABLE>

                                   Exhibit B-2

<PAGE>

                                                                       EXHIBIT C
                                                              TO TRUST AGREEMENT

                               FORM OF CERTIFICATE

        CABCO SERIES 2004-102 TRUST (SBC COMMUNICATIONS INC.) CERTIFICATE

                                   $32,500,000

THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE NOMINEE
OF THE DEPOSITORY TRUST COMPANY ("DTC"), CEDE & CO. THIS CERTIFICATE IS
EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST
AGREEMENT AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC OR BY A NOMINEE OF
DTC TO DTC OR ANOTHER NOMINEE OF DTC.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC). ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

BY ACQUIRING OR ACCEPTING ANY INTEREST IN THIS CERTIFICATE, YOU ACKNOWLEDGE THAT
THIS CERTIFICATE IS SUBJECT TO A PURCHASE OPTION GRANTED TO CORPORATE ASSET
BACKED CORPORATION, A DELAWARE CORPORATION (THE "DEPOSITOR"), BY UBS SECURITIES
LLC UNDER THE CALL OPTION AGREEMENT, DATED AS OF DECEMBER 15, 2004 (THE "CALL
OPTION AGREEMENT"), AMONG THE DEPOSITOR, AS THE SOLE INITIAL OPTION HOLDER, UBS
SECURITIES LLC, AS THE INITIAL PURCHASER FROM THE DEPOSITOR, AND SOLE HOLDER AT
THE TIME OF SUCH GRANT, OF THE CERTIFICATES, AND U.S. BANK TRUST NATIONAL
ASSOCIATION, A NATIONAL BANKING ASSOCIATION, ACTING AS OPTION AGENT FOR THE
CERTIFICATEHOLDERS WITH RESPECT TO THE OPTIONS (THE "OPTION AGENT"), WHICH
OBLIGATIONS HAVE BEEN ASSUMED BY EACH SUBSEQUENT HOLDER OF SUCH CERTIFICATES;
YOU AGREE TO ASSUME THE OBLIGATION OF YOUR TRANSFEROR TO PERFORM SUCH OPTION;
AND YOU ACKNOWLEDGE THAT YOUR TRANSFEROR HAS BEEN RELEASED FROM ITS OBLIGATION
TO PERFORM SUCH OPTION. THE CALL OPTION AGREEMENT PERMITS THE HOLDER OF THE
RELATED OPTION TO PURCHASE THIS CERTIFICATE FROM YOU, WITHOUT YOUR CONSENT, AT
THE TIMES AND ON THE CONDITIONS SPECIFIED IN THE CALL OPTION AGREEMENT AT THE
CALL PRICE SPECIFIED IN THAT AGREEMENT. THE OPTION MAY BE TRANSFERRED FROM TIME
TO TIME.

                                   Exhibit C-1
<PAGE>

UPON THE EXERCISE OF THE RELATED OPTION IN THE MANNER SPECIFIED IN THE CALL
OPTION AGREEMENT, THE CERTIFICATE WILL BE TRANSFERRED TO THE RELEVANT OPTION
HOLDER BY THE TRUSTEE, AND YOU WILL BE PAID THE CALL PRICE FOR THIS CERTIFICATE
IN ACCORDANCE WITH THE TERMS OF THE CALL OPTION AGREEMENT, WITHOUT THE
REQUIREMENT OF ANY FURTHER ACTION BY YOU, EXCEPT THAT, IF THE CERTIFICATES ARE
HELD IN DEFINITIVE FORM AT SUCH TIME, YOU WILL NOT RECEIVE SUCH CALL PRICE
UNLESS AND UNTIL YOU SURRENDER THIS CERTIFICATE.

This Certificate does not represent an interest in or obligation of the
Depositor, the Trustee or any of their Affiliates, except to the extent
described herein.

                                   Exhibit C-2

<PAGE>

CERTIFICATE NUMBER 1                                                 $32,500,000
CUSIP No.:  12679R 20 4                    Initial Certificate Principal Balance

         CABCO SERIES 2004-102 TRUST (SBC COMMUNICATIONS INC.) CALLABLE
                                   CERTIFICATE

     INTEREST RATE: 3.25% UNTIL THE DISTRIBUTION DATE ON MARCH 15, 2005 AND
         FOR EACH INTEREST ACCRUAL PERIOD THEREAFTER, AT A FLOATING RATE
         EQUAL TO THE GREATER OF (A) THREE-MONTH USD LIBOR PLUS .65% AND
                                    (B) 3.25%

evidencing a beneficial ownership interest in the Trust, as defined below, the
assets of which include $32,500,000 aggregate principal amount of the SBC
Communications Inc. 6.450% Global Notes due June 15, 2034 (the "Underlying
Securities") and all payments received thereon, exclusive of the Retained
Interest, and certain rights of the Trust under the Swap Agreement.

           THIS CERTIFIES THAT CEDE & Co. is the registered owner of a
nonassessable, fully paid, beneficial ownership interest in CABCO Series
2004-102 Trust (SBC Communications Inc.) (the "Trust") formed by Corporate Asset
Backed Corporation, as depositor (the "Depositor").

           The Trust was created pursuant to a Trust Agreement, dated as of
December 15, 2004 (as amended and supplemented from time to time, the "Trust
Agreement"), between the Depositor and U.S. Bank Trust National Association, as
trustee (the "Trustee"). A summary of certain of the pertinent provisions of the
Trust Agreement is set forth below. To the extent not otherwise defined herein,
the capitalized terms used herein have the meanings assigned to them in the
Trust Agreement.

           This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
Certificateholder by virtue of the acceptance hereof assents and by which such
Certificateholder is bound. The assets of the Trust include: (i) the Underlying
Securities, but does not include the Retained Interest, (ii) all payments on or
collections in respect to the Underlying Securities accrued on or after December
15, 2004 (subject to the Trust's obligations to the Swap Counterparty under the
Swap Agreement), (iii) the rights of the Trust under the Swap Agreement (subject
to the Trust's obligations to the Swap Counterparty under the Swap Agreement),
and (iv) all proceeds of the Underlying Securities or the Swap Agreement.
Capitalized terms used but not defined herein have the meanings specified in the
Trust Agreement.

           Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions and any applicable grace period or
cure period), and all other obligations of the Trust (if any), there shall be
distributed on the dates specified in the Trust Agreement, to the Person in
whose name this Certificate is registered at the close of business on the Record
Date specified in the Trust Agreement, such Certificateholder's pro rata portion
of the distributions in respect of the Certificates to be distributed to
Certificateholders on each such date.

                                   Exhibit C-3
<PAGE>

           The distributions in respect of this Certificate 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.

           It is the intent of the Depositor and the Certificateholders that the
Trust will be classified as a grantor trust under subpart E, Part I of
subchapter J for purposes of the Internal Revenue Code of 1986. Except as
otherwise required by appropriate taxing authorities, the Depositor and the
Trustee, by executing the Trust Agreement, and each Certificateholder, by
acceptance of a Certificate, agrees to treat, and to take no action inconsistent
with the treatment of, the Certificate for such tax purposes as interests in a
grantor trust, and the provisions of the Trust Agreement shall be interpreted to
further this intention of the parties.

           Distributions on this Certificate shall be made as provided in the
Trust Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the
final distribution on this Certificate shall 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 maintained for such purpose by the
Trustee at its Corporate Trust Office.

           This Certificate does not represent an obligation of, or an interest
in, the Depositor, the Trustee or any Affiliates of either of them and no
recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated herein or in the Trust Agreement. In
addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections with
respect to the Trust Assets, all as more specifically set forth herein and in
the Trust Agreement.

           This Certificate does not purport to summarize the Trust Agreement
and reference is hereby made to the Trust Agreement for information with respect
to the rights, benefits, obligations and duties evidenced thereby. A copy of the
Trust Agreement may be examined by any Certificateholder upon request during
normal business hours at the Corporate Trust Office of the Trustee, located at
the office of U.S. Bank Trust National Association, 100 Wall Street, Suite 1600,
New York, NY 10005 and at such other places, if any, designated by the Trustee.

           Reference is hereby made to the further terms of this Certificate set
forth on the reverse hereof, which further terms shall for all purposes have the
same effect as if set forth at this place.

           This Certificate shall be construed in accordance with the laws of
the State of New York without reference to any conflict of law provision, other
than Section 5-1401 of the General Obligations Law, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

           Unless the certificate of authentication hereon shall have been
executed by a Responsible Officer of the Trustee by manual signature, this
Certificate shall not entitle the Certificateholder hereof to any benefit under
the Trust Agreement or be valid for any purpose.

                                   Exhibit C-4

<PAGE>

           IN WITNESS WHEREOF, the Trustee, on behalf of the Trust, has caused
this Certificate to be duly executed by its manual signature as of the date set
forth below.

                         CABCO SERIES 2004-102 TRUST (SBC COMMUNICATIONS INC.)

                         By: U.S. BANK TRUST NATIONAL ASSOCIATION,
                             not in its individual capacity but solely as
                             Trustee

                             By: ______________________________________________
                                 Responsible Officer
                                 Name:
                                 Title:

Dated: December 15, 2004

           This is the Certificate referred to in the within-mentioned Trust
Agreement.

                         By: U.S. BANK TRUST NATIONAL ASSOCIATION,
                             not in its individual capacity but solely as
                             Authenticating Agent

                             By: ______________________________________________
                                 Responsible Officer of Trustee
                                 Name:
                                 Title:

Dated: December 15, 2004

                                   Exhibit C-5

<PAGE>

                    [FORM OF REVERSE OF CALLABLE CERTIFICATE]

           The Trust Agreement permits the amendment thereof, in certain
circumstances, without the consent of the Certificateholders.

           As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Trustee at its Corporate Trust Office, accompanied by a written instrument
of transfer in form satisfactory to the Trustee and the Certificate Registrar
duly executed by the Certificateholder hereof or such Certificateholder's
attorney duly authorized in writing, and thereupon one or more new Certificates
in authorized denominations of the same Class and a like aggregate Certificate
Principal Balance will be issued to the designated transferee. The initial
Certificate Registrar appointed under the Trust Agreement is the Trustee.

           This Certificate is issuable only in registered form in the
authorized denominations specified in the Trust Agreement. As provided in the
Trust Agreement and subject to certain limitations therein set forth, at the
option of a Certificateholder, Certificates are exchangeable for new
Certificates of authorized denominations of the same Class and a like aggregate
Certificate Principal Balance as requested by the Certificateholder surrendering
the same; provided, however, that no Certificate may be subdivided such that the
denomination of any resulting Certificate is other than the authorized
denominations specified in the Trust Agreement.

           No service charge shall be made for any registration of transfer or
exchange, but the Trustee or the Certificate Registrar may require payment of a
sum sufficient to cover any tax or governmental charge payable in connection
therewith.

           The Depositor, Trustee, Certificate Registrar and any agent of the
Depositor, Trustee or the Certificate Registrar may treat the person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Depositor, Trustee, Certificate Registrar or any such agent shall be
affected by any notice to the contrary.

           The obligations and responsibilities created by the Trust Agreement
shall terminate and the Trust created thereby shall dissolve, wind-up and
terminate and be of no further force or effect thirty (30) days after the final
distribution by the Trustee of all moneys or other property or proceeds of the
Trust Assets in accordance with the terms of the Trust Agreement.

           Neither the Depositor nor any Certificateholder shall be entitled to
revoke or terminate the Trust.

                                   Exhibit C-6

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

________________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, of
assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

________________________________________________________________________________
Attorney to transfer said Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated:

             _______________________________*/

                                                   Signature Guaranteed:

             _______________________________*/

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

*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member of the New York Stock Exchange or a commercial bank or
trust company.

                                   Exhibit C-7

<PAGE>

                                                                       EXHIBIT D
                                                              TO TRUST AGREEMENT

                             FORM OF SWAP AGREEMENT

(MULTICURRENCY -- CROSS BORDER)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                         dated as of December 15, 2004

        UBS AG and CABCO Series 2004-102 Trust (SBC Communications Inc.)

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: --

1. INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. OBLIGATIONS

(a) GENERAL CONDITIONS.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

       Copyright (C) 1992 by International Swap Dealers Association, Inc.

                                  Exhibit D-1
<PAGE>

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) NETTING. If on any date amounts would otherwise be payable:--

      (i)   in the same currency; and

      (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) DEDUCTION OR WITHHOLDING FOR TAX.

      (i) GROSS-UP. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

                                                                    ISDA(R) 1992

                                        2
<PAGE>

      (ii) LIABILITY. IF: --

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)   BASIC REPRESENTATIONS.

      (i) STATUS. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) POWERS. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) CONSENTS. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

                                                                    ISDA(R) 1992

                                        3
<PAGE>

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                                                    ISDA(R) 1992

                                        4
<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party: --

      (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii) BREACH OF AGREEMENT. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) CREDIT SUPPORT DEFAULT.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document to be in full
            force and effect for the purpose of this Agreement (in either case
            other than in accordance with its terms) prior to the satisfaction
            of all obligations of such party under each Transaction to which
            such Credit Support Document relates without the written consent of
            the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document;

      (iv) MISREPRESENTATION. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

                                                                     ISDA(R)1992

                                        5
<PAGE>

      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party: --

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer: --

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                                                    ISDA(R) 1992

                                        6
<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below: --

      (i) ILLEGALITY. Due to the adoption of, or any change in, any applicable
      law after the date on which a Transaction is entered into, or due to the
      promulgation of, or any change in, the interpretation by any court,
      tribunal or regulatory authority with competent jurisdiction of any
      applicable law after such date, it becomes unlawful (other than as a
      result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party): --

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2)receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event" is
      specified in the Schedule or any Confirmation as applying, the occurrence
      of such event (and, in such event, the Affected Party or Affected Parties
      shall be as specified for such Additional Termination Event in the
      Schedule or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                                                    ISDA(R) 1992

                                        7
<PAGE>

6. EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

      (i) NOTICE. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv) RIGHT TO TERMINATE. IF: --

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                                                    ISDA(R) 1992

                                        8
<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c) EFFECT OF DESIGNATION.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d) CALCULATIONS.

      (i) STATEMENT. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii) PAYMENT DATE. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i) EVENTS OF DEFAULT. If the Early Termination Date results from an Event
      of Default: --

            (1) First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2) First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                                                    ISDA(R) 1992

                                        9
<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4) Second Method and Loss. If the Second Method and Loss apply, an
            amount will be payable equal to the Non-defaulting Party's Loss in
            respect of this Agreement. If that amount is a positive number, the
            Defaulting Party will pay it to the Non-defaulting Party; if it is a
            negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii)  TERMINATION EVENTS. If the Early Termination Date results from a
      Termination Event: --

            (1) One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2) Two Affected Parties. If there are two Affected Parties: --

                  (A) if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                                                    ISDA(R) 1992

                                       10
<PAGE>

7. TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                                                    ISDA(R) 1992

                                       11
<PAGE>

9. MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall he entered into as soon as practicable
      and may he executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f) No WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                                                    ISDA(R) 1992

                                       12
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated: --

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date that mail is delivered
      or its delivery is attempted; or

      (v) if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably: --

      (i) submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                                                    ISDA(R) 1992

                                       13
<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. DEFINITIONS

As used in this Agreement: --

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means: --

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                                                    ISDA(R) 1992

                                       14
<PAGE>

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                                                    ISDA(R) 1992

                                       15
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" HAS the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of: --

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                                                    ISDA(R) 1992

                                       16
<PAGE>

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                                                    ISDA(R) 1992

                                       17
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                             By: CABCO SERIES 2004-102 TRUST
                                                 (SBC Communications Inc.)
                                                 U.S. BANK TRUST NATIONAL
          UBS AG                                 ASSOCIATION, as Trustee
-----------------------------                    -------------------------------
    (Name of Party)                                     (Name of Party)

By: /s/ James B. Fuqua                       By: /s/ David J. Kolibachuk
    -----------------------------                -----------------------------
    Name: James B. Fuqua                         Name: David J. Kolibachuk
    Title: Director and Counsel                  Title: Vice President
           Region Americas Legal                 Date: 12/15/2004
           Fixed Income Section
    Date: December 15, 2004

By: /s/ Marie-Anne Clarke
    -----------------------------
    Name: Marie-Anne Clarke
    Title: Director and Counsel
           Region Americas Legal
           Fixed Income Section
    Date: December 15, 2004

                                                                    ISDA(R) 1992

                                       18
<PAGE>

                                    SCHEDULE
                             to the Master Agreement
                          dated as of December 15, 2004

                                     between

UBS AG, a bank organized           And     CABCO SERIES 2004-102 TRUST
under the laws of Switzerland              (SBC COMMUNICATIONS INC.), a trust
                                           created under the laws of the State
                                           of New York

       ("Party A")                                          ("Party B")

                                     PART 1
                             TERMINATION PROVISIONS

In this Agreement:

(a)   "SPECIFIED ENTITY" means in relation to Party A for the purpose of:

      Section 5(a)(v),                                           NONE
      Section 5(a)(vi),                                          NONE
      Section 5(a)(vii),                                         NONE
      Section 5(b)(iv),                                          NONE

      and in relation to Party B for the purpose of:

      Section 5(a)(v),                                           NONE
      Section 5(a)(vi),                                          NONE
      Section 5(a)(vii),                                         NONE
      Section 5(b)(iv),                                          NONE

(b)   SPECIFIED TRANSACTION. Specified Transaction will have the meaning
      specified in Section 14.

(c)   CERTAIN EVENTS OF DEFAULT. The following Events of Default and Termination
      Events will not apply to the parties so specified below, and the
      definitions of "Event of Default" and "Termination Event" in Section 14
      are deemed to be modified accordingly:

      Section 5(a)(ii) (Breach of Agreement) will not apply to Party A or Party
      B.

      Section 5(a)(iii) (Credit Support Default) will not apply to Party A or
      Party B.

      Section 5(a)(iv) (Misrepresentation) will not apply to Party A or Party B.

      Section 5(a)(v) (Default under Specified Transaction) will not apply to
      Party A or Party B.

      Section 5(a)(vi) (Cross Default) will not apply to Party A or Party B.

      Section 5(a)(viii) (Merger Without Assumption) will not apply to Party A
      or Party B.

      Section 5(b)(ii) (Tax Event) will not apply to Party A or Party B.

      Section 5(b)(iii) (Tax Event Upon Merger) will not apply to Party A or
      Party B.

(d)   CREDIT EVENT UPON MERGER. The "Credit Event Upon Merger" provision
      (Section 5(b)(iv)) will not apply to Party A or Party B.

<PAGE>

(e)   AUTOMATIC EARLY TERMINATION. The "Automatic Early Termination" provision
      of Section 6(a) will not apply to Party A or Party B.

(f)   "TERMINATION CURRENCY" means one of the currencies in which payments are
      required to be made pursuant to a Confirmation in respect of a Terminated
      Transaction selected by the Non-defaulting Party or the party that is not
      the Affected Party, as the case may be, or, in the circumstances where
      there are two Affected Parties, as agreed between the parties or, failing
      such agreement or, if the currency so selected is not freely available,
      the Termination Currency shall be U.S. Dollars.

(g)   ADDITIONAL TERMINATION EVENT.

      Section 5(b)(v) is hereby amended by adding the following subsections (i),
(ii), (iii), (iv), (v) and (vi) at the end of such Section 5(b)(v):

      (i)   SEC REPORTING FAILURE. If (i) an Available Information Event has
            occurred, and either (x) the suspension of Exchange Act reporting by
            the Underlying Securities Issuer continues for a period of at least
            one year, or (y) the Underlying Securities Issuer announces or takes
            measures that demonstrate, in connection with such suspension or at
            any time thereafter, that it will no longer be a reporting company
            under the Exchange Act; (ii) the Certificates have been be removed
            from The Depository Trust Company book-entry system; (iii)
            definitive certificates representing the Certificates have been
            issued to the beneficial owners of the Certificates; and (iv) the
            Underlying Securities Issuer has not resumed filing Exchange Act
            reports within 60 days of such issuance. For the purposes of the
            foregoing Additional Termination Event, Party B shall be the
            Affected Party.

      (ii)  REDEMPTION. The redemption or repurchase of or other unscheduled
            payment on, or the exercise by the Option Holder of its Call Options
            upon a tender offer for, some or all of the Underlying Securities by
            the Underlying Securities Issuer (or any third party making the
            tender offer), in which case, (1) a portion of the Notional Amount
            of the Transaction corresponding to the portion of the Underlying
            Securities tendered, redeemed, repurchased or repaid shall be
            terminated and (2) the Early Termination Date with respect to such
            portion of the Notional Amount of the Transactions shall be the date
            on which the tender offer, redemption, repurchase or repayment is
            effected. For the purposes of the foregoing Additional Termination
            Event, Party B shall be the Affected Party.

      (iii) SWAP COUNTERPARTY REPORTING FAILURE. Party A suspending or
            terminating its reporting under the Exchange Act and its failure to
            find a replacement swap counterparty that is reporting under the
            Securities Exchange Act of 1934, within 30 days of such suspension
            or termination of reporting. For the purposes of the foregoing
            Additional Termination Event, Party A shall be the Affected Party.

      (iv)  S&P TRIGGER EVENT. If (i) an S&P Downgrade has occurred; (ii) Party
            A has not designated an S&P Replacement Swap Counterparty within 30
            days of such S&P Downgrade; and (iii) Party A fails to maintain, and
            pledge and assign to Party B, Collateral equal to the Exposure,
            pursuant to Part 5(g)(1) of this Schedule. For the purposes of the
            foregoing Additional Termination Event, Party A shall be the
            Affected Party.

      (v)   UNDERLYING SECURITIES PAYMENT DEFAULT. An Underlying Securities
            Payment Default shall have occurred and be continuing. For the
            purposes of the foregoing Additional Termination Event, Party B
            shall be the Affected Party.

                                       -2-

<PAGE>

      (vi)  UNDERLYING SECURITIES BANKRUPTCY DEFAULT. An Underlying Securities
            Bankruptcy Default shall have occurred and be continuing. For the
            purposes of the foregoing Additional Termination Event, Party B
            shall be the Affected Party.

                                     PART 2
                               TAX REPRESENTATIONS

(a)   PAYER TAX REPRESENTATION. For the purpose of Section 3(e), Party A and
      Party B hereby make the following representation: It is not required by
      any applicable law, as modified by the practice of any relevant
      governmental revenue authority, of any Relevant Jurisdiction to make any
      deduction or withholding for or on account of any Tax from any payment
      (other than interest under Section 2(e), 6(d)(ii) or 6(e)) to be made by
      it to the other party under this Agreement. In making this representation,
      it may rely on: (i) the accuracy of any representation made by the other
      party pursuant to Section 3(f); (ii) the satisfaction of the agreement of
      the other party contained in Section 4(a)(i) or 4(a)(iii) and the accuracy
      and effectiveness of any document provided by the other party pursuant to
      Section 4(a)(i) or 4(a)(iii); and (iii) the satisfaction of the agreement
      of the other party contained in Section 4(d); provided that it shall not
      be a breach of this representation where reliance is placed on clause (ii)
      and the other party does not deliver a form or document under Section
      4(a)(iii) by reason of material prejudice to its legal or commercial
      position.

(b)   PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f) of this
      Agreement, Party A makes the following representations to Party B:

                  No payment received or to be received by Party A under this
                  Agreement will be effectively connected with Party A's conduct
                  of a trade or business within the U.S. It is fully eligible
                  for the benefits of the "Business Profits" or "Industrial and
                  Commercial Profits" provision, as the case may be, the
                  "Interest" provision or the "Other Income" provision (if any)
                  of the Specified Treaty with respect to any payment described
                  in such provisions and received or to be received by it in
                  connection with this Agreement and no such payment is
                  attributable to a trade or business carried on by it through a
                  permanent establishment in the Specified Jurisdiction. Each
                  payment received or to be received by it in connection with
                  this Agreement (other than interest under Sections 2(e),
                  6(d)(ii) and 6(e)) qualifies as "Business Profits,"
                  "Industrial and Commercial Profits," "Interest" or "Other
                  Income" under the Specified Treaty.

                  If such representation applies, then:

                        "Specified Treaty" means, with respect to a Transaction,
                  the tax treaty applicable between the United States of America
                  and Switzerland.

                        "Specified Jurisdiction" means United States of America.

                  Party A is a "non-U.S. branch of a foreign person" as that
                  term is used in section 1.1441-4(a)(3)(ii) of the U.S.
                  Treasury Regulations (the "Regulations"), and Party A is a
                  "foreign person" as that term is used in section
                  1.6041-4(a)(4) of the Regulations.

(c)   PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f) of this
      Agreement, Party B makes the following representation to Party A:

      Party B is a trust created under the laws of the state of New York.

                                      -3-

<PAGE>

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable:

(a)   Tax forms, documents or certificates to be delivered are:

      Each party agrees to complete, accurately and in a manner reasonably
satisfactory to the other party (or any Specified Entity of the other party),
and to execute, arrange for any required certification of, and deliver to the
other party (or such Specified Entity) (or to such government or taxing
authority as the other party (or such Specified Entity) reasonably directs), any
form or document that may be required or reasonably requested in order to allow
the other party (or such Specified Entity) to make a payment under this
Agreement (or a Credit Support Document of the other party or a Specified Entity
thereof) without any deduction or withholding for or on account of any Tax or
with such deduction or withholding at a reduced rate, promptly upon the earlier
of (i) reasonable demand by the other party (or such Specified Entity) and (ii)
learning that the form or document is required.

PARTY REQUIRED
 TO DELIVER
  DOCUMENT        FORM/DOCUMENT/CERTIFICATE      DATE BY WHICH TO BE DELIVERED
--------------    -------------------------      -----------------------------
Party A         One duly executed and completed  (i) Upon execution and delivery
                U.S. Internal Revenue Service    of this Agreement, with such
                Form W-8BEN (or successor        form to be updated at the
                thereto).                        beginning of each succeeding
                                                 three calendar year period
                                                 beginning after execution of
                                                 this Agreement, or as otherwise
                                                 required under then applicable
                                                 U.S. Treasury Regulations,

                                                 (ii) promptly upon reasonable
                                                 demand by Party B, and

                                                 (iii) promptly upon learning
                                                 that any Form W-8BEN (or any
                                                 successor thereto) has become
                                                 obsolete or incorrect.

Party B         A duly completed and executed    (i) Upon execution and
                U.S. Internal Revenue Service    delivery of this Agreement,
                Form W-9.                        (ii) promptly upon reasonable
                                                 demand by Party A, and
                                                 (iii) promptly upon learning
                                                 that any such Form previously
                                                 provided by Party B has become
                                                 obsolete or incorrect.

(b)   Other documents to be delivered are:

PARTY REQUIRED                                                     COVERED BY
 TO DELIVER        FORM/DOCUMENT/         DATE BY WHICH            SECTION 3(D)
  DOCUMENT         CERTIFICATE            TO BE DELIVERED         REPRESENTATION
---------------    --------------         ---------------         --------------
Party A          Evidence of the          On or before                 Yes
and Party B      authority and true       execution of this
                 signatures of each       Agreement and each
                 official or              Confirmation
                 representative           forming a part of
                 signing this             this Agreement.
                 Agreement or, as
                 the case may be, a
                 Confirmation, on
                 its behalf.

                                       -4-

<PAGE>

                                                                    COVERED BY
 TO DELIVER        FORM/DOCUMENT/         DATE BY WHICH            SECTION 3(D)
  DOCUMENT         CERTIFICATE            TO BE DELIVERED         REPRESENTATION
---------------    --------------         ---------------         --------------
Party B          Certified copy of      On or before                   Yes
                 the resolution of      execution of this
                 Party B's Board of     Agreement.
                 Directors (or
                 equivalent
                 authorizing
                 documentation)
                 authorizing the
                 execution and
                 delivery of this
                 Agreement and each
                 Confirmation and
                 performance of its
                 obligation
                 hereunder.

Party B          Opinion of Party       On or before                   Yes
                 B's legal counsel      execution of this
                 in a form              Agreement.
                 satisfactory to
                 Party A regarding
                 (inter alia) the
                 power and authority
                 of Party B to enter
                 into this Agreement
                 and Transactions
                 hereunder.

Party A          Opinion of Party       On or promptly                 Yes
                 A's legal counsel      after the execution
                 in a form              of this Agreement.
                 satisfactory to
                 Party B regarding
                 (inter alia) the
                 power and authority
                 of Party A to enter
                 into this Agreement
                 and Transactions
                 hereunder.

Party B          A certified copy of    Upon execution of              Yes
                 the Trust Agreement    this Agreement.
                 and each Amendment
                 thereof.

                                     PART 4
                                  MISCELLANEOUS

(a)   ADDRESSES FOR NOTICES. For the purposes of Section 12(a) of this
      Agreement:

      (i)   All notices or communications to Party A shall, with respect to a
            particular Transaction, be sent to the address, telex number, or
            facsimile number reflected in the Confirmation of that Transaction,
            and any notice for purposes of Section 5 or 6 shall be sent to:

            Address:    UBS AG, Stamford Branch
                        677 Washington Boulevard
                        Stamford, CT 06912-0300
            Attention:  Legal Affairs
            Facsimile:  (203) 719-0680
            Telephone:  (203) 719-3000

                                      -5-

<PAGE>

            With a simultaneous copy to:

            Address:    UBS AG, Stamford Branch
                        677 Washington Boulevard
                        Stamford, CT 06912-0300
            Attention:  Risk Control - Documentation
            Facsimile:  (203) 719-5627
            Telephone:  (203) 719-3000

      (ii)  All notices or communications to Party B shall be sent to the
            address, or facsimile number reflected below:

            Address:    100 Wall Street
                        New York, NY 10005
            Attention:  Corporate Trust
            Facsimile:  (212) 809-5459
            Telephone:  (212) 361-2500

(b)   PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

      Party A appoints as its Process Agent: Not Applicable

      Party B appoints as its Process Agent: Not Applicable

(c)   OFFICES. The provisions of Section 10(a) of this Agreement will apply to
      Party A and Party B.

(d)   MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

      (i)   Party A is a Multibranch Party and may act through its branches in
            any of the following territories or countries: England and Wales,
            France, Hong Kong, United States of America, Singapore, Sweden and
            Switzerland.

      (ii)  Party B is not a Multibranch Party.

(e)   CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
      specified in a Confirmation in relation to the relevant Transaction.

(f)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document: Not
      Applicable

(g)   CREDIT SUPPORT PROVIDER. Credit Support Provider means: Not Applicable

(h)   GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

(i)   NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
      will apply, except the following groups of Transactions: (1) foreign
      exchange transactions and currency options, in which case subparagraph
      (ii) of Section 2(c) of this Agreement will not apply.

(j)   "AFFILIATE" will have the meaning specified in Section 14 of this
      Agreement.

(k)   LIMITATION ON TRUSTEE LIABILITY. In the absence of negligence, willful
      misconduct or bad faith on the part of the Trustee, the Trustee shall have
      no personal liability for the payment of any indebtedness or expenses of
      Party B or be personally liable for the breach or any failure of any

                                      -6-

<PAGE>

      obligation, representation, warranty or covenant made or undertaken by
      Party B under this Transaction or the Trust Agreement within the scope of
      the Trustee's discharge of its duties under this Transaction or the Trust
      Agreement or for any amounts due under this Transaction from Party B, such
      amounts to be paid by the Depositor in accordance with the Trust
      Agreement.

                                     PART 5
                                OTHER PROVISIONS

(a)   SET-OFF. Without affecting the provisions of the Agreement requiring the
      calculation of certain net payment amounts, all payments under this
      Agreement will be made without set-off or counterclaim; provided, however,
      that upon the designation of any Early Termination Date, in addition to
      and not in limitation of any other right or remedy (including any right to
      set off, counterclaim, or otherwise withhold payment or any recourse to
      any Credit Support Document) under applicable law the Non-defaulting Party
      or Non-affected Party (in either case, "X") may without prior notice to
      any person set off any sum or obligation (whether or not arising under
      this Agreement and whether matured or unmatured, whether or not contingent
      and irrespective of the currency, place of payment or booking office of
      the sum or obligation) owed by the Defaulting Party or Affected Party (in
      either case, "Y") to X or any Affiliate of X against any sum or obligation
      (whether or not arising under this Agreement, whether matured or
      unmatured, whether or not contingent and irrespective of the currency,
      place of payment or booking office of the sum or obligation) owed by X or
      any Affiliate of X to Y. If any sum or obligation is unascertained, X may
      in good faith estimate that sum or obligation and set-off in respect of
      that estimate, subject to X or Y, as the case may be, accounting to the
      other party when such sum or obligation is ascertained.

(b)   RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to represent to
      the other party on the date on which it enters into a Transaction that
      (absent a written agreement between the parties that expressly imposes
      affirmative obligations to the contrary for that Transaction):

      (i)   NON-RELIANCE. It is acting for its own account, and it has made its
            own independent decisions to enter into that Transaction and as to
            whether that Transaction is appropriate or proper for it based upon
            its own judgment and upon advice from such advisers as it has deemed
            necessary. It is not relying on any communication (written or oral)
            of the other party as investment advice or as a recommendation to
            enter into that Transaction; it being understood that information
            and explanations related to the terms and conditions of a
            Transaction shall not be considered investment advice or a
            recommendation to enter into that Transaction. No communication
            (written or oral) received from the other party shall be deemed to
            be an assurance or guarantee as to the expected results of that
            Transaction.

      (ii)  ASSESSMENT AND UNDERSTANDING. It is capable of assessing the merits
            of and understanding (on its own behalf or through independent
            professional advice), and understands and accepts the terms,
            conditions and risks of that Transaction. It is also capable of
            assuming, and assumes, the risks of that Transaction.

      (iii) STATUS OF PARTIES. The other party is not acting as a fiduciary for
            or an adviser to it in respect of that Transaction.

(c)   WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL
      RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
      RELATING TO THIS AGREEMENT OR ANY TRANSACTION AND ACKNOWLEDGES THAT THIS
      WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY'S ENTERING INTO THIS
      AGREEMENT.

(d)   CONSENT TO RECORDING. Each Party (i) consents to the recording of all
      telephone conversations between trading, operations and marketing
      personnel of the parties and their Affiliates in

                                      -7-

<PAGE>

      connection with this Agreement or any potential Transaction; (ii) agrees
      to give notice to such personnel of it and its Affiliates that their calls
      will be recorded; and (iii) agrees that in any Proceedings, it will not
      object to the introduction of such recordings in evidence on grounds that
      consent was not properly given.

(e)   SCOPE OF AGREEMENT. For the purpose of this Agreement, the terms
      "Transaction" and "Transactions" shall refer solely to that certain
      interest rate swap transaction having UBS reference number 37053393.

(f)   ADDITIONAL DEFINITIONS.

      (1)   Capitalized terms used in this Agreement that are not defined herein
            and are defined in the Trust Agreement shall have the respective
            meanings assigned to them in the trust agreement, dated as of
            December 15, 2004, between Corporate Asset Backed Corporation and
            U.S. Bank Trust National Association, as trustee (the "Trust
            Agreement").

      (2)   "COLLATERAL" shall mean (i) cash in U.S. Dollars or (ii) U.S.
            Treasury issued securities.

      (3)   "S&P DOWNGRADE" means Party A is downgraded below the short-term
            unsecured debt rating of "A-1" by Standard & Poor's.

      (4)   "S&P REPLACEMENT SWAP COUNTERPARTY" means a swap counterparty having
            a short-term unsecured debt rating of at least "A-1" by Standard &
            Poor's and Standard & Poor's shall have given its prior written
            confirmation of the rating of the Certificates as a result of the
            assignment of the rights and obligations of the swap counterparty in
            this Agreement to such replacement swap counterparty.

      (5)   "EXPOSURE" means for any date for which Exposure is calculated, the
            amount, if any, that would be payable to Party B by Party A
            (expressed as a positive number) or by Party B to Party A (expressed
            as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this
            Agreement as if all Transactions were being terminated as of the
            relevant time on such date, provided that Market Quotation will be
            determined by the applicable Calculation Agent using its estimates
            at mid-market of the amounts that would be paid for Replacement
            Transactions (as that term is defined in the definition of "Market
            Quotation").

(g)   ASSIGNMENT OF AGREEMENT. Upon the occurrence of:

      (1)   an S&P Downgrade, Party A, in a commercially reasonable manner, will
            seek, without the consent of the holders of the Certificates, to
            assign its rights and obligations under this Agreement to an S&P
            Replacement Swap Counterparty; provided that all costs and expenses
            in connection with such assignment to the S&P Replacement Swap
            Counterparty will be paid by Party A. If an S&P Replacement Swap
            Counterparty is not designated within 30 days of the occurrence of
            an S&P Downgrade, Party A shall enter into an arrangement with Party
            B pursuant to which Party A will be obligated to maintain, and
            pledge and assign to Party B, Collateral equal to the Exposure;
            provided that, upon the completion of the assignment of this
            Agreement to an S&P Replacement Swap Counterparty, any outstanding
            arrangement with respect to the Collateral shall terminate. If Party
            A does not designate an S&P Replacement Swap Counterparty within 30
            days of the occurrence of an S&P Downgrade and fails to maintain,
            and pledge and assign to Party B, Collateral equal to the Exposure
            pursuant to the previous sentence, a Termination Event will occur
            under this Agreement as set forth under Section 5(b)(v)(iv).

      (2)   Party A suspending or terminating its reporting under the Exchange
            Act, then Party A will, without the consent of the holders of the
            Certificates, assign its rights and

                                      -8-

<PAGE>

            obligations in and under this Agreement; provided that the
            transferee is reporting under the Exchange Act and Standard & Poor's
            shall have given its prior written confirmation of the rating of the
            Certificates as a result of such assignment. If Party A suspends or
            terminates its reporting under the Exchange Act and is unable to
            find a replacement within 30 days pursuant to the previous sentence,
            a Termination Event will occur under this Agreement as set forth
            under Section 5(b)(v)(iii).

(h)   NON-RECOURSE OBLIGATION OF PARTY B. Notwithstanding any other provision of
      this Agreement or any Confirmation, the obligations of Party B hereunder,
      under this Agreement are limited recourse obligations of Party B, payable
      solely from the assets of Party B, and following realization and
      liquidation of the assets of Party B and application of all proceeds
      thereof, any unsatisfied claims of Party A against Party B hereunder shall
      be extinguished. No recourse shall be had against any officer, member,
      director, employee, security holder or incorporator of Party B or its
      successors or assigns for the payment of any amounts payable under this
      Agreement; provided that the foregoing shall not preclude Party A from
      taking any action with respect to any fraud or intentional misconduct of
      any such officer, member, director, employee, security holder or
      incorporator. This Part 5(h) shall survive termination of this Agreement
      for any reason whatsoever.

(i)   TRANSFER. Section 7 is hereby amended by: (i) adding the words "(which
      consent may not be unreasonably withheld)" after the word "consent" in the
      second line thereof, (ii) adding the words "(and notice of the transferee
      to)" after the word "of" in the third line thereof and (iii) adding the
      words "(subject to providing written notice of the transferee to the other
      party)" after the word "transfer" in the fourth and seventh line thereof.

      Party B shall not consent to any transfer or assignment by Party A of its
      rights and obligations hereunder unless the Rating Agency shall have given
      its prior written confirmation that such transfer will not result in a
      reduction or withdrawal of the then current rating of the Certificates.

(j)   NOTICE OF CERTAIN EVENTS OR CIRCUMSTANCES. Each party agrees, upon
      learning of the occurrence or existence of any event or condition that
      constitutes (or that with the giving of notice or passage of time or both
      would constitute) an Event of Default or Termination Event with respect to
      such party, promptly to give the other party and to the Rating Agency
      notice of such event or condition (or, in lieu of giving notice of such
      event or condition in the case of an event or condition that with the
      giving of notice or passage of time or both would constitute an Event of
      Default or Termination Event with respect to the party, to cause such
      event or condition to cease to exist before becoming an Event of Default
      or Termination Event); provided that failure to provide notice of such
      event or condition pursuant to this Part 5(j) shall not constitute an
      Event of Default or a Termination Event.

(k)   INDEMNIFIABLE TAX. Party A agrees that Party B will not be required to pay
      any additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in
      respect of an Indemnifiable Tax. If Party A is required to pay additional
      amounts in respect of any Indemnifiable Tax pursuant to Section 2(d)(i)(4)
      of this Agreement or Party B makes any payment reduced by any Tax pursuant
      to Section 2(d) of this Agreement, Party A may transfer this Agreement
      without the consent of Party B but shall have received from the Rating
      Agency, its prior written confirmation that such transfer will not result
      in a reduction or withdrawal of the then current rating of the
      Certificates.

                                      -9-

<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Schedule by their duly
authorized representatives as of the date of the Agreement.

UBS AG                            CABCO SERIES 2004-102 TRUST (SBC
                                  Communications Inc.)

By: /s/ James B. Fuqua            By: U.S. BANK TRUST NATIONAL
    --------------------------        ASSOCIATION, as Trustee
    Name: James B. Fuqua
    Title: Director and Counsel
           Region Americas Legal
           Fixed Income Section

By: /s/ Marie-Anne Clarke         By: /s/  David J. Kolibachuk
    --------------------------        ------------------------
    Name: Marie-Anne Clarke           Name: David J. Kolibachuk
    Title: Director and Counsel       Title: Vice President
           Region Americas Legal
           Fixed Income Section
<PAGE>

UBS INVESTMENT BANK

Date:      December 7, 2004

To:        Corporate Asset Backed Corporation ("Counterparty")

From:      UBS AG, London Branch ("UBS AG")

Fax No:    02077565848

Subject:   Interest Rate Swap Transaction UBS AG Ref:

Dear Sirs,

The purpose of this communication is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes a "Confirmation" as referred to in the Master Agreement
or Agreement specified below.

The definitions contained in the 2000 ISDA Definitions as published by the
International Swaps and Derivatives Association, Inc., are incorporated into
this Confirmation. In the event of any inconsistency between any of the
definitions listed above and this Confirmation, this Confirmation will govern.
In addition, certain capitalized terms used herein, but not defined herein,
shall have the meaning ascribed to them in the trust agreement, to be entered
into between the Counterparty and U.S. Bank Trust National Association, as
trustee (the "Trust Agreement") substantially in the form set forth in Annex A.

If you and we are parties to a master agreement that governs transactions of
this type (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
Border) (the "ISDA Form") or any other form (a "Master Agreement"), then this
Confirmation will supplement, form a part of, and be subject to that Master
Agreement. If you and we are not parties to such a Master Agreement, then you
and we agree to use all reasonable efforts promptly to negotiate, execute and
deliver an agreement in the form of the ISDA Form, with such modifications as
you and we will in good faith agree. Upon the execution by you and us of such an
agreement, this Confirmation will supplement, form a part of and be subject to
and governed by that agreement, except as expressly modified below. Until we
execute and deliver that agreement, this Confirmation, together with all other
documents referring to the ISDA Form (each, a "Confirmation") confirming
transactions (each, a "Transaction") entered into between us (notwithstanding
anything to the contrary in a confirmation), shall supplement, form a part of,
and be subject to an agreement in the form of the ISDA Form as if we had
executed an agreement in such form (but without any Schedule except for the
election of the laws of England as the Governing Law and U.S. Dollars as the
Termination Currency) on the Trade Date of the first Transaction between us
(hereinafter the "Agreement"). In the event of any inconsistency between the
provisions of any such Agreement and this Confirmation, this Confirmation will
prevail for the purposes of this Transaction.

                                                                          Page 1
<PAGE>

The terms of the particular Interest Rate Swap Transaction to which this
Confirmation relates are as follows:

GENERAL TERMS

<TABLE>
<S>                      <C>
Trade Date:              December  7, 2004

Effective Date:          December  15, 2004

Termination Date:        June 15, 2034, subject to adjustment in accordance
                         with the Modified Following Business Day Convention.

Notional Amount:         $32,500,000, subject to reduction as a result of an
                         early termination of all or a portion of this
                         Transaction. The Notional Amount shall, at all times,
                         equal the outstanding principal amount of the
                         Certificates.  See "Early Termination Payment" below.

Calculation Agent:       UBS AG, unless otherwise stated in the Schedule to the
                         Master Agreement.

Business Days:           Any day other than (a) a Saturday, a Sunday or a day
                         on which banking institutions in the City of New York
                         are authorized or obligated by law or executive order
                         to be closed for business, or (b) a day that is not a
                         business day for purposes of the Underlying Securities.

Broker:                  None

FIXED AMOUNTS

Fixed Rate Payer:        Counterparty

Fixed Rate Payer
Payment Dates:           Any date on which distributions are received by the
                         Counterparty in respect of interest on the Underlying
                         Securities, commencing on June 15, 2005, subject to
                         adjustment in accordance with the Modified Following
                         Business Day Convention.

Fixed Amount:            An amount equal to the full stated amount of each
                         interest payment scheduled to be paid in respect of
                         the Underlying Securities on each Fixed Rate Payer
                         Payment Date, whether or not actually paid by the
                         Underlying Securities Issuer and whether or not any
                         obligation to pay any such interest on the Underlying
                         Securities has been waived by any
</TABLE>

                                                                          Page 2

<PAGE>

<TABLE>
<S>                      <C>
                         party; excluding any amount of interest that accrued
                         with respect to the Underlying Securities from August
                         18, 2004 to but excluding December 15, 2004.

Other:                   In the event of a discrepancy between the Fixed
                         Amounts due in respect of any Calculation Period and
                         the interest amount payable on the Underlying
                         Securities for the related period (as calculated in
                         accordance with the terms of the Underlying
                         Securities), the terms of the Underlying Securities
                         shall govern the calculation of the Fixed Amount for
                         such Calculation Period; provided, however, that the
                         Fixed Amount shall not include any amount of interest
                         that accrued with respect to the Underlying Securities
                         from August 18, 2004 to but excluding December 15,
                         2004.

FLOATING AMOUNTS

Floating Rate Payer:     UBS AG

Floating Rate Payer
Payment Dates:           Quarterly on the 15th day of March, June, September
                         and December, from and including March 15, 2004, up
                         to and including the Termination Date, subject to
                         adjustment in accordance with the Modified Following
                         Business Day Convention specified immediately below.

Floating Amounts:        An amount equal to the product of (i) the Notional
                         Amount, (ii) the Party A Floating Rate and (iii) the
                         Floating Rate Day Count Fraction.

Party A Floating Rate:   For the initial Calculation Period, from and
                         including December 15, 2004 to but excluding the
                         first Floating Rate Payer Payment Date, the rate of
                         3.25%. Thereafter, USD-LIBOR-BBA with a Designated
                         Maturity of 3 months plus the Spread; provided,
                         however, that at no time shall Party A Floating Rate
                         be less than 3.25% or greater than 8.00%.

Floating Rate Day Count
Fraction:                Actual/360 (Fixed)

Spread:                  .65%

Reset Dates:             First day of each Calculation Period
</TABLE>

                                                                          Page 3

<PAGE>

<TABLE>
<S>                             <C>
Compounding:                    Inapplicable

Other:                          UBS AG will have no obligation to pay a Floating
                                Amount (i) if a Swap Agreement Termination Event has
                                occurred and (ii) unless and until the Counterparty
                                has made the related payment, if any, to UBS AG.

UNDERLYING SECURITIES

Underlying Securities Issuer:   SBC Communications Inc.

Maturity Date:                  June 15, 2034

Coupon:                         6.450%

MASTER AGREEMENT

Early Termination Payment:      Section 6(e) of the Master Agreement is hereby
                                deleted, other than with respect to Section 6(e)(iii)
                                and 6(e)(iv), and replaced with the following:

                                (e) PAYMENTS ON EARLY TERMINATION.

                                (i)

                                (A) The obligations of UBS AG and the Counterparty
                                under this Agreement shall terminate and no
                                termination payment shall be payable under Section
                                6(e) of the Master Agreement by either party
                                following (i) an Event of Default as described in
                                Section 5(a)(i) with UBS AG as the Defaulting Party,
                                (ii) an Event of Default as described in Section
                                5(a)(vii) with UBS AG as the Defaulting Party, (iii)
                                the occurrence of a Termination Event as described in
                                Section 5(b)(i) with UBS AG as the Affected Party,
                                (iv) the occurrence of a Termination Event as
                                described in Section 5(b)(v)(iii) with UBS AG as the
                                Affected Party or (v) the occurrence of a Termination
                                Event as described in Section 5(b)(v)(iv) with UBS AG
                                as the Affected Party.

                                (B) If notice is given designating an Early
                                Termination Date in respect of the entire Notional
                                Amount in connection with any other Event of Default
                                or Termination Event not set forth in Section
                                6(e)(i)(A) of the Master Agreement, a
</TABLE>

                                                                          Page 4

<PAGE>

<TABLE>
<S>                      <C>
                         termination payment shall be due under Section 6(e)
                         of the Master Agreement. If the termination payment
                         is payable by the Counterparty to UBS AG, the amount
                         of such payment will be deducted from the liquidation
                         proceeds payable to the holders of the Certificates.
                         If the termination payment is payable by UBS AG to
                         the Counterparty, the amount of such payment will be
                         added to the proceeds payable to the holders of the
                         Certificates.

                         (C) Notwithstanding Section 6(e)(i)(A) of the Master
                         Agreement, if the Option Holder exercises the Call
                         Options pursuant to the Call Option Agreement and
                         upon an Event of Default or Termination Event not set
                         forth in Section 6(e)(i)(A) of the Master Agreement,
                         and a termination payment shall be due hereunder, if
                         the the termination payment is payable by the
                         Counterparty to UBS AG, the amount of such payment
                         will be deducted from the liquidation proceeds
                         payable to the Option Holder, and, if the termination
                         payment is payable by UBS AG to the Counterparty, the
                         amount of such payment will be added to the proceeds
                         payable to the Option Holder.

                         (D) If an Early Termination Date in respect of the
                         entire Notional Amount of the Transaction is
                         designated and a termination payment is due, Market
                         Quotation and Second Method shall be used to
                         calculate any termination payments owing by either
                         party under Section 6(e) of the Master Agreement. UBS
                         AG will determine a Market Quotation.

                         (ii) [Reserved for future use.]

Early Termination Date:  Section 6 of the Master Agreement is hereby amended
                         by adding the following subsection (f) at the end of
                         such Section 6:

                         (f) EARLY TERMINATION DATE.

                         Nothwithstanding Section 6(a) of the Master
                         Agreement, upon the occurrence of (i) an Event of
                         Default as described in Section 5(a)(i) with the
                         Counterparty as the Defaulting Party, (ii) an Event
                         of Default as described in Section 5(a)(vii) with the
                         Counterparty as the Defaulting Party, (iii) the
</TABLE>

                                                                          Page 5

<PAGE>

<TABLE>
<S>         <C>
            occurrence of a Termination Event as described in
            Section 5(b)(v)(v) with the Counterparty as the
            Affected Party, (iv) the occurrence of a Termination
            Event as described in Section 5(b)(v)(vi) with the
            Counterparty as the Affected Party, (v) the
            occurrence of a Termination Event as described in
            Section 5(b)(i) with the Counterparty as the Affected
            Party or (vi) the occurrence of a Termination Event
            as described in Section 5(b)(v)(i) with the
            Counterparty as the Affected Party, the designated
            Early Termination Date will be the seventh Business
            Day following the occurrence of such Event of Default
            or Termination Event. Notwithstanding Section 6(a) of
            the Master Agreement, upon the occurrence of a
            Termination Event as described in Section 5(b)(v)(ii)
            with the Counterparty as the Affected Party, the
            designated Early Termination Date will be the date on
            which the tender offer, redemption, repurchase or
            repayment is effected.

Amendment   Section 9(b) of the Master Agreement is  hereby
            deleted and replaced with the following:

            (b)  AMENDMENTS.

            This Agreement may not be amended without the prior
            written consent of UBS AG and the holders of 66 2/3%
            of the then outstanding Certificates, and without
            prior written confirmation from the Rating Agency that
            such amendment will not result in a reduction or
            withdrawal of the then current rating of the
            Certificates; provided, however, that UBS AG and the
            Counterparty may amend this Agreement without the
            prior written consent of the holders of the then
            outstanding Certificates to cure any ambiguity in, or
            to correct or supplement any provision of this
            Agreement which may be inconsistent with any other
            provision of this Agreement, or to otherwise cure any
            defect in this Agreement, provided that any such
            amendment does not materially adversely affect the
            interest of the certificateholders and that the Rating
            Agency will have given its prior written confirmation
            that such amendment will not result in a reduction or
            withdrawal of the then current rating of the
            Certificates; provided further, however, that
            notwithstanding anything to the contrary, no amendment
            may alter the timing or amount of any payment
            hereunder without the
</TABLE>

                                                                          Page 6

<PAGE>

<TABLE>
<S>              <C>
                 prior consent of the holders of 100% of the then
                 outstanding Certificates, and without giving the
                 Rating Agency prior written notice of any such
                 amendment.
</TABLE>

OTHER TERMS

            (a) One Time Payment. On the Trade Date, UBS AG will make a one time
payment in the amount of $2,811,250 to the Counterparty.

            (b) Nonpetition Covenant. UBS AG agrees that it shall not, until the
date which is one year and one day after the payment in full of all securities
issued by the Trust, the Depositor or other trusts formed, established or
settled by the Depositor, acquiesce, petition or otherwise invoke or cause the
Trust, the Depositor, or any such other trust to invoke the process of the
United States of America or any State or other political subdivision of the
United States or any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government for the
purpose of commencing or sustaining a case by or against the Trust, the
Depositor or any such other trust under a federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trust, the
Depositor or any such other trust or all or any part of the property or assets
of the Trust, the Depositor or any such other trust or ordering the winding up
or liquidation of the affairs of the Trust, the Depositor or any such other
trust.

RELATIONSHIP BETWEEN PARTIES

Each party will be deemed to represent to the other party on the date on which
it enters into this Transaction that (in the absence of a written agreement
between the parties which expressly imposes affirmative obligations to the
contrary for this Transaction):

            (a) Non-Reliance. Each party is acting for its own account, and has
made its own independent decisions to enter into this Transaction and this such
Transaction is appropriate or proper for it based upon its own judgement and
upon advice from such advisers as it has deemed necessary. Each party is not
relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into this Transaction; it being
understood that information and explanation relating to the terms and conditions
of this Transaction shall not be considered investment advice or a
recommendation to enter into this Transaction. No communication (written or
oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of this Transaction.

            (b) Assessment and Understanding. Each party is capable of assessing
the merits of and understands (on its own behalf or through independent
professional advice), and accepts, the terms, conditions and risks of this
Transaction. Each party is also capable of assuming and assumes the risks of
this Transaction.

            (c) Status of the Parties. Neither party is acting as a fiduciary
for or as an adviser to the other in respect of this Transaction.

References in this clause to "a party" shall, in the case of UBS AG and where
the context so allows, include references to any affiliate of UBS AG.

                                                                          Page 7

<PAGE>

                     [THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                                                          Page 8

<PAGE>

ACCOUNT DETAILS

For UBS AG:

Currency:                             USD
Correspondent Bank:                   UBS AG, STAMFORD
ABA No:                               026007993
Swift Address:                        UBSWUS33
Account No:                           101-WA-140007-000

For the Counterparty:

To be provided separately

OFFICES

            (a) The office of UBS AG for the Interest Rate Swap Transaction is
London; and

            (b) The office of the Counterparty for the Interest Rate Swap
Transaction is 445 Broad Hollow Road, Suite 239, Melville, New York 11747.

CONTACT NAMES AT UBS AG

Pre Value Payments:       Pre-Value Payment Investigations:    (44) 20 7568 2665
Post Value Payments:      Post-Value Payment Investigations:   (44) 20 7567 8999
Confirmation Queries:     Confirmation Control:                (44) 20 7567 2659
ISDA  Documentation:      Credit Risk Management:              (44) 20 7567 4557

Swift:                    UBSWGB2LXXX
Fax:                      (44) 20 7567 2685/2990
Address:                  UBS AG
                          100 Liverpool Street
                          London EC2M 2RH

                                                                          Page 9

<PAGE>

Please confirm that the foregoing correctly sets forth the terms and conditions
of our agreement by executing a copy of this Confirmation and returning it to us
or by sending to us a letter or facsimile substantially similar to this letter,
which letter or facsimile sets forth the material terms of this Transaction to
which this Confirmation relates and indicates your agreement to those terms or
by sending to us a return letter or facsimile in the form attached.

Yours Faithfully
For and on Behalf of
UBS AG, London Branch

By: /s/ James B. Fuqua                       By: /s/ Marie-Anne Clarke
    -------------------------------              -------------------------------
    Name: James B. Fuqua                         Name: Marie-Anne Clarke
    Title: Director and Counsel                  Title: Director and Counsel
           Region Americas Legal                        Region Americas Legal
           Fixed Income Section                         Fixed Income Section

                                                                         Page 10

<PAGE>

Acknowledged and agreed by Corporate Asset Backed Corporation as of the Trade
Date specified above:

By: /s/ Robert D. Vascellaro                 By: /s/ James Hausmann
    -------------------------------              -------------------------------
    Name: Robert D. Vascellaro                   Name: James Hausmann
    Title: Vice President                        Title: Vice President

UBS AG London Branch, 1 Finsbury Avenue, London, EC2M 2PP
UBS Securities LLC is a business group of UBS AG.
UBS AG is a member of the London Stock Exchange and is regulated in the UK by
the Financial Services Authority.
Representatives of UBS Limited introduce trades to UBS AG via UBS Limited

                                                                         Page 11

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