Document:

EXHIBIT 4.3

                              INDYMAC ABS, INC.,

                                   Depositor

                            [INDYMAC BANK, F.S.B.],

                          Seller and Master Servicer

                                      and

                                     [ ],

                                    Trustee

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

                        POOLING AND SERVICING AGREEMENT

                                Dated as of [ ]

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

                 HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST,
                                SERIES SPMD [ ]

             HOME EQUITY MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                SERIES SPMD [ ]

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<TABLE>
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                               Table of Contents

                                                                                                               Page
                                                                                                               ----

                                   ARTICLE I
                                  DEFINITIONS

                                  ARTICLE II
                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

<S>                 <C>
Section 2.01.       Conveyance of Mortgage Loans..................................................................1
Section 2.02.       Acceptance by the Trustee of the Mortgage Loans...............................................6
Section 2.03.       Representations, Warranties and Covenants of the Seller and the Master Servicer..............10
Section 2.04.       Representations and Warranties of the Depositor as to the Mortgage Loans.....................12
Section 2.05.       Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases..............12
Section 2.06.       Execution and Delivery of Certificates.......................................................13
Section 2.07.       REMIC Matters................................................................................13
Section 2.08.       Covenants of the Master Servicer.............................................................13

                                                    ARTICLE III
                                  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01.       Master Servicer to Service Mortgage Loans.....................................................1
Section 3.02.       Subservicing; Enforcement of the Obligations of the Subservicers..............................2
Section 3.03.       [Reserved]....................................................................................2
Section 3.04.       No Contractual Relationship Between Subservicers and the Trustee..............................2
Section 3.05.       Trustee to Act as Master Servicer.............................................................2
Section 3.06.       Collection of Mortgage Loan Payments; Servicing Accounts; Collection Account;
                    Certificate Account; Distribution Account and Pre-Funding Accounts............................3
Section 3.07.       Collection of Taxes, Assessments and Similar Items; Escrow Accounts...........................8
Section 3.08.       Access to Certain Documentation and Information Regarding the Mortgage Loans..................8
Section 3.09.       Permitted Withdrawals from the Certificate Account, the Distribution Account and the
                    Excess Reserve Fund Account...................................................................9
Section 3.10.       Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies...................10
Section 3.11.       Enforcement of Due-On-Sale Clauses; Assumption Agreements....................................12
Section 3.12.       Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans..............13
Section 3.13.       Trustee to Cooperate; Release of Mortgage Files..............................................16
Section 3.14.       Documents, Records and Funds in Possession of the Master Servicer to be Held for the
                    Trustee......................................................................................17
Section 3.15.       Servicing Compensation.......................................................................18
Section 3.16.       Access to Certain Documentation..............................................................18
Section 3.17.       Annual Statement as to Compliance............................................................18
Section 3.18.       Annual Independent Public Accountants' Servicing Statement; Financial Statements.............19
Section 3.19.       Errors and Omissions Insurance; Fidelity Bonds...............................................19

                                                    ARTICLE IV
                                 DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

Section 4.01.       Advances......................................................................................1
Section 4.02.       Priorities of Distribution....................................................................1
Section 4.03.       Monthly Statements to Certificateholders......................................................4
Section 4.04.       [Reserved]....................................................................................6
Section 4.05.       [Reserved]....................................................................................6
Section 4.06.       [Reserved]....................................................................................6
Section 4.07.       Certain Matters Relating to the Determination of LIBOR........................................6

                                                     ARTICLE V
                                                 THE CERTIFICATES

Section 5.01.       The Certificates..............................................................................1
Section 5.02.       Certificate Register; Registration of Transfer and Exchange of Certificates...................1
Section 5.03.       Mutilated, Destroyed, Lost or Stolen Certificates.............................................6
Section 5.04.       Persons Deemed Owners.........................................................................6
Section 5.05.       Access to List of Certificateholders' Names and Addresses.....................................6
Section 5.06.       Maintenance of Office or Agency...............................................................7

                                                    ARTICLE VI
                                       THE DEPOSITOR AND THE MASTER SERVICER

Section 6.01.       Respective Liabilities of the Depositor and the Master Servicer...............................1
Section 6.02.       Merger or Consolidation of the Depositor or the Master Servicer...............................1
Section 6.03.       Limitation on Liability of the Depositor, the Seller, the Master Servicer and Others..........1
Section 6.04.       Limitation on Resignation of the Master Servicer..............................................2

                                                    ARTICLE VII
                                                      DEFAULT

Section 7.01.       Events of Default.............................................................................1
Section 7.02.       Trustee to Act; Appointment of Successor......................................................2
Section 7.03.       Notification to Certificateholders............................................................3

                                                   ARTICLE VIII
                                              CONCERNING THE TRUSTEE

Section 8.01.       Duties of the Trustee.........................................................................1
Section 8.02.       Certain Matters Affecting the Trustee.........................................................2
Section 8.03.       Trustee Not Liable for Certificates or Mortgage Loans.........................................3
Section 8.04.       Trustee May Own Certificates..................................................................3
Section 8.05.       Trustee's Fees and Expenses...................................................................3
Section 8.06.       Eligibility Requirements for the Trustee......................................................4
Section 8.07.       Resignation and Removal of the Trustee........................................................4
Section 8.08.       Successor Trustee.............................................................................5
Section 8.09.       Merger or Consolidation of the Trustee........................................................5
Section 8.10.       Appointment of Co-Trustee or Separate Trustee.................................................5
Section 8.11.       Tax Matters...................................................................................7
Section 8.12.       Periodic Filings..............................................................................9
Section 8.13.       Corresponding Classes.........................................................................9

                                                    ARTICLE IX
                                                    TERMINATION

Section 9.01.       Termination upon Liquidation or Purchase of the Mortgage Loans................................1
Section 9.02.       Final Distribution on the Certificates........................................................1
Section 9.03.       Additional Termination Requirements...........................................................2

                                                     ARTICLE X
                                             MISCELLANEOUS PROVISIONS

Section 10.01.      Amendment.....................................................................................1
Section 10.02.      Recordation of Agreement; Counterparts........................................................2
Section 10.03.      Governing Law.................................................................................2
Section 10.04.      Intention of Parties..........................................................................3
Section 10.05.      Notices.......................................................................................3
Section 10.06.      Severability of Provisions....................................................................4
Section 10.07.      Assignment....................................................................................4
Section 10.08.      Limitation on Rights of Certificateholders....................................................4
Section 10.09.      Inspection and Audit Rights...................................................................5
Section 10.10.      Certificates Nonassessable and Fully Paid.....................................................5

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                                                     SCHEDULES

Schedule I:       Mortgage Loan Schedule....................................................................  S-I-1

Schedule II:      Representations and Warranties of the
                  Seller/Master Servicer.................................................................... S-II-1

Schedule III:     Representations and Warranties as to
                  the Mortgage Loans........................................................................S-III-1

Schedule IV:      Planned Balanced Schedules.................................................................S-IV-1

                                                     EXHIBITS

Exhibit A:        Form of Class A, M and B Certificate..........................................................A-1

Exhibit B:        [Reserved]....................................................................................B-1

Exhibit C:        Form of Class R Certificate...................................................................C-1

Exhibit D:        Form of Class X Certificate...................................................................D-1

Exhibit E:        Form of Reverse of Certificates...............................................................E-1

Exhibit F:        [Reserved]....................................................................................F-1

Exhibit G:        Form of Initial Certification of Trustee......................................................G-1

Exhibit H:        Form of Final Certification of Trustee........................................................H-1

Exhibit I:        Form of Transfer Affidavit....................................................................I-1

Exhibit J:        Form of Transferor Certificate................................................................J-1

Exhibit K:        [Reserved]....................................................................................K-1

Exhibit L:        Form of Rule 144A Letter......................................................................L-1

Exhibit M:        Form of Request for Release (for Trustee).....................................................M-1

Exhibit N:        Form of Request for Release (Mortgage Loan
                  Paid in Full, Repurchased and Released).......................................................N-1

Exhibit O:        [Reserved]....................................................................................O-1

Exhibit Q:        Form of Subsequent Transfer Agreement.........................................................Q-1

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          THIS POOLING AND SERVICING AGREEMENT, dated as of [ ], among INDYMAC
ABS, INC., a Delaware corporation, as depositor (the "Depositor"), [INDYMAC
BANK, F.S.B.] ("[IndyMac]"), a federal savings bank, as seller (in such
capacity, the "Seller") and as master servicer (in such capacity, the "Master
Servicer"), and [ ], a banking corporation organized under the laws of the
State of [ ], as trustee (the "Trustee"),

                                WITNESSETH THAT

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

                             PRELIMINARY STATEMENT

          The Trustee shall elect that the Trust Fund be treated for federal
income tax purposes as comprising two REMICs (each a "REMIC" or, in the
alternative, the Lower Tier REMIC and the Upper Tier REMIC, respectively).
Each Certificate, other than the Class R Certificate, represents ownership of
a regular interest in the Upper Tier REMIC for purposes of the REMIC
Provisions. The Class R Certificate represents ownership of the sole class of
residual interest in each of the Lower Tier REMIC and the Upper Tier REMIC for
purposes of the REMIC Provisions. The Startup Day for each REMIC described
herein is the Closing Date. The latest possible maturity date for each
Certificate is the latest date referenced in Section 9.01. The Upper Tier
REMIC shall hold as assets the several classes of uncertificated Lower Tier
Regular Interests, set out below. Each such Lower Tier Regular Interest is
hereby designated as a regular interest in the Lower Tier REMIC.

 Lower Tier Class Designation    Lower Tier Interest Rate     Initial Lower Tier
                                                               Principal Amount

       Class LT-C                           (1)                 $
       Class LT-AF-1                        (1)
       Class LT-MF-1                        (1)
       Class LT-MF-2                        (1)
       Class LT-BF                          (1)
       Class LT-D                           (2)
       Class LT-AV-1                        (2)
       Class LT-MV-1                        (2)
       Class LT-MV-2                        (2)
       Class LT-BV                          (2)
       Class LT-E                           (1)
       Class LT-R                           (3)                      (3)

(1)  The interest rate with respect to any Distribution Date for these
     interests is a per annum variable rate equal to the Group 1 WAC Cap.

(2)  The interest rate with respect to any Distribution Date for these
     interests is a per annum variable rate equal to the Group 2 WAC Cap.

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

     The Lower Tier REMIC shall hold as assets all of the assets included in
the Trust Fund other than the Group 1 Pre-Funding Account, the Group 2
Pre-Funding Account, the Group 1 Capitalized Interest Account, the Group 2
Capitalized Interest Account, the Excess Reserve Fund Account, and the Lower
Tier Regular Interests.

     With respect to any Distribution Date, interest that accrues on the Class
LT-C Interest at the Pass-Through Rate shown above shall be deferred and added
to the principal balance of the Class LT-C Interest in an amount equal to
[50]% of any increase in the Subordinated Amount for the Group 1Certificates
for such Distribution Date.

     With respect to any Distribution Date, Available Funds with respect to
the Mortgage Loans in Loan Group 1 shall be applied to pay interest that
accrues on the Class LT-AF-1, Class LT-MF-1, Class LT-MF-2, Class LT-BF-1,
Class LT-E, and Class LT-C Interests at the Pass-Through Rates shown above,
other than the interest deferred on the Class LT-C Interest in the manner
described in the preceding paragraph.

     With respect to any Distribution Date, interest that accrues on the Class
LT-D Interest at the Pass-Through Rate shown above will be deferred and added
to the principal balance of the Class LT-D Interest in an amount equal to
[50]% of any increase in the Subordinated Amount for the Group 2 Certificates
for such Distribution Date.

     With respect to any Distribution Date, Available Funds with respect to
the Mortgage Loans in Loan Group 2 shall be applied to pay interest that
accrues on the Class LT-AV-1, Class LT-MV-1, Class LT-MV-2, Class LT-BV-1, and
Class LT-D Interests at the Pass-Through Rates shown above, other than the
interest deferred on the Class LT-D Interest in the manner described in the
preceding paragraph.

     With respect to any Distribution Date, Available Funds with respect to
Mortgage Loans in Loan Group 1 not applied to pay interest shall be first
distributed on the Class LT-E interest until its balance is reduced to zero,
and then, shall be distributed to, and losses shall be allocated among, the
Class LT-AF-1, Class LT-MF-1, Class LT-MF-2, Class LT-BF and Class LT-C
Interests in a manner such that, immediately following such Distribution Date,
the principal balance of each of the Class LT-AF-1, Class LT-MF-1, Class
LT-MF-2, and Class LT-BF Interests equals [50]% of its Corresponding Class of
Upper Tier REMIC Regular Interest.

     With respect to any Distribution Date, Available Funds with respect to
Mortgage Loans in Loan Group 2 not applied to pay interest shall be
distributed to, and losses shall be allocated among, the Class LT-AV-1, Class
LT-MV-1, Class LT-MV-2, Class LT-BV, and Class LT-D Interests in a manner such
that, immediately following such Distribution Date, the principal balance of
each of the Class LT-AV-1, Class LT-MV-1, Class LT-MV-2, and Class LT-BV
Interests equals [50]% of its Corresponding Class of Upper Tier REMIC Regular
Interest.

     The Upper Tier REMIC shall issue the following classes of interests and
each Upper Tier Interest, other than the Class UT-R Interest, is hereby
designated as a regular interest in the Upper Tier REMIC.

<TABLE>
<CAPTION>
                                                               Initial Upper Tier       Corresponding
   Upper Tier Class Designation  Upper Tier Interest Rate       Principal Amount          Certificate
   ----------------------------  ------------------------       ----------------          -----------

           <S>                             <C>                    <C>                      <C>
           Class AF-1                      (1)                    $                        Class AF-1
           Class MF-1                      (1)                                             Class MF-1
           Class MF-2                      (1)                                             Class MF-2
           Class BF                        (1)                                             Class BF
           Class AV-1                      (2)                                             Class AV (7)
           Class MV-1                      (2)                                             Class MV-1 (7)
           Class MV-2                      (2)                                             Class MV-2 (7)
           Class BV                        (2)                                             Class BV (7)
           Class XF                        (3)                                (3)          Class X(5)
           Class XV                        (4)                                (4)          Class X(5)
           Class UT-R                      (6)                                             Class R

</TABLE>

(1)  With respect to any Distribution Date, the rate at which interest is
     payable on these interests will be the lesser of the rate shown above or
     the Group 1 WAC Cap. Following the Optional Termination Date, the stated
     per annum Pass-Through Rates shown above will increase by [ ]% ([ ] basis
     points).

(2)  The Class AV-1, Class MV-1, Class MV-2 and Class BV Interests will bear
     interest during their initial Interest Accrual Period at [ ]%, [ ]%, [ ]%
     and [ ]%, respectively, per annum. The Class AV-1, Class MV-1, Class MV-2
     and Class BV Interests will bear interest during each Interest Accrual
     Period thereafter at a per annum rate equal to the least of (i) LIBOR
     plus [ ]%, [ ]%, [ ]% and [ ]%, respectively, (ii) the Group 2 Maximum
     Cap, and (iii) the Group 2 WAC Cap. Following the Optional Termination
     Date, the Pass-Through Margin for the Class AV-1 Certificates shall be
     [doubled] and the Pass-Through Margin for Group 2 Subordinated
     Certificates shall increase by [1.5] times.

(3)  The Class XF Interest has an initial principal balance of $[ ], but it
     will not accrue interest on such balance but will accrue interest on a
     notional principal balance. As of any Distribution Date, the Class XF
     Interest shall have a notional principal balance equal to the aggregate
     of the principal balances of the Lower Tier Fixed Rate Regular Interests,
     other than the Class LT-E interest, as of the first day of the related
     Interest Accrual Period. With respect to any Interest Accrual Period, the
     Class XF Interest shall bear interest at a rate equal to the excess, if
     any, of the Group 1 WAC Cap over the product of (i) 2 and (ii) the
     Adjusted Lower Tier Fixed Rate WAC. With respect to any Distribution
     Date, interest that so accrues on the notional balance of the Class XF
     Interest shall be deferred in an amount equal to any increase in the
     Subordinated Amount for the Group 1 Certificates on such Distribution
     Date. Such deferred interest shall not itself bear interest.

(4)  The Class XV Interest has an initial principal balance of $[ ], but it
     will not accrue interest on such balance but will accrue interest on a
     notional principal balance. As of any Distribution Date, the Class XV
     Interest shall have a notional principal balance equal to the aggregate
     of the principal balances of the Lower Tier Adjustable Rate Regular
     Interests as of the first day of the related Interest Accrual Period.
     With respect to any Interest Accrual Period, the Class XV Interest shall
     bear interest at a rate equal to the excess, if any, of the Group 2 WAC
     Cap over the product of (i) 2 and (ii) the Adjusted Lower Tier Adjustable
     Rate WAC. With respect to any Distribution Date, interest that so accrues
     on the notional balance of the Class XV Interest shall be deferred in an
     amount equal to any increase in the Subordinated Amount for the Group 2
     Certificates on such Distribution Date. Such deferred interest shall not
     itself bear interest.

(5)  The Class XF and the Class XV Interests are non-severable components of
     the Class X Certificate.

(6)  The Class UT-R Interest is the sole class of residual interest in the
     Upper Tier REMIC. The Class UT-R Interest does not have an interest rate.

(7)  Each of these Certificates will represent not only the ownership of the
     Corresponding Class of Upper Tier Regular Interest but also the right to
     receive payments from the Excess Reserve Fund Account in respect of any
     Basis Risk CarryForward Amounts. For federal income tax purposes, the
     Trustee will treat a Certificateholder's right to receive payments from
     the Excess Reserve Fund Account as payments made pursuant to an interest
     rate cap contract written by the Class X Certificateholder.

     The minimum denomination for each Class of Certificates, other than the
Class R and the Class X Certificates, will be $25,000. The Class R and the
Class X Certificates will each represent a 100% Percentage Interest in such
class.

<PAGE>

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

Book-Entry Certificates................    All Classes of Certificates other
                                           than the Physical Certificates.

Group 1
  Certificates.........................    Class AF-1, Class MF-1, Class MF-2,
                                           Class BF and Class R Certificates.

Group 2
  Certificates.........................    Class AV-1, Class MV-1, Class MV-2
                                           and Class BV Certificates.

Group 1
  Class A Certificates.................    Class AF-1 Certificates.

Group 2
  Class A Certificates.................    Class AV-1 Certificates.

Group 1
  Mezzanine Certificates...............    Class MF-1 and Class MF-2
                                           Certificates.

Group 2
  Mezzanine Certificates...............    Class MV-1 and Class MV-2
                                           Certificates.

Group 1
  Subordinated Certificates............    Group 1 Mezzanine Certificates and
                                           Class BF Certificates.

Group 2
  Subordinated Certificates............    Group 2 Mezzanine Certificates and
                                           Class BV Certificates.

Adjustable Rate Certificates...........    Group 2 Certificates.

Fixed Rate Certificates................    Class AF-1, Class MF-1, Class MF-2
                                           and Class BF Certificates.

Delay Certificates.....................    All interest-bearing Classes of
                                           Certificates other than the
                                           Non-Delay Certificates, if any.

ERISA-Restricted
  Certificates.........................    Subordinated Certificates, Class R
                                           Certificates and Class X
                                           Certificate.

Floating Rate Certificates.............    Adjustable Rate Certificates.

LIBOR Certificates.....................    Adjustable Rate Certificates.

Mezzanine Certificates.................    Class MF-1, Class MF-2, Class MV-1
                                           and Class MV-2 Certificates.

Non-Delay Certificates.................    Adjustable Rate Certificates.

Offered Certificates...................    All Classes of Certificates other
                                           than the Private Certificates.

Physical Certificates..................    Class X and Class R Certificates.

Private Certificates...................    Class X Certificate.

Rating Agencies........................    [S&P] and [Fitch].

Regular Certificates...................    All Classes of Certificates other
                                           than the Class R Certificates.

Residual Certificates..................    Class R Certificates.

Subordinated Certificates..............    Mezzanine Certificates, Class BF
                                           Certificates and Class BV
                                           Certificates.

          References herein to "Class A," "Class M-1," "Class M-2," "Class B,"
"Mezzanine Certificates" and "Subordinated Certificates" are references to
Certificates of either or both Certificate Groups of similar designations, as
the context requires.

<PAGE>

                                   ARTICLE I

                                  DEFINITIONS

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

          Accrued Certificate Interest Distribution Amount: With respect to
any Distribution Date for each Class of Certificates (other than the Class X
Certificate), the amount of interest accrued during the related Interest
Accrual Period at the applicable Pass-Through Rate on the related Class
Certificate Balance immediately prior to such Distribution Date.

          Adjusted Lower Tier Adjustable Rate WAC: With respect to any
Interest Accrual Period, the weighted average of the interest rates on the
Lower Tier Adjustable Rate Regular Interests determined for this purpose by
first subjecting the rate payable on the Class LT-D Interest to a cap of zero
and subjecting the rate payable on each of the Class LT-AV-1, Class LT-MV-1,
Class LT-MV-2, and Class LT-BV Interests to a cap equal to LIBOR plus the
Margin that corresponds to the Pass-Through Margin used in computing the
Pass-Through Rate on the Corresponding Class of Certificates.

          Adjusted Lower Tier Fixed Rate WAC: With respect to any Interest
Accrual Period, the weighted average of the interest rates on the Lower Tier
Fixed Rate Regular Interests determined for this purpose by first subjecting
the rate payable on the Class LT-C Interest to a cap of zero, subjecting the
rate payable on each of the Class LT-AF-1, Class LT-MF-1, Class LT-MF-2, and
Class LT-BF Interests to a cap that corresponds to the Pass-Through Rate
payable on the Corresponding Class of Certificates.

          Adjusted Mortgage Rate: As to each Mortgage Loan and at any time,
the per annum rate equal to the Mortgage Rate less the Master Servicing Fee
Rate.

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

          Adjustment Date: As to any Mortgage Loan in Loan Group 2, the first
Due Date on which the related Mortgage Rate adjusts as set forth in the
related Mortgage Note and each Due Date thereafter on which the Mortgage Rate
adjusts as set forth in the related Mortgage Note.

          Advance: As to a Loan Group, the payment required to be made by the
Master Servicer with respect to any Distribution Date pursuant to Section
4.01, the amount of any such payment being equal to the aggregate of payments
of principal and interest (net of the Master Servicing Fee and net of any net
income in the case of any REO Property) on the Mortgage Loans in such Loan
Group that were due during the related Remittance Period and not received as
of the close of business on the related Determination Date, less the aggregate
amount of any such delinquent payments that the Master Servicer has determined
would constitute a Nonrecoverable Advance if advanced.

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

          Amount Held for Future Distribution: As to the Certificates in
either Certificate Group on any Distribution Date, the aggregate amount held
in the Certificate Account at the close of business on the related
Determination Date on account of (i) Principal Prepayments and Liquidation
Proceeds on the Mortgage Loans in the related Loan Group received after the
end of the related Remittance Period and (ii) all Scheduled Payments on the
Mortgage Loans in the related Loan Group due after the end of the related
Remittance Period.

          Applied Realized Loss Amount: With respect to any Distribution Date,
the amount, if any, by which, (i) with respect to the Group 1 Certificates,
the aggregate Class Certificate Balance of the Group 1 Certificates after
distributions of principal on such Distribution Date exceeds the aggregate
Stated Principal Balance of the Mortgage Loans in Loan Group 1 as of the last
day of the immediately preceding Remittance Period plus the amount in the
related Pre-Funding Account, if any, excluding investment earnings, and (ii)
with respect to the Group 2 Certificates, the aggregate Class Certificate
Balance of the Group 2 Certificates after distributions of principal on such
Distribution Date exceeds the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 2 as of the last day of the immediately preceding
Remittance Period plus the amount in the related Pre-Funding Account, if any.

          Available Funds: With respect to any Distribution Date and the
Mortgage Loans in a Loan Group (x) the sum of (i) all scheduled installments
of interest (net of the related Expense Fees) and principal due on the Due
Date on such Mortgage Loans in the related Remittance Period and received
prior to the related Determination Date, together with any Advances in respect
thereof; (ii) all Insurance Proceeds and Liquidation Proceeds during the
related Remittance Period (in each case, net of unreimbursed expenses incurred
in connection with a liquidation or foreclosure and unreimbursed Advances, if
any); (iii) all partial or full prepayments on the Mortgage Loans in such Loan
Group received during the related Remittance Period together with all
Compensating Interest thereon; (iv) the related Unutilized Pre-Funding Amount;
(v) the related Capitalized Interest Requirement and (vi) amounts received
with respect to such Distribution Date as the Substitution Adjustment Amount
or purchase price in respect of a Deleted Mortgage Loan in such Loan Group or
a Mortgage Loan repurchased by the Seller or the Master Servicer in such Loan
Group as of such Distribution Date; reduced by (y) (i) amounts in
reimbursement for Advances previously made with respect to the Mortgage Loans
in such Loan Group and other amounts as to which the Master Servicer is
entitled to be reimbursed pursuant to the Agreement with respect to such Loan
Group and (ii) the Trustee's Fee allocated to such Loan Group.

          Basic Principal Distribution Amount: With respect to any
Distribution Date and Loan Group, the excess of (i) the related Principal
Remittance Amount for such Distribution Date over (ii) the related Excess
Subordinated Amount, if any, for such Distribution Date.

          Basis Risk CarryForward Amount: With respect to each Class of Group
2 Certificates, as of any Distribution Date, the sum of (A) if on such
Distribution Date the Pass-Through Rate for any Class of Group 2 Certificates
is based upon the Group 2 WAC Cap, the excess of (i) the amount of interest
such Class of Group 2 Certificates would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of LIBOR and
the applicable Pass-Through Margin on such Class of Group 2 Certificates for
such Distribution Date, up to the Group 2 Maximum Cap over (ii) the amount of
interest payable on such Class of Group 2 Certificates at the Group 2 WAC Cap
for such Distribution Date and (B) the Basis Risk CarryForward Amount for such
Class of Group 2 Certificates for all previous Distribution Dates not
previously paid, together with interest thereon at a rate equal to the sum of
LIBOR and the applicable Pass-Through Margin for such Class of Group 2
Certificates for such Distribution Date, subject to the Group 2 Maximum Cap.

          Basis Risk Payment: For any Distribution Date, an amount equal to
the sum of (i) any Basis Risk CarryForward Amount and (ii) the Required
Reserve Amount for that date, provided, however, that with respect to any
Distribution Date, the payment cannot exceed the sum of the amounts otherwise
distributable on the Class X Certificates.

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

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

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

          Capitalized Interest Account: Either of the Group 1 Capitalized
Interest Account or the Group 2 Capitalized Interest Account.

          Capitalized Interest Requirement: With respect to the Distribution
Date in [ ] and [ ] and Loan Group 1, the product of (a) the excess of the
Pre-Funding Amount for Loan Group 1 on the Closing Date over the Principal
Balance of any Subsequent Mortgage Loan transferred to the Trust Fund for Loan
Group 1 during the related Due Period or a prior Due Period that has a Monthly
Payment due during such Due Period and (b) a fraction, the numerator of which
is the weighted average of the Pass-Through Rates on the Group 1 Certificates
for such Distribution Date and the denominator of which is 12. With respect to
the Distribution Date in [ ] and [ ] and Loan Group 2, the product of (a) the
excess of the Pre-Funding Amount for Loan Group 2 on the Closing Date over the
Principal Balance of any Subsequent Mortgage Loan transferred to the Trust
Fund for Loan Group 2 during the related Due Period or a prior Due Period that
has a Monthly Payment due during such Due Period and (b) a fraction, the
numerator of which is the weighted average of the Pass-Through Rates on the
Group 2 Certificates for such Distribution Date and the denominator of which
is 12.

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

          Certificate Account: The separate Eligible Account or Accounts
created and maintained by the Master Servicer pursuant to Section 3.06(c) with
a depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of Certificateholders and designated "[IndyMac Bank,
F.S.B.], in trust for the registered holders of Home Equity Mortgage Loan
Asset-Backed Certificates, Series SPMD [ ]".

          Certificate Balance: With respect to any Class of Certificates,
other than the Class X Certificate, at any date, the maximum dollar amount of
principal to which the Holder thereof is then entitled hereunder, such amount
being equal to the Denomination thereof minus all distributions of principal
previously made with respect thereto and in the case of any Subordinated
Certificates, reduced by any Applied Realized Loss Amounts applicable to such
Class of Subordinated Certificates. The Class X Certificate has no Certificate
Balance.

          Certificate Group: Any of the Certificate Group 1 Certificates or
the Certificate Group 2 Certificates, as applicable.

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

          Certificate Register: The register maintained pursuant to Section

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

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

          Class A Principal Distribution Amount: With respect to each Loan
Group and any Distribution Date, the excess of (i) the aggregate Class
Certificate Balance of the Class A Certificates for the related Certificate
Group immediately prior to such Distribution Date over (ii) the lesser of (A)
[ ]% for Loan Group 1 and [ ]% for Loan Group 2, of the aggregate Stated
Principal Balance of the Mortgage Loans in the related Loan Group as of the
last day of the related Remittance Period and (B) the Stated Principal
Balances of the Mortgage Loans in the related Loan Group as of the last day of
the related Remittance Period minus $[ ] with respect to Loan Group 1 and $[ ]
with respect to Loan Group 2.

          Class B Principal Distribution Amount: With respect to each Loan
Group and any Distribution Date, the excess of (i) the sum for the related
Certificate Group of (A) the aggregate Class Certificate Balance of the Class
A Certificates (after taking into account distribution of the Class A
Principal Distribution Amount on such Distribution Date), (B) the Class
Certificate Balance of the Class M-1 Certificates (after taking into account
distribution of the Class M-1 Principal Distribution Amount on such
Distribution Date), (C) the Class Certificate Balance of the Class M-2
Certificates (after taking into account distribution of the Class M-2
Principal Distribution Amount for such Distribution Date), and (D) the Class
Certificate Balance of the Class B Certificates immediately prior to such
Distribution Date over (ii) the lesser of (A) [ ]% for Loan Group 1 and [ ]%
for Loan Group 2, of the aggregate Stated Principal Balance of the Mortgage
Loans in the related Loan Group as of the last day of the related Remittance
Period and (B) the Stated Principal Balances of the Mortgage Loans in the
related Loan Group as of the last day of the related Remittance Period minus
$[ ] with respect to Loan Group 1 and $[ ] with respect to Loan Group 2,
provided, however, that with respect to any Distribution Date on which the
Class Certificate Balances of the related Class A, Class M-1 and Class M-2
Certificates have been reduced to zero, the Class B Principal Distribution
Amount is the lesser of (x) the Class Certificate Balance of the Class B
Certificates and (y) the related Principal Distribution Amount.

          Class Certificate Balance: With respect to any Class and as to any
date of determination, the aggregate of the Certificate Balances of all
Certificates of such Class as of such date.

          Class M-1 Principal Distribution Amount: With respect to each Loan
Group and any Distribution Date, the excess of (i) the sum for the related
Certificate Group of (A) the aggregate Class Certificate Balance of the Class
A Certificates (after taking into account distribution of the Class A
Principal Distribution Amount on such Distribution Date), and (B) the Class
Certificate Balance of the Class M-1 Certificates immediately prior to such
Distribution Date over (ii) the lesser of (A) [ ]% for Loan Group 1 and [ ]%
for Loan Group 2, of the aggregate Stated Principal Balance of the Mortgage
Loans in the related Loan Group as of the last day of the related Remittance
Period and (B) the Stated Principal Balances of the Mortgage Loans in the
related Loan Group as of the last day of the related Remittance Period minus
$[ ] with respect to Loan Group 1 and $[ ] with respect to Loan Group 2.

          Class M-2 Principal Distribution Amount: With respect to each Loan
Group and any Distribution Date, the excess of (i) the sum for the related
Certificate Group of (A) the aggregate Class Certificate Balance of the Class
A Certificates (after taking into account distribution of the Class A
Principal Distribution Amount on such Distribution Date), (B) the Class
Certificate Balance of the Class M-1 Certificates (after taking into account
distribution of the Class M-1 Principal Distribution Amount on such
Distribution Date) and (C) the Class Certificate Balance of the Class M-2
Certificates immediately prior to such Distribution Date over (ii) the lesser
of (A) []% for Loan Group 1 and [ ]% for Loan Group 2, of the aggregate Stated
Principal Balance of the Mortgage Loans in the related Loan Group as of the
last day of the related Remittance Period and (B) the Stated Principal
Balances of the Mortgage Loans in the related Loan Group as of the last day of
the related Remittance Period minus $[ ] with respect to Loan Group 1 and $[ ]
with respect to Loan Group 2.

          Class X Distributable Amount: On any Distribution Date, the amount
of interest that has accrued on the Class XF and Class XV Regular Interests
and any portion of the principal balance of either the Class XF or Class XV
Regular Interests which is distributable as a Subordination Reduction Amount
plus Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts,
if any.

          Closing Date: [ ].

          Code: The Internal Revenue Code of 1986, including any successor or
amendatory provisions.

          Collateral Value: With respect to any Mortgage Loan, the Collateral
Value of the related Mortgaged Property shall be, other than with respect to
Mortgage Loans the proceeds of which were used for a Refinance Loan, the
lesser of (i) the appraised value determined in an appraisal obtained by the
originator at origination of such Mortgage Loan and (ii) the sales price for
such Mortgaged Property. In the case of Refinance Loans, the Collateral Value
of the related Mortgaged Property is the appraised value thereof determined in
an appraisal obtained at the time of refinancing.

          Collection Account: As defined in Section 3.06(b).

          Combined Loan-to-Value Ratio: For any Mortgage Loan at any time,
shall be the ratio expressed as a percentage of (i) the sum of (a) the
original principal balance of such Mortgage Loan and (b) the outstanding
principal balance at the date of origination of such Mortgage Loan of any
senior mortgage loan(s), or in the case of any open-ended senior mortgage
loan, the maximum available line of credit with respect to such mortgage loan
at origination, regardless of any lesser amount actually outstanding at the
date of origination of such Mortgage Loan, to (ii) the Collateral Value of
such Mortgage Loan.

          Compensating Interest: For any Distribution Date, an amount equal to
[ ]% multiplied by one-twelfth multiplied by the aggregate Stated Principal
Balance of the Mortgage Loans as of the first day of the prior month.

          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.

          Coop Shares: Shares issued by a Cooperative Corporation.

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

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

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

          Corporate Trust Office: The designated office of the Trustee in the
State of New York at which at any particular time its corporate trust business
with respect to this Agreement shall be administered, which office at the date
of the execution of this Agreement is located at [Address of Trustee] (Attn: [
]), facsimile no. [ ] and which is the address to which notices to and
correspondence with the Trustee should be directed.

          Corresponding Class: The class of interests in any REMIC created
under this Agreement that correspond to the Class of interests in another such
REMIC or to a Class of Certificates in the manner set out below:

       Lower Tier Class
         Designation          Upper Tier Interest     Corresponding Certificate
         -----------          -------------------     -------------------------

         Class LT-AF-1            Class AF-1               Class AF-1
         Class LT-MF-1            Class MF-1               Class MF-1
         Class LT-MF-2            Class MF-2               Class MF-2
         Class LT-BF              Class BF                 Class BF
         Class LT-AV-1            Class AV-1               Class AV-1
         Class LT-MV-1            Class MV-1               Class MV-1
         Class LT-MV-2            Class MV-2               Class MV-2
         Class LT-BV              Class BV                 Class BV

          Cut-off Date: For each Initial Mortgage Loan, [ ]; for each
Subsequent Mortgage Loan, [ ].

          Cut-off Date Pool Principal Balance: For any Cut-off Date, the
aggregate Stated Principal Balance of all Mortgage Loans as of such date.

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

          Debt Service Reduction Mortgage Loan: Any Mortgage Loan that became
the subject of a Debt Service Reduction.

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

          Deficient Valuation: With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount
less than the then outstanding indebtedness under 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 Certificates: Any Certificate evidenced by a Physical
Certificate and any Certificate issued in lieu of a Book-Entry Certificate
pursuant to Section 5.02(e).

          Delay Certificates: As specified in the Preliminary Statement.

          Delay Delivery Mortgage Loans: (i) The Initial Mortgage Loans
identified on the Mortgage Loan Schedule for which all or a portion of a
related Mortgage File is not delivered to the Trustee on or prior to the
Closing Date, and (ii) all Subsequent Mortgage Loans. The Depositor shall
deliver (or cause delivery of) the Mortgage Files to the Trustee: (A) with
respect to at least [ ]% of the Initial Mortgage Loans, not later than the
Closing Date, (B) with respect to at least [ ]% of the Subsequent Mortgage
Loans conveyed on a Subsequent Transfer Date, not later than [twenty one] days
after such Subsequent Transfer Date, and (C) with respect to the remaining
[ ]% of the Initial Mortgage Loans, not later than [five] Business Days after
the Closing Date, and not later than [thirty] days after the relevant
Subsequent Transfer Date with respect to the remaining [ ]% of the Subsequent
Mortgage Loans conveyed on the related Subsequent Transfer Date. To the extent
that the Seller shall be in possession of any Mortgage Files with respect to
any Delay Delivery Loan, until delivery to of such Mortgage File to the
Trustee as provided in Section 2.01, the Seller shall hold such files as
Master Servicer hereunder, as agent and in trust for the Trustee.

          Deleted Mortgage Loan: As defined in Section 2.03(c).

          Denomination: With respect to each Certificate, the amount set forth
on the face thereof as the "Initial Certificate Balance of this Certificate"
or the Percentage Interest appearing on the face thereof.

          Depositor: IndyMac ABS, Inc., a Delaware corporation, or its
successor in interest.

          Depository: The initial Depository shall be The Depository Trust
Company, the nominee of which is CEDE & Co., as the registered Holder of the
Book-Entry Certificates. The Depository shall at all times be a "clearing
corporation" as defined in Section 8-102(a)(5) of the Uniform Commercial Code
of the State of New York.

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

          Determination Date: As to any Distribution Date, the [18]th day of
each month or if such [18]th day is not a Business Day the next succeeding
Business Day; provided, however, that if such next succeeding Business Day is
less than [two] Business Days prior to the related Distribution Date, then the
Determination Date shall be the next Business Day preceding the [18]th day of
such month.

          Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.06(e) in the name of the
Trustee for the benefit of the Certificateholders and designated "[ ] in trust
for registered holders of IndyMac Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]." Funds in the Distribution Account shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

          Distribution Account Deposit Date: As to any Distribution Date,
12:30 p.m. Pacific time on the Business Day immediately preceding such
Distribution Date.

          Distribution Date: The [25]th day of each calendar month after the
initial issuance of the Certificates, or if such [25]th day is not a Business
Day, the next succeeding Business Day, commencing in [ ].

          Due Date: With respect to any Mortgage Loan, the day of the month on
which a Scheduled Payment is due which is the [first] day of the month.

          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, but only if
Moody's is not a Rating Agency) 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.

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

          ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the requirements of Prohibited
Transaction Exemption 97-34, 62 Fed. Reg. 39021 (1997), as amended (or any
successor thereto), or any substantially similar administrative exemption
granted by the U.S. Department of Labor (an "Underwriter's Exemption").

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

          Escrow Account: The Eligible Account or Accounts established and
maintained pursuant to Section 3.07(a).

          Event of Default: As defined in Section 7.01.

          Excess Proceeds: With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds of such Mortgage
Loan received in the calendar month in which such Mortgage Loan became a
Liquidated Mortgage Loan, net of any amounts previously reimbursed to the
Master Servicer as Nonrecoverable Advance(s) with respect to such Mortgage
Loan pursuant to Section 3.09(a)(ii), exceeds (i) the unpaid principal balance
of such Liquidated Mortgage Loan as of the Due Date in the month in which such
Mortgage Loan became a Liquidated Mortgage Loan plus (ii) accrued interest at
the 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
applicable to the Distribution Date immediately following the calendar month
during which such liquidation occurred.

          Excess Reserve Fund Account: The separate Eligible Account created
and maintained by the Trustee pursuant to Section 3.06(d) in the name of the
Trustee for the benefit of the Adjustable Rate Certificateholders and
designated "[ ] in trust for registered holders of IndyMac Home Equity
Mortgage Loan Asset-Backed Trust, Series [ ]." Funds in the Excess Reserve
Fund Account shall be held in trust for the Adjustable Rate Certificateholders
for the uses and purposes set forth in this Agreement.

          Excess Subordinated Amount: With respect to a Certificate Group and
any Distribution Date, the excess, if any, of (a) the related Subordinated
Amount on such Distribution Date over (b) the related Specified Subordinated
Amount for such Distribution Date.

          Expense Fees: As to each Mortgage Loan, the sum of the related
Master Servicing Fee, Servicing Fee and Trustee Fee.

          Expense Fee Rate: As to each Mortgage Loan, the sum of the related
Master Servicing Fee Rate, Servicing Fee Rate and Trustee Fee Rate.

          Extra Principal Distribution Amount: As of any Distribution Date and
either Certificate Group, the lesser of (x) the related Total Monthly Excess
Spread for such Distribution Date and (y) the related Subordination Deficiency
for such Distribution Date.

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

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

          Final Scheduled Payment Date: The Final Scheduled Payment Date for
each Class of Certificates is as follows:

                                                                Final Scheduled
                                                                  Payment Date
                                                             -------------------

Class AF-1 Certificates.........................................  [        ]
Class MF-1 Certificates.........................................  [        ]
Class MF-2 Certificates.........................................  [        ]
Class BF Certificates...........................................  [        ]
Class AV-1 Certificates.........................................  [        ]
Class MV-1 Certificates.........................................  [        ]
Class MV-2 Certificates.........................................  [        ]
Class BV Certificates...........................................  [        ]
Class R Certificates............................................  [        ]

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

          [Fitch: Fitch, Inc., or any successor thereto. If Fitch is
designated as a Rating Agency in the Preliminary Statement, for
purposes of Section 10.05(b) the address for notices to Fitch shall be Fitch,
Inc., One State Street Plaza, New York, NY 10004, Attention: MBS Monitoring -
IndyMac SPMD [ ], or such other address as Fitch may hereafter furnish to the
Depositor and the Master Servicer.]

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

          Group 1 Certificates: As specified in the Preliminary Statement.

          Group 1 Capitalized Interest Account: The separate Eligible Account
created and maintained by the Trustee pursuant to Section 3.06 in the name of
the Trustee for the benefit of the Certificateholders and designated "[ ], in
trust for registered holders of IndyMac Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]". Funds in the Group 1 Capitalized Interest
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement and shall not be a part of any REMIC
created hereunder, provided, however that any investment income earned from
Permitted Investments made with funds in the Group 1 Capitalized Interest
Account will be for the account of the Seller.

          Group 1 Pre-Funding Account: The separate Eligible Account created
and maintained by the Trustee pursuant to Section 3.06 in the name of the
Trustee for the benefit of the Certificateholders and designated "[ ], in
trust for registered holders of IndyMac Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]" allocated for the purchase of Subsequent
Mortgage Loans to be included in Loan Group 1. Funds in the Group 1
Pre-Funding Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in this Agreement and shall not be a part of any
REMIC created hereunder.

          Group 1 WAC Cap: With respect to the Mortgage Loans in Loan Group 1
as of any Distribution Date, the weighted average of the Adjusted Net Mortgage
Rates in effect on the beginning of the related Remittance Period for such
Mortgage Loans.

          Group 2 Certificates: As specified in the Preliminary Statement.

          Group 2 Capitalized Interest Account: The separate Eligible Account
created and maintained by the Trustee pursuant to Section 3.06 in the name of
the Trustee for the benefit of the Certificateholders and designated "[ ], in
trust for registered holders of IndyMac Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]". Funds in the Group 2 Capitalized Interest
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement and shall not be a part of any REMIC
created hereunder, provided, however that any investment income earned from
Permitted Investments made with funds in the Group 2 Capitalized Interest
Account will be for the account of the Seller.

          Group 2 Pre-Funding Account: The separate Eligible Account created
and maintained by the Trustee pursuant to Section 3.05 in the name of the
Trustee for the benefit of the Certificateholders and designated "[ ], in
trust for registered holders of IndyMac Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]" allocated for the purchase of Subsequent
Mortgage Loans to be included in Loan Group 2. Funds in the Group 2
Pre-Funding Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in this Agreement and shall not be a part of any
REMIC created hereunder.

          Group 2 Maximum Cap: With respect to the Mortgage Loans in Loan
Group 2 as of any Distribution Date, the weighted average of the Maximum Rates
on the Mortgage Loans in Loan Group 2 less the Expense Fee Rate.

          Group 2 WAC Cap: With respect to the Mortgage Loans in Loan Group 2
as of any Distribution Date, the product of (1) the weighted average of the
Adjusted Net Mortgage Rates then in effect on the beginning of the related
Remittance Period on the Mortgage Loans in Loan Group 2 and (ii) a fraction,
the numerator of which is 30 and the denominator of which is the actual number
of days in the Interest Accrual Period for the Group 2 Certificates related to
such Distribution Date.

          Index: As to each Mortgage Loan in Loan Group 2, the index from time
to time in effect for the adjustment of the Mortgage Rate set forth as such on
the related Mortgage Note.

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

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

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

          Insurance Proceeds: Proceeds paid by an insurer pursuant to any
Insurance Policy, in each case other than any amount included in such
Insurance Proceeds in respect of Insured Expenses.

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

          Interest Accrual Period: With respect to each Class of Delay
Certificates and the Corresponding Class of Lower Tier Regular Interests and
any Distribution Date, the calendar month prior to the month of such
Distribution Date. For purposes of computing accrual of interest on each Class
of Delay Certificates and each Class of Lower Tier Regular Interests, each
month is assumed to have 30 days and each year is assumed to have 360 days.
With respect to each Class of Non-Delay Certificates and the Corresponding
Class of Lower Tier Regular Interests and any Distribution Date, the period
commencing on the [25]th day of the month preceding the month in which such
Distribution Date occurs and ending on the [24]th day of the month in which
such Distribution Date occurs (or in the case of the first Distribution Date,
the period from and including the Closing Date to but excluding such first
Distribution Date). For purposes of computing interest accruals on each Class
of Non-Delay Certificates, each Interest Accrual Period has the actual number
of days in such month and each year is assumed to have 360 days.

          Lender PMI Loans: Mortgage Loans with respect to which the lender
rather than the borrower acquired the primary mortgage guaranty insurance and
charged the related borrower an interest premium.

          LIBOR: With respect to any Interest Accrual Period for the LIBOR
Certificates, the rate determined by the Trustee on the related LIBOR
Determination Date on the basis of the offered rate for one-month U.S. dollar
deposits as such rate appears on Telerate Page 3750 as of 11:00 a.m. (London
time) on such date; provided that if such rate does not appear on Telerate
Page 3750, the rate for such date will be determined on the basis of the rates
at which one-month U.S. dollar deposits are offered by the Reference Banks at
approximately 11:00 a.m. (London time) on such date to prime banks in the
London interbank market. In such event, the Trustee will request the principal
London office of each of the Reference Banks to provide a quotation of its
rate. If at least two such quotations are provided, the rate for that date
will be the arithmetic mean of the quotations (rounded upwards if necessary to
the nearest whole multiple of 1/16%). If fewer than two quotations are
provided as requested, the rate for that date will be the arithmetic mean of
the rates quoted by major banks in New York City, selected by the Master
Servicer, at approximately 11:00 a.m. (New York City time) on such date for
one-month U.S. dollar loan to leading European banks.

          LIBOR Certificates: As specified in the Preliminary Statement.

          LIBOR Determination Date: With respect to any Interest Accrual
Period (other than the initial Interest Accrual Period) for the LIBOR
Certificates, the [second] London Business Day preceding the commencement of
such Interest Accrual Period.

          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 Master 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 partial release of
a Mortgaged Property and any other proceeds received in connection with an REO
Property, less the sum of related unreimbursed Master Servicing Fees,
Servicing Advances and Advances.

          Loan Group: Any of Loan Group 1 or Loan Group 2, as applicable.

          Loan Group 1: All Mortgage Loans which have Mortgage Rates that are
fixed.

          Loan Group 2: All Mortgage Loans which have Mortgage Rates that are
adjustable.

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

          London Business Day: Any day on which dealings in deposits of United
States dollars are transacted in the London interbank market.

          Lost Mortgage Note: Any Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.

          Lower Tier Adjustable Rate Regular Interest: Each of the Class
LT-AV-1, Class LT-MV-1, Class LT-MV-2, and Class BV Interests as described in
the Preliminary Statement.

          Lower Tier Fixed Rate Regular Interest: Each of the Class LT-AF-1,
Class LT-MF-1, Class LT-MF-2, and Class LT-BF Interests as described in the
Preliminary Statement.

          Lower Tier Regular Interests: Each of the Lower Tier Adjustable Rate
Regular Interests and the Lower Tier Fixed Rate Regular Interests.

          Lower Tier REMIC: As described in the Preliminary Statement

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

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

          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.

          Master Servicer: [IndyMac Bank, F.S.B.], a federal savings bank, and
its successors and assigns, in its capacity as master servicer hereunder.

          Master Servicer Advance Date: As to any Distribution Date, 12:30
p.m. Pacific time on the Business Day immediately preceding such Distribution
Date.

          Master Servicing Fee: As to each Mortgage Loan and any Distribution
Date, an amount equal to one month's interest at the related Master Servicing
Fee Rate on the Stated Principal Balance of such Mortgage Loan or, in the
event of any payment of interest which accompanies a Principal Prepayment in
Full made by the Mortgagor, interest at the Master Servicing Fee Rate on the
Stated Principal Balance of such Mortgage Loan for the period covered by such
payment of interest, subject to reduction as provided in Section 3.15.

          Master Servicer Prepayment Charge Payment Amount: The amounts
payable by the Master Servicer in respect of waived Prepayment Charges
pursuant to Section 3.06(d)(ix).

          Master Servicing Fee Rate: With respect to each Mortgage Loan, [ ]%
per annum.

          Maximum Rate: As to any Mortgage Loans in Loan Group 2, the maximum
rate set forth on the related Mortgage Note at which interest can accrue on
such Mortgage Loan.

          Modified Mortgage Loan: Any Mortgage Loan which the Master Servicer
has modified pursuant to Section 3.12(c).

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

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

          Mortgage File: The mortgage documents listed in Section 2.01
pertaining to a particular Mortgage Loan and any additional documents
delivered to the Trustee to be added to the Mortgage File pursuant to this
Agreement.

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

          Mortgage Loan Schedule: As of any date, the list of Mortgage Loans
included in the Trust Fund on such date, separately identifying the Initial
Mortgage Loans and the Subsequent Mortgage Loans (if any), attached hereto as
Schedule I. The Mortgage Loan Schedule shall be prepared by the Seller and
shall set forth the following information with respect to each Mortgage Loan.

            (i)  the loan number;

           (ii)  the Mortgagor's name and the street address of the Mortgaged
                 Property, including the zip code;

          (iii)  the maturity date;

           (iv)  the original principal balance;

            (v)  the Cut-off Date Principal Balance;

           (vi)  the first payment date of the Mortgage Loan;

          (vii)  the Scheduled Payment in effect as of the related Cut-off
                 Date;

         (viii)  the Loan-to-Value Ratio or Combined Loan-to-Value (as
                 applicable) at origination;

           (ix)  a code indicating whether the residential dwelling at the time
                 of origination was represented to be owner-occupied;

            (x)  a code indicating whether the residential dwelling is either
                 (a) a detached single family dwelling, (b) a dwelling in a PUD,
                 (c) a condominium unit, (d) a two- to four-unit residential
                 property, or (e) a Cooperative Unit;

           (xi)  the Mortgage Rate;

          (xii)  the purpose for the Mortgage Loan;

         (xiii)  the type of documentation program pursuant to which the
                 Mortgage Loan was originated;

          (xiv)  with respect to the Mortgage Loans in Loan Group 2:

                 (a)  the Maximum Rate;

                 (b)  the Periodic Rate Cap;

                 (c)  the Adjustment Date;

                 (d)  the Margin;

           (xv)  a code indicating whether the Mortgage Loan is a Performance
                 Loan;

          (xvi)  the Servicing Fee Rate;

         (xvii)  a code indicating whether the Mortgage Loan is a Lender PMI
                 Loan;

         (xviii) with respect to the Lender PMI Loans, the Lender PMI fee
                 premium; and

         (xix)   a code indicating whether the Mortgage Loan is a Delay
                 Delivery Mortgage Loan.

Such schedule shall also set forth the total of the amounts described under
(v) above for all of the Mortgage Loans.

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

          Mortgage Rate: The annual rate of interest borne by a Mortgage Note
from time to time.

          Mortgaged Property: The underlying property securing a Mortgage
Loan, which, with respect to a Cooperative Loan, is the related Coop Shares
and Proprietary Lease.

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

          Net Monthly Excess Cashflow: For any Distribution Date the amount
remaining for distribution pursuant to subsection 4.02(iii)(before giving
effect to distributions pursuant to such subsection).

          Net Prepayment Interest Shortfall: For any Distribution Date and any
Loan Group, the amount by which the sum of the Prepayment Interest Shortfalls
with respect to such Loan Group exceeds the sum of the Compensating Interest
payments made on such Distribution Date with respect to such Loan Group.

          Non-Delay Certificates: As specified in the Preliminary Statement.

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

          Notice of Final Distribution: The notice to be provided pursuant to
Section 9.02 to the effect that final distribution on any of the Certificates
shall be made only upon presentation and surrender thereof.

          Offered Certificates: As specified in the Preliminary Statement.

          Officer's Certificate: 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 Depositor or the Master Servicer, or (ii) if provided for
in this Agreement, signed by a Servicing Officer, as the case may be, and
delivered to the Depositor and the Trustee, as the case may be, as required by
this Agreement.

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

          Optional Termination: The termination of the Trust Fund created
hereunder in connection with the purchase of the Mortgage Loans pursuant to
Section 9.01(a) hereof.

          Optional Termination Date: The Distribution Date on which the assets
of the Trust Fund decline to [10]% or less of the Cut-off Date Principal
Balances of the Mortgage Loans.

          Original Mortgage Loan: The Mortgage Loan refinanced in connection
with the origination of a Refinance Loan.

          OTS: The Office of Thrift Supervision.

          Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except:

               (i) Certificates theretofore canceled by the Trustee or
          delivered to the Trustee for cancellation; and

               (ii) Certificates in exchange for which or in lieu of which
          other Certificates have been executed and delivered by the Trustee
          pursuant to this Agreement.

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

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

          Pass-Through Margin: With respect to each Class of Adjustable Rate
Certificates, the following percentages: Class AV-1 Certificates, [ ]%; Class
MV-1 Certificates, [ ]%; Class MV-2 Certificates, [ ]%; and Class BV
Certificates, [ ]%. Following the Optional Termination Date, the Pass-Through
Margin for the Class AV-1 Certificates shall be [doubled] and the Pass-Through
Margin for Group 2 Subordinated Certificates shall increase by [1.5] times.

          Pass-Through Rate: For each Class of Certificates and each Lower
Tier Interest, the per annum rate set forth or calculated in the manner
described in the Preliminary Statement.

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

          Performance Loan: Mortgage Loans that provide borrowers the
potential of margin reduction for good payment history. If, at the time of
evaluation, the related borrower has made scheduled payments in full since the
origination of the loan with a maximum of one late payment (which, however,
cannot be in the month of evaluation) the Mortgage Loan is eligible for a
reduction (ranging from [ ]% to [ ]%) in the margin used to calculate the
Mortgage Rate.

          Periodic Rate Cap: As to any Mortgage Loan in Loan Group 2 and any
Adjustment Date, the maximum percentage increase or decrease to the related
Mortgage Rate on any such Adjustment Date, as specified in the related
Mortgage Note.

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

               (ii) 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;

               (iii) 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 will 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) commercial or finance company paper which is then
          receiving the highest commercial or finance company paper rating of
          each Rating Agency, or such lower rating as will 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) 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 a 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
          will 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;

               (vi) demand or time deposits or certificates of deposit issued
          by any bank or trust company or savings institution to the extent
          that such deposits are fully insured by the FDIC;

               (vii) 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;

               (viii) 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;

               (ix) securities (other than stripped bonds, stripped coupons or
          instruments sold at a purchase price in excess of [ ]% 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 securities), or such lower rating as
          will 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;

               (x) units of a taxable money-market portfolio having the
          highest rating assigned by each Rating Agency (except (i) if [Fitch]
          is a Rating Agency and has not rated the portfolio, the highest
          rating assigned by [Moody's] and (ii) if [S&P] is a Rating Agency,
          "[AAAm]" or "[AAAm-G]" by [S&P]) and restricted to obligations
          issued or guaranteed by the United States of America or entities
          whose obligations are backed by the full faith and credit of the
          United States of America and repurchase agreements collateralized by
          such obligations; and

               (xi) such other investments bearing interest or sold at a
          discount acceptable to each Rating Agency as will 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;

provided that no such instrument shall be a Permitted Investment if such
instrument evidences the right to receive interest only payments with respect
to the obligations underlying such instrument.

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

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

          Physical Certificates: As specified in the Preliminary Statement.

          Pool Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances of the Mortgage Loans on the last
day of the related Remittance Period which were Outstanding Mortgage Loans on
such day.

          Pre-Funding Amount: With respect to any date, the amount on deposit
in the respective Pre-Funding Accounts as of such date (net of any
reinvestment earnings thereon).

          Pre-Funding Accounts: The separate Eligible Accounts created and
maintained by the Trustee pursuant to Section 3.06 in the name of the Trustee
for the benefit of the Certificateholders and designated "[ ], in trust for
registered holders of IndyMac Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]." Funds in the Pre-Funding Accounts shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement and shall not be a part of any REMIC created hereunder,
provided, however that any investment income earned from Permitted Investments
made with funds in the Pre-Funding Accounts will be for the account of the
Depositor.

          Pre-Funding Period: With respect to each Loan Group, the period
commencing on the Closing Date and ending on the earlier to occur of (i) the
date on which the amount on deposit in the Pre-Funding Accounts (exclusive of
any investment earnings) is less than $[ ] and (ii) [ ].

          Prepayment Charge: As to a Mortgage Loan, any charge paid by a
Mortgagor in connection with certain partial prepayments and all prepayments
in full made within the related Prepayment Charge Period, the Prepayment
Charges with respect to each applicable Mortgage Loan so held by the Trust
being identified in the Prepayment Charge Schedule (other than any Master
Servicer Prepayment Charge Payment Amount).

          Prepayment Charge Period: As to any Mortgage Loan the period of
time, if any, during which a Prepayment Charge may be imposed.

          Prepayment Charge Schedule: As of any date, the list of Prepayment
Charges included in the Trust on such date, (including the prepayment charge
summary attached thereto). The Prepayment Charge Schedule shall set forth the
following information with respect to each prepayment Charge.

                 (i) the Mortgage Loan account number;

                (ii) a code indicating the type of Prepayment Charge;

               (iii) the state of origination in which the related Mortgage
          Property is located;

                (iv) the first date on which a Monthly Payment is or was due
          under the related Mortgage Note;

                 (v) The term of the Prepayment Charge;

                (vi) the original principal amount of the related Mortgage
          Loan; and

               (vii) the Cut-off Date Principal Balance of the related
          mortgage Loan.

          The Prepayment Charge Schedule shall be amended from time to time by
the Servicer in accordance with the provisions of this Agreement.

          Prepayment Interest Shortfall: As to any Distribution Date, Mortgage
Loan and Principal Prepayment, the amount, if any, by which one month's
interest at the related Mortgage Rate (net of the related Master Servicing Fee
Rate) on such Principal Prepayment exceeds the amount of interest paid in
connection with such Principal Prepayment.

          Prepayment Period: As to any Distribution Date, the applicable
Remittance Period.

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

          Principal Distribution Amount: For each Certificate Group on any
Distribution Date, the sum of (i) the Basic Principal Distribution Amount for
such Distribution Date for such Certificate Group and (ii) the Extra Principal
Distribution Amount for such Distribution Date for such Certificate Group.

          Principal Prepayment: Any payment of principal by a Mortgagor on a
Mortgage Loan (including without limitation the Purchase Price of any Modified
Mortgage Loan purchased pursuant to Section 3.12(c)) that is received in
advance of its scheduled Due Date and is not accompanied by an amount
representing scheduled interest due on any date or dates in any month or
months subsequent to the month of prepayment. Partial Principal Prepayments
shall be applied by the Master Servicer in accordance with the terms of the
related Mortgage Note.

          Principal Prepayment in Full: Any Principal Prepayment made by a
Mortgagor of the entire principal balance of a Mortgage Loan.

          Principal Remittance Amount: With respect to any Distribution Date
and each Loan Group, the amount equal to the sum of the following amounts
(without duplication) with respect to the immediately preceding Remittance
Period: (i) each payment of principal on a Mortgage Loan in the related Loan
Group received by the Master Servicer during such Remittance Period, including
all full and partial principal prepayments, (ii) the Liquidation Proceeds on
the Mortgage Loans in the related Loan Group allocable to principal actually
collected by the Master Servicer during the related Remittance Period, (iii)
the portion of the purchase price with respect to each Deleted Mortgage Loan
in the related Loan Group, the repurchase obligation for which arose during
the related Remittance Period and that was repurchased prior to the related
Distribution Account Deposit Date, (iv) the principal portion of any
Substitution Adjustment Amounts in connection with a substitution of a
Mortgage Loan in the related Loan Group as of such Distribution Date, (v) with
respect to the Distribution Date occurring in the month following the end of
the Pre-Funding Period, the related Unutilized Pre-Funding Amount and (vi) the
allocable portion of the proceeds received with respect to the termination of
the Trust Fund (to the extent such proceeds relate to principal).

          Private Certificates: As specified in the Preliminary Statement.

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

          Prospectus Supplement: The Prospectus Supplement dated [ ] relating
to the Offered Certificates.

          PUD: Planned Unit Development.

          Purchase Price: With respect to any Modified Mortgage Loan or any
Mortgage Loan required to be purchased by the Seller pursuant to Section 2.02
or 2.03 or purchased at the option of the Master Servicer pursuant to Section
3.12, an amount equal to the sum of (i) 100% of the unpaid principal balance
of the Mortgage Loan on the date of such purchase, and (ii) accrued interest
thereon at the applicable Mortgage Rate (or at the applicable Adjusted Net
Mortgage Rate if (x) the purchaser is the Master Servicer or (y) if the
purchaser is the Seller and the Seller is the Master Servicer) 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;
provided, however, that if such Mortgage Loan is a Modified Mortgage Loan, the
interest component of the Purchase Price shall be computed (i) on the basis of
the applicable Adjusted Net Mortgage Rate before giving effect to the related
modification and (ii) from the date to which interest was last paid to the
date on which such Modified Mortgage Loan is assigned to the Master Servicer
pursuant to Section 3.12(c).

          Qualified Insurer: A mortgage guaranty insurance company duly
qualified as such under the laws of the state of its principal place of
business and each state having jurisdiction over such insurer in connection
with the insurance policy issued by such insurer, duly authorized and licensed
in such states to transact a mortgage guaranty insurance business in such
states and to write the insurance provided by the insurance policy issued by
it, approved as a FNMA- or FHLMC-approved mortgage insurer or having a claims
paying ability rating of at least "AA" or equivalent rating by a nationally
recognized statistical rating organization. Any replacement insurer with
respect to a Mortgage Loan must have at least as high a claims paying ability
rating as the insurer it replaces had on the Closing Date.

          Rating Agency: Each of the Rating Agencies specified in the
Preliminary Statement. If either such organization or a successor is no longer
in existence, "Rating Agency" shall be such nationally recognized statistical
rating organization, or other comparable Person, as is designated by the
Depositor, notice of which designation shall be given to the Trustee.
References herein to a given rating or rating category of a Rating Agency
shall mean such rating category without giving effect to any modifiers. For
purposes of Section 10.05(b), the addresses for notices to each Rating Agency
shall be (i) [S&P] and (ii) [Fitch, Attention: Residential Mortgage
Surveillance Monitoring], or such other address as either such Rating Agency
may hereafter furnish to the Depositor and the Master Servicer.

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

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

          Reference Bank: As defined in Section 4.07.

          Refinance Loan: Any Mortgage Loan the proceeds of which are used to
refinance an existing mortgage loan.

          Regular Certificates: As specified in the Preliminary Statement.

          Relevant Mortgage Loan: As defined in Section 3.12(c).

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

          REMIC Change of Law: Any proposed, temporary or final regulation,
revenue ruling, revenue procedure or other official announcement or
interpretation relating to REMICs and the REMIC Provisions issued after the
Closing Date.

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

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

          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.

          Request for Release: The Request for Release submitted by the Master
Servicer to the Trustee, substantially in the form of Exhibits M and N, as
appropriate.

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

          Required Reserve Amount: On any Distribution Date that (A) the Group
2 WAC Cap exceeds the Pass-Through Rate on the Class BV Certificate by less
than [ ]% ([ ] basis points), the greater of $[ ] or the product of (i) [ ]%
and the Class Certificate Balance of the Adjustable Rate Certificates as of
such Distribution Date and (B) the Group 2 WAC Cap exceeds the Pass-Through
Rate on the Class BV Certificates by more than [ ]%, $[ ].

          Residual Certificates: As specified in the Preliminary Statement.

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

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

          [S&P: Standard & Poor's, a division of The McGraw-Hill Companies. If
S&P is designated as a Rating Agency in the Preliminary Statement, for
purposes of Section 10.05(b) the address for notices to S&P shall be Standard
& Poor's Ratings Group, 26 Broadway, 10th Floor, New York, New York 10004,
Attention: Mortgage Surveillance Monitoring, or such other address as S&P may
hereafter furnish to the Depositor and the Master Servicer.]

          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 herein, 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.

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

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

          Seller: [IndyMac Bank, F.S.B.], a federal savings bank, and its
successors and assigns, in its capacity as seller of the Mortgage Loans to the
Depositor.

          Senior Enhancement Percentage: With respect to either Certificate
Group and any Distribution Date, the percentage obtained by dividing (x) the
sum of (i) the aggregate Class Certificate Balance of the Subordinated
Certificates of such Certificate Group and (ii) the related Subordinated
Amount (in each case after taking into account the distributions of the
related Principal Distribution Amount for such Distribution Date) by (y) the
aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
Group as of the last day of the related Remittance Period.

          Senior Specified Enhancement Percentage: As of any date of
Determination, [ ]% with respect to Certificate Group 1 and [ ]% with respect
to Certificate Group 2.

          Servicing Account: The separate Eligible Account or Accounts created
and maintained pursuant to Section 3.06(b) hereof.

          Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in the performance by the Master Servicer
of its servicing obligations, including, but not limited to, the cost of (i)
(a) the preservation, restoration and protection of a Mortgaged Property, (b)
expenses reimbursable to the Master Servicer pursuant to Section 3.12 and any
enforcement or judicial proceedings, including foreclosures, (c) the
management and liquidation of any REO Property and (d) compliance with the
obligations under Section 3.10; and (ii) reasonable compensation to the Master
Servicer or its affiliates for acting as broker in connection with the sale of
foreclosed Mortgaged Properties and for performing certain default management
and other similar services (including, but not limited to, appraisal services)
in connection with the servicing of defaulted Mortgage Loans; provided,
however, that for purposes of this clause (ii), only costs and expenses
incurred in connection with the performance of activities generally considered
to be outside the scope of customary servicing or master servicing duties
shall be treated as Servicing Advances.

          Servicing Fee: As to each Mortgage Loan and any Distribution Date,
an amount equal to one month's interest at the applicable Servicing Fee Rate
on the Stated Principal Balance of such Mortgage Loan, or, in the event of any
payment of interest which accompanies a Principal Prepayment in Full made by
the Mortgagor, interest at the Servicing Fee Rate on the Stated Principal
Balance of such Mortgage Loan for the period covered by such payment of
interest, subject to reduction as provided in Section 3.15.

          Servicing Fee Rate: With respect to any Mortgage Loan, the per annum
rate set forth in the Mortgage Loan Schedule for such Mortgage Loan.

          Servicing Officer: Any officer of the Master 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 Master Servicer on the Closing Date pursuant
to this Agreement, as such list may from time to time be amended.

          Servicing Standard: That degree of skill and care exercised by the
Master Servicer with respect to mortgage loans comparable to the Mortgage
Loans serviced by the Master Servicer for itself or others.

          60+ Day Delinquent Loan: Each Mortgage Loan with respect to which
any portion of a Scheduled Payment is, as of the last day of the prior
Remittance Period, two months or more past due (without giving effect to any
grace period), each Mortgage Loan in foreclosure, all REO Property and each
Mortgage Loan for which the Mortgagor has filed for bankruptcy.

          Specified Subordinated Amount: With respect to each Loan Group prior
to the Stepdown Date for the related Certificate Group, an amount equal to
[ ]% for Loan Group 1 and [ ]% for Loan Group 2, of the Cut-off Date Principal
Balance of the Mortgage Loans in the related Loan Group, and with respect to
each Loan Group on and after the Stepdown Date for the related Certificate
Group, an amount equal to [ ]% for Loan Group 1 and [ ]% for Loan Group 2, of
the aggregate Stated Principal Balance of the Mortgage Loans in such Loan
Group as of the last day of the related Remittance Period, subject to a
minimum amount equal to [ ]% for each Loan Group of the aggregate Stated
Principal Balance of the Mortgage Loans in that Loan Group as of the related
Cut-off Date, provided, however, that if, on any Distribution Date, a Trigger
Event for a Certificate Group has occurred, the Specified Subordinated Amount
shall not be reduced to the applicable percentage of the then current
aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
Group until the Distribution Date on which a Trigger Event for such
Certificate Group is no longer occurring.

          Startup Day: [The Closing Date].

          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 partial
Principal Prepayments and Liquidation Proceeds allocable to principal (other
than with respect to any Liquidated Mortgage Loan) and to the payment of
principal due on such Due Date and irrespective of any delinquency in payment
by the related Mortgagor.

          Stepdown Date: With respect to either Loan Group, the later to occur
of (i) the Distribution Date in [ ] and (ii) the first Distribution Date on
which the Senior Enhancement Percentage (calculated for this purpose only
after taking into account distributions of principal on the Mortgage Loans in
the related Loan Group on the last day of the related Remittance Period but
prior to any applications of Principal Distribution Amount to the related
Certificates) is greater than or equal to the related Senior Specified
Enhancement Percentage.

          Subordinated Amount: For each Certificate Group and as of any
Distribution Date and related Loan Group, the excess, if any, of (a) the
aggregate Stated Principal Balance of the Mortgage Loans in such Loan Group as
of the end of the related Remittance Period over (b) the aggregate of the
Class Certificate Balances of the Offered Certificates in the related
Certificate Group as of such Distribution Date (after giving effect to the
payment of principal on such Certificates on such Distribution Date) plus
amount in the related Pre-Funding Account, if any, excluding investment
earnings.

          Subordinated Certificates: As specified in the Preliminary
Statement.

          Subordination Deficiency: With respect to any Distribution Date and
either Loan Group, the excess, if any, of (a) the Specified Subordinated
Amount for the related Certificate Group applicable to such Distribution Date
over (b) the Subordinated Amount for such Certificate Group applicable to such
Distribution Date.

          Subordination Reduction Amount: With respect to any Distribution
Date and either Loan Group, an amount equal to the lesser of (a) the related
Excess Subordinated Amount and (b) the Total Monthly Excess Spread for the
related Certificate Group.

          Subsequent Mortgage Loan: Such of the mortgage loans transferred and
assigned to the Trustee pursuant to (i) the provisions of a Subsequent
Transfer Agreement and (ii) the provisions hereof, as from time to time are
held as a part of the Trust Fund (including any REO Property), the mortgage
loans so held being identified on the Mortgage Loan Schedule for the related
Subsequent Transfer Date, notwithstanding foreclosure or other acquisition of
title of the related Mortgaged Property. When used with respect to a single
Subsequent Transfer Date, "Subsequent Mortgage Loan" shall mean a Subsequent
Mortgage Loan conveyed to the Trust Fund on such Subsequent Transfer Date.

          Subsequent Transfer Agreement: A Subsequent Transfer Agreement
substantially in the form of Exhibit Q hereto, executed and delivered by the
Seller, the Depositor and the Trustee as provided in Section 2.09(a).

          Subsequent Transfer Date: For any Subsequent Transfer Agreement, the
"Subsequent Transfer Date" identified in such Subsequent Transfer Agreement;
provided, however, the Subsequent Transfer Date for any Subsequent Transfer
Agreement may not be a date earlier than the date on which the Subsequent
Transfer Agreement is executed and delivered by the parties thereto pursuant
to Section 2.09(a).

          Subservicer: As defined in Section 3.02(a).

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

          Substitution Adjustment Amount: The meaning ascribed to such term
pursuant to Section 2.03.

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

          Total Monthly Excess Spread: As to either Loan Group and any
Distribution Date, an amount equal to the excess if any, of (i) the interest
collected or advanced on the related Mortgage Loans during the related
Remittance Period plus the related Capitalized Interest Requirement for such
Distribution Date over (ii) the sum of the interest payable to the Classes of
Certificates in the related Certificate Group on such Distribution Date.

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

          Trigger Event: With respect to the Certificates of a Certificate
Group after a Stepdown Date for the related Loan Group, exists if the quotient
(expressed as a percentage) of (x) the three month rolling average of 60+ Day
Delinquent Loans for the related Loan Group, as of the last day of the related
Remittance Period, over (y) the Stated Principal Balance of the Mortgage Loans
in that Loan Group equals or exceeds [50]% (in the case of Loan Group 1) or
[40]% (in the case of Loan Group 2) of the related Senior Enhancement
Percentage.

          Trust Fund: The corpus of the trust created hereunder consisting of
(i) the Mortgage Loans and all interest and principal received on or with
respect thereto after the related Cut-off Date, other than such amounts which
were due on the Mortgage Loans on or before the related Cut-off Date; (ii) the
Certificate Account, Excess Reserve Fund Account, the Distribution Account,
the Pre-Funding Accounts and the Capitalized Interest Accounts and all amounts
deposited therein pursuant to the applicable provisions of this Agreement
(including, without limitation, amounts received from the Seller on the
Closing Date which shall be deposited by the Trustee in the Certificate
Account pursuant to Section 2.01); (iii) property that secured a Mortgage Loan
and has been acquired by foreclosure, deed-in-lieu of foreclosure or
otherwise; and (iv) all proceeds of the conversion, voluntary or involuntary,
of any of the foregoing.

          Trustee: [ ] and its successors and, if a successor trustee is
appointed hereunder, such successor.

          Trustee Fee: As to each Mortgage Loan and any Distribution Date, an
amount equal to one month's interest at the related Trustee Fee Rate on the
Stated Principal Balance of such Mortgage Loan or, in the event of any payment
of interest which accompanies a Principal Prepayment in Full made by the
Mortgagor, interest at the Trustee Fee Rate on the Stated Principal Balance of
such Mortgage Loan for the period covered by such payment of interest.

          Trustee Fee Rate: With respect to each Mortgage Loan, the per annum
rate agreed upon in writing on or prior to the Closing Date by the Trustee and
the Depositor.

          Unpaid Interest Amounts: As of any Distribution Date and any Class
of Certificates, the sum of (a) the excess of (i) the sum of the Accrued
Certificate Interest Distribution Amount for such Distribution Date and any
portion of such Accrued Certificate Interest Distribution Amount from prior
Distribution Dates remaining unpaid over (ii) the amount in respect of
interest on such Class of Certificates actually distributed on the preceding
Distribution Date and (b) 30 days' interest on such excess at the applicable
Pass-Through Rate (to the extent permitted by applicable law).

          Unpaid Realized Loss Amount: With respect to any Class of
Subordinated Certificates and as to any Distribution Date, is the excess of
(i) Applied Realized Loss Amounts with respect to such Class over (ii) the sum
of all distributions in reduction of such Applied Realized Loss Amounts on all
previous Distribution Dates. Any amounts distributed to a Class of
Subordinated Certificates in respect of any Unpaid Realized Loss Amount will
not be applied to reduce the Class Certificate Balance of such Class.

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

          Unutilized Pre-Funding Amount: The Pre-Funding Amount immediately
after the end of the Pre-Funding Period.

          Upper Tier Regular Interest: As described in the Preliminary
Statement.

          Upper Tier REMIC:. As described in the Preliminary Statement.

          Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. As of any date of
determination, (a) [1]% of all Voting Rights shall be allocated to the Class X
Certificates, if any (such Voting Rights to be allocated among the holders of
Certificates of each such Class in accordance with their respective Percentage
Interests) and (b) the remaining Voting Rights shall be allocated among
Holders of the remaining Classes of Certificates in proportion to the
Certificate Balances of their respective Certificates on such date.

<PAGE>

                                  ARTICLE II

                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

          Section 2.01. Conveyance of Mortgage Loans.

          (a) The Seller, concurrently with the execution and delivery hereof,
hereby sells, transfers, assigns, sets over and otherwise conveys to the
Depositor, without recourse, all the right, title and interest of the Seller
in and to each Initial Mortgage Loan, including all interest and principal
received or receivable by the Seller on or with respect to each Initial
Mortgage Loan after the related Cut-off Date and all interest and principal
payments on each Initial Mortgage Loan received prior to such related Cut-off
Date in respect of installments of interest and principal due thereafter, but
not including payments of principal and interest due and payable on each
Initial Mortgage Loan on or before such related Cut-off Date. On or prior to
the Closing Date, the Seller shall deliver to the Depositor or, at the
Depositor's direction, to the Trustee or other designee of the Depositor, the
Mortgage File for each Initial Mortgage Loan listed in the Mortgage Loan
Schedule as of the Closing Date. Such delivery of the Mortgage Files shall be
made against payment by the Depositor of the purchase price, previously agreed
to by the Seller and Depositor, for the Initial Mortgage Loans.

          (b) The Depositor, concurrently with the execution and delivery
hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to
the Trustee for the benefit of the Certificateholders, without recourse, all
the right, title and interest of the Depositor in and to the Trust Fund,
together with the Depositor's right to require the Seller to cure any breach
of a representation or warranty made herein by the Seller or to repurchase or
substitute for any affected Initial Mortgage Loan in accordance herewith.

          (c) In connection with the transfer and assignment of each Initial
Mortgage Loan, the Depositor has delivered or caused to be delivered (or, in
the case of the Delay Delivery Mortgage Loans, will deliver to, or will cause
to be delivered to, the Trustee within the time periods specified in the
definition of Delay Delivery Mortgage Loans), and, in connection with the
transfer and assignment of each Subsequent Mortgage Loan, will deliver or will
cause to be delivered, to the Trustee for the benefit of the
Certificateholders the following documents or instruments with respect to each
Mortgage Loan so assigned:

                      (i) (A) the original Mortgage Note, endorsed by manual or
               facsimile signature in blank in the following form: "Pay to the
               order of ________________________ without recourse", with all
               intervening endorsements showing a complete chain of
               endorsement from the originator to the Person endorsing the
               Mortgage Note (each such endorsement being sufficient to
               transfer all right, title and interest of the party so
               endorsing, as noteholder or assignee thereof, in and to that
               Mortgage Note) and (B) with respect to any Lost Mortgage Note,
               a lost note affidavit from the Seller stating that the original
               Mortgage Note was lost or destroyed, together with a copy of
               such Mortgage Note;

                     (ii) except as provided below, the original recorded
               Mortgage or a copy of such Mortgage certified by the Seller
               (or, in the case of a Mortgage for which the related Mortgaged
               Property is located in the Commonwealth of Puerto Rico, a copy
               of such Mortgage certified by the applicable notary) as being a
               true and complete copy of the Mortgage;

                    (iii) a duly executed assignment of the Mortgage (which
               may be included in a blanket assignment or assignments),
               together with, except as provided below, all interim recorded
               assignments of such mortgage (each such assignment, when duly
               and validly completed, to be in recordable form and sufficient
               to effect the assignment of and transfer to the assignee
               thereof, under the Mortgage to which the assignment relates);
               provided that, if the related Mortgage has not been returned
               from the applicable public recording office, such assignment of
               the Mortgage may exclude the information to be provided by the
               recording office; provided, further that such assignment of
               Mortgage need not be delivered in the case of a Mortgage for
               which the related Mortgage Property is located in the
               Commonwealth of Puerto Rico;

                     (iv) the original or copies of each assumption,
               modification, written assurance or substitution agreement, if
               any;

                      (v) except as provided below, the original or duplicate
               original lender's title policy and all riders thereto; and

                     (vi) in the case of a Cooperative Loan, the originals of
               the following documents or instruments:

                     (a) The Coop Shares, together with a stock power in blank;

                     (b) The executed Security Agreement;

                     (c) The executed Proprietary Lease;

                     (d) The executed Recognition Agreement;

                     (e) The executed UCC-1 financing statement with evidence
               of recording thereon which have been filed in all places
               required to perfect the Seller's interest in the Coop Shares
               and the Proprietary Lease; and

                     (f) Executed UCC-3 financing statements or other
               appropriate UCC financing statements required by state law,
               evidencing a complete and unbroken line from the mortgagee to
               the Trustee with evidence of recording thereon (or in a form
               suitable for recordation).

          In the event that in connection with any Mortgage Loan the Depositor
cannot deliver (a) the original recorded Mortgage, (b) all interim recorded
assignments or (c) the lender's title policy (together with all riders
thereto) satisfying the requirements of clause (ii), (iii) or (v) above,
respectively, concurrently with the execution and delivery hereof because such
document or documents have not been returned from the applicable public
recording office in the case of clause (ii) or (iii) above, or because the
title policy has not been delivered to either the Master Servicer or the
Depositor by the applicable title insurer in the case of clause (v) above, the
Depositor shall promptly deliver to the Trustee, in the case of clause (ii) or
(iii) above, such original Mortgage or such interim assignment, as the case
may be, with evidence of recording indicated thereon upon receipt thereof from
the public recording office, or a copy thereof, certified, if appropriate, by
the relevant recording office, but in no event shall any such delivery of the
original Mortgage Loan and each such interim assignment or a copy thereof,
certified, if appropriate, by the relevant recording office, be made later
than one year following the Closing Date (or, for a Subsequent Mortgage Loan,
the Subsequent Transfer Date), or, in the case of clause (v) above, later than
[120] days following the Closing Date (or, for a Subsequent Mortgage Loan, the
Subsequent Transfer Date); provided, however, that in the event the Depositor
is unable to deliver by such date each Mortgage and each such interim
assignment by reason of the fact that any such documents have not been
returned by the appropriate recording office, or, in the case of each such
interim assignment, because the related Mortgage has not been returned by the
appropriate recording office, the Depositor shall deliver such documents to
the Trustee as promptly as possible upon receipt thereof and, in any event,
within [720] days following the Closing Date (or, for a Subsequent Mortgage
Loan, the Subsequent Transfer Date). The Depositor shall forward or cause to
be forwarded to the Trustee (a) from time to time additional original
documents evidencing an assumption or modification of a Mortgage Loan and (b)
any other documents required to be delivered by the Depositor or the Master
Servicer to the Trustee. In the event that the original Mortgage is not
delivered and in connection with the payment in full of the related Mortgage
Loan the public recording office requires the presentation of a "lost
instruments affidavit and indemnity" or any equivalent document, because only
a copy of the Mortgage can be delivered with the instrument of satisfaction or
reconveyance, the Master Servicer shall execute and deliver or cause to be
executed and delivered such a document to the public recording office. In the
case where a public recording office retains the original recorded Mortgage or
in the case where a Mortgage is lost after recordation in a public recording
office, the Seller shall deliver to the Trustee a copy of such Mortgage
certified by such public recording office to be a true and complete copy of
the original recorded Mortgage.

          As promptly as practicable subsequent to such transfer and
assignment, and in any event, within thirty (30) days thereafter, the Trustee
shall (i) affix the Trustee's name to each assignment of Mortgage, as the
assignee thereof and (ii) cause to be delivered for recording in the
appropriate public office for real property records the assignments of the
Mortgages to the Trustee, except that, with respect to any assignment of a
Mortgage as to which the Trustee has not received the information required to
deliver such assignment, the Trustee's obligation to do so and to deliver the
same for such recording shall be as soon as practicable after receipt of such
information and in any event within [thirty (30)] days after the receipt
thereof, and the Trustee need not cause to be recorded any assignment which
relates to a Mortgage Loan (a) the Mortgaged Property and Mortgage File
relating to which are located in California or (b) in any other jurisdiction
(including Puerto Rico) under the laws of which, as evidenced by an Opinion of
Counsel delivered by the Seller (at the Seller's expense) to the Trustee, the
recordation of such assignment is not necessary to protect the Trustee's and
the Certificateholders' interest in the related Mortgage Loan.

          In the case of Mortgage Loans that have been prepaid in full as of
the Closing Date, the Depositor, in lieu of delivering the above documents to
the Trustee, will deposit in the Certificate Account the portion of such
payment that is required to be deposited in the Certificate Account pursuant
to Section 3.06.

          Notwithstanding anything to the contrary in this Agreement, within
[five] Business Days after the Closing Date (in the case of Initial Mortgage
Loans) or within [thirty] days of the Subsequent Transfer Date (in the case of
Subsequent Mortgage Loans), the Seller shall either (i) deliver to the Trustee
the Mortgage File as required pursuant to this Section 2.01 for each Delay
Delivery Mortgage Loan or (ii) (A) repurchase the Delay Delivery Mortgage Loan
or (B) substitute the Delay Delivery Mortgage Loan for a Substitute Mortgage
Loan, which repurchase or substitution shall be accomplished in the manner and
subject to the conditions set forth in Section 2.03, provided that if the
Seller fails to deliver a Mortgage File for any Delay Delivery Mortgage Loan
within the period provided in the prior sentence, the cure period provided for
in Section 2.02 or in Section 2.03 shall not apply to the initial delivery of
the Mortgage File for such Delay Delivery Mortgage Loan, but rather the Seller
shall have [five (5)] Business Days to cure such failure to deliver. The
Seller shall promptly provide each Rating Agency with written notice of any
cure, repurchase or substitution made pursuant to the proviso of the preceding
sentence. On or before the [fifth] Business Day after the Closing Date (in the
case of Initial Mortgage Loans) or the [thirtieth] ([30]th) day (or if such
[thirtieth] day is not a Business Day, the succeeding Business Day) after
Subsequent Transfer Date (in the case of Subsequent Mortgage Loans), the
Trustee shall, in accordance with the provisions of Section 2.02, send a Delay
Delivery Certification substantially in the form annexed hereto as Exhibit G-1
(with any applicable exceptions noted thereon) for all Delay Delivery Mortgage
Loan delivered within the specified numbers of days after the pertinent date.
The Trustee will promptly send a copy of such Delay Delivery Certification to
each Rating Agency.

          (d) The Seller agrees to treat the transfer of the Mortgage Loans to
the Depositor as a sale for all tax, accounting and regulatory purposes.

          Section 2.02. Acceptance by the Trustee of the Mortgage Loans.

          (a) The Trustee acknowledges receipt of the documents identified in
the Initial Certification in the form annexed hereto as Exhibit G, and receipt
of the amount of $[ ] for deposit in the Group 1 Pre-Funding Account and the
amount of $[ ] for deposit in the Group 2 Pre-Funding Account and declares
that it holds and will hold such documents and the other documents delivered
to it constituting the Mortgage Files for the Initial Mortgage Loans, that it
holds and will hold all amounts in the Pre-Funding Accounts and the
Capitalized Interest Accounts, and that it holds or will hold such other
assets as are included in the Trust Fund, in trust for the exclusive use and
benefit of all present and future Certificateholders. The Trustee acknowledges
that it will maintain possession of the related Mortgage Notes in the State of
California, unless otherwise permitted by the Rating Agencies.

          The Trustee agrees to execute and deliver on the Closing Date to the
Depositor, the Master Servicer and the Seller an Initial Certification in the
form annexed hereto as Exhibit G. Based on its review and examination, and
only as to the documents identified in such Initial Certification, the Trustee
acknowledges that such documents appear regular on their face and relate to
such Initial Mortgage Loans. The Trustee shall be under no duty or obligation
to inspect, review or examine said documents, instruments, certificates or
other papers to determine that the same are genuine, enforceable or
appropriate for the represented purpose or that they have actually been
recorded in the real estate records or that they are other than what they
purport to be on their face.

          On or before the [thirtieth (30th)] day after the Closing Date (or
if such [thirtieth] day is not a Business Day, the succeeding Business Day),
the Trustee shall deliver to the Depositor, the Master Servicer and the Seller
a Delay Delivery Certification with respect to the Initial Mortgage Loans
substantially in the form annexed hereto as Exhibit G-1, with any applicable
exceptions noted thereon.

          Not later than [90] days after the Closing Date, the Trustee shall
deliver to the Depositor, the Master Servicer and the Seller a Final
Certification in the form annexed hereto as Exhibit H, with any applicable
exceptions noted thereon.

          If, in the course of such review, the Trustee finds any document
constituting a part of a Mortgage File which does not meet the requirements of
Section 2.01, the Trustee shall list such as an exception in the Final
Certification; provided, however, that the Trustee shall not make any
determination as to whether (i) any endorsement is sufficient to transfer all
right, title and interest of the party so endorsing, as noteholder or assignee
thereof, in and to that Mortgage Note or (ii) any assignment is in recordable
form or is sufficient to effect the assignment of and transfer to the assignee
thereof under the mortgage to which the assignment relates. The Seller shall
promptly correct or cure such defect within [90] days from the date it was so
notified of such defect and, if the Seller does not correct or cure such
defect within such period, the Seller shall either (a) substitute for the
related Initial Mortgage Loan a Substitute Mortgage Loan, which substitution
shall be accomplished in the manner and subject to the conditions set forth in
Section 2.03, or (b) purchase such Initial Mortgage Loan from the Trustee
within [90] days from the date the Seller was notified of such defect in
writing at the Purchase Price of such Initial Mortgage Loan; provided,
however, that in no event shall such substitution or purchase occur more than
[540] days from the Closing Date, except that if the substitution or purchase
of an Initial Mortgage Loan pursuant to this provision is required by reason
of a delay in delivery of any documents by the appropriate recording office,
or there is a dispute between either the Master Servicer or the Seller and the
Trustee over the location or status of the recorded document, then such
substitution or purchase shall occur within [720] days from the Closing Date.
The Trustee shall deliver written notice to each Rating Agency within [270]
days from the Closing Date indicating each Initial Mortgage Loan (a) which has
not been returned by the appropriate recording office or (b) as to which there
is a dispute as to location or status of such Initial Mortgage Loan. Such
notice shall be delivered every [90] days thereafter until the related Initial
Mortgage Loan is returned to the Trustee. Any such substitution pursuant to
(a) above or purchase pursuant to (b) above shall not be effected prior to the
delivery to the Trustee of the Opinion of Counsel required by Section 2.05, if
any, and any substitution pursuant to (a) above shall not be effected prior to
the additional delivery to the Trustee of a Request for Release substantially
in the form of Exhibit N. No substitution is permitted to be made in any
calendar month after the Determination Date for such month. The Purchase Price
for any such Initial Mortgage Loan shall be deposited by the Seller in the
Certificate Account on or prior to the Distribution Account Deposit Date for
the Distribution Date in the month following the month of repurchase and, upon
receipt of such deposit and certification with respect thereto in the form of
Exhibit N hereto, the Trustee shall release the related Mortgage File to the
Seller and shall execute and deliver at the Seller's request such instruments
of transfer or assignment prepared by the Seller, in each case without
recourse, as shall be necessary to vest in the Seller, or a designee, the
Trustee's interest in any Initial Mortgage Loan released pursuant hereto.

          The Trustee shall retain possession and custody of each Mortgage
File in accordance with and subject to the terms and conditions set forth
herein. The Master Servicer shall promptly deliver to the Trustee, upon the
execution or receipt thereof, the originals of such other documents or
instruments constituting the Mortgage File as come into the possession of the
Master Servicer from time to time.

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

          (b) The Trustee agrees to execute and deliver to the Depositor, the
Master Servicer and the Seller on the Subsequent Transfer Date an Initial
Certification in the form annexed hereto as Exhibit G acknowledging receipt of
the documents identified in such Initial Certification and declaring that it
holds and will hold such documents and the other documents delivered to it
constituting the Mortgage Files for the related Subsequent Mortgage Loans, and
that it holds or will hold such other assets as are included in the Trust
Fund, in trust for the exclusive use and benefit of all present and future
Certificateholders. The Trustee acknowledges that it will maintain possession
of the related Mortgage Notes in the State of California, unless otherwise
permitted by the Rating Agencies.

          Based on its review and examination, and only as to the documents
identified in such Initial Certification, the Trustee acknowledges that such
documents appear regular on their face and relate to such Subsequent Mortgage
Loan. The Trustee shall be under no duty or obligation to inspect, review or
examine said documents, instruments, certificates or other papers to determine
that the same are genuine, enforceable or appropriate for the represented
purpose or that they have actually been recorded in the real estate records or
that they are other than what they purport to be on their face.

          Not later than [90] days after the Subsequent Transfer Date, the
Trustee shall deliver to the Depositor, the Master Servicer and the Seller a
Final Certification in the form annexed hereto as Exhibit H, with any
applicable exceptions noted thereon.

          If, in the course of such review, the Trustee finds any document
constituting a part of a Subsequent Mortgage File which does not meet the
requirements of Section 2.01, the Trustee shall list such as an exception in
the Final Certification; provided, however, that the Trustee shall not make
any determination as to whether (i) any endorsement is sufficient to transfer
all right, title and interest of the party so endorsing, as Noteholder or
assignee thereof, in and to that Mortgage Note or (ii) any assignment is in
recordable form or is sufficient to effect the assignment of and transfer to
the assignee thereof under the mortgage to which the assignment relates. The
Seller shall promptly correct or cure such defect within [90] days from the
date it was so notified of such defect and, if the Seller does not correct or
cure such defect within such period, the Seller shall either (a) substitute
for the related Subsequent Mortgage Loan a Substitute Mortgage Loan, which
substitution shall be accomplished in the manner and subject to the conditions
set forth in Section 2.03, or (b) purchase such Subsequent Mortgage Loan from
the Trustee within [90] days from the date the Seller was notified of such
defect in writing at the Purchase Price of such Subsequent Mortgage Loan;
provided, however, that in no event shall such substitution or purchase occur
more than [540] days from the Subsequent Transfer Date, except that if the
substitution or purchase of a Subsequent Mortgage Loan pursuant to this
provision is required by reason of a delay in delivery of any documents by the
appropriate recording office, or there is a dispute between either the Master
Servicer or the Seller and the Trustee over the location or status of the
recorded document, then such substitution or purchase shall occur within [720]
days from the Subsequent Transfer Date. The Trustee shall deliver written
notice to each Rating Agency within [270] days from the Subsequent Transfer
Date indicating each Subsequent Mortgage Loan (a) which has not been returned
by the appropriate recording office or (b) as to which there is a dispute as
to location or status of such Mortgage Loan. Such notice shall be delivered
every [90] days thereafter until the related Subsequent Mortgage Loan is
returned to the Trustee. Any such substitution pursuant to (a) above or
purchase pursuant to (b) above shall not be effected prior to the delivery to
the Trustee of the Opinion of Counsel required by Section 2.05, if any, and
any substitution pursuant to (a) above shall not be effected prior to the
additional delivery to the Trustee of a Request for Release substantially in
the form of Exhibit N. No substitution is permitted to be made in any calendar
month after the Determination Date for such month. The Purchase Price for any
such Subsequent Mortgage Loan shall be deposited by the Seller in the
Certificate Account on or prior to the Distribution Account Deposit Date for
the Distribution Date in the month following the month of repurchase and, upon
receipt of such deposit and certification with respect thereto in the form of
Exhibit N hereto, the Trustee shall release the related Mortgage File to the
Seller and shall execute and deliver at the Seller's request such instruments
of transfer or assignment prepared by the Seller, in each case without
recourse, as shall be necessary to vest in the Seller, or a designee, the
Trustee's interest in any Subsequent Mortgage Loan released pursuant hereto.

          The Trustee shall retain possession and custody of each related
Mortgage File in accordance with and subject to the terms and conditions set
forth herein. The Master Servicer shall promptly deliver to the Trustee, upon
the execution or receipt thereof, the originals of such other documents or
instruments constituting the Subsequent Mortgage File as come into the
possession of the Master Servicer from time to time.

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

          Section 2.03. Representations, Warranties and Covenants of the
Seller and the Master Servicer.

          (a) [IndyMac], in its capacities as Seller and Master Servicer,
hereby makes the representations and warranties set forth in Schedule II
hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date.

          (b) The Seller, in its capacity as Seller, hereby makes the
representations and warranties set forth in Schedule III hereto, and by this
reference incorporated herein, to the Depositor and the Trustee, as of the
Closing Date, or if so specified therein, as of the related Cut-off Date.

          (c) Upon discovery by any of the parties hereto of a breach of a
representation or warranty made pursuant to Section 2.03(b) that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, the party discovering such breach shall give prompt notice thereof to
the other parties. The Seller hereby covenants that within [90] days of the
earlier of its discovery or its receipt of written notice from any party of a
breach of any representation or warranty made pursuant to Section 2.03(b)
which materially and adversely affects the interests of the Certificateholders
in any Mortgage Loan, it shall cure such breach in all material respects, and
if such breach is not so cured, shall, (i) if such [90] day period expires
prior to the second anniversary of the Closing Date, remove such Mortgage Loan
(a "Deleted Mortgage Loan") from the Trust Fund and substitute in its place a
Substitute Mortgage Loan, in the manner and subject to the conditions set
forth in this Section 2.03; or (ii) repurchase the affected Mortgage Loan or
Mortgage Loans from the Trustee at the Purchase Price in the manner set forth
below; provided, however, that any such substitution pursuant to (i) above
shall not be effected prior to the delivery to the Trustee of the Opinion of
Counsel required by Section 2.05, if any, and a Request for Release
substantially in the form of Exhibit N, and the Mortgage File for any such
Substitute Mortgage Loan; and provided, further, that, anything to the
contrary herein notwithstanding, Seller shall have no obligation to cure any
such breach or to repurchase or substitute for such affected Mortgage Loan if
the substance of such breach constitutes fraud in the origination of such
affected Mortgage Loan and the Seller, at the time of such origination and on
the Closing Date, did not have actual knowledge of such fraud. The Seller
shall promptly reimburse the Master Servicer and the Trustee for any expenses
reasonably incurred by the Master Servicer or the Trustee in respect of
enforcing the remedies for such breach.

          With respect to any Substitute Mortgage Loan or Loans, the Seller
shall deliver to the Trustee for the benefit of the Certificateholders the
Mortgage Note, the Mortgage, the related assignment of the Mortgage, and such
other documents and agreements as are required by Section 2.01, with the
Mortgage Note endorsed and the Mortgage assigned as required by Section 2.01.
No substitution is permitted to be made in any calendar month after the
Determination Date for such month. Scheduled Payments due with respect to
Substitute Mortgage Loans in the Remittance Period of substitution shall not
be part of the Trust Fund and will be retained by the Seller on the next
succeeding Distribution Date. For the Remittance Period of substitution,
distributions to Certificateholders will include the monthly payment due on
any Deleted Mortgage Loan for such Remittance Period and thereafter the Seller
shall be entitled to retain all amounts received in respect of such Deleted
Mortgage Loan.

          The Master Servicer shall amend the Mortgage Loan Schedule for the
benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Substitute Mortgage Loan or Loans
and the Master Servicer shall deliver the amended Mortgage Loan Schedule to
the Trustee. Upon such substitution, the Substitute Mortgage Loan or Loans
shall be subject to the terms of this Agreement in all respects, and the
Seller shall be deemed to have made with respect to such Substitute Mortgage
Loan or Loans, as of the date of substitution, the representations and
warranties made pursuant to Section 2.03(b) with respect to such Mortgage
Loan. Upon any such substitution and the deposit to the Certificate Account of
the amount required to be deposited therein in connection with such
substitution as described in the following paragraph, the Trustee shall
release the Mortgage File held for the benefit of the Certificateholders
relating to such Deleted Mortgage Loan to the Seller and shall execute and
deliver at the Seller's direction such instruments of transfer or assignment
prepared by the Seller, in each case without recourse, as shall be necessary
to vest title in the Seller, or its designee, the Trustee's interest in any
Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

          For any month in which the Seller substitutes one or more Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer
will determine the amount (if any) by which the aggregate principal balance of
all such Substitute Mortgage Loans as of the date of substitution is less than
the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(after application of the scheduled principal portion of the monthly payments
due in the Remittance Period of substitution). The amount of such shortage
(the "Substitution Adjustment Amount") plus, if the Seller is not the Master
Servicer, an amount equal to the aggregate of any unreimbursed Advances and
Servicing Advances with respect to such Deleted Mortgage Loans shall be
deposited into the Certificate Account by the Seller on or before the
Distribution Account Deposit Date for the Distribution Date in the month
succeeding the calendar month during which the related Mortgage Loan became
required to be purchased or replaced hereunder.

          In the event that the Seller shall have repurchased a Mortgage Loan,
the Purchase Price therefor shall be deposited in the Certificate Account
pursuant to Section 3.06 on or before the Distribution Account Deposit Date
for the Distribution Date in the month following the month during which the
Seller became obligated hereunder to repurchase or replace such Mortgage Loan
and upon such deposit of the Purchase Price, the delivery of the Opinion of
Counsel required by Section 2.05 and receipt of a Request for Release in the
form of Exhibit N hereto, the Trustee shall release the related Mortgage File
held for the benefit of the Certificateholders to such Person, and the Trustee
shall execute and deliver at such Person's direction such instruments of
transfer or assignment prepared by such Person, in each case without recourse,
as shall be necessary to transfer title from the Trustee. It is understood and
agreed that the obligation under this Agreement of any Person to cure,
repurchase or replace any Mortgage Loan as to which a breach has occurred and
is continuing shall constitute the sole remedy against such Persons respecting
such breach available to Certificateholders, the Depositor or the Trustee on
their behalf.

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

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

          The Depositor hereby represents and warrants to the Trustee with
respect to each Mortgage Loan as of the date hereof or such other date set
forth herein that as of the Closing Date (or, for a Subsequent Mortgage Loan,
the Subsequent Transfer Date), and following the transfer of the Mortgage
Loans to it by the Seller, the Depositor had good title to the Mortgage Loans
and the Mortgage Notes were subject to no offsets, defenses or counterclaims.

          The Depositor hereby assigns, transfers and conveys to the Trustee
all of its rights with respect to the Mortgage Loans including, without
limitation, the representations and warranties of the Seller made pursuant to
Section 2.03(b), together with all rights of the Depositor to require the
Seller to cure any breach thereof or to repurchase or substitute for any
affected Mortgage Loan in accordance with this Agreement.

          It is understood and agreed that the representations and warranties
set forth in this Section 2.04 shall survive delivery of the Mortgage Files to
the Trustee. Upon discovery by the Depositor or the Trustee of any breach of
any of the foregoing representations and warranties set forth in this Section,
which materially and adversely affects the interest of the Certificateholders,
the party discovering such breach shall give prompt written notice to the
others and to each Rating Agency.

          Section 2.05. Delivery of Opinion of Counsel in Connection with
                        Substitutions and Repurchases.

          (a) Notwithstanding any contrary provision of this Agreement, no
substitution pursuant to Section 2.02 or 2.03 shall be made more than [90]
days after the Closing Date unless the Seller delivers to the Trustee an
Opinion of Counsel, which Opinion of Counsel shall not be at the expense of
either the Trustee or the Trust Fund, addressed to the Trustee, to the effect
that such substitution will not (i) result in the imposition of the tax on
"prohibited transactions" on the Trust Fund or contributions after the Startup
Date, as defined in Sections 860F(a)(2) and 860G(d) of the Code, respectively
or (ii) cause the Trust Fund to fail to qualify as a REMIC at any time that
any Certificates are outstanding.

          (b) Upon discovery by the Depositor, the Seller, the Master 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 promptly (and in any event within [five (5)]
Business Days of discovery) give written notice thereof to the other parties.
In connection therewith, the Trustee shall require the Seller, at the Seller's
option, to either (i) substitute, if the conditions in Section 2.03(c) with
respect to substitutions are satisfied, a Substitute Mortgage Loan for the
affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
[90] days of such discovery in the same manner as it would a Mortgage Loan for
a breach of representation or warranty made pursuant to Section 2.03. The
Trustee shall reconvey 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 contained
in Section 2.03.

          Section 2.06. Execution and Delivery of Certificates.

          The Trustee acknowledges the transfer and assignment to it of the
Trust Fund and, concurrently with such transfer and assignment, has executed
and delivered to or upon the order of the Depositor, the Certificates in
authorized denominations evidencing directly or indirectly the entire
ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund and
exercise the rights referred to above for the benefit of all present and
future Holders of the Certificates.

          Section 2.07. REMIC Matters.

          The Preliminary Statement sets forth the designations and "latest
possible maturity date" for federal income tax purposes of all interests
created hereby. The "Startup Day" for purposes of the REMIC Provisions shall
be the Closing Date.

          Section 2.08. Covenants of the Master Servicer.

          The Master Servicer hereby covenants to the Depositor and the
Trustee as follows:

          (a) the Master Servicer shall comply in the performance of its
obligations under this Agreement with all reasonable rules and requirements of
the insurer under each Required Insurance Policy; and

          (b) no written information, certificate of an officer, statement
furnished in writing or written report delivered to the Depositor, any
affiliate of the Depositor or the Trustee and prepared by the Master Servicer
pursuant to this Agreement will contain any untrue statement of a material
fact or omit to state a material fact necessary to make such information,
certificate, statement or report not misleading.

          Section 2.09. Subsequent Transfers.

          (a) Upon [five] Business Days prior written notice to the Trustee,
the Depositor, the Seller and the Trustee shall complete, execute and deliver
a Subsequent Transfer Agreement. Subject to the satisfaction of the conditions
set forth in Article II and paragraph (b) below and pursuant to the terms of
the related Subsequent Transfer Agreement, in consideration of the Trustee's
delivery on each Subsequent Transfer Date to or upon the order of the Seller
of all or a portion of the balance of funds in the Pre-Funding Accounts, the
Seller shall on each Subsequent Transfer Date sell, transfer, assign, set over
and otherwise convey to the Depositor, without recourse, all the right, title
and interest of the Seller in and to each Subsequent Mortgage Loan listed on
the Mortgage Loan Schedule delivered by the Seller on such Subsequent Transfer
Date, including all interest and principal received or receivable by the
Seller on or with respect to each Subsequent Mortgage Loan after the related
Cut-off Date and all interest and principal payments on each Subsequent
Mortgage Loan received prior to such related Cut-off Date in respect of
installments of interest and principal due thereafter, but not including
payments of principal and interest due and payable on each Subsequent Mortgage
Loan on or before such related Cut-off Date, and the Depositor shall
simultaneously sell, transfer, assign, set over and otherwise convey to the
Trustee for the benefit of the Certificateholders, without recourse, all the
right, title and interest of the Depositor in and to each Subsequent Mortgage
Loan listed on the Mortgage Loan Schedule delivered by the Seller on such
Subsequent Transfer Date, including all interest and principal received or
receivable by the Depositor on or with respect to each Subsequent Mortgage
Loan after the related Cut-off Date and all interest and principal payments on
each Subsequent Mortgage Loan received prior to such related Cut-off Date in
respect of installments of interest and principal due thereafter, but not
including payments of principal and interest due and payable on each
Subsequent Mortgage Loan on or before such related Cut-off Date.

          If the assignment and transfer of the Subsequent Mortgage Loans and
the other property specified in this Section 2.09 from the Seller to the
Depositor pursuant to this Agreement is held or deemed not to be a sale or is
held or deemed to be a pledge of security for a loan, the Seller intends that
the rights and obligations of the parties shall be established pursuant to the
terms of this Agreement and that, in such event, (i) the Seller shall be
deemed to have granted and does hereby grant to the Depositor as of each
Subsequent Transfer Date a perfected, first priority security interest in the
entire right, title and interest of the Seller in and to the related
Subsequent Mortgage Loans and all other property conveyed to the Depositor
pursuant to this Section 2.09 and all proceeds thereof, and (ii) this
Agreement shall constitute a security agreement under applicable law.

          If the assignment and transfer of the Subsequent Mortgage Loans and
the other property specified in this Section 2.09 from the Depositor to the
Trustee pursuant to this Agreement is held or deemed not to be a sale or is
held or deemed to be a pledge of security for a loan, the Depositor intends
that the rights and obligations of the parties shall be established pursuant
to the terms of this Agreement and that, in such event, (i) the Depositor
shall be deemed to have granted and does hereby grant to the Trustee as of
each Subsequent Transfer Date a perfected, first priority security interest in
the entire right, title and interest of the Depositor in and to the related
Subsequent Mortgage Loans and all other property conveyed to the Trust Fund
pursuant to this Section 2.09 and all proceeds thereof, and (ii) this
Agreement shall constitute a security agreement under applicable law.

          The amount released from the Group 1 Pre-Funding Account by the
Trustee pursuant to this Section 2.09 shall be the aggregate Cut-off Date
Principal Balance of the Subsequent Mortgage Loans so transferred to Loan
Group 1. The amount released from the Group 2 Pre-Funding Account by the
Trustee pursuant to this Section 2.09 shall be the aggregate Cut-off Date
Principal Balance of the Subsequent Mortgage Loans so transferred to Loan
Group 2.

          (b) The Trustee shall contribute from the Pre-Funding Accounts funds
in an amount equal to the aggregate Cut-off Date Principal Balance of the
Subsequent Mortgage Loans so transferred to the Trust Fund to purchase the
Subsequent Mortgage Loans on behalf of the Trust Fund, along with the other
property and rights related thereto described in Section 2.09(a) hereof only
upon the satisfaction of each of the following conditions:

          (i) the Trustee will be provided Opinions of Counsel addressed to
          the Rating Agencies with respect to the sale of the Subsequent
          Mortgage Loans conveyed on such Subsequent Transfer Date (such
          opinions being substantially similar to the opinions delivered on
          the Closing Date to the Rating Agencies with respect to the sale of
          the Initial Mortgage Loans on the Closing Date);

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

          (iii) the Depositor shall deliver to the Trustee an Officer's
          Certificate confirming the satisfaction of each of the conditions
          set forth in Article II and this Section 2.09(b) required to be
          satisfied by such Subsequent Transfer Date;

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

          (v) the Subsequent Mortgage Loans conveyed on such Subsequent
          Transfer Date were selected in a manner reasonably believed not to
          be adverse to the interests of the Certificateholders;

          (vi) no Subsequent Mortgage Loan conveyed on such Subsequent
          Transfer Date was [30] or more days delinquent;

          (vii) each Subsequent Mortgage Loan conveyed on such Subsequent
          Transfer Date that is an Adjustable Rate Mortgage Loan is secured by
          a first lien on the related Mortgaged Property;

          (viii) following the conveyance of the Subsequent Mortgage Loans on
          such Subsequent Transfer Date to the related Loan Group, the
          characteristics of such Loan Group listed below will not vary by
          more than the permitted variance listed below for each
          characteristic with respect to the Initial Mortgage Loans as set
          forth on the Mortgage Loan Schedule delivered on the Closing Date;
          provided that for the purpose of making such calculations, the
          characteristics for each Mortgage Loan made will be taken as of the
          related Cut-off Date for such Mortgage Loan:

     Loan Group 1:                                                     Variation
          Loan Weighted Average Coupon:...........................        [   %]
          Weighted Average Maturity............................... [+/- 1 month]
          Weighted Average Combined Loan-to-Value Ratio:..........        [   %]
          Balloon Loans:..........................................        [   %]
          Maximum Principal Balance...............................  [$         ]
          State Concentration:....................................        [   %]
          Zip Code Concentration:.................................        [   %]
          Non-Owner Occupied:.....................................        [   %]
          Second Liens:...........................................        [   %]
          Manufactured Housing:...................................        [   %]

     Loan Group 2:                                                     Variation
          Loan Weighted Average Coupon:...........................        [   %]
          Weighted Average Maturity............................... [+/- 1 month]
          Weighted Average Combined Loan-to-Value Ratio:..........        [   %]
          Performance Loans:......................................        [   %]
          Maximum Principal Balance...............................  [$         ]
          State Concentration:....................................        [   %]
          Zip Code Concentration:.................................        [   %]
          Non-Owner Occupied:.....................................        [   %]
          First Liens:............................................        [   %]
          Manufactured Housing:...................................        [   %]

          (ix) neither the Seller nor the Depositor is insolvent and neither
          the Seller nor the Depositor will be rendered insolvent by the
          conveyance of Subsequent Mortgage Loans on such Subsequent Transfer
          Date;

          (x) delivery of a letter or letters addressed to the Trustee from an
          independent accountant retained by the Depositor confirming that the
          characteristics of each Loan Group, following the acquisition of the
          related Subsequent Mortgage Loans, conform to the characteristics
          identified in this Section 2.09(b);

          (xi) delivery to the Trustee of an Opinion of Counsel, which Opinion
          of Counsel shall not be at the expense of either the Trustee or the
          Trust Fund, addressed to the Trustee, to the effect that such
          purchase of Subsequent Mortgage Loans will not (i) result in the
          imposition of the tax on "prohibited transactions" on the Trust Fund
          or contributions after the Startup Date, as defined in Sections
          860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause the
          Trust Fund to fail to qualify as a REMIC at any time that any
          Certificates are outstanding; and

          (xii) delivery to the Trustee of the Mortgage File for each
          Subsequent Mortgage Loan to be transferred pursuant to the related
          Subsequent Transfer Agreement.

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

          (c) In connection with each Subsequent Transfer Date and on the
related Distribution Date, the Seller shall determine (i) the amount and
correct dispositions of the funds distributed from the Capitalized Interest
Accounts and the Pre-Funding Accounts and (ii) any other necessary matters in
connection with the administration of the Capitalized Interest Accounts and
the Pre-Funding Accounts. In the event that any amounts are released by the
Trustee from a Pre-Funding Account or from a Capitalized Interest Account as a
result of the Seller's calculation error, the Trustee shall not be liable
therefor, and the Seller shall immediately repay such amounts to the Trustee.

          Section 2.10 Mandatory Prepayment.

          Any Unutilized Pre-Funding Amount shall be distributed to Holders of
the related Group of Certificates in accordance with Section 4.02 hereof on
the Distribution Date immediately following the Due Period in which the end of
the Pre-Funding Period occurs.

<PAGE>

                                 ARTICLE III

                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

          Section 3.01 Master Servicer to Service Mortgage Loans.

          For and on behalf of the Certificateholders, the Master Servicer
shall service and administer the Mortgage Loans in accordance with the terms
of this Agreement and the Servicing Standard. In connection with such
servicing and administration, the Master Servicer shall have full power and
authority, acting alone and/or through Subservicers as provided in Section
3.02, to do or cause to be done any and all things that it may deem necessary
or desirable in connection with such servicing and administration, including
but not limited to, the power and authority, subject to the terms hereof, (i)
to execute and deliver, on behalf of the Certificateholders and the Trustee,
customary consents or waivers and other instruments and documents, (ii) to
consent to transfers of any Mortgaged Property and assumptions of the Mortgage
Notes and related Mortgages (but only in the manner provided in this
Agreement), (iii) to collect any Insurance Proceeds and other Liquidation
Proceeds, and (iv) to effectuate foreclosure or other conversion of the
ownership of the Mortgaged Property securing any Mortgage Loan. The Master
Servicer shall not make or permit any modification, waiver or amendment of any
term of any Mortgage Loan which would cause the Trust Fund to fail to qualify
as a REMIC or result in the imposition of any tax under Section 860F(a) or
Section 860G(d) of the Code. Without limiting the generality of the foregoing,
the Master Servicer, in its own name or in the name of any Servicer or the
Depositor and the Trustee, is hereby authorized and empowered by the Depositor
and the Trustee, when the Master Servicer or the Servicer, as the case may be,
believes it appropriate in its reasonable judgment, to execute and deliver, on
behalf of the Trustee, the Depositor, the Certificateholders or any of them,
any and all instruments of satisfaction or cancellation, or of partial or full
release or discharge, and all other comparable instruments, with respect to
the Mortgage Loans, and with respect to the Mortgaged Properties held for the
benefit of the Certificateholders. The Master Servicer shall prepare and
deliver to the Depositor and/or the Trustee such documents requiring execution
and delivery by either or both of them as are necessary or appropriate to
enable the Master Servicer to service and administer the Mortgage Loans to the
extent that the Master Servicer is not permitted to execute and deliver such
documents pursuant to the preceding sentence. Upon receipt of such documents,
the Depositor and/or the Trustee shall execute such documents and deliver them
to the Master Servicer.

          In accordance with and to the extent of the Servicing Standard, the
Master Servicer shall advance or cause to be advanced funds as necessary for
the purpose of effecting the payment of taxes and assessments on the Mortgaged
Properties, which advances shall be reimbursable in the first instance from
related collections from the Mortgagors pursuant to Section 3.07, and further
as provided in Section 3.09. The costs incurred by the Master Servicer, if
any, in effecting the timely payments of taxes and assessments on the
Mortgaged Properties and related insurance premiums shall not, for the purpose
of calculating monthly distributions to the Certificateholders, be added to
the Stated Principal Balances of the related Mortgage Loans, notwithstanding
that the terms of such Mortgage Loans so permit.

          Section 3.02  Subservicing; Enforcement of the Obligations of
                        Subservicers.

          (a) The Master Servicer may arrange for the subservicing of any
Mortgage Loan by a subservicer pursuant to a subservicing agreement (a
"Subservicer"); provided, however, that such subservicing arrangement and the
terms of the related subservicing agreement must provide for the servicing of
such Mortgage Loans in a manner consistent with the servicing arrangements
contemplated hereunder. Unless the context otherwise requires, references in
this Agreement to actions taken or to be taken by the Master Servicer in
servicing the Mortgage Loans include actions taken or to be taken by a
Subservicer on behalf of the Master Servicer. Notwithstanding the provisions
of any subservicing agreement, any of the provisions of this Agreement
relating to agreements or arrangements between the Master Servicer and a
Subservicer or references to actions taken through a Subservicer or otherwise,
the Master Servicer shall remain obligated and liable to the Trustee and
Certificateholders for the servicing and administration of the Mortgage Loans
in accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue of such subservicing agreements or
arrangements or by virtue of indemnification from the Subservicer and to the
same extent and under the same terms and conditions as if the Master Servicer
alone were servicing and administering the Mortgage Loans. All actions of each
Subservicer performed pursuant to the related subservicing agreement shall be
performed as agent of the Master Servicer with the same force and effect as if
performed directly by the Master Servicer.

          (b) For purposes of this Agreement, the Master Servicer shall be
deemed to have received any collections, recoveries or payments with respect
to the Mortgage Loans that are received by the Subservicer regardless of
whether such payments are remitted by such Subservicer to the Master Servicer.

          Section 3.03 [Reserved].

          Section 3.04 No Contractual Relationship Between Subservicers and
                       the Trustee.

          Any subservicing arrangement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a
Subservicer in its capacity as such shall be deemed to be solely between the
Subservicer and the Master Servicer alone, and the Trustee and
Certificateholders shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to the
Subservicer in its capacity as such except as set forth in Section 3.05.

          Section 3.05 Trustee to Act as Master Servicer.

          In the event that the Master Servicer shall for any reason no longer
be the Master Servicer hereunder (including by reason of an Event of Default),
the Trustee or its successor shall thereupon assume all of the rights and
obligations of the Master Servicer hereunder arising thereafter (except that
the Trustee shall not be (i) liable for losses of the Master Servicer pursuant
to Section 3.10 or any acts or omissions of the predecessor Master Servicer
hereunder), (ii) obligated to make Advances if it is prohibited from doing so
by applicable law, (iii) obligated to effectuate repurchases or substitutions
of Mortgage Loans hereunder, including but not limited to repurchases or
substitutions pursuant to Section 2.02 or 2.03, (iv) responsible for expenses
of the Master Servicer pursuant to Section 2.03 or (v) deemed to have made any
representations and warranties of the Master Servicer hereunder. Any such
assumption shall be subject to Section 7.02.

          Every subservicing agreement entered into by the Master Servicer
shall contain a provision giving the successor Master Servicer the option to
terminate such agreement in the event a successor Master Servicer is
appointed.

          If the Master Servicer shall for any reason no longer be the Master
Servicer (including by reason of any Event of Default), the Trustee (or any
other successor Master Servicer) may, at its option, succeed to any rights and
obligations of the Master Servicer under any subservicing agreement in
accordance with the terms therof; provided that the Trustee (or any other
successor Master Servicer) shall not incur any liability or have any
obligations in its capacity as successor Master Servicer under a subservicing
agreement arising prior to the date of such succession unless it expressly
elects to succeed to the rights and obligations of the Master Servicer
thereunder; and the Master Servicer shall not thereby be relieved of any
liability or obligations under the subservicing agreement arising prior to the
date of such succession.

          The Master Servicer shall, upon request of the Trustee, but at the
expense of the Master Servicer, deliver to the assuming party all documents
and records relating to each subservicing agreement (if any) and the Mortgage
Loans then being serviced thereunder and an accounting of amounts collected
held by it and otherwise use its best efforts to effect the orderly and
efficient transfer of the subservicing agreement to the assuming party.

          Section 3.06  Collection of Mortgage Loan Payments; Servicing
                        Accounts; Collection Account; Certificate Account;
                        Distribution Account; Pre-Funding Accounts; Capitalized
                        Interest Accounts.

          (a) In accordance with and to the extent of the Servicing Standard,
the Master Servicer shall make reasonable efforts in accordance with the
customary and usual standards of practice of prudent mortgage servicers to
collect all payments called for under the terms and provisions of the Mortgage
Loans to the extent such procedures shall be consistent with this Agreement
and the terms and provisions of any related Required Insurance Policy.
Consistent with the foregoing, the Master Servicer may in its discretion (i)
waive any late payment charge and (ii) extend the due dates for payments due
on a Mortgage Note for a period not greater than [125] days; provided,
however, that the Master Servicer cannot extend the maturity of any such
Mortgage Loan past the date on which the final payment is due on the latest
maturing Mortgage Loan in the applicable Loan Group as of the related Cut-off
Date In the event of any such arrangement, the Master Servicer shall make
Advances on the related Mortgage Loan in accordance with the provisions of
Section 4.01 during the scheduled period in accordance with the amortization
schedule of such Mortgage Loan without modification thereof by reason of such
arrangements. The Master Servicer shall not be required to institute or join
in litigation with respect to collection of any payment (whether under a
Mortgage, Mortgage Note or otherwise or against any public or governmental
authority with respect to a taking or condemnation) if it reasonably believes
that enforcing the provision of the Mortgage or other instrument pursuant to
which such payment is required is prohibited by applicable law.

          (b) The Master Servicer shall establish and maintain (or, if a
Mortgage Loan is subserviced by another Person, cause the related Subservicer
to establish and maintain) one or more Servicing Accounts into which the
Master Servicer shall deposit or cause to be deposited on a daily basis within
[one] Business Day of receipt, the following payments and collections received
by it or remitted by any Subservicer in respect of Mortgage Loans subsequent
to the related Cut-off Date (other than in respect of principal and interest
due on the Mortgage Loans on or before the related Cut-off Date):

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

                    (ii) all payments on account of interest on the Mortgage
               Loans, net of the related Servicing Fee and, in cases where the
               Master Servicer maintains the Servicing Account, the related
               Master Servicer Fee; and

                    (iii) all Insurance Proceeds and Liquidation Proceeds,
               other than proceeds to be applied to the restoration or repair
               of the Mortgaged Property or released to the Mortgagor in
               accordance with the Master Servicer's normal servicing
               procedures.

          On or before the Withdrawal Date in each calendar month, the Master
Servicer shall (a) withdraw (or cause to be withdrawn and remitted to the
Master Servicer) from the Servicing Account all amounts on deposit therein
pursuant to clauses (i) and (ii) above (other than amounts attributable to a
Principal Prepayment in Full) and (b) deposit such amounts in the Collection
Account. On or before the Business Day in each calendar month following the
deposit in the Servicing Account of amounts on deposit therein pursuant to
clause (iii) above or pursuant to any Principal Prepayment in Full, the Master
Servicer shall (a) withdraw (or cause to be withdrawn and remitted to the
Master Servicer) such amounts from the Servicing Account and (b) deposit such
amounts in the Collection Account.

          (c) The Master Servicer shall establish and maintain a Collection
Account into which the Master Servicer shall deposit, as and when required by
paragraph (b) of this Section 3.06, all amounts required to be deposited in
the Collection Account pursuant to that paragraph.

          (d) The Master Servicer shall establish and maintain a Certificate
Account into which the Master Servicer shall deposit or cause to be deposited
on a daily basis (i) within [one] Business Day of deposit in the Collection
Account (in the case of items (i) through (iii) below) and (2) within [one]
Business Day of receipt (in the case of all other items), except as otherwise
specified herein, the following payments and collections received by it or
remitted by any Subservicer in respect of Mortgage Loans subsequent to the
related Cut-off Date (other than in respect of principal and interest due on
the Mortgage Loans on or before the related Cut-off Date) and the following
amounts required to be deposited hereunder:

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

                    (ii) all payments on account of interest on the Mortgage
               Loans, net of the related Servicing Fee and the related Master
               Servicing Fee;

                    (iii) all Insurance Proceeds and Liquidation Proceeds,
               other than proceeds to be applied to the restoration or repair
               of the Mortgaged Property or released to the Mortgagor in
               accordance with the Master Servicer's normal servicing
               procedures;

                    (iv) any amount required to be deposited by the Master
               Servicer pursuant to Section 3.06(f) in connection with any
               losses on Permitted Investments;

                    (v) any amounts required to be deposited by the Master
               Servicer pursuant to Sections 3.12 and 3.14;

                    (vi) all Purchase Prices from the Master Servicer or
               Seller and all Substitution Adjustment Amounts;

                    (vii) all Advances made by the Master Servicer pursuant to
               Section 4.01;

                    (viii) any other amounts required to be deposited
               hereunder; and

                    (ix) all Prepayment Charges collected.

          In addition, with respect to any Mortgage Loan that is subject to a
buydown agreement, on each Due Date for such Mortgage Loan, in addition to the
monthly payment remitted by the Mortgagor, the Master Servicer shall cause
funds to be deposited into the Certificate Account in an amount required to
cause an amount of interest to be paid with respect to such Mortgage Loan
equal to the amount of interest that has accrued on such Mortgage Loan from
the preceding Due Date at the Mortgage Rate net of the Master Servicing Fee on
such date.

          The foregoing requirements for remittance by the Master Servicer
shall be exclusive, it being understood and agreed that, without limiting the
generality of the foregoing, payments in the nature of late payment charges or
assumption fees, if collected, need not be remitted by the Master Servicer. In
the event that the Master Servicer shall remit any amount not required to be
remitted, it may at any time withdraw such amount from the CertificateAccount,
any provision herein to the contrary notwithstanding. Such withdrawl or
direction may be accomplished by delivering written notice thereof to the
Trustee or such other institution maintaining the Certificate Account which
describes the amounts deposited in error in the Certificate Account. The
Master Servicer shall maintain adequate records with respect to all
withdrawals made pursuant to this Section 3.06. All funds deposited in the
Certificate Account shall be held in trust for the Certificateholders until
withdrawn in accordance with Section 3.09.

          (e) (i) The Trustee shall establish and maintain the Excess Reserve
Fund Account, on behalf of the Class X Certificateholders, to secure their
limited recourse obligation to pay to the Adjustable Rate Certificateholders
Basis Risk CarryForward Amounts.

               (ii) On the Closing Date, the Depositor shall deposit into the
          Excess Reserve Fund Account $[ ].

               (iii) On each Distribution Date, the Trustee shall deposit the
          amount of any Basis Risk Payment for such date into the Excess
          Reserve Fund Account.

               (iv) The Trustee shall invest amounts held in the Excess
          Reserve Fund Account only in Permitted Investments. The Class X
          Certificateholder shall direct the Trustee in writing with respect
          to investment of amounts in the Excess Reserve Fund. In the absence
          of such written direction, all funds in the Excess Reserve Fund
          Account shall be invested by the Trustee in the [ ] Cash Reserve
          Fund.

          (f) (i) (A) On each Distribution Date the Required Reserve Fund
Deposit shall be deposited in the Excess Reserve Fund Account.

               (B) On each Distribution Date on which there exists a Basis
          Risk CarryForward Amount on any Class of Certificates, the Trustee
          shall withdraw from the Excess Reserve Fund Account amounts
          necessary to pay to such Class or Classes of Certificates the Basis
          Risk CarryForward Amount. Such payments shall be allocated to those
          Classes on a pro rata basis based upon the amount of Basis Risk
          CarryForward Amount owed to each such Class and shall be paid in the
          priority set forth in Section 4.02(iii)(i) hereof.

               (ii) The Trustee shall account for the Excess Reserve Fund
          Account as an outside reserve fund within the meaning of Treasury
          regulation 1.860G-2(h) and not an asset of any REMIC created
          pursuant to this Agreement. The owner of the Excess Reserve Fund
          Account is the Class X Certificateholder. For all Federal tax
          purposes, amounts transferred by the Upper Tier REMIC to the Excess
          Reserve Fund Account shall be treated as distributions by the
          Trustee to the Class X Certificateholder.

               (iii) Any Basis Risk CarryForward Amounts paid by the Trustee
          to the Adjustable Rate Certificateholders shall be accounted for by
          the Trustee as amounts paid to the Holders of the Class X
          Certificate. In addition, the Trustee shall account for the
          Adjustable Rate Certificateholders rights to receive payments of
          Basis Risk CarryForward Amounts as rights in a limited recourse
          interest rate cap contract written by the Class X Certificateholders
          in favor of the Adjustable Rate Certificateholders.

               (iv) Notwithstanding any provision contained in this Agreement,
          the Trustee shall not be required to make any payments from the
          Excess Reserve Fund Account except as expressly set forth in this
          Section 3.06(f).

          (g) The Trustee shall establish and maintain the Distribution
Account on behalf of the Certificateholders. The Trustee shall, promptly upon
receipt, deposit in the Distribution Account and retain therein the following:

               (i) the aggregate amount remitted by the Master Servicer to the
          Trustee pursuant to Section 3.09(a);

               (ii) any amount deposited by the Master Servicer pursuant to
          Section 3.06(h) in connection with any losses on Permitted
          Investments; and

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

          In the event that the Master Servicer shall remit any amount not
     required to be remitted, it may at any time direct the Trustee in writing
     to withdraw such amount from the Distribution Account, any provision
     herein to the contrary notwithstanding. Such direction may be
     accomplished by delivering an Officer's Certificate to the Trustee which
     describes the amounts deposited in error in the distribution Account. All
     funds deposited in the Distribution Account shall be held by the Trustee
     in trust for the Certificateholders until disbursed in accordance with
     this Agreement or withdrawn in accordance with Section 3.09. In no event
     shall the Trustee incur liability for withdrawals from the Distribution
     Account at the direction of the Master Servicer.

          (h) (1) Each institution at which the Certificate Account or
Distribution Account is maintained shall invest the funds therein as directed
in writing by the Master Servicer in Permitted Investments, which shall mature
not later than (i) in the case of the Certificate Account, the [second]
Business Day next preceding the related Distribution Account Deposit Date
(except that if such Permitted Investment is an obligation of the institution
that maintains such account, then such Permitted Investment shall mature not
later than the Business Day next preceding such Distribution Account Deposit
Date) and (ii) in the case of the Distribution Account, the Business Day next
preceding the Distribution Date (except that if such Permitted Investment is
an obligation of the institution that maintains such account, then such
Permitted Investment shall mature not later than such Distribution Date) and,
in each case, shall not be sold or disposed of prior to its maturity. All such
Permitted Investments shall be made in the name of the Trustee, for the
benefit of the Certificateholders. All income and gain (net of any losses)
realized from any such investment of funds on deposit in the Certificate
Account or the Distribution Account shall be for the benefit of the Master
Servicer as servicing compensation and shall be remitted to it monthly as
provided herein. The amount of any realized losses in the Certificate Account
or the Distribution Account incurred in any such account in respect of any
such investments shall promptly be deposited by the Master Servicer in the
Certificate Account or paid to the Trustee for deposit into the Distribution
Account, as applicable. The Trustee shall not be liable for the amount of any
loss incurred in respect of any investment or lack of investment of funds held
in the Certificate Account or the Distribution Account and made in accordance
with this Section 3.06.

          (2) The Trustee shall invest funds in the Capitalized Interest
Accounts or Pre-Funding Accounts as directed in writing by the Master Servicer
in Permitted Investments, which shall mature not later than the Business Day
next preceding the Distribution Date (except that if such Permitted Investment
is an obligation of the institution that maintains such account, then such
Permitted Investment shall mature not later than such Distribution Date) and,
in each case, shall not be sold or disposed of prior to its maturity. All such
Permitted Investments shall be made in the name of the Trustee, for the
benefit of the Certificateholders.

          (i) The Trustee shall establish and maintain, on behalf of the
Certificateholders, two separate accounts denominated the Group 1 Pre-Funding
Account and the Group 2 Pre-Funding Account in the name of the Trustee. Each
of the Pre-Funding Accounts shall be treated as an "outside reserve fund"
under applicable Treasury regulations and shall not be part of any REMIC. Any
investment earnings on the Pre-Funding Accounts shall be treated as owned by
the Seller and will be taxable to the Seller. On the Closing Date the Seller
shall remit $[ ] to the Trustee for deposit in the Pre-Funding Accounts. The
Trustee shall allocate (i) $[ ] of the such amount to the Group 1 Pre-Funding
Account for the purchase of Subsequent Mortgage Loans to be included in Loan
Group 1 and (ii) $[ ] of the such amount to the Group 2 Pre-Funding Account
for the purchase of Subsequent Mortgage Loans to be included in Loan Group 2.

          The Trustee shall establish and maintain, on behalf of the
Certificateholders, two separate accounts denominated the Group 1 Capitalized
Interest Account and the Group 2 Capitalized Interest Account in the name of
the Trustee. Each of the Capitalized Interest Accounts shall be treated as an
"outside reserve fund" under applicable Treasury regulations and shall not be
part of the REMIC. Any investment earnings on the Capitalized Interest
Accounts shall be treated as owned by the Seller and will be taxable to the
Seller.

          On each Subsequent Transfer Date, upon satisfaction of the
conditions set forth in Section 2.09 hereof, the Trustee shall withdraw from
the related Pre-Funding Accounts an amount equal to [100]% of the aggregate of
the Cut-off Date Principal Balances of the Subsequent Mortgage Loans sold to
the Trust Fund for inclusion in Loan Group 1 or Loan Group 2, as the case may
be, on such Subsequent Transfer Date and pay such amount to or upon the order
of the Seller.

          On the Business Day prior to the Distribution Date immediately
following the Remittance Period in which the Pre-Funding Period ends, the
Trustee shall (i) withdraw the Unutilized Pre-Funding Amount, if any, from
each of the Pre-Funding Accounts, (ii) promptly deposit each amount in the
Distribution Account and (iii) distribute each amount to the related
Certificate Group on such Distribution Date pursuant to Section 4.02 hereof.

          The amount deposited in the Distribution Account pursuant to the
preceding paragraph shall be net of any investment earnings on the amounts on
deposit in the Pre-Funding Accounts.

          On the Business Day prior to each Distribution Date, through the
Distribution Date immediately following the Remittance Period in which the
Pre-Funding Period ends, the Trustee shall transfer from each Capitalized
Interest Account to the Distribution Account the related Capitalized Interest
Requirement and shall distribute such amount to the related Certificate Group
on such Distribution Date pursuant to Section 4.02 hereof. To the extent that
a Capitalized Interest Requirement on any such Distribution Date exceeds the
amounts on deposit in the related Capitalized Interest Account, the Trustee
shall transfer to the Distribution Account, to the extent of such shortfall in
the Capitalized Interest Requirement, the investment earnings on the amounts
on deposit in the related Capitalized Interest Account and Pre-Funding
Account. The remaining investment earnings on deposit in the Capitalized
Interest Account and the Pre-Funding Account shall be transferred to the
Seller.

          All amounts, if any, remaining in the Capitalized Interest Accounts
and any investment earnings remaining in the Pre-Funding Accounts on the
Distribution Date following the Remittance Period in which the Pre-Funding
Period ends shall be transferred to the Seller.

          (j) The Master Servicer shall give notice to the Trustee, the
Seller, each Rating Agency and the Depositor of any proposed change of the
location of the Certificate Account and the Collection Account not later than
[30] days and not more than [45] days prior to any change thereof.

          Section 3.07. Collection of Taxes, Assessments and Similar Items;
                        Escrow Accounts.

          (a) To the extent required by the related Mortgage Note and not
violative of current law, the Master Servicer shall establish and maintain one
or more accounts (each, an "Escrow Account") and deposit and retain therein
all collections from the Mortgagors (or advances) for the payment of taxes,
assessments, hazard insurance premiums or comparable items for the account of
the Mortgagors. Nothing herein shall require the Master Servicer to compel a
Mortgagor to establish an Escrow Account in violation of applicable law.

          (b) Withdrawals of amounts so collected from the Escrow Accounts may
be made only to effect timely payment of taxes, assessments, hazard insurance
premiums, condominium or PUD association dues, or comparable items, to
reimburse (without duplication) the Master Servicer out of related collections
for any payments made pursuant to Sections 3.12 (with respect to taxes and
assessments and insurance premiums) and 3.13 (with respect to hazard
insurance), to refund to any Mortgagors any sums determined to be overages, to
pay interest, if required by law or the terms of the related Mortgage or
Mortgage Note, to Mortgagors on balances in the Escrow Account or to clear and
terminate the Escrow Account at the termination of this Agreement in
accordance with Section 9.01. The Escrow Accounts shall not be a part of the
Trust Fund.

          (c) The Master Servicer shall advance any payments referred to in
Section 3.07(a) that are not timely paid by the Mortgagors or advanced by the
Master Servicer on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of
the Master Servicer, will be recoverable by the Master Servicer out of
Insurance Proceeds, Liquidation Proceeds or otherwise.

          Section 3.08. Access to Certain Documentation and Information
                        Regarding the Mortgage Loans.

          The Master Servicer shall afford the Depositor and the Trustee
reasonable access to all records and documentation regarding the Mortgage
Loans and all accounts, insurance information and other matters relating to
this Agreement, such access being afforded without charge, but only upon
reasonable request and during normal business hours at the office designated
by the Master Servicer.

          Upon reasonable advance notice in writing, the Master Servicer will
provide to each Certificateholder which is a savings and loan association,
bank or insurance company certain reports and reasonable access to information
and documentation regarding the Mortgage Loans sufficient to permit such
Certificateholder to comply with applicable regulations of the OTS or other
regulatory authorities with respect to investment in the Certificates;
provided that the Master Servicer shall be entitled to be reimbursed by each
such Certificateholder for actual expenses incurred by the Master Servicer in
providing such reports and access.

          Section 3.09. Permitted Withdrawals from the Certificate
                        Account, the Distribution Account and the Excess
                        Reserve Fund Account.

          (a) The Master Servicer may (and, in the case of clause (ix) below,
shall) from time to time make withdrawals from the Certificate Account for the
following purposes:

               (i) to pay to the Master Servicer or the related Subservicer
          (to the extent not previously retained) the servicing compensation
          to which it is entitled pursuant to Section 3.15, and to pay to the
          Master Servicer, as additional master servicing compensation,
          earnings on or investment income with respect to funds in or
          credited to the Certificate Account;

               (ii) to reimburse the Master Servicer for unreimbursed Advances
          made by it, such right of reimbursement pursuant to this subclause
          (ii) being limited to amounts received on the Mortgage Loan(s) in
          respect of which such Advance was made;

               (iii) to reimburse the Master Servicer for any Nonrecoverable
          Advance previously made;

               (iv) to reimburse the Master Servicer for Insured Expenses from
          the related Insurance Proceeds;

               (v) to reimburse the Master Servicer for (a) unreimbursed
          Servicing Advances, the Master Servicer's right to reimbursement
          pursuant to this clause (a) with respect to any Mortgage Loan being
          limited to amounts received on such Mortgage Loan(s) which represent
          late recoveries of the payments for which such advances were made
          pursuant to Section 3.01 or Section 3.07 and (b) for unpaid Master
          Servicing Fees as provided in Section 3.12;

               (vi) to pay to the purchaser, with respect to each Mortgage
          Loan or property acquired in respect thereof that has been purchased
          pursuant to Section 2.02, 2.03 or 3.14, all amounts received thereon
          after the date of such purchase;

               (vii) to reimburse the Seller, the Master Servicer or the
          Depositor for expenses incurred by any of them and reimbursable
          pursuant to Section 6.03;

               (viii) to withdraw any amount deposited in the Certificate
          Account and not required to be deposited therein;

               (ix) on or prior to the Distribution Account Deposit Date, to
          withdraw an amount equal to (1) the related Available Funds for both
          Loan Groups and the Trustee Fee for such Distribution Date, to the
          extent on deposit, and (2) the Prepayment Charges on deposit, and
          remit such amount to the Trustee for deposit in the Distribution
          Account; and

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

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

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

               (ii) to pay to itself the Trustee Fee for the related
          Distribution Date;

               (iii) to pay to the Master Servicer as additional servicing
          compensation earnings on or investment income with respect to funds
          in the Distribution Account;

               (iv) to withdraw and return to the Master Servicer any amount
          deposited in the Distribution Account and not required to be
          deposited therein; and

               (v) to clear and terminate the Distribution Account upon
          termination of the Agreement pursuant to Section 9.01.

          (c) On each Distribution Date, the Trustee shall make withdrawals
from the Excess Reserve Fund Account for deposit in the Distribution Account
an amount equal to the amount required pursuant to Section 3.06(f) above. On
the earlier of (i) the Distribution Date on which all of the Adjustable Rate
Certificates are reduced to zero and (ii) the termination of this Agreement
pursuant to Section 9.01, any amount remaining on deposit in the Excess
Reserve Fund Account after giving effect to the requirements of the preceding
sentence shall be withdrawn by the Trustee and paid to the Class X
Certificateholders.

          Section 3.10. Maintenance of Hazard Insurance; Maintenance of
                        Primary Insurance Policies.

          (a) The Master Servicer shall maintain or cause to be maintained,
for each Mortgage Loan, hazard insurance with extended coverage in an amount
that is at least equal to the lesser of (i) the maximum insurable value of the
improvements securing such Mortgage Loan or (ii) the greater of (y) the
outstanding principal balance of the Mortgage Loan and (z) an amount such that
the proceeds of such policy shall be sufficient to prevent the Mortgagor
and/or the mortgagee from becoming a co-insurer. Each such policy of standard
hazard insurance shall contain, or have an accompanying endorsement that
contains, a standard mortgagee clause. Any amounts collected under any such
policies (other than the amounts to be applied to the restoration or repair of
the related Mortgaged Property or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Certificate Account. Any cost incurred in maintaining any
such insurance shall not, for the purpose of calculating monthly distributions
to the Certificateholders or remittances to the Trustee for their benefit, be
added to the principal balance of the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan so permit. Such costs shall be recoverable by the
Master Servicer out of late payments by the related Mortgagor or out of
Liquidation Proceeds to the extent permitted by Section 3.09. It is understood
and agreed that no earthquake or other additional insurance is to be required
of any Mortgagor or maintained on property acquired in respect of a Mortgage
other than pursuant to such applicable laws and regulations as shall at any
time be in force and as shall require such additional insurance. If the
Mortgaged Property is located at the time of origination of the Mortgage Loan
in a federally designated special flood hazard area and such area is
participating in the national flood insurance program, the Master Servicer
shall cause flood insurance to be maintained with respect to such Mortgage
Loan. Such flood insurance shall be in an amount equal to the least of (i) the
original principal balance of the related Mortgage Loan, (ii) the replacement
value of the improvements which are part of such Mortgaged Property, and (iii)
the maximum amount of such insurance available for the related Mortgaged
Property under the national flood insurance program.

          In the event that the Master Servicer shall obtain and maintain a
blanket policy insuring against hazard losses on all of the Mortgage Loans, it
shall conclusively be deemed to have satisfied its obligations as set forth in
the first sentence of this Section 3.10, it being understood and agreed that
such policy may contain a deductible clause on terms substantially equivalent
to those commercially available and maintained by comparable servicers. If
such policy contains a deductible clause, the Master Servicer shall, in the
event that there shall not have been maintained on the related Mortgaged
Property a policy complying with the first sentence of this Section 3.10, and
there shall have been a loss that would have been covered by such policy,
deposit in the Certificate Account the amount not otherwise payable under the
blanket policy because of such deductible clause. In connection with its
activities as Master Servicer of the Mortgage Loans, the Master Servicer
agrees to present, on behalf of itself, the Depositor, and the Trustee for the
benefit of the Certificateholders, claims under any such blanket policy.

          (b) The Master Servicer shall not take any action which would result
in non-coverage under any applicable Primary Insurance Policy of any loss
which, but for the actions of the Master Servicer, would have been covered
thereunder. The Master Servicer shall not cancel or refuse to renew any such
Primary Insurance Policy that is in effect at the date of the initial issuance
of the Certificates and is required to be kept in force hereunder unless the
replacement Primary Insurance Policy for such canceled or non-renewed policy
is maintained with a Qualified Insurer. The Master Servicer shall not be
required to maintain any Primary Insurance Policy (i) with respect to any
Mortgage Loan with a Loan-to-Value Ratio of Combined Loan-to-Value Ratio (as
applicable) less than or equal to [80]% as of any date of determination or,
based on a new appraisal, the principal balance of such Mortgage Loan
represents [80]% or less of the new Appraised Value or (ii) if maintaining
such Primary Insurance Policy is prohibited by applicable law. The Master
Servicer agrees, to the extent permitted by applicable law, to effect the
timely payment of the premiums on each Primary Insurance Policy, and such
costs not otherwise recoverable shall be recoverable by the Master Servicer
from the related liquidation proceeds.

          In connection with its activities as Master Servicer of the Mortgage
Loans, the Master Servicer agrees to present, on behalf of itself, the Trustee
and the Certificateholders, claims to the insurer under any Primary Insurance
Policies and, in this regard, to take such reasonable action in accordance
with the Servicing Standard as shall be necessary to permit recovery under any
Primary Insurance Policies respecting defaulted Mortgage Loans. Any amounts
collected by the Master Servicer under any Primary Insurance Policies shall be
deposited in the Certificate Account or the Collection Account (as
applicable).

          Section 3.11. Enforcement of Due-On-Sale Clauses; Assumption
                        Agreements.

          (a) Except as otherwise provided in this Section 3.11, when any
property subject to a Mortgage has been conveyed by the Mortgagor, the Master
Servicer shall to the extent that it has knowledge of such conveyance and in
accordance with the Servicing Standard, enforce any due-on-sale clause
contained in any Mortgage Note or Mortgage, to the extent permitted under
applicable law and governmental regulations, but only to the extent that such
enforcement will not adversely affect or jeopardize coverage under any
Required Insurance Policy. Notwithstanding the foregoing, the Master Servicer
is not required to exercise such rights with respect to a Mortgage Loan if the
Person to whom the related Mortgaged Property has been conveyed or is proposed
to be conveyed satisfies the terms and conditions contained in the Mortgage
Note and Mortgage related thereto and the consent of the mortgagee under such
Mortgage Note or Mortgage is not otherwise so required under such Mortgage
Note or Mortgage as a condition to such transfer. In the event that (i) the
Master Servicer is prohibited by law from enforcing any such due-on-sale
clause, (ii) coverage under any Required Insurance Policy would be adversely
affected, (iii) the Mortgage Note does not include a due-on-sale clause or
(iv) nonenforcement is otherwise permitted hereunder, the Master Servicer is
authorized, subject to Section 3.11(b), to take or enter into an assumption
and modification agreement from or with the person to whom such property has
been or is about to be conveyed, pursuant to which such person becomes liable
under the Mortgage Note and, unless prohibited by applicable state law, the
Mortgagor remains liable thereon, provided that the Mortgage Loan shall
continue to be covered (if so covered before the Master Servicer enters such
agreement) by the applicable Required Insurance Policies. The Master Servicer,
subject to Section 3.11(b), is also authorized with the prior approval of the
insurers under any Required Insurance Policies to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Mortgage Note. Notwithstanding the foregoing, the
Master Servicer shall not be deemed to be in default under this Section 3.11
by reason of any transfer or assumption which the Master Servicer reasonably
believes it is restricted by law from preventing, for any reason whatsoever.

          (b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.11(a), in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, and such
Person is to enter into an assumption agreement or modification agreement or
supplement to the Mortgage Note or Mortgage that requires the signature of the
Trustee, or if an instrument of release signed by the Trustee is required
releasing the Mortgagor from liability on the Mortgage Loan, the Master
Servicer shall prepare and deliver or cause to be prepared and delivered to
the Trustee for signature and shall direct, in writing, the Trustee to execute
the assumption agreement with the Person to whom the Mortgaged Property is to
be conveyed and such modification agreement or supplement to the Mortgage Note
or Mortgage or other instruments as are reasonable or necessary to carry out
the terms of the Mortgage Note or Mortgage or otherwise to comply with any
applicable laws regarding assumptions or the transfer of the Mortgaged
Property to such Person. In connection with any such assumption, no material
term of the Mortgage Note may be changed. In addition, the substitute
Mortgagor and the Mortgaged Property must be acceptable to the Master Servicer
in accordance with its underwriting standards as then in effect. Together with
each such substitution, assumption or other agreement or instrument delivered
to the Trustee for execution by it, the Master Servicer shall deliver an
Officer's Certificate signed by a Servicing Officer stating that the
requirements of this subsection have been met in connection therewith. The
Master Servicer shall notify the Trustee that any such substitution or
assumption agreement has been completed by forwarding to the Trustee the
original of such substitution or assumption agreement, which in the case of
the original shall be added to the related Mortgage File and shall, for all
purposes, be considered a part of such Mortgage File to the same extent as all
other documents and instruments constituting a part thereof. Any fee collected
by the Master Servicer for entering into an assumption or substitution of
liability agreement will be retained by the Master Servicer as additional
master servicing compensation.

          Section 3.12. Realization Upon Defaulted Mortgage Loans; Repurchase
                        of Certain Mortgage Loans.

          (a) The Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to foreclose upon or otherwise comparably convert
the ownership of Mortgaged Properties in respect of which the related Mortgage
Loans as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments. In connection
with such foreclosure or other conversion, the Master Servicer shall follow
the Servicing Standard and shall follow the requirements of the insurer under
any Required Insurance Policy. Notwithstanding the foregoing, the Master
Servicer shall not be required to expend its own funds in connection with any
foreclosure or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan after reimbursement to itself of
such expenses and (ii) that such expenses will be recoverable to it through
Liquidation Proceeds (respecting which it shall have priority for purposes of
withdrawals from the Certificate Account). The Master Servicer shall be
responsible for all other costs and expenses incurred by it in any such
proceedings; provided, however, that it shall be entitled to reimbursement
thereof from the liquidation proceeds with respect to the related Mortgaged
Property, as provided in the definition of Liquidation Proceeds. If the Master
Servicer has knowledge that a Mortgaged Property which the Master Servicer is
contemplating acquiring in foreclosure or by deed in lieu of foreclosure is
located within a 1 mile radius of any site listed in the Expenditure Plan for
the Hazardous Substance Clean Up Bond Act of 1984 or other site with
environmental or hazardous waste risks known to the Master Servicer, the
Master Servicer will, prior to acquiring the Mortgaged Property, consider such
risks and only take action in accordance with its established environmental
review procedures.

          With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee for the benefit of the
Certificateholders, or its nominee, on behalf of the Certificateholders. The
Trustee's name shall be placed on the title to such REO Property solely as the
Trustee hereunder and not in its individual capacity. The Master Servicer
shall ensure that the title to such REO Property references the Pooling and
Servicing Agreement and the Trustee's capacity hereunder. Pursuant to its
efforts to sell such REO Property, the Master Servicer shall either itself or
through an agent selected by the Master Servicer protect and conserve such REO
Property in accordance with the Servicing Standard and may, incident to its
conservation and protection of the interests of the Certificateholders, rent
the same, or any part thereof, as the Master Servicer deems to be in the best
interest of the Certificateholders for the period prior to the sale of such
REO Property. The Master Servicer shall prepare for and deliver to the Trustee
a statement with respect to each REO Property that has been rented showing the
aggregate rental income received and all expenses incurred in connection with
the management and maintenance of such REO Property at such times as is
necessary to enable the Trustee to comply with the reporting requirements of
the REMIC Provisions. The net monthly rental income, if any, from such REO
Property shall be deposited in the Certificate Account no later than the close
of business on each Determination Date. The Master Servicer shall perform the
tax reporting and withholding required by Sections 1445 and 6050J of the Code
with respect to foreclosures and abandonments, the tax reporting required by
Section 6050H of the Code with respect to the receipt of mortgage interest
from individuals and, if required by Section 6050P of the Code with respect to
the cancellation of indebtedness by certain financial entities, by preparing
such tax and information returns as may be required, in the form required, and
delivering the same to the Trustee for filing.

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

          The decision of the Master Servicer to foreclose on a defaulted
Mortgage Loan shall be subject to a determination by the Master Servicer that
the proceeds of such foreclosure would exceed the costs and expenses of
bringing such a proceeding. The income earned from the management of any REO
Properties, net of reimbursement to the Master Servicer for expenses incurred
(including any property or other taxes) in connection with such management and
net of unreimbursed Master Servicing Fees, Advances and Servicing Advances,
shall be applied to the payment of principal of and interest on the related
defaulted Mortgage Loans (with interest accruing as though such Mortgage Loans
were still current and adjustments, if applicable, to the Mortgage Rate were
being made in accordance with the terms of the Mortgage Note) and all such
income shall be deemed, for all purposes in this Agreement, to be payments on
account of principal and interest on the related Mortgage Notes and shall be
deposited into the Certificate Account. To the extent the net income received
during any calendar month is in excess of the amount attributable to
amortizing principal and accrued interest at the related Mortgage Rate on the
related Mortgage Loan for such calendar month, such excess shall be considered
to be a partial prepayment of principal of the related Mortgage Loan.

          The proceeds from any liquidation of a Mortgage Loan, as well as any
income from an REO Property, will be applied in the following order of
priority: first, to reimburse the Master Servicer for any related unreimbursed
Servicing Advances or Master Servicing Fees, as applicable; second, to
reimburse the Master Servicer, as applicable, and to reimburse the Certificate
Account for any Nonrecoverable Advances (or portions thereof) that were
previously withdrawn by the Master Servicer pursuant to Section 3.09(a)(ii)
that related to such Mortgage Loan; third, to accrued and unpaid interest (to
the extent no Advance has been made for such amount or any such Advance has
been reimbursed) on the Mortgage Loan or related REO Property, at the Adjusted
Net Mortgage Rate through the Remittance Period preceding the Distribution
Date on which such amounts are required to be distributed; and fourth, as a
recovery of principal of the Mortgage Loan. Excess Proceeds, if any, from the
liquidation of a Liquidated Mortgage Loan will be retained by the Master
Servicer as additional servicing compensation pursuant to Section 3.15.

          (b) The Master Servicer, in its sole discretion, shall have the
right to purchase for its own account from the Trust Fund any Mortgage Loan
which is [91] days or more delinquent at a price equal to the Purchase Price.
The Purchase Price for any Mortgage Loan purchased hereunder shall be
deposited in the Certificate Account and the Trustee, upon receipt of a
certificate from the Master Servicer in the form of Exhibit N hereto, shall
release or cause to be released to the purchaser of such Mortgage Loan the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment prepared by the purchaser of such Mortgage Loan, in
each case without recourse, as shall be necessary to vest in the purchaser of
such Mortgage Loan any Mortgage Loan released pursuant hereto and the
purchaser of such Mortgage Loan shall succeed to all the Trustee's right,
title and interest in and to such Mortgage Loan and all security and documents
related thereto. Such assignment shall be an assignment outright and not for
security. The purchaser of such Mortgage Loan shall thereupon own such
Mortgage Loan, and all security and documents, free of any further obligation
to the Trustee or the Certificateholders with respect thereto.

          (c) The Master Servicer may agree to a modification of any Mortgage
Loan (the "Relevant Mortgage Loan") upon the request of the related Mortgagor,
provided that the modification is in lieu of a refinancing and the Mortgage
Rate on the Relevant Mortgage Loan, as modified, is approximately a prevailing
market rate for newly-originated mortgage loans having similar terms and (ii)
the Master Servicer purchases the Relevant Mortgage Loan from the Trust Fund
as described below. Effective immediately after such modification, and, in any
event, on the same Business Day on which the modification occurs, all right,
title and interest of the Trustee in and to the Modified Mortgage Loan shall
automatically be deemed transferred and assigned to the Master Servicer and
all benefits and burdens of ownership thereof, including without limitation
the right to accrued interest thereon from and including the date of
modification and the risk of default thereon, shall pass to the Master
Servicer. The Master Servicer shall promptly deliver to the Trustee a
certification of a Servicing Officer to the effect that all requirements of
the first paragraph of this subsection (c) have been satisfied with respect to
such Modified Mortgage Loan.

          The Master Servicer shall deposit the Purchase Price for any
Modified Mortgage Loan in the Certificate Account pursuant to Section 3.06
within [one] Business Day after the purchase of such Modified Mortgage Loan.
Upon receipt by the Trustee of written notification of any such deposit signed
by a Servicing Officer, the Trustee shall release to the Master Servicer the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary
to vest in the Master Servicer any Modified Mortgage Loan previously
transferred and assigned pursuant hereto.

          The Master Servicer covenants and agrees to indemnify the Trust Fund
against any and all liability for any "prohibited transaction" taxes and any
related interest, additions and penalties imposed on the Trust Fund
established hereunder as a result of any modification of a Mortgage Loan
effected pursuant to this subsection (c), any holding of a Modified Mortgage
Loan by the Trust Fund or any purchase of a Modified Mortgage Loan by the
Master Servicer (but such obligation shall not prevent the Master Servicer or
any other appropriate Person from contesting any such tax in appropriate
proceedings and shall not prevent the Master Servicer from withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings).
The Master Servicer shall have no right of reimbursement for any amount paid
pursuant to the foregoing indemnification, except to the extent that the
amount of any tax, interest and penalties, together with interest thereon, is
refunded to the Trust Fund or the Master Servicer.

          Section 3.13. Trustee to Cooperate; Release of Mortgage Files.

          Upon the payment in full of any Mortgage Loan, or the receipt by the
Master Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Master Servicer will immediately
notify the Trustee by delivering, or causing to be delivered, a "Request for
Release" substantially in the form of Exhibit N. Upon receipt of such request,
the Trustee shall promptly release the related Mortgage File to the Master
Servicer, and the Trustee shall at the Master Servicer's direction execute and
deliver to the Master Servicer the request for reconveyance, deed of
reconveyance or release or satisfaction of mortgage or such instrument
releasing the lien of the Mortgage in each case provided by the Master
Servicer, together with the Mortgage Note with written evidence of
cancellation thereon. Expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the related
Mortgagor. From time to time and as shall be appropriate for the servicing or
foreclosure of any Mortgage Loan, including for such purpose collection under
any policy of flood insurance, any fidelity bond or errors or omissions
policy, or for the purposes of effecting a partial release of any Mortgaged
Property from the lien of the Mortgage or the making of any corrections to the
Mortgage Note or the Mortgage or any of the other documents included in the
Mortgage File, the Trustee shall, upon delivery to the Trustee of a Request
for Release in the form of Exhibit M signed by a Servicing Officer, release
the Mortgage File to the Master Servicer or its designee. Subject to the
further limitations set forth below, the Master Servicer shall cause the
Mortgage File or documents so released to be returned to the Trustee when the
need therefor by the Master Servicer no longer exists, unless the Mortgage
Loan is liquidated and the proceeds thereof are deposited in the Certificate
Account, in which case the Master Servicer shall deliver to the Trustee a
Request for Release in the form of Exhibit N, signed by a Servicing Officer.

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

          Section 3.14.  Documents, Records and Funds in Possession of the
                         Master Servicer to be Held for the Trustee.

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

          Section 3.15. Servicing Compensation.

          As compensation for its activities hereunder, the Master Servicer
shall be entitled to retain or withdraw from the Servicing Account, the
Collection Account or the Certificate Account an amount equal to the Master
Servicing Fee for each Mortgage Loan for the related Distribution Date.
Notwithstanding the foregoing, the aggregate Master Servicing Fee and
Servicing Fee payable to the Master Servicer shall be reduced by an amount
equal to the aggregate of the Prepayment Interest Shortfalls, if any, with
respect to such Distribution Date; provided, however, that the reduction for
any Distribution Date shall not exceed the aggregate Compensating Interest for
such Distribution Date.

          The Master Servicer shall also be entitled to retain or withdraw
from the Servicing Account, the Collection Account or the Certificate Account
an amount equal to the Servicing Fee for each Mortgage Loan for the related
Distribution Date. In cases where a Mortgage Loan is being directly serviced
by the Master Servicer, the Master Servicer shall be entitled to retain such
amount for its own account as compensation for performing such services. In
cases where a Mortgage Loan is being directly serviced by a Subservicer, the
Master Servicer shall (unless the Servicing Fee has been retained by the
Subservicer) remit such amount to the related Subservicer as compensation for
performing such services.

          Additional master servicing compensation in the form of Excess
Proceeds, assumption fees, late payment charges and all income and gain net of
any losses realized from Permitted Investments shall be retained by the Master
Servicer to the extent not required to be deposited in the Certificate Account
pursuant to Section 3.06. The Master Servicer shall be required to pay all
expenses incurred by it in connection with its servicing activities hereunder
(including the fees of any Subservicer, payment of any premiums for hazard
insurance and any Primary Insurance Policy and maintenance of the other forms
of insurance coverage required by this Agreement) and shall not be entitled to
reimbursement therefor except as specifically provided in this Agreement.

          Section 3.16. Access to Certain Documentation.

          The Master Servicer shall provide to the OTS and the FDIC and to
comparable regulatory authorities supervising Holders of Subordinated
Certificates and the examiners and supervisory agents of the OTS, the FDIC and
such other authorities, access to the documentation regarding the Mortgage
Loans required by applicable regulations of the OTS and the FDIC. Such access
shall be afforded without charge, but only upon reasonable and prior written
request and during normal business hours at the offices designated by the
Master Servicer. Nothing in this Section 3.16 shall limit the obligation of
the Master Servicer to observe any applicable law prohibiting disclosure of
information regarding the Mortgagors and the failure of the Master Servicer to
provide access as provided in this Section 3.16 as a result of such obligation
shall not constitute a breach of this Section 3.16.

          Section 3.17. Annual Statement as to Compliance.

          The Master Servicer shall deliver to the Depositor and the Trustee
on or before [120] days after the end of the Master Servicer's fiscal year,
commencing with its [ ] fiscal year, an Officer's Certificate stating, as to
the signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year and of the performance of the Master
Servicer under this Agreement has been made under such officer's supervision,
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status thereof. The Trustee shall forward a copy of each such
statement to each Rating Agency.

          Section 3.18. Annual Independent Public Accountants' Servicing
                        Statement; Financial Statements.

          On or before [120] days after the end of the Master Servicer's
fiscal year, commencing with its [ ] fiscal year, the Master Servicer at its
expense shall cause a nationally or regionally recognized firm of independent
public accountants (who may also render other services to the Master Servicer,
the Seller or any affiliate thereof) which is a member of the American
Institute of Certified Public Accountants to furnish a statement to the
Trustee and the Depositor to the effect that such firm has examined certain
documents and records relating to the servicing of the Mortgage Loans under
this Agreement or of mortgage loans under pooling and servicing agreements
substantially similar to this Agreement (such statement to have attached
thereto a schedule setting forth the pooling and servicing agreements covered
thereby) and that, on the basis of such examination, conducted substantially
in compliance with the Audit Guide for Audits of HUD Approved Nonsupervised
Mortgagees, the Uniform Single Attestation Program for Mortgage Bankers or the
Audit Program for Mortgages serviced for FNMA and FHLMC, such servicing has
been conducted in compliance with such pooling and servicing agreements except
for such significant exceptions or errors in records that, in the opinion of
such firm, the Audit Guide for Audits of HUD Approved Nonsupervised
Mortgagees, the Uniform Single Attestation Program for Mortgage Bankers or the
Audit Program for Mortgages serviced for FNMA and FHLMC requires it to report.
In rendering such statement, such firm may rely, as to matters relating to
direct servicing of mortgage loans by the Subservicers, upon comparable
statements for examinations conducted substantially in compliance with the
Audit Guide for Audits of HUD Approved Nonsupervised Mortgagees, the Uniform
Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages serviced for FNMA and FHLMC (rendered within one year of such
statement) of independent public accountants with respect to the related
Subservicer. Copies of such statement shall be provided by the Trustee to any
Certificateholder upon request at the Master Servicer's expense, provided that
such statement is delivered by the Master Servicer to the Trustee.

          Section 3.19. Errors and Omissions Insurance; Fidelity Bonds.

          The Master Servicer shall obtain and maintain in force (a) a policy
or policies of insurance covering errors and omissions in the performance of
its obligations as Master Servicer hereunder and (b) a fidelity bond in
respect of its officers, employees and agents. Each such policy or policies
and bond shall, together, comply with the requirements from time to time of
FNMA or FHLMC for persons performing servicing for mortgage loans purchased by
FNMA or FHLMC. In the event that any such policy or bond ceases to be in
effect, the Master Servicer shall obtain a comparable replacement policy or
bond from an insurer or issuer meeting the requirements set forth above as of
the date of such replacement.

          Section 3.20. Covenants and Representations of the Servicer
                        Regarding Prepayment Charges.

          (a) The Servicer will not waive any Prepayment Charge or part of a
Prepayment Charge unless such waiver would maximize recovery of total proceeds
taking into account the value of such Prepayment Charge and related Mortgage
Loan and doing so is standard and customary in servicing similar Mortgage
Loans (including any waiver of a Prepayment Charge in connection with a
refinancing of a Mortgage Loan that is related to a default or a reasonably
foreseeable default) and in no event will it waive a prepayment Charge in
connection with a refinancing of a Mortgage Loan that is not related to a
default or a reasonably foreseeable default.

          (b) The information set forth in the Prepayment Charge Schedule
(including the prepayment charge summary attached thereto) is complete, true
and correct in all material respects at the date or dates respecting which
such information is furnished and each Prepayment Charge is permissible and
enforceable in accordance with its terms (except to the extent that the
enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
receivership and other similar laws relating to creditors' rights generally)
under applicable state law.

          (c) Upon discovery by the Seller or a Responsible Officer of the
Trustee of a breach of the foregoing, which materially and adversely affects
the Holders of the Class X Certificate to any prepayment Charge, the party
discovering such breach shall give prompt written notice to the other parties.
Within [60] days of the earlier of discovery by the Servicer or receipt of
notice by the Servicer of breach, the Servicer shall cure such breach in all
material respects. If the covenant made by the Servicer in clause (a) above is
breached the Servicer must pay into the Collection Account the amount of the
waived Prepayment Charge. If the representation may by the Servicer in clause
(b) above is breached, the Servicer must pay into the Collection Account the
amount of the scheduled Prepayment Charge, less any amount previously
collected and paid by the Servicer into the Collection Account.

<PAGE>

                                  ARTICLE IV

                               DISTRIBUTIONS AND
                        ADVANCES BY THE MASTER SERVICER

          Section 4.01. Advances.

          The Master Servicer shall determine on or before each Master
Servicer Advance Date whether it is required to make an Advance pursuant to
the definition thereof. If the Master Servicer determines it is required to
make an Advance, it shall, on or before the Master Servicer Advance Date,
either (i) deposit into the Certificate Account an amount equal to the Advance
or (ii) make an appropriate entry in its records relating to the Certificate
Account that any Amount Held for Future Distribution has been used by the
Master Servicer in discharge of its obligation to make any such Advance. Any
funds so applied shall be replaced by the Master Servicer by deposit in the
Certificate Account no later than the close of business on the next Master
Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed
from the Certificate Account for all Advances of its own funds made pursuant
to this Section 4.01 as provided in Section 3.09. The obligation to make
Advances with respect to any Mortgage Loan shall continue if such Mortgage
Loan has been foreclosed or otherwise terminated and the related Mortgaged
Property has not been liquidated. The Master Servicer shall inform the Trustee
of the amount of the Advance to be made on each Master Servicer Advance Date
no later than the [second] Business Day before the related Distribution Date.

          The Master Servicer shall deliver to the Trustee on the related
Master Servicer Advance Date an Officer's Certificate of a Servicing Officer
indicating the amount of any proposed Advance determined by the Master
Servicer to be a Nonrecoverable Advance.

          Section 4.02. Priorities of Distribution.

          On each Distribution Date, the Trustee will make the disbursements
and transfers from amounts then on deposit in the Distribution Account in the
following order of priority for each Certificate Group and, in each case, to
the extent of the related Available Funds remaining:

          (i) to the holders of each Class of Certificates in the following
order of priority:

               (a) to the Class A Certificates for the related Certificate
          Group, the related Accrued Certificate Interest Distribution Amount
          and any Unpaid Interest Amounts for such Distribution Date;

               (b) to the Class M-1 Certificates of such Certificate Group,
          the Accrued Certificate Interest Distribution Amount for such Class
          on such Distribution Date;

               (c) to the Class M-2 Certificates of such Certificate Group,
          the Accrued Certificate Interest Distribution Amount for such Class
          on such Distribution Date;

               (d) to the Class B Certificates of such Certificate Group, the
          Accrued Certificate Interest Distribution Amount for such Class on
          such Distribution Date;

          (ii) A. with respect to each Certificate Group on each Distribution
Date (a) before the related Stepdown Date or (b) with respect to which a
Trigger Event is in effect, to the holders of the related Class or Classes of
Offered Certificates then entitled to distributions of principal as set forth
below, an amount equal to the related Principal Distribution Amount in the
following order of priority:

          (x) (1) in the case of the Group 1 Certificates, sequentially to the
          Class R and Class AF-1 Certificates, in that order until the
          respective Class Certificate Balances are reduced to zero;

          (2) in the case of the Group 2 Certificates, to the Class AV-1
          Certificates until the Class Certificate Balance thereof is reduced
          to zero;

          (y) for each Certificate Group, sequentially to the related Class
          M-1, Class M-2 and Class B Certificates, in that order, until the
          respective Class Certificate Balances are reduced to zero;

          B. on each Distribution Date (a) on and after the related Stepdown
Date and (b) as long as a Trigger Event is not in effect, to the holders of
the related Class or Classes of Offered Certificates then entitled to
distribution of principal an amount equal to, in the aggregate, the related
Principal Distribution Amount in the following amounts and order of priority:

               (a) the lesser of (x) the Principal Distribution Amount and (y)
          the Class A Principal Distribution Amount, in the following order of
          priority:

               (1) in the case of the Group 1 Certificates, to the Class AF-1
               Certificates, until the Class Certificate Balance thereof is
               reduced to zero;

               (2) in the case of the Group 2 Certificates, to the Class AV-1
               Certificates until the Class Certificate Balance thereof is
               reduced to zero;

               (b) the lesser of (x) the excess of (i) the Principal
          Distribution Amount over (ii) the amount distributed to the Class A
          Certificateholders in clause (ii) B. (a) above and (y) the Class M-1
          Principal Distribution Amount to the Class M-1 Certificateholders,
          until the Class Certificate Balance thereof has been reduced to
          zero;

               (c) the lesser of (x) the excess of (i) the Principal
          Distribution Amount over (ii) the amount distributed to the Class A
          Certificateholders in clause (ii) B. (a) above and to the Class M-1
          Certificates in clause (ii) B. (b) above and (y) the Class M-2
          Principal Distribution Amount to the Class M-2 Certificateholders,
          until the Class Certificate Balance thereof has been reduced to
          zero;

               (d) the lesser of (x) the excess of (i) the Principal
          Distribution Amount over (ii) the amount distributed to the Class A
          Certificateholders in clause (ii) B. (a) above, to the Class M-1
          Certificates in clause (ii) B. (b) above and to the Class M-2
          Certificates in clause (ii) B. (c) above and (y) the Class B
          Principal Distribution Amount to the Class B Certificateholders,
          until the Class Certificate Balance thereof has been reduced to
          zero;

          (iii) any amount remaining after the distributions in clauses (i)
and (ii) above shall be distributed in the following order of priority with
respect to the Certificates in the related Certificate Group:

               (a) to fund the Extra Principal Distribution Amount for such
          Distribution Date to be paid as a component of the Principal
          Distribution Amount in the same order of priority as described in
          clause (ii) above;

               (b) to the holders of the Class M-1 Certificates, any Unpaid
          Interest Amounts for such Class;

               (c) to the holders of the Class M-1 Certificates, any Unpaid
          Realized Loss Amount for such Class;

               (d) to the holders of the Class M-2 Certificates, any Unpaid
          Interest Amounts for such Class;

               (e) to the holders of the Class M-2 Certificates, any Unpaid
          Realized Loss Amount for such Class;

               (f) to the holders of the Class B Certificates, any Unpaid
          Interest Amounts for such Class;

               (g) to the holders of the Class B Certificates, any Unpaid
          Realized Loss Amount for such Class;

               (h) to the Excess Reserve Fund Account, the amount of any Basis
          Risk Payment for such Distribution Date;

               (i) from funds on deposit in the Excess Reserve Fund Account,
          an amount equal to any Basis Risk CarryForward Amount with respect
          to any Adjustable Rate Certificate for such Distribution Date to the
          Group 2 Certificates in the same order and priority in which Accrued
          Certificate Interest is allocated among those Classes of
          Certificates;

               (j) to the holders of the Class X Certificate, the Class X
          Distributable Amount; and

               (iv) to the holders of the Class R Certificates, any remaining
          amount.

          On each Distribution Date, all amounts representing Prepayment
Charges and Master Servicer Prepayment Charge Payment Amounts from the
Mortgage Loans in each Loan Group received during the related Prepayment
Period will be distributed to the holders of the Class X Certificates.

          Section 4.03. Monthly Statements to Certificateholders.

          (a) Not later than each Distribution Date, the Trustee shall prepare
and cause to be forwarded by first class mail to each Certificateholder, the
Master Servicer and the Depositor a statement setting forth with respect to
the related distribution:

               (ii) the amount thereof allocable to principal, separately
          identifying the aggregate amount of any Principal Prepayments and
          Liquidation Proceeds included therein;

               (iii) the amount thereof allocable to interest, any Unpaid
          Interest Amounts included in such distribution and any remaining
          Unpaid Interest Amounts after giving effect to such distribution,
          any Basis Risk CarryForward Amount for such Distribution Date and
          the amount of all Basis Risk Carry Forward Amount covered by
          withdrawals from the Excess Reserve Fund Account on such
          Distribution Date;

               (iv) if the distribution to the Holders of such Class of
          Certificates is less than the full amount that would be
          distributable to such Holders if there were sufficient funds
          available therefor, the amount of the shortfall and the allocation
          thereof as between principal and interest, including any Basis Risk
          CarryForward Amount not covered by amounts in the Excess Reserve
          Fund Account;

               (v) the Class Certificate Balance of each Class of Certificates
          after giving effect to the distribution of principal on such
          Distribution Date;

               (vi) the Pool Stated Principal Balance for the following
          Distribution Date;

               (vii) the amount of the Master Servicing Fees and Servicing
          Fees paid to or retained by the Master Servicer or Subservicer (with
          respect to the Subservicers, in the aggregate) with respect to such
          Distribution Date;

               (viii) the Pass-Through Rate for each such Class of
          Certificates with respect to such Distribution Date;

               (ix) the amount of Advances included in the distribution on
          such Distribution Date and the aggregate amount of Advances
          outstanding as of the close of business on such Distribution Date;

               (x) the number and aggregate principal amounts of Mortgage
          Loans in each Loan Group (A) delinquent (exclusive of Mortgage Loans
          in foreclosure) (1) [1 to 30] days (2) [31 to 60] days (3) [61 to
          90] days and (4) [91] or more days and (B) in foreclosure and
          delinquent (1) [1 to 30] days (2) [31 to 60] days (3) [61 to 90]
          days and (4) [91] or more days, as of the close of business on the
          last day of the calendar month preceding such Distribution Date;

               (xi) for each of the preceding 12 calendar months, or all
          calendar months since the related Cut-off Date, whichever is less,
          the aggregate dollar amount of the Scheduled Payments (A) due on all
          Outstanding Mortgage Loans on each of the Due Dates in each such
          month and (B) delinquent [60] days or more on each of the Due Dates
          in each such month;

               (xii) with respect to any Mortgage Loan that became an REO
          Property during the preceding calendar month, the loan number and
          Stated Principal Balance of such Mortgage Loan as of the close of
          business on the Determination Date preceding such Distribution Date
          and the date of acquisition thereof;

               (xiii) the total number and principal balance of any REO
          Properties (and market value, if available) as of the close of
          business on the Determination Date preceding such Distribution Date;

               (xiv) whether a Trigger Event has occurred and is continuing
          (including the calculation of thereof and the aggregate outstanding
          balance of all 60+ Delinquent Loans)

               (xv) the amount on deposit in the Excess Reserve Fund Account
          (after giving effect to distributions on such Distribution Date);

               (xvi) the aggregate amount of Realized Losses incurred during
          the preceding calendar month and aggregate Realized Losses through
          such Distribution Date;

               (xvii) the amount of any Net Monthly Excess Cash Flow on such
          Distribution Date and the allocation thereof to the
          Certificateholders with respect to Applied Realized Losses and
          Unpaid Interest Amounts;

               (xviii) with respect to the second Distribution Date, the
          number and aggregate balance of any Delay Delivery Mortgage Loans
          not delivered within the time periods specified in the definition of
          Delay Delivery Mortgage Loans; and

               (xix) with respect to each Loan Group, the Subordinated Amount
          and Required Subordinated Amount.

               (xx) Prepayment Charges collected, waived and paid by Master
          Servicer.

          (b) The Trustee's responsibility for disbursing the above
information to the Certificateholders is limited to the availability,
timeliness and accuracy of the information derived from the Master Servicer.
The Trustee will send a copy of each statement provided pursuant to this
Section 4.03 to each Rating Agency (including [S&P's Residential Structured
Finance Department, Attention: Ms. Beth Rubino]) by first class mail.

          (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at
any time during the calendar year was a Certificateholder, a statement
containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vii)
of this Section 4.03 aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of
the Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trustee pursuant
to any requirements of the Code as from time to time in effect.

          Section 4.04. [Reserved]

          Section 4.05. [Reserved]

          Section 4.06. [Reserved]

          Section 4.07. Certain Matters Relating to the Determination of
                        LIBOR.

          Until all of the LIBOR Certificates are paid in full, the Trustee
will at all times retain at least four Reference Banks for the purpose of
determining LIBOR with respect to each Interest Determination Date. The Master
Servicer initially shall designate the Reference Banks. Each "Reference Bank"
shall be a leading bank engaged in transactions in Eurodollar deposits in the
international Eurocurrency market, shall not control, be controlled by, or be
under common control with, the Trustee and shall have an established place of
business in London. If any such Reference Bank should be unwilling or unable
to act as such or if the Master Servicer should terminate its appointment as
Reference Bank, the Master Servicer shall promptly appoint or cause to be
appointed another Reference Bank. The Trustee shall have no liability or
responsibility to any Person for (i) the selection of any Reference Bank for
purposes of determining LIBOR or (ii) any inability to retain at least four
Reference Banks which is caused by circumstances beyond its reasonable
control.

          The Pass-Through Rate for each Class of LIBOR Certificates for each
Interest Accrual Period shall be determined by the Trustee on each LIBOR
Determination Date so long as the LIBOR Certificates are outstanding on the
basis of LIBOR and the respective formulae appearing in footnotes
corresponding to the LIBOR Certificates in the table relating to the
Certificates in the Preliminary Statement. The Trustee shall not have any
liability or responsibility to any Person for its inability, following a
good-faith reasonable effort, to obtain quotations from the Reference Banks or
to determine the arithmetic mean referred to in the definition of LIBOR, all
as provided for in this Section 4.07 and the definition of LIBOR. The
establishment of LIBOR and each Pass-Through Rate for the LIBOR Certificates
by the Trustee shall (in the absence of manifest error) be final, conclusive
and binding upon each Holder of a Certificate and the Trustee.

<PAGE>

                                  ARTICLE V

                               THE CERTIFICATES

          Section 5.01. The Certificates.

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

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

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

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

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

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

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

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

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

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

          No transfer of an ERISA-Restricted Certificate shall be made unless
the Trustee shall have received either (i) a representation from the
transferee of such Certificate acceptable to and in form and substance
satisfactory to the Trustee (in the event such Certificate is a Private
Certificate or a Residual Certificate, such requirement is satisfied only by
the Trustee's receipt of a representation letter from the transferee
substantially in the form of Exhibit L), to the effect that such transferee is
not an employee benefit plan or arrangement subject to Section 406 of ERISA or
a plan subject to Section 4975 of the Code, nor a person acting on behalf of
any such plan or arrangement nor using the assets of any such plan or
arrangement to effect such transfer, or (ii) if the ERISA-Restricted
Certificate is a Private Certificate that has been the subject of an
ERISA-Qualifying Underwriting, a Subordinated Certificate or a Residual
Certificate, if the purchaser is an insurance company, a representation that
the purchaser is an insurance company that is purchasing such Certificates
with funds contained in an "insurance company general account" (as such term
is defined in Section V(e) of Prohibited Transaction Class Exemption 95-60
("PTCE 95-60") and that the purchase and holding of such Certificates are
covered under Sections I and III of PTCE 95-60 or (iii) in the case of any
such ERISA-Restricted Certificate presented for registration in the name of an
employee benefit plan subject to ERISA, or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), or a trustee of any such plan or any other person acting on
behalf of any such plan or arrangement or using such plan's or arrangement's
assets, an Opinion of Counsel satisfactory to the Trustee and the Master
Servicer, which Opinion of Counsel shall not be an expense of the Trustee, the
Master Servicer or the Trust Fund, addressed to the Trustee, to the effect
that the purchase or holding of such ERISA-Restricted Certificate will not
result in the assets of the Trust Fund being deemed to be "plan assets" and
subject to the prohibited transaction provisions of ERISA and the Code and
will not subject the Trustee or the Master Servicer to any obligation in
addition to those expressly undertaken in this Agreement or to any liability.
For purposes of the preceding sentence, with respect to an ERISA-Restricted
Certificate that is not a Private Certificate or a Residual Certificate, in
the event the representation letter referred to in the preceding sentence is
not furnished, such representation shall be deemed to have been made to the
Trustee by the transferee's (including an initial acquiror's) acceptance of
the ERISA-Restricted Certificates. In the event that such representation is
violated, or any attempt to transfer to a plan or arrangement subject to
Section 406 of ERISA or a plan subject to Section 4975 of the Code, or a
person acting on behalf of any such plan or arrangement or using the assets of
any such plan or arrangement, without such Opinion of Counsel, such attempted
transfer or acquisition shall be void and of no effect.

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

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

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

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

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

          (v) Any attempted or purported Transfer of any Ownership Interest in
     a Residual Certificate in violation of the provisions of this Section
     5.02(c) shall be absolutely null and void and shall vest no rights in the
     purported Transferee. If any purported transferee shall become a Holder
     of a Residual Certificate in violation of the provisions of this Section
     5.02(c), then the last preceding Permitted Transferee shall be restored
     to all rights as Holder thereof retroactive to the date of registration
     of Transfer of such Residual Certificate. The Trustee shall be under no
     liability to any Person for any registration of Transfer of a Residual
     Certificate that is in fact not permitted by Section 5.02(b) and this
     Section 5.02(c) or for making any payments due on such Certificate to the
     Holder thereof or taking any other action with respect to such Holder
     under the provisions of this Agreement so long as the Transfer was
     registered after receipt of the related Transfer Affidavit, Transferor
     Certificate and either the Rule 144A Letter or the Investment Letter. The
     Trustee shall be entitled but not obligated to recover from any Holder of
     a Residual Certificate that was in fact not a Permitted Transferee at the
     time it became a Holder or, at such subsequent time as it became other
     than a Permitted Transferee, all payments made on such Residual
     Certificate at and after either such time. Any such payments so recovered
     by the Trustee shall be paid and delivered by the Trustee to the last
     preceding Permitted Transferee of such Certificate.

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

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

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

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

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

          If (x) (i) the Depository or the Depositor advises the Trustee in
writing that the Depository is no longer willing or able to properly discharge
its responsibilities as Depository, and (ii) the Trustee or the Depositor is
unable to locate a qualified successor, (y) the Depositor at its option
advises the Trustee in writing that it elects to terminate the book-entry
system through the Depository or (z) after the occurrence of an Event of
Default, Certificate Owners representing at least [51]% of the Certificate
Balance of the Book-Entry Certificates together advise the Trustee and the
Depository through the Depository Participants in writing that the
continuation of a book-entry system through the Depository is no longer in the
best interests of the Certificate Owners, the Trustee shall notify all
Certificate Owners, through the Depository, of the occurrence of any such
event and of the availability of definitive, fully-registered Certificates
(the "Definitive Certificates") to Certificate Owners requesting the same.
Upon surrender to the Trustee of the related Class of Certificates by the
Depository, accompanied by the instructions from the Depository for
registration, the Trustee shall issue the Definitive Certificates. Neither the
Master Servicer, the Depositor nor the Trustee shall be liable for any delay
in delivery of such instruction and each may conclusively rely on, and shall
be protected in relying on, such instructions. The Master Servicer shall
provide the Trustee with an adequate inventory of certificates to facilitate
the issuance and transfer of Definitive Certificates. Upon the issuance of
Definitive Certificates all references herein to obligations imposed upon or
to be performed by the Depository shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates and the Trustee shall recognize the Holders of the
Definitive Certificates as Certificateholders hereunder; provided that the
Trustee shall not by virtue of its assumption of such obligations become
liable to any party for any act or failure to act of the Depository.

          Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.

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

          Section 5.04. Persons Deemed Owners.

          The Master Servicer, the Trustee and any agent of the Master
Servicer or the Trustee may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions as provided in this Agreement and for all other purposes
whatsoever, and neither the Master Servicer, the Trustee nor any agent of the
Master Servicer or the Trustee shall be affected by any notice to the
contrary.

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

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

          Section 5.06. Maintenance of Office or Agency.

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

<PAGE>

                                  ARTICLE VI

                     THE DEPOSITOR AND THE MASTER SERVICER

          Section 6.01. Respective Liabilities of the Depositor and the Master
                        Servicer.

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

          Section 6.02. Merger or Consolidation of the Depositor or the Master
                        Servicer.

          The Depositor and the Master Servicer will each keep in full effect
its existence, rights and franchises as a corporation or federal savings bank,
as the case may be, under the laws of the United States or under the laws of
one of the states thereof and will each obtain and preserve its qualification
to do business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, or any of the Mortgage Loans and to perform
its respective duties under this Agreement.

          Any Person into which the Depositor or the Master Servicer may be
merged or consolidated, or any Person resulting from any merger or
consolidation to which the Depositor or the Master Servicer shall be a party,
or any person succeeding to the business of the Depositor or the Master
Servicer, shall be the successor of the Depositor or the Master Servicer, as
the case may be, hereunder, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding; provided, however, that the successor or
surviving Person to the Master Servicer shall be qualified to sell mortgage
loans to, and to service mortgage loans on behalf of, FNMA or FHLMC.

          Section 6.03. Limitation on Liability of the Depositor, the Seller,
                        the Master Servicer and Others.

          None of the Depositor, the Seller, the Master Servicer or any of the
directors, officers, employees or agents of the Depositor, the Seller or the
Master Servicer shall be under any liability to the Certificateholders for any
action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect the Depositor, the Seller, the Master
Servicer or any such Person against any breach of representations or
warranties made by it herein or protect the Depositor, the Seller, the Master
Servicer or any such Person from any liability which would otherwise be
imposed by reasons of willful misfeasance, bad faith or gross negligence in
the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Depositor, the Seller, the Master Servicer and any
director, officer, employee or agent of the Depositor, the Seller or the
Master Servicer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Seller, the Master Servicer and any director,
officer, employee or agent of the Depositor, the Seller or the Master 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, other than any loss,
liability or expense related to any specific Mortgage Loan or Mortgage Loans
(except as any such loss, liability or expense shall be otherwise reimbursable
pursuant to this Agreement) and any loss, liability or expense incurred by
reason of willful misfeasance, bad faith or gross negligence in the
performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder. None of the Depositor, the Seller or the
Master Servicer shall be under any obligation to appear in, prosecute or
defend any legal action that is not incidental to its respective duties
hereunder and which in its opinion may involve it in any expense or liability;
provided, however, that any of the Depositor, the Seller or the Master
Servicer may in its discretion undertake any such action that it may deem
necessary or desirable in respect of this Agreement and the rights and duties
of the parties hereto and interests of the Trustee and the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Seller and the Master Servicer shall be
entitled to be reimbursed therefor out of the Certificate Account.

          Section 6.04. Limitation on Resignation of the Master Servicer.

          The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (a) upon appointment of a successor servicer and
receipt by the Trustee of a letter from each Rating Agency that such a
resignation and appointment will not result in a downgrading of the rating of
any of the Certificates or (b) upon determination that its duties hereunder
are no longer permissible under applicable law. Any such determination under
clause (b) permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
master servicer shall have assumed the Master Servicer's responsibilities,
duties, liabilities and obligations hereunder.

<PAGE>

                                 ARTICLE VII

                                    DEFAULT

          Section 7.01. Events of Default.

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

          (a) any failure by the Master Servicer to deposit in the Certificate
Account or remit to the Trustee any payment (other than a payment required to
be made under Section 4.01) required to be made by it under the terms of this
Agreement, which failure shall continue unremedied for [five] days after the
date upon which written notice of such failure shall have been given to the
Master Servicer by the Trustee or the Depositor or to the Master Servicer and
the Trustee by the Holders of Certificates of any Class evidencing not less
than [25]% of the aggregate Percentage Interests of such Class; or

          (b) any failure by the Master Servicer to observe or perform in any
material respect any other of the covenants or agreements on the part of the
Master Servicer contained in this Agreement, which failure materially affects
the rights of Certificateholders and continues unremedied for a period of [60]
days after the date on which written notice of such failure shall have been
given to the Master Servicer by the Trustee or the Depositor, or to the Master
Servicer and the Trustee by the Holders of Certificates of any Class
evidencing not less than [25]% of the Percentage Interests of such Class;
provided that the sixty-day cure period shall not apply to the initial
delivery of the Mortgage File for Delay Delivery Mortgage Loans nor the
failure to repurchase or substitute in lieu thereof; or

          (c) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises for the appointment of a receiver,
conservator or liquidator in any insolvency, readjustment of debt, marshalling
of assets and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Master
Servicer and such decree or order shall have remained in force undischarged or
unstayed for a period of [60] consecutive days; or

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

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

          If an Event of Default described in clauses (a) through (e) of this
Section 7.01 shall occur, then, and in each and every such case, so long as
such Event of Default shall not have been remedied, the Trustee may, or at the
direction of the Holders of Certificates of any Class evidencing not less than
[662/3]% of the Percentage Interests of such Class, the Trustee shall by
notice in writing to the Master Servicer (with a copy to each Rating Agency),
terminate all of the rights and obligations of the Master Servicer under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, other
than its rights as a Certificateholder hereunder. On and after the receipt by
the Master Servicer of such written notice, all authority and power of the
Master Servicer hereunder, whether with respect to the Mortgage Loans or
otherwise, shall pass to and be vested in the Trustee. The Trustee shall make
any Advance which the Master Servicer failed to make subject to Section 3.03,
whether or not the obligations of the Master Servicer have been terminated
pursuant to this Section. The Trustee is hereby authorized and empowered to
execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents, or
otherwise. Unless expressly provided in such written notice, no such
termination shall affect any obligation of the Master Servicer to pay amounts
owed pursuant to Article VIII. The Master Servicer agrees to cooperate with
the Trustee in effecting the termination of the Master Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee of all cash amounts which shall at the time be
credited to the Certificate Account, or thereafter be received with respect to
the Mortgage Loans.

          Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall be entitled to receive, out of
any late collection of a Scheduled Payment on a Mortgage Loan which was due
prior to the notice terminating such Master Servicer's rights and obligations
as Master Servicer hereunder and received after such notice, that portion
thereof to which such Master Servicer would have been entitled pursuant to
Sections 3.11(a)(i) through (viii), and any other amounts payable to such
Master Servicer hereunder the entitlement to which arose prior to the
termination of its activities hereunder.

          Section 7.02. Trustee to Act; Appointment of Successor.

          On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01, the Trustee shall, subject to and to the
extent provided in Section 3.05, be the successor to the Master Servicer in
its capacity as master servicer under this Agreement and the transactions set
forth or provided for herein and shall be subject to all the responsibilities,
duties and liabilities relating thereto placed on the Master Servicer by the
terms and provisions hereof and applicable law including the obligation to
make Advances pursuant to Section 4.01. As compensation therefor, the Trustee
shall be entitled to all funds relating to the Mortgage Loans that the Master
Servicer would have been entitled to charge to the Certificate Account or
Distribution Account if the Master Servicer had continued to act hereunder
including, if the Master Servicer was receiving the Servicing Fee, the
Servicing Fee. Notwithstanding the foregoing, if the Trustee has become the
successor to the Master Servicer in accordance with Section 7.01, the Trustee
may, if it shall be unwilling to so act, or shall, if it is prohibited by
applicable law from making Advances pursuant to Section 4.01 or if it is
otherwise unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
the appointment of which does not adversely affect the then current rating of
the Certificates by each Rating Agency, as the successor to the Master
Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder. Any
successor to the Master Servicer shall be an institution which is a FNMA and
FHLMC approved seller/servicer in good standing, which has a net worth of at
least $15,000,000, which is willing to service the Mortgage Loans and which
executes and delivers to the Depositor and the Trustee an agreement accepting
such delegation and assignment, containing an assumption by such Person of the
rights, powers, duties, responsibilities, obligations and liabilities of the
Master Servicer (other than liabilities of the Master Servicer under Section
6.03 incurred prior to termination of the Master Servicer under Section 7.01),
with like effect as if originally named as a party to this Agreement; provided
that each Rating Agency acknowledges that its rating of the Certificates in
effect immediately prior to such assignment and delegation will not be
qualified or reduced, as a result of such assignment and delegation. Pending
appointment of a successor to the Master Servicer hereunder, the Trustee,
unless the Trustee is prohibited by law from so acting, shall, subject to
Section 3.05, act in such capacity as hereinabove provided. In connection with
such appointment and assumption, the Trustee may make such arrangements for
the compensation of such successor out of payments on Mortgage Loans as it and
such successor shall agree; provided, however, that no such compensation shall
be in excess of the Master Servicing Fee Rate plus, if the Master Servicer was
receiving the Servicing Fee, the Servicing Fee Rate. The Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession. Neither the Trustee nor any other
successor master servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any distribution hereunder or
any portion thereof or any failure to perform, or any delay in performing, any
duties or responsibilities hereunder, in either case caused by the failure of
the Master Servicer to deliver or provide, or any delay in delivering or
providing, any cash, information, documents or records to it.

          Any successor to the Master Servicer as master servicer shall give
notice to the Mortgagors of such change of servicer and shall, during the term
of its service as master servicer, maintain in force the policy or policies
that the Master Servicer is required to maintain pursuant to Section 6.05.

          Section 7.03.   Notification to Certificateholders.

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

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

<PAGE>

                                 ARTICLE VIII

                            CONCERNING THE TRUSTEE

          Section 8.01. Duties of the Trustee.

          The Trustee, prior to the occurrence of an Event of Default and
after the curing of all Events of Default that may have occurred, shall
undertake to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred and remains
uncured, the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise
as a prudent person would exercise or use under the circumstances in the
conduct of such person's own affairs.

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

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

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

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

          (c) the Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance with
the direction of Holders of Certificates evidencing not less than [25]% of the
Voting Rights of Certificates relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee under this Agreement.

          Section 8.02. Certain Matters Affecting the Trustee.

          Except as otherwise provided in Section 8.01:

          (a) the Trustee may request and rely upon 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, appraisal, bond or other
paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties and the Trustee shall have no
responsibility to ascertain or confirm the genuineness of any signature of any
such party or parties;

          (b) the Trustee may consult with counsel, financial advisers or
accountants and the advice of any such counsel, financial advisers or
accountants and any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such Opinion of
Counsel;

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

          (d) the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing so to do by Holders of
Certificates evidencing not less than [25]% of the Voting Rights allocated to
each Class of Certificates;

          (e) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents,
accountants or attorneys and the Trustee shall not be responsible for any
misconduct or negligence on the part of any agents, accountants or attorneys
appointed with due care by it hereunder;

          (f) the Trustee shall not be required to risk or expend its own
funds or otherwise incur any financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers hereunder if it
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not assured to it;

          (g) the Trustee shall not be liable for any loss on any investment
of funds pursuant to this Agreement (other than as issuer of the investment
security);

          (h) the Trustee shall not be deemed to have knowledge of an Event of
Default until a Responsible Officer of the Trustee shall have received written
notice thereof; and

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

          Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.

          The recitals contained herein and in the Certificates shall be taken
as the statements of the Depositor or the Seller, as the case may be, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Agreement or of the
Certificates or of any Mortgage Loan or related document other than with
respect to the Trustee's execution and countersignature of the Certificates.
The Trustee shall not be accountable for the use or application by the
Depositor or the Master Servicer of any funds paid to the Depositor or the
Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn
from the Certificate Account by the Depositor or the Master Servicer.

          Except as provided in Section 2.01(c), the Trustee shall have no
responsibility for filing or recording 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 (unless
the Trustee shall have become the successor Master Servicer).

          The Certificates are executed by the Trustee, not in its individual
capacity but solely as Trustee of the Trust Fund created by this Agreement, in
the exercise of the powers and authority conferred and vested in it by this
Agreement. Each of the undertakings and agreements made on the part of the
Trustee on behalf of the Trust Fund in the Certificates is made and intended
not as a personal undertaking or agreement by the Trustee but is made and
intended for the purpose of binding only the Trust Fund.

          Section 8.04. Trustee May Own Certificates.

          The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates with the same rights as it would have if it
were not the Trustee.

          Section 8.05. Trustee's Fees and Expenses.

          The Trustee, as compensation for its activities hereunder, shall be
entitled to withdraw from the Distribution Account on each Distribution Date
an amount equal to the Trustee Fee for such Distribution Date. The Trustee and
any director, officer, employee or agent of the Trustee shall be indemnified
by the Master Servicer and held harmless against any loss, liability or
expense (including reasonable attorney's fees) (i) incurred in connection with
any claim or legal action relating to (a) this Agreement, (b) the
Certificates, or (c) the performance of any of the Trustee's duties hereunder,
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of any of the
Trustee's duties hereunder and (ii) resulting from any error in any tax or
information return prepared by the Master Servicer. Such indemnity shall
survive the termination of this Agreement or the resignation or removal of the
Trustee hereunder. Without limiting the foregoing, the Master Servicer
covenants and agrees, except as otherwise agreed upon in writing by the
Depositor and the Trustee, and except for any such expense, disbursement or
advance as may arise from the Trustee's negligence, bad faith or willful
misconduct, to pay or reimburse the Trustee, for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Agreement with respect to (A) the reasonable
compensation and the expenses and disbursements of its counsel not associated
with the closing of the issuance of the Certificates, (B) the reasonable
compensation, expenses and disbursements of any accountant, engineer or
appraiser that is not regularly employed by the Trustee, to the extent that
the Trustee must engage such persons to perform acts or services hereunder and
(C) printing and engraving expenses in connection with preparing any
Definitive Certificates. Except as otherwise provided herein, the Trustee
shall not be entitled to payment or reimbursement for any routine ongoing
expenses incurred by the Trustee in the ordinary course of its duties as
Trustee, Registrar or Paying Agent hereunder or for any other expenses.

          Section 8.06. Eligibility Requirements for the Trustee.

          The Trustee hereunder shall at all times be a corporation or
association organized and doing business under the laws of a state or the
United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to super-vision or examination by federal or state authority and with
a credit rating which would not cause either of the Rating Agencies to reduce
their respective then current ratings of the Certificates (or having provided
such security from time to time as is sufficient to avoid such reduction) as
evidenced in writing by each Rating Agency. If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.06 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.07. The entity serving as
Trustee may have normal banking and trust relationships with the Depositor and
its affiliates or the Master Servicer and its affiliates; provided, however,
that such entity cannot be an affiliate of the Seller, the Depositor or the
Master Servicer other than the Trustee in its role as successor to the Master
Servicer.

          Section 8.07. Resignation and Removal of the Trustee.

          The Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice of resignation to the Depositor, the
Master Servicer, each Rating Agency not less than [60] days before the date
specified in such notice, when, subject to Section 8.08, such resignation is
to take effect, and acceptance by a successor trustee in accordance with
Section 8.08 meeting the qualifications set forth in Section 8.06. If no
successor trustee meeting such qualifications shall have been so appointed and
have accepted appointment within [30] days after the giving of such notice or
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

          If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request thereto by the Depositor, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged as bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, or a
tax is imposed with respect to the Trust Fund by any state in which the
Trustee or the Trust Fund is located and the imposition of such tax would be
avoided by the appointment of a different trustee, then the Depositor or the
Master Servicer may remove the Trustee and appoint a successor trustee by
written instrument, in triplicate, one copy of which shall be delivered to the
Trustee, one copy to the Master Servicer and one copy to the successor
trustee.

          The Holders of Certificates entitled to at least [51]% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which shall be
delivered by the successor Trustee to the Master Servicer, one complete set to
the Trustee so removed and one complete set to the successor so appointed.
Notice of any removal of the Trustee shall be given to each Rating Agency by
the successor trustee.

          Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.08.

          Section 8.08. Successor Trustee.

          Any successor trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Depositor and to its predecessor
trustee and the Master Servicer an instrument accepting such appointment
hereunder and thereupon the resignation or removal of the predecessor trustee
shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as
if originally named as trustee herein. The Depositor, the Master Servicer and
the predecessor trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor trustee all such rights, powers,
duties, and obligations.

          No successor trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 and its appointment
shall not adversely affect the then current rating of the Certificates.

          Upon acceptance of appointment by a successor trustee as provided in
this Section 8.08, the Depositor shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates. If the Depositor fails to
mail such notice within [10] days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed
at the expense of the Depositor.

          Section 8.09. Merger or Consolidation of the Trustee.

          Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to the business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
eligible under the provisions of Section 8.06 without the execution or filing
of any paper or further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.

          Section 8.10. Appointment of Co-Trustee or Separate Trustee.

          Notwithstanding any other provisions of this Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Fund or property securing any Mortgage Note may at the
time be located, the Master Servicer and the Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees jointly
with the Trustee, or separate trustee or separate trustees, of all or any part
of the Trust Fund, and to vest in such Person or Persons, in such capacity and
for the benefit of the Certificateholders, such title to the Trust Fund or any
part thereof, whichever is applicable, and, subject to the other provisions of
this Section 8.10, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee may consider necessary or desirable. If the
Master Servicer shall not have joined in such appointment within [15] days
after the receipt by it of a request to do so, or in the case an Event of
Default shall have occurred and be continuing, the Trustee alone shall have
the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06 and no notice to Certificateholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 8.08.

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

          (a) To the extent necessary to effectuate the purposes of this
Section 8.10, all rights, powers, duties and obligations conferred or imposed
upon the Trustee, except for the obligation of the Trustee under this
Agreement to advance funds on behalf of the Master Servicer, shall be
conferred or imposed upon and exercised or performed by the Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the Trustee
joining in such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed (whether
as Trustee hereunder or as successor to the Master Servicer hereunder), the
Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding
of title to the applicable Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Trustee;

          (b) No trustee hereunder shall be held personally liable by reason
of any act or omission of any other trustee hereunder and such appointment
shall not, and shall not be deemed to, constitute any such separate trustee or
co-trustee as agent of the Trustee;

          (c) The Trustee may at any time accept the resignation of or remove
any separate trustee or co-trustee; and

          (d) The Master Servicer, and not the Trustee, shall be liable for
the payment of reasonable compensation, reimbursement and indemnification to
any such separate trustee or co-trustee.

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

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

          Section 8.11. Tax Matters.

          It is intended that the assets with respect to which any REMIC
election pertaining to the Trust Fund is to be made, as set forth in the
Preliminary Statement, shall constitute, and that the conduct of matters
relating to such assets shall be such as to qualify such assets as, a "real
estate mortgage investment conduit" as defined in and in accordance with the
REMIC Provisions. In furtherance of such intention, the Trustee covenants and
agrees that it shall act as agent (and the Trustee is hereby appointed to act
as agent) on behalf of any such REMIC and that in such capacity it shall: (a)
prepare and file, or cause to be prepared and filed, in a timely manner, a
U.S. Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066 or
any successor form adopted by the Internal Revenue Service) and prepare and
file or cause to be prepared and filed with the Internal Revenue Service and
applicable state or local tax authorities income tax or information returns
for each taxable year with respect to any such REMIC, containing such
information and at the times and in the manner as may be required by the Code
or state or local tax laws, regulations, or rules, and furnish or cause to be
furnished to Certificateholders the schedules, statements or information at
such times and in such manner as may be required thereby; (b) within [thirty]
days of the Closing Date, furnish or cause to be furnished to the Internal
Revenue Service, on Forms 8811 or as otherwise may be required by the Code,
the name, title, address, and telephone number of the person that the holders
of the Certificates may contact for tax information relating thereto, together
with such additional information as may be required by such Form, and update
such information at the time or times in the manner required by the Code; (c)
make or cause to be made an election that such assets be treated as a REMIC on
the federal tax return for its first taxable year (and, if necessary, under
applicable state law); (d) prepare and forward, or cause to be prepared and
forwarded, to the Certificateholders and to the Internal Revenue Service and,
if necessary, state tax authorities, all information returns and reports as
and when required to be provided to them in accordance with the REMIC
Provisions, including without limitation, the calculation of any original
issue discount using the Prepayment Assumption (as defined in the Prospectus
Supplement); (e) provide information necessary for the computation of tax
imposed on the transfer of a Residual Certificate to a Person that is not a
Permitted Transferee, or an agent (including a broker, nominee or other
middleman) of a Non-Permitted Transferee, or a pass-through entity in which a
Non-Permitted Transferee is the record holder of an interest (the reasonable
cost of computing and furnishing such information may be charged to the Person
liable for such tax); (f) to the extent that they are under its control,
conduct matters relating to such assets at all times that any Certificates are
outstanding so as to maintain the status as a REMIC under the REMIC
Provisions; (g) not knowingly or intentionally take any action or omit to take
any action that would cause the termination of the REMIC status; (h) pay, from
the sources specified in the last paragraph of this Section 8.11, the amount
of any federal or state tax, including prohibited transaction taxes as
described below, imposed on such REMIC prior to its termination when and as
the same shall be due and payable (but such obligation shall not prevent the
Trustee or any other appropriate Person from contesting any such tax in
appropriate proceedings and shall not prevent the Trustee from withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings); (i) ensure that federal, state or local income tax or
information returns shall be signed by the Trustee or such other person as may
be required to sign such returns by the Code or state or local laws,
regulations or rules; (j) maintain records relating to such REMIC, including
but not limited to the income, expenses, assets and liabilities thereof and
the fair market value and adjusted basis of the assets determined at such
intervals as may be required by the Code, as may be necessary to prepare the
foregoing returns, schedules, statements or information; and (k) as and when
necessary and appropriate, represent such REMIC in any administrative or
judicial proceedings relating to an examination or audit by any governmental
taxing authority, request an administrative adjustment as to any taxable year
of such REMIC, enter into settlement agreements with any governmental taxing
agency, extend any statute of limitations relating to any tax item of such
REMIC, and otherwise act on behalf of such REMIC in relation to any tax matter
or controversy involving it.

          In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within [ten (10)] days after the Closing Date all information or data that the
Trustee requests in writing and determines to be relevant for tax purposes to
the valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows
of the Certificates and the Mortgage Loans. Moreover, in the case of each
Class of Adjustable Rate Certificates, the Depositor shall provide information
to the Trustee concerning the value to each such Class of the right to receive
Basis Risk CarryForward Amounts from the Excess Reserve Fund. Thereafter, the
Depositor shall provide to the Trustee promptly upon written request therefor
any such additional information or data that the Trustee may, from time to
time, reasonably request in order to enable the Trustee to perform its duties
as set forth herein. The Depositor hereby indemnifies the Trustee for any
losses, liabilities, damages, claims or expenses of the Trustee arising from
any errors or miscalculations of the Trustee that result from any failure of
the Depositor to provide, or to cause to be provided, accurate information or
data to the Trustee on a timely basis.

          In the event that any tax is imposed on "prohibited transactions" of
such REMIC as defined in Section 860F(a)(2) of the Code, on the "net income
from foreclosure property" of such REMIC as defined in Section 860G(c) of the
Code, on any contribution to such REMIC after the Startup Day pursuant to
Section 860G(d) of the Code, or any other tax is imposed, including, without
limitation, any minimum tax imposed upon such REMIC pursuant to Sections 23153
and 24874 of the California Revenue and Taxation Code, if not paid as
otherwise provided for herein, such tax shall be paid by (i) the Trustee, if
any such other tax arises out of or results from negligence of the Trustee in
the performance of any of its obligations under this Agreement, (ii) the
Master Servicer or the Seller, in the case of any such minimum tax, if such
tax arises out of or results from a breach by the Master Servicer or Seller of
any of their obligations under this Agreement or (iii) the Seller, if any such
tax arises out of or results from the Seller's obligation to repurchase a
Mortgage Loan pursuant to Section 2.02 or 2.03 or (iv) in all other cases, or
in the event that the Trustee, the Master Servicer or the Seller fails to
honor its obligations under the preceding clauses (i), (ii) or (iii), any such
tax will be paid with amounts otherwise to be distributed to the
Certificateholders, as provided in Section 3.09(b).

          Section 8.12. Periodic Filings.

          Pursuant to written instructions from the Depositor, the Trustee
shall prepare, execute and file all periodic reports required under the
Securities Exchange Act of 1934 in conformity with the terms of the relief
granted to issuers similar to the Trust Fund. In connection with the
preparation and filing of such periodic reports, the Depositor and the Master
Servicer shall timely provide to the Trustee all material information
available to them which is required to be included in such reports and not
known to them to be in the possession of the Trustee and such other
information as the Trustee reasonably may request from either of them and
otherwise reasonably shall cooperate with the Trustee. The Trustee shall have
no liability with respect to any failure to properly prepare or file such
periodic reports resulting from or relating to the Trustee's inability or
failure to obtain any information not resulting from its own negligence or
willful misconduct.

          Section 8.13. [Reserved]

          Section 8.14. Tax Classification of the Excess Reserve Fund Account

          For federal income tax purposes, the Trustee shall treat the Excess
Reserve Fund Account as an outside reserve fund, within the meaning of
Treasury Regulation ss. 1.860-2(h), that is beneficially owned by the holder
of the Class X Certificate. The Trustee shall treat the rights that each Class
of Adjustable Rate Certificates has to receive payments of Basis Risk
CarryForward Amounts from the Excess Reserve Fund Account as rights to receive
payments under an interest rate cap contract written by the Class X
Certificateholder in favor of each such Class. Accordingly, each Class of
Adjustable Rate Certificates will comprise two components - an Upper Tier
Regular Interest and an interest in a cap contract. The Trustee shall allocate
the issue price for a Class of Adjustable Rate Certificates between two
components for purposes of determining the issue price of the Upper Tier
Regular Interest component.

<PAGE>

                                  ARTICLE IX

                                  TERMINATION

          Section 9.01. Termination upon Liquidation or Purchase of the
                        Mortgage Loans.

          Subject to Section 9.03, the obligations and responsibilities of the
Depositor, the Master Servicer and the Trustee created hereby with respect to
the Trust Fund shall terminate upon the earlier of (a) the purchase by the
Master Servicer of all Mortgage Loans (and REO Properties) at the price equal
to the sum of (i) [100]% of the Stated Principal Balance of each Mortgage Loan
(other than in respect of REO Property) plus one month's accrued interest
thereon at the applicable Adjusted Mortgage Rate and (ii) the lesser of (x)
the appraised value of any REO Property as determined by the higher of two
appraisals completed by two independent appraisers selected by the Master
Servicer at the expense of the Master Servicer and (y) the Stated Principal
Balance of each Mortgage Loan related to any REO Property, in each case plus
accrued and unpaid interest thereon at the applicable Adjusted Net Mortgage
Rate and (b) the later of (i) the maturity or other liquidation (or any
Advance with respect thereto) of the last Mortgage Loan remaining in the Trust
Fund and the disposition of all REO Property and (ii) the distribution to
Certificateholders of all amounts required to be distributed to them pursuant
to this Agreement. In no event shall the trusts created hereby continue beyond
the expiration of 21 years from the death of the survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James's, living on the date hereof.

          The right to repurchase all Mortgage Loans and REO Properties
pursuant to clause (a) above shall be conditioned upon the aggregate Stated
Principal Balance of the Mortgage Loans, at the time of any such repurchase,
aggregating ten percent or less of the aggregate Cut-off Date Principal
Balance of the Mortgage Loans.

          Section 9.02. Final Distribution on the Certificates.

          If on any Determination Date, the Master Servicer determines that
there are no Outstanding Mortgage Loans and no other funds or assets in the
Trust Fund other than the funds in the Certificate Account, the Master
Servicer shall direct the Trustee promptly to send a final distribution notice
to each Certificateholder. If the Master Servicer elects to terminate the
Trust Fund pursuant to clause (a) of Section 9.01, at least [20] days prior to
the date notice is to be mailed to the affected Certificateholders the Master
Servicer shall notify the Depositor and the Trustee of the date the Master
Servicer intends to terminate the Trust Fund and of the applicable repurchase
price of the Mortgage Loans and REO Properties.

          Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders may surrender their Certificates
for payment of the final distribution and cancellation, shall be given
promptly by the Trustee by letter to Certificateholders mailed not earlier
than the [15]th day and not later than the [10]th day of the month next
preceding the month of such final distribution. Any such notice shall specify
(a) the Distribution Date upon which final distribution on the Certificates
will be made upon presentation and surrender of Certificates at the office
therein designated, (b) the amount of such final distribution, (c) the
location of the office or agency at which such presentation and surrender must
be made, and (d) that the Record Date otherwise applicable to such
Distribution Date is not applicable, distributions being made only upon
presentation and surrender of the Certificates at the office therein
specified. The Master Servicer will give such notice to each Rating Agency at
the time such notice is given to Certificateholders.

          In the event such notice is given, the Master Servicer shall cause
all funds in the Certificate Account to be remitted to the Trustee for deposit
in the Distribution Account on the Business Day prior to the applicable
Distribution Date in an amount equal to the final distribution in respect of
the Certificates. Upon such final deposit with respect to the Trust Fund and
the receipt by the Trustee of a Request for Release therefor, the Trustee
shall promptly release to the Master Servicer the Mortgage Files for the
Mortgage Loans.

          Upon presentation and surrender of the Certificates, the Trustee
shall cause to be distributed to the Certificateholders of each Class, in each
case on the final Distribution Date and in the order set forth in Section
4.02, in proportion to their respective Percentage Interests, with respect to
Certificateholders of the same Class, an amount equal to (i) as to each Class
of Regular Certificates (except the Class X Certificate), the Certificate
Balance thereof plus for each such Class and the Class X Certificate accrued
interest thereon in the case of an interest-bearing Certificate and (ii) as to
the Residual Certificates, the amount, if any, which remains on deposit in the
Distribution Account (other than the amounts retained to meet claims) after
application pursuant to clause (i) above.

          In the event that any affected Certificateholders shall not
surrender Certificates for cancellation within six months after the date
specified in the above mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within six months after the second notice all the applicable
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their
Certificates, and the cost thereof shall be paid out of the funds and other
assets which remain a part of the Trust Fund. If within one year after the
second notice all Certificates shall not have been surrendered for
cancellation, the Class R Certificateholders shall be entitled to all
unclaimed funds and other assets of the Trust Fund which remain subject
hereto.

          Section 9.03. Additional Termination Requirements.

          In the event the Master Servicer exercises its purchase option with
respect to the Mortgage Loans as provided in Section 9.01, the Trust Fund
shall be terminated in accordance with the following additional requirements,
unless the Trustee has been supplied with an Opinion of Counsel, at the
expense of the Master Servicer, to the effect that the failure to comply with
the requirements of this Section 9.03 will not (i) result in the imposition of
taxes on "prohibited transactions" on either REMIC as defined in Section 860F
of the Code, or (ii) cause either the Lower Tier REMIC or the Upper Tier REMIC
to fail to qualify as a REMIC at any time that any Certificates are
outstanding:

          (a) The Trustee shall sell all of the assets of the Trust Fund to
the Master Servicer, and, within [90] days of such sale, shall distribute to
the Certificateholders the proceeds of such sale in complete liquidation of
each of the Lower Tier REMIC and the Upper Tier REMIC.

          (b) The Trustee shall attach a statement to the final federal income
tax return for each of the Lower Tier REMIC and the Upper Tier REMIC stating
that pursuant to Treasury Regulation ss. 1.860F-1, the first day of the 90-day
liquidation period for each such REMIC was the date on which the Trustee sold
the assets of the Trust Fund to the Master Servicer.

<PAGE>

                                  ARTICLE X

                           MISCELLANEOUS PROVISIONS

          Section 10.01. Amendment.

          This Agreement may be amended from time to time by the Depositor,
the Master Servicer and the Trustee without the consent of any of the
Certificateholders (i) to cure any ambiguity or mistake, (ii) to correct any
defective provision herein or to supplement any provision herein which may be
inconsistent with any other provision herein, (iii) to add to the duties of
the Depositor, the Seller or the Master Servicer, (iv) to add any other
provisions with respect to matters or questions arising hereunder or (v) to
modify, alter, amend, add to or rescind any of the terms or provisions
contained in this Agreement; provided, that any action pursuant to clauses
(iv) or (v) above shall not, as evidenced by an Opinion of Counsel (which
Opinion of Counsel shall not be an expense of the Trustee or the Trust Fund),
adversely affect in any material respect the interests of any
Certificateholder; and provided further that the amendment shall not be deemed
to adversely affect in any material respect the interests of the
Certificateholders if the Person requesting the amendment obtains a letter
from each Rating Agency stating that the amendment would not result in the
downgrading or withdrawal of the respective ratings then assigned to the
Certificates; it being understood and agreed that any such letter in and of
itself will not represent a determination as to the materiality of any such
amendment and will represent a determination only as to the credit issues
affecting any such rating. The Trustee, the Depositor and the Master Servicer
also may at any time and from time to time amend this Agreement without the
consent of the Certificateholders to modify, eliminate or add to any of its
provisions to such extent as shall be necessary or helpful to (i) maintain the
qualification of the Lower Tier REMIC and the Upper Tier REMIC under the Code,
(ii) avoid or minimize the risk of the imposition of any tax on the Lower Tier
REMIC or the Upper Tier REMIC pursuant to the Code that would be a claim at
any time prior to the final redemption of the Certificates or (iii) comply
with any other requirements of the Code, provided that the Trustee has been
provided an Opinion of Counsel, which opinion shall be an expense of the party
requesting such opinion but in any case shall not be an expense of the Trustee
or the Trust Fund, to the effect that such action is necessary or helpful to,
as applicable, (i) maintain such qualification, (ii) avoid or minimize the
risk of the imposition of such a tax or (iii) comply with any such
requirements of the Code.

          This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Trustee with the consent of the Holders
of Certificates of Certificates evidencing Percentage Interests aggregating
not less than [662/3]% of each Class of Certificates affected thereby for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the
rights of the Holders of Certificates; provided, however, that no such
amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments required to be distributed on any Certificate without the consent
of the Holder of such Certificate, (ii) adversely affect in any material
respect the interests of the Holders of any Class of Certificates in a manner
other than as described in (i), without the consent of the Holders of
Certificates of such Class evidencing, as to such Class, Percentage Interests
aggregating not less than [662/3]%, or (iii) reduce the aforesaid percentages
of Certificates the Holders of which are required to consent to any such
amendment, without the consent of the Holders of all such Certificates then
outstanding.

          Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel, which opinion shall not be an
expense of the Trustee or the Trust Fund, to the effect that such amendment
will not cause the imposition of any tax on any REMIC or the
Certificateholders or cause any REMIC to fail to qualify as a REMIC at any
time that any Certificates are outstanding.

          Promptly after the execution of any amendment to this Agreement
requiring the consent of Certificateholders, the Trustee shall furnish written
notification of the substance or a copy of such amendment to each
Certificateholder and each Rating Agency.

          It shall not be necessary for the consent of Certificateholders
under this Section 10.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject
to such reasonable regulations as the Trustee may prescribe.

          Nothing in this Agreement shall require the Trustee to enter into an
amendment without receiving an Opinion of Counsel (which Opinion shall not be
an expense of the Trustee or the Trust Fund), satisfactory to the Trustee that
(i) such amendment is permitted and is not prohibited by this Agreement and
that all requirements for amending this Agreement have been complied with; and
(ii) either (A) the amendment does not adversely affect in any material
respect the interests of any Certificateholder or (B) the conclusion set forth
in the immediately preceding clause (A) is not required to be reached pursuant
to this Section 10.01.

          Section 10.02. Recordation of Agreement; Counterparts.

          This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or
elsewhere, such recordation to be effected by the Master Servicer at its
expense, but only upon receipt of an Opinion of Counsel to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders.

          For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one
and the same instrument.

          Section 10.03. Governing Law.

          THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

          Section 10.04. Intention of Parties.

          It is the express intent of the parties hereto that the conveyance
(i) of the Mortgage Loans by the Seller to the Depositor and (ii) of the Trust
Fund by the Depositor to the Trustee each be, and be construed as, an absolute
sale thereof. It is, further, not the intention of the parties that such
conveyances be deemed a pledge thereof. However, in the event that,
notwithstanding the intent of the parties, such assets are held to be the
property of the Seller or Depositor, as the case may be, or if for any other
reason this Agreement is held or deemed to create a security interest in
either such assets, then (i) this Agreement shall be deemed to be a security
agreement within the meaning of the Uniform Commercial Code of the State of
New York and (ii) the conveyances provided for in this Agreement shall be
deemed to be an assignment and a grant (i) by the Seller to the Depositor or
(ii) by the Depositor to the Trustee, for the benefit of the
Certificateholders, of a security interest in all of the assets transferred,
whether now owned or hereafter acquired.

          The Seller and the Depositor for the benefit of the
Certificateholders shall, to the extent consistent with this Agreement, take
such actions as may be necessary to ensure that, if this Agreement were deemed
to create a security interest in the Trust Fund, 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 the
Agreement. The Depositor shall arrange for filing any Uniform Commercial Code
continuation statements in connection with any security interest granted or
assigned to the Trustee for the benefit of the Certificateholders.

          Section 10.05. Notices.

          (a) The Trustee shall use its best efforts to promptly provide
notice to each Rating Agency with respect to each of the following of which it
has actual knowledge:

          1. Any material change or amendment to this Agreement;

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

          3. The resignation or termination of the Master Servicer or the
Trustee and the appointment of any successor;

          4. The repurchase or substitution of Mortgage Loans pursuant to
Section 2.03; and

          5. The final payment to Certificateholders.

          In addition, the Trustee shall promptly furnish to each Rating
Agency copies of the following:

          1. Each report to Certificateholders described in Section 4.03;

          2. Each annual statement as to compliance described in Section 3.17;

          3. Each annual independent public accountants' servicing report
described in Section 3.18; and

          4. Any notice of a purchase of a Mortgage Loan pursuant to Section
2.02, 2.03 or 3.11.

          (b) All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when delivered to (a) in
the case of the Depositor, IndyMac ABS, Inc., 155 North Lake Avenue, Pasadena,
California 91101, Attention: Secondary Marketing Department, (b) in the case
of the Master Servicer, [IndyMac Bank, F.S.B., 155 North Lake Avenue,
Pasadena, California 91101, Attention: Secondary Marketing Department] or such
other address as may be hereafter furnished to the Depositor and the Trustee
by the Master Servicer in writing, (c) in the case of the Trustee, [ ],
[Address of Trustee], Attention: [ ], or such other address as the Trustee may
hereafter furnish to the Depositor or Master Servicer; and (d) in the case of
each of the Rating Agencies, the address specified therefor in the definition
corresponding to the name of such Rating Agency. Notices to Certificateholders
shall be deemed given when mailed, first class postage prepaid, to their
respective addresses appearing in the Certificate Register.

          Section 10.06. Severability of Provisions.

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

          Section 10.07. Assignment.

          Notwithstanding anything to the contrary contained herein, except as
provided in Section 6.02, this Agreement may not be assigned by the Master
Servicer without the prior written consent of the Trustee and Depositor.

          Section 10.08. Limitation on Rights of Certificateholders.

          The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the trust created hereby, nor entitle such
Certificateholder's legal representative or heirs to claim an accounting or to
take any action or commence any proceeding in any court for a petition or
winding up of the trust created hereby, or otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

          No Certificateholder shall have any right to vote (except as
provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth or contained in the terms of the Certificates
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be
under any liability to any third party by reason of any action taken by the
parties to this Agreement pursuant to any provision hereof.

          No Certificateholder shall have any right by virtue or by availing
itself of any provisions of this Agreement to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this
Agreement, unless such Holder previously shall have given to the Trustee a
written notice of an Event of Default and of the continuance thereof, as
herein provided, and unless the Holders of Certificates evidencing not less
than [25]% of the Voting Rights evidenced by the Certificates shall also have
made written request to the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs,
expenses, and liabilities to be incurred therein or thereby, and the Trustee,
for 60 days after its receipt of such notice, request and offer of indemnity
shall have neglected or refused to institute any such action, suit or
proceeding; it being understood and intended, and being expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee,
that no one or more Holders of Certificates shall have any right in any manner
whatever by virtue or by availing itself or themselves of any provisions of
this Agreement to affect, disturb or prejudice the rights of the Holders of
any other of the Certificates, or to obtain or seek to obtain priority over or
preference to any other such Holder or to enforce any right under this
Agreement, except in the manner herein provided and for the common benefit of
all Certificateholders. For the protection and enforcement of the provisions
of this Section 10.08, each and every Certificateholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

          Section 10.09. Inspection and Audit Rights.

          The Master Servicer agrees that, on reasonable prior notice, it will
permit any representative of the Depositor or the Trustee during such Person's
normal business hours, to examine all the books of account, records, reports
and other papers of such Person relating to the Mortgage Loans, to make copies
and extracts therefrom, to cause such books to be audited by independent
certified public accountants selected by the Depositor or the Trustee and to
discuss its affairs, finances and accounts relating to the Mortgage Loans with
its officers, employees and independent public accountants (and by this
provision the Master Servicer hereby authorizes said accountants to discuss
with such representative such affairs, finances and accounts), all at such
reasonable times and as often as may be reasonably requested. Any
out-of-pocket expense incident to the exercise by the Depositor or the Trustee
of any right under this Section 10.09 shall be borne by the Master Servicer.

          Section 10.10. Certificates Nonassessable and Fully Paid.

          It is the intention of the Depositor that Certificate holders shall
not be personally liable for obligations of the Trust Fund, that the interests
in the Trust Fund represented by the Certificates shall be nonassessable for
any reason whatsoever, and that the Certificates, upon due authentication
thereof by the Trustee pursuant to this Agreement, are and shall be deemed
fully paid.

          Section 10.11. Official Record.

          [IndyMac] agrees that this Agreement is and shall remain at all
times prior to the time at which this Agreement terminates an official record
of [IndyMac] as referred to in Section 13(e) of the Federal Deposit Insurance
Act.

                                  * * * * * *

<PAGE>

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

                                           INDYMAC ABS, INC.
                                             as Depositor

                                           By:__________________________________
                                              Name:
                                              Title:
                                           [                      ]
                                             as Trustee

                                           By:__________________________________
                                              Name:
                                              Title:

                                           [INDYMAC BANK, F.S.B.]
                                             as Seller and Master Servicer

                                           By:__________________________________
                                              Name:
                                              Title:

<PAGE>

                                  SCHEDULE I

                            Mortgage Loan Schedule
                       [Delivered at Closing to Trustee]

<PAGE>

                                  SCHEDULE II

             Home Equity Mortgage Loan Asset-Backed Certificates,
                                Series SPMD [ ]

         Representations and Warranties of the Seller/Master Servicer
         ------------------------------------------------------------

          [Indy Mac Bank, F.S.B.] ("[IndyMac]") hereby makes the
representations and warranties set forth in this Schedule II to the Depositor
and the Trustee, as of the Closing Date, or if so specified herein, as of the
Cut-off Date. Capitalized terms used but not otherwise defined in this
Schedule II shall have the meanings ascribed thereto in the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement") relating to the
above-referenced Series, among [IndyMac], as seller and master servicer,
IndyMac ABS, Inc., as depositor, and [ ], as trustee.

          (1) [IndyMac] is duly organized as a federally insured savings bank
     and is validly existing and in good standing under the laws of the United
     States of America and is duly authorized and qualified to transact any
     and all business contemplated by the Pooling and Servicing Agreement to
     be conducted by [IndyMac] in any state in which a Mortgaged Property is
     located or is otherwise not required under applicable law to effect such
     qualification and, in any event, is in compliance with the doing business
     laws of any such state, to the extent necessary to ensure its ability to
     enforce each Mortgage Loan, to service the Mortgage Loans in accordance
     with the terms of the Pooling and Servicing Agreement and to perform any
     of its other obligations under the Pooling and Servicing Agreement in
     accordance with the terms thereof.

          (2) [IndyMac] has the full corporate power and authority to sell and
     service each Mortgage Loan, and to execute, deliver and perform, and to
     enter into and consummate the transactions contemplated by the Pooling
     and Servicing Agreement and has duly authorized by all necessary
     corporate action on the part of [IndyMac] the execution, delivery and
     performance of the Pooling and Servicing Agreement; and the Pooling and
     Servicing Agreement, assuming the due authorization, execution and
     delivery thereof by the other parties thereto, constitutes a legal, valid
     and binding obligation of [IndyMac], enforceable against [IndyMac] in
     accordance with its terms, except that (a) the enforceability thereof may
     be limited by bankruptcy, insolvency, moratorium, receivership and other
     similar laws relating to creditors' rights generally and (b) the remedy
     of specific performance and injunctive and other forms of equitable
     relief may be subject to equitable defenses and to the discretion of the
     court before which any proceeding therefor may be brought.

          (3) The execution and delivery of the Pooling and Servicing
     Agreement by [IndyMac], the sale and servicing of the Mortgage Loans by
     [IndyMac] under the Pooling and Servicing Agreement, the consummation of
     any other of the transactions contemplated by the Pooling and Servicing
     Agreement, and the fulfillment of or compliance with the terms thereof
     are in the ordinary course of business of [IndyMac] and will not (A)
     result in a material breach of any term or provision of the charter or
     by-laws of [IndyMac] or (B) materially conflict with, result in a
     material breach, violation or acceleration of, or result in a material
     default under, the terms of any other material agreement or instrument to
     which [IndyMac] is a party or by which it may be bound, or (C) constitute
     a material violation of any statute, order or regulation applicable to
     [IndyMac] of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over [IndyMac] (including, without
     limitation, the Office of Thrift Supervision, the Federal Deposit
     Insurance Corporation or any other governmental entity having regulatory
     authority over [IndyMac]); and [IndyMac] is not in breach or violation of
     any material indenture or other material agreement or instrument, or in
     violation of any statute, order or regulation of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     it (including, without limitation, the Office of Thrift Supervision, the
     Federal Deposit Insurance Corporation or any other governmental entity
     having regulatory authority over [IndyMac]) which breach or violation may
     materially impair [IndyMac]'s ability to perform or meet any of its
     obligations under the Pooling and Servicing Agreement.

          (4) Each Servicer is an approved servicer of conventional mortgage
     loans for FNMA or FHLMC or is a mortgagee approved by the Secretary of
     Housing and Urban Development pursuant to Sections 203 and 211 of the
     National Housing Act.

          (5) No litigation is pending or, to the best of [IndyMac]'s
     knowledge, threatened against [IndyMac] that would prohibit the execution
     or delivery of, or performance under, the Pooling and Servicing Agreement
     by [IndyMac].

<PAGE>

                                 SCHEDULE III

             Home Equity Mortgage Loan Asset-Backed Certificates,
                                Series SPMD [ ]

            Representations and Warranties as to the Mortgage Loans
            -------------------------------------------------------

          [IndyMac Bank, F.S.B.] ("[IndyMac]") hereby makes the
representations and warranties set forth in this Schedule III to the Depositor
and the Trustee, as of the Closing Date or Subsequent Transfer Date, as
applicable, or if so specified herein, as of the related Cut-off Date or date
of origination of the Mortgage Loan (as applicable). Capitalized terms used
but not otherwise defined in this Schedule III shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") relating to the above-referenced Series, among
[IndyMac], as seller and master servicer, IndyMac ABS, Inc., as depositor, and
[ ], as trustee.

          (1) The information set forth on Schedule I to the Pooling and
     Servicing Agreement with respect to each Mortgage Loan is true and
     correct in all material respects as of the Closing Date or Subsequent
     Transfer Date, as applicable.

          (2) As of the Closing Date, all regularly scheduled monthly payments
     due with respect to each Mortgage Loan up to and including the Due Date
     immediately prior to the related Cut-off Date have been made; and as of
     the related Cut-off Date, no Mortgage Loan had a regularly scheduled
     monthly payment that was [60] or more days Delinquent during the twelve
     months prior to the related Cut-off Date.

          (3) With respect to any Mortgage Loan that is not a Cooperative
     Loan, each Mortgage is a valid and enforceable first lien on the
     Mortgaged Property subject only to (a) the lien of nondelinquent current
     real property taxes and assessments and liens or interests arising under
     or as a result of any federal, state or local law, regulation or
     ordinance relating to hazardous wastes or hazardous substances and, if
     the related Mortgaged Property is a unit in a condominium project or
     planned unit development, any lien for common charges permitted by
     statute or homeowner association fees, (b) covenants, conditions and
     restrictions, rights of way, easements and other matters of public record
     as of the date of recording of such Mortgage, such exceptions appearing
     of record being generally acceptable to mortgage lending institutions in
     the area wherein the related Mortgaged Property is located or
     specifically reflected in the appraisal made in connection with the
     origination of the related Mortgage Loan, and (c) other matters to which
     like properties are commonly subject which do not materially interfere
     with the benefits of the security intended to be provided by such
     Mortgage.

          (4) Immediately prior to the assignment of the Mortgage Loans to the
     Depositor, the Seller had good title to, and was the sole owner of, each
     Mortgage Loan free and clear of any pledge, lien, encumbrance 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
     the same pursuant to the Pooling and Servicing Agreement.

          (5) As of the date of origination of each Mortgage Loan, there was
     no delinquent tax or assessment lien against the related Mortgaged
     Property.

          (6) There is no valid offset, defense or counterclaim to any
     Mortgage Note or Mortgage, including the obligation of the Mortgagor to
     pay the unpaid principal of or interest on such Mortgage Note.

          (7) There are no mechanics' liens or claims for work, labor or
     material affecting any Mortgaged Property which are or may be a lien
     prior to, or equal with, the lien of such Mortgage, except those which
     are insured against by the title insurance policy referred to in item
     (13) below.

          (8) To the best of the Seller's knowledge, no Mortgaged Property has
     been materially damaged by water, fire, earthquake, windstorm, flood,
     tornado or similar casualty (excluding casualty from the presence of
     hazardous wastes or hazardous substances, as to which the Seller makes no
     representation) so as to affect adversely the value of the related
     Mortgaged Property as security for such Mortgage Loan.

          (9) Each Mortgage Loan at origination complied in all material
     respects with applicable state and federal laws, including, without
     limitation, usury, equal credit opportunity, real estate settlement
     procedures, truth-in-lending and disclosure laws or any noncompliance
     does not have a material adverse effect on the value of the related
     Mortgage Loan.

          (10) As of the Closing Date or Subsequent Transfer Date, as
     applicable, the Seller has not modified the Mortgage in any material
     respect (except that a Mortgage Loan may have been modified by a written
     instrument which has been recorded or submitted for recordation, if
     necessary, to protect the interests of the Certificateholders and which
     has been delivered to the Trustee); satisfied, cancelled or subordinated
     such Mortgage in whole or in part; released the related Mortgaged
     Property in whole or in part from the lien of such Mortgage; or executed
     any instrument of release, cancellation, modification or satisfaction
     with respect thereto.

          (11) A lender's policy of title insurance together with a
     condominium endorsement and extended coverage endorsement, if applicable,
     in an amount at least equal to the Cut-off Date Principal Balance of each
     such Mortgage Loan or a commitment (binder) to issue the same was
     effective on the date of the origination of each Mortgage Loan, each such
     policy is valid and remains in full force and effect.

          (12) Each Mortgage Loan was originated (within the meaning of
     Section 3(a)(41) of the Securities Exchange Act of 1934, as amended) by
     an entity that satisfied at the time of origination the requirements of
     Section 3(a)(41) of the Securities Exchange Act of 1934, as amended.

          (13) To the best of the Seller's knowledge, all of the improvements
     which were included for the purpose of determining the Appraised Value of
     the Mortgaged Property lie wholly within the boundaries and building
     restriction lines of such property, and no improvements on adjoining
     properties encroach upon the Mortgaged Property, unless such failure to
     be wholly within such boundaries and restriction lines or such
     encroachment, as the case may be, does not have a material effect on the
     value of such Mortgaged Property.

          (14) To the best of the Seller's knowledge, as of the date of
     origination of each Mortgage Loan, no improvement located on or being
     part of the Mortgaged Property is in violation of any applicable zoning
     law or regulation unless such violation would not have a material adverse
     effect on the value of the related Mortgaged Property. To the best of the
     Seller's knowledge, all inspections, licenses and certificates required
     to be made or issued with respect to all occupied portions of the
     Mortgaged Property and, with respect to the use and occupancy of the
     same, including but not limited to certificates of occupancy and fire
     underwriting certificates, have been made or obtained from the
     appropriate authorities, unless the lack thereof would not have a
     material adverse effect on the value of such Mortgaged Property.

          (15) 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 and under applicable law.

          (16) The proceeds of the Mortgage Loan have been fully disbursed and
     there is no requirement for future advances thereunder.

          (17) The related Mortgage contains customary and enforceable
     provisions which render the rights and remedies of the holder thereof
     adequate for the realization against the Mortgaged Property of the
     benefits of the security, including, (i) in the case of a Mortgage
     designated as a deed of trust, by trustee's sale, and (ii) otherwise by
     judicial foreclosure.

          (18) With respect to each Mortgage constituting a deed of trust, a
     trustee, duly qualified under applicable law to serve as such, has been
     properly designated and currently so serves and is named in such
     Mortgage, and no fees or expenses are or will become payable by the
     Certificateholders to the trustee under the deed of trust, except in
     connection with a trustee's sale after default by the Mortgagor.

          (19) At the related Cut-off Date, the improvements upon each
     Mortgaged Property are covered by a valid and existing hazard insurance
     policy with a generally acceptable carrier that provides for fire and
     extended coverage and coverage for such other hazards as are customarily
     required by institutional single family mortgage lenders in the area
     where the Mortgaged Property is located, and the Seller has received no
     notice that any premiums due and payable thereon have not been paid; the
     Mortgage obligates the Mortgagor thereunder to maintain all such
     insurance including flood insurance at the Mortgagor's cost and expense.
     Anything to the contrary in this item (19) notwithstanding, no breach of
     this item (19) shall be deemed to give rise to any obligation of the
     Seller to repurchase or substitute for such affected Mortgage Loan or
     Loans so long as the Master Servicer maintains a blanket policy pursuant
     to the second paragraph of Section 3.10(a) of the Pooling and Servicing
     Agreement.

          (20) If at the time of origination of each Mortgage Loan, the
     related Mortgaged Property was in an area then identified in the Federal
     Register by the Federal Emergency Management Agency as having special
     flood hazards, a flood insurance policy in a form meeting the
     then-current requirements of the Flood Insurance Administration is in
     effect with respect to such Mortgaged Property with a generally
     acceptable carrier.

          (21) To the best of the Seller's knowledge, there is no proceeding
     pending or threatened for the total or partial condemnation of any
     Mortgaged Property, nor is such a proceeding currently occurring.

          (22) To the best of the Seller's knowledge, there is no material
     event which, with the passage of time or with notice and the expiration
     of any grace or cure period, would constitute a material non-monetary
     default, breach, violation or event of acceleration under the Mortgage or
     the related Mortgage Note; and the Seller has not waived any material
     non-monetary default, breach, violation or event of acceleration.

          (23) Each Mortgage File contains an appraisal of the related
     Mortgaged Property in a form acceptable to FNMA or FHLMC.

          (24) Any leasehold estate securing a Mortgage Loan has a stated term
     at least as long as the term of the related Mortgage Loan.

          (25) Each Mortgage Loan was selected from among the outstanding one-
     to four-family sub-prime mortgage loans in the Seller's sub-prime
     mortgage portfolio at the Closing Date as to which the representations
     and warranties made with respect to the Mortgage Loans set forth in this
     Schedule III can be made. No such selection was made in a manner intended
     to adversely affect the interests of the Certificateholders.

          (26) No more than [ ]% (by aggregate Stated Principal Balance) of
     the Mortgage Loans are Cooperative Loans.

          (27) Each Cooperative Loan is secured by a valid, subsisting and
     enforceable perfected first and second liens (in the case of Loan Group
     1) and first liens only (in the case of Loan Group 2) and security
     interest in the related Mortgaged Property, subject only to (i) the
     rights of the Cooperative Corporation to collect maintenance and
     assessments from the Mortgagor, (ii) the lien of the Blanket Mortgage, if
     any, on the Cooperative Property and of real property taxes, water and
     sewer charges, rents and assessments on the Cooperative Property not yet
     due and payable, and (iii) other matters to which like Cooperative Units
     are commonly subject which do not materially interfere with the benefits
     of the security intended to be provided by the Security Agreement or the
     use, enjoyment, value or marketability of the Cooperative Unit. Each
     original UCC financing statement, continuation statement or other
     governmental filing or recordation necessary to create or preserve the
     perfection and priority of the first priority lien and security interest
     in the Cooperative Shares and Proprietary Lease has been timely and
     properly made. Any security agreement, chattel mortgage or equivalent
     document related to the Cooperative Loan and delivered to the sponsor or
     its designee establishes in the Seller a valid and subsisting perfected
     first or second lien (in the case of a Cooperative Loan that is in Loan
     Group 1) and first lien only (in the case of a (Cooperative Loan that is
     in Loan group 2) on and security interest in the property described
     therein, and the Seller has full right to sell and assign the same.

          (28) Each Cooperative Corporation qualifies as a "cooperative
     housing corporation" as defined in Section 216 of the Code.

<PAGE>

                                  SCHEDULE IV

                           Planned Balance Schedules

                               [Not applicable]

<PAGE>

                                   EXHIBIT A

                    [FORM OF CLASS A, M AND B CERTIFICATE]

UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS  REGISTERED  IN THE NAME OF CEDE & CO. OR IN SUCH  OTHER  NAME AS IS
REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S.  FEDERAL INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE").

Certificate No.                     :

Cut-off Date                        :

First Distribution Date             :

Initial Certificate Balance
of this Certificate

("Denomination")                    :       $

Initial Certificate Balances
of all Certificates

of this Class                       :        $

CUSIP                               :

                               INDYMAC ABS, INC.

                 Home Equity Mortgage Loan Asset-Backed Trust
     Home Equity Mortgage Loan Asset-Backed Certificates, Series SPMD [ ]
                                  Class [A ]

     evidencing a percentage interest in the distributions allocable to the
     Certificates of the above-referenced Class.

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Seller, the Master Servicer or the Trustee referred to below or
any of their respective affiliates. Neither this Certificate nor the Mortgage
Loans are guaranteed or insured by any governmental agency or instrumentality.

     This certifies that CEDE & CO. is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination
of this Certificate by the aggregate of the denominations of all Certificates
of the Class to which this Certificate belongs) in certain monthly
distributions pursuant to a Pooling and Servicing Agreement dated as of the
Cut-off Date specified above (the "Agreement") among IndyMac ABS, Inc., as
depositor (the "Depositor"), [IndyMac Bank, F.S.B.], as seller (in such
capacity, the "Seller") and as master servicer (in such capacity, the "Master
Servicer"), and [ ], as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

     Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

         This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                     * * *

<PAGE>

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

Dated:  [              ]

                                          [             ],
                                          not in its individual Capacity, but
                                          solely as Trustee

                                          By ______________________

Countersigned:

By __________________________________
         Authorized Signatory of
         [                       ],
         not in its individual Capacity,
         but solely as Trustee

<PAGE>

UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS  REGISTERED  IN THE NAME OF CEDE & CO. OR IN SUCH  OTHER  NAME AS IS
REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE").

THIS CLASS OF CERTIFICATES CONSISTS OF SUBORDINATED SECURITIES AND THEY WILL
NOT SATISFY THE REQUIREMENTS OF CERTAIN PROHIBITED TRANSACTION EXEMPTIONS. AS
A RESULT, THE PURCHASE OR HOLDING OF ANY OF THIS CLASS OF CERTIFICATES BY A
PLAN INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION OR RESULT IN
THE IMPOSITION OF EXCISE TAXES OR CIVIL PENALTIES UNDER THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR THE CODE.
ACCORDINGLY, NONE OF THIS CLASS OF CERTIFICATES ARE OFFERED FOR SALE, AND ARE
NOT TRANSFERABLE, TO PLAN INVESTORS UNLESS AN EXEMPTION FROM THE PROHIBITED
TRANSACTION RULES OF ERISA AND THE CODE APPLIES TO THE ACQUISITION, HOLDING,
AND RESALE OF SUCH CERTIFICATE. EACH PURCHASER OF THIS CLASS OF CERTIFICATE,
BY VIRTUE OF ITS PURCHASE OF SUCH CERTIFICATE, WILL BE DEEMED TO HAVE
REPRESENTED EITHER THAT IT IS NOT A PLAN INVESTOR OR THAT CERTAIN EXEMPTIONS
FROM THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND THE CODE APPLY TO THE
PLAN INVESTOR'S ACQUISITION, HOLDING, AND RESALE OF SUCH CERTIFICATES.

<PAGE>

Certificate No.                     :

Cut-off Date                        :

First Distribution Date             :

Initial Certificate Balance
of Certificate

("Denomination")                    :       $

Initial Certificate Balances
of all Certificates

of this Class                       :        $

CUSIP                               :

                               INDYMAC ABS, INC.
                 Home Equity Mortgage Loan Asset-Backed Trust,
     Home Equity Mortgage Loan Asset-Backed Certificates, Series SPMD [ ]
                                  Class [M ]

     evidencing a percentage  interest in the  distributions  allocable to the
     Certificates of the above-referenced Class.

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Seller, the Master Servicer or the Trustee referred to below or
any of their respective affiliates. Neither this Certificate nor the Mortgage
Loans are guaranteed or insured by any governmental agency or instrumentality.

     This certifies that CEDE & CO. is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination
of this Certificate by the aggregate of the denominations of all Certificates
of the Class to which this Certificate belongs) in certain monthly
distributions pursuant to a Pooling and Servicing Agreement dated as of the
Cut off Date specified above (the "Agreement") among IndyMac ABS, Inc., as
depositor (the "Depositor"), [IndyMac Bank, F.S.B.], as seller (in such
capacity, the "Seller") and as master servicer (in such capacity, the "Master
Servicer") and [ ], as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

     The Class [M ] Certificates are subordinated securities and they will not
satisfy the requirements of certain prohibited transaction exemptions. As a
result, the purchase or holding of any of the Class [M ] Certificates by a
plan investor may constitute a non-exempt prohibited transaction or result in
the imposition of excise taxes or civil penalties under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") or the Code.
Accordingly, none of the Class [M ] Certificates are offered for sale, and are
not transferable, to plan investors unless an exemption from the prohibited
transaction rules of ERISA and the Code applies to the acquisition, holding,
and resale of such certificate. Each purchaser of a Class [M ] Certificate, by
virtue of its purchase of such Certificate, will be deemed to have represented
either that it is not a plan investor or that certain exemptions from the
prohibited transaction provisions of ERISA and the Code apply to the plan
investor's acquisition, holding, and resale of such Certificates.

     Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                     * * *

<PAGE>

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

Dated:  [                 ]

                                            [               ],
                                            not in its individual Capacity, but
                                            solely as Trustee

                                            By ______________________

Countersigned:

By ___________________________________
         Authorized Signatory of
         [                        ],
         not in its individual Capacity,
         but solely as Trustee

<PAGE>

UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS  REGISTERED  IN THE NAME OF CEDE & CO. OR IN SUCH  OTHER  NAME AS IS
REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S.  FEDERAL INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE").

THIS CLASS OF CERTIFICATES  CONSISTS OF SUBORDINATED  SECURITIES AND THEY WILL
NOT SATISFY THE REQUIREMENTS OF CERTAIN PROHIBITED TRANSACTION EXEMPTIONS.  AS
A RESULT,  THE PURCHASE OR HOLDING OF ANY OF THIS CLASS OF  CERTIFICATES  BY A
PLAN INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED  TRANSACTION OR RESULT IN
THE  IMPOSITION  OF  EXCISE  TAXES  OR  CIVIL  PENALTIES  UNDER  THE  EMPLOYEE
RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED  ("ERISA") OR THE CODE.
ACCORDINGLY,  NONE OF THIS CLASS OF CERTIFICATES ARE OFFERED FOR SALE, AND ARE
NOT  TRANSFERABLE,  TO PLAN INVESTORS  UNLESS AN EXEMPTION FROM THE PROHIBITED
TRANSACTION  RULES OF ERISA AND THE CODE APPLIES TO THE ACQUISITION,  HOLDING,
AND RESALE OF SUCH  CERTIFICATE.  EACH PURCHASER OF THIS CLASS OF CERTIFICATE,
BY  VIRTUE  OF ITS  PURCHASE  OF  SUCH  CERTIFICATE,  WILL BE  DEEMED  TO HAVE
REPRESENTED  EITHER THAT IT IS NOT A PLAN INVESTOR OR THAT CERTAIN  EXEMPTIONS
FROM THE PROHIBITED  TRANSACTION PROVISIONS OF ERISA AND THE CODE APPLY TO THE
PLAN INVESTOR'S ACQUISITION, HOLDING, AND RESALE OF SUCH CERTIFICATES.

<PAGE>

Certificate No.                     :

Cut-off Date                        :

First Distribution Date             :

Initial Certificate Balance
of this Certificate

("Denomination")                    :       $

Initial Certificate Balances
of all Certificates of this Class   :       $

CUSIP                               :

                               INDYMAC ABS, INC.

                 Home Equity Mortgage Loan Asset-Backed Trust,
     Home Equity Mortgage Loan Asset-Backed Certificates, Series SPMD [ ]
                                  Class [B ]

     evidencing a percentage interest in the distributions allocable to the
     Certificates of the above-referenced Class.

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Seller, the Master Servicer or the Trustee referred to below or
any of their respective affiliates. Neither this Certificate nor the Mortgage
Loans are guaranteed or insured by any governmental agency or instrumentality.

     This certifies that CEDE & CO. is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination
of this Certificate by the aggregate of the denominations of all Certificates
of the Class to which this Certificate belongs) in certain monthly
distributions pursuant to a Pooling and Servicing Agreement dated as of the
Cut-off Date specified above (the "Agreement") among IndyMac ABS, Inc., as
depositor (the "Depositor"), [IndyMac Bank, F.S.B.], as seller (in such
capacity, the "Seller") and as master servicer (in such capacity, the "Master
Servicer") and [ ], as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

     The Class [B ] Certificates are subordinated securities and they will not
satisfy the requirements of certain prohibited transaction exemptions. As a
result, the purchase or holding of any of the Class [B ] Certificates by a
plan investor may constitute a non-exempt prohibited transaction or result in
the imposition of excise taxes or civil penalties under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") or the Code.
Accordingly, none of the Class [B ] Certificates are offered for sale, and are
not transferable, to plan investors unless an exemption from the prohibited
transaction rules of ERISA and the Code applies to the acquisition, holding,
and resale of such certificate. Each purchaser of a Class [B ] Certificate, by
virtue of its purchase of such Certificate, will be deemed to have represented
either that it is not a plan investor or that certain exemptions from the
prohibited transaction provisions of ERISA and the Code apply to the plan
investor's acquisition, holding, and resale of such Certificates.

     Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                     * * *

<PAGE>

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

Dated:  [               ]

                                           [                 ],
                                           not in its individual Capacity, but
                                           solely as Trustee

                                           By ______________________

Countersigned:

By __________________________________
         Authorized Signatory of
         [                       ],
         not in its individual Capacity,
         but solely as Trustee

<PAGE>

                                   EXHIBIT B

                                  [RESERVED]

<PAGE>

                                   EXHIBIT C

                         [FORM OF CLASS R CERTIFICATE]

SOLELY FOR U.S.  FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE").

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE
WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE  DELIVERS  TO THE  TRUSTEE  EITHER A  REPRESENTATION  LETTER TO THE
EFFECT THAT SUCH  TRANSFEREE  IS NOT AN EMPLOYEE  BENEFIT  PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR, IF THE PURCHASER IS AN INSURANCE  COMPANY,  A
REPRESENTATION IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT  REFERRED TO
HEREIN OR AN  OPINION  OF COUNSEL IN  ACCORDANCE  WITH THE  PROVISIONS  OF THE
AGREEMENT  REFERRED  TO  HEREIN.  IN THE  EVENT  THAT SUCH  REPRESENTATION  IS
VIOLATED,  OR ANY  ATTEMPT TO  TRANSFER  TO A PLAN OR  ARRANGEMENT  SUBJECT TO
SECTION  406 OF ERISA OR A PLAN  SUBJECT  TO  SECTION  4975 OF THE CODE,  OR A
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF
ANY SUCH PLAN OR ARRANGEMENT,  WITHOUT SUCH OPINION OF COUNSEL, SUCH ATTEMPTED
TRANSFER OR ACQUISITION SHALL BE VOID AND OF NO EFFECT.

Certificate No.                     :

Cut-off Date                        :

Initial Certificate Balance
of this Certificate

("Denomination")                    :       $

Initial Certificate Balances
of all Certificates of

this Class                          :        $

CUSIP                               :

                               INDYMAC ABS, INC.
                 Home Equity Mortgage Loan Asset-Backed Trust,
     Home Equity Mortgage Loan Asset-Backed Certificates, Series SPMD [ ]
                                    Class R

     evidencing the distributions allocable to the Class R Certificates with
     respect to a Trust Fund consisting primarily of a pool of fixed-rate and
     adjustable-rate conventional loans (the "Mortgage Loans") secured by
     first liens on one- to four-family residential properties IndyMac ABS,
     Inc., as Depositor

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate does not
evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Seller, the Master Servicer or the Trustee referred to below or
any of their respective affiliates. Neither this Certificate nor the Mortgage
Loans are guaranteed or insured by any governmental agency or instrumentality.

     This certifies that INDYMAC ABS, INC. is the registered owner of the
Percentage Interest (obtained by dividing the Denomination of this Certificate
by the aggregate Initial Certificate Balances of all Certificates of the Class
to which this Certificate belongs) in certain monthly distributions pursuant
to a Pooling and Servicing Agreement dated as of the Cut-Off Date specified
above (the "Agreement") among IndyMac ABS, Inc., as depositor (the
"Depositor"), [IndyMac Bank, F.S.B.], as seller (in such capacity, the
"Seller") and as master servicer (in such capacity, the "Master Servicer"),
and [ ], as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

     Any distribution of the proceeds of any remaining assets of the Trust
Fund will be made only upon presentment and surrender of this Class R
Certificate at the Corporate Trust Office or the office or agency maintained
by the Trustee in New York, New York.

     No transfer of a Class R Certificate shall be made unless the Trustee
shall have received either (i) a representation letter from the transferee of
such Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan or
arrangement subject to Section 406 of ERISA, nor a plan or arrangement subject
to Section 4975 of the Code or a person acting on behalf of any such plan or
arrangement nor using the assets of any such plan or arrangement to effect
such transfer, which representation letter shall not be an expense of the
Trustee, the Master Servicer or the Trust Fund, (ii) if the purchaser is an
insurance company, a representation that the purchaser is an insurance company
which is purchasing such Certificates with funds contained in an "insurance
company general account" (as such term is defined in Section V(e) of
Prohibited Transaction Class Exemption 95-60 ("PTCE 95-60")) and that the
purchase and holding of such Certificates are covered under PTCE 95-60 or
(iii) in the case of any such Class R Certificate presented for registration
in the name of an employee benefit plan subject to ERISA or a plan or
arrangement subject to Section 4975 of the Code (or comparable provisions of
any subsequent enactments), or a trustee of any such plan or arrangement or
any other person acting on behalf of any such plan or arrangement or using
such plan's or arrangement's assets, an Opinion of Counsel satisfactory to the
Trustee and the Master Servicer to the effect that the purchase or holding of
such Class R Certificate will not result in the assets of the Trust Fund being
deemed to be "plan assets" and subject to the prohibited transaction
provisions of ERISA and the Code and will not subject the Trustee or the
Master Servicer to any obligation in addition to those expressly undertaken in
the Agreement or to any liability, which Opinion of Counsel shall not be an
expense of the Trustee, the Master Servicer or the Trust Fund. In the event
that such representation is violated, or any attempt to transfer to a plan or
arrangement subject to Section 406 of ERISA or a plan subject to Section 4975
of the Code, or a person acting on behalf of any such plan or arrangement or
using the assets of any such plan or arrangement, without such Opinion of
Counsel, such attempted transfer or acquisition shall be void and of no
effect.

Each Holder of this Class R Certificate shall be deemed by the acceptance or
acquisition an Ownership Interest in this Class R Certificate to have agreed
to be bound by the following provisions, and the rights of each Person
acquiring any Ownership Interest in this Class R Certificate are expressly
subject to the following provisions: (i) each Person holding or acquiring any
Ownership Interest in this Class R Certificate shall be a Permitted Transferee
and shall promptly notify the Trustee of any change or impending change in its
status as a Permitted Transferee, (ii) no Ownership Interest in this Class R
Certificate may be registered on the Closing Date or thereafter transferred,
and the Trustee shall not register the Transfer of this Certificate unless, in
addition to the certificates required to be delivered to the Trustee under
Section 5.02(b) of the Agreement, the Trustee shall have been furnished with a
Transfer Affidavit of the initial owner or the proposed transferee in the form
attached as Exhibit I to the Agreement, (iii) each Person holding or acquiring
any Ownership Interest in this Class R Certificate shall agree (A) to obtain a
Transfer Affidavit from any other Person to whom such Person attempts to
Transfer its Ownership Interest this Class R Certificate, (B) to obtain a
Transfer Affidavit from any Person for whom such Person is acting as nominee,
trustee or agent in connection with any Transfer of this Class R Certificate
and (C) not to Transfer the Ownership Interest in this Class R Certificate or
to cause the Transfer of the Ownership Interest in this Class R Certificate to
any other Person if it has actual knowledge that such Person is not a
Permitted Transferee and (iv) any attempted or purported Transfer of the
Ownership Interest in this Class R Certificate in violation of the provisions
herein shall be absolutely null and void and shall vest no rights in the
purported Transferee.

     Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

<PAGE>

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

Dated:  [             ]

                                            [                  ],
                                            not in its individual Capacity, but
                                            solely as Trustee

                                            By ______________________

Countersigned:

By ____________________________________
         Authorized Signatory of
         [                       ],
         not in its individual Capacity,
         but solely as Trustee

<PAGE>

                                   EXHIBIT D

                         [FORM OF CLASS X CERTIFICATE]

SOLELY FOR U.S.  FEDERAL INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE").

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE
WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE  DELIVERS  TO THE  TRUSTEE  EITHER A  REPRESENTATION  LETTER TO THE
EFFECT THAT SUCH  TRANSFEREE  IS NOT AN EMPLOYEE  BENEFIT  PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR AN OPINION OF COUNSEL IN  ACCORDANCE  WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE
TO THE CONTRARY  HEREIN,  ANY PURPORTED  TRANSFER OF THIS CERTIFICATE TO OR ON
BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE
REPRESENTATION LETTER OR THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS
DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

Certificate No.                     :

Cut-off Date                        :

First Distribution Date             :

Percentage Interest
of this Certificate

("Denomination")                    :       %

CUSIP                               :

<PAGE>

                               INDYMAC ABS, INC.
                 Home Equity Mortgage Loan Asset-Backed Trust,
     Home Equity Mortgage Loan Asset-Backed Certificates, Series SPMD [ ]
                                    Class X

     evidencing a percentage interest in the distributions allocable to the
     Certificates of the above-referenced Class.

     Distributions in respect of this Certificate are distributable monthly as
set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Seller, the Master
Servicer or the Trustee referred to below or any of their respective
affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or
insured by any governmental agency or instrumentality.

     This certifies that HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST, SERIES
SPMD [ ] is the registered owner of the Percentage Interest evidenced by this
Certificate (obtained by dividing the denomination of this Certificate by the
aggregate of the denominations of all Certificates of the Class to which this
Certificate belongs) in certain monthly distributions pursuant to a Pooling
and Servicing Agreement dated as of the Cut-off Date specified above (the
"Agreement") among IndyMac ABS, Inc., as depositor (the "Depositor"), [IndyMac
Bank, F.S.B.], as seller (in such capacity, the "Seller") and as master
servicer (in such capacity, the "Master Servicer"), and [ ], as trustee (the
"Trustee"). To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.

     This Certificate does not have a Certificate Balance or Pass-Through Rate
and will be entitled to distributions only to the extent set forth in the
Agreement. In addition, any distribution of the proceeds of any remaining
assets of the Trust will be made only upon presentment and surrender of this
Certificate at the Corporate Trust Office or the office or agency maintained
by the Trustee.

     No transfer of a Certificate of this Class shall be made unless such
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended (the "1933 Act"), and any applicable state securities laws
or is made in accordance with the 1933 Act and such laws. In the event of any
such transfer, the Trustee shall require the transferor to execute a
transferor certificate (in substantially the form attached to the Pooling and
Servicing Agreement) and deliver either (i) an Investment Letter or the Rule
144A Letter, in either case substantially in the form attached to the
Agreement, or (ii) a written Opinion of Counsel to the Trustee that such
transfer may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from the 1933 Act or is being made pursuant
to the 1933 Act, which Opinion of Counsel shall be an expense of the
transferor.

     No transfer of a Certificate of this Class shall be made unless the
Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or Section 4975 of the
Code, nor a person acting on behalf of any such plan, which representation
letter shall not be an expense of the Trustee, or (ii) if the purchaser is an
insurance company, a representation that the purchaser is an insurance company
which is purchasing such Certificates with funds contained in an "insurance
company general account" (as such term is defined in Section V(e) of
Prohibited Transaction Class Exemption 95-60 ("PTCE 95-60")) and that the
purchase and holding of such Certificates are covered under PTCE 95-60, or
(iii) in the case of a Certificate presented for registration in the name of
an employee benefit plan subject to ERISA, or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), or a trustee of any such plan or any other person acting on
behalf of any such plan or arrangement or using such plan's or arrangement's
assets, an Opinion of Counsel satisfactory to the Trustee and the Master
Servicer, which Opinion of Counsel shall not be an expense of the Trustee, the
Master Servicer or the Trust Fund, addressed to the Trustee, to the effect
that the purchase or holding of such Certificate will not result in the assets
of the Trust Fund being deemed to be "plan assets" and subject to the
prohibited transaction provisions of ERISA and the Code and will not subject
the Trustee or the Master Servicer to any obligation in addition to those
expressly undertaken in this Agreement or to any liability.

     Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                     * * *

<PAGE>

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

Dated:  [                 ]

                                            [                ],
                                            not in its individual Capacity, but
                                            solely as Trustee

                                            By ______________________

Countersigned:

By ___________________________________
         Authorized Signatory of
         [                      ],
         not in its individual Capacity,
         but solely as Trustee

<PAGE>

                                   EXHIBIT E

                       [FORM OF REVERSE OF CERTIFICATES]

                               INDYMAC ABS, INC.
                 Home Equity Mortgage Loan Asset-Backed Trust,
              Home Equity Mortgage Loan Asset-Backed Certificates

     This Certificate is one of a duly authorized issue of Certificates
designated as IndyMac ABS, Inc., Home Equity Mortgage Loan Asset-Backed
Certificates, of the Series specified on the face hereof (herein collectively
called the "Certificates"), and representing a beneficial ownership interest
in the Trust Fund created by the Agreement.

     The Certificateholder, by its acceptance of this Certificate, agrees that
it will look solely to the funds on deposit in the Distribution Account for
payment hereunder and that the Trustee is not liable to the Certificateholders
for any amount payable under this Certificate or the Agreement or, except as
expressly provided in the Agreement, subject to any liability under the
Agreement.

     This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for the interests, rights and limitations
of rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Trustee.

     Pursuant to the terms of the Agreement, a distribution will be made on
the [25]th day of each month or, if such [25]th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified on the face hereof, to the Person in
whose name this Certificate is registered at the close of business on the
applicable Record Date in an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount required to be
distributed to Holders of Certificates of the Class to which this Certificate
belongs on such Distribution Date pursuant to the Agreement. The Record Date
applicable to each Distribution Date is the last Business Day of the month
next preceding the month of such Distribution Date.

     Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or
other entity having appropriate facilities therefor, if such Certificateholder
shall have so notified the Trustee in writing at least five Business Days
prior to the related Record Date and such Certificateholder shall satisfy the
conditions to receive such form of payment set forth in the Agreement, or, if
not, by check mailed by first class mail to the address of such
Certificateholder appearing in the Certificate Register. The final
distribution on each Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the Corporate Trust Office or
such other location specified in the notice to Certificateholders of such
final distribution.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trustee and the rights of the Certificateholders under the Agreement at any
time by the Depositor, the Master Servicer and the Trustee with the consent of
the Holders of Certificates affected by such amendment evidencing the
requisite Percentage Interest, as provided in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such
Holder and upon all future Holders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange therefor or in lieu hereof
whether or not notation of such consent is made upon this Certificate. The
Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register of the Trustee upon surrender of this Certificate for registration of
transfer at the Corporate Trust Office or the office or agency maintained by
the Trustee in [New York, New York], accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar
duly executed by the holder hereof or such holder's attorney duly authorized
in writing, and thereupon one or more new Certificates of the same Class in
authorized denominations and evidencing the same aggregate Percentage Interest
in the Trust Fund will be issued to the designated transferee or transferees.

     The Certificates are issuable only as registered Certificates without
coupons in denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

     No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     The Depositor, the Master Servicer, the Seller and the Trustee and any
agent of the Depositor or the Trustee may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither
the Depositor, the Trustee, nor any such agent shall be affected by any notice
to the contrary.

     On any Distribution Date on which the aggregate Stated Principal Balance
of the Mortgage Loans is less than or equal to 10% of the aggregate Cut-off
Date Principal Balances of the Mortgage Loans, the Master Servicer will have
the option to repurchase, in whole, from the Trust Fund all remaining Mortgage
Loans and all property acquired in respect of the Mortgage Loans at a purchase
price determined as provided in the Agreement. The obligations and
responsibilities created by the Agreement will terminate as provided in
Section 9.01 of the Agreement.

     Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

<PAGE>

                                  ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)

the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to
assignee on the Certificate Register of the Trust Fund.

     I (We) further direct the Trustee to issue a new Certificate of a like
denomination and Class, to the above named assignee and deliver such
Certificate to the following address:
_______________________________________________________________________________.

Dated:

                                       ________________________________________
                                        Signature by or on behalf of assignor

<PAGE>

                           DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ,_______________________________________________,
_______________________________________________________________________________,
for the account of ____________________________________________________________,
account number _______, or, if mailed by check, to ____________________________.
Applicable statements should be mailed to _____________________________________,
_______________________________________________________________________________.

     This information is provided by __________________________________________,
the assignee named above, _______or ___________________________________________,
as its agent.

STATE OF           )
                   )  ss.:
COUNTY OF          )

     On the ___ th day of _______________ , 20 before me, a notary public in
and for said State, personally appeared _________________________________ ,
known to me who, being by me duly sworn, did depose and say that he executed
the foregoing instrument.

                                                ______________________________
                                                        Notary Public

[Notarial Seal]

<PAGE>

                                   EXHIBIT F

                                  [RESERVED]

<PAGE>

                                   EXHIBIT G

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                    [date]

[Depositor]

[Master Servicer]

[Seller]
__________________
__________________

               Re:  Pooling and Servicing Agreement among IndyMac ABS, Inc.,
                    as Depositor, [IndyMac Bank, F.S.B.], as Seller and Master
                    Servicer, and [ ], as Trustee, Home Equity Mortgage Loan
                    Asset-Backed Trust, Series SPMD [ ], Home Equity Mortgage
                    Loan Asset-Backed Certificates, Series SPMD [ ] [and the
                    Subsequent Transfer Agreement dated as of [ ], among
                    IndyMac ABS, Inc., as - Depositor, [IndyMac Bank, F.S.B.],
                    as Seller, and [ ], as Trustee]
                    -----------------------------------------------------------
Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), [and the
above-captioned Subsequent Transfer Agreement] the undersigned, as Trustee,
hereby certifies that, as to each [Initial][Subsequent] Mortgage Loan listed
in the Mortgage Loan Schedule (other than any [Initial][Subsequent] Mortgage
Loan listed in the attached schedule), it has received:

     (i) the original Mortgage Note, endorsed as provided in the following
form: "Pay to the order of ________, without recourse"; and

     (ii) a duly executed assignment of the Mortgage (which may be included in
a blanket assignment or assignments); provided, however, that it has received
no assignment with respect to any Mortgage for which the related Mortgaged
Property is located in the Commonwealth of Puerto Rico.

     Based on its review and examination and only as to the foregoing
documents, such documents appear regular on their face and related to such
[Initial][Subsequent] Mortgage Loan.

     The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement. The Trustee makes no representations as to:
(i) the validity, legality, sufficiency, enforceability or genuineness of any
of the documents contained in each Mortgage File of any of the
[Initial][Subsequent] Mortgage Loans identified on the Mortgage Loan Schedule,
or (ii) the collectability, insurability, effectiveness or suitability of any
such [Initial][Subsequent] Mortgage Loan.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.

                                           [                     ],
                                           as Trustee

                                           By:__________________________
                                           Name:________________________
                                           Title:_______________________

<PAGE>

                                  EXHIBIT G-1

                     FORM OF DELAY DELIVERY CERTIFICATION

                                    [date]

[Depositor]

[Master Servicer]

               Re:  Pooling and Servicing Agreement among IndyMac ABS, Inc.,
                    as Depositor, [IndyMac Bank, F.S.B.], as Seller and Master
                    Servicer, and [ ], as Trustee, Home Equity Mortgage Loan
                    Asset-Backed Trust, Series SPMD [ ], Home Equity Mortgage
                    Loan Asset-Backed Certificates, Series SPMD [ ] [and the
                    Subsequent Transfer Agreement dated as of [ ], among
                    IndyMac ABS, Inc., as - Depositor, [IndyMac Bank, F.S.B.],
                    as Seller, and  [ ], as Trustee]
                    ----------------------------------------------------------

Gentlemen:

     [Reference is made to the Initial Certification of Trustee relating to
the above-referenced series, with the schedule of exceptions attached thereto,
delivered by the undersigned, as Trustee, on the Closing Date in accordance
with Section 2.02 of the above-captioned Pooling and Servicing Agreement.] The
undersigned hereby certifies that [, with respect to the Subsequent Mortgage
Loans delivered in connection with the Subsequent Transfer Agreement,] as to
each Delay Delivery Mortgage Loan listed on the Schedule A attached hereto
(other than any [Initial Mortgage Loan][Subsequent Mortgage Loan] paid in full
or listed on Schedule B attached hereto) it has received:

               (i) (A) the original Mortgage Note, endorsed by manual or
          facsimile signature in blank in the following form: "Pay to the
          order of ________________________ without recourse", with all
          intervening endorsements showing a complete chain of endorsement
          from the originator to the Person endorsing the Mortgage Note (each
          such endorsement being sufficient to transfer all right, title and
          interest of the party so endorsing, as noteholder or assignee
          thereof, in and to that Mortgage Note) and (B) with respect to any
          Lost Mortgage Note, a lost note affidavit from the Seller stating
          that the original Mortgage Note was lost or destroyed, together with
          a copy of such Mortgage Note;

               (ii) a duly executed assignment of the Mortgage (which may be
          included in a blanket assignment or assignments), together with,
          except as provided below, all interim recorded assignments of such
          mortgage (each such assignment, when duly and validly completed, to
          be in recordable form and sufficient to effect the assignment of and
          transfer to the assignee thereof, under the Mortgage to which the
          assignment relates); provided that such assignment of Mortgage need
          not be delivered in the case of a Mortgage for which the related
          Mortgage Property is located in the Commonwealth of Puerto Rico.

         Based on its review and examination and only as to the foregoing
documents, such documents appear regular on their face and related to such
Mortgage Loan.

<PAGE>

     The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representations as to: (i) the validity, legality, sufficiency, enforceability
or genuineness of any of the documents contained in each Mortgage File of any
of the [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
[Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
Schedule] or (ii) the collectibility, insurability, effectiveness or
suitability of any such [Initial Mortgage Loan][Subsequent Mortgage Loan].

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                               [                          ],
                                               as Trustee

                                               By:_________________________
                                               Name:
                                               Title:

<PAGE>

                                   EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                    [date]

[Depositor]

[Master Servicer]

[Seller]
____________________
____________________

               Re:  Pooling and Servicing Agreement among IndyMac ABS, Inc.,
                    as Depositor, [IndyMac Bank, F.S.B.], as Seller and Master
                    Servicer, and [ ], as Trustee, Home Equity Mortgage Loan
                    Asset-Backed Trust, Series SPMD [ ], Home Equity Mortgage
                    Loan Asset-Backed Certificates, Series SPMD [ ] [and the
                    Subsequent Transfer Agreement dated as of [ ], among
                    IndyMac ABS, Inc., as - Depositor, [IndyMac Bank, F.S.B.],
                    as Seller, and  [ ], as Trustee]
                    ----------------------------------------------------------
Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement") [and the
above-captioned Subsequent Transfer Agreement], the undersigned, as Trustee,
hereby certifies that as to each [Initial][Subsequent] Mortgage Loan listed in
the Mortgage Loan Schedule (other than any [Initial][Subsequent] Mortgage Loan
paid in full or listed on the attached Document Exception Report) it has
received:

     (i) The original Mortgage Note, endorsed in the form provided in Section
2.01(f) of the Pooling and Servicing Agreement, with all intervening
endorsements showing a complete chain of endorsement from the originator to
the Seller.

     (ii) The original recorded Mortgage.

     (iii) A duly executed assignment of the Mortgage in the form provided in
Section 2.01(f) of the Pooling and Servicing Agreement; provided, however,
that it has received no assignment with respect to any Mortgage for which the
related Mortgaged Property is located in the Commonwealth of Puerto Rico, or,
if the Depositor has certified or the Trustee otherwise knows that the related
Mortgage has not been returned from the applicable recording office, a copy of
the assignment of the Mortgage (excluding information to be provided by the
recording office).

     (iv) The original or duplicate original recorded assignment or
assignments of the Mortgage showing a complete chain of assignment from the
originator to the Seller.

     (v) The original or duplicate original lender's title policy and all
riders thereto or, any one of an original title binder, an original
preliminary title report or an original title commitment, or a copy thereof
certified by the title company.

     Based on its review and examination and only as to the foregoing
documents, (a) such documents appear regular on their face and related to such
[Initial][Subsequent] Mortgage Loan, and (b) the information set forth in
items (i), (ii), (iii), (iv), (vi) and (xi) of the definition of the "Mortgage
Loan Schedule" in Section 1.01 of the Pooling and Servicing Agreement
accurately reflects information set forth in the Mortgage File.

     The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement. The Trustee makes no representations as to:
(i) the validity, legality, sufficiency, enforceability or genuineness of any
of the documents contained in each Mortgage File of any of the Mortgage Loans
identified on the Mortgage Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any such [Initial][Subsequent]
Mortgage Loan. Notwithstanding anything herein to the contrary, the Trustee
has made no determination and makes no representations as to whether (i) any
endorsement is sufficient to transfer all right, title and interest of the
party so endorsing, as Noteholder or assignee thereof, in and to that Mortgage
Note or (ii) any assignment is in recordable form or sufficient to effect the
assignment of and transfer to the assignee thereof, under the Mortgage to
which the assignment relates.

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.

                                           [                    ],
                                           as Trustee

                                           By:_________________________
                                           Name:_______________________
                                           Title:______________________

<PAGE>
                                   EXHIBIT I

                              TRANSFER AFFIDAVIT

                              IndyMac ABS, Inc.,
         Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD [ ]
             Home Equity Mortgage Loan Asset-Backed Certificates,
                                Series SPMD [ ]

STATE OF             )
                     ) ss.:
COUNTY OF            )

     The undersigned, being first duly sworn, deposes and says as follows:

     1. The undersigned is an officer of _________________________________ ,
the proposed Transferee of an Ownership Interest in a Class R Certificate (the
"Certificate") issued pursuant to the Pooling and Servicing Agreement, (the
"Agreement"), relating to the above-referenced Series, by and among IndyMac
ABS, Inc., as depositor (the "Depositor"), [IndyMac Bank, F.S.B.], as seller
and master servicer and [ ], as Trustee. Capitalized terms used, but not
defined herein or in Exhibit 1 hereto, shall have the meanings ascribed to
such terms in the Agreement. The Transferee has authorized the undersigned to
make this affidavit on behalf of the Transferee.

     2. The Transferee is, as of the date hereof, and will be, as of the date
of the Transfer, a Permitted Transferee. The Transferee is acquiring its
Ownership Interest in the Certificate for its own account. The Transferee has
no knowledge that any such affidavit is false.

     3. The Transferee has been advised of, and understands that (i) a tax
will be imposed on Transfers of the Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if
such Transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability
for the tax if the subsequent Transferee furnished to such Person an affidavit
that such subsequent Transferee is a Permitted Transferee and, at the time of
Transfer, such Person does not have actual knowledge that the affidavit is
false.

     4. The Transferee has been advised of, and understands that a tax will be
imposed on a "pass-through entity" holding the Certificate if at any time
during the taxable year of the pass-through entity a Person that is not a
Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is a Permitted Transferee and the
pass-through entity does not have actual knowledge that such affidavit is
false. (For this purpose, a "pass-through entity" includes a regulated
investment company, a real estate investment trust or common trust fund, a
partnership, trust or estate, and certain cooperatives and, except as may be
provided in Treasury Regulations, persons holding interests in pass-through
entities as a nominee for another Person.)

     5. The Transferee has reviewed the provisions of Section 5.02(c) of the
Agreement (attached hereto as Exhibit 2 and incorporated herein by reference)
and understands the legal consequences of the acquisition of an Ownership
Interest in the Certificate including, without limitation, the restrictions on
subsequent Transfers and the provisions regarding voiding the Transfer and
mandatory sales. The Transferee expressly agrees to be bound by and to abide
by the provisions of Section 5.02(c) of the Agreement and the restrictions
noted on the face of the Certificate. The Transferee understands and agrees
that any breach of any of the representations included herein shall render the
Transfer to the Transferee contemplated hereby null and void.

     6. The Transferee agrees to require a Transfer Affidavit from any Person
to whom the Transferee attempts to Transfer its Ownership Interest in the
Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, the
Transferee agrees to deliver to the Trustee a certificate substantially in the
form set forth as Exhibit J to the Agreement (a "Transferor Certificate") to
the effect that such Transferee has no actual knowledge that the Person to
which the Transfer is to be made is not a Permitted Transferee.

     7. The Transferee does not have the intention to impede the assessment or
collection of any tax legally required to be paid with respect to the
Certificate.

     8. The Transferee's taxpayer identification number is .

     9. The Transferee is a U.S. Person as defined in Code Section
7701(a)(30).

     10. The Transferee is aware that the Certificate may be a "noneconomic
residual interest" within the meaning of proposed Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the
transfer was to impede the assessment or collection of tax.

     11. Either (i) the Transferee is not an employee benefit plan that is
subject to ERISA or a plan that is subject to Section 4975 of the Code, and
the Transferee is not acting on behalf of or investing plan assets of such a
plan, or (ii) the Transferee is an insurance company that is purchasing such
Certificate with funds contained in an "insurance company general account" as
such term is defined in Section V(e) of Prohibited Transaction Class Exemption
95-60 ("PTCE 95-60") and the purchase and holding of such Certificate are
covered under Sections I and III of PTCE 95-60.

                                     * * *

<PAGE>

     IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by
its duly authorized officer and its corporate seal to be hereunto affixed,
duly attested, this _______ day of ___________________ , 20 .

                              ________________________________
                              Print Name of Transferee

                              By:_____________________________
                                 Name:
                                 Title:

[Corporate Seal]

ATTEST:

_____________________________
[Assistant] Secretary

     Personally appeared before me the above-named ______________ , known or
proved to me to be the same person who executed the foregoing instrument and
to be the ______________________ of the Transferee, and acknowledged that he
executed the same as his free act and deed and the free act and deed of the
Transferee.

     Subscribed and sworn before me this __ day of _____, 20__.

                                             _____________________________
                                                     NOTARY PUBLIC

                                             My Commission expires the ___ day
                                             of _________, 20__

<PAGE>

                                                                     EXHIBIT 1
                                                                  to EXHIBIT I

                              Certain Definitions
                              -------------------

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

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

     "Person": Any individual, corporation, partnership, joint venture, bank,
joint stock company, trust (including any beneficiary thereof), unincorporated
organization or government or any agency or political subdivision thereof.

     "Transfer": Any direct or indirect transfer or sale of any Ownership
Interest in a Certificate, including the acquisition of a Certificate by the
Depositor.

     "Transferee": Any Person who is acquiring by Transfer any Ownership
Interest in a Certificate.

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

<PAGE>

                                                                     EXHIBIT 2
                                                                  to EXHIBIT I

                       Section 5.02 (c) of the Agreement
                       ---------------------------------

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

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

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

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

          (iv) Any attempted or purported Transfer of any Ownership Interest
     in a Residual Certificate in violation of the provisions of this Section
     5.02(c) shall be absolutely null and void and shall vest no rights in the
     purported Transferee. If any purported transferee shall become a Holder
     of a Residual Certificate in violation of the provisions of this Section
     5.02(c), then the last preceding Permitted Transferee shall be restored
     to all rights as Holder thereof retroactive to the date of registration
     of Transfer of such Residual Certificate. The Trustee shall be under no
     liability to any Person for any registration of Transfer of a Residual
     Certificate that is in fact not permitted by Section 5.02(b) and this
     Section 5.02(c) or for making any payments due on such Certificate to the
     Holder thereof or taking any other action with respect to such Holder
     under the provisions of this Agreement so long as the Transfer was
     registered after receipt of the related Transfer Affidavit, Transferor
     Certificate and either the Rule 144A Letter or the Investment Letter. The
     Trustee shall be entitled but not obligated to recover from any Holder of
     a Residual Certificate that was in fact not a Permitted Transferee at the
     time it became a Holder or, at such subsequent time as it became other
     than a Permitted Transferee, all payments made on such Residual
     Certificate at and after either such time. Any such payments so recovered
     by the Trustee shall be paid and delivered by the Trustee to the last
     preceding Permitted Transferee of such Certificate.

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

<PAGE>

                                                                       EXHIBIT J

                        FORM OF TRANSFEROR CERTIFICATE

                                                               __________, 20__

IndyMac ABS, Inc.
155 North Lake Avenue
Pasadena, California 91101

[Name of Trustee]
[Address]
[Address]
Attention:  [       ]

                    Re:  IndyMac ABS, Inc. Home Equity Loan Asset-Backed
                         Trust, Series SPMD [ ], Home Equity Mortgage Loan
                         Asset-Backed Certificates, Series SPMD [ ], Class
                         -------------------------------------------------

Ladies and Gentlemen:

          In connection with our disposition of the above Certificates we
certify that (a) we understand that the Certificates have not been registered
under the Securities Act of 1933, as amended (the "Act"), and are being
disposed by us in a transaction that is exempt from the registration
requirements of the Act, (b) we have not offered or sold any Certificates to,
or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner
that would be deemed, or taken any other action which would result in, a
violation of Section 5 of the Act and (c) to the extent we are disposing of a
Residual Certificate, we have no knowledge the Transferee is not a Permitted
Transferee.

                                                   Very truly yours,

                                                   ____________________________
                                                   Print Name of Transferor

                                                   By:_________________________
                                                          Authorized Officer

<PAGE>

                                                                       EXHIBIT L

                           FORM OF RULE 144A LETTER

                                                            ____________, 20__

IndyMac ABS, Inc.
155 North Lake Avenue
Pasadena, California 91101

[Name of Trustee]
[Address]
[Address]
Attention:  [      ]

                    Re:  Home Equity Mortgage Loan Asset-Backed Trust, Series
                         SPMD [ ] Home Equity Mortgage Loan Asset-Backed
                         Certificates, Series SPMD [ ], Class
                         ----------------------------------------------------

Ladies and Gentlemen:

          In connection with our acquisition of the above Certificates we
certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the "Act"), or any state
securities laws and are being transferred to us in a transaction that is
exempt from the registration requirements of the Act and any such laws, (b) we
have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificates, (d) we are not an employee benefit plan
that is subject to the Employee Retirement Income Security Act of 1974, as
amended, or a plan or arrangement that is subject to Section 4975 of the
Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
such plan or arrangement nor using the assets of any such plan or arrangement
to effect such acquisition, (e) we have not, nor has anyone acting on our
behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificates, any interest in the Certificates or any other similar security
to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Certificates, any interest in the Certificates or any other
similar security from, or otherwise approached or negotiated with respect to
the Certificates, any interest in the Certificates or any other similar
security with, any person in any manner, or made any general solicitation by
means of general advertising or in any other manner, or taken any other
action, that would constitute a distribution of the Certificates under the
Securities Act or that would render the disposition of the Certificates a
violation of Section 5 of the Securities Act or require registration pursuant
thereto, nor will act, nor has authorized or will authorize any person to act,
in such manner with respect to the Certificates, (f) to the extent that the
Certificate transferred is a Class X Certificate, we are a bankruptcy-remote
entity and (g) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act and have completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex 2.
We are aware that the sale to us is being made in reliance on Rule 144A. We
are acquiring the Certificates for our own account or for resale pursuant to
Rule 144A and further, understand that such Certificates may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

<PAGE>

                                                          ANNEX 1 TO EXHIBIT L

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         [For Transferees Other Than Registered Investment Companies]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

          1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

          2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $ ____________ /1/ in securities
(except for the excluded securities referred to below) as of the end of the
Buyer's most recent fiscal year (such amount being calculated in accordance
with Rule 144A and (ii) the Buyer satisfies the criteria in the category
marked below.

          --   Corporation, etc. The Buyer is a corporation (other than a
               bank, savings and loan association or similar institution),
               Massachusetts or similar business trust, partnership, or
               charitable organization described in Section 501(c)(3) of the
               Internal Revenue Code of 1986, as amended.

          --   Bank. The Buyer (a) is a national bank or banking institution
               organized under the laws of any State, territory or the
               District of Columbia, the business of which is substantially
               confined to banking and is supervised by the State or
               territorial banking commission or similar official or is a
               foreign bank or equivalent institution, and (b) has an audited
               net worth of at least $25,000,000 as demonstrated in its latest
               annual financial statements, a copy of which is attached
               hereto.

          --   Savings and Loan. The Buyer (a) is a savings and loan
               association, building and loan association, cooperative bank,
               homestead association or similar institution, which is
               supervised and examined by a State or Federal authority having
               supervision over any such institutions or is a foreign savings
               and loan association or equivalent institution and (b) has an
               audited net worth of at least $25,000,000 as demonstrated in
               its latest annual financial statements, a copy of which is
               attached hereto.

1    Buyer must own and/or invest on a discretionary basis at least
     $100,000,000 in securities unless Buyer is a dealer, and, in that case,
     Buyer must own and/or invest on a discretionary basis at least
     $10,000,000 in securities.

          --   Broker-dealer. The Buyer is a dealer registered pursuant to
               Section 15 of the Securities Exchange Act of 1934.

          --   Insurance Company. The Buyer is an insurance company whose
               primary and predominant business activity is the writing of
               insurance or the reinsuring of risks underwritten by insurance
               companies and which is subject to supervision by the insurance
               commissioner or a similar official or agency of a State,
               territory or the District of Columbia.

          --   State or Local Plan. The Buyer is a plan established and
               maintained by a State, its political subdivisions, or any
               agency or instrumentality of the State or its political
               subdivisions, for the benefit of its employees.

          --   ERISA Plan. The Buyer is an employee benefit plan within the
               meaning of Title I of the Employee Retirement Income Security
               Act of 1974.

          --   Investment Advisor. The Buyer is an investment advisor
               registered under the Investment Advisors Act of 1940.

          --   Small Business Investment Company. Buyer is a small business
               investment company licensed by the U.S. Small Business
               Administration under Section 301(c) or (d) of the Small
               Business Investment Act of 1958.

          --   Business Development Company. Buyer is a business development
               company as defined in Section 202(a)(22) of the Investment
               Advisors Act of 1940.

          3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer
is a dealer, (iii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
(v) loan participations, (vi) repurchase agreements, (vii) securities owned
but subject to a repurchase agreement and (viii) currency, interest rate and
commodity swaps.

          4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used
the cost of such securities to the Buyer and did not include any of the
securities referred to in the preceding paragraph, except (i) where the Buyer
reports its securities holdings in its financial statements on the basis of
their market value, and (ii) no current information with respect to the cost
of those securities has been published. If clause (ii) in the preceding
sentence applies, the securities may be valued at market. Further, in
determining such aggregate amount, the Buyer may have included securities
owned by subsidiaries of the Buyer, but only if such subsidiaries are
consolidated with the Buyer in its financial statements prepared in accordance
with generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Buyer's direction. However, such securities
were not included if the Buyer is a majority-owned, consolidated subsidiary of
another enterprise and the Buyer is not itself a reporting company under the
Securities Exchange Act of 1934, as amended.

          5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the
Certificates are relying and will continue to rely on the statements made
herein because one or more sales to the Buyer may be in reliance on Rule 144A.

          6. Until the date of purchase of the Rule 144A Securities, the Buyer
will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Buyer's purchase of the Certificates will constitute a reaffirmation of
this certification as of the date of such purchase. In addition, if the Buyer
is a bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after
they become available.

                                               ________________________________
                                                Print Name of Transferor

                                               By:_____________________________
                                                  Name:
                                                  Title:

                                               Date:___________________________

<PAGE>

                                                          ANNEX 2 TO EXHIBIT L

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees That are Registered Investment Companies]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

          1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

          2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than
the excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year. For purposes of determining the amount of securities owned
by the Buyer or the Buyer's Family of Investment Companies, the cost of such
securities was used, except (i) where the Buyer or the Buyer's Family of
Investment Companies reports its securities holdings in its financial
statements on the basis of their market value, and (ii) no current information
with respect to the cost of those securities has been published. If clause
(ii) in the preceding sentence applies, the securities may be valued at
market.

          --   The Buyer owned $ in securities (other than the excluded
               securities referred to below) as of the end of the Buyer's most
               recent fiscal year (such amount being calculated in accordance
               with Rule 144A).

          --   The Buyer is part of a Family of Investment Companies which
               owned in the aggregate $ __________ in securities (other than
               the excluded securities referred to below) as of the end of the
               Buyer's most recent fiscal year (such amount being calculated
               in accordance with Rule 144A).

          3. The term "Family of Investment Companies" as used herein means
two or more registered investment companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue
of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

          4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) securities issued or guaranteed
by the U.S. or any instrumentality thereof, (iii) bank deposit notes and
certificates of deposit, (iv) loan participations, (v) repurchase agreements,
(vi) securities owned but subject to a repurchase agreement and (vii)
currency, interest rate and commodity swaps.

          5. The Buyer is familiar with Rule 144A and understands that the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates are relying and will continue to rely on the statements
made herein because one or more sales to the Buyer will be in reliance on Rule
144A. In addition, the Buyer will only purchase for the Buyer's own account.

          6. Until the date of purchase of the Certificates, the undersigned
will notify the parties listed in the Rule 144A Transferee Certificate to
which this certification relates of any changes in the information and
conclusions herein. Until such notice is given, the Buyer's purchase of the
Certificates will constitute a reaffirmation of this certification by the
undersigned as of the date of such purchase.

                                               ________________________________
                                               Print Name of Buyer or Adviser

                                               By:_____________________________
                                               Name:
                                               Title:

                                               IF AN ADVISER:

                                               ________________________________
                                                      Print Name of Buyer

                                               Date:___________________________

<PAGE>

                                   EXHIBIT M

                              REQUEST FOR RELEASE
                                 (for Trustee)

                              IndyMac ABS, Inc.,
         Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD [ ]
             Home Equity Mortgage Loan Asset-Backed Certificates,
                                Series SPMD [ ]

Loan Information
----------------

       Name of Mortgagor               ________________________________________

       Servicer
       Loan No.:                       ________________________________________

Trustee
-------

       Name:                           ________________________________________

       Address:                        ________________________________________

                                       ________________________________________

                                       ________________________________________

                                       ________________________________________

       Trustee
       Mortgage File No.:              ________________________________________

     The undersigned Master Servicer hereby acknowledges that it has received
from [ ], as Trustee for the Holders of Home Equity Mortgage Loan Asset-Backed
Certificates, of the above-referenced Series, the documents referred to below
(the "Documents"). All capitalized terms not otherwise defined in this Request
for Release shall have the meanings given them in the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement") relating to the
above-referenced Series among the Trustee, [IndyMac Bank, F.S.B.], as Seller
and Master Servicer and IndyMac ABS, Inc., as Depositor.

(  ) Mortgage Note dated __________, __, in the original principal sum of
     $____ , made by ____________. payable to, or endorsed to the order of,
     the Trustee.

(  ) Mortgage recorded on _______________ as instrument no. _________ in the
     County Recorder's Office of the County of __________________, State of
     ______________ in book/reel/docket __________ of official records at
     page/image ____________.

(  ) Deed of Trust recorded on ________ as instrument no. __________ in the
     County Recorder's Office of the County of _______________ , State of
     ____________ in book/reel/docket ____________ of official records at
     page/image _____________.

(  ) Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
     ____________ as instrument no.___________ in the County Recorder's Office
     of the County of ______________, State of ________________ in
     book/reel/docket of official records at page/image _______________.

(  ) Other documents, including any amendments, assignments or other
     assumptions of the Mortgage Note or Mortgage. ( )

     ( )
         ____________________________________________________________________
     ( )
         ____________________________________________________________________
     ( )
         ____________________________________________________________________
     ( )
         ____________________________________________________________________

     The undersigned Master Servicer hereby acknowledges and agrees as
follows:

          (1) The Master Servicer shall hold and retain possession of the
     Documents in trust for the benefit of the Trustee, solely for the
     purposes provided in the Agreement.

          (2) The Master Servicer shall not cause or knowingly permit the
     Documents to become subject to, or encumbered by, any claim, liens,
     security interest, charges, writs of attachment or other impositions nor
     shall the Servicer assert or seek to assert any claims or rights of
     setoff to or against the Documents or any proceeds thereof.

          (3) The Master Servicer shall return each and every Document
     previously requested from the Mortgage File to the Trustee when the need
     therefor no longer exists, unless the Mortgage Loan relating to the
     Documents has been liquidated and the proceeds thereof have been remitted
     to the Certificate Account and except as expressly provided in the
     Agreement.

<PAGE>

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

                                            [INDYMAC BANK, F.S.B.]

                                            By:_____________________________

                                            Its_____________________________

Date:_________________

<PAGE>

                                   EXHIBIT N

                       REQUEST FOR RELEASE OF DOCUMENTS

To:   [Name of Trustee]                      Attn:  Mortgage Custody Services

Re:   The Pooling & Servicing Agreement dated ____ among [IndyMac Bank, F.S.B.],
      as Master Servicer, Inc, IndyMac ABS, Inc. and [             ] as Trustee

Ladies and Gentlemen:

In connection with the administration of the Mortgage Loans held by you as
Trustee for IndyMac ABS, Inc., we request the release of the Mortgage Loan
File for the Mortgage Loan(s) described below, for the reason indicated.

FT Account#:                                        Pool #:

Mortgagor's Name, Address and Zip Code:
--------------------------------------

Mortgage Loan Number:
--------------------

Reason for Requesting Documents (check one)
-------------------------------

_______1. Mortgage Loan paid in full ([IndyMac] hereby certifies that all
          amounts have been received.)

_______2. Mortgage Loan Liquidated ([IndyMac] hereby certifies that all
          certifies that all proceeds of foreclosure, insurance, or other
          liquidation have been finally received.)

_______3. Mortgage Loan in Foreclosure.

_______4. Other (explain): ____________________________________

If item 1 or 2 above is checked, and if all or part of the Mortgage File was
previously released to us, please release to us our previous receipt on file
with you, as well as an additional documents in your possession relating to
the above-specified Mortgage Loan. If item 3 or 4 is checked, upon 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.

<PAGE>

[INDYMAC BANK, F.S.B.]                                    [155 North Lake Ave.
                                                          Pasadena CA  91101]

By:___________________________
Name:_________________________
Title:________________________
Date:_________________________

TRUSTEE CONSENT TO RELEASE AND
ACKNOWLEDGEMENT OF RECEIPT

By:___________________________
Name:_________________________
Title:________________________
Date:_________________________

<PAGE>

                                   EXHIBIT O

                                  [RESERVED]

<PAGE>

                                   EXHIBIT Q

                     FORM OF SUBSEQUENT TRANSFER AGREEMENT

          Subsequent Transfer Agreement, dated as of [ ], among IndyMac ABS,
Inc., a Delaware corporation, as depositor (the "Depositor"), [IndyMac Bank,
F.S.B.], a federal savings bank ("[IndyMac Bank]"), in its capacity as seller
under the Pooling and Servicing Agreement referred to below (the "Seller"),
and [ ], as trustee (the "Trustee").

                                  WITNESSETH:

          WHEREAS, the Depositor, [IndyMac Bank] (in its capacity as Seller
and in its capacity as Master Servicer) and the Trustee are parties to that
certain pooling and servicing agreement dated as of [ ] (the "Pooling and
Servicing Agreement") relating to the Home Equity Mortgage Loan Asset-Backed
Certificates, Series SPMD [ ]; and

          WHEREAS, as contemplated in the Pooling and Servicing Agreement, the
Seller desires to convey certain Subsequent Mortgage Loans (as hereinafter
defined) to the Depositor, and the Depositor desires to simultaneously convey
such Subsequent Mortgage Loans to the Trustee for the benefit of the
Certificateholders;

          NOW, THEREFORE, the parties hereto hereby agree as follows:

Section 1.01.  Defined Terms.

     Capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in Pooling and Servicing Agreement.

     "Agreement" means this Subsequent Transfer Agreement and all amendments
hereof and supplements hereto.

     "Subsequent Mortgage Loans" means the Mortgage Loans identified on the
Mortgage Loan Schedule specified in Section 1.02 hereof.

     "Subsequent Transfer Date" means, with respect to this Agreement, [ ].

     "Cut-off Date" means, with respect to each of the Subsequent Mortgage
Loans, [ ].

Section 1.02.  Mortgage Loan Schedule.

     Annexed hereto is a supplement to Schedule I to the Pooling and Servicing
Agreement listing the Subsequent Mortgage Loans to be conveyed by the Seller
to the Depositor and simultaneously by the Depositor to the Trustee pursuant
to the Pooling and Servicing Agreement and this Agreement on the Subsequent
Transfer Date.

Section 1.03.  Conveyance of Subsequent Mortgage Loans by the Seller.

          Subject to the conditions set forth in Section 1.05 and Section
1.06, in consideration of the Trustee's delivery to or upon the order of the
Seller of an amount equal to $________ (i.e., the aggregate Cut-off Date
Principal Balance of the Subsequent Mortgage Loans), the Seller does hereby
sell, transfer, assign and otherwise convey to the Depositor, without recourse
(subject to the Seller's obligations hereunder) all of the Seller's right,
title and interest in and to the Subsequent Mortgage Loans, including all
interest and principal received or receivable by the Seller on or with respect
to each Subsequent Mortgage Loan after the related Cut-off Date and all
interest and principal payments on each Subsequent Mortgage Loan received
prior to such related Cut-off Date in respect of installments of interest and
principal due thereafter, but not including payments of principal and interest
due and payable on each Subsequent Mortgage Loan on or before such related
Cut-off Date, and the Depositor simultaneously does hereby sell, transfer,
assign, set over and otherwise convey to the Trustee for the benefit of the
Certificateholders, without recourse, all the right, title and interest of the
Depositor in and to each Subsequent Mortgage Loan, including all interest and
principal received or receivable by the Depositor on or with respect to each
Subsequent Mortgage Loan after the related Cut-off Date and all interest and
principal payments on each Subsequent Mortgage Loan received prior to such
related Cut-off Date in respect of installments of interest and principal due
thereafter, but not including payments of principal and interest due and
payable on each Subsequent Mortgage Loan on or before such related Cut-off
Date.

Section 1.04. Allocation of the Amounts to be Released from the Pre-Funding
              Accounts.

          Of the $________ (i.e., the aggregate Cut-off Date Principal Balance
of the Subsequent Mortgage Loans), released by the Trustee pursuant to the
terms of Section 1.03 hereof, the Trustee shall release an amount equal to
$__________ (i.e., the aggregate Cut-off Date Principal Balance of the
Subsequent Mortgage Loans transferred to Loan Group 1 pursuant to this
Agreement) from the Group 1 Pre-Funding Account.

          Of the $________ (i.e., the aggregate Cut-off Date Principal Balance
of the Subsequent Mortgage Loans), released by the Trustee pursuant to the
terms of Section 1.03 hereof, the Trustee shall release an amount equal to
$__________ (i.e., the aggregate Cut-off Date Principal Balance of the
Subsequent Mortgage Loans transferred to Loan Group 2 pursuant to this
Agreement) from the Group 2 Pre-Funding Account.

Section 1.05.  Representations and Warranties of Seller.

          The Seller does hereby reaffirm the representations and warranties
set forth in Section 2.03 and on Schedule II of the Pooling and Servicing
Agreement for the benefit of the Depositor and the Trustee as purchasers
hereunder are true with respect to the Subsequent Mortgage Loans. Such
representations and warranties shall survive the sale, transfer and assignment
of the Subsequent Mortgage Loans to the Depositor and the simultaneous sale,
transfer and assignment of such Subsequent Mortgage Loans to the Trustee.

Section 1.06.  Representations and Warranties of Depositor.

          The Depositor does hereby reaffirm the representations and
warranties set forth in Section 2.04 of the Pooling and Servicing Agreement
for the benefit of the Trustee as purchaser hereunder are true with respect to
the Subsequent Mortgage Loans. Such representations and warranties shall
survive the sale, transfer and assignment of the Subsequent Mortgage Loans to
the Trustee.

Section 1.07.  Conditions Precedent.

          The obligation of the Trustee to acquire the Subsequent Mortgage
Loans hereunder is subject to the satisfaction, on or prior to the Subsequent
Transfer Date, of the conditions precedent identified in Section 2.09(b).

          The Trustee shall not be required to investigate or otherwise verify
satisfaction of the conditions listed above, but shall be entitled to
conclusively rely upon Opinions of Counsel and Officer's Certificates
confirming such fulfillment.

Section 1.08.  Reaffirmation of Agreement.

         All terms, conditions and provisions of the Pooling and Servicing
Agreement are hereby reaffirmed and incorporated by reference by the Seller as
to the Subsequent Mortgage Loans.

Section 1.09.  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
under this Agreement shall be determined in accordance with such laws;
provided, however, the immunities, authority and standard of care of the
Trustee shall be governed by the jurisdiction in which its Corporate Trust
Office is located.

<PAGE>

          IN WITNESS WHEREOF, the Seller and the Trustee have caused this
Agreement to be duly executed and delivered by their respective duly
authorized officers as of the day and the year first above written.

                                           [INDYMAC BANK, F.S.B.],
                                             as Seller

                                           By:________________________________
                                              Name:
                                              Title:

                                           [                    ],
                                           not in its individual capacity,
                                           but solely as Trustee

                                           By:_______________________________
                                              Name:
                                              Title:

<PAGE>

                    [SUPPLEMENT TO MORTGAGE LOAN SCHEDULE]EXHIBIT 4.4

===============================================================================

                            DEPOSIT TRUST AGREEMENT

                                dated as of [ ]

                                     among

                            [INDYMAC BANK, F.S.B.]
                                 as Depositor,

                                      and

                          [WILMINGTON TRUST COMPANY],
                               as Owner Trustee

                            INDYMAC TRUST SPMD [ ]

===============================================================================

<PAGE>

<TABLE>
<CAPTION>

                               Table of Contents

                                                                                                               Page

                                   ARTICLE I

                                  DEFINITIONS

                                  ARTICLE II

     AUTHORITY TO EXECUTE AND PERFORM VARIOUS DOCUMENTS; DECLARATION OF BUSINESS TRUST BY THE BANK

<S>                        <C>                                                                                  <C>
SECTION 2.1                Declaration of Business Trust by the Bank..............................................7
SECTION 2.2                Transfer of Trust Estate to Owner Trustee..............................................7
SECTION 2.3                Authority to Execute and Perform Various Documents.....................................9
SECTION 2.4                Execution and Delivery of Owner Trust Certificates.....................................9
SECTION 2.5                Activities of the Trust...............................................................10

                                  ARTICLE III

                     ESTABLISHMENT OF CERTIFICATE ACCOUNT

SECTION 3.1                Establishment of Certificate Account..................................................11
SECTION 3.2                Permitted Withdrawals From the Certificate Account....................................11

                                  ARTICLE IV

                 RECEIPT, DISTRIBUTION AND APPLICATION OF INCOME FROM THE TRUST ESTATE

SECTION 4.1                Distribution of Payments..............................................................12
SECTION 4.2                Payments..............................................................................13
SECTION 4.3                Statements to Certificateholders......................................................14
SECTION 4.4                Access to Certain Documentation and Information.......................................14
SECTION 4.5                Compliance with Withholding Requirements..............................................14

                                   ARTICLE V

                          DUTIES OF THE OWNER TRUSTEE

SECTION 5.1                Notice of Certain Events; Action by the Owner Trustee.................................15
SECTION 5.2                Distribution of Reports...............................................................15
SECTION 5.3                Action Required Only if Owner Trustee is Indemnified..................................15
SECTION 5.4                No Duties Except as Specified in Agreement or Instructions............................15

                                  ARTICLE VI

                               THE OWNER TRUSTEE

SECTION 6.1                Acceptance of Trust and Duties........................................................16
SECTION 6.2                Limited Representations or Warranties of the Owner Trustee............................16
SECTION 6.3                Certain Duties and Responsibilities...................................................17
SECTION 6.4                Reliance; Advice of Counsel...........................................................18
SECTION 6.5                Books and Records; Tax Election.......................................................19

                                  ARTICLE VII

                  COMPENSATION, REIMBURSEMENT AND INDEMNIFICATION OF THE OWNER TRUSTEE

SECTION 7.1                Compensation of the Owner Trustee.....................................................19
SECTION 7.2                Reimbursement and Indemnification of the Owner Trustee................................19
SECTION 7.3                Not Obligations of the Trust..........................................................20

                                 ARTICLE VIII

                           TERMINATION OF AGREEMENT

SECTION 8.1                Termination...........................................................................20
SECTION 8.2                Further Assurances by the Owner Trustee upon Termination..............................21
SECTION 8.3                Insolvency of a Certificateholder.....................................................21

                                  ARTICLE IX

                SUCCESSOR OWNER TRUSTEES, CO-OWNER TRUSTEES AND SEPARATE OWNER TRUSTEES

SECTION 9.1                Resignation of the Owner Trustee; Appointment of Successor............................21
SECTION 9.2                Co-Trustees and Separate Trustees.....................................................22
SECTION 9.3                Notice.  .............................................................................23

                                   ARTICLE X

                          SUPPLEMENTS AND AMENDMENTS

SECTION 10.1               Supplements and Amendments............................................................23
SECTION 10.2               Limitation on Amendments..............................................................23
SECTION 10.3               Additional Amendment Provisions.......................................................23

                                  ARTICLE XI

                       REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE DEPOSITOR

SECTION 11.1               Representations and Warranties of the Depositor.......................................24
SECTION 11.2               Accrued Interest, Etc.................................................................25
SECTION 11.3               Additional Covenants of the Depositor.................................................25

                                  ARTICLE XII

                     TRANSFER OF OWNER TRUST CERTIFICATES

SECTION 12.1               Registration of Transfer and Exchange of Owner Trust Certificates.....................26
SECTION 12.2               Mutilated, Destroyed, Lost or Stolen Owner Trust Certificates.........................28
SECTION 12.3               Persons Deemed Owners.................................................................28
SECTION 12.4               Access to Names and Addresses.........................................................29
SECTION 12.5               Actions of Certificateholders.........................................................29

                                 ARTICLE XIII

                                 MISCELLANEOUS

SECTION 13.1               No Legal Title to Trust Estate in the Certificateholders..............................30
SECTION 13.2               Action by the Owner Trustee is Binding................................................30
SECTION 13.3               Limitation on Rights of Others........................................................30
SECTION 13.4               Notices. 30
SECTION 13.5               Severability..........................................................................30
SECTION 13.6               Limitation  on the Depositor's and the Certificateholder's
                             Respective Liability................................................................31
SECTION 13.7               Separate Counterparts.................................................................31
SECTION 13.8               Successors and Assigns................................................................31
SECTION 13.9               Headings..............................................................................31
SECTION 13.10              Governing Law.........................................................................31
SECTION 13.11              Administration of Trust...............................................................31
SECTION 13.12              Performance by the Depositor or the Administrator.....................................31
SECTION 13.13              No Implied Waiver.....................................................................31
SECTION 13.14              Third Party Beneficiary...............................................................31
SECTION 13.15              References............................................................................32
SECTION 13.16              Tax Matters...........................................................................32
</TABLE>
<PAGE>

Exhibit A           -      Form of Owner Trust Certificate
Exhibit B-1         -      Form of Transferor Certificate
Exhibit B-2         -      Form of Transferee Certificate
Exhibit C           -      Form of Certificate of Trust

<PAGE>

                            DEPOSIT TRUST AGREEMENT

         THIS DEPOSIT TRUST AGREEMENT, dated as of [ ] (the "Agreement"), by
and between [INDYMAC BANK, F.S.B.], a federal savings bank, as depositor (in
such capacity, the "Depositor"), and [WILMINGTON TRUST COMPANY], a Delaware
banking corporation, as owner trustee (the "Owner Trustee").

                             W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Depositor desires to form the trust to be created hereby
(the "Trust") for the purpose of (i) accepting from the Depositor the
Underlying Certificate, and holding for the benefit of the holders of the
Owner Trust Certificates (the "Holders" or "Certificateholders") the Trust
Estate (as defined herein), (ii) issuing pursuant to the Indenture (as defined
herein) non-recourse [ ]% IndyMac Notes, Series SPMD [ ] (the "Notes"),
secured by, among other things, a lien on the Underlying Certificate, (iii)
issuing certificates evidencing the entire beneficial ownership interest in
the Trust (such certificates, the "Owner Trust Certificates"), (iv)
consummating certain transactions contemplated by, and performing under, the
Operative Agreements (as defined herein) and (v) engaging in certain
activities incidental to the foregoing; and

         WHEREAS, [Wilmington Trust Company], a Delaware banking corporation,
is willing to act as owner trustee hereunder (in its individual capacity, the
"Bank", and solely in its capacity as owner trustee hereunder, with its
successors in interest in such capacity and its permitted assigns, the "Owner
Trustee") and to accept the Trust created hereby.

         NOW THEREFORE, in consideration of the premises and of the mutual
agreements herein contained and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

<PAGE>

                                  ARTICLE I

                                  DEFINITIONS

         All capitalized terms used herein and not otherwise defined, unless
the context otherwise requires, shall have the meanings set forth below or in
the Indenture. In the event that a capitalized term used herein is defined
both in this Agreement and in the Indenture, the definition appearing herein
shall control.

         "Administration Agreement" shall mean the administration agreement,
dated as of [ ], between the Trust and the Administrator, pursuant to which
the Administrator shall perform various obligations of the Trust and the Owner
Trustee under this Agreement and the Indenture.

         "Administrator" shall mean the Person acting as the "Administrator"
from time to time under the Administration Agreement; which initially shall be
[The Bank of New York].

         "Affiliate" shall mean, with respect to any specified Person, any
other Person that, directly or indirectly through one or more intermediaries,
controls or is controlled by, or is 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 or other beneficial interest, by contract or otherwise; and
the terms "controlling" and "controlled" have meanings correlative to the
meaning of "control".

         "Agent" shall mean any agent or attorney of the Owner Trustee or the
Trust appointed by the Owner Trustee to execute one or more of the trust or
powers hereunder, and shall include the Administrator.

         "Agreement" shall mean this Deposit Trust Agreement, as the same may
be amended or supplemented from time to time.

         "Applicant" shall have the meaning specified in Section 12.4(a) of
this Agreement.

         "Available Funds" shall have the meaning assigned to such term in the
Indenture.

         "Bank" shall have the meaning assigned to that term in the preamble
above.

         "Business Day" shall mean any day other than a Saturday, a Sunday or
a day on which banking institutions in New York, New York, Wilmington,
Delaware, or any other city specified in the definition of Business Day in the
Indenture, are authorized or obligated by law or executive order to be closed.

         "Business Trust Statute" shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C.ss. 3801 et seq. as the same may be amended or
supplemented from time to time

         "Certificate Account" shall mean the segregated trust account
established in the name of the Owner Trustee pursuant to Section 3.1 of this
Agreement.

         "Certificate Account Property" shall mean the Certificate Account,
all amounts held from time to time in the Certificate Account, and all
proceeds of the foregoing.

         "Certificate of Trust" shall mean the Certificate of Trust in the
form of Exhibit C to be filed for the Trust pursuant to Section 3810(a) of the
Business Trust Statute.

         "Certificate Register" and "Certificate Registrar" shall mean the
register of Owner Trust Certificates maintained, and the registrar appointed,
respectively, pursuant to Section 12.1.

         "Certificateholder" or "Holder" shall mean, with respect to any Owner
Trust Certificate, the Person in whose name such Owner Trust Certificate is
registered on the Certificate Register. Initially, the Depositor shall be the
sole Holder of all the Owner Trust Certificates.

         "Certificateholder Funds" shall mean, with respect to any Payment
Date, an amount equal to all amounts on deposit in the Certificate Account as
of the commencement of business on such Payment Date, net of (i) any amounts
payable or reimbursable to the Owner Trustee from the Certificate Account
pursuant to Section 7.2 hereunder and (ii) any amounts deposited in the
Certificate Account in error.

         "Closing Date" shall mean [ ].

         "Code" shall mean the Internal Revenue Code of 1986, as amended.

         "Corporate Trust Office" shall mean the principal corporate trust
office of the Owner Trustee at which, at any particular time, its corporate
trust business with respect to this Agreement is administered, which office at
the date hereof is located at the address of the Owner Trustee set forth in
Section 13.4.

         "Depositor" shall mean [IndyMac Bank, F.S.B.], a federal savings
bank, and its successors in interest.

         "Eligible Trustee" shall mean a bank (within the meaning of Section
2(a)(5) of the Investment Company Act) that meets the requirements of Section
26(a)(1) of the Investment Company Act, that is not an Affiliate of the
Depositor or an Affiliate of any Person involved in the organization or
operation of the Depositor, that is organized and doing business under the
laws of the United States of America, any state thereof or the District of
Columbia, that is authorized under such laws to exercise corporate trust
powers and to accept the trust conferred under this Agreement, that has a
combined capital and surplus and undivided profits of at least $100,000,000
and that is subject to supervision or examination by federal or state
authority. If such bank 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 definition the combined
capital, surplus and undivided profits 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.

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

         "Governmental Authority" shall mean any government, or any
commission, authority, board, agency, division, subdivision or any court or
tribunal of the government, of the United States of America or of any state,
territory, city, municipality, county or town thereof or of the District of
Columbia, or of any foreign jurisdiction, including the employees or agents
thereof.

         "Indenture" shall mean that certain indenture, dated as of [ ], by
and between the Issuer and the Indenture Trustee, pursuant to which the Notes
are being issued, as the same may be from time to time supplemented or
amended.

         "Indenture Trustee" shall mean [The Bank of New York], a New York
banking corporation, in its capacity as trustee under the Indenture, or its
successor in interest, or any successor trustee appointed as provided in the
Indenture.

         "Interest Accrual Period" shall have the meaning assigned to such
term in the Indenture.

         "Investment Company Act" shall mean the Investment Company Act of
1940, as amended, and the rules, regulations and published interpretations of
the SEC promulgated thereunder from time to time.

         "IRS" shall mean the Internal Revenue Service.

         "Issuer" shall mean the Trust established pursuant to this Agreement
in its capacity as issuer of the Notes.

         "Liabilities" shall have the meaning specified in Section 7.2(b) of
this Agreement.

         "Lien" shall mean any lien, pledge, encumbrance or security interest
on or in any particular asset or property.

         "Note Account" shall mean the segregated trust account established in
the name of the Indenture Trustee pursuant to Section 2.12 of the Indenture.

         "Noteholder" shall mean those Persons holding the Notes from time to
time as shown on the Note Register maintained under the Indenture.

         "Notes" shall have the meaning assigned to that term in the preamble
above.

         "Note Register" shall mean the register of Notes maintained pursuant
to the Indenture.

         "Officers' Certificate" shall mean a certificate signed on behalf of
the applicable entity by two officers, one of whom shall be the Chairman of
the Board, the Vice Chairman of the Board, the President, any Vice President
or Managing Director, an Assistant Vice President or any other authorized
officer (however denominated) and the other of which shall be by the
Treasurer, the Secretary, one of the Assistant Treasurers or Assistant
Secretaries, or, in either case, another officer customarily performing
functions similar to those performed by any of the above designated officers
or, 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.

         "Operative Agreements" shall mean, collectively, this Agreement, the
Owner Trust Certificates, the Indenture, the Notes, the Administration
Agreement, the Underlying Agreement and the Underlying Certificate, as each of
them may, from time to time, be amended or supplemented.

         "Opinion of Counsel" shall mean a written opinion of counsel, who
may, without limitation, but subject to the requirements of the Indenture, be
employees or other counsel for the Depositor which are reasonably acceptable
to the Owner Trustee. The cost of such opinion shall be borne by the
Depositor.

         "Owner Trust Certificates" shall mean the certificates issued
hereunder evidencing beneficial ownership interests in the Trust.

         "Owner Trustee" shall have the meaning assigned to that term in the
preamble above.

         "Owner Trustee Fee" shall mean the fees payable to the Owner Trustee
by the Depositor as compensation for the performance of it obligations under
this Agreement.

         "Ownership Interest" shall mean as to any Owner Trust Certificate,
any ownership or security interest in such Owner Trust Certificate, including
any interest in such Owner Trust Certificate as the Holder thereof and any
other interest therein, whether direct or indirect, legal or beneficial, as
owner or as pledgee.

         "Payment Date" shall mean the first Business Day following the
Underlying Distribution Date of each month, commencing in [ ].

         "Percentage Interest" shall mean, with respect to any Owner Trust
Certificate, the percentage interest of beneficial ownership in the Trust
evidenced by such Owner Trust Certificate as specified on the face thereof.

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

         "Plan" shall have the meaning specified in Section 12.1 (c) of this
Agreement.

         "QIB" shall mean a "qualified institutional buyer" within the meaning
Rule 144A under the Securities Act.

         "Rating Agencies" shall have the meaning assigned to such term in the
Indenture.

         "Record Date" shall mean, with respect to the Owner Trust
Certificates for any Payment Date other than the first Payment Date, the last
Business Day of the month immediately preceding such Payment Date. For the
first Payment Date the Record Date shall be the Closing Date.

         "Responsible Officer" shall mean any officer of the Owner Trustee
customarily performing functions with respect to corporate trust matters and
having direct responsibility for the administration of this Agreement and,
with respect to a particular corporate trust matter under this Agreement, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

         "SEC" shall mean the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended,
and the rules, regulations and published interpretations of the SEC
promulgated thereunder from time to time.

         "Tax Return" shall have the meaning specified in Section 6.5 of this
Agreement.

         "Transfer" shall mean any direct or indirect transfer or other form
of assignment of any Owner Trust Certificate.

         "Trust" shall mean the trust established under this Agreement.

         "Trust Estate" shall mean the corpus of the trust created as of the
Closing Date and to be administered hereunder, consisting of (i) all the
right, title and interest of the Depositor in and to the Underlying
Certificate and all distributions thereon after the Closing Date and in and to
the Underlying Agreement, (ii) the Certificate Account Property, (iii) the
rights of the Trust to enforce remedies against the Administrator under the
Administration Agreement (provided that the Trust retains the right to give
instructions and directions to the Administrator thereunder), and against the
Depositor under this Agreement, (iv) all present and future claims, demands,
causes and choses in action in respect of the foregoing, including the rights
of the Trust under the Underlying Certificate and the Underlying Agreement,
and (v) all proceeds of the foregoing of every kind and nature whatsoever,
including, without limitation, all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts receivable, notes, drafts, acceptances, chattel paper,
checks, deposit accounts, rights to payment of any and every kind and other
forms of obligations and receivables, instruments and other property that at
any time constitute all or part of or are included in the proceeds of the
foregoing.

         "UCC Financing Statement" shall mean a financing statement executed
and in form sufficient for filing pursuant to the Uniform Commercial Code, as
in effect in the relevant jurisdiction.

         "Underlying Agreement" shall mean the Pooling and Servicing
Agreement, dated as of [ ], among the Depositor, as seller and master
servicer, IndyMac ABS, Inc., as depositor and [The Bank of New York], as
trustee, together with all exhibits thereto, pursuant to which the Underlying
Certificate was issued.

         "Underlying Certificate" shall mean the Home Equity Mortgage Loan
Asset Backed Trust, Series SPMD [ ], Class X Certificates issued by Home
Equity Mortgage Loan Asset Backed Trust, Series SPMD [ ].

         "Underlying Distribution Date" shall mean the date each month on
which payments are made to the registered holder of such Underlying
Certificate in accordance with the Underlying Agreement.

         "Uniform Commercial Code" shall mean the Uniform Commercial Code as
in effect in any applicable jurisdiction.

                                  ARTICLE II

              AUTHORITY TO EXECUTE AND PERFORM VARIOUS DOCUMENTS;
                   DECLARATION OF BUSINESS TRUST BY THE BANK

         SECTION 2.1 Declaration of Business Trust by the Bank. The Trust will
be known as "IndyMac rust SPMD [ ]," in which name the Owner Trustee may
conduct the affairs of the Trust. The Bank is hereby appointed to hold and
agrees to hold the Trust Estate as Owner Trustee in trust upon the terms and
conditions and for the use and benefit of the Certificateholders as herein set
forth.

         It is the intention of the parties hereto that the trust created by
this Agreement constitute a "business trust" under the Business Trust Statute
and that this Agreement constitute the governing instrument of such business
trust. This Declaration of Business Trust is not intended to create a
partnership, a joint-stock association, a "taxable mortgage pool" or any
association taxable as a corporation for federal income tax purposes. The
Owner Trustee shall have power and authority and is hereby authorized and
empowered to execute and file the Certificate of Trust in the office of the
Secretary of State of the State of Delaware. Effective as of the date hereof,
the Owner Trustee shall have all the rights, powers and duties set forth
herein and in the Business Trust Statute with respect to accomplishing the
purposes of the Trust.

         SECTION 2.2 Transfer of Trust Estate to Owner Trustee.

         (a) Effective as of the date hereof, the Depositor does hereby
assign, transfer, and otherwise convey to, and deposit with, the Trust, until
this Agreement terminates pursuant to Section 8.1, all of its right, title and
interest in and to the Underlying Certificate and all distributions thereon
after the Closing Date and in and to the Underlying Agreement, such conveyance
to be made in exchange for the Notes and the Owner Trust Certificates. Such
assignment includes, without limitation, all amounts payable to and all rights
of the holder of the Underlying Certificate after the Closing Date pursuant to
the Underlying Agreement.

         In connection with such transfer and assignment, the Depositor does
hereby deliver or cause to be delivered to, and deposit or cause to be
deposited with, the Trust (or, to and with the Indenture Trustee on behalf of
the Trust pursuant to the Indenture) each of the following documents or
instruments relating to each Underlying Certificate:

                (i) a duly issued and authenticated physical certificate
         evidencing such Underlying Certificate registered in the name of
         "[The Bank of New York], as Indenture Trustee under the Indenture
         dated as of [ ], relating to IndyMac Trust SPMD [ ], IndyMac Notes,
         Series SPMD [ ]" or its nominee;

                (ii) a UCC Financing Statement covering the Underlying
         Certificate and all distributions thereon after the Closing Date and
         in and to the Underlying Agreement and executed by the Depositor as
         debtor/seller in favor of the Trust as secured party/buyer and the
         Indenture Trustee as its assignee;

                (iii) a copy (which may be on electronic media) of the
         Underlying Agreement; and

                (iv) all other items relating to the foregoing as reasonably
         requested by the Owner Trustee or the Indenture Trustee.

         (b) The conveyance of the Underlying Certificate and all
distributions thereon after the Closing Date and in and to the Underlying
Agreement as contemplated hereby is absolute and is intended by the parties to
constitute a sale of the Underlying Certificate and all other assets
constituting the Trust Estate by the Depositor to the Trust. It is, further,
not intended that such conveyance be deemed a pledge of security for a loan.
If such conveyance is deemed to be a pledge of security for a loan, however,
the Depositor intends that the rights and obligations of the parties to such
loan shall be established pursuant to the terms of this Agreement. The
Depositor also intends and agrees that, in such event, (i) this Agreement
shall constitute a security agreement under applicable law, (ii) the Depositor
shall be deemed to have granted to the Trust a first priority perfected
security interest in the Depositor's entire right, title and interest in and
to the assets constituting the Trust Estate, including, without limitation,
the Underlying Certificate and all payments thereon from and after the Closing
Date, (iii) the possession by the Owner Trustee on behalf of the Trust (or any
subsequent assignee, including, without limitation, the Indenture Trustee) or
its agent of the Underlying Certificate and such other items of property as
constitute instruments, money, negotiable documents or chattel paper, shall be
deemed to be "possession by the secured party" or possession by a purchaser or
person designated by such secured party for the purpose of perfecting such
security interest under applicable law, and (iv) notifications to, and
acknowledgments, receipts or confirmations from, Persons holding such
property, shall be deemed to be notifications to, or acknowledgments, receipts
or confirmations from, financial intermediaries, bailees or agents (as
applicable) of the Owner Trustee on behalf of the Trust (or any subsequent
assignee, including, without limitation, the Indenture Trustee) for the
purpose of perfecting such security interest under applicable law. 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 Underlying Certificate and all
distributions thereon after the Closing Date and in and to the Underlying
Agreement, such security interest would be a perfected security interest of
first priority under applicable law and will be maintained as such throughout
the life of this Agreement.

         (c) The Owner Trustee hereby acknowledges the transfer of the
Underlying Certificate and all distributions thereon after the Closing Date
and in and to the Underlying Agreement, and declares that it holds and will
hold the Underlying Certificate and all distributions thereon after the
Closing Date and in and to the Underlying Agreement and that it holds and will
hold all other assets and documents to be included in the Trust Estate, in
trust for the exclusive use and benefit of all present and future
Certificateholders, all in accordance with the terms of this Agreement.

         (d) Except as expressly provided herein and in the Indenture, neither
the Depositor nor any Certificateholder shall be able to revoke the Trust
established hereunder. Except as provided herein and in the Indenture, the
Owner Trustee shall not assign, sell, dispose of or transfer any interest in,
nor may the Depositor or any Certificateholder withdraw from the Trust, the
Underlying Certificate or other asset constituting the Trust Estate.

         SECTION 2.3 Authority to Execute and Perform Various Documents. The
Trust shall have the power and authority, and the Owner Trustee on behalf of
the Trust or, in the case of tax administration matters, its Agent, is hereby
authorized (i) to execute and deliver the Operative Agreements to which the
Trust is a party and all other agreements, documents, instruments and
certificates contemplated to be executed and delivered by the Trust pursuant
to the Operative Agreements and, pursuant to the terms of the Indenture, to
execute, issue and deliver to the Indenture Trustee for authentication the
Notes in the form provided to the Owner Trustee by the Depositor and to
deliver the Notes to, or in accordance with the direction of, the Depositor;
(ii) to execute, authenticate and deliver the Owner Trust Certificates to the
Depositor; (iii) as and to the extent provided in the Indenture, to pledge the
Trust Estate as security for repayment of the Notes and, in connection
therewith, to deliver (or cause to be delivered) to the Indenture Trustee each
of the documents and instruments contemplated by the granting clause of the
Indenture; (iv) to take whatever action shall be required to be taken by the
Trust by the terms of, and exercise its rights and perform its duties under,
each of the documents, agreements, instruments and certificates referred to in
clauses (i) through (iii) above as set forth in such documents, agreements,
instruments and certificates; and (v) subject to the terms of this Agreement,
to take such other action in connection with the foregoing as the
Certificateholders may from time to time direct; provided, however, that the
Owner Trustee shall have no duty to perform the obligations of the Trust
except as expressly set forth in this Agreement.

         SECTION 2.4 Execution and Delivery of Owner Trust Certificates.

         (a) The Owner Trustee shall, on the date hereof, execute and cause to
be authenticated and delivered to and upon the order of the Depositor, the
Owner Trust Certificates in authorized denominations evidencing the entire
beneficial ownership of the Trust. The rights of the Certificateholders to
receive distributions from the proceeds of the Trust in respect of the Owner
Trust Certificates shall be as set forth in this Agreement.

         (b) The Owner Trust Certificates will be substantially in the form
attached hereto as Exhibit A; provided, however, that any of the Owner Trust
Certificates may at the request of the Depositor be issued with appropriate
insertions, omissions, substitutions and variations, and may have imprinted or
otherwise reproduced thereon such legend or legends, not inconsistent with the
provisions of this Agreement, as may be required to comply with any law or
with rules or regulations pursuant thereto, or with the rules of any
securities market in which the Owner Trust Certificates are admitted to
trading, or to conform to general usage.

         (c) Each Owner Trust Certificate may be printed or in typewritten or
similar form, and each Owner Trust Certificate shall, upon original issue and
at the direction of the Depositor, be executed by the Owner Trustee and
authenticated by the Certificate Registrar and delivered to or upon the order
of the Depositor. All Owner Trust Certificates shall be executed by manual or
facsimile signature on behalf of the Trust by an authorized officer of the
Owner Trustee, not individually, but solely as Owner Trustee hereunder. Owner
Trust Certificates bearing the signatures of individuals who were at any time
the proper officers of the Owner Trustee shall bind the Owner Trustee,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the delivery of such Owner Trust Certificates or did not hold
such offices at the date of such Owner Trust Certificates. No Owner Trust
Certificates shall be entitled to any benefit under this Agreement, or be
valid for any purpose, unless there appears on such Owner Trust Certificate a
certificate of authentication in the form set forth on the signature page of
the form of Owner Trust Certificates attached as Exhibit A, executed by the
Certificate Registrar by manual signature, and such certificate of
authentication upon any Owner Trust Certificate shall be conclusive evidence,
and the only evidence, that such Owner Trust Certificate has been duly
authenticated and delivered hereunder. All Owner Trust Certificates shall be
dated the date of their authentication.

         SECTION 2.5 Activities of the Trust. It is the intention of the
parties hereto that the Trust shall not engage in any business or activities
other than in connection with, or relating to, the purposes specified in
Section 2.3. The operations of the Trust will be conducted in accordance with
the following standards (and the Depositor hereby agrees to use its best
efforts to cause the operations of the Trust to be conducted in accordance
herewith):

                (i) The Trust will observe all procedures required by this
         Agreement.

                (ii) Except as otherwise provided in Sections 5.1 and 5.4 and
         the Administration Agreement, the business and affairs of the Trust
         will be managed by or under the direction of the Owner Trustee.
         Except as otherwise expressly provided in this Agreement, the
         Depositor will have no authority to act for, or to assume any
         obligation or responsibility on behalf of, the Trust.

                (iii) The Trust will keep correct and complete books and
         records of accounts and minutes of the meetings and other proceedings
         of the trustees of the Trust, separate from those of the Depositor or
         any subsidiary, affiliate or separate account of the Depositor. Any
         such resolutions, agreements and other instruments will be
         continuously maintained by the Administrator as official records of
         the Trust.

                (iv) Each of the Depositor and the Trust will provide for its
         own operating expenses and liabilities from its own funds. General
         overhead and administrative expenses of the Trust will not be charged
         or otherwise allocated to the Depositor (except indirectly, insofar
         as the Depositor owns the Owner Trust Certificates) and such expenses
         of the Depositor will not be charged or otherwise allocated to the
         Trust.

                (v) The Trust will conduct its business under names or
         tradenames so as not to mislead others as to the identity of the
         Trust. Without limiting the generality of the foregoing, all oral and
         written communications, including letters, invoices, contracts,
         statements and applications will be made solely in the name of the
         Trust if related to the Trust. The Depositor and the Trust each will
         have separate stationery and other business forms.

                (vi) There will be no guarantees made by the Trust with
         respect to obligations of the Depositor. There will not be any
         indebtedness relating to borrowings or loans between the Trust and
         the Depositor.

                (vii) The Trust will act solely in its name and through its or
         the Owner Trustee's duly authorized officers or agents in the conduct
         of its business. The Trust will not: (A) operate or purport to
         operate as an integrated, single economic unit with respect to the
         Depositor or any other affiliated or unaffiliated entity; (B) seek or
         obtain credit or incur any obligation to any third party based upon
         the assets of the Depositor; or (C) induce any such third party to
         reasonably rely on the creditworthiness of the Depositor or any other
         affiliated or unaffiliated entity.

                (viii) The Trust will maintain its principal place of business
         in the State of Delaware.

                (ix) The Trust and the Depositor shall keep separate their
         respective funds and other assets and shall not commingle such funds
         and other assets with those of any other Affiliates thereof.

                (x) If and to the extent applicable, the Trust shall prepare
         financial statements of the Trust that are separate from those of the
         Depositor and any other Affiliates (although it may be presented as
         part of the consolidated financial statements of an Affiliate).

                (xi) The Trust will not engage in any transaction with an
         Affiliate on any terms other than would be obtained in an
         arm's-length transaction with a non-Affiliate.

                                 ARTICLE III

                     ESTABLISHMENT OF CERTIFICATE ACCOUNT

         SECTION 3.1    Establishment of Certificate Account.

         The    Owner    Trustee,    for   the    benefit    of   the
Certificateholders, shall establish with the Bank a non-interest bearing trust
account (the  "Certificate  Account"),  entitled "IndyMac Trust SPMD [ ] Owner
Trust  Certificate  Account"  and held in trust by the Owner  Trustee  for the
benefit  of  the  Certificateholders.   The  foregoing  requirements  for  the
establishment of the Certificate Account shall be exclusive.

         SECTION 3.2       Permitted Withdrawals From the Certificate Account.

         The Owner Trustee may from time to time withdraw  funds from
the Certificate Account for the following purposes:

                (i) to reimburse or indemnify the Owner Trustee for expenses
         and other liabilities incurred by and reimbursable to the Owner
         Trustee, pursuant to Section 7.2 hereunder, except as otherwise
         provided in such section and to pay or make reasonable provision for
         the payment of all other liabilities of the Trust;

                (ii) to make payments on the Owner Trust Certificates in the
         amounts and in the manner provided for in Section 4.2 hereunder;

                (iii) to clear and terminate the Certificate Account upon the
         termination of this Agreement; and

                (iv) to return to the Indenture Trustee any amounts remitted
         by the Indenture Trustee to the Owner Trustee in error.

         On each Payment Date or on the termination of the Trust, the Owner
Trustee shall withdraw all funds from the Certificate Account and shall use
such funds withdrawn from the Certificate Account only for the purposes
described in this Section 3.2 and Section 4.2 hereunder.

                                  ARTICLE IV

                     RECEIPT, DISTRIBUTION AND APPLICATION

                        OF INCOME FROM THE TRUST ESTATE

         SECTION 4.1 Distribution of Payments.

         (a) In the event that, from the Closing Date and prior to the Lien on
the Trust Estate under the Indenture having been discharged and released, any
payments on account of the Underlying Certificate are received directly
(rather than through the Indenture Trustee) by the Owner Trustee, the
Depositor or a Certificateholder, the Person so receiving such payment shall,
promptly upon receipt (but no later than one Business Day thereafter), deliver
such payment over to the Indenture Trustee without deduction, set-off or
adjustment of any kind.

         (b) After the Payment Date on which the Notes have been paid in full,
any Available Funds distributable by the Indenture Trustee on a Payment Date
pursuant to Section 2.13(e)(vi) of the Indenture will be remitted by the
Indenture Trustee to the Owner Trustee for application as provided in Section
3.2 hereof (including, without limitation, payment to the Certificateholders
in accordance with Section 4.2 hereof). The Owner Trustee may direct the
Indenture Trustee in writing to distribute such Available Funds in a manner
consistent with Sections 3.2 and 4.2 hereof (as if such Available Funds were
on deposit in the Certificate Account); and, in connection therewith, such
Available Funds shall be deemed to have been deposited in the Certificate
Account and subsequently withdrawn to make such distributions. In such case,
the Owner Trustee shall have no liability for the Indenture Trustee's failure
to distribute such amounts in accordance with this Agreement.

         SECTION 4.2 Payments.

         (a) On each Payment Date that Available Funds are distributed
pursuant to Section 2.13 of the Indenture (or, if the payments from the
Indenture Trustee on such Payment Date shall have been received after 2:00
p.m., New York City time, on such Payment Date, as soon as reasonably
possible, but in no event more than one Business Day, following receipt), the
Owner Trustee (or its Agent) shall, subject to Section 3.2 of this Agreement,
withdraw from the Certificate Account all Certificateholder Funds then on
deposit therein, and the Owner Trustee (or its Agent) shall pay such
Certificateholder Funds to the Certificateholders.

         Payments made after the Payment Date on which they were scheduled to
be made as permitted by the parenthetical in the first sentence of this
Section 4.2(a), shall be deemed to have been made on such Payment Date.

         (b) All distributions of the Certificateholder Funds on any Payment
Date shall be allocated pro rata among the Owner Trust Certificates based upon
their respective Percentage Interests. Payments to the Certificateholders on
each Payment Date will be made to the Certificateholders of record on the
related Record Date. Payments to any Certificateholder on any Payment Date
shall be made by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have so notified the
Owner Trustee in writing at least five Business Days prior to the related
Record Date and if such Certificateholder is the registered owner of Owner
Trust Certificates representing at least a [33 1/3]% Percentage Interest
thereof, or otherwise by check mailed by first class mail to the address of
such Certificateholder appearing in the Certificate Register. Final payment on
each Owner Trust Certificate will be made in like manner, but only upon
presentment and surrender of such Owner Trust Certificate at the Corporate
Trust Office or such other location specified in the notice to
Certificateholders of such final payment.

         (c) Whenever the Owner Trustee expects that the final payment with
respect to the Owner Trust Certificates will be made on the next Payment Date,
whether in connection with the final distribution on the Underlying
Certificate or upon a termination of the Trust at the direction of the
Certificateholders in accordance with Section 8.1, the Owner Trustee (or its
Agent) shall mail to each Holder on such date a notice to the effect that the
Owner Trustee expects that the final payment with respect to the Owner Trust
Certificates will be made on such Payment Date but only upon presentation and
surrender of the Owner Trust Certificates at the office of the Owner Trustee
therein specified. Upon presentation and surrender of the Owner Trust
Certificates by the Certificateholders on the final Payment Date in respect of
the Owner Trust Certificates, the Owner Trustee shall distribute to the
Certificateholders the amounts otherwise distributable on such Payment Date
pursuant to Section 4.2(a). Any funds not distributed on such Payment Date
because of the failure of any Certificateholders to tender their Owner Trust
Certificates shall be set aside and held in trust for the account of the
appropriate non-tendering Certificateholders. If any Owner Trust Certificate,
as to which notice has been given pursuant to this Section 4.2(c) shall not
have been surrendered for cancellation within six months after the time
specified in such notice, the Owner Trustee shall mail a second notice to the
related Certificateholders, at their last addresses shown in the Certificate
Register, to surrender such Owner Trust Certificates for cancellation in order
to receive, from the funds held, the final payment with respect thereto. If
within one year after the second notice any Owner Trust Certificate shall not
have been surrendered for cancellation, the Owner Trustee shall directly or
through an agent, take reasonable steps to contact the related
Certificateholders concerning surrender of their Owner Trust Certificates. The
costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. If
within two years after the second notice any Owner Trust Certificate shall not
have been surrendered for cancellation, the Owner Trustee shall pay such funds
to the Depositor who, subject to escheat laws, shall thereafter hold such
amounts uninvested for the benefit of such Holders. No interest shall accrue
or be payable to any Certificateholder on any amount held as a result of such
Certificateholder's failure to surrender its Owner Trust Certificate for final
payment thereof in accordance with this Section 4.2(c).

         SECTION 4.3 Statements to Certificateholders.

         (a) On each Payment Date, the Owner Trustee (or its Agent) shall
prepare, and shall make available upon written request thereof, a statement to
each Certificateholder, to the Depositor and to the Rating Agencies stating
the Certificateholder Funds for such Payment Date.

         (b) Within 60 days after the end of each calendar year, the Owner
Trustee (or its Agent) shall furnish to each Person (upon the written request
of such Person), who at any time during the previous calendar year was a
Certificateholder, a statement containing information regarding payments of
amounts on such Person's Owner Trust Certificates, aggregated for such
calendar year or the applicable portion thereof during which such Person was a
Certificateholder. Such obligation shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided
pursuant to any requirements of the Code and regulations thereunder as from
time to time are in force.

         SECTION 4.4 Access to Certain Documentation and Information.

         The Owner Trustee shall provide to the Certificateholders access to
all the reports, documents and records maintained by the Owner Trustee in
respect of its duties hereunder, such access being afforded without charge but
only upon reasonable written request and during normal business hours at
offices designated by the Owner Trustee.

         SECTION 4.5 Compliance with Withholding Requirements. In the event
that the Owner Trustee is required (whether on liquidation of the Trust or
otherwise) to make payments to the Depositor or the Certificateholders,
notwithstanding any other provisions of this Agreement, the Owner Trustee (or
its Agent) shall comply with all federal withholding requirements with respect
to payments to the Depositor or the Certificateholders that the Owner Trustee
reasonably believes are applicable under the Code. The consent of the
Depositor or the Certificateholders, as the case may be, shall not be required
for any such withholding. The parties hereto understand and agree that the
Owner Trustee shall not be required to gross up any such payments for the
amount of such withholding (or any other amounts).

                                  ARTICLE V

                          DUTIES OF THE OWNER TRUSTEE

         SECTION 5.1 Notice of Certain Events; Action by the Owner Trustee.

         (a) Whenever the Owner Trustee, on behalf of the Trust as issuer of
the Notes or as holder of the Underlying Certificate, is requested or, as to
any particular matter, notified of its authority, by any Person, to take any
action or to give any consent, approval or waiver that it is entitled to take
or give on behalf of the Trust in such capacity, the Owner Trustee shall
promptly notify all the Certificateholders of such request or notice in such
detail as is made available to it.

         (b) Subject to the Owner Trustee's rights in this Agreement to be
indemnified for its acts and omissions with respect to matters concerning the
Operative Agreements, the Trust Estate or the Underlying Certificate, the
Owner Trustee shall take or refrain from taking such action as the
Certificateholders owning a majority of the Percentage Interests shall so
direct in writing. The Owner Trustee may, from time to time, request in
writing instructions from the Certificateholders if the Owner Trustee receives
notice that a default shall have occurred and is continuing under the
Administration Agreement or the Indenture.

         (c) Notwithstanding any direction of the Certificateholders to the
contrary or any provision hereof to the contrary, the Owner Trustee shall not,
without the written consent of the Indenture Trustee, execute any direction of
the Certificateholders that to the actual knowledge of a Responsible Officer
of the Owner Trustee will result in the Trust being terminated prior to the
satisfaction and discharge of the Lien of the Indenture on the Trust Estate.

         SECTION 5.2 Distribution of Reports. Upon receipt of a written
request, the Owner Trustee shall promptly (but no later than five Business
Days following receipt thereof) distribute to the Depositor and the
Certificateholders such reports, notices, statements and written materials
relating to the Trust (other than such documents which have been delivered
pursuant to Section 4.3 of this Agreement).

         SECTION 5.3 Action Required Only if Owner Trustee is Indemnified. The
Owner Trustee shall not be required to take any action under Section 5.1 (b)
if the Owner Trustee shall reasonably determine, or shall have been advised in
writing by counsel, that such action is likely to result in personal liability
for which the Owner Trustee has not been and will not be adequately
indemnified or is contrary to the terms hereof or of any Operative Agreement
or is otherwise contrary to law.

         SECTION 5.4 No Duties Except as Specified in Agreement or
Instructions.

         (a) The Owner Trustee shall not have any duty or obligation to
manage, control, use, make any payment in respect' of, register, record,
insure, inspect, sell, dispose of or otherwise deal with the Underlying
Certificate or any other part of the Trust Estate, or to otherwise take or
refrain from taking any action under or in connection with any Operative
Agreement to which the Trust is a party, except as expressly provided by the
terms of this Agreement or in written instructions from the Certificateholders
received pursuant to Section 5.1(b); and no implied duties or obligations
shall be read into this Agreement against the Owner Trustee. The Bank in its
individual capacity, nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any Liens
on the Trust Estate arising by, through or under the Bank which are unrelated
to the transactions contemplated hereby. Any successor trustee, in its
individual capacity, agrees that it will, at its own cost and expense,
promptly take all action as may be necessary to discharge any Liens on the
Trust Estate arising by, through or under the successor trustee which are
unrelated to the transactions contemplated hereby. Any co-trustee, in its
individual capacity, agrees that it will, at its own cost and expense,
promptly take all action as may be necessary to discharge any Liens on the
Trust Estate arising by, through or under the co-trustee which are unrelated
to the transactions contemplated hereby.

         (b) Without limiting the generality of the foregoing subsection (a),
except as otherwise explicitly provided in this Agreement, the Owner Trustee
shall not have any duty to (i) file or record any Operative Agreement or any
other document (including financing or continuation statements), or to
maintain or continue any such filing or recording or to refile or rerecord any
such document, (ii) pay or discharge any tax or any Lien owing with respect to
or assessed or levied against any part of the Trust Estate, other than to
forward notice of such tax or Lien received by the Owner Trustee to the
Certificateholders and the Indenture Trustee, (iii) confirm, verify,
investigate or inquire into the failure of any Person to receive any payments,
notices, reports or financial statements in connection with the Underlying
Certificate, (iv) ascertain or inquire as to the performance or observance of
any Person under or of any of the Operative Agreements, (v) manage, control,
sell, dispose of or otherwise deal with the Underlying Certificate or any part
thereof or any other part of the Trust Estate or (vi) to prepare or file any
document under state or federal tax or securities laws.

                                  ARTICLE VI

                               THE OWNER TRUSTEE

         SECTION 6.1 Acceptance of Trust and Duties. The Bank accepts the
trust hereby created and agrees to perform the same, but only upon the terms
of this Agreement. The Bank agrees to receive, manage and disburse all moneys
constituting part of the Trust Estate actually received by it as Owner Trustee
in accordance with the terms of this Agreement. Neither the Bank nor the Owner
Trustee shall be answerable or accountable under any circumstances, except for
(i) its own willful misconduct, bad faith or gross negligence, (ii) the
inaccuracy of any of its representations or warranties contained in Section
6.2 of this Agreement, (iii) taxes based on or measured by any fees,
commissions or compensation received by it for acting as Owner Trustee in
connection with any of the transactions contemplated by this Agreement or any
other Operative Agreements and (iv) its failure to use reasonable care to
receive, manage and disburse moneys actually received by it in accordance with
the terms hereof.

         SECTION 6.2 Limited Representations or Warranties of the Owner
Trustee.

         Neither the Bank nor the Owner Trustee makes (i) any representation
or warranty, either express or implied, as to the title to or value of the
Underlying Certificate, and (ii) any representation or warranty as to the
validity or enforceability of any Operative Agreement except as set forth
below or as to the correctness of any statement made by a Person other than
the Bank contained in any Operative Agreement. The Bank represents, warrants
and covenants to and for the benefit of the Depositor and the
Certificateholders that:

         (a) The Bank is a banking corporation, duly organized, validly
existing and in good standing under the laws of the state of Delaware;

         (b) The execution and delivery by the Bank, and the performance and
compliance by the Bank with the terms of, this Agreement and any and all
documents to be executed or delivered by the Bank in its individual capacity
in connection with this Agreement and to fulfill its obligations under, and to
consummate the transactions contemplated by, this Agreement and such other
documents executed in connection herewith to which the Bank is a party, will
not violate any provisions of the Bank's charter or bylaws;

         (c) The Bank, in its individual capacity, has full power and
authority and has taken all action necessary to execute and deliver this
Agreement and any and all documents to be executed or delivered by it in its
individual capacity in connection with this Agreement and to fulfill its
obligations under, and to consummate the transactions contemplated by, this
Agreement and such other documents executed in connection herewith to which it
is a party, and this Agreement is the legal, valid and binding obligation of
the Bank, in its individual capacity, enforceable against the Bank in
accordance with its terms, except as such terms may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the
rights of creditors generally and by general principles of equity;

         (d) The consummation of the transactions hereby contemplated do not
conflict with, violate or contravene any law, rule, regulation or judicial,
governmental or administrative order applicable to the Bank or conflict with,
result in a breach of or constitute a default under any of the terms,
conditions or provisions of any agreement or instrument to which the Bank is a
party or by which it is bound, or any order or decree applicable to the Bank,
which would materially and adversely affect the ability of the Bank to carry
out the transactions contemplated by this Agreement; and

         (e) There is no action, suit or proceeding pending against the Bank
in any court or by or before any other governmental agency or instrumentality
which would materially and adversely affect the ability of the Bank to carry
out the transactions contemplated by this Agreement.

         SECTION 6.3 Certain Duties and Responsibilities.

         (a) The Owner Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that
the Owner Trustee was grossly negligent in ascertaining the pertinent facts.

         (b) The Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the
direction of the Certificateholders.

         (c) The Owner Trustee shall not be liable for interest on any money
received by it except as the Owner Trustee may otherwise agree with the
Certificateholders.

         (d) No provision of this Agreement shall require the Owner 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.

         (e) The permissive right of the Owner Trustee to take actions
enumerated in this Agreement shall not be construed as a duty and the Owner
Trustee shall not be answerable for other than its own willful misconduct, bad
faith or gross negligence.

         (f) The Owner Trustee shall be under no obligation to institute any
suit, or to take any remedial proceeding under this Agreement, or to enter any
appearance or in any way defend in any suit in which it or the Trust may be
made a defendant, or in the enforcement of any rights and powers hereunder, if
the Owner Trustee reasonably believes that it will not be adequately
indemnified against any and all costs and expenses, outlays, and counsel fees
and other reasonable disbursements and against all liability.

         (g) Under no circumstances shall the Owner Trustee be personally
liable for any indebtedness or obligation of the Trust.

         (h) The Owner Trustee shall not be liable for the default or
misconduct of the Depositor, the Administrator or any other Person and shall
not be responsible for performing any duties or obligations of the Trust or
the Owner Trustee that are the responsibility of the Depositor, the
Administrator or any other Person and shall not be liable or responsible for
monitoring the performance of the Depositor, the Administrator or any other
Person, or for the failure of responsibility of the Depositor, the
Administrator or any other Person to perform their obligations pursuant to the
Operative Agreements.

         (i) Every provision of this Agreement relating to the Owner Trustee
shall be subject to the provisions of this Section 6.3.

         SECTION 6.4 Reliance; Advice of Counsel. Neither the Bank nor the
Owner Trustee shall incur any liability to any Person in acting upon any
signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it
to be genuine and believed by it in good faith to be signed by the proper
party or parties. The Owner Trustee may accept and rely upon 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 any
fact or matter the manner of ascertainment of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on an
Officers' Certificate of the relevant party, as to such fact or matter, and
such Officers' Certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon. In the administration of the Trust hereunder, the Owner
Trustee may execute any of the trusts or powers hereof and perform its powers
and duties hereunder directly or through Agents and the Owner Trustee shall
not be liable for the acts or omissions of any Agent selected by it in good
faith. The Owner Trustee may consult with counsel, accountants and other
skilled Persons to be selected and employed by it, and the Owner Trustee shall
not be liable for anything done, suffered or omitted in good faith by it in
accordance with the advice or opinion of counsel, accountant or other skilled
Persons, so long as the Owner Trustee had no actual knowledge that it could
not reasonably rely on such advice or opinion or by any such Persons appointed
in good faith.

         SECTION 6.5 Books and Records; Tax Election. The Owner Trustee (or
its Agent) shall be responsible for the keeping of all appropriate books and
records relating to the receipt and disbursement of all moneys that it may
receive hereunder or under any other Operative Agreement. In the event that
the Owner Trust Certificates are held by more than one Holder, or the Trust is
successfully recharacterized by the IRS as a partnership, the Owner Trustee
(or its Agent) shall file an application with the IRS for a taxpayer
identification number with respect to the Trust (and, upon receipt of such
number, notify the Indenture Trustee thereof) and prepare or cause to be
prepared and sign and/or file a tax return in connection with the transactions
contemplated hereby (the "Tax Return"); provided, however, that the Owner
Trustee (or its Agent) shall, upon receipt of a written request, send or cause
to be sent a copy of the completed Tax Return to the Depositor, the
Certificateholders and the Indenture Trustee on or after the due date of the
Tax Return. The Depositor and any Certificateholders shall each, upon request
by the Owner Trustee (or its Agent), furnish the Owner Trustee (or its Agent)
with all such information as may be reasonably required from the Depositor or
the Certificateholders in connection with the preparation of such Tax Return.
The Owner Trustee shall keep copies of the Tax Returns delivered to or filed
by it (or its Agent).

         SECTION 6.6 Actions by Owner Trustee. In performing its duties under
this Agreement, the Owner Trustee acts solely in its trust capacity, and not
in its individual capacity.

                                 ARTICLE VII

                COMPENSATION, REIMBURSEMENT AND INDEMNIFICATION

                             OF THE OWNER TRUSTEE

         SECTION 7.1 Compensation of the Owner Trustee. The Owner Trustee
shall be entitled to reasonable compensation from the Depositor for its
services hereunder as shall be agreed upon in a separate agreement between the
Depositor and the Owner Trustee. The Owner Trustee shall be reimbursed for all
disbursements, expenses and advances incurred or made by it, including the
reasonable compensation, disbursements and expenses of the Owner Trustee's
agents and counsel.

         SECTION 7.2 Reimbursement and Indemnification of the Owner Trustee.

         (a) The Owner Trustee shall be entitled to be reimbursed for its
reasonable expenses (including reasonable attorneys' fees) incurred in the
performance of its duties as Owner Trustee hereunder, and to be compensated
reasonably for any extraordinary services rendered under Section 5.1(b),
except to the extent that such expenses arise out of or result from (i) the
Owner Trustee's own willful misconduct, bad faith or gross negligence, (ii)
the inaccuracy of any of the Bank's representations or warranties contained in
Section 6.2 of this Agreement, (iii) taxes based on or measured by any fees,
commissions or compensation received by the Owner Trustee for acting as such
in connection with any of the transactions contemplated by this Agreement or
any other Operative Agreements, and (iv) the Owner Trustee's failure to use
reasonable care to receive, manage and disburse moneys actually received by it
in accordance with the terms hereof.

         (b) Subject to Section 7.2(c) hereof, the Bank is hereby indemnified
and held harmless by the Depositor from and against any and all liabilities,
obligations, indemnity obligations, losses (excluding loss of anticipated
profits), damages, claims, actions, suits, judgments, out-of-pocket costs,
expenses and disbursements (including legal and consultants' fees and
expenses) and taxes of any kind and nature whatsoever (collectively, the
"Liabilities") which may be imposed on, incurred by or asserted at any time
against the Bank or the Owner Trustee in any way relating to or arising out of
the Trust Estate, any of the properties included therein, the administration
of the Trust Estate or any action or inaction of the Owner Trustee hereunder
or under the Operative Agreements, except to the extent that such Liabilities
arise out of or result from (i) the Owner Trustee's own willful misconduct,
bad faith or gross negligence, (ii) the inaccuracy of any of the Bank's
representations or warranties contained in Section 6.2 of this Agreement,
(iii) taxes based on or measured by any fees, commissions or compensation
received by the Owner Trustee for acting as such in connection with any of the
transactions contemplated by this Agreement or any other Operative Agreement,
and (iv) the Owner Trustee's failure to use reasonable care to receive, manage
and disburse moneys actually received by it in accordance with the terms
hereof. The indemnities contained in this Section 7.2(b) shall survive the
termination of this Agreement and the removal or resignation of the Owner
Trustee hereunder.

         (c) Any reimbursements and indemnities to the Owner Trustee pursuant
to this Section 7.2 shall be payable solely: first, out of amounts on deposit
in the Certificate Account prior to any payments on the Owner Trust
Certificate, second, to the extent not paid pursuant to clause first within 60
days of first being incurred, by the Certificateholders, on a joint and
several basis, and third, to the extent not paid pursuant to clause first and
second within 60 days of first being incurred, by the Depositor.

          SECTION 7.3 Not Obligations of the Trust. None of the fees, expenses
and other liabilities referred to in Sections 7.1 and 7.2 shall be obligations
of the Trust or otherwise chargeable to the Trust Estate provided that the
Owner Trustee is authorized to pay such amounts from the Certificate Account
in accordance with Section 3.2. The Owner Trustee hereby agrees not to cause
or participate in the filing of a petition in bankruptcy against the Trust for
the nonpayment to the Owner Trustee of any amounts provided by this Agreement
until 91 days after the payment in full of all the Notes issued under the
Indenture.

                                 ARTICLE VIII

                           TERMINATION OF AGREEMENT

         SECTION 8.1 Termination. The Trust shall not be dissolved or
terminated under this Section 8.1 until the Notes have been paid in full and
the Lien on the Trust Estate created by the Indenture has been released.

         The Trust may be dissolved by the Certificateholders at any time
prior to the issuance of the Notes and the pledge of the Trust Estate pursuant
to the Indenture, and at any time after the Indenture is discharged in
accordance with Article III thereof. After payment of all amounts in the order
set forth in Section 3.2, all right, title and interest in the Trust Estate
still held by the Owner Trustee at the time of such dissolution shall be
transferred, assigned and paid over to the Certificateholders or their
designee in proportion to their Percentage Interests in accordance with
Section 8.2, and thereafter, upon acceptance of written instructions from the
Certificateholder, the Owner Trustee shall file a certificate of cancellation
under Section 3810 of the Business Trust Statute and the Trust shall
terminate.

         SECTION 8.2 Further Assurances by the Owner Trustee upon Termination.

         Upon dissolution of this Trust, subject to Section 8.1, the Owner
Trustee shall take such action as may be requested by, and at the expense of,
the Certificateholders owning a majority of the Percentage Interests to
transfer the remaining assets of the Trust to the Certificateholders or the
Certificateholders' designee, including the execution of instruments of
transfer or assignment with respect to the Underlying Certificate and any of
the Operative Agreements to which the Trust is a party.

         SECTION 8.3 Insolvency of a Certificateholder. The insolvency or
other similar incapacity of a Certificateholder shall not (i) operate to
terminate this Agreement and the Trust, (ii) entitle the Certificateholder's
legal representatives to claim an accounting or to take any action in any
court for a partition or winding up of the Trust Estate or (iii) otherwise
affect the rights, obligations and liabilities of the parties hereto.

                                  ARTICLE IX

                  SUCCESSOR OWNER TRUSTEES, CO-OWNER TRUSTEES

                          AND SEPARATE OWNER TRUSTEES

         SECTION 9.1 Resignation of the Owner Trustee; Appointment of
Successor.

         (a) The Owner Trustee may resign at any time (and shall immediately
resign if it ceases to be an Eligible Trustee) by giving at least 60 days
written notice to the Certificateholders, the Depositor, the Indenture Trustee
and the Administrator, such resignation to be effective on the acceptance of
appointment by a successor Owner Trustee under Section 9.1 (b) hereof. The
Depositor shall remove the Owner Trustee by written notice, a copy of which
shall be concurrently delivered by the Depositor to the Certificateholders,
the Indenture Trustee and the Administrator, if the Owner Trustee ceases to be
an Eligible Trustee and fails to resign immediately. The Owner Trustee
otherwise may be removed with or without cause at any time by the
Certificateholders with 60 days' prior written notice, a copy of which shall
be concurrently delivered by the Certificateholders to the Depositor, the
Indenture Trustee and the Administrator. Any such removal shall be effective
upon the acceptance of appointment by a successor Owner Trustee under Section
9.1 (b) hereof. In case of the resignation or removal of the Owner Trustee,
the Certificateholders may appoint a successor Owner Trustee by an instrument
signed by the Certificateholders. If a successor Owner Trustee shall not have
been appointed within 60 days after the giving of written notice of such
resignation or the delivery of the written instrument with respect to such
removal, the Owner Trustee, the Depositor, the Indenture Trustee, the
Administrator or the Certificateholders may apply to any court of competent
jurisdiction to appoint a successor Owner Trustee to act until such time, if
any, as a successor shall have been appointed and shall have accepted its
appointment as above provided. Any successor Owner Trustee so appointed by
such court shall immediately and without further act be superseded by any
successor Owner Trustee appointed as above provided within one year from the
date of the appointment by such court.

         (b) Any successor Owner Trustee, however appointed, shall execute and
deliver to the predecessor Owner Trustee and the Indenture Trustee an
instrument accepting such appointment and shall furnish a photocopy of such
instrument to the Certificateholders and the Rating Agencies, and thereupon
such successor Owner Trustee, without further act, shall become vested with
all the estates, properties, rights, powers, duties and trusts of the
predecessor Owner Trustee herein; but nevertheless, upon the written request
of such successor Owner Trustee such predecessor Owner Trustee shall execute
and deliver an instrument transferring to such successor Owner Trustee, upon
the trusts herein expressed, all the estates, properties, rights, powers,
duties and trusts of such predecessor Owner Trustee and such predecessor Owner
Trustee shall duly assign, transfer, deliver and pay over to such successor
Owner Trustee all moneys or other property then held by such predecessor Owner
Trustee upon the trusts herein expressed.

         (c) Any successor Owner Trustee shall be an Eligible Trustee,
willing, able and legally qualified to perform the duties of the Owner Trustee
hereunder.

         (d) Any Person into which the Owner Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Owner Trustee shall be a
party, or any Person to which substantially all the corporate trust business
of the Owner Trustee may be transferred, shall, subject to the terms of
Section 9.1(c) hereof, be the Owner Trustee under this Agreement without any
further act.

         SECTION 9.2 Co-Trustees and Separate Trustees. Whenever the Owner
Trustee or the Indenture Trustee shall deem it necessary or prudent in order
to conform to any law of any jurisdiction in which all or any part of the
Trust Estate shall be situated or to make any claim or be a party to any suit
with respect to the Trust Estate, the Owner Trust Certificates, the Notes or
any Operative Agreement, or the Owner Trustee or the Indenture Trustee shall
be advised in writing by counsel reasonably satisfactory to each of them that
it is so necessary or prudent, the Owner Trustee and the Certificateholders
shall execute and deliver an agreement supplemental hereto and all other
instruments and agreements, and shall take all other action, necessary or
proper to constitute one or more Persons, who need not meet the requirements
of Section 9.1(c) hereof (and the Owner Trustee may appoint one or more of its
officers), either as co-trustees or co-trustees jointly with the Owner Trustee
of all or any part of the Trust Estate, or as separate trustee or separate
trustees of all or any part of the Trust Estate, and to vest in such Persons,
in such capacity, such title to the Trust Estate or any part thereof and such
rights or duties as may be necessary or desirable, all for such period and
under such terms and conditions as are reasonably satisfactory to the Owner
Trustee and the Certificateholders. In case any co-trustee or separate trustee
shall die, become incapable of acting, resign or be removed, the title to the
Trust Estate and all rights end duties of such co-trustee or separate trustee
shall, so far as permitted by law, vest in and be exercised by the Owner
Trustee, without the appointment of a successor to such co-trustee or separate
trustee.

         SECTION 9.3 Notice. At all times that a successor Owner Trustee is
appointed under Section 9.1 hereof, an Owner Trustee resigns pursuant to such
Section 9.1 or a co-trustee or separate trustee is appointed pursuant to
Section 9.2 hereof, the Certificateholders promptly shall give notice of such
fact to the Rating Agencies, if the Indenture has not been discharged.

                                  ARTICLE X

                          SUPPLEMENTS AND AMENDMENTS

         SECTION 10.1 Supplements and Amendments. Subject to Sections 10.2 and
10.3 of this Agreement, at the written request of the Certificateholders, this
Agreement may be amended by a written instrument signed by the Owner Trustee
and the Certificateholders (and, if its rights hereunder are adversely
affected, the Depositor), but if in the opinion of the Owner Trustee any
instrument required to be so executed materially and adversely affects any
right, duty or liability of, or immunity or indemnity in favor of the Bank or
the Owner Trustee under this Agreement or any of the other Operative
Agreements to which the Owner Trustee is a party, or would cause or result in
any conflict with or breach of any terms, conditions or provisions of, or
default under, the Bank's charter documents or by-laws or any document
contemplated hereby to which the Owner Trustee is a party, the Owner Trustee
may in its sole discretion decline to execute such instrument.

         In the event that there is more than one Certificateholder (as shown
on the Certificate Register), the consent to an amendment by
Certificateholders owning a majority of the Percentage Interests shall be
sufficient to bind all of such Holders; provided, however, that no such
amendment shall: (i) reduce in any manner the amount of, or delay the timing
of, payments received on any Owner Trust Certificate without the consent of
the affected Holder; or (ii) amend this Section 10.1, without the consent of
all of the Holders then outstanding.

         SECTION 10.2 Limitation on Amendments. Notwithstanding Section 10.1
or Section 10.3 hereof, the Owner Trustee shall not, without the consent of
the Indenture Trustee, amend Section 8.1 of this Agreement, or execute any
amendment that, to the actual knowledge of a Responsible Officer of the Owner
Trustee, will result in the Trust being terminated prior to the satisfaction
and discharge of the Lien of the Indenture on the Trust Estate. Furthermore,
notwithstanding Section 10.1 or Section 10.3 hereof, so long as the Notes
remain outstanding, the Owner Trustee shall not execute any amendment without
receiving written confirmation from each of the Rating Agencies that such
amendment will not result in the qualification, downgrade or withdrawal of any
then-current rating on the Notes, as obtained by the party seeking such
amendment.

         SECTION 10.3 Additional Amendment Provisions.

         (a) It shall not be necessary for the consent of the
Certificateholders under this Article X 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 shall be subject to such reasonable
regulations as the Owner Trustee may prescribe.

         (b) The Owner Trustee, at any time from time to time, upon the
request of the Administrator but without the consent of the
Certificateholders, may amend this Agreement to modify, eliminate or add to
any of its provisions, to such extent as shall be necessary to prevent or
reduce the imposition on the Trust of any material federal, state or local
taxes, at all time prior to the liquidation of the Trust; provided, however,
that such action, as evidenced by an Opinion of Counsel acceptable to the
Owner Trustee, is necessary or helpful to prevent the imposition on the Trust
of any such taxes.

         (c) Prior to the execution of any amendment to this Agreement, the
Owner Trustee shall be entitled to receive and rely upon an Opinion of
Counsel, at the expense of the party requesting such amendment (or, if such
amendment is requested by the Owner Trustee, then at the expense of the
Depositor) stating that the execution of such amendment is authorized or
permitted by this Agreement.

         (d) Notwithstanding any other provision of this Agreement to the
contrary, no modification, change or amendment of this Agreement which affects
the duties of the Administrator shall be effective without the written consent
of the Administrator.

                                  ARTICLE XI

                        REPRESENTATIONS, WARRANTIES AND

                          COVENANTS OF THE DEPOSITOR

         SECTION 11.1 Representations and Warranties of the Depositor.

         (a) The Depositor represents and warrants as follows for the benefit
of the Owner Trustee, the Indenture Trustee, the Noteholders and any
Certificateholder:

                (i) the Depositor is a federally insured savings bank duly
         organized, validly existing and in good standing under the laws of
         the United States, has full power and authority, and has taken all
         action necessary, to execute and deliver this Agreement, and any and
         all other documents to be executed or delivered by it in connection
         with this Agreement, and to fulfill its obligations under, and to
         consummate the transactions contemplated by, this Agreement, and this
         Agreement and such other documents executed in connection herewith
         are the legal, valid and binding obligations of the Depositor,
         enforceable against it in accordance with their respective terms,
         except as such terms may be limited by bankruptcy, insolvency,
         reorganization, moratorium or other similar laws affecting the rights
         of creditors generally (and the rights of creditors of
         federally-chartered savings banks in particular) and by general
         principles of equity;

                (ii) the execution and delivery of this Agreement and each
         other document to be executed or delivered by it in connection with
         this Agreement, and the .performance of its obligations hereunder and
         thereunder by the Depositor will not violate the provisions of its
         charter or bylaws, conflict with any provision of any law or
         regulation to which it is subject, or conflict with, result in a
         breach of, or constitute a default under any of the terms, conditions
         or provisions of, any agreement or instrument to which the Depositor
         is a party or by which it is bound (including the Underlying
         Agreement), or any order or decree applicable to the Depositor, or
         result in the creation or imposition of any Lien on any of the
         Depositor's assets or property, which would materially and adversely
         affect the ability of the Depositor to carry out the transactions
         contemplated by this Agreement or such other documents executed in
         connection herewith; no consent, approval, authorization or order of
         or filing with or notice to any court or governmental agency or body
         (including, without limitation, the Office of Thrift Supervision, the
         Federal Deposit Insurance Corporation or any other governmental
         entity having regulatory authority over the Depositor) is required
         for the execution, delivery and performance by the Depositor of this
         Agreement or such other documents;

                (iii) there is no action, suit or proceeding pending against
         the Depositor in any court or by or before any other governmental
         agency or instrumentality which would materially and adversely affect
         the validity of the Underlying Certificate or the ability of the
         Depositor or the Certificateholders to carry out the transactions
         contemplated by this Agreement; and

                (iv) as of the Closing Date, that immediately prior to the
         conveyance of the Underlying Certificate to the Trust, the Depositor
         had good title to, and was the sole owner of, the Underlying
         Certificate, free and clear of any pledge, lien, encumbrance or
         security interest and such assignment validly transfers all right,
         title and interest of the Underlying Certificate to the Trust, free
         and clear of any pledge, lien, encumbrance or security interest.
         After giving effect to such assignment, the Trust has all right,
         title and interest in the Underlying Certificate free and clear any
         pledge, lien, encumbrance or security interest, other than such
         pledge, lien, encumbrance and security interest created under the
         Indenture.

         (b) It is understood and agreed that each of the foregoing
representations and warranties of the Depositor shall survive delivery of the
Underlying Certificate to the Trust. Upon discovery or receipt of notice by
the Depositor or a Responsible Officer of the Owner Trustee of a breach of any
of the foregoing representations and warranties that materially and adversely
affects the interests of the Indenture Trustee for the benefit of the
Noteholders or the Owner Trustee for the benefit of the Certificateholders in
the Underlying Certificate, the party discovering such breach shall give
prompt written notice to the other party hereto and to the Indenture Trustee.

         SECTION 11.2 Accrued Interest, Etc. The Depositor agrees that any
income, interest, fees and other payments that it may receive in respect of
the Underlying Certificate applicable to a period on or after the Closing Date
shall inure to the benefit of the Trust, and the Depositor shall pay such
amounts to the Indenture Trustee to be remitted in accordance with the
Indenture promptly upon receipt (but in no event later than one Business Day
thereafter).

         SECTION 11.3 Additional Covenants of the Depositor. The Depositor
hereby covenants and agrees for the benefit of the Owner Trustee, the
Indenture Trustee, the Noteholders and the Certificateholders that:

         (a) The business and affairs of the Depositor will be managed by or
under the direction of its board of directors in accordance with its charter
and by-laws. The Depositor will keep correct and complete books and records of
accounts and minutes of the meetings and other proceedings of the board of
directors. Any such resolutions, agreements and other instruments will be
continuously maintained as official records by the Depositor.

         (b) The Depositor will at all times ensure that its capitalization is
adequate in light of its business and purposes. The Depositor will pay from
its own funds and assets (and not the Trust's) all obligations and
indebtedness incurred by it.

         (c) The Depositor will not conduct its business in the name of the
Trust.

         (d) The Depositor will not guarantee any obligations of the Trust
(including the Notes or the Owner Trust Certificates). The Depositor will not
operate or purport to operate as an integrated, single economic unit with
respect to the Trust or seek or obtain credit or incur any obligation to any
third party based on the assets of the Trust or induce any such third party to
reasonably rely on the creditworthiness of the Trust in connection therewith.

         (e) The accounting records of the Depositor will disclose the effect
of the transactions in accordance with statutory accounting practices and
relevant pronouncements.

         (f) The Depositor hereby acknowledges, and agrees for the benefit of
the Indenture Trustee, the Noteholders and the Certificateholders to perform,
each obligation imposed upon it under the Indenture.

                                 ARTICLE XII

                     TRANSFER OF OWNER TRUST CERTIFICATES

         SECTION 12.1 Registration of Transfer and Exchange of Owner Trust
Certificates.

         (a) At all times during the term of this Agreement, there shall be
maintained at the office of a registrar appointed by the Depositor (the
"Certificate Registrar") a register (the "Certificate Register") in which,
subject to such reasonable regulations as the Certificate Registrar may
prescribe, the Certificate Registrar shall provide for the registration of
Owner Trust Certificates and of transfers and exchanges of Owner Trust
Certificates as herein provided. The Owner Trustee is hereby initially
appointed (and hereby agrees to act in accordance with the terms hereof) as
Certificate Registrar for the purpose of registering Owner Trust Certificates
and transfers and exchanges of Owner Trust Certificates as herein provided.
The Owner Trustee may appoint, by a written instrument delivered to the
Depositor, any other bank or trust company to act as Certificate Registrar
under such conditions as the Owner Trustee may prescribe, provided that the
Owner Trustee shall not be relieved of any of its duties or responsibilities
hereunder as Certificate Registrar by reason of such appointment. If the Owner
Trustee resigns or is removed in accordance with the terms hereof, the
successor trustee shall immediately succeed to its predecessor's duties as
Certificate Registrar. The Depositor, the Administrator and the Owner Trustee
shall have the right to inspect the Certificate Register or to obtain a copy
thereof at all reasonable times, and to rely conclusively upon a certificate
of the Certificate Registrar as to the information set forth in the
Certificate Register.

         (b) No transfer, sale, pledge or other disposition of any Owner Trust
Certificate or interest therein shall be made unless that transfer, sale,
pledge or other disposition is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act
and such state securities laws. Neither the Issuer nor any trust fund in which
an Underlying Certificate evidences a beneficial ownership interest has been
registered as an investment company under the Investment Company Act, and no
transfer of an Owner Trust Certificate may be made (i) to any Person other
than a QIB or an Affiliate of the Depositor or (ii) to any Person that would
require the Issuer or any such trust fund to be registered as an investment
company under the Investment Company Act. If such transfer is to be made to
any Person who is not an Affiliate of the Depositor, then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon
receipt, may conclusively rely upon) a certificate from the Certificateholder
desiring to effect such transfer substantially in the form attached as Exhibit
B-1 hereto and a certificate from such Certificateholder's prospective
transferee substantially in the form attached as Exhibit B-2 hereto. None of
the Trust, the Depositor, the Owner Trustee or the Certificate Registrar is
obligated to register or qualify any Owner Trust Certificate under the
Securities Act or any other securities laws or to take any action not
otherwise required under this Agreement to permit the transfer of any Owner
Trust Certificate or interest therein without registration or qualification.
Any Certificateholder desiring to effect a transfer of an Owner Trust
Certificate or an interest therein shall, and does hereby agree to, indemnify
the Issuer, the Depositor, the Administrator, the Owner Trustee, the Indenture
Trustee and the Certificate Registrar against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal
and state laws.

         (c) No transfer of any Owner Trust Certificate or any interest
therein shall be made (A) to any employee benefit plan or other retirement
arrangement, including individual retirement accounts and annuities, Keogh
plans and collective investment funds and separate accounts in which such
plans, accounts or arrangements are invested, including, without limitation,
insurance company general accounts, that is subject to ERISA or the Code
(each, a "Plan"), or (B) to any Person who is directly or indirectly
purchasing such Owner Trust Certificate or interest therein on behalf of, or
with assets of, a Plan.

         (d) The Owner Trust Certificates shall bear a legend describing or
referencing the restrictions on transferability set forth in Sections 12.1 (b)
and (c).

         (e) Subject to compliance with Sections 12.1(b) and (c), upon
surrender for registration of transfer of the Owner Trust Certificates at the
office of the Certificate Registrar or at the office of its Agent in
Wilmington, Delaware, the Owner Trustee shall execute, and the Certificate
Registrar shall deliver and authenticate, in the name of the designated
transferee or transferees, one or more new Owner Trust Certificates, in
authorized denominations, evidencing in the aggregate a like aggregate
Percentage Interest and dated the date of authentication by the Certificate
Registrar.

         (f) At the option of any Certificateholder, Owner Trust Certificates
may be exchanged for other Owner Trust Certificates, in authorized
denominations, evidencing in the aggregate a like aggregate Percentage
Interest upon surrender of the Owner Trust Certificates to be exchanged at the
office of the Certificate Registrar, or the office of its Agent in Wilmington,
Delaware. Whenever any Owner Trust Certificates are so surrendered for
exchange, the Owner Trustee shall execute and the Certificate Registrar shall
authenticate and deliver, the Owner Trust Certificates which the
Certificateholder is entitled to receive.

         (g) If the Owner Trustee or the Certificate Registrar so requires,
every Owner Trust Certificate presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by, the Certificateholder thereof or such
person's attorney duly authorized in writing.

         (h) No service charge shall be made to the requesting
Certificateholder for any registration of transfer or exchange of Owner Trust
Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed or any
reasonable expenses in connection with any registration of transfer or
exchange of Owner Trust Certificates.

         (i) The Certificate Registrar shall cancel and retain or destroy, in
accordance with the Owner Trustee's retention policy then in effect, all Owner
Trust Certificates surrendered for registration of transfer or exchange.

         SECTION 12.2 Mutilated, Destroyed, Lost or Stolen Owner Trust
Certificates.

         If (i) any mutilated Owner Trust Certificate is surrendered to the
Owner Trustee or the Certificate Registrar, or the Owner Trustee and the
Certificate Registrar receive evidence to their satisfaction of the
destruction, loss or theft of any Owner Trust Certificate, and (ii) there is
delivered to the Owner 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 actual knowledge by a Responsible Officer of the Owner Trustee
or the Certificate Registrar that such Owner Trust Certificate has been
acquired by a bona fide purchaser, the Owner Trustee shall execute and the
Certificate Registrar shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Owner Trust Certificate,
a new Owner Trust Certificate of like tenor. Upon the issuance of any new
Owner Trust Certificate under this Section 12.2, the Owner Trustee may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Certificate Registrar) connected therewith. Any
replacement Owner Trust Certificate issued pursuant to this Section shall
constitute complete and indefeasible evidence of ownership of the
corresponding interest in the Trust, as if originally issued, whether or not
the lost, stolen or destroyed Owner Trust Certificate shall be found at any
time and such original Owner Trust Certificate shall thereby be deemed
canceled.

         SECTION 12.3 Persons Deemed Owners. Prior to due presentation of an
Owner Trust Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar, the Indenture Trustee and any agent of any of them may
treat the Person in whose name any Owner Trust Certificate is registered as
the owner of such Owner Trust Certificate for the purpose of receiving
distributions pursuant to Section 4.2 hereof and for all other purposes
whatsoever, and neither the Owner Trustee, the Certificate Registrar, the
Indenture Trustee nor any agent of any of them shall be affected by notice to
the contrary.

         SECTION 12.4 Access to Names and Addresses.

         (a) If any Certificateholder, the Depositor, the Indenture Trustee or
the Administrator (each, in such capacity, an "Applicant") applies in writing
to the Owner Trustee, and such application states that the Applicant desires
to communicate with Certificateholders with respect to their rights under this
Agreement or the Owner Trust Certificates and is accompanied by a copy of the
communication which such Applicant proposes to transmit, then the Owner
Trustee shall, at the expense of such Applicant, within ten Business Days
after the receipt of such application, furnish or cause to be furnished to
such Applicant a list of the names and addresses of the Certificateholders as
set forth in the Certificate Register.

         (b) Every Certificateholder consents to the disclosure to any
Applicant of its identity and status as a Certificateholder and agrees with
the Owner Trustee that the Owner Trustee and the Certificate Registrar shall
not be held accountable in any way 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 12.5 Actions of Certificateholders.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or
by 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 Owner Trustee. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Agreement and conclusive in favor of the Owner Trustee, if
made in the manner provided in this Section 12.5.

         (b) The fact and date of the execution by any Certificateholder of
any such instrument or writing may be proved in any reasonable manner which
the Owner Trustee deems sufficient.

         (c) Any request, demand, authorization, direction, notice, consent,
waiver or other action by a Certificateholder shall bind every transferee of
every Owner Trust Certificate issued upon the registration of transfer of such
Certificateholder's Owner Trust Certificate or in exchange therefor or in lieu
thereof, in respect of anything done, or omitted to be done, by the Owner
Trustee, in reliance thereon, whether or not notation of such action is made
upon such Owner Trust Certificate.

         (d) The Owner Trustee may require such additional proof of any matter
referred to in this Section 12.5 as it shall deem necessary.

                                 ARTICLE XIII

                                 MISCELLANEOUS

         SECTION 13.1 No Legal Title to Trust Estate in the
Certificateholders. The Certificateholders shall not have legal title to any
part of the Trust Estate; provided, however, that the Certificateholders have
a beneficial interest in the Trust Estate (and initially shall have all right,
title and interest in and to the Owner Trust Certificates). No transfer by
operation of law or otherwise of any right, title or interest of the
Certificateholders in and to the Trust Estate or hereunder shall operate to
terminate this Agreement or the Trust or the trusts hereunder or entitle any
successor or transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Estate.

         SECTION 13.2 Action by the Owner Trustee is Binding. Any actions,
directions, approvals or consents by the Owner Trustee so long as such
actions, directions, consents or approvals are made pursuant to the terms of
this Agreement shall bind the Certificateholders and shall be effective to
consent to action taken by the parties. No such party shall be required to
inquire as to the authorization, necessity, expediency or regularity of such
consent by the Owner Trustee.

         SECTION 13.3 Limitation on Rights of Others. Nothing in this
Agreement, whether express or implied, shall be construed to give to any
Person, other than the Bank, the Owner Trustee, the Depositor and the
Certificateholders, any legal or equitable right, remedy or claim under or in
respect of this Agreement, except as set forth in Section 13.15.

         SECTION 13.4 Notices. All demands, notices and communications
hereunder shall be in writing, may be given by facsimile transmission, shall
be deemed to have been given upon receipt (except that notices being sent by
first class mail, postage prepaid, shall be deemed to be received five
Business Days following the mailing thereof) as follows: (i) in the case of
the Owner Trustee, [Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890], Attention: [Corporate Trust Administration]; (ii) in the case
of the Depositor, [IndyMac Bank, F.S.B.], [155 North Lake Avenue, Pasadena,
California 91101], Attention: [__________]; (iii) in the case of the Indenture
Trustee and the Rating Agencies, as set forth in the Indenture; and (iv) in
the case of a Certificateholder, to that Person's name and address as set
forth from time to time in the Certificate Register; or as to each such Person
such other address and/or facsimile number as any of them shall specify by
written notice to the other parties.

         SECTION 13.5 Severability. To the extent permitted by law, any
provision of this Agreement that may be determined by competent authority to
be prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

         SECTION 13.6 Limitation on the Depositor's and the
Certificateholder's Respective Liability.

         Neither the Depositor nor any Certificateholder shall have any
liability for the performance of this Agreement except as expressly set forth
herein.

         SECTION 13.7 Separate 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 but one and the same instrument.

         SECTION 13.8 Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Bank,
the Owner Trustee and its successors and assigns, the Certificateholders and
the Depositor and its or their respective successors and assigns, all as
herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by the Depositor shall bind the successors and assigns of
the Depositor and any request, notice, direction, consent, waiver or other
instrument or action by a Certificateholder shall bind the successors and
assigns of such Certificateholder.

         SECTION 13.9 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 provision hereof.

         SECTION 13.10 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 13.11 Administration of Trust. The principal place of
administration of the Trust shall be in the State of Delaware.

         SECTION 13.12 Performance by the Depositor or the Administrator. Any
obligation of the Owner Trustee hereunder or under any Operative Agreement or
other document contemplated herein may be performed by the Depositor or the
Administrator and any such performance shall not be construed as a revocation
of the trusts created hereby.

         SECTION 13.13 No Implied Waiver. No term or provision of this
Agreement may be changed, waived, discharged or terminated orally, but only by
an instrument in writing entered into as provided in Section 10.1 hereof; and
any such waiver of the terms hereof shall be effective only in the specific
instance and for the specific purpose given.

         SECTION 13.14 Third Party Beneficiary. The Indenture Trustee for the
benefit of the Noteholders is an intended third-party beneficiary of this
Agreement from and including the date hereof to the date on which the Lien on
the Trust Estate created pursuant to the Indenture is satisfied, discharged
and released pursuant to Article III of the Indenture and shall be entitled to
rely upon and directly enforce the provisions of this Agreement.

         SECTION 13.15 References. The definitions in Article I shall apply
equally to both the singular and plural forms of the terms defined. "Include",
"included", "includes" and "including" shall be deemed to be followed by
"without limitation". "Writing", "written" and comparable terms refer to
printing, typing, lithography or other means of reproducing words in a visible
form. Any agreement or instrument or any law, rule or regulation of any
Governmental Authority defined or referred to in Article I means such
agreement or instrument or such law, rule or regulation as from time to time
amended, modified or supplemented in accordance with the terms thereof,
including (in the case of agreements or instruments) by waiver or consent and
(in the case of such law, rule or regulation) by succession of any comparable
successor law, rule or regulation and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments
incorporated therein. References to a Person are also to its successors and
permitted assigns. Any term defined above by reference to any agreement or
instrument or any law, rule or regulation of any Governmental Authority has
such meaning whether or not such agreement, instrument or law, rule or
regulation is in effect. "Agreement", "hereof', "herein", "hereto",
"hereunder" and comparable terms refer to this Agreement (including all
exhibits and schedules hereto) and not to any particular article, section,
clause or other subdivision hereof or attachment hereto. References to any
gender include, unless the context otherwise requires, references to all
genders, and references to the singular include, unless the context other
requires, references to the plural and vice versa. References in this
Agreement to "Article", "Section", "Clause" or another subdivision or to an
attachment are, unless the context otherwise requires, to an article, clause
or subdivision of or attachment to this Agreement.

         SECTION 13.16 Tax Matters.

         (a) It is the intention of the parties hereto that, solely for income
and franchise tax purposes, the Trust, shall be treated as a partnership if,
for federal income tax purposes, the Trust is considered to have more than one
Certificateholder, or as a division of the Certificateholder that is ignored
as an entity separate from the Certificateholder if, for federal income tax
purposes, there is a single Certificateholder. The parties agree that, unless
otherwise required by appropriate tax authorities, the Trust will file or
cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust, as it relates to the assets
in the Trust and the Owner Trust Certificates, as a partnership or division of
the Certificateholder, as just described, for such tax purposes.

         (b) Net income of the Trust for any month as determined for federal
income tax purposes (and each item of income, gain, loss, credit and deduction
entering into the computation thereof) shall be allocated to the
Certificateholders, and apportioned among the Certificateholders pro rata
based upon their respective Percentage Interests.

         (c) The Administrator shall (i) deliver (or cause to be delivered) to
each Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1 to
IRS Form 1065, if the Trust, is treated as a partnership for federal income
tax purposes, to enable each Certificateholder to prepare its federal and
state income tax returns, (ii) prepare or cause to be prepared, and file or
cause to be filed, all tax returns relating to the Trust (including a
partnership information return, IRS Form 1065), if the Trust, is treated as a
partnership for and direct the Owner Trustee in writing to 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 so as to maintain the
characterization of the Trust as a partnership or division of a single
Certificateholder, as the case may be, for federal income tax purposes and
(iii) prepare or cause to be prepared, and file or cause to be filed, deliver
or cause to be delivered any annual or other necessary returns, reports or
forms relating to the Notes and the Owner Trust Certificates (including
information returns on IRS Form 1099). The Trust shall make all elections
pursuant to this Section as directed in writing by the Administrator. The
Owner Trustee shall sign all tax information returns relating to the Owner
Trust Certificates, if any, furnished to it in execution form by the
Administrator and any other returns as may be required by law and so furnished
to it by and at the written direction of the Administrator, and in doing so
shall be entitled to, and shall be fully protected if it shall, rely entirely
upon, and shall have no liability for information provided by, or calculations
provided by, the Administrator. All tax returns shall be signed by the
Depositor, and if the Depositor shall no longer hold any Owner Trust
Certificates, the Certificateholder holding of the greatest amount of
Percentage Interest, unless some other party is required by law to sign such
return (in which case such other party shall sign). If the Trust is
characterized as a partnership for federal income tax purposes the Depositor,
and if the Depositor shall no longer hold any Owner Trust Certificates, the
Certificateholder holding of the greatest amount of Percentage Interest, shall
be the "tax matters partner" of the Trust pursuant to the Code.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective officers hereunto duly authorized, as of
the date hereof.

                    [INDYMAC BANK, F.S.B.],
                        as Depositor

                    By:
                        -------------------------------------------------
                         Name:
                         Title:

                    [WILMINGTON TRUST COMPANY],
                        in its individual capacity and as Owner Trustee

                    By:
                        -------------------------------------------------
                         Name:
                         Title:

<PAGE>

                                   EXHIBIT A

                       [FORM OF OWNER TRUST CERTIFICATE]

                            INDYMAC TRUST SPMD [ ]

                            OWNER TRUST CERTIFICATE

evidencing a non-assessable, fully paid % beneficial interest in IndyMac Trust
SPMD [ ], a Delaware  business  trust whose assets  include a 100%  percentage
interest in Home Equity  Mortgage  Loan Asset Backed  Trust,  Series SPMD [ ],
Class X  Certificates  (the  "Underlying  Certificate")  deposited by [IndyMac
Bank, F.S.B.] (the "Depositor").

Date of Deposit Trust Agreement:      Percentage Interest in Trust Evidenced
[               ]                     by this Owner Trust Certificate:  ____%
Depositor: [IndyMac Bank, F.S.B.]     Closing Date:  [                    ]
Owner Trust Certificate No. ____      Owner Trustee:  [Wilmington Trust Company]

         THIS OWNER TRUST CERTIFICATE DOES NOT REPRESENT AN INTEREST IN, OR
OBLIGATION OF, THE DEPOSITOR, THE OWNER TRUSTEE, ANY OF THEIR RESPECTIVE
AFFILIATES, OR ANY OTHER PERSON. NEITHER THIS OWNER TRUST CERTIFICATE NOR THE
UNDERLYING CERTIFICATE ARE INSURED OR GUARANTEED, IN WHOLE OR IN PART, BY ANY
GOVERNMENTAL ENTITY OR INSTRUMENTALITY OR ANY PRIVATE INSURER OR GUARANTOR.

         THIS OWNER TRUST CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO
SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT
FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS
TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 12.1 OF THE TRUST
AGREEMENT (AS DEFINED HEREIN).

         NO TRANSFER OF THIS OWNER TRUST CERTIFICATE TO (A) AN EMPLOYEE
BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH, A "PLAN") SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), AND/OR
THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) TO ANY PERSON WHO IS
DIRECTLY OR INDIRECTLY PURCHASING THIS OWNER TRUST CERTIFICATE OR INTEREST
HEREIN ON BEHALF OF, OR WITH ASSETS OF, A PLAN WILL BE REGISTERED.

         This Owner Trust Certificate is issued pursuant to, and in
accordance with, the terms of a Deposit Trust Agreement,  dated as of [ ] (the
"Trust Agreement";  terms not otherwise defined herein shall have the meanings
assigned  to those  terms in the  Trust  Agreement),  between  [IndyMac  Bank,
F.S.B.],  as depositor (the  "Depositor") and [Wilmington  Trust Company],  as
owner  trustee (the "Owner  Trustee"),  a summary of certain of the  pertinent
provisions  of which are set forth  herein.  This Owner Trust  Certificate  is
issued under and is subject to the terms,  provisions  and  conditions  of the
Trust  Agreement,  to which  Trust  Agreement  the holder of this Owner  Trust
Certificate  by virtue of the  acceptance  hereof  assents  and by which  such
Certificateholder  is bound. In the event of a conflict between the provisions
of this  Owner  Trust  Certificate  and  those  of the  Trust  Agreement,  the
provisions of the Trust Agreement shall control.

         This certifies that ____________________ (the "Certificateholder") is
the registered owner of the beneficial interest evidenced by this Owner Trust
Certificate in the trust established pursuant to the Trust Agreement and
designated as IndyMac Trust SPMD [ ] (the "Trust"). The assets of the Trust
include the Underlying Certificate and the proceeds thereof.

         Except to the extent of their execution and authentication,
respectively, of the Owner Trust Certificates, the Owner Trustee and the
Certificate Registrar make no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of this Owner Trust
Certificate, the Underlying Certificate or the assets in which the Underlying
Certificate evidence an interest. The Owner Trustee has executed this Owner
Trust Certificate in its limited capacity as Owner Trustee under the Trust
Agreement, and the Certificate Registrar has authenticated this Owner Trust
Certificate in its limited capacity as Certificate Registrar under the Trust
Agreement.

         Distributions on the Owner Trust Certificates will be made, to the
extent of available funds, on the first Business Day following the Underlying
Distribution Date of such month in each case, commencing in [ ]. As more fully
described in the Trust Agreement, distributions allocable to the Owner Trust
Certificates will be made on each Payment Date up to the amount of
Certificateholder Funds for the related Payment Date and, to the extent not
previously paid, for all prior Payment Dates. As and to the extent described
in the Trust Agreement, distributions of Certificateholder Funds will be
limited to the amount available for such purpose in the Certificate Account.

         Pursuant to the Trust Agreement, all payments made with respect to
the Owner Trust Certificates on any Payment Date shall be allocated pro rata
among the Certificateholders based upon their respective Percentage Interests.
Payments to the Certificateholders on each Payment Date will be made to the
Certificateholders of record on the related Record Date. Payments to any
Certificateholder on any Payment Date shall be made by wire transfer of
immediately available funds to the account of such Certificateholder at a bank
or other entity having appropriate facilities therefor, if such
Certificateholder shall have so notified the Owner Trustee in writing at least
five Business Days prior to the related Record Date and if such
Certificateholder is the registered owner of Owner Trust Certificates
representing at least a [331/3]% Percentage Interest, or otherwise by check
mailed by first class mail to the address of such Certificateholder appearing
in the Certificate Register. Final payment on each Owner Trust Certificate
will be made in like manner, but only upon presentment and surrender of such
Owner Trust Certificate at the Corporate Trust Office or such other location
specified in the notice to Certificateholders of such final payment.

         This Owner Trust Certificate is one of a duly authorized issue of
Owner Trust Certificates designated as "IndyMac Trust SPMD [ ], Owner Trust
Certificates," representing a fractional undivided beneficial interest in the
Trust created by the Trust Agreement.

         This Owner Trust Certificate does not purport to summarize the Trust
Agreement and reference is made to the Trust Agreement for the interests,
rights and limitations of rights, benefits, obligations and duties evidenced
hereby and the rights, duties and immunities of the Owner Trustee.

         No transfer, sale, pledge or other disposition of this Owner Trust
Certificate or interest herein shall be made unless that transfer, sale,
pledge or the disposition is exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws,
or is otherwise made in accordance with the Securities Act and such state
securities laws. Neither the Issuer nor any trust fund in which an Underlying
Certificate evidences a beneficial ownership interest has been registered as
an investment company under the Investment Company Act, and no transfer of an
Owner Trust Certificate may be made (i) to any Person other than a QIB or an
Affiliate of the Depositor or (ii) to any Person that would require the Issuer
or any such trust fund to be registered as an investment company under the
Investment Company Act. If such transfer is to be made to any Person who is
not an Affiliate of the Depositor, then the Certificate Registrar shall refuse
to register such transfer unless it receives (and upon receipt, may
conclusively rely upon) a certificate from the Certificateholder desiring to
effect such transfer substantially in the form attached as Exhibit B-1 to the
Trust Agreement and a certificate from such Certificateholder's prospective
transferee substantially in the form attached as Exhibit B-2 to the Trust
Agreement. None of the Trust, the Depositor, the Owner Trustee or the
Certificate Registrar is obligated to register or qualify this Owner Trust
Certificate under the Securities Act or any other securities laws or to take
any action not otherwise required under the Trust Agreement to permit the
transfer of this Owner Trust Certificate or interest herein without
registration or qualification. Any Certificateholder desiring to effect a
transfer of this Owner Trust Certificate or an interest herein shall, and does
hereby agree to, indemnify the Issuer, the Depositor, the Administrator, the
Owner Trustee, the Indenture Trustee and the Certificate Registrar against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.

         No transfer of this Owner Trust Certificate or any interest herein
shall be made (A) to any employee benefit plan or other retirement
arrangement, including individual retirement accounts and annuities, Keogh
plans and collective investment funds and separate accounts in which such
plans, accounts or arrangements are invested, including, without limitation,
insurance company general accounts, that is subject to ERISA or the Code
(each, a "Plan"), or (B) to any Person who is directly or indirectly
purchasing this Owner Trust Certificate or interest herein on behalf of, or
with assets of, a Plan.

         Prior to transfer of this Owner Trust Certificate in accordance with
the foregoing and the Trust Agreement, the Owner Trustee, the Indenture
Trustee and the Certificate Registrar and any agent of any of them may treat
the Person in whose name this Owner Trust Certificate is registered as the
owner hereof for the purpose of receiving distributions pursuant to the Trust
Agreement, pursuant to the Indenture and for all other purposes whatsoever,
and neither the Owner Trustee, the Indenture Trustee, the Certificate
Registrar nor any agent of any of them shall be affected by notice to the
contrary.

         As provided in the Trust Agreement and subject to certain limitations
herein and therein set forth, this Owner Trust Certificate is exchangeable for
other Owner Trust Certificates in authorized denominations representing a like
aggregate Percentage Interest, as requested by the Certificateholder
surrendering the same.

         No service charge will be made to a Certificateholder for any such
registration of transfer or exchange, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge or reasonable expenses payable in connection therewith.

         The Trust Agreement permits, with certain exceptions therein
provided, the amendment of the Trust Agreement and the modification of the
rights of the Certificateholders at any time by the Owner Trustee with the
consent of Certificateholders owning a majority of the Percentage Interests
(except as provided in the Trust Agreement). Any consent by the
Certificateholder of this Owner Trust Certificate shall be conclusive and
binding on such Certificateholder and upon all future Certificateholders
issued upon the transfer hereof or in exchange herefor or in lieu hereof
whether or not notation of such consent is made upon this Owner Trust
Certificate.

         The Trust shall not be dissolved or terminated until the Notes have
been paid in full and the Lien on the Trust Estate created by the Indenture
has been released.

         Unless the Certificate of Authentication on this Owner Trust
Certificate has been executed by or on behalf of the Certificate Registrar, by
manual signature, this Owner Trust Certificate shall not be entitled to any
benefit under the Trust Agreement or be valid for any purpose.

<PAGE>

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

                     INDYMAC TRUST SPMD [           ]

                     By:  [WILMINGTON TRUST COMPANY],
                             not in its individual capacity
                             but solely as Owner Trustee

                         By:
                            -------------------------------------------------
                                          Authorized Officer

                         CERTIFICATE OF AUTHENTICATION

                  This is one of the Owner Trust  Certificates  referred to in
the within-referenced Trust Agreement.

Dated:
        ----------

                        [WILMINGTON TRUST COMPANY],
                           not in its individual capacity
                           but solely as Certificate Registrar

                        By:
                           -------------------------------------------------
                                         Authorized Officer

<PAGE>

                                  ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s) and transfer(s) unto
-------------------------------------------------------------------------------
[Please print or typewrite name(s) and address(es),  including postal zip code
of  assignee(s)]  ("Assignee(s)")  that  portion of the  interest in the Trust
represented by the within Owner Trust  Certificate  set forth below and hereby
authorize(s)  the transfer and  registration  of transfer of such  interest to
Assignee(s) on the Certificate Register of the Trust.

I (we)  further  direct the  Certificate  Registrar to issue a new Owner Trust
Certificate  for that portion of the interest in the Trust  represented by the
within Owner Trust Certificate set forth below

to the above-named Assignee(s) and deliver such Owner Trust Certificate to the
following  address: ; to issue a new Owner Trust Certificate for the remainder
of the interest in the Trust represented by the within Owner Trust Certificate
to the Assignor(s)  and deliver such Owner Trust  Certificate to the following
address:

; and to cancel the within Owner Trust Certificate.

Date:
     -------------------    ----------------------------------------------
                            Signature by or on behalf of Assignor(s)

Percentage Interest

Transferred:
               ---------    ----------------------------------------------
                            Taxpayer Identification Number

<PAGE>

                                  EXHIBIT B-1

                        FORM OF TRANSFEROR CERTIFICATE

                 FOR TRANSFERS OF THE OWNER TRUST CERTIFICATES

                                                                [Date]

[Wilmington Trust Company]
[Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890]
Attention: [Corporate Trust Administration]

         Re:      IndyMac Trust SPMD [          ], Owner Trust Certificates
                  (the "Owner Trust Certificates")

Ladies and Gentlemen:

                  This letter is delivered to you in connection  with the sale
by   _____________   (the   "Transferor")   to   ______________________   (the
"Transferee") of the Owner Trust Certificates  representing a ____% Percentage
Interest  (the  "Transferred  Owner  Trust  Certificates").  The  Owner  Trust
Certificates,  including the Transferred Owner Trust Certificates, were issued
pursuant to the Deposit Trust  Agreement,  dated as of [ ] (the  "Agreement"),
among [IndyMac Bank,  F.S.B.],  as depositor (the "Depositor") and [Wilmington
Trust Company], as owner trustee (the "Owner Trustee").  All capitalized terms
used but not otherwise  defined herein shall have the respective  meanings set
forth in the  Agreement.  The  Transferor  hereby  certifies,  represents  and
warrants  to  you,  as  Certificate  Registrar,  and for  the  benefit  of the
Depositor, the Owner Trustee and the Transferee, that:

                1. The Transferor is the lawful owner of the Transferred Owner
         Trust Certificates with the full right to transfer such Owner Trust
         Certificates free from any and all claims and encumbrances
         whatsoever.

                2. Neither the Transferor nor anyone acting on its behalf has
         (a) offered, transferred, pledged, sold or otherwise disposed of any
         Owner Trust Certificate, any interest in any Owner Trust Certificate
         or any other similar security to any person in any manner, (b)
         solicited any offer to buy or accept a transfer, pledge or other
         disposition of any Owner Trust Certificate, any interest in any Owner
         Trust Certificate or any other similar security from any person in
         any manner, (c) otherwise approached or negotiated with respect to
         any Owner Trust Certificate, any interest in any Owner Trust
         Certificate or any other similar security with any person in any
         manner, (d) made any general solicitation by means of general
         advertising or in any other manner, or (e) taken any other action,
         which (in the case of any of the acts described in clauses (a)
         through (e) hereof) would constitute a distribution of any Owner
         Trust Certificate under the Securities Act of 1933, as amended (the
         "Securities Act"), or would render the disposition of any Owner Trust
         Certificate a violation of Section 5 of the Securities Act or any
         state securities laws, or would require registration or qualification
         of any Owner Trust Certificate pursuant to the Securities Act or any
         state securities laws.

                3. The Transferor and any person acting on behalf of the
         Transferor in this matter reasonably believe that the Transferee is a
         "qualified institutional buyer" as that term is defined in Rule 144A
         ("Rule 144A") under the Securities Act (a "Qualified Institutional
         Buyer") purchasing for its own account or for the account of a
         Qualified Institutional Buyer. In determining whether the Transferee
         is a Qualified Institutional Buyer, the Transferor and any person
         acting on behalf of the Transferor in this matter have relied upon
         the following method(s) of establishing the Transferee's ownership
         and discretionary investments of securities (check one or more):

                  ____     (a) The Transferee's most recent publicly available
                           financial statements,  which statements present the
                           information as of a date within 16 months preceding
                           the  date of sale of the  Transferred  Owner  Trust
                           Certificate  in the  case of a U.S.  purchaser  and
                           within 18 months  preceding such date of sale for a
                           foreign purchaser; or

                  ____     (b) The most recent publicly available  information
                           appearing in documents filed by the Transferee with
                           the Securities  and Exchange  Commission or another
                           United States federal, state, or local governmental
                           agency or self-regulatory  organization,  or with a
                           foreign   governmental  agency  or  self-regulatory
                           organization,  which  information  is as of a  date
                           within 16 months  preceding the date of sale of the
                           Transferred  Owner Trust Certificate in the case of
                           a U.S.  purchaser  and  within 18 months  preceding
                           such date of sale for a foreign purchaser; or

                  ____     (c) The most recent publicly available  information
                           appearing in a recognized  securities manual, which
                           information  is  as  of a  date  within  16  months
                           preceding the date of sale of the Transferred Owner
                           Trust  Certificate in the case of a U.S.  purchaser
                           and  within 18 months  preceding  such date of sale
                           for a foreign purchaser; or

                  ____     (d) A certification by the chief financial officer,
                           a person  fulfilling  an  equivalent  function,  or
                           other   executive   officer   of  the   Transferee,
                           specifying  the  amount  of  securities  owned  and
                           invested on a discretionary basis by the Transferee
                           as of a specific  date on or since the close of the
                           Transferee's  most recent  fiscal year,  or, in the
                           case of a Transferee  that is a member of a "family
                           of investment  companies",  as that term is defined
                           in  Rule  144A,  a  certification  by an  executive
                           officer of the  investment  adviser  specifying the
                           amount  of  securities  owned  by  the  "family  of
                           investment  companies"  as of a specific date on or
                           since the  close of the  Transferee's  most  recent
                           fiscal year.

                4. The Transferor and any person acting on behalf of the
         Transferor understand that in determining the aggregate amount of
         securities owned and invested on a discretionary basis by an entity
         for purposes of establishing whether such entity is a Qualified
         Institutional Buyer:

                           (a) the following  instruments  and interests shall
                           be  excluded:   securities   of  issuers  that  are
                           affiliated with the Transferee; securities that are
                           part of an unsold  allotment to or  subscription by
                           the  Transferee,  if the  Transferee  is a  dealer;
                           securities   of  issuers   that  are  part  of  the
                           Transferee's "family of investment  companies",  if
                           the Transferee is a registered  investment company;
                           bank  deposit  notes and  certificates  of deposit;
                           loan   participations;    repurchase    agreements;
                           securities   owned  but  subject  to  a  repurchase
                           agreement;   and   currency,   interest   rate  and
                           commodity swaps;

                           (b) the aggregate value of the securities  shall be
                           the  cost  of such  securities,  except  where  the
                           entity  reports  its  securities  holdings  in  its
                           financial  statements  on the basis of their market
                           value,  and no current  information with respect to
                           the cost of those securities has been published, in
                           which case the securities may be valued at market;

                           (c) securities  owned by subsidiaries of the entity
                           that  are  consolidated  with  the  entity  in  its
                           financial  statements  prepared in accordance  with
                           generally  accepted  accounting  principles  may be
                           included if the  investments  of such  subsidiaries
                           are  managed  under the  direction  of the  entity,
                           except  that,  unless  the  entity  is a  reporting
                           company under Section 13 or 15(d) of the Securities
                           Exchange Act of 1934, as amended,  securities owned
                           by such  subsidiaries  may not be  included  if the
                           entity itself is a  majority-owned  subsidiary that
                           would be  included  in the  consolidated  financial
                           statements of another enterprise.

                5. The Transferor or a person acting on its behalf has taken
         reasonable steps to ensure that the Transferee is aware that the
         Transferor is relying on the exemption from the provisions of Section
         5 of the Securities Act provided by Rule 144A.

                6. The Transferor or a person acting on its behalf has
         furnished, or caused to be furnished, to the Transferee all
         information regarding (a) the Transferred Owner Trust Certificates
         and payments thereon, (b) the Notes and payments thereon, (c) the
         nature and performance of the Underlying Certificate and the Mortgage
         Loans and (d) the Indenture, the Agreement and the Trust Estate, that
         the Transferee has requested.

                            Very truly yours,

                            (Transferor)

                            By:
                                -------------------------------------
                            Name:
                                  -----------------------------------
                            Title:
                                   ----------------------------------

<PAGE>

                                  EXHIBIT B-2

                        FORM OF TRANSFEREE CERTIFICATE

                 FOR TRANSFERS OF THE OWNER TRUST CERTIFICATES

                                                              [Date]

[Wilmington Trust Company]
[Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890]
Attention: [Corporate Trust Administration]

           Re:      IndyMac Trust SPMD [            ], Owner Trust Certificates
                    (the "Owner Trust Certificates")

Ladies and Gentlemen:

                  _______________________   (the   "Transferee")   intends  to
purchase  from  ______________________  (the  "Transferor")  the  Owner  Trust
Certificates  representing a ___% Percentage  Interest (the "Transferred Owner
Trust Certificates"). The Owner Trust Certificates,  including the Transferred
Owner Trust Certificates, were issued pursuant to the Deposit Trust Agreement,
dated as of [ ] (the "Agreement"),  among [IndyMac Bank, F.S.B.], as depositor
(the "Depositor") and [Wilmington Trust Company], as owner trustee (the "Owner
Trustee").  All capitalized  terms used herein and not otherwise defined shall
have the meanings set forth in the Agreement. The Transferee hereby certifies,
represents and warrants to you, as Certificate Registrar,  and for the benefit
of the Depositor, the Owner Trustee and the Transferor, that:

         1. The Transferee is a "qualified institutional buyer" (a "Qualified
Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A") under
the Securities Act of 1933, as amended (the "Securities Act"), and has
completed one of the forms of certification to that effect attached hereto as
Annex 1 and Annex 2. The Transferee is aware that the sale to it of the
Transferred Owner Trust Certificates is being made in reliance on Rule 144A.
The Transferee is acquiring the Transferred Owner Trust Certificates for its
own account or for the account of a Qualified Institutional Buyer, and
understands that such Transferred Owner Trust Certificates may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
Qualified Institutional Buyer that purchases for its own account or for the
account of a Qualified Institutional Buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

         2. The Transferee has been furnished with all information regarding
(a) the Transferred Owner Trust Certificates and payments thereon, (b) the
nature and performance of the Underlying Certificate and the Mortgage Loans,
(c) the Indenture, (d) the Agreement and (e) any credit enhancement mechanism
associated with the Transferred Owner Trust Certificates, that it has
requested.

         3. The Transferee represents that it is not any employee benefit plan
(a "Plan") subject to the Employee Retirement Income Security Act of 1974, as
amended, or the Internal Revenue Code of 1986, as amended, or a Person acting,
directly or indirectly, on behalf of, or with the assets of, a Plan.

4.       The Transferee agrees to be bound by the terms of the Agreement.

                                        Very truly yours,

                                        (Transferee)

                                        By:
                                            -------------------------
                                        Name:
                                              -----------------------
                                        Title:
                                               ----------------------

<PAGE>

                            ANNEX 1 TO EXHIBIT B-2

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         [for Transferees other than Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and [name of Certificate Registrar], as Certificate
Registrar, with respect to the Owner Trust Certificates being transferred (the
"Transferred Owner Trust Certificates") as described in the Transferee
Certificate to which this certification relates and to which this
certification is an Annex:

         1. As indicated below, the undersigned is the chief financial
officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Owner Trust Certificates (the
"Transferee").

         2. The Transferee is a "qualified institutional buyer" as that term
is defined in Rule 144A under the Securities Act of 1933, as amended ("Rule
144A"), because (i) the Transferee owned and/or invested on a discretionary
basis $________________________ in securities (other than the excluded
securities referred to below) as of the end of the Transferee's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and
(ii) the Transferee satisfies the criteria in the category marked below.

         ____     Corporation,  etc. The  Transferee is a  corporation  (other
                  than  a  bank,  savings  and  loan  association  or  similar
                  institution),   Massachusetts  or  similar  business  trust,
                  partnership,   or  any  organization  described  in  Section
                  501(c)(3) of the Internal Revenue Code of 1986, as amended.

         ____     Bank.  The  Transferee  (a) is a national  bank or a banking
                  institution  organized  under  the laws of any  State,  U.S.
                  territory or the District of Columbia, the business of which
                  is  substantially  confined to banking and is  supervised by
                  the  State or  territorial  banking  commission  or  similar
                  official or is a foreign bank or equivalent institution, and
                  (b) has an  audited  net  worth of at least  $25,000,000  as
                  demonstrated in its latest annual  financial  statements,  a
                  copy of which is attached hereto, as of a date not more than
                  16  months  preceding  the date of sale of the  Owner  Trust
                  Certificates  in the case of a U.S.  bank, and not more than
                  18 months  preceding such date of sale for a foreign bank or
                  equivalent institution.

         ____     Savings and Loan.  The  Transferee (a) is a savings and loan
                  association,  building  and  loan  association,  cooperative
                  bank, homestead association or similar institution, which is
                  supervised  and  examined  by a State or  Federal  authority
                  having  supervision  over  any  such  institutions  or  is a
                  foreign   savings  and  loan   association   or   equivalent
                  institution  and (b) has an  audited  net  worth of at least
                  $25,000,000 as demonstrated  in its latest annual  financial
                  statements, a copy of which is attached hereto, as of a date
                  not more  than 16 months  preceding  the date of sale of the
                  Owner Trust  Certificates in the case of a U.S.  savings and
                  loan association, and not more than 18 months preceding such
                  date of sale for a foreign  savings and loan  association or
                  equivalent institution.

         ____     Broker-dealer.  The  Transferee is a dealer  registered
                  pursuant to Section 15 of the Securities Exchange Act of 1934,
                  as amended.

         ____     Insurance  Company.  The Transferee is an insurance  company
                  whose  primary  and  predominant  business  activity  is the
                  writing of insurance or the reinsuring of risks underwritten
                  by insurance  companies and which is subject to  supervision
                  by the  insurance  commissioner  or a  similar  official  or
                  agency  of a  State,  U.S.  territory  or  the  District  of
                  Columbia.

         ____     State or Local Plan. The Transferee is a plan  established
                  and maintained by a State, its  political  subdivisions,  or
                  any  agency or  instrumentality  of the State or its
                  political subdivisions, for the benefit of its employees.

         ____     ERISA  Plan.  The  Transferee  is an employee  benefit  plan
                  within  the  meaning of Title I of the  Employee  Retirement
                  Income Security Act of 1974, as amended.

         ____     Investment  Advisor.  The  Transferee is an investment
                  advisor  registered  under the Investment Advisers Act of
                  1940, as amended.

         ____     Other.  (Please supply a brief description of the entity and
                  a  cross-reference  to the paragraph and subparagraph  under
                  subsection   (a)(1)  of  Rule  144A  pursuant  to  which  it
                  qualifies.  Note that registered investment companies should
                  complete Annex 2 rather than this Annex 1.)_________________

                  ____________________________________________________________

                  ____________________________________________________________

                  ____________________________________________________________

         3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee, (ii) securities
that are part of an unsold allotment to or subscription by the Transferee, if
the Transferee is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Transferee,
the Transferee did not include any of the securities referred to in this
paragraph.

         4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, the
Transferee used the cost of such securities to the Transferee, unless the
Transferee reports its securities holdings in its financial statements on the
basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities were
valued at market. Further, in determining such aggregate amount, the
Transferee may have included securities owned by subsidiaries of the
Transferee, but only if such subsidiaries are consolidated with the Transferee
in its financial statements prepared in accordance with generally accepted
accounting principles and if the investments of such subsidiaries are managed
under the Transferee's direction. However, such securities were not included
if the Transferee is a majority-owned, consolidated subsidiary of another
enterprise and the Transferee is not itself a reporting company under the
Securities Exchange Act of 1934, as amended.

         5. The Transferee acknowledges that it is familiar with Rule 144A and
understands that the Transferor and other parties related to the Transferred
Owner Trust Certificates are relying and will continue to rely on the
statements made herein because one or more sales to the Transferee may be in
reliance on Rule 144A.

  ____      ____  Will the Transferee be purchasing the Transferred Owner Trust
  Yes        No   Certificates only for the Transferee's own account?

         6. If the answer to the foregoing question is "no", then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional
buyer" status of such third party has been established by the Transferee
through one or more of the appropriate methods contemplated by Rule 144A.

         7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Transferee's purchase of the
Transferred Owner Trust Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Transferee
is a bank or savings and loan as provided above, the Transferee agrees that it
will furnish to such parties any updated annual financial statements that
become available on or before the date of such purchase, promptly after they
become available.

                -----------------------------------------------------
                Print Name of Transferee

                By:
                    -------------------------------------------------
                Name:
                      -----------------------------------------------
                Title:
                       ----------------------------------------------

                Date:
                      -----------------------------------------------

<PAGE>

                                                        ANNEX 2 TO EXHIBIT B-2

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [for Transferees that are Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and [name of Certificate Registrar], as Certificate
Registrar, with respect to the Owner Trust Certificates being transferred (the
"Transferred Owner Trust Certificates") as described in the Transferee
Certificate to which this certification relates and to which this
certification is an Annex:

         1. As indicated below, the undersigned is the chief financial
officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificates (the
"Transferee") or, if the Transferee is a "qualified institutional buyer" as
that term is defined in Rule 144A under the Securities Act of 1933, as amended
("Rule 144A"), because the Transferee is part of a `Family of Investment
Companies (as defined below), is an executive officer of the investment
adviser (the "Adviser").

         2. The Transferee is a "qualified institutional buyer" as defined in
Rule 144A because (i) the Transferee is an investment company registered under
the Investment Company Act of 1940, as amended, and (ii) as marked below, the
Transferee alone owned and/or invested on a discretionary basis, or the
Transferee's Family of Investment Companies owned, at least $100,000,000 in
securities (other than the excluded securities referred to below) as of the
end of the Transferee's most recent fiscal year. For purposes of determining
the amount of securities owned by the Transferee or the Transferee's Family of
Investment Companies, the cost of such securities was used, unless the
Transferee or any member of the Transferee's Family of Investment Companies,
as the case may be, reports its securities holdings in its financial
statements on the basis of their market value, and no current information with
respect to the cost of those securities has been published, in which case the
securities of such entity were valued at market.

____              The  Transferee  owned  and/or  invested on a  discretionary
                  basis  $_____________________ in securities (other than the,
                  excluded  securities referred to below) as of the end of the
                  Transferee's  most  recent  fiscal year (such  amount  being
                  calculated in accordance with Rule 144A).

____              The  Transferee  is part of a "Family  of  Investment
                  Companies"  which  owned in the  aggregate   $________________
                  in  securities  (other  than  the  excluded  securities
                  referred to below) as of the end of the  Transferee's  most
                  recent  fiscal year (such amount being calculated in
                  accordance with Rule 144A).

         3. The term "Family of Investment Companies" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee or are part of
the Transferee's Family of Investment Companies, (ii) bank deposit notes and
certificates of deposit, (iii) loan participations, (iv) repurchase
agreements, (v) securities owned but subject to a repurchase agreement and
(vi) currency, interest rate and commodity swaps. For purposes of determining
the aggregate amount of securities owned and/or invested on a discretionary
basis by the Transferee, or owned by the Transferee's Family of Investment
Companies, the securities referred to in this paragraph were excluded.

         5. The Transferee is familiar with Rule 144A and understands that the
parties to which this certification is being made are relying and will
continue to rely on the statements made herein because one or more sales to
the Transferee will be in reliance on Rule 144A.

     ____      ____        Will the Transferee be purchasing the Transferred
     Yes         No        Owner Trust Certificates only for the Transferee's
                           own account?

         6. If the answer to the foregoing question is "no", then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional
buyer" status of such third party has been established by the Transferee
through one or more of the appropriate methods contemplated by Rule 144A.

         7. The undersigned will notify the parties to which this
certification is made of any changes in the information and conclusions
herein. Until such notice, the Transferee's purchase of the Transferred Owner
Trust Certificates will constitute a reaffirmation of this certification by
the undersigned as of the date of such purchase.

                  Print Name of Transferee or Adviser

                  By:
                      -------------------------------------------------
                  Name:
                        -----------------------------------------------
                  Title:
                         ----------------------------------------------

                  IF AN ADVISER:

                  Print Name of Transferee

                  Date:
                        -----------------------------------------------

<PAGE>

                                   EXHIBIT C

                        [FORM OF CERTIFICATE OF TRUST]

                            CERTIFICATE OF TRUST OF

                            INDYMAC TRUST SPMD [ ]

         This Certificate of Trust of IndyMac Trust SPMD [ ] (the "Trust") is
being duly executed and filed by [Wilmington Trust Company], a Delaware
banking corporation, as trustee, to form a business trust under the Delaware
Business Trust Act (12 Del. Code, ss. 3801 et seq.) (the "Act").

         1. Name. The name of the business trust formed hereby is IndyMac
Trust SPMD [ ].

         2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is [Wilmington Trust Company], [Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890],
Attention: [Corporate Trust Administration.]

         IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

                      [WILMINGTON  TRUST
                      COMPANY],   not   in  its
                      individual  capacity  but
                      solely  as Owner  Trustee
                      of the Trust.

                      By:
                          ------------------------------------------
                          Name:
                          Title:

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