Document:

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                                                                       EXECUTION

             STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                 AURORA LOAN SERVICES INC., as Master Servicer,

                                       and

                      THE CHASE MANHATTAN BANK, as Trustee

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

                                 TRUST AGREEMENT

                            Dated as of June 1, 2001

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

                     STRUCTURED ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2001-10A

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================================================================================

                                Table of Contents
                                                                            Page

Article I DEFINITIONS ....................................................     7

Section 1.01. Definitions ................................................     7
Section 1.02. Calculations Respecting Mortgage Loans .....................    39

Article II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES                     40

Section 2.01. Creation and Declaration of Trust Fund;
              Conveyance of Mortgage Loans ...............................    40
Section 2.02. Acceptance of Trust Fund by Trustee: Review of
              Documentation for Trust Fund ...............................    43
Section 2.03. Representations and Warranties of the Depositor ............    45
Section 2.04. Discovery of Breach ........................................    46
Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans .....    47
Section 2.06. Grant Clause ...............................................    48

Article III THE CERTIFICATES                                                  48

Section 3.01. The Certificates ...........................................    48
Section 3.02. Registration ...............................................    50
Section 3.03. Transfer and Exchange of Certificates ......................    50
Section 3.04. Cancellation of Certificates ...............................    55
Section 3.05. Replacement of Certificates ................................    55
Section 3.06. Persons Deemed Owners ......................................    56
Section 3.07. Temporary Certificates .....................................    56
Section 3.08. Appointment of Paying Agent ................................    56
Section 3.09. Book-Entry Certificates ....................................    57

Article IV ADMINISTRATION OF THE TRUST FUND                                   58

Section 4.01. Collection Account .........................................    58
Section 4.02. Application of Funds in the Collection Account .............    60
Section 4.03. Reports to Certificateholders ..............................    62
Section 4.04. Certificate Account ........................................    65
Section 4.05. [Reserved] .................................................    65
Section 4.06. Certain Provisions With Respect to the Participations ......    66

Article V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES                            66

Section 5.01. Distributions Generally ....................................    66
Section 5.02. Distributions from the Certificate Account .................    67
Section 5.03. Allocation of Realized Losses ..............................    72
Section 5.04. Advances by Master Servicer and Trustee ....................    74
Section 5.05. Compensating Interest Payments .............................    75
Section 5.06. [Reserved] .................................................    75
Section 5.07. The Class 2-A1 Certificate Insurance Policy ................    75

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Article VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT                          78

Section 6.01. Duties of Trustee ..........................................    78
Section 6.02. Certain Matters Affecting the Trustee ......................    80
Section 6.03. Trustee Not Liable for Certificates ........................    81
Section 6.04. Trustee May Own Certificates ...............................    82
Section 6.05. Eligibility Requirements for Trustee .......................    82
Section 6.06. Resignation and Removal of Trustee .........................    82
Section 6.07. Successor Trustee ..........................................    83
Section 6.08. Merger or Consolidation of Trustee .........................    83
Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian ...    84
Section 6.10. Authenticating Agents ......................................    85
Section 6.11. Indemnification of Trustee .................................    86
Section 6.12. Fees and Expenses of Trustee ...............................    87
Section 6.13. Collection of Monies .......................................    87
Section 6.14. Events of Default; Trustee To Act; Appointment of Successor     87
Section 6.15. Additional Remedies of Trustee Upon Event of Default .......    90
Section 6.16. Waiver of Defaults .........................................    91
Section 6.17. Notification to Holders ....................................    91
Section 6.18. Directions by Certificateholders and Duties of Trustee
              During Event of Default ....................................    91
Section 6.19. Action Upon Certain Failures of the Master Servicer
              and Upon Event of Default ..................................    92
Section 6.20. Preparation of Tax Returns and Other Reports ...............    92

Article VII PURCHASE AND TERMINATION OF THE TRUST FUND                        93

Section 7.01. Termination of Trust Fund Upon Repurchase or Liquidation
              of All Mortgage Loans ......................................    93
Section 7.02. Procedure Upon Termination of Trust Fund ...................    94
Section 7.03. Additional Requirements under the REMIC Provisions .........    94

Article VIII RIGHTS OF CERTIFICATEHOLDERS                                     95

Section 8.01. Limitation on Rights of Holders ............................    95
Section 8.02. Access to List of Holders ..................................    96
Section 8.03. Acts of Holders of Certificates ............................    96

Article IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
           BY THE MASTER SERVICER                                             97

Section 9.01. Duties of the Master Servicer ..............................    97
Section 9.02. Master Servicer Fidelity Bond and Master Servicer Errors
              and Omissions Insurance Policy .............................    97
Section 9.03. Master Servicer's Financial Statements and
              Related Information ........................................    98
Section 9.04. Power to Act; Procedures ...................................    98

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Section 9.05. Servicing Agreements Between the Master Servicer
              and Servicers; Enforcement of Servicers' Obligations .......   100
Section 9.06. Collection of Taxes, Assessments and Similar Items .........   101
Section 9.07. Termination of Servicing Agreements; Successor Servicers ...   101
Section 9.08. Master Servicer Liable for Enforcement .....................   102
Section 9.09. No Contractual Relationship Between Servicers
              and Trustee or Depositor ...................................   102
Section 9.10. Assumption of Servicing Agreement by Trustee ...............   102
Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements ...............   103
Section 9.12. Release of Mortgage Files ..................................   103
Section 9.13. Documents, Records and Funds in Possession of Master
              Servicer To Be Held for Trustee ............................   104
Section 9.14. Representations and Warranties of the Master Servicer ......   106
Section 9.15. Closing Certificate and Opinion ............................   108
Section 9.16. Standard Hazard and Flood Insurance Policies ...............   108
Section 9.17. Presentment of Claims and Collection of Proceeds ...........   109
Section 9.18. Maintenance of the Primary Mortgage Insurance Policies .....   109
Section 9.19. Trustee To Retain Possession of Certain Insurance
              Policies and Documents .....................................   109
Section 9.20. Realization Upon Defaulted Mortgage Loans ..................   110
Section 9.21. Compensation to the Master Servicer ........................   110
Section 9.22. REO Property ...............................................   111
Section 9.23. [Omitted] ..................................................   111
Section 9.24. Reports to the Trustee .....................................   112
Section 9.25. Annual Officer's Certificate as to Compliance ..............   112
Section 9.26. Annual Independent Accountants' Servicing Report ...........   113
Section 9.27. Merger or Consolidation ....................................   113
Section 9.28. Resignation of Master Servicer .............................   113
Section 9.29. Assignment or Delegation of Duties by the Master Servicer ..   114
Section 9.30. Limitation on Liability of the Master Servicer and Others ..   114
Section 9.31. Indemnification; Third-Party Claims ........................   115

Article X REMIC ADMINISTRATION                                               115

Section 10.01. REMIC Administration ......................................   115
Section 10.02. Prohibited Transactions and Activities ....................   117
Section 10.03. Indemnification with Respect to Certain Taxes
               and Loss of REMIC Status ..................................   117
Section 10.04. REO Property ..............................................   118

Article XI MISCELLANEOUS PROVISIONS ......................................   119

Section 11.01. Binding Nature of Agreement; Assignment ...................   119
Section 11.02. Entire Agreement ..........................................   119
Section 11.03. Amendment .................................................   119
Section 11.04. Voting Rights .............................................   120
Section 11.05. Provision of Information ..................................   120
Section 11.06. Governing Law .............................................   121
Section 11.07. Notices ...................................................   121
Section 11.08. Severability of Provisions ................................   121

                                      iii
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Section 11.09. Indulgences; No Waivers ...................................   122
Section 11.10. Headings Not To Affect Interpretation .....................   122
Section 11.11. Benefits of Agreement .....................................   122
Section 11.12. Special Notices to the Rating Agencies ....................   122
Section 11.13. Counterparts ..............................................   123
Section 11.14. Transfer of Servicing .....................................   123
Section 11.15. Matters Relating to the Class 2-A1 Certificate
               Insurance Policy ..........................................   124
Section 11.16. All references herein to the rating of the Certificates
               shall be without regard to the Class 2-A1
               Certificate Insurance Policy ..............................   125

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                                   ATTACHMENTS

Exhibit A     Forms of Certificates
Exhibit B-1   Form of Initial Certification
Exhibit B-2   Form of Interim Certification
Exhibit B-3   Form of Final Certification
Exhibit B-4   Form of Endorsement
Exhibit C     Request for Release of Documents and Receipt
Exhibit D-l   Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2   Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E     Servicing Agreement
Exhibit F     Form of Rule 144A Transfer Certificate
Exhibit G     Form of Purchaser's Letter for Institutional Accredited Investors
Exhibit H     Form of ERISA Transfer Affidavit
Exhibit I     Monthly Remittance Advice
Exhibit J     Monthly Electronic Data Transmission
Exhibit K     Custodial Agreements
Exhibit L     Commitment Letter
Exhibit M     Class 2-A1 Certificate Insurance Policy
Exhibit M-1   Form of Transfer Certificate for Transfer from Restricted Global
              Security to Regulation S Global Security
Exhibit M-2   Form of Transfer Certificate for Transfer from Regulation S Global
              Security to Restricted Global Security

Schedule A    Mortgage Loan Schedule
Schedule B    Participation Schedule
Schedule C    Employee Mortgage Loans

                                       v
<PAGE>

         This TRUST AGREEMENT, dated as of June 1, 2001 (the "Agreement"), is by
and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES INC., as master servicer (the
"Master Servicer"), and THE CHASE MANHATTAN BANK, a New York banking
corporation, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

         The Depositor has acquired the Mortgage Loans from Lehman Capital, A
Division of Lehman Brothers Holdings Inc. (the "Seller"), and at the Closing
Date is the owner of the Mortgage Loans and the other property being conveyed by
it to the Trustee for inclusion in the Trust Fund. On the Closing Date, the
Depositor will acquire the Certificates from the Trust Fund as consideration for
its transfer to the Trust Fund of the Mortgage Loans and the other property
constituting the Trust Fund. The Depositor has duly authorized the execution and
delivery of this Agreement to provide for the conveyance to the Trustee of the
Mortgage Loans and the other property constituting the Trust Fund. All covenants
and agreements made by the Depositor, the Master Servicer and the Trustee herein
with respect to the Mortgage Loans and the other property constituting the Trust
Fund are for the benefit of the Holders from time to time of the Certificates
and the Class 2-A1 Certificate Insurer. The Depositor and the Master Servicer
are entering into this Agreement, and the Trustee is accepting the Trust Fund
created hereby, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged.

         As provided herein, the Trustee shall elect that the Trust Fund be
treated for federal income tax purposes as comprising two real estate mortgage
investment conduits (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 one or more regular interests 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 the Lower Tier
REMIC and the Upper Tier REMIC for purposes of the REMIC Provisions. The Upper
Tier REMIC shall hold as assets the several classes of uncertificated Lower Tier
Interests, other than the Class LT-R Interest, set out below. Each such Lower
Tier Interest, other than the Class LT-R Interest, is hereby designated as a
regular interest in the Lower Tier REMIC. The Lower Tier REMIC shall hold as
assets all property of the Trust Fund other than the Lower Tier Interests.

         The following table specifies the class designation, interest rate, and
principal amount for each class of Lower Tier Interests.

<PAGE>

<TABLE>
<CAPTION>
  Lower Tier Class           Lower Tier      Initial Class or    Corresponding Class
      Designation          Interest Rate     Notional Principal     of Certificates
                                                  Amount
  ----------------         -------------     ------------------  -------------------
<S>                               <C>       <C>                    <C>
Class LT1-A1 ..............       (1)       $   210,508,000.00     Class 1-A1
Class LT1-A2 ..............       (2)               336,559.00     Class 1-A2
Class LT1-A3 ..............       (3)                    (4)       Class 1-A3
Class LT1-AR ..............       (1)                   100.00     Class R
Class LT1-B ...............       (1)       $    12,272,878.17     Classes B1-B6
Class LT2-A1 ..............       (5)       $    73,337,000.00     Class 2-A1
Class LT2-A2 ..............       (6)       $       335,372.00     Class 2-A2
Class LT2-A3 ..............       (7)                    (8)       Class 2-A3
Class LT2-B ...............       (5)       $     4,288,727.64     Class B1-B6
Class LT-R ................       (9)                    (9)       Class R
</TABLE>

----------
(1)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in November 2005, the interest rate for the Class
         LT1-A1, Class LT1-AR and LT1-B Interests shall be a fixed rate per
         annum of 6.25%. For any Distribution Date (and the related Accrual
         Period) after the Distribution Date in November 2005, the interest rate
         for the Class LT1-A1, Class LT1-AR, and LT-1B Interests shall be a per
         annum rate equal to the Net WAC for Pool 1 for such Distribution Date.

(2)      For any Distribution Date (and related Accrual Period) on or before the
         Distribution Date in November 2005, the interest rate on the Class
         LT1-A2 Interest shall be a fixed rate per annum of 0.00%. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in November 2005, the interest rate for the Class
         LT1-A2 Interest shall be a per annum rate equal to the Net WAC for Pool
         1 for such Distribution Date.

(3)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in November 2005, the interest rate for the Class
         LT1-A3 Interest shall be a per annum rate equal to the (i) the weighted
         average of the Net Mortgage Rates for the Non-Discount Mortgage Loans
         in Pool 1 for such Distribution Date minus (ii) 6.25%. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in November 2005, the Class LT1-A3 Interest shall not
         accrue interest and shall not be entitled to any distributions.

(4)      The Class LT1-A3 Interest does not have a principal balance. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date in November 2005, the Class LT1-A3 Interest shall
         have a Class Notional Amount equal to the total Scheduled Principal
         Balances of the Non-Discount Mortgage Loans in Pool 1 as of the first
         day of the related Due Period. For any Distribution Date (and the
         related Accrual Period) after the Distribution Date in November 2005,
         the Class LT1-A3 Interest shall have a Class Notional Amount of zero.

(5)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in December 2003, the interest rate for the Class
         LT2-A2 and Class LT2-B Interests shall be a fixed rate per annum of
         6.75%. For any Distribution Date (and the related Accrual Period) after

                                       2
<PAGE>

         the Distribution Date in December 2003, the interest rate for the Class
         LT2-A1 and Class LT2-B Interests shall be a per annum rate equal to the
         excess of the Net WAC for Pool 2 for such Distribution Date over 0.07%.

(6)      For any Distribution Date on or before the Distribution Date in
         December 2003, the interest rate on the Class LT2-A2 Interest shall be
         a fixed rate per annum of 0.00%. For any Distribution Date (and the
         related Accrual Period) after the Distribution Date in December 2003,
         the interest rate for the Class LT2-A2 Interest shall be a per annum
         rate equal to the Net WAC for Pool 2 for such Distribution Date.

(7)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in December 2003, the interest rate for the Class
         LT2-A3 Interest shall be a per annum rate equal to the (i) the weighted
         average of the Net Mortgage Rates for the Non-Discount Mortgage Loans
         in Pool 2 for such Distribution Date minus (ii) 6.82%. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in December 2003, the Class LT2-A3 Interest shall not
         accrue interest and shall not be entitled to any distributions.

(8)      The Class LT2-A3 Interest does not have a principal balance. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date December 2003, the Class LT2-A3 Interest shall have a
         Class Notional Amount equal to the total Scheduled Principal Balances
         of the Non-Discount Mortgage Loans in Pool 2 as of the first day of the
         related Due Period. For any Distribution Date (and the related Accrual
         Period) after the Distribution Date in December 2003, the Class LT1-A3
         Interest shall have a Class Notional Amount of zero.

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

         On each Distribution Date, the Available Distribution Amount for Pool 1
and for Pool 2 shall be distributed with respect to the Lower Tier Interests in
the following manner:

         (i)      On each Distribution Date, the Trustee is to be paid the
                  Trustee Fee;

         (ii)     On each Distribution Date, the Class 2-A1 Certificate Insurer
                  is to be paid the Class 2-A1 Certificate Premium Amount;

         (iii)    On each Distribution Date, interest is to be distributed on
                  each Lower Tier Regular Interest at the rate described above
                  in the same order that interest is distributed on the
                  Corresponding Class or Classes of Certificates;

         (iv)     For each Class of Lower Tier Interest for which there is a
                  Corresponding Class of Senior Certificates, principal is to be
                  distributed on such Class of Lower Tier Interest on each
                  Distribution Date in the same manner and in the same amount as
                  principal is distributed on such Corresponding Class of Senior
                  Certificates;

         (v)      On each Distribution Date, the excess, if any, of the
                  Available Distribution Amount for Pool 1 over the amounts
                  distributed pursuant to clauses (iii) and (iv) above is to be
                  distributed as principal on the Class LT1-B Interest; and

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<PAGE>

         (vi)     On each Distribution Date, the excess, if any, of the
                  Available Distribution Amount for Pool 2 over the amounts
                  distributed pursuant to clauses (iii) and (iv) above is to be
                  distributed as principal on the Class LT2-B Interest.

         On each Distribution Date, Realized Losses shall be allocated among the
Lower Tier Interests in the following manner:

         (i)      Realized Losses (other than the applicable AP Percentage of
                  such Realized Losses) attributable to the Mortgage Loans in
                  Pool 1 for any Distribution Date shall be allocated first to
                  the Class LT1-B Interest until its principal balance is
                  reduced to zero;

         (ii)     Realized Losses (other than the applicable AP Percentage of
                  such Realized Losses) attributable to the Mortgage Loans in
                  Pool 2 shall be allocated first to the Class LT2-B Interest
                  until its balance is reduced to zero;

         (iii)    Realized Losses (other than the AP Percentages of such
                  Realized Losses) in excess of the allocations made pursuant to
                  clauses (i) and (ii) above are to be allocated first to either
                  the Class LT1-B or Class LT2-B Interests, whichever has a
                  remaining balance, to the extent of its remaining principal
                  balance, and then among the remaining classes of Lower Tier
                  Interests in the same manner that such Realized Losses are
                  allocated among the Corresponding Classes of Certificates; and

         (iv)     The AP Percentage of Realized Losses with respect to Pool 1
                  shall be allocated to the Class LT1-A2 Interest until its
                  Class Principal Amount has been reduced to zero and the AP
                  Percentage of Realized Losses with respect to Pool 2 shall be
                  allocated to the Class LT2-A2 Interest until its Class
                  Principal Amount has been reduced to zero.

         Net Prepayment Shortfalls and Excess Losses are to be allocated among
the Classes of Lower Tier Interests in the same manner that such items are
allocated among the Corresponding Classes of Certificates.

         The following table specifies the Class designation, Certificate
Interest Rate, initial Class Principal Amount or Class Notional Amount, and
minimum denomination (by dollar amount or Percentage Interest) for each Class of
Certificates representing the interests in the Trust Fund created hereunder.
Each Certificate, other than the Class R Certificate, represents ownership of
regular interests in the Upper Tier REMIC for purposes of the REMIC provisions.

                                       4
<PAGE>

<TABLE>
<CAPTION>
                                                     Initial
                                                 Class Principal
                                                      Amount
                                 Certificate         or Class
    Class Designation           Interest Rate     Notional Amount  Minimum Denomination
    -----------------           -------------     ---------------  --------------------
<S>                                  <C>       <C>                    <C>
Class 1-A1 ...........               (1)       $   210,508,000.00     $   25,000
Class 1-A2 ...........               (2)       $       336,559.00     $  150,000
Class 1-A3 ...........               (3)                    (4)       $1,000,000
Class 2-A1 ...........               (5)       $    73,337,000.00     $   25,000
Class 2-A2 ...........               (6)       $       335,372.00     $  150,000
Class 2-A3 ...........               (7)                    (8)       $1,000,000
Class B1 .............               (9)             7,526,000.00     $  100,000
Class B2 .............               (9)             3,762,000.00     $  100,000
Class B3 .............               (9)             2,257,000.00     $  100,000
Class B4 .............               (9)               902,000.00     $  250,000
Class B5 .............               (9)             1,052,000.00     $  250,000
Class B6 .............               (9)             1,062,650.00     $  250,000
Class R ..............               (1)                   100.00     $      100
</TABLE>

----------
(1)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in November 2005, the Certificate Interest Rate
         for the Class 1-A1 and Class R Certificates shall be a per annum rate
         equal to 6.25%. For any Distribution Date (and the related Accrual
         Period) after the Distribution Date in November 2005, the Certificate
         Interest Rate for the Class 1-A1 and Class R Certificates shall be a
         per annum rate equal to the Net WAC for Pool 1 for such Distribution
         Date.

(2)      For any Distribution Date (and related Accrual Period) on or before the
         Distribution Date in November 2005, the Class 1-A2 Certificates shall
         not be entitled to any payments of interest. For any Distribution Date
         (and the related Accrual Period) after the Distribution Date in
         November 2005, the Certificate Interest Rate for the Class 1-A2
         Certificates shall be a per annum rate equal to the Net WAC for Pool 1
         for such Distribution Date.

(3)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in November 2005, the Certificate Interest Rate
         for the Class 1-A3 Certificates shall be a per annum rate equal to
         6.25%. For any Distribution Date (and the related Accrual Period) after
         the Distribution Date in November 2005, the Class 1-A3 Certificates
         shall not accrue interest and shall not be entitled to any
         distributions.

(4)      The Class 1-A3 Certificates are Notional Certificates. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date in November 2005, the Class 1-A3 Certificates shall
         have a Class Notional Amount equal to the total Scheduled Principal
         Balances of the Non-Discount Mortgage Loans in Pool 1 as of the first
         day of the related Due Period. For any Distribution Date (and the
         related Accrual Period) after the Distribution Date in November 2005,
         the Class 1-A3 Certificates shall have a Class Notional Amount of zero.

(5)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in December 2003, the Certificate Interest Rate
         for the Class 2-A1 Certificates shall be a per annum rate equal to

                                       5
<PAGE>

         6.75%. For any Distribution Date (and the related Accrual Period) after
         the Distribution Date in December 2003, the Certificate Interest Rate
         for the Class 2-A1 Certificates shall be a per annum rate equal to the
         excess of the Net WAC for Pool 2 for such Distribution Date over 0.07%.

(6)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in December 2003, the Class 2-A2 Certificates
         shall not be entitled to any payments of interest. For any Distribution
         Date (and the related Accrual Period) after the Distribution Date in
         December 2003, the Certificate Interest Rate for the Class 2-A2
         Certificates shall be a per annum rate equal to the Net WAC for Pool 2
         for such Distribution Date.

(7)      For any Distribution Date (and the related Accrual Period) on or before
         the Distribution Date in December 2003, the Certificate Interest Rate
         for the Class 2-A3 Certificates shall be a per annum rate equal to
         6.82%. For any Distribution Date (and the related Accrual Period) after
         the Distribution Date in December 2003, the Class 2-A3 Certificates
         shall not accrue interest and shall not be entitled to any
         distributions.

(8)      The Class 2-A3 Certificates are Notional Certificates. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date in December 2003, the Class 2-A3 Certificates shall
         have a Class Notional Amount equal to the total Scheduled Principal
         Balances of the Non-Discount Mortgage Loans in Pool 2 as of the first
         day of the related Due Period. For any Distribution Date (and the
         related Accrual Period) after the Distribution Date in December 2003,
         the Class 2-A5 Certificates shall have a Class Notional Amount of zero.

(9)      For any Distribution Date (and the related Accrual Period), the Class
         B1, Class B2, Class B3, Class B4, Class B5, and Class B6 Certificates
         will bear interest at a per annum rate equal to the Average Rate for
         such Distribution Date.

         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $301,078,636.81.

         For purposes hereof, each pool of Mortgage Loans constitutes a fully
separate and distinct sub-trust.

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

                                       6
<PAGE>

                                   Article I

                                  DEFINITIONS

         Section 1.01. Definitions.

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

         Accepted Servicing Practices: With respect to any Mortgage Loan, as
applicable, either (x) those customary mortgage servicing practices of prudent
mortgage servicing institutions that service or master service mortgage loans of
the same type and quality as such Mortgage Loan in the jurisdiction where the
related Mortgaged Property is located, to the extent applicable to the Trustee
or the Master Servicer or (y) as provided in the applicable Servicing Agreement,
to the extent applicable to the related Servicer.

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

         Accretion Directed Certificate:  None.

         Accretion Termination Date:  None.

         Accrual Amount: As to any Class of Accrual Certificates and each
Distribution Date through the Credit Support Depletion Date, the sum of (x) any
amount of Accrued Certificate Interest allocable to such Class pursuant to
Section 5.02(a)(iii) on such Distribution Date and (y) any Interest Shortfall
allocable to such Class pursuant to Section 5.02(a)(iv) on such Distribution
Date. As to any Class of Accrual Certificates and each Distribution Date after
the Credit Support Depletion Date, zero.

         Accrual Certificate:  None.

         Accrual Component:  None.

         Accrual Period: With respect to any Distribution Date and any Class of
Certificates or any Class of Lower Tier Interests, the one-month period
beginning immediately following the end of the preceding Accrual Period (or from
the Cut-off Date, in the case of the first Accrual Period) and ending on the
last day of the month immediately preceding the month in which such Distribution
Date occurs.

         Accrued Certificate Interest: As to any Class of Certificates (other
than any Principal Only Certificates prior to the related Reset Date) and any
Distribution Date, the product of the Certificate Interest Rate for such Class
of Certificates and the Class Principal Amount (or Class Notional Amount) of
such Class of Certificates immediately preceding such Distribution Date, as
reduced by such Class's share of the interest portion of (i) any Excess Losses
for the related Mortgage Pool or Mortgage Pools for such Distribution Date and
(ii) any Relief Act Reduction for the related Mortgage Pool or Mortgage Pools
for such Distribution Date, in each case allocable among the related Senior

                                       7
<PAGE>

Certificates of the related Certificate Group pro rata based on the Accrued
Certificate Interest otherwise distributable thereto, and allocable to the
Subordinate Certificates pro rata based on interest accrued on their respective
Apportioned Principal Balances. Interest shall be calculated on the basis of a
360 day year consisting of twelve 30 day months.

         Act:  As defined in Section 3.03(c).

         Additional Collateral:  None.

         Adjustable Rate Mortgage Loan: Any Mortgage Loan as to which the
related Mortgage Note provides for the adjustment of the Mortgage Rate.

         Advance: An advance of the aggregate of payments of principal and
interest (net of the Master Servicing Fee and the applicable Servicing Fee) on
one or more Mortgage Loans that were due on the Due Date in the related Due
Period and not received as of the close of business on the related Determination
Date, required to be made by or on behalf of the Master Servicer and the related
Servicer (or by the Trustee) pursuant to Section 5.04.

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

         Aggregate Class 2-A1 Certificate Insurance Premium: As to any
Distribution Date, the sum of (a) the Class 2-A1 Certificate Insurance Premium
for such Distribution Date and (b) the amount of any Class 2-A1 Certificate
Insurance Premium that was not distributed to the Class 2-A1 Certificate Insurer
on any prior Distribution Date.

         Aggregate Master Servicing Compensation: As to any Distribution Date,
the sum of (x) the aggregate of the Master Servicing Fees payable to the Master
Servicer in respect of such Distribution Date and (y) all income and gain
realized from the investment of funds in the Collection Account during the
period from and including the Deposit Date in the calendar month immediately
preceding the month in which such Distribution Date occurs, to but excluding the
Deposit Date relating to such Distribution Date.

         Aggregate Principal Balance: The aggregate of the Scheduled Principal
Balances for all Mortgage Loans at any date of determination.

         Aggregate Subordinate Percentage: With respect to any Distribution
Date, the sum of the Class Principal Amounts of the Subordinate Certificates
immediately prior to such date divided by the sum of the Non-AP Pool Balances
for all Mortgage Pools for the immediately preceding Distribution Date.

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

                                       8
<PAGE>

         Agreement: This Trust Agreement and all amendments and supplements
hereto.

         AP Percentage: As to any Discount Mortgage Loan, the percentage
equivalent of a fraction, the numerator of which is the applicable Designated
Rate minus the Initial Net Mortgage Rate of such Discount Mortgage Loan and the
denominator of which is the applicable Designated Rate. As to any Non-Discount
Mortgage Loan in any Mortgage Pool, 0%.

         AP Principal Distribution Amount: For any Distribution Date and for
each Certificate Group, the sum of the following amounts:

                  (i) the applicable AP Percentage of the principal portion of
         each Scheduled Payment (without giving effect to any Debt Service
         Reduction occurring prior to the Bankruptcy Coverage Termination Date)
         on each Mortgage Loan in the related Mortgage Pool due during the
         related Due Period;

                  (ii) the applicable AP Percentage of each of the following
         amounts: (1) each Principal Prepayment collected on a Mortgage Loan in
         the related Mortgage Pool during the applicable Prepayment Period, (2)
         each other unscheduled collection, including Insurance Proceeds and Net
         Liquidation Proceeds (other than with respect to any Mortgage Loan in
         the related Mortgage Pool that was finally liquidated during the
         applicable Prepayment Period), representing or allocable to recoveries
         of principal of such Mortgage Loan in the related Mortgage Pool
         received during the applicable Prepayment Period and (3) the principal
         portion of all proceeds of the purchase of any Mortgage Loan in the
         related Mortgage Pool (or, in the case of a permitted substitution,
         amounts representing a principal adjustment) actually received by the
         Trustee with respect to the applicable Prepayment Period;

                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the applicable
         AP Percentage of the related net Liquidation Proceeds allocable to
         principal; and

                  (iv) any amounts described in clauses (i) through (iii) for
         any previous Distribution Date that remain unpaid.

         Apportioned Principal Balance: As to any Class of Subordinate
Certificates and any Distribution Date, the Class Principal Amount of such Class
immediately prior to such Distribution Date multiplied by a fraction, the
numerator of which is the applicable Group Subordinate Amount for such date and
the denominator of which is the sum of the Group Subordinate Amounts for all
Mortgage Pools for such date.

         Appraised Value: With respect to any Mortgage Loan, the amount set
forth in an appraisal made in connection with the origination of such Mortgage
Loan as the value of the related Mortgaged Property.

         Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument, in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to reflect
the sale of the Mortgage to the Trustee, which assignment, notice of transfer or

                                       9
<PAGE>

equivalent instrument may be in the form of one or more blanket assignments
covering the Mortgage Loans secured by Mortgaged Properties located in the same
jurisdiction, if permitted by law; provided, however, that the Trustee shall not
be responsible for determining whether any such assignment is in recordable
form.

         Aurora: Aurora Loan Services Inc. or its successor in interest, in its
capacity as a Servicer.

         Authenticating Agent: Any authenticating agent appointed by the Trustee
pursuant to Section 6.10.

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

         Available Distribution Amount: As to each Mortgage Pool and on any
Distribution Date, the sum of the following amounts:

                  (i) the total amount of all cash received by the Master
         Servicer through the Remittance Date and deposited by the Master
         Servicer by the Deposit Date for such Distribution Date on the Mortgage
         Loans of such Mortgage Pool (including proceeds of any Insurance Policy
         and any other credit support relating to such Mortgage Loans), plus all
         Advances made by the Master Servicer or any Servicer (or the Trustee,
         in its capacity as successor Master Servicer) for such Distribution
         Date, any Compensating Interest Payment for such date and Mortgage Pool
         and any amounts paid by any Servicer in respect of Prepayment Interest
         Shortfalls in respect of the related Mortgage Loans for such date, but
         not including:

                           (A) all amounts distributed pursuant to Section 5.02
                  on prior Distribution Dates;

                           (B) all Scheduled Payments of principal and interest
                  collected but due on a date subsequent to the related Due
                  Period;

                           (C) all Principal Prepayments received or identified
                  by the applicable Servicer after the applicable Prepayment
                  Period (together with any interest payments received with such
                  prepayments to the extent that they represent the payment of
                  interest accrued on the related Mortgage Loans for the period
                  subsequent to the applicable Prepayment Period);

                           (D) any other unscheduled collection, including Net
                  Liquidation Proceeds and Insurance Proceeds, received by the
                  Master Servicer after the applicable Prepayment Period;

                           (E) all fees and amounts due or reimbursable to the
                  Master Servicer, the Trustee (other than the Trustee Fee), the
                  Custodian or a Servicer pursuant to the terms of this
                  Agreement, the applicable Custodial Agreement or the
                  applicable Servicing Agreement;

                                       10
<PAGE>

                           (F) any Prepayment Penalty Amounts; and

                           (G) such portion of each payment in respect of
                  interest representing Retained Interest.

                  (ii) any other payment made by the Master Servicer, any
         Servicer, the Seller, the Depositor, or any other Person with respect
         to such Distribution Date (including the Purchase Price with respect to
         any Mortgage Loan purchased by the Seller, the Depositor or any other
         Person).

         Average Rate: With respect to any Distribution Date, (i) on each
Accrual Period prior to the Group 2 Reset Date, the weighted average of the
Designated Rates applicable to each of the Mortgage Pools, (ii) on each Accrual
Period on or after the Group 2 Reset Date but prior to the Group 1 Reset Date,
the weighted average of 6.25% for Pool 1 and the Net WAC for Pool 2 or (iii) on
each Accrual Period on or after the Group 1 Reset Date, the weighted average of
the Net WAC applicable to each of the Mortgage Pools for such date, in the case
of clauses (i), (ii) and (iii), each weighted on the basis of the Group
Subordinate Amount for each such Mortgage Pool for such date.

         Balloon Mortgage Loan: Any Mortgage Loan having an original term to
maturity that is shorter than its amortization schedule, and a final Scheduled
Payment that is disproportionately large in comparison to other Scheduled
Payments.

         Balloon Payment: The final Scheduled Payment in respect of a Balloon
Mortgage Loan.

         Bankruptcy: As to any Person, the making of an assignment for the
benefit of creditors, the filing of a voluntary petition in bankruptcy,
adjudication as a bankrupt or insolvent, the entry of an order for relief in a
bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief, or
seeking, consenting to or acquiescing in the appointment of a trustee, receiver
or liquidator, dissolution, or termination, as the case may be, of such Person
pursuant to the provisions of either the United States Bankruptcy Code of 1986,
as amended, or any other similar state laws.

         Bankruptcy Coverage Termination Date: As to any Mortgage Pool, the
Distribution Date on which the Bankruptcy Loss Limit has been reduced to zero
(or less than zero).

         Bankruptcy Loss Limit: As of the Cut-off Date, $150,034, which amount
shall be reduced from time to time by the amount of Bankruptcy Losses that are
allocated to the Certificates.

         Bankruptcy Losses: With respect to the Mortgage Loans in the related
Mortgage Pool, losses that are incurred as a result of Deficient Valuations and
any reduction, in a bankruptcy proceeding, of the amount of the Scheduled
Payment on a Mortgage Loan other than as a result of a Deficient Valuation.

                                       11
<PAGE>

         Benefit Plan Opinion: An Opinion of Counsel satisfactory to the Trustee
to the effect that any proposed transfer will not (i) cause the assets of the
Trust Fund to be regarded as plan assets for purposes of the Plan Asset
Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor
or the Trustee.

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

         Book-Entry Certificates: Beneficial interests in Certificates
designated as "Book-Entry Certificates" in this Agreement, ownership and
transfers of which shall be evidenced or made through book entries by a Clearing
Agency as described in Section 3.09; provided, that after the occurrence of a
condition whereupon book-entry registration and transfer are no longer permitted
and Definitive Certificates are to be issued to Certificate Owners, such
Book-Entry Certificates shall no longer be "Book-Entry Certificates." As of the
Closing Date, all of the Classes of Certificates listed in the second table of
the Preliminary Statement, other than the Class R Certificates, will constitute
Book-Entry Certificates.

         Business Day: Any day other than (i) a Saturday or a Sunday, (ii) a day
on which banking institutions in New York, New York or, if other than New York,
the city in which the Corporate Trust Office of the Trustee is located, or the
State of Colorado, or (iii) with respect to any Remittance Date or any Servicer
reporting date, the States specified in the definition of "Business Day" in the
applicable Servicing Agreement, are authorized or obligated by law or executive
order to be closed.

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

         Certificate Account: The account maintained by the Trustee in
accordance with the provisions of Section 4.04.

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

         Certificate Interest Rate: With respect to each Class of Certificates,
the applicable per annum rate specified or determined as provided in the
Preliminary Statement hereto.

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

         Certificate Principal Amount: With respect to any Certificate other
than a Notional Certificate, at the time of determination, the maximum specified
dollar amount of principal to which the Holder thereof is then entitled
hereunder, such amount being equal to the initial principal amount set forth on
the face of such Certificate (plus, in the case of any Negative Amortization
Certificate, any Deferred Interest allocated thereto on previous Distribution
Dates, and plus, in the case of any Accrual Certificate, its Percentage Interest
of any related Accrual Amount for each previous Distribution Date), less the
amount of all principal distributions previously made with respect to such
Certificate, and all Realized Losses allocated to such Certificate and, in the
case of a Subordinate Certificate, any Subordinate Certificate Writedown Amount

                                       12
<PAGE>

allocated to such Certificates. For purposes of Article V hereof, unless
specifically provided to the contrary, Certificate Principal Amounts shall be
determined as of the close of business of the immediately preceding Distribution
Date, after giving effect to all distributions made on such date. Notional
Certificates are issued without Certificate Principal Amounts.

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

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

         Class: All Certificates bearing the same class designation, and, in the
case of each Lower Tier REMIC, all Lower Tier Interests bearing the same
designation.

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

         Class 2-A1 Certificate Insurance Policy: The irrevocable Ambac
Insurance Policy No. AB0475BE dated the Closing Date, including any endorsements
thereto issued by the Class 2-A1 Certificate Insurer to the Trustee for the
benefit of the Holders of the Class 2-A1 Certificates, a copy of which is
attached as Exhibit M hereto.

         Class 2-A1 Certificate Insurance Premium: With respect to any
Distribution Date and with respect to the Class 2-A1 Certificate Insurance
Policy, an amount equal to 1/12th of the product of (a) the Class Principal
Amount of the Class 2-A1 Certificates as of such Distribution Date (prior to
giving effect to any distribution thereon on such Distribution Date) and (b) the
Class 2-A1 Premium Percentage.

         Class 2-A1 Certificate Insurer: Ambac Assurance Corporation, a
Wisconsin-domiciled stock insurance corporation, or any successor thereto, as
issuer of the Class 2-A1 Certificate Insurance Policy.

         Class 2-A1 Certificate Insurer Contact Person: The officer designated
by the Master Servicer to provide information to Class 2-A1 Certificate Insurer
pursuant to Section 5.07(g). The initial Class 2-A1 Certificate Insurer Contact
Person is appointed in Section 11.16.

         Class 2-A1 Certificate Insurer Default: The occurrence and continuance
of any of the following events:

         (a) the Class 2-A1 Certificate Insurer shall have failed to make a
payment required to be made under the Class 2-A1 Certificate Insurance Policy in
accordance with its terms;

         (b) the Class 2-A1 Certificate Insurer shall have (i) filed a petition
or commenced a case or proceeding under any provision or chapter of the United
States Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made
a general assignment for the benefit of its creditors, or (iii) had an order for
relief entered against it under the United States Bankruptcy Code or any other
similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization that is final and nonappealable; or

                                       13
<PAGE>

         (c) a court of competent jurisdiction, the Office of the Commissioner
of Insurance of the State of New York or other competent regulatory authority
shall have entered a final and nonappealable order, judgment or decree (i)
appointing a custodian, trustee, agent or receiver for the Class 2-A1
Certificate Insurer or for all or any material portion of its property or (ii)
authorizing the taking of possession by a custodian, trustee, agent or receiver
of the Class 2-A1 Certificate Insurer (or the taking of possession of all or any
material portion of the property of the Class 2-A1 Certificate Insurer).

         Class 2-A1 Guaranteed Distributions: (a) With respect to any
Distribution Date, (i) the Accrued Certificate Interest (without regard to
clause (i) of the definition thereof) of the Class 2-A1 Certificates for such
Distribution Date, (ii) the amount of any Realized Loss allocated to the Class
2-A1 Certificates on such Distribution Date and (iii) the amount of any
distribution of principal or interest to any Class 2-A1 Certificateholder which
is subsequently avoided in whole or in part as a preference payment under
applicable law and (b) for the Final Scheduled Distribution Date, the Class
Principal Amount of the Class 2-A1 Certificates to the extent unpaid on the
Final Scheduled Distribution Date.

         Class 2-A1 Policy Payments Account: The separate Eligible Account
created and maintained by the Trustee pursuant to Section 5.07(c) in the name of
the Trustee for the benefit of the Class 2-A1 Certificateholders and designated,
"The Chase Manhattan Bank, Class 2-A1 Policy Payments Account in trust for
registered holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-10A, Class 2-A1." Funds in the Class 2-A1
Policy Payments Account shall be held in trust for the benefit of the Class 2-A1
Certificateholders for the uses and purposes set forth in this Agreement.

         Class 2-A1 Premium Percentage: The meaning assigned to such term in the
Class 2-A1 Certificate Insurance Policy.

         Class AP Certificate: Any Class 1-A2 or 2-A2 Certificate.

         Class AP Deferred Amount: As to any Distribution Date on or prior to
the Credit Support Depletion Date and, with respect to each Class of Class AP
Certificates, (i) the aggregate of the applicable AP Percentage of the principal
portion of each Realized Loss (other than any Excess Loss) for such Distribution
Date on a Discount Mortgage Loan in the related Mortgage Pool; and (ii) all such
amounts previously allocated thereto and not distributed to such Class as a
Class AP Deferred Amount.

         Class B Certificate: Any Class B1, Class B2, Class B3, Class B4, Class
B5 or Class B6 Certificate.

         Class LT-R Interest: The sole residual interest in the Lower Tier
REMIC.

         Class Notional Amount: With respect to each Class of Notional
Certificates, and with respect to each of the Class LT1-A3 and Class LT2-A3
Interests, the applicable class notional amount calculated as provided in the
Preliminary Statement hereto.

                                       14
<PAGE>

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

         Class Principal Amount: With respect to each Class of Certificates
other than any Class of Notional Certificates, the aggregate of the Certificate
Principal Amounts of all Certificates of such Class at the date of
determination. With respect to each Class of Notional Certificates, zero.

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

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

         Clearstream: Clearstream Banking, societe anonyme, and any successor
thereto.

         Closing Date:  June 29, 2001.

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

         Collection Account: A separate account established and maintained by
the Master Servicer pursuant to Section 4.01.

         Commitment Letter: The Commitment Letter dated as of June 1, 2001
between the Depositor and the Class 2-A1 Certificate Insurer, a copy of which is
attached as Exhibit L hereto.

         Compensating Interest Payment: With respect to each Mortgage Pool and
any Distribution Date, an amount equal to the excess of (x) the aggregate of any
Prepayment Interest Shortfalls with respect to such Mortgage Pool and such
Distribution Date over (y) the aggregate of any amounts required to be paid by
the applicable Servicer in respect of such shortfalls but not paid; provided
that such amount, to the extent payable by the Master Servicer, shall not exceed
the Aggregate Master Servicing Compensation that would be payable to the Master
Servicer in respect of such Mortgage Pool and such Distribution Date without
giving effect to any Compensating Interest Payment.

         Component:  Not applicable.

         Component Certificate:  None.

         Component Interest Rate:  None.

         Component Notional Amount:  Not applicable.

                                       15
<PAGE>

         Component Principal Amount:  Not applicable.

         Component Writedown Amount:  Not applicable.

         Conventional Loan: A Mortgage Loan that is not insured by the United
States Federal Housing Administration or guaranteed by the United States
Veterans Administration.

         Converted Mortgage Loan:  None.

         Convertible Mortgage Loan:  None.

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

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

         Cooperative Loan Documents: As to any Cooperative Loan, (i) the
Cooperative Shares, together with a stock power in blank; (ii) the original
executed Security Agreement and the assignment of the Security Agreement
endorsed in blank; (iii) the original executed Proprietary Lease and the
assignment of the Proprietary Lease endorsed in blank; (iv) the original
executed Recognition Agreement and the assignment of the Recognition Agreement
(or a blanket assignment of all Recognition Agreements) endorsed in blank; (v)
the executed UCC-1 financing statement with evidence of recording thereon, which
has been filed in all places required to perfect the security interest in the
Cooperative Shares and the Proprietary Lease; and (vi) executed UCC-3 financing
statements (or copies thereof) or other appropriate UCC financing statements
required by state law, evidencing a complete and unbroken line from the
mortgagee to the Trustee with evidence of recording thereon (or in a form
suitable for recordation).

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

         Cooperative Shares:  Shares issued by a Cooperative Corporation.

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

         Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at 450 West 33rd
Street, 14th Floor, New York, New York 10001, Attention: Institutional Trust
Services/SASCO 2001-10A.

         Corresponding Class: With respect to any class of Lower Tier Interests,
the Class of Certificates so designated in the Preliminary Statement hereto.
With respect to any Class of Certificates, the class or classes of Lower Tier
Interests so designated in the Preliminary Statement hereto.

                                       16
<PAGE>

         Corresponding Component:  None.

         Credit Score: With respect to any Mortgage Loan, a numerical assessment
of default risk with respect to the Mortgagor under such Mortgage Loan,
determined on the basis of a methodology developed by Fair, Isaac & Co., Inc.

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

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

         Custodial Agreement: Each custodial agreement attached as Exhibit K
hereto, and any custodial agreement subsequently executed by the Trustee
substantially in the form thereof.

         Custodian: Each custodian appointed by the Trustee pursuant to a
Custodial Agreement, and any successor thereto.

         Cut-off Date:  June 1, 2001.

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

         Debt Service Reduction: With respect to any Mortgage Loan, a reduction
of the Scheduled Payment that the related Mortgagor is obligated to pay on any
Due Date as a result of any proceeding under Bankruptcy law or any similar
proceeding.

         Deferred Interest: With respect to any Class of Negative Amortization
Certificates and any Distribution Date, the lesser of (x) the applicable
Interest Distribution Amount for such date (without giving effect to any
Deferred Interest) and (y) the aggregate Mortgage Loan Negative Amortization, if
any, for the related Due Period.

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

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

         Deleted Mortgage Loan: A Mortgage Loan that is repurchased from the
Trust Fund pursuant to the terms hereof or as to which one or more Qualifying
Substitute Mortgage Loans are substituted therefor.

                                       17
<PAGE>

         Deposit Date: With respect to each Distribution Date, the Business Day
immediately preceding such Distribution Date.

         Depositor: Structured Asset Securities Corporation, a Delaware
corporation having its principal place of business in New York, or its
successors in interest.

         Designated Rate: With respect to Pool 1, 6.25% per annum, and with
respect to Pool 2, 6.82% per annum.

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

         Discount Mortgage Loan: With respect to Pool 1, any Mortgage Loan with
an Initial Net Mortgage Rate less than 6.25% per annum, and with respect to Pool
2, any Mortgage Loan with an Initial Net Mortgage Rate less than 6.82%.

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

         Distribution Date: The 25th day of each month, or, if such 25th day is
not a Business Day, the next succeeding Business Day commencing in July 2001.

         Due Date: With respect to any Mortgage Loan, the date on which a
Scheduled Payment is due under the related Mortgage Note.

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

         Eligible Account: Either (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company acceptable to
the Rating Agencies or (ii) an account or accounts the deposits in which are
insured by the FDIC to the limits established by such corporation, provided that
any such deposits not so insured shall be maintained in an account at a
depository institution or trust company whose commercial paper or other short
term debt obligations (or, in the case of a depository institution or trust
company which is the principal subsidiary of a holding company, the commercial
paper or other short term debt or deposit obligations of such holding company or
depository institution, as the case may be) have been rated by each Rating

                                       18
<PAGE>

Agency in its highest short-term rating category, or (iii) a segregated trust
account or accounts (which shall be a "special deposit account") maintained with
the Trustee or any other federal or state chartered depository institution or
trust company, acting in its fiduciary capacity, in a manner acceptable to the
Trustee and the Rating Agencies. Eligible Accounts may bear interest.

         Eligible Investments: Any one or more of the following obligations or
securities:

                  (i) direct obligations of, and obligations fully guaranteed as
         to timely payment of principal and interest by, the United States of
         America or any agency or instrumentality of the United States of
         America the obligations of which are backed by the full faith and
         credit of the United States of America ("Direct Obligations");

                  (ii) federal funds, or demand and time deposits in,
         certificates of deposits of, or bankers' acceptances issued by, any
         depository institution or trust company (including U.S. subsidiaries of
         foreign depositories and the Trustee or any agent of the Trustee,
         acting in its respective commercial capacity) incorporated or organized
         under the laws of the United States of America or any state thereof and
         subject to supervision and examination by federal or state banking
         authorities, so long as at the time of investment or the contractual
         commitment providing for such investment the commercial paper or other
         short-term debt obligations of such depository institution or trust
         company (or, in the case of a depository institution or trust company
         which is the principal subsidiary of a holding company, the commercial
         paper or other short-term debt or deposit obligations of such holding
         company or deposit institution, as the case may be) have been rated by
         each Rating Agency in its highest short-term rating category or one of
         its two highest long-term rating categories;

                  (iii) repurchase agreements collateralized by Direct
         Obligations or securities guaranteed by GNMA, FNMA or FHLMC with any
         registered broker/dealer subject to Securities Investors' Protection
         Corporation jurisdiction or any commercial bank insured by the FDIC, if
         such broker/dealer or bank has an uninsured, unsecured and unguaranteed
         obligation rated by each Rating Agency in its highest short-term rating
         category;

                  (iv) securities bearing interest or sold at a discount issued
         by any corporation incorporated under the laws of the United States of
         America or any state thereof which have a credit rating from each
         Rating Agency, at the time of investment or the contractual commitment
         providing for such investment, at least equal to one of the two highest
         short-term credit ratings of each Rating Agency; provided, however,
         that securities issued by any particular corporation will not be
         Eligible Investments to the extent that investment therein will cause
         the then outstanding principal amount of securities issued by such
         corporation and held as part of the Trust Fund to exceed 20% of the sum
         of the Aggregate Principal Balance and the aggregate principal amount
         of all Eligible Investments in the Certificate Account; provided,
         further, that such securities will not be Eligible Investments if they
         are published as being under review with negative implications from
         either Rating Agency;

                                       19
<PAGE>

                  (v) commercial paper (including both non interest-bearing
         discount obligations and interest-bearing obligations payable on demand
         or on a specified date not more than 180 days after the date of
         issuance thereof) rated by each Rating Agency in its highest short-term
         ratings;

                  (vi)     a Qualified GIC;

                  (vii) certificates or receipts representing direct ownership
         interests in future interest or principal payments on obligations of
         the United States of America or its agencies or instrumentalities
         (which obligations are backed by the full faith and credit of the
         United States of America) held by a custodian in safekeeping on behalf
         of the holders of such receipts; and

                  (viii) any other demand, money market fund, common trust fund
         or time deposit or obligation, or interest-bearing or other security or
         investment, (A) rated in the highest rating category by each Rating
         Agency or (B) that would not adversely affect the then current rating
         by either Rating Agency of any of the Certificates (in the case of the
         Class 2-A1 Certificates determined without regard to the Class 2-A1
         Certificate Insurance Policy). Such investments in this subsection
         (viii) may include money market mutual funds, including, without
         limitation, the VISTA U.S. Government Money Market Fund or any other
         fund for which The Chase Manhattan Bank (the "Bank"), the Trustee or an
         affiliate thereof serves as an investment advisor, administrator,
         shareholder servicing agent, and/or custodian or subcustodian,
         notwithstanding that (i) the Bank or an affiliate thereof charges and
         collects fees and expenses from such funds for services rendered, (ii)
         the Bank or an affiliate thereof charges and collects fees and expenses
         for services rendered pursuant to this Agreement, and (iii) services
         performed for such funds and pursuant to this Agreement may converge at
         any time. The Trustee specifically authorizes the Bank or an affiliate
         thereof to charge and collect from the Trustee such fees as are
         collected from all investors in such funds for services rendered to
         such funds (but not to exceed investment earnings thereon);

provided, however, that no such instrument shall be an Eligible Investment if
such instrument evidences either (i) a right to receive only interest payments
with respect to the obligations underlying such instrument, or (ii) both
principal and interest payments derived from obligations underlying such
instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations, provided that any such
investment will be a "permitted investment" within the meaning of Section
860G(a)(5) of the Code.

         Employee Mortgage Loan: Each Mortgage Loan listed on Schedule C hereto.

         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 an
Underwriter's Exemption.

                                       20
<PAGE>

         ERISA-Restricted Certificate: Any Class R, Class B4, Class B5 or Class
B6 Certificate or any Certificate with a rating below the lowest applicable
rating permitted under the Underwriter's Exemption.

         Escrow Account: Any account established and maintained by a Servicer
pursuant to the applicable Servicing Agreement.

         Euroclear: Morgan Guaranty Trust Company of New York, Brussels office,
as operator of the Euroclear System.

         Event of Default: Any one of the conditions or circumstances enumerated
in Section 6.14(a).

         Excess Loss: Any Bankruptcy Loss, or portion thereof, in excess of the
then-applicable Bankruptcy Loss Limit, any Fraud Loss, or portion thereof, in
excess of the then-applicable Fraud Loss Limit, and any Special Hazard Loss, or
portion thereof, in excess of the then-applicable Special Hazard Loss Limit.

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

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

         Final Scheduled Distribution Date:  July 25, 2031.

         Financial Intermediary: A broker, dealer, bank or other financial
institution or other Person that clears through or maintains a custodial
relationship with a Clearing Agency Participant.

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

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

         Fraud Loss: Any Realized Loss on a Liquidated Mortgage Loan sustained
by reason of a default arising from fraud, dishonesty or misrepresentation in
connection with the related Mortgage Loan, as reported by the applicable
Servicer to the Master Servicer.

         Fraud Loss Limit: With respect to any Distribution Date (x) prior to
the first anniversary of the Cut-off Date, $6,051,032 less the aggregate of
Fraud Losses since the Cut-off Date, and (y) from the first to the fourth
anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the
Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b)
1% of the aggregate principal balance of all the Mortgage Loans as of the most
recent anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses
since the most recent anniversary of the Cut-off Date. On or after the fifth
anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.

                                       21
<PAGE>

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

         GNMA: The Government National Mortgage Association, a wholly owned
corporate instrumentality of the United States within HUD.

         Group 1:  All of the Group 1 Certificates.

         Group 1 Certificate: Any Class 1-A1, Class 1-A2, Class 1-A3 or Class R
Certificate.

         Group 1 Reset Date:  The Accrual Period beginning on November 1, 2005.

         Group 2:  All of the Group 2 Certificates.

         Group 2 Certificate: Any Class 2-A1, Class 2-A2 or Class 2-A3
Certificate.

         Group 2 Reset Date: The Accrual Period beginning on December 1, 2003.

         Group Subordinate Amount: With respect to any Mortgage Pool and any
Distribution Date, the excess, if any, of the Non-AP Pool Balance of such
Mortgage Pool for the immediately preceding Distribution Date over the sum of
the aggregate of the Certificate Principal Amounts of the Non-AP Senior
Certificates of the related Certificate Group immediately prior to the related
Distribution Date.

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

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

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

         Initial LIBOR Rate: Not applicable.

                                       22
<PAGE>

         Initial Net Mortgage Rate: As to any Mortgage Loan, the Net Mortgage
Rate as of the Cut-off Date.

         Insurance Policy: Any Primary Mortgage Insurance Policy and any
standard hazard insurance policy, flood insurance policy, earthquake insurance
policy or title insurance policy relating to the Mortgage Loans or the Mortgaged
Properties, to be in effect as of the Closing Date or thereafter during the term
of this Agreement.

         Insurance Proceeds: Amounts paid by the insurer under any Insurance
Policy, other than amounts (i) to cover expenses incurred by or on behalf of the
applicable Servicer in connection with procuring such proceeds, (ii) to be
applied to restoration or repair of the related Mortgaged Property, (iii)
required to be paid over to the Mortgagor pursuant to law or the related
Mortgage Note, or (iv) to be applied toward payment of Retained Interest.

         Insured Payment: The meaning assigned to such term in the Class 2-A1
Certificate Insurance Policy.

         Interest Distribution Amount: Not applicable.

         Interest Shortfall: With respect to any Class of Certificates (other
than a Principal Only Certificate prior to the related Reset Date) and any
Distribution Date, any Accrued Certificate Interest not distributed (or added to
principal) with respect to any previous Distribution Date, other than any Net
Prepayment Interest Shortfalls.

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

         Late Payment Rate: The lesser of (a) the greater of (i) the per annum
rate of interest publicly announced from time to time by Citibank, N.A. as its
prime or base lending rate (any change in such rate of interest to be effective
on the date such change is announced by Citibank, N.A.), plus 1% per annum and
(ii) the then applicable highest rate of interest on the Class 2-A1 Certificates
and (b) the maximum rate permissible under applicable usury or similar laws
limiting interest rates. The Late Payment Rate shall be computed on the basis of
the actual number of days elapsed over a year of 360 days.

         Latest Possible Maturity Date: The Distribution Date in July 2033.

         Lehman Capital: Lehman Capital, A Division of Lehman Brothers Holdings
Inc., or any successor in interest.

         LIBOR:  Not applicable.

         LIBOR Certificate:  None.

         LIBOR Component:  None.

         LIBOR Determination Date:  Not applicable.

                                       23
<PAGE>

         Liquidated Mortgage Loan: Any defaulted Mortgage Loan as to which the
Master Servicer or the applicable Servicer has determined that all amounts that
it expects to recover on behalf of the Trust Fund from or on account of such
Mortgage Loan have been recovered.

         Liquidation Expenses: Expenses that are incurred by the Master Servicer
or any Servicer in connection with the liquidation of any defaulted Mortgage
Loan and are not recoverable under the applicable Primary Mortgage Insurance
Policy, including, without limitation, foreclosure and rehabilitation expenses,
legal expenses and unreimbursed amounts expended pursuant to Sections 9.06, 9.16
or 9.22.

         Liquidation Proceeds: Cash received in connection with the liquidation
of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee's sale, foreclosure sale or otherwise, or the sale of the
related Mortgaged Property if the Mortgaged Property is acquired in satisfaction
of the Mortgage Loan, including any amounts remaining in the related Escrow
Account.

         Loan-to-Value Ratio: With respect to any Mortgage Loan, the ratio of
the principal balance of such Mortgage Loan at origination, or such other date
as is specified, to the Original Value thereof.

         London Business Day:  Not applicable.

         Lower Tier Interest: Any one of the classes of lower tier interests
described in the Preliminary Statement hereto.

         Lower Tier Interest Rate: As to each Lower Tier Interest, the
applicable interest rate, if any, as described in the Preliminary Statement
hereto.

         Lower Tier REMIC: The Lower Tier REMIC as described in the Preliminary
Statement hereto.

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

         Master Servicer: Aurora Loan Services Inc., or any successor in
interest, or if any successor master servicer shall be appointed as herein
provided, then such successor master servicer.

         Master Servicing Fee: As to any Distribution Date and each Mortgage
Loan, an amount equal to the product of the Master Servicing Fee Rate and the
Scheduled Principal Balance of such Mortgage Loan as of the first day of the
related Due Period. The Master Servicing Fee for any Mortgage Loan shall be
payable in respect of any Distribution Date solely from the interest portion of
the Scheduled Payment or other payment or recovery with respect to such Mortgage
Loan.

         Master Servicing Fee Rate: With respect to the Mortgage Loans (other
than the Participations), 0.01% per annum. With respect to the Participations,
0.03%.

                                       24
<PAGE>

         Material Defect:  As defined in Section 2.02(c) hereof.

         MERS: Mortgage Electronic Registration Systems, Inc., a Delaware
Corporation, or any successor in interest thereto.

         MERS Mortgage Loan: Any Mortgage Loan as to which the related Mortgage,
or an Assignment of Mortgage, has been or will be recorded in the name of MERS,
as agent for the holder from time to time of the Mortgage Note.

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

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

         Mortgage File: The mortgage documents listed in Section 2.01(b)
pertaining to a particular Mortgage Loan required to be delivered to the Trustee
or a Custodian pursuant to this Agreement.

         Mortgage Loan: A Mortgage and the related notes or other evidences of
indebtedness secured by each such Mortgage conveyed, transferred, sold, assigned
to or deposited with the Trustee pursuant to Section 2.01 or Section 2.05,
including without limitation, each Mortgage Loan listed on the Mortgage Loan
Schedule, as amended from time to time. In addition, as used herein the term
"Mortgage Loan" includes the Participations, except where otherwise specified or
where the context requires otherwise.

         Mortgage Loan Sale Agreement: The agreement, dated as of June 1, 2001,
for the sale of the Mortgage Loans by Lehman Capital to the Depositor.

         Mortgage Loan Schedule: The schedule attached hereto as Schedule A,
which shall identify each Mortgage Loan, as such schedule may be amended from
time to time to reflect the addition of Mortgage Loans to, or the deletion of
Mortgage Loans from, the Trust Fund.

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

         Mortgage Pool:  Either Pool 1 or Pool 2.

         Mortgage Rate: As to any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan.

         Mortgaged Property: Either of (x) the fee simple interest in real
property, together with improvements thereto including any exterior improvements
to be completed within 120 days of disbursement of the related Mortgage Loan
proceeds, or (y) in the case of a Cooperative Loan, the related Cooperative
Shares and Proprietary Lease, securing the indebtedness of the Mortgagor under
the related Mortgage Loan.

         Mortgagor:  The obligor on a Mortgage Note.

                                       25
<PAGE>

         Negative Amortization Certificate:  None.

         Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan,
the related Liquidation Proceeds net of unreimbursed expenses incurred in
connection with liquidation or foreclosure and unreimbursed Advances, Servicing
Advances, Servicing Fees and Retained Interest, if any, received and retained in
connection with the liquidation of such Mortgage Loan.

         Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the sum of the applicable Servicing Fee Rate, the Master
Servicing Fee Rate, the Trustee Fee Rate and the Retained Interest Rate, if any.

         Net Prepayment Interest Shortfall: With respect to each Mortgage Pool
and any Distribution Date, the excess, if any, of any Prepayment Interest
Shortfalls with respect to the Mortgage Loans in such Mortgage Pool for such
date over the sum of any amounts paid by the applicable Servicer with respect to
such shortfalls and any amount that is required to be paid by the Master
Servicer in respect of such shortfalls pursuant to this Agreement.

         Net WAC: With respect to each Mortgage Pool and any Distribution Date,
the weighted average of Net Mortgage Rates of the Mortgage Loans in the related
Mortgage Pool at the beginning of the related Due Period, weighted on the basis
of their Scheduled Principal Balances.

         Non-AP Percentage: As to any Discount Mortgage Loan in any Mortgage
Pool, the percentage equivalent of the fraction, the numerator of which is the
Initial Net Mortgage Rate of such Discount Mortgage Loan and the denominator of
which is the applicable Designated Rate. As to any Non-Discount Mortgage Loan in
any Mortgage Pool, 100%.

         Non-AP Pool Balance: As to each Mortgage Pool and any Distribution
Date, the sum of the applicable Non-AP Percentage of the Scheduled Principal
Balance of each Mortgage Loan included in such Mortgage Pool.

         Non-AP Senior Certificate: Any Senior Certificate other than the Class
1-A2 or Class 2-A2 Certificates.

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

         Non-Discount Mortgage Loan: With respect to Pool 1, any Mortgage Loan
with an Initial Net Mortgage Rate equal to or greater than 6.25% per annum, and
with respect to Pool 2, any Mortgage Loan with an Initial Net Mortgage Rate
equal to or greater than 6.82% per annum.

         Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage
Loan.

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

         Non-U.S. Person: Any person other than (i) a citizen or resident of the
United States; (ii) a corporation (or entity treated as a corporation for tax
purposes) created or organized in the United States or under the laws of the
United States or of any state thereof, including, for this purpose, the District
of Columbia; (iii) a partnership (or entity treated as a partnership for tax
purposes) organized in the United States or under the laws of the United States
or of any state thereof, including, for this purpose, the District of Columbia

                                       26
<PAGE>

(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.

         Notice of Nonpayment: The notice to be delivered by the Trustee to the
Class 2-A1 Certificate Insurer with respect to any Distribution Date pursuant to
Section 5.07(a), which shall be in the form attached to the Class 2-A1
Certificate Insurance Policy.

         Notional Amount: With respect to any Notional Certificate and any
Distribution Date, such Certificate's Percentage Interest of the Class Notional
Amount of such Class of Certificates for such Distribution Date.

         Notional Certificate:  Any Class 1-A3 or Class 2-A3 Certificate.

         Notional Component:  None.

         Offering Document: Either of the private placement memorandum dated
June 14, 2001 relating to the Class B4, Class B5 and Class B6 Certificates, or
the Prospectus.

         Officer's Certificate: A certificate signed by the Chairman of the
Board, any Vice Chairman, the President, any Vice President or any Assistant
Vice President of a Person, and in each case delivered to the Trustee.

         Opinion of Counsel: A written opinion of counsel, reasonably acceptable
in form and substance to the Trustee, and who may be in-house or outside counsel
to the Depositor, the Master Servicer or the applicable Servicer but which must
be Independent outside counsel with respect to any such opinion of counsel
concerning the transfer of any Residual Certificate or concerning certain
matters with respect to the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or the taxation, or the federal income tax status, of each
REMIC. For purpose of Section 2.01(c)(i), the Opinion of Counsel referred to
therein may take the form of a memorandum of law or other acceptable assurance.

         Original Credit Support Percentage: With respect to each Class of
Subordinate Certificates, the Credit Support Percentage for such Class of
Certificates on the Closing Date.

         Original Group Subordinate Amount: As to any Mortgage Pool, the Group
Subordinate Amount for such Mortgage Pool on the Closing Date.

         Original Value: The lesser of (a) the Appraised Value of a Mortgaged
Property at the time the related Mortgage Loan was originated and (b) if the
Mortgage Loan was made to finance the acquisition of the related Mortgaged
Property, the purchase price paid for the Mortgaged Property by the Mortgagor at
the time the related Mortgage Loan was originated.

                                       27
<PAGE>

         Participation Agreement: With respect to each Participation, each
participation agreement dated as of either April 1, 2001 or June 1, 2001, among
the Depositor, as seller, the Master Servicer, as master servicer, and the
participants from time to time named therein.

         Participation: Each 50% participation interest in the mortgage loan
identified in the applicable Participation Agreement listed on the Participation
Schedule. For purposes of this Agreement, the Participations are to be treated
as Mortgage Loans having Principal Balances as of the Cut-off Date as set forth
in the Participation Agreements.

         Participation Schedule: The schedule attached hereto as Schedule B,
which shall identify the Participations and the related Participation
Agreements.

         Participation Master Servicer: Aurora Loan Services Inc., as master
servicer under each Participation Agreement.

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

         Percentage Interest: With respect to any Certificate and the related
Class, such Certificate's percentage interest in the undivided beneficial
ownership interest in the Trust Fund evidenced by all Certificates of the same
Class as such Certificate. With respect to any Certificate other than a Notional
Certificate, the Percentage Interest evidenced thereby shall equal the initial
Certificate Principal Amount thereof divided by the initial Class Principal
Amount of all Certificates of the same Class. With respect to any Notional
Certificate, the Percentage Interest evidenced thereby shall be as specified on
the face thereof.

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

         Placement Agent:  Lehman Brothers Inc.

         Plan Asset Regulations: The Department of Labor regulations set forth
in 29 C.F.R. 2510.3-101.

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

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

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

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

         Prepayment Interest Shortfall: With respect to any Distribution Date
and (x) any Principal Prepayment in part or in full, the difference between (i)
one full month's interest at the applicable Mortgage Rate (giving effect to any
applicable Relief Act Reduction), as reduced by the applicable Servicing Fee
Rate, the applicable Master Servicing Fee Rate and the applicable Retained

                                       28
<PAGE>

Interest Rate, if any, on the outstanding principal balance of such Mortgage
Loan immediately prior to such prepayment and (ii) the amount of interest
actually received with respect to such Mortgage Loan in connection with such
Principal Prepayment.

         Prepayment Penalty Amounts: With respect to any Distribution Date, all
premiums or charges paid by the obligors under the Mortgage Notes due to
Principal Prepayments collected by the applicable Servicer during the
immediately preceding Prepayment Period.

         Prepayment Period: With respect to any Distribution Date and any
Principal Prepayment in part or in full, the calendar month immediately
preceding the month of such Distribution Date.

         Primary Mortgage Insurance Policy: Mortgage guaranty insurance, if any,
on an individual Mortgage Loan, as evidenced by a policy or certificate.

         Principal Amount Schedules:  Not applicable.

         Principal Only Certificate:  Any Class 1-A2 or Class 2-A2 Certificate.

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

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

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

         Prospectus: The prospectus supplement dated January 26, 2001, together
with the accompanying prospectus dated June 14, 2001, relating to the Senior
Certificates and the Class B1, Class B2 and Class B3 Certificates.

         Purchase Price: With respect to the repurchase of a Mortgage Loan
pursuant to this Agreement, an amount equal to the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan, (b) accrued interest thereon at the
Mortgage Rate, from the date as to which interest was last paid to (but not
including) the Due Date immediately preceding the related Distribution Date and
(c) any unreimbursed Servicing Advances with respect to such Mortgage Loan. The
Class 2-A1 Certificate Insurer shall be reimbursed from the Purchase Price for
any unpaid Reimbursement Amount due to the Class 2-A1 Certificate Insurer with
respect to such repurchased Mortgage Loan. The Master Servicer or the applicable
Servicer (or the Trustee, if applicable) shall be reimbursed from the Purchase
Price for any Mortgage Loan or related REO Property for any Advances made with
respect to such Mortgage Loan that are reimbursable to the Master Servicer or
such Servicer under this Agreement or the applicable Servicing Agreement, as
well as any unreimbursed Servicing Advances and accrued and unpaid Master
Servicing Fees or Servicing Fees, as applicable.

                                       29
<PAGE>

         QIB:  As defined in Section 3.03(c).

         Qualified GIC: A guaranteed investment contract or surety bond
providing for the investment of funds in the Collection Account or the
Certificate Account and insuring a minimum, fixed or floating rate of return on
investments of such funds, which contract or surety bond shall:

         (a) be an obligation of an insurance company or other corporation whose
long-term debt is rated by each Rating Agency in one of its two highest rating
categories or, if such insurance company has no long-term debt, whose claims
paying ability is rated by each Rating Agency in one of its two highest rating
categories, and whose short-term debt is rated by each Rating Agency in its
highest rating category;

         (b) provide that the Trustee may exercise all of the rights under such
contract or surety bond without the necessity of taking any action by any other
Person;

         (c) provide that if at any time the then current credit standing of the
obligor under such guaranteed investment contract is such that continued
investment pursuant to such contract of funds would result in a downgrading of
any rating of the Certificates (which in the case of the Class 2-A1 Certificates
is determined without regard to the Class 2-A1 Certificate Insurance Policy),
the Trustee shall terminate such contract without penalty and be entitled to the
return of all funds previously invested thereunder, together with accrued
interest thereon at the interest rate provided under such contract to the date
of delivery of such funds to the Trustee;

         (d) provide that the Trustee's interest therein shall be transferable
to any successor trustee hereunder; and

         (e) provide that the funds reinvested thereunder and accrued interest
thereon be returnable to the Collection Account or the Certificate Account, as
the case may be, not later than the Business Day prior to any Distribution Date.

         Qualified Insurer: An insurance company duly qualified as such under
the laws of the states in which the related Mortgaged Properties are located,
duly authorized and licensed in such states to transact the applicable insurance
business and to write the insurance provided and whose claims paying ability is
rated by each Rating Agency in its highest rating category or whose selection as
an insurer will not adversely affect the rating of the Certificates (which in
the case of the Class 2-A1 Certificates is determined without regard to the
Class 2-A1 Certificate Insurance Policy),

         Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together with
interest thereon at the applicable Mortgage Rate net of the applicable Master
Servicing Fee and the applicable Servicing Fee from the date as to which

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<PAGE>

interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Trustee for deposit into the Certificate Account, and shall be treated as a
Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not lower than the
Net Mortgage Rate of the related Deleted Mortgage Loan and will be a Discount
Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage Loan or a
Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a Non-Discount
Mortgage Loan; (iii) has a remaining stated term to maturity not longer than,
and not more than one year shorter than, the remaining term to stated maturity
of the related Deleted Mortgage Loan; (iv) (A) has a Loan-to-Value Ratio as of
the date of such substitution of not greater than 80%, provided, however, that
if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than
80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be
greater than 80% but shall not be greater than the Loan-to-Value Ratio of the
related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage
Loan does not increase the weighted average Loan-to-Value Ratio of the related
Mortgage Pool by more than 5%; (v) will comply with all of the representations
and warranties relating to Mortgage Loans set forth herein, as of the date as of
which such substitution occurs; (vi) is not a Cooperative Loan unless the
related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has
the same index as and a margin not less than that of the related Deleted
Mortgage Loan; (viii) has not been delinquent for a period of more than 30 days
more than once in the twelve months immediately preceding such date of
substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the
related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such
Mortgage Loan is greater than 80%; (x) has a Credit Score not greater than 20
points lower than the Credit Score of the related Deleted Mortgage Loan,
provided, however, that if the Deleted Mortgage Loan does not have a Credit
Score, then such substitute Mortgage Loan shall have a Credit Score equal to or
greater than 700; (xi) is an Adjustable Rate Mortgage Loan with an index equal
to the average of the interbank offered rates for six-month United States dollar
deposits in the London market; (xii) has its initial adjustment date after the
related Reset Date; and (xiii) has a gross margin no less than the related
Deleted Mortgage Loan. In the event that either one mortgage loan is substituted
for more than one Deleted Mortgage Loan or more than one mortgage loan is
substituted for one or more Deleted Mortgage Loans, then (a) the Scheduled
Principal Balance referred to in clause (i) above shall be determined such that
the aggregate Scheduled Principal Balance of all such substitute Mortgage Loans
shall not exceed the aggregate Scheduled Principal Balance of all Deleted
Mortgage Loans and (b) each of (1) the rate referred to in clause (ii) above,
(2) the remaining term to stated maturity referred to in clause (iii) above, (3)
the Loan-to-Value Ratio referred to in clause (iv) above and (4) the Credit
Score referred to in clause (x) above shall be determined on a weighted average
basis, provided that the final scheduled maturity date of any Qualifying
Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date
of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is
substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party
effecting such substitution shall certify such qualification in writing to the
Trustee.

         Rating Agency: Each of Fitch and S&P.

         Realized Loss: (a) with respect to each Liquidated Mortgage Loan, an
amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the
date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from
the date as to which interest was last paid up to the last day of the month of
such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that

                                       31
<PAGE>

are reimbursable to the Master Servicer or the applicable Servicer with respect
to such Mortgage Loan (other than Advances of principal and interest) including
expenses of liquidation and (b) with respect to each Mortgage Loan that has
become the subject of a Deficient Valuation, the difference between the unpaid
principal balance of such Mortgage Loan immediately prior to such Deficient
Valuation and the unpaid principal balance of such Mortgage Loan as reduced by
the Deficient Valuation. In determining whether a Realized Loss on a Liquidated
Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds
shall be allocated, first, to payment of expenses related to such Liquidated
Mortgage Loan (including payment of any Retained Interest), then to accrued
unpaid interest and finally to reduce the principal balance of the Mortgage
Loan.

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

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

         Redemption Certificate:  None.

         Reference Banks:  Not applicable.

         Regulation S: Regulation S promulgated under the Act or any successor
provision thereto, in each case as the same may be amended from time to time;
and all references to any rule, section or subsection of, or definition or term
contained in, Regulation S means such rule, section, subsection, definition or
term, as the case may be, or any successor thereto, in each case as the same may
be amended from time to time.

         Regulation S Global Security: The meaning specified in Section 3.01(c).

         Reimbursement Amount:  As defined in Section 5.02(a)(vii).

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of interest collectible thereon as a
result of application of the Solders' and Sailors' Civil Relief Act of 1940, as
amended, any amount by which interest collectible on such Mortgage Loan for the
Due Date in the related Due Period is less than interest accrued thereon for the
applicable one-month period at the Mortgage Rate without giving effect to such
reduction.

         REMIC: Each of the Lower Tier REMIC and the Upper Tier REMIC, as
described in the Preliminary Statement hereto.

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

                                       32
<PAGE>

         Remittance Date: The day in each month on which each Servicer is
required to remit payments to the account maintained by the Master Servicer, as
specified in the applicable Servicing Agreement, which is the 18th day of each
month (or if such 18th day is not a Business Day, the next succeeding Business
Day).

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

         Reserve Interest Rate:  Not applicable.

         Reset Date: The Group 1 Reset Date or Group 2 Reset Date, as
applicable.

         Residual Certificate:  Any Class R Certificate.

         Responsible Officer: When used with respect to the Trustee, any Vice
President, Assistant Vice President, the Secretary, any assistant secretary, any
Trust Officer, the Treasurer, or any assistant treasurer, working in its
corporate trust department and having direct responsibility for the
administration of this Agreement.

         Restricted Certificate: Any Class B4, Class B5 or Class B6 Certificate
but excluding any Regulation S Global Security.

         Restricted Global Security: The meaning specified in Section 3.01(c).

         Retained Interest: Interest in respect of each Employee Mortgage Loan,
retained in each case by the Retained Interest Holder at the Retained Interest
Rate.

         Retained Interest Holder: Lehman Capital or any successor in interest
by assignment or otherwise.

         Retained Interest Rate: For each Due Period, 0.00% per annum; provided,
however, if the borrower of the Employee Mortgage Loan ceases to be an employee
of Lehman Brothers Inc. or its Affiliates, 0.25% per annum.

         Rounding Account:  Not applicable.

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

         Scheduled Payment: Each scheduled payment of principal and interest (or
of interest only, if applicable) to be paid by the Mortgagor on a Mortgage Loan,
as reduced (except where otherwise specified herein) by the amount of any
related Debt Service Reduction (excluding all amounts of principal and interest
that were due on or before the Cut-off Date whenever received) and, in the case
of an REO Property, an amount equivalent to the Scheduled Payment that would
have been due on the related Mortgage Loan if such Mortgage Loan had remained in
existence. In the case of any bi-weekly payment Mortgage Loan, all payments due

                                       33
<PAGE>

on such Mortgage Loan during any Due Period shall be deemed collectively to
constitute the Scheduled Payment due on such Mortgage Loan in such Due Period.

         Scheduled Principal Amount: As to any Distribution Date, an amount
equal to the amount described in clause (i)(b) of the definition of Senior
Principal Distribution Amount.

         Scheduled Principal Balance: With respect to (i) any Mortgage Loan as
of any Distribution Date, the principal balance of such Mortgage Loan at the
close of business on the Cut-off Date, after giving effect to principal payments
due on or before the Cut-off Date, whether or not received, less an amount equal
to principal payments due after the Cut-off Date and on or before the Due Date
in the related Due Period, whether or not received from the Mortgagor or
advanced by the applicable Servicer or the Master Servicer, and all amounts
allocable to unscheduled principal payments (including Principal Prepayments,
Net Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
case to the extent identified and applied prior to or during the applicable
Prepayment Period) and (ii) any REO Property as of any Distribution Date, the
Scheduled Principal Balance of the related Mortgage Loan on the Due Date
immediately preceding the date of acquisition of such REO Property by or on
behalf of the Trustee (reduced by any amount applied as a reduction of principal
on the Mortgage Loan). With respect to any Mortgage Loan as of the Cut-off Date,
as specified in the Mortgage Loan Schedule or the applicable Participation
Agreement, as the case may be.

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

         Seller: Lehman Capital, A Division of Lehman Brothers Holdings Inc., or
any successor in interest.

         Senior Certificate: Any Class 1-A1, Class 1-A2, Class 1-A3, Class 2-A1,
Class 2-A2, Class 2-A3 or Class R Certificate.

         Senior Percentage: With respect to each Mortgage Pool and any
Distribution Date, the percentage equivalent of the fraction, the numerator of
which is the aggregate of the Certificate Principal Amounts of the Class 1-A1
and Class R Certificates, in the case of Pool 1, and the Class 2-A1
Certificates, in the case of Pool 2, immediately prior to such Distribution Date
and the denominator of which is the related Non-AP Pool Balance for the
immediately preceding Distribution Date.

         Senior Prepayment Percentage: With respect to each Mortgage Pool and
any Distribution Date occurring during the five years beginning on the first
Distribution Date, 100%. With respect to each Mortgage Pool and for any
Distribution Date occurring on or after the fifth anniversary of the first
Distribution Date, the related Senior Percentage plus the following percentage
of the related Subordinate Percentage for such Distribution Date: for any
Distribution Date in the first year thereafter, 70%; for any Distribution Date
in the second year thereafter, 60%; for any Distribution Date in the third year
thereafter, 40%; for any Distribution Date in the fourth year thereafter, 20%;
and for any subsequent Distribution Date, 0%; provided, however, that if on any

                                       34
<PAGE>

of the foregoing Distribution Dates the Senior Percentage for any Mortgage Pool
exceeds the initial Senior Percentage for such Mortgage Pool, the Senior
Prepayment Percentage for each Mortgage Pool on such Distribution Date shall
once again equal 100% for such Distribution Date.

         Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool below the level in effect for the most recent
prior period set forth in the paragraph above shall be effective on any
Distribution Date if, as of the first Distribution Date as to which any such
decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all Mortgage
Loans in such Mortgage Pool that were delinquent 60 days or more (including for
this purpose any Mortgage Loans in foreclosure and the Scheduled Payments that
would have been due on Mortgage Loans with respect to which the related
Mortgaged Property has been acquired by the Trust Fund if the related Mortgage
Loan had remained in existence) is greater than or equal to 50% of the
applicable Group Subordinate Amount immediately prior to such Distribution Date
or (ii) cumulative Realized Losses with respect to the Mortgage Loans in any
Mortgage Pool exceed (a) with respect to the Distribution Date on the fifth
anniversary of the first Distribution Date, 30% of the related Original Group
Subordinate Amount, (b) with respect to the Distribution Date on the sixth
anniversary of the first Distribution Date, 35% of the related Original Group
Subordinate Amount, (c) with respect to the Distribution Date on the seventh
anniversary of the first Distribution Date, 40% of the related Original Group
Subordinate Amount, (d) with respect to the Distribution Date on the eighth
anniversary of the first Distribution Date, 45% of the related Original Group
Subordinate Amount, and (e) with respect to the Distribution Date on the ninth
anniversary of the first Distribution Date or thereafter, 50% of the related
Original Group Subordinate Amount. After the Class Principal Amount of each
Class of Senior Certificates in any Certificate Group has been reduced to zero,
the Senior Prepayment Percentage for the related Mortgage Pool shall be 0%.

         Senior Principal Distribution Amount: For each Certificate Group and
any Distribution Date, the sum of the following amounts:

                  (i) the product of (a) the related Senior Percentage for such
         date and (b) the principal portion (multiplied by the applicable Non-AP
         Percentage) of each Scheduled Payment (without giving effect to any
         Debt Service Reduction occurring prior to the Bankruptcy Coverage
         Termination Date), on each Mortgage Loan in the related Mortgage Pool
         due during the related Due Period;

                  (ii) the product of (a) the related Senior Prepayment
         Percentage for such date and (b) each of the following amounts
         (multiplied by the applicable Non-AP Percentage): (1) each Principal
         Prepayment on the Mortgage Loans in the related Mortgage Pool collected
         during the related Prepayment Period, (2) each other unscheduled
         collection, including Insurance Proceeds and Net Liquidation Proceeds
         (other than with respect to any Mortgage Loan in the related Mortgage
         Pool that was finally liquidated during the related Prepayment Period)
         representing or allocable to recoveries of principal received during
         the related Prepayment Period, and (3) the principal portion of all
         proceeds of the purchase of any Mortgage Loan in the related Mortgage

                                       35
<PAGE>

         Pool (or, in the case of a permitted substitution, amounts representing
         a principal adjustment) actually received by the Trustee during the
         related Prepayment Period;

                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the lesser of
         (a) the related net Liquidation Proceeds allocable to principal
         (multiplied by the applicable Non-AP Percentage) and (b) the product of
         the related Senior Prepayment Percentage for such date and the
         Scheduled Principal Balance (multiplied by the applicable Non-AP
         Percentage) of such related Mortgage Loan at the time of liquidation;
         and

                  (iv) any amounts described in clauses (i) through (iii) for
         any previous Distribution Date that remain unpaid.

If on any Distribution Date the Class Principal Amount of each Class of Senior
Certificates (other than any Class AP Certificates) in any Certificate Group has
been reduced to zero, the Senior Principal Distribution Amount for such
Certificate Group for such date (following such reduction) and each subsequent
Distribution Date shall be zero.

         Servicer: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any uccessor in interest. Initially,
the Servicer is Aurora Loan Services Inc.

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

         Servicing Agreement: The Servicing Agreement between a Servicer, the
Master Servicer and the Seller, dated as of June 1, 2001, attached hereto in
Exhibit E, and any other servicing agreement entered into between a successor
servicer and the Seller or the Trustee pursuant to the terms hereof.

         Servicing Fee: The Servicing Fee specified in the applicable Servicing
Agreement.

         Servicing Fee Rate: With respect to a Servicer, as specified in the
applicable Servicing Agreement.

         Servicing Officer: Any officer of the Master Servicer involved in or
responsible for the administration and servicing or master servicing of the
Mortgage Loans whose name appears on a list of servicing officers furnished by
the Master Servicer to the Trustee, as such list may from time to time be
amended.

         Special Hazard Loss: With respect to the Mortgage Loans, (x) any
Realized Loss arising out of any direct physical loss or damage to a Mortgaged
Property which is caused by or results from any cause, exclusive of any loss
covered by a hazard policy or a flood insurance policy required to be maintained
in respect of such Mortgaged Property and any loss caused by or resulting from
(i) normal wear and tear, (ii) conversion or other dishonest act on the part of
the Trustee, the Master Servicer, any Servicer or any of their agents or
employees, or (iii) errors in design, faulty workmanship or faulty materials,

                                       36
<PAGE>

unless the collapse of the property or a part thereof ensues, or (y) any
Realized Loss arising from or related to the presence or suspected presence of
hazardous wastes, or hazardous substances on a Mortgaged Property unless such
loss is covered by a hazard policy or flood insurance policy required to be
maintained in respect of such Mortgaged Property, in any case, as reported by
any Servicer to the Master Servicer.

         Special Hazard Loss Limit: As of the Cut-off Date, $6,769,191, which
amount shall be reduced from time to time to an amount equal on any Distribution
Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the
Scheduled Principal Balances of the Mortgage Loans; (ii) twice the Scheduled
Principal Balance of the Mortgage Loan having the highest Scheduled Principal
Balance, and (iii) the aggregate Scheduled Principal Balances of the Mortgage
Loans secured by Mortgaged Properties located in the single California postal
zip code area having the highest aggregate Scheduled Principal Balance of
Mortgage Loans of any such postal zip code area and (b) the Special Hazard Loss
Limit as of the Closing Date less the amount, if any, of Special Hazard Losses
incurred with respect to Mortgage Loans since the Closing Date.

         Specified Rating:  Not applicable.

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

         Subordinate Certificate:  Any Class B Certificate.

         Subordinate Certificate Writedown Amount: As to any Distribution Date,
the amount by which (i) the sum of the Class Principal Amounts of all the
Certificates (after giving effect to the distribution of principal and the
application of Realized Losses in reduction of the Certificate Principal Amounts
of the Certificates on such Distribution Date) exceeds (ii) the aggregate
Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.

         Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, the percentage obtained by dividing the
Class Principal Amount of such Class immediately prior to such Distribution Date
by the aggregate Certificate Principal Amount of all Subordinate Certificates
immediately prior to such Distribution Date.

         Subordinate Component Percentage: Not applicable.

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

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

         Subordinate Principal Distribution Amount: For each Certificate Group
and any Distribution Date, the sum of the following:

                  (i) the product of (a) the related Subordinate Percentage for
         such date and (b) the principal portion (multiplied by the applicable
         Non-AP Percentage) of each Scheduled Payment (without giving effect to
         any Debt Service Reduction occurring prior to the applicable Bankruptcy

                                       37
<PAGE>

         Coverage Termination Date) on each Mortgage Loan in the related
         Mortgage Pool due during the related Due Period;

                  (ii) the product of (a) the related Subordinate Prepayment
         Percentage for such date and (b) each of the following amounts
         (multiplied by the applicable Non-AP Percentage): (1) each Principal
         Prepayment on the Mortgage Loans in the related Mortgage Pool collected
         during the related Prepayment Period, (2) each other unscheduled
         collection, including Insurance Proceeds and Net Liquidation Proceeds
         (other than with respect to any Mortgage Loan in the related Mortgage
         Pool that was finally liquidated during the related Prepayment Period)
         representing or allocable to recoveries of principal received during
         the related Prepayment Period, and (3) the principal portion of all
         proceeds of the purchase of any Mortgage Loan in the related Mortgage
         Pool (or, in the case of a permitted substitution, amounts representing
         a principal adjustment) actually received by the Trustee during the
         related Prepayment Period;

                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the related
         net Liquidation Proceeds allocable to principal (multiplied by the
         applicable Non-AP Percentage) less any related amount paid pursuant to
         subsection (iii) of the definition of Senior Principal Distribution
         Amount for the related Certificate Group; and

                  (iv) any amounts described in clauses (i) through (iii) for
         any previous Distribution Date that remain unpaid;

         Tax Matters Person: The "tax matters person" as specified in the REMIC
Provisions.

         Termination Price:  As defined in Section 7.01 hereof.

         Title Insurance Policy: A title insurance policy maintained with
respect to a Mortgage Loan.

         Transfer Agreement:  As defined in the Mortgage Loan Sale Agreement.

         Transferor: Each seller of Mortgage Loans to Lehman Capital pursuant to
a Transfer Agreement.

         Trust Fund: The corpus of the trust created pursuant to this Agreement,
consisting of the Mortgage Loans (other than any Retained Interest), the
assignment of the Depositor's rights under the Mortgage Loan Sale Agreement and
the Participation Agreement, the Participations, such amounts as shall from time
to time be held in the Collection Account, the Certificate Account, any Escrow
Account, the Insurance Policies, any REO Property, the Class 2-A1 Certificate
Insurance Policy, the Class 2-A1 Policy Payments Account and the other items
referred to in, and conveyed to the Trustee under, Section 2.01(a).

         Trust Rate:  Not applicable.

                                       38
<PAGE>

         Trustee: The Chase Manhattan Bank, not in its individual capacity but
solely as Trustee, or any successor in interest, or if any successor trustee or
any co-trustee shall be appointed as herein provided, then such successor
trustee and such co-trustee, as the case may be.

         Trustee Fee: As to any Distribution Date, an amount equal to the
product of the Trustee Fee Rate and the aggregate Scheduled Principal Balance of
the related Mortgage Loans as of the first day of the related Due Period in the
aggregate. For purposes of payment of the Trustee Fee pursuant to Section
5.02(a)(i), the Trustee Fee shall be calculated separately, by Mortgage Pool.

         Trustee Fee Rate:  0.006% per annum.

         Undercollateralization Distribution: As defined in Section 5.02(e)(ii).

         Undercollateralized Group: With respect to any Distribution Date, the
Non-AP Senior Certificates of any Certificate Group as to which the aggregate
Certificate Principal Amount thereof, after giving effect to distributions
pursuant to Sections 5.02(a) and (b) on such date, is greater than the Non-AP
Pool Balance of the related Mortgage Pool for such Distribution Date.

         Underwriter's Exemption: Prohibited Transaction Exemption 2000-58, 65
Fed. Reg. 67765 (2000), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department of
Labor.

         Upper Tier REMIC: One of the separate REMICs as described in the
Preliminary Statement hereto.

         Voting Interests: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement
until the Class Notional Amount of each Class of Notional Certificates has been
reduced to zero, 95% of all Voting Interests shall be allocated to the
Certificates other than the Notional Certificates and 5% of all Voting Interests
shall be allocated to the Notional Certificates. After the Class Notional Amount
of each Class of Notional Certificates has been reduced to zero, 100% of all
Voting Interests shall be allocated to the remaining Classes of Certificates.
Voting Interests allocated to the Notional Certificates shall be allocated among
the Classes of such Certificates (and among the Certificates of each such Class)
in proportion to their Class Notional Amounts (or Notional Amounts). Voting
Interests shall be allocated among the other Classes of Certificates (and among
the Certificates of each such Class) in proportion to their Class Principal
Amounts (or Certificate Principal Amounts); provided, however, that on and after
the date, if any, on which the Class 2-A1 Certificate Insurer has paid a claim
under the Class 2-A1 Certificate Insurance Policy in respect of the Class 2-A1
Certificates, the Class 2-A1 Certificate Insurer shall be entitled to exercise
all consent, voting and related rights of such class.

         Section 1.02. Calculations Respecting Mortgage Loans.

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

                                       39
<PAGE>

                                   Article II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

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

         (a) Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby transfer, assign, set over, deposit with and otherwise
convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05
and 2.06, in trust, all the right, title and interest of the Depositor in and to
the Mortgage Loans (including the Participations). Such conveyance includes,
without limitation, the right to all distributions of principal and interest
received on or with respect to the Mortgage Loans on and after the Cut-off Date
(other than payments of principal and interest due on or before such date), and
all such payments due after such date but received prior to such date and
intended by the related Mortgagors to be applied after such date, together with
all of the Depositor's right, title and interest in and to the Collection
Account and all amounts from time to time credited to and the proceeds of the
Collection Account, the Certificate Account and all amounts from time to time
credited to and the proceeds of the Certificate Account, any Escrow Account
established pursuant to Section 9.06 hereof and all amounts from time to time
credited to and the proceeds of any such Escrow Account, any REO Property and
the proceeds thereof, the Depositor's rights under any Insurance Policies
related to the Mortgage Loans, and the Depositor's security interest in any
collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties and any Additional Collateral, and any proceeds of the foregoing, to
have and to hold, in trust; and the Trustee declares that, subject to the review
provided for in Section 2.02, it has received and shall hold the Trust Fund, as
trustee, in trust, for the benefit and use of the Holders of the Certificates
and for the purposes and subject to the terms and conditions set forth in this
Agreement, and, concurrently with such receipt, has caused to be executed,
authenticated and delivered to or upon the order of the Depositor, in exchange
for the Trust Fund, Certificates in the authorized denominations evidencing the
entire ownership of the Trust Fund.

         Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Trustee all of its rights and interest under
the Mortgage Loan Sale Agreement; including all rights of the Seller under the
applicable Servicing Agreement to the extent assigned under the Mortgage Loan
Sale Agreement. The Trustee hereby accepts such assignment, and shall be
entitled to exercise all rights of the Depositor under the Mortgage Loan Sale
Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
transfer, assignment, set-over, deposit and conveyance does not and is not
intended to result in creation or assumption by the Trustee of any obligation of
the Depositor, the Seller, or any other Person in connection with the Mortgage
Loans or any other agreement or instrument relating thereto except as
specifically set forth herein.

         (b) In connection with such transfer and assignment, the Depositor does
hereby deliver to, and deposit with, or cause to be delivered to and deposited
with, the Trustee, and/or any custodian acting on the Trustee's behalf, if

                                       40
<PAGE>

applicable, the following documents or instruments with respect to each Mortgage
Loan (each a "Mortgage File") so transferred and assigned (other than the
Participations):

                  (i) with respect to each Mortgage Loan, the original Mortgage
         Note endorsed without recourse in proper form to the order of the
         Trustee, or in blank (in each case, with all necessary intervening
         endorsements as applicable);

                  (ii) the original of any guarantee executed in connection with
         the Mortgage Note, assigned to the Trustee;

                  (iii) with respect to each Mortgage Loan other than a
         Cooperative Loan, the original recorded Mortgage with evidence of
         recording indicated thereon and the original recorded power of
         attorney, if the Mortgage was executed pursuant to a power of attorney,
         with evidence of recording thereon or, if such Mortgage or power of
         attorney has been submitted for recording but has not been returned
         from the applicable public recording office, has been lost or is not
         otherwise available, a copy of such Mortgage or power of attorney, as
         the case may be, certified to be a true and complete copy of the
         original submitted for recording. If, in connection with any Mortgage
         Loan, the Depositor cannot deliver the Mortgage with evidence of
         recording thereon on or prior to the Closing Date because of a delay
         caused by the public recording office where such Mortgage has been
         delivered for recordation or because such Mortgage has been lost, the
         Depositor shall deliver or cause to be delivered to the Trustee (or its
         custodian), in the case of a delay due to recording, a true copy of
         such Mortgage, pending delivery of the original thereof, together with
         an Officer's Certificate of the Depositor certifying that the copy of
         such Mortgage delivered to the Trustee (or its custodian) is a true
         copy and that the original of such Mortgage has been forwarded to the
         public recording office, or, in the case of a Mortgage that has been
         lost, a copy thereof (certified as provided for under the laws of the
         appropriate jurisdiction) and a written Opinion of Counsel acceptable
         to the Trustee and the Depositor that an original recorded Mortgage is
         not required to enforce the Trustee's interest in the Mortgage Loan;

                  (iv) the original of each assumption, modification or
         substitution agreement, if any, relating to the Mortgage Loans, or, as
         to any assumption, modification or substitution agreement which cannot
         be delivered on or prior to the Closing Date because of a delay caused
         by the public recording office where such assumption, modification or
         substitution agreement has been delivered for recordation, a photocopy
         of such assumption, modification or substitution agreement, pending
         delivery of the original thereof, together with an Officer's
         Certificate of the Depositor certifying that the copy of such
         assumption, modification or substitution agreement delivered to the
         Trustee (or its custodian) is a true copy and that the original of such
         agreement has been forwarded to the public recording office;

                  (v) with respect to each Non-MERS Mortgage Loan other than a
         Cooperative Loan, the original Assignment of Mortgage for each Mortgage
         Loan;

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<PAGE>

                  (vi) if applicable, such original intervening assignments of
         the Mortgage, notice of transfer or equivalent instrument (each, an
         "Intervening Assignment"), as may be necessary to show a complete chain
         of assignment from the originator, or, in the case of an Intervening
         Assignment that has been lost, a written Opinion of Counsel acceptable
         to the Trustee that such original Intervening Assignment is not
         required to enforce the Trustee's interest in the Mortgage Loans;

                  (vii) the original Primary Mortgage Insurance Policy or
         certificate, if private mortgage guaranty insurance is required;

                  (viii) with respect to each Mortgage Loan other than a
         Cooperative Loan, the original mortgagee title insurance policy or
         attorney's opinion of title and abstract of title;

                  (ix) the original of any security agreement, chattel mortgage
         or equivalent executed in connection with the Mortgage or as to any
         security agreement, chattel mortgage or their equivalent that cannot be
         delivered on or prior to the Closing Date because of a delay caused by
         the public recording office where such document has been delivered for
         recordation, a photocopy of such document, pending delivery of the
         original thereof, together with an Officer's Certificate of the
         Depositor certifying that the copy of such security agreement, chattel
         mortgage or their equivalent delivered to the Trustee (or its
         custodian) is a true copy and that the original of such document has
         been forwarded to the public recording office; and

                  (x) with respect to any Cooperative Loan, the Cooperative Loan
         Documents.

         The parties hereto acknowledge and agree that the form of endorsement
attached hereto as Exhibit B-4 is intended to effect the transfer to the
Trustee, for the benefit of the Certificateholders, of the Mortgage Notes and
the Mortgages.

         With respect to each Participation, the Depositor does hereby deliver
to, and deposit with, or cause to be delivered to and deposited with, the
Trustee, and/or any custodian acting on the Trustee's behalf, a copy of the
Participation Agreement and the original Participation issued to the Trustee.

         (c) (i) Assignments of Mortgage with respect to each Non-MERS Mortgage
Loan other than a Cooperative Loan shall be recorded; provided, however, that
such Assignments need not be recorded if, in the Opinion of Counsel (which must
be from Independent counsel) acceptable to the Trustee and the Rating Agencies,
recording in such states is not required to protect the Trustee's interest in
the related Non-MERS Mortgage Loans. Subject to the preceding sentence, as soon
as practicable after the Closing Date (but in no event more than 3 months
thereafter except to the extent delays are caused by the applicable recording
office), the Trustee, at the expense of the Depositor and with the cooperation
of the applicable Servicer, shall cause to be properly recorded by such Servicer
in each public recording office where the related Mortgages are recorded each
Assignment of Mortgage referred to in subsection (b)(v) above with respect to a
Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee, at
the expense of the Depositor and with the cooperation of the applicable

                                       42
<PAGE>

Servicer, shall cause such Servicer to take such actions as are necessary under
applicable law in order to perfect the interest of the Trustee in the related
Mortgaged Property.

                  (ii) With respect to each MERS Mortgage Loan, the Trustee, at
         the expense of the Depositor and at the direction and with the
         cooperation of the applicable Servicer, shall cause to be taken such
         actions as are necessary to cause the Trustee to be clearly identified
         as the owner of each such Mortgage Loan on the records of MERS for
         purposes of the system of recording transfers of beneficial ownership
         of mortgages maintained by MERS.

         (d) In instances where a Title Insurance Policy is required to be
delivered to the Trustee, or to the applicable Custodian on behalf of the
Trustee, under clause (b)(viii) above and is not so delivered, the Depositor
will provide a copy of such Title Insurance Policy to the Trustee, or to the
applicable Custodian on behalf of the Trustee, as promptly as practicable after
the execution and delivery hereof, but in any case within 180 days of the
Closing Date.

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

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

         (a) The Trustee, by execution and delivery hereof, acknowledges receipt
of the Participations and the Mortgage Files pertaining to the Mortgage Loans
listed on the Mortgage Loan Schedule, subject to review thereof by the Trustee,
or by the applicable Custodian on behalf of the Trustee, under this Section
2.02. The Trustee, or the applicable Custodian on behalf of the Trustee, will
execute and deliver to the Trustee, the Depositor and the Master Servicer on the
Closing Date an Initial Certification in the form annexed hereto as Exhibit B-1
(or in the form annexed to the applicable Custodial Agreement as Exhibit B-1, as
applicable).

         (b) Within 45 days after the Closing Date, the applicable Custodian
will, on behalf of the Trustee and for the benefit of Holders of the
Certificates, review each Mortgage File to ascertain that all required documents
set forth in Section 2.01 have been received and appear on their face to contain
the requisite signatures by or on behalf of the respective parties thereto, and
shall deliver to the Trustee, the Depositor and the Master Servicer an Interim
Certification in the form annexed hereto as Exhibit B-2 (or in the form annexed
to the applicable Custodial Agreement as Exhibit B-2, as applicable) to the
effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
(other than any Mortgage Loan prepaid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), (i) all
of the applicable documents specified in Section 2.01(b) are in its possession
and (ii) such documents have been reviewed by it and appear to relate to such

                                       43
<PAGE>

Mortgage Loan. The Trustee, or the applicable Custodian on behalf of the
Trustee, shall make sure that the documents are executed and endorsed, but shall
be under no duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine that the same are valid,
binding, legally effective, properly endorsed, genuine, enforceable or
appropriate for the represented purpose or that they have actually been recorded
or are in recordable form or that they are other than what they purport to be on
their face. Neither the Trustee nor any Custodian shall have any responsibility
for verifying the genuineness or the legal effectiveness of or authority for any
signatures of or on behalf of any party or endorser.

         (c) If in the course of the review described in paragraph (b) above the
Trustee or the applicable Custodian discovers any document or documents
constituting a part of a Mortgage File that is missing, does not appear regular
on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically
altered) or appears to be unrelated to the Mortgage Loans identified in the
Mortgage Loan Schedule (each, a "Material Defect"), the Trustee, or the
applicable Custodian on behalf of the Trustee, shall promptly identify the
Mortgage Loan to which such Material Defect relates in the Interim Certificate
delivered to the Depositor or the Master Servicer (and to the Trustee). Within
90 days of its receipt of such notice, the Depositor shall be required to cure
such Material Defect (and, in such event, the Depositor shall provide the
Trustee with an Officer's Certificate confirming that such cure has been
effected). If the Depositor does not so cure such Material Defect, it shall, if
a loss has been incurred with respect to such Mortgage Loan that would, if such
Mortgage Loan were not purchased from the Trust Fund, constitute a Realized
Loss, and such loss is attributable to the failure of the Depositor to cure such
Material Defect, repurchase the related Mortgage Loan from the Trust Fund at the
Purchase Price. A loss shall be deemed to be attributable to the failure of the
Depositor to cure a Material Defect if, as determined by the Depositor, upon
mutual agreement with the Servicer acting in good faith, absent such Material
Defect, such loss would not have been incurred. Within the two year period
following the Closing Date, the Depositor may, in lieu of repurchasing a
Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan a
Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
The failure of the Trustee or the applicable Custodian to give the notice
contemplated herein within 45 days after the Closing Date shall not affect or
relieve the Depositor of its obligation to repurchase any Mortgage Loan pursuant
to this Section 2.02 or any other Section of this Agreement requiring the
repurchase of Mortgage Loans from the Trust Fund.

         (d) Within 180 days following the Closing Date, the Trustee, or the
applicable Custodian, shall deliver to the Trustee, the Depositor and the Master
Servicer a Final Certification substantially in the form annexed hereto as
Exhibit B-3 (or in the form annexed to the applicable Custodial Agreement as
Exhibit B-3, as applicable) evidencing the completeness of the Mortgage Files in
its possession or control, with any exceptions noted thereto.

         (e) Nothing in this Agreement shall be construed to constitute an
assumption by the Trust Fund, the Trustee, the Certificateholders or the Class
2-A1 Certificate Insurer of any unsatisfied duty, claim or other liability on
any Mortgage Loan or to any Mortgagor.

                                       44
<PAGE>

         (f) Each of the parties hereto acknowledges that the Custodian shall
perform the applicable review of the Mortgage Loans and respective
certifications thereof as provided in this Section 2.02.

         Section 2.03. Representations and Warranties of the Depositor.

         (a) The Depositor hereby represents and warrants to the Trustee, for
the benefit of Certificateholders, to the Class 2-A1 Certificate Insurer and to
the Master Servicer, as of the Closing Date or such other date as is specified,
that:

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

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

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

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

                  (v) there are no actions, suits or proceedings pending or, to
         the knowledge of the Depositor, threatened or likely to be asserted
         against or affecting the Depositor, before or by any court,
         administrative agency, arbitrator or governmental body (A) with respect
         to any of the transactions contemplated by this Agreement or (B) with
         respect to any other matter which in the judgment of the Depositor will
         be determined adversely to the Depositor and will if determined
         adversely to the Depositor materially and adversely affect it or its
         business, assets, operations or condition, financial or otherwise, or
         adversely affect its ability to perform its obligations under this
         Agreement; and

                                       45
<PAGE>

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

         (b) The representations and warranties of each Transferor with respect
to the related Mortgage Loans in the applicable Transfer Agreement, which have
been assigned to the Trustee hereunder, were made as of the date specified in
the applicable Transfer Agreement (or underlying agreement, if such Transfer
Agreement is in the form of an assignment of a prior agreement). To the extent
that any fact, condition or event with respect to a Mortgage Loan constitutes a
breach of both (i) a representation or warranty of the applicable Transferor
under the applicable Transfer Agreement and (ii) a representation or warranty of
Lehman Capital under the Mortgage Loan Sale Agreement, the only right or remedy
of the Trustee or of any Certificateholder shall be the Trustee's right to
enforce the obligations of the applicable Transferor under any applicable
representation or warranty made by it. The Trustee acknowledges that Lehman
Capital shall have no obligation or liability with respect to any breach of a
representation or warranty made by it with respect to the Mortgage Loans if the
fact, condition or event constituting such breach also constitutes a breach of a
representation or warranty made by the applicable Transferor in the applicable
Transfer Agreement, without regard to whether such Transferor fulfills its
contractual obligations in respect of such representation or warranty. The
Trustee further acknowledges that the Depositor shall have no obligation or
liability with respect to any breach of any representation or warranty with
respect to the Mortgage Loans (except as set forth in Section 2.03(a)(vi)) under
any circumstances.

         Section 2.04. Discovery of Breach.

         It is understood and agreed that the representations and warranties (i)
set forth in Section 2.03, (ii) of Lehman Capital set forth in the Mortgage Loan
Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii)
of each Transferor, assigned by Lehman Capital to the Depositor pursuant to the
Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
hereunder shall each survive delivery of the Mortgage Files and the Assignment
of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
the term of this Agreement. Upon discovery by either the Depositor, the Master
Servicer, the Trustee or the Class 2-A1 Certificate Insurer of a breach of any

                                       46
<PAGE>

of such representations and warranties that adversely and materially affects the
value of the related Mortgage Loan, the party discovering such breach shall give
prompt written notice to the other parties. Within 90 days of the discovery of a
breach of any representation or warranty given to the Trustee by the Depositor,
any Transferor or Lehman Capital and assigned to the Trustee, the Depositor,
such Transferor or Lehman Capital, as applicable, shall either (a) cure such
breach in all material respects, (b) repurchase such Mortgage Loan or any
property acquired in respect thereof from the Trustee at the Purchase Price or
(c) within the two year period following the Closing Date, substitute a
Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event
of discovery of a breach of any representation and warranty of any Transferor
assigned to the Trustee, the Trustee shall enforce its rights under the
applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the
benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreement,
if any Transferor substitutes for a Mortgage Loan for which there is a breach of
any representations and warranties in the related Transfer Agreement which
adversely and materially affects the value of such Mortgage Loan and such
substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the
terms of the Mortgage Loan Sale Agreement, Lehman Capital will, in exchange for
such Substitute Mortgage Loan, (i) provide the applicable Purchase Price for the
affected Mortgage Loan or (ii) within two years of the Closing Date, substitute
such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.

         Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans.

         (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Capital pursuant to the Mortgage Loan Sale
Agreement or by any Transferor pursuant to the applicable Transfer Agreement,
the principal portion of the funds received by the Trustee in respect of such
repurchase of a Mortgage Loan will be considered a Principal Prepayment and
shall be deposited in the Collection Account. The Trustee, upon receipt of the
full amount of the Purchase Price for a Deleted Mortgage Loan, or upon receipt
of the Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
Deleted Mortgage Loan (and any applicable Substitution Amount), shall release or
cause to be released and reassign to the Depositor, Lehman Capital or the
applicable Transferor, as applicable, the related Mortgage File for the Deleted
Mortgage Loan and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, representation or warranty, as shall
be necessary to vest in such party or its designee or assignee title to any
Deleted Mortgage Loan released pursuant hereto, free and clear of all security
interests, liens and other encumbrances created by this Agreement, which
instruments shall be prepared by the Trustee (or its custodian), and the Trustee
shall have no further responsibility with respect to the Mortgage File relating
to such Deleted Mortgage Loan.

         (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Trustee (or its custodian) pursuant to the terms of this
Article II in exchange for a Deleted Mortgage Loan: (i) the Depositor, the
applicable Transferor or Lehman Capital, as applicable, must deliver to the
Trustee (or its custodian) the Mortgage File for the Qualifying Substitute
Mortgage Loan containing the documents set forth in Section 2.01(b) along with a
written certification certifying as to the delivery of such Mortgage File and
containing the granting language set forth in Section 2.01(a); and (ii) the
Depositor will be deemed to have made, with respect to such Qualified Substitute
Mortgage Loan, each of the representations and warranties made by it with
respect to the related Deleted Mortgage Loan. As soon as practicable after the

                                       47
<PAGE>

delivery of any Qualifying Substitute Mortgage Loan hereunder, the Trustee, at
the expense of the Depositor and at the direction and with the cooperation of
the applicable Servicer, shall (i) with respect to a Qualifying Substitute
Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment of Mortgage
to be recorded by such Servicer if required pursuant to Section 2.01(c)(i), or
(ii) with respect to a Qualifying Substitute Mortgage Loan that is a MERS
Mortgage Loan, cause to be taken such actions as are necessary to cause the
Trustee to be clearly identified as the owner of each such Mortgage Loan on the
records of MERS if required pursuant to Section 2.01(c)(ii).

         (c) Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Qualifying Substitute Mortgage
Loan for a Deleted Mortgage Loan shall be made unless the Trustee has received
an Opinion of Counsel (at the expense of the party seeking to make the
substitution) that, under current law, such substitution will not (A) affect
adversely the status of any REMIC established hereunder as a REMIC, or of the
related "regular interests" as "regular interests" in any such REMIC, or (B)
cause any such REMIC to engage in a "prohibited transaction" or prohibited
contribution pursuant to the REMIC Provisions.

         Section 2.06. Grant Clause.

         It is intended that the conveyance of the Depositor's right, title and
interest in and to property constituting the Trust Fund pursuant to this
Agreement shall constitute, and shall be construed as, a sale of such property
and not a grant of a security interest to secure a loan. However, if such
conveyance is deemed to be in respect of a loan, it is intended that: (i) the
rights and obligations of the parties shall be established pursuant to the terms
of this Agreement; (ii) the Depositor hereby grants to the Trustee for the
benefit of the Holders of the Certificates and the Class 2-A1 Certificate
Insurer a first priority security interest in all of the Depositor's right,
title and interest in, to and under, whether now owned or hereafter acquired,
the Trust Fund and all proceeds of any and all property constituting the Trust
Fund to secure payment of the Certificates; and (iii) this Agreement shall
constitute a security agreement under applicable law. If such conveyance is
deemed to be in respect of a loan and the Trust created by this Agreement
terminates prior to the satisfaction of the claims of any Person holding any
Certificate, the security interest created hereby shall continue in full force
and effect and the Trustee shall be deemed to be the collateral agent for the
benefit of such Person, and all proceeds shall be distributed as herein
provided.

                                  Article III

                                THE CERTIFICATES

         Section 3.01. The Certificates.

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

                                       48
<PAGE>

Certificates shall be issued in the minimum denominations in Certificate
Principal Amount (or Notional Amount) or Percentage Interest specified in the
Preliminary Statement hereto and in integral multiples of $1 or 5% (in the case
of Certificates issued in Percentage Interests) in excess thereof. Each Class of
Non-Book Entry Certificates other than the Residual Certificate shall be issued
in definitive, fully registered form in the minimum denominations in Certificate
Principal Amount (or Notional Amount) specified in the Preliminary Statement
hereto and in integral multiples of $1 in excess thereof. The Residual
Certificate shall be issued as a single Certificate and maintained in
definitive, fully registered form in a minimum denomination equal to 25% of the
Percentage Interest of such Class. The Certificates may be issued in the form of
typewritten certificates. One Certificate of each Class of Certificates other
than any Class of Residual Certificates may be issued in any denomination in
excess of the minimum denomination.

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

         (c) The Class B4, Class B5 or Class B6 Certificates offered and sold in
reliance on the exemption from registration under Rule 144A shall be issued
initially in the form of one or more permanent global Certificates in
definitive, fully registered form without interest coupons with the applicable
legends set forth in Exhibit A added to the forms of such Certificates (each, a
"Restricted Global Security"), which shall be deposited on behalf of the
subscribers for such Certificates represented thereby with the Trustee, as
custodian for DTC and registered in the name of a nominee of DTC, duly executed
and authenticated by the Trustee as hereinafter provided. The aggregate
principal amounts of the Restricted Global Securities may from time to time be
increased or decreased by adjustments made on the records of the Trustee or DTC
or its nominee, as the case may be, as hereinafter provided.

         The Class B4, Class B5 or Class B6 Certificates sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form
of one or more permanent global Certificates in definitive, fully registered
form without interest coupons with the applicable legends set forth in Exhibit A
hereto added to the forms of such Certificates (each, a "Regulation S Global
Security"), which shall be deposited on behalf of the subscribers for such
Certificates represented thereby with the Trustee, as custodian for DTC and
registered in the name of a nominee of DTC, duly executed and authenticated by
the Trustee as hereinafter provided. The aggregate principal amounts of the

                                       49
<PAGE>

Regulation S Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee or DTC or its nominee, as the
case may be, as hereinafter provided.

         (d) The Class B4, Class B5, or Class B6 Certificates sold to an
"accredited investor" under Rule 501(a)(1), (2), (3) or (7) under the Act shall
be issued initially in the form of one or more Definitive Certificates.

Section 3.02.     Registration.

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

         Section 3.03. Transfer and Exchange of Certificates.

         (a) A Certificate (other than Book-Entry Certificates which shall be
subject to Section 3.09 hereof) may be transferred by the Holder thereof only
upon presentation and surrender of such Certificate at the office of the
Certificate Registrar duly endorsed or accompanied by an assignment duly
executed by such Holder or his duly authorized attorney in such form as shall be
satisfactory to the Certificate Registrar. Upon the transfer of any Certificate
in accordance with the preceding sentence, the Trustee shall execute, and the
Trustee or any Authenticating Agent shall authenticate and deliver to the
transferee, one or more new Certificates of the same Class and evidencing, in
the aggregate, the same aggregate Certificate Principal Amount as the
Certificate being transferred. No service charge shall be made to a
Certificateholder for any registration of transfer of Certificates, but the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any registration
of transfer of Certificates.

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

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<PAGE>

exchange of Certificates. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, and the Trustee or the Authenticating Agent
shall authenticate, date and deliver the Certificates which the
Certificateholder making the exchange is entitled to receive.

         (c) By acceptance of a Restricted Certificate or a Regulation S Global
Security, whether upon original issuance or subsequent transfer, each Holder of
such a Certificate acknowledges the restrictions on the transfer of such
Certificate set forth thereon and agrees that it will transfer such a
Certificate only as provided herein. In addition, each Holder of a Regulation S
Global Security shall be deemed to have represented and warranted to the
Trustee, the Certificate Registrar and any of their respective successors that:
(i) such Person is not a U.S. person within the meaning of Regulation S and was,
at the time the buy order was originated, outside the United States and (ii)
such Person understands that such Certificates have not been registered under
the Securities Act of 1933, as amended (the "Act"), and that (x) until the
expiration of the 40-day distribution compliance period (within the meaning of
Regulation S), no offer, sale, pledge or other transfer of such Certificates or
any interest therein shall be made in the United States or to or for the account
or benefit of a U.S. person (each as defined in Regulation S), (y) if in the
future it decides to offer, resell, pledge or otherwise transfer such
Certificates, such Certificates may be offered, resold, pledged or otherwise
transferred only (A) to a person which the seller reasonably believes is a
"qualified institutional buyer" (a "QIB") as defined in Rule 144A under the Act,
that is purchasing such Certificates for its own account or for the account of a
qualified institutional buyer to which notice is given that the transfer is
being made in reliance on Rule 144A or (B) in an offshore transaction (as
defined in Regulation S) in compliance with the provisions of Regulation S, in
each case in compliance with the requirements of this Agreement; and it will
notify such transferee of the transfer restrictions specified in this Section.

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

                  (i) The Certificate Registrar shall register the transfer of a
         Restricted Certificate if the requested transfer is (x) to the
         Depositor or the Placement Agent, an affiliate (as defined in Rule 405
         under the Act) of the Depositor or the Placement Agent or (y) being
         made to a QIB by a transferor that has provided the Trustee with a
         certificate in the form of Exhibit F hereto; and

                  (ii) The Certificate Registrar shall register the transfer of
         a Restricted Certificate if the requested transfer is being made to an
         "accredited investor" under Rule 501(a)(1), (2), (3) or (7) under the
         Act by a transferor who furnishes to the Trustee a letter of the
         transferee substantially in the form of Exhibit G hereto.

         (d) (i) No transfer of an ERISA-Restricted Certificate in the form of a
Definitive Certificate shall be made to any Person unless the Trustee has
received (A) a certificate substantially in the form of Exhibit H (or Exhibit
D-1 in the case of the Class R Certificate) hereto from such transferee in the
case of any Class B4, Class B5, Class B6 Certificate or any Certificate which a
Responsible Officer of the Trustee has actual knowledge that such Certificate

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<PAGE>

has become an ERISA-Restricted Certificate because it no longer has a rating
permitted under the Underwriter's Exemption, or (B) an Opinion of Counsel
satisfactory to the Trustee and the Depositor to the effect that the purchase
and holding of such a Certificate will not constitute or result in the assets of
the Trust Fund being deemed to be "plan assets" subject to the prohibited
transactions provisions of ERISA or Section 4975 of the Code and will not
subject the Trustee or the Depositor to any obligation in addition to those
undertaken in the Agreement; provided, however, that the Trustee will not
require such certificate or opinion in the event that, as a result of a change
of law or otherwise, counsel satisfactory to the Trustee has rendered an opinion
to the effect that the purchase and holding of an ERISA-Restricted Certificate
by a Plan or a Person that is purchasing or holding such a Certificate with the
assets of a Plan will not constitute or result in a prohibited transaction under
ERISA or Section 4975 of the Code. Each transferee of an ERISA-Restricted
Certificate that is a Book Entry Certificate shall be deemed to have made the
representations set forth in Exhibit H. The preparation and delivery of the
certificate and opinions referred to above shall not be an expense of the Trust
Fund, the Trustee or the Depositor. Notwithstanding the foregoing, no opinion or
certificate shall be required for the initial issuance of the ERISA-Restricted
Certificates.

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

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

         Prior to and as a condition of the registration of any transfer, sale
or other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-1 representing and warranting, among other things, that such
transferee is neither a Disqualified Organization, an agent or nominee acting on
behalf of a Disqualified Organization, nor a Non-permitted Foreign Holder (any
such transferee, a "Permitted Transferee"), and the proposed transferor shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-2. In addition, the Trustee may (but shall have no obligation to)
require, prior to and as a condition of any such transfer, the delivery by the
proposed transferee of an Opinion of Counsel, addressed to the Depositor and the
Trustee satisfactory in form and substance to the Depositor, that such proposed
transferee or, if the proposed transferee is an agent or nominee, the proposed
beneficial owner, is not a Disqualified Organization, agent or nominee thereof,
or Non-permitted Foreign Holder. Notwithstanding the registration in the

                                       52
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Certificate Register of any transfer, sale, or other disposition of a Residual
Certificate to a Disqualified Organization, an agent or nominee thereof, or
Non-permitted Foreign Holder, such registration shall be deemed to be of no
legal force or effect whatsoever and such Disqualified Organization, agent or
nominee thereof, or Non-permitted Foreign Holder shall not be deemed to be a
Certificateholder for any purpose hereunder, including, but not limited to, the
receipt of distributions on such Residual Certificate. The Trustee shall not be
under any liability to any person for any registration or transfer of a Residual
Certificate to a Disqualified Organization, agent or nominee thereof, or
Non-permitted Foreign Holder or for the maturity of any payments due on such
Residual Certificate to the Holder thereof or for taking any other action with
respect to such Holder under the provisions of the Agreement, so long as the
transfer was effected in accordance with this Section 3.03(f), unless the
Trustee shall have actual knowledge at the time of such transfer or the time of
such payment or other action that the transferee is a Disqualified Organization,
agent or nominee thereof, or Non-permitted Foreign Holder. The Trustee shall be
entitled to recover from any Holder of a Residual Certificate that was a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder at the time it became a Holder or any subsequent time it became a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder, all payments made on such Residual Certificate at and after either such
times (and all costs and expenses, including but not limited to attorneys' fees,
incurred in connection therewith). Any payment (not including any such costs and
expenses) so recovered by the Trustee shall be paid and delivered to the last
preceding Holder of such Residual Certificate.

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

         (g) Each Holder of a Residual Certificate, by such Holder's acceptance
thereof, shall be deemed for all purposes to have consented to the provisions of
this section.

         (h) Notwithstanding any provision to the contrary herein, so long as a
Global Security representing either of the Class B4, Class B5 or Class B6
Certificates remains outstanding and is held by or on behalf of DTC, transfers
of a Global Security representing any such Certificates, in whole or in part,
shall only be made in accordance with Section 3.01 and this Section 3.03(h).

                  (A) Subject to clauses (B) and (C) of this Section 3.03(h),
         transfers of a Global Security representing either of the Class B4,
         Class B5 or Class B6 Certificates shall be limited to transfers of such
         Global Security, in whole or in part, to nominees of DTC or to a
         successor of DTC or such successor's nominee.

                                       53
<PAGE>

                  (B) Restricted Global Security to Regulation S Global
         Security. If a holder of a beneficial interest in a Restricted Global
         Security deposited with or on behalf of DTC wishes at any time to
         exchange its interest in such Restricted Global Security for an
         interest in a Regulation S Global Security, or to transfer its interest
         in such Restricted Global Security to a Person who wishes to take
         delivery thereof in the form of an interest in a Regulation S Global
         Security, such holder, provided such holder is not a U.S. person, may,
         subject to the rules and procedures of DTC, exchange or cause the
         exchange of such interest for an equivalent beneficial interest in the
         Regulation S Global Security. Upon receipt by the Trustee, as
         Certificate Registrar, of (I) instructions from DTC directing the
         Trustee, as Certificate Registrar, to be credited a beneficial interest
         in a Regulation S Global Security in an amount equal to the beneficial
         interest in such Restricted Global Security to be exchanged but not
         less than the minimum denomination applicable to such holder's
         Certificates held through a Regulation S Global Security, (II) a
         written order given in accordance with DTC's procedures containing
         information regarding the participant account of DTC and, in the case
         of a transfer pursuant to and in accordance with Regulation S, the
         Euroclear or Clearstream account to be credited with such increase and
         (III) a certificate in the form of Exhibit L-1 hereto given by the
         holder of such beneficial interest stating that the exchange or
         transfer of such interest has been made in compliance with the transfer
         restrictions applicable to the Global Securities, including that the
         holder is not a U.S. person, and pursuant to and in accordance with
         Regulation S, the Trustee, as Certificate Registrar, shall reduce the
         principal amount of the Restricted Global Security and increase the
         principal amount of the Regulation S Global Security by the aggregate
         principal amount of the beneficial interest in the Restricted Global
         Security to be exchanged, and shall instruct Euroclear or Clearstream,
         as applicable, concurrently with such reduction, to credit or cause to
         be credited to the account of the Person specified in such instructions
         a beneficial interest in the Regulation S Global Security equal to the
         reduction in the principal amount of the Restricted Global Security.

                  (C) Regulation S Global Security to Restricted Global
         Security. If a holder of a beneficial interest in a Regulation S Global
         Security deposited with or on behalf of DTC wishes at any time to
         transfer its interest in such Regulation S Global Security to a Person
         who wishes to take delivery thereof in the form of an interest in a
         Restricted Global Security, such holder may, subject to the rules and
         procedures DTC, exchange or cause the exchange of such interest for an
         equivalent beneficial interest in a Restricted Global Security. Upon
         receipt by the Trustee, as Certificate Registrar, of (I) instructions
         from DTC directing the Trustee, as Certificate Registrar, to cause to
         be credited a beneficial interest in a Restricted Global Security in an
         amount equal to the beneficial interest in such Regulation S Global
         Security to be exchanged but not less than the minimum denomination
         applicable to such holder's Certificates held through a Restricted
         Global Security, to be exchanged, such instructions to contain
         information regarding the participant account with DTC to be credited
         with such increase, and (II) a certificate in the form of Exhibit L-2
         hereto given by the holder of such beneficial interest and stating,
         among other things, that the Person transferring such interest in such

                                       54
<PAGE>

         Regulation S Global Security reasonably believes that the Person
         acquiring such interest in a Restricted Global Security is a QIB, is
         obtaining such beneficial interest in a transaction meeting the
         requirements of Rule 144A and in accordance with any applicable
         securities laws of any State of the United States or any other
         jurisdiction, then the Trustee, as Certificate Registrar, will reduce
         the principal amount of the Regulation S Global Security and increase
         the principal amount of the Restricted Global Security by the aggregate
         principal amount of the beneficial interest in the Regulation S Global
         Security to be transferred and the Trustee, as Certificate Registrar,
         shall instruct DTC, concurrently with such reduction, to credit or
         cause to be credited to the account of the Person specified in such
         instructions a beneficial interest in the Restricted Global Security
         equal to the reduction in the principal amount of the Regulation S
         Global Security.

                  (D) Other Exchanges. In the event that a Global Security is
         exchanged for Certificates in definitive registered form without
         interest coupons, pursuant to Section 3.09(c) hereof, such Certificates
         may be exchanged for one another only in accordance with such
         procedures as are substantially consistent with the provisions above
         (including certification requirements intended to insure that such
         transfers comply with Rule 144A, comply with Rule 501(a)(1), (2), (3)
         or (7) or are to non-U.S. persons in compliance with Regulation S under
         the Act, as the case may be), and as may be from time to time adopted
         by the Trustee.

                  (E) Restrictions on U.S. Transfers. Transfers of interests in
         the Regulation S Global Security to U.S. persons (as defined in
         Regulation S) shall be limited to transfers made pursuant to the
         provisions of Section 3.03(h)(C).

         Section 3.04. Cancellation of Certificates.

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

         Section 3.05. Replacement of Certificates.

         If (i) any Certificate is mutilated and is surrendered to the Trustee
or any Authenticating Agent or (ii) the Trustee or any Authenticating Agent
receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and there is delivered to the Trustee or the Authenticating Agent
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Depositor and any Authenticating
Agent that such destroyed, lost or stolen Certificate has been acquired by a
bona fide purchaser, the Trustee shall execute and the Trustee or any
Authenticating Agent shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like tenor and Certificate Principal Amount. Upon the issuance of any new
Certificate under this Section 3.05, the Trustee and Authenticating Agent may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including

                                       55
<PAGE>

the fees and expenses of the Trustee or the Authenticating Agent) connected
therewith. Any replacement Certificate issued pursuant to this Section 3.05
shall constitute complete and indefeasible evidence of ownership in the
applicable Trust Fund, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

         Section 3.06. Persons Deemed Owners.

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

         Section 3.07. Temporary Certificates.

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

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

         Section 3.08. Appointment of Paying Agent.

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

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<PAGE>

be distributed on such Distribution Date. Any Paying Agent shall be either a
bank or trust company or otherwise authorized under law to exercise corporate
trust powers.

         Section 3.09. Book-Entry Certificates.

         (a) Each Class of Book-Entry Certificates, upon original issuance,
shall be issued in the form of one or more typewritten Certificates representing
the Book-Entry Certificates, to be delivered to The Depository Trust Company,
the initial Clearing Agency, by, or on behalf of, the Depositor. The Book-Entry
Certificates shall initially be registered on the Certificate Register in the
name of the nominee of the Clearing Agency, and no Certificate Owner will
receive a definitive certificate representing such Certificate Owner's interest
in the Book-Entry Certificates, except as provided in Section 3.09(c). Unless
Definitive Certificates have been issued to Certificate Owners of Book-Entry
Certificates pursuant to Section 3.09(c):

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

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

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

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

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

         (c) If (i) (A) the Depositor advises the Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its
responsibilities with respect to the Book-Entry Certificates, and (B) the
Trustee or the Depositor is unable to locate a qualified successor, (ii) the
Depositor, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Certificate Owners representing beneficial
interests aggregating not less than 50% of the Class Principal Amount of a Class
of Book-Entry Certificates identified as such to the Trustee by an Officer's

                                       57
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Certificate from the Clearing Agency advise the Trustee and the Clearing Agency
through the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best
interests of the Certificate Owners of a Class of Book-Entry Certificates, the
Trustee shall notify or cause the Certificate Registrar to notify the Clearing
Agency to effect notification to all Certificate Owners, through the Clearing
Agency, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Clearing Agency,
accompanied by registration instructions from the Clearing Agency for
registration, the Trustee shall issue the Definitive Certificates. Neither the
Transferor nor the Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Certificates all
references herein to obligations imposed upon or to be performed by the
Clearing Agency shall be deemed to be imposed upon and performed by the
Trustee, to the extent applicable, with respect to such Definitive Certificates
and the Trustee shall recognize the holders of the Definitive Certificates as
Certificateholders hereunder.

                                   Article IV

                        ADMINISTRATION OF THE TRUST FUND

         Section 4.01. Collection Account.

         (a) On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Aurora Loan Services Inc., as Master Servicer, in trust for
the benefit of the Holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-10A." The Collection Account shall relate
solely to the Certificates issued by the Trust Fund hereunder, and funds in such
Collection Account shall not be commingled with any other monies.

         (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Master Servicer shall
establish a new Collection Account that is an Eligible Account within 30 days
and transfer all funds on deposit in such existing Collection Account into such
new Collection Account.

         (c) The Master Servicer shall give to the Trustee prior written notice
of the name and address of the depository institution at which the Collection
Account is maintained and the account number of such Collection Account. On each
Deposit Date, the entire amount on deposit in the Collection Account (subject to
permitted withdrawals set forth in Section 4.02), excluding such amounts not
included in the Available Distribution Amount for such Distribution Date
pursuant to clauses (A) through (G) of paragraph (i) of the definition thereof
(except for any amounts due or reimburseable to the Trustee), shall be remitted
to the Trustee for deposit into the Certificate Account by wire transfer in
immediately available funds. The Master Servicer, at its option, may choose to
make daily remittances from the Collection Account to the Trustee for deposit
into the Certificate Account.

         (d) The Master Servicer shall deposit or cause to be deposited into the
Collection Account, no later than the Business Day following the Closing Date,
any amounts representing Scheduled Payments on the Mortgage Loans due after the

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Cut-off Date and received by the Master Servicer on or before the Closing Date.
Thereafter, the Master Servicer shall deposit or cause to be deposited in the
Collection Account on the applicable Remittance Date the following amounts
received or payments made by it (other than in respect of principal of and
interest on the Mortgage Loans due on or before the Cut-Off Date):

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

                  (ii) all payments on account of interest on the Mortgage Loans
         (other than payments due prior to the Cut-off Date), net of the
         applicable Servicing Fee and Master Servicing Fee with respect to each
         such Mortgage Loan, but only to the extent of the amount permitted to
         be withdrawn or withheld from the Collection Account in accordance with
         Sections 5.04 and 9.21;

                  (iii) any unscheduled payment or other recovery with respect
         to a Mortgage Loan not otherwise specified in this paragraph (d),
         including all Net Liquidation Proceeds with respect to the Mortgage
         Loans and REO Property, and all amounts received in connection with the
         operation of any REO Property, net of any unpaid Servicing Fees and
         Master Servicing Fees with respect to such Mortgage Loans, but only to
         the extent of the amount permitted to be withdrawn or withheld from the
         Collection Account in accordance with Sections 5.04 and 9.21; provided
         that if the applicable Servicer is also the Retained Interest Holder
         with respect to any Mortgage Loan, payments on account of interest on
         the Mortgage Loans as to which such Servicer is the Retained Interest
         Holder may also be made net of the related Retained Interest with
         respect to each such Mortgage Loan.

                  (iv) all Insurance Proceeds;

                  (v) all Advances made by the Master Servicer or the applicable
         Servicer pursuant to Section 5.04 or the applicable Servicing
         Agreement; and

                  (vi) all proceeds of any Mortgage Loan purchased by any
         Person.

         (e) Funds in the Collection Account may be invested in Eligible
Investments (selected by and at the written direction of the Master Servicer)
which shall mature not later than the earlier of (a) the Deposit Date (except
that if such Eligible Investment is an obligation of the Trustee or the Paying
Agent, if other than the Trustee, and such Collection Account is maintained with
the Trustee or the Paying Agent, if other than the Trustee, then such Eligible
Investment shall mature not later than such applicable Distribution Date) or (b)
the day on which the funds in such Collection Account are required to be
remitted to the Trustee for deposit into the Certificate Account, and any such
Eligible Investment shall not be sold or disposed of prior to its maturity. All
such Eligible Investments shall be made in the name of the Trustee (in its
capacity as such) or its nominee. All income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time, subject to Section 5.05, and shall
not be part of the Trust Fund. The amount of any losses incurred in respect of
any such investments shall be deposited in such Collection Account by the Master

                                       59
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Servicer out of its own funds, without any right of reimbursement therefor,
immediately as realized. The foregoing requirements for deposit in the
Collection Account are exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments of interest on funds in the
Collection Account and payments in the nature of late payment charges or
assumption fees need not be deposited by the Master Servicer in the Collection
Account and may be retained by the Master Servicer or the applicable Servicer as
additional servicing compensation. If the Master Servicer deposits in the
Collection Account any amount not required to be deposited therein, it may at
any time withdraw such amount from such Collection Account. In the event the
Master Servicer does not provide written direction to the Trustee pursuant to
this Section, all funds on deposit in the Collection Account shall remain
uninvested.

         Section 4.02. Application of Funds in the Collection Account.

         The Master Servicer may, from time to time, make, or cause to be made,
withdrawals from the Collection Account for the following purposes:

                  (i) to reimburse itself or any Servicer for Advances made by
         it or by such Servicer pursuant to Section 5.04 or the applicable
         Servicing Agreement; the Master Servicer's right to reimburse itself
         pursuant to this subclause (i) is limited to amounts received on or in
         respect of particular Mortgage Loans (including, for this purpose,
         Liquidation Proceeds and amounts representing Insurance Proceeds with
         respect to the property subject to the related Mortgage) which
         represent late recoveries (net of the applicable Servicing Fee and the
         Master Servicing Fee) of payments of principal or interest respecting
         which any such Advance was made, it being understood, in the case of
         any such reimbursement, that the Master Servicer's or Servicer's right
         thereto shall be prior to the rights of the Certificateholders;

                  (ii) to reimburse itself or any Servicer for any Servicing
         Advances made by it or by such Servicer that it determines in good
         faith will not be recoverable from amounts representing late recoveries
         of payments of principal or interest respecting the particular Mortgage
         Loan as to which such Servicing Advance was made or from Liquidation
         Proceeds or Insurance Proceeds with respect to such Mortgage Loan, it
         being understood, in the case of any such reimbursement, that such
         Master Servicer's or Servicer's right thereto shall be prior to the
         rights of the Certificateholders;

                  (iii) to reimburse itself or any Servicer from Liquidation
         Proceeds for Liquidation Expenses and for amounts expended by it
         pursuant to Sections 9.20 and 9.22(a) or the applicable Servicing
         Agreement in good faith in connection with the restoration of damaged
         property and, to the extent that Liquidation Proceeds after such
         reimbursement exceed the unpaid principal balance of the related
         Mortgage Loan, together with accrued and unpaid interest thereon at the
         applicable Mortgage Rate less the applicable Servicing Fee and the
         Master Servicing Fee for such Mortgage Loan to the Due Date next
         succeeding the date of its receipt of such Liquidation Proceeds, to pay
         to itself out of such excess the amount of any unpaid assumption fees,
         late payment charges or other Mortgagor charges on the related Mortgage
         Loan and to retain any excess remaining thereafter as additional

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         servicing compensation, it being understood, in the case of any such
         reimbursement or payment, that such Master Servicer's or Servicer's
         right thereto shall be prior to the rights of the Certificateholders;

                  (iv) in the event it has elected not to pay itself the Master
         Servicing Fee out of any Mortgagor payment on account of interest or
         other recovery with respect to a particular Mortgage Loan prior to the
         deposit of such Mortgagor payment or recovery in the Collection
         Account, to pay to itself the Master Servicing Fee for each
         Distribution Date and any unpaid Master Servicing Fees for prior
         Distribution Dates, as reduced pursuant to Section 5.05, from any
         Mortgagor payment as to interest or such other recovery with respect to
         that Mortgage Loan, as is permitted by this Agreement;

                  (v) to reimburse itself or any Servicer for expenses incurred
         by and recoverable by or reimbursable to it or such Servicer pursuant
         to Section 9.04, 9.06, 9.16 or 9.22(a) or pursuant to the applicable
         Servicing Agreement, and to reimburse itself for any expenses
         reimbursable to it pursuant to Section 10.01(c);

                  (vi) to pay to the applicable Person, with respect to each
         Mortgage Loan or REO Property acquired in respect thereof that has been
         repurchased by such Person pursuant to this Agreement, all amounts
         received thereon and not distributed on the date on which the related
         repurchase was effected;

                  (vii) subject to Section 5.04, to pay to itself income earned
         on the investment of funds deposited in the Collection Account;

                  (viii) to make payments to the Trustee for deposit into the
         Certificate Account in the amounts and in the manner provided for in
         Section 4.04;

                  (ix) to make distributions of the Retained Interest to the
         Retained Interest Holder on each Distribution Date (other than any
         Retained Interest not deposited into the Collection Account in
         accordance with Section 4.01(d)(iii));

                  (x) to make payment to itself, the Trustee and others pursuant
         to any provision of this Agreement;

                  (xi) to withdraw funds deposited in error in the Collection
         Account;

                  (xii) to clear and terminate any Collection Account pursuant
         to Section 7.02;

                  (xiii) to reimburse a successor Master Servicer (solely in its
         capacity as successor Master Servicer), for any fee or advance
         occasioned by a termination of the Master Servicer, and the assumption
         of such duties by the Trustee or a successor Master Servicer appointed
         by the Trustee pursuant to Section 6.14, in each case to the extent not
         reimbursed by the terminated Master Servicer, it being understood, in
         the case of any such reimbursement or payment, that the right of the
         Master Servicer or the Trustee thereto shall be prior to the rights of
         the Certificateholders; and

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                  (xiv) to reimburse any Servicer for such amounts as are due
         thereto under the applicable Servicing Agreement and have not been
         retained by or paid to such Servicer to the extent provided in such
         Servicing Agreement.

         Each Servicer shall be entitled to retain as additional servicing
compensation any Prepayment Penalty Amounts.

         In connection with withdrawals pursuant to subclauses (i), (iii), (iv)
and (vi) above, the Master Servicer's or Servicer's entitlement thereto is
limited to collections or other recoveries on the related Mortgage Loan. The
Master Servicer shall therefore keep and maintain a separate accounting for each
Mortgage Loan it master services for the purpose of justifying any withdrawal
from the Collection Account it maintains pursuant to such subclause (i), (iii),
(iv) and (vi).

         Section 4.03. Reports to Certificateholders.

         (a) On each Distribution Date, the Trustee shall deliver or cause to be
delivered by first class mail to each Certificateholder and the Class 2-A1
Certificate Insurer a written report setting forth the following information, by
Mortgage Pool and Certificate Group (on the basis of Mortgage Loan level
information obtained from the applicable Servicer):

                  (i) the aggregate amount of the distribution to be made on
         such Distribution Date to the Holders of each Class of Certificates,
         other than any Class of Notional Certificates, to the extent
         applicable, allocable to principal on the Mortgage Loans, including
         Liquidation Proceeds and Insurance Proceeds, stating separately the
         amount attributable to scheduled principal payments and unscheduled
         payments in the nature of principal in each Mortgage Pool;

                  (ii) the aggregate amount of the distribution to be made on
         such Distribution Date to the Holders of each Class of Certificates,
         other than any Class of Principal Only Certificates, allocable to
         interest, including any Accrual Amount added to the Class Principal
         Amount of any Class of Accrual Certificates;

                  (iii) the amount, if any, of any distribution to the Holders
         of a Residual Certificate;

                  (iv) (A) the aggregate amount of any Advances required to be
         made by or on behalf of the Master Servicer or any Servicer (or the
         Trustee) with respect to such Distribution Date, (B) the aggregate
         amount of such Advances actually made, and (C) the amount, if any, by
         which (A) above exceeds (B) above;

                  (v) the Aggregate Principal Balance of the Mortgage Loans and
         the Non-AP Pool Balance of each Mortgage Pool for such Distribution
         Date, after giving effect to payments allocated to principal reported
         under clause (i) above;

                  (vi) the Class Principal Amount (or Class Notional Amount) of
         each Class of Certificates, to the extent applicable, as of such
         Distribution Date after giving effect to payments allocated to
         principal reported under clause (i) above (and to the addition of any

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         Accrual Amount in the case of any Class of Accrual Certificates),
         separately identifying any reduction of any of the foregoing
         Certificate Principal Amounts due to Realized Losses:

                  (vii) any Realized Losses realized with respect to the
         Mortgage Loans (x) in the applicable Prepayment Period and (y) in the
         aggregate since the Cut-off Date, stating separately the amount of
         Special Hazard Losses, Fraud Losses and Bankruptcy Losses and the
         aggregate amount of such Realized Losses, and the remaining Special
         Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss Amount;

                  (viii) the amount of the Master Servicing Fees, Servicing Fees
         and Trustee Fee paid during the Due Period to which such distribution
         relates;

                  (ix) the number and aggregate Scheduled Principal Balance of
         Mortgage Loans, as reported to the Trustee by the Master Servicer, (a)
         remaining outstanding (b) delinquent one month, (c) delinquent two
         months, (d) delinquent three or more months, and (e) as to which
         foreclosure proceedings have been commenced as of the close of business
         on the last Business Day of the calendar month immediately preceding
         the month in which such Distribution Date occurs;

                  (x) the deemed principal balance of each REO Property as of
         the close of business on the last Business Day of the calendar month
         immediately preceding the month in which such Distribution Date occurs;

                  (xi) with respect to any Mortgage Loan that became an REO
         Property during the preceding calendar month, the principal balance of
         such Mortgage Loan and the number of such Mortgage Loans as of the
         close of business on the last Business Day of the calendar month
         immediately preceding the month in which such Distribution Date occurs;

                  (xii) with respect to substitution of Mortgage Loans in the
         preceding calendar month, the Scheduled Principal Balance of each
         Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan;

                  (xiii) the aggregate outstanding Interest Shortfalls and Net
         Prepayment Interest Shortfalls, if any, for each Class of Certificates,
         after giving effect to the distribution made on such Distribution Date;

                  (xiv) the Certificate Interest Rate applicable to such
         Distribution Date with respect to each Class of Certificates;

                  (xv) if applicable, the amount of any shortfall (i.e., the
         difference between the aggregate amounts of principal and interest
         which Certificateholders would have received if there were sufficient
         available amounts in the Certificate Account and the amounts actually
         distributed);

                  (xvi) any Insured Payments made in respect of Class 2-A1
         Guaranteed Distributions paid under the Class 2-A1 Certificate
         Insurance Policy; and

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                  (xvii) any other "loan-level" information for any Mortgage
         Loans that are delinquent three or more months and any REO Property
         held by the Trust that is reported by the Master Servicer to the
         Trustee.

         In the case of information furnished pursuant to subclauses (i), (ii)
and (viii) above, the amounts shall be expressed as a dollar amount per $1,000
of original principal amount of Certificates.

         The foregoing information and reports shall be prepared and determined
by the Trustee based solely on Mortgage Loan data provided to the Trustee by the
Master Servicer no later than four Business Days prior to the Distribution Date.
In preparing or furnishing the Mortgage Loan data to the Trustee, the Master
Servicer shall be entitled to rely conclusively on the accuracy of the
information or data regarding the Mortgage Loans and the related REO Property
that has been provided to the Master Servicer by each Servicer, and the Master
Servicer shall not be obligated to verify, recompute, reconcile or recalculate
any such information or data. The Trustee shall be entitled to conclusively rely
on the Mortgage Loan data provided by the Master Servicer and shall have no
liability for any errors in such Mortgage Loan data.

         Upon request, the Trustee shall also deliver or cause to be delivered
by first class mail to the Depositor a copy of the above-described written
report, to the following address: Mortgage Finance Group, Lehman Brothers Inc.,
Three World Financial Center, 200 Vesey Street, New York, New York, 10285,
Attention: Stanley P. Labanowski, or to such other address as the Depositor may
designate.

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

         (c) Within 90 days, or such shorter period as may be required by
statute or regulation, after the end of each calendar year, the Trustee shall
send to each Person who at any time during the calendar year was a
Certificateholder of record, and make available to Certificate Owners
(identified as such by the Clearing Agency) in accordance with applicable
regulations, a report summarizing the items provided to Certificateholders
pursuant to Section 4.03(a) on an annual basis as may be required to enable such
Holders to prepare their federal income tax returns. Such information shall
include the amount of original issue discount accrued on each Class of
Certificates and information regarding the expenses of the Trust Fund. The
Master Servicer shall provide the Trustee with such information as is necessary
for the Trustee to prepare such reports.

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         Section 4.04. Certificate Account.

         (a) The Trustee shall establish and maintain in its name, as trustee, a
trust account (the "Certificate Account"), to be held in trust for the benefit
of the Certificateholders and the Class 2-A1 Certificate Insurer until disbursed
pursuant to the terms of this Agreement. The Certificate Account shall be an
Eligible Account. If the existing Certificate Account ceases to be an Eligible
Account, the Trustee shall establish a new Certificate Account that is an
Eligible Account within 20 Business Days and transfer all funds on deposit in
such existing Certificate Account into such new Certificate Account. The
Certificate Account shall relate solely to the Certificates issued hereunder and
funds in the Certificate Account shall be held separate and apart from and shall
not be commingled with any other monies including, without limitation, other
monies of the Trustee held under this Agreement.

         (b) The Trustee shall cause to be deposited into the Certificate
Account on the day on which, or, if such day is not a Business Day, the Business
Day immediately following the day on which, any monies are remitted by the
Master Servicer to the Trustee all such amounts. The Trustee shall make
withdrawals from the Certificate Account only for the following purposes:

                  (i) to withdraw amounts deposited in the Certificate Account
         in error;

                  (ii) to pay itself any investment income earned with respect
         to funds in the Certificate Account invested in Eligible Investments as
         set forth in subsection (c) below, and to make payments to itself prior
         to making distributions pursuant to Section 5.02 for any expenses or
         other indemnification owing to the Trustee and others pursuant to any
         provision of this Agreement;

                  (iii) to make payments of the Master Servicing Fee (to the
         extent not already withheld or withdrawn from the Collection Account by
         the Master Servicer) to the Master Servicer;

                  (iv) to make distributions to the Certificateholders pursuant
         to Article V; and

                  (v) to clear and terminate the Certificate Account pursuant to
         Section 7.02.

         (c) The Trustee may invest, or cause to be invested, funds held in the
Certificate Account, which funds, if invested, shall be invested in Eligible
Investments (which may be obligations of the Trustee). All such investments must
mature no later than the next Distribution Date, and shall not be sold or
disposed of prior to their maturity. All such Eligible Investments will be made
in the name of the Trustee (in its capacity as such) or its nominee. All income
and gain realized from any such investment shall be compensation for the Trustee
and shall be subject to its withdrawal on order from time to time. The amount of
any losses incurred in respect of any such investments shall be paid by the
Trustee for deposit in the Certificate Account out of its own funds, without any
right of reimbursement therefor, immediately as realized. Funds held in the
Certificate Account that are not invested shall be held in cash.

         Section 4.05. [Reserved]

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         Section 4.06. Certain Provisions With Respect to the Participations.

         If the Trustee shall not have received a payment with respect to any
Participation by the date on which such payment was due and payable pursuant to
the terms thereof, the Trustee shall make demand upon the Participation Master
Servicer for immediate payment, and may, and at the direction of a majority (by
Voting Interests) of the Certificateholders shall, take any available legal
action, including the prosecution of any claims in connection therewith. The
Depositor shall cooperate with the Trustee in connection with any such demand or
action to the extent reasonably requested by the Trustee. The reasonable legal
fees and expenses incurred by the Trustee in connection with the prosecution of
any such legal action shall be reimbursable to the Trustee from the Trust Fund.

                                   Article V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

         Section 5.01. Distributions Generally.

         (a) Subject to Section 7.01 with respect to the final distribution on
the Certificates, on each Distribution Date the Trustee or the Paying Agent
shall make distributions in accordance with this Article V. Such distributions
shall be made by check mailed to each Certificateholder's address as it appears
on the Certificate Register of the Certificate Registrar (which shall initially
be the Trustee) or, upon written request made to the Trustee at least three
Business Days prior to the related Distribution Date to any Certificateholder
owning an aggregate initial Certificate Principal Amount of at least $2,500,000,
or, in the case of the Notional Certificates and Principal Only Certificates, a
Percentage Interest of 100%, by wire transfer in immediately available funds to
an account specified in the request and at the expense of such
Certificateholder; provided, however, that the final distribution in respect of
any Certificate shall be made only upon presentation and surrender of such
Certificate at the Corporate Trust Office. Wire transfers will be made at the
expense of the Holder requesting such wire transfer by deducting a wire transfer
fee from the related distribution. Notwithstanding such final payment of
principal of any of the Certificates, each Residual Certificate will remain
outstanding until the termination of each REMIC and the payment in full of all
other amounts due with respect to the Residual Certificate and at such time such
final payment in retirement of the Residual Certificate will be made only upon
presentation and surrender of such Certificate at the Corporate Trust Office of
the Trustee or at the office of its designated presenting agent in New York
City. If any payment required to be made on the Certificates is to be made on a
day that is not a Business Day, then such payment will be made on the next
succeeding Business Day. Payments to the Class 2-A1 Certificate Insurer shall in
all cases be made by wire transfer of immediately available funds.

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

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         Section 5.02. Distributions from the Certificate Account.

         (a) On each Distribution Date, the Trustee (or the Paying Agent on
behalf of the Trustee) shall withdraw from the Certificate Account the Available
Distribution Amount with respect to each Mortgage Pool, and shall distribute
such amount to itself (in the case of clause (i)), the Class 2-A1 Certificate
Insurer, and to the Holders of record of each Class of Certificates, in the
following order of priority:

                  (i) from the Available Distribution Amount for each Mortgage
         Pool, to the Trustee, the Trustee Fee allocable to such Mortgage Pool
         for such Distribution Date;

                  (ii) from the Available Distribution Amount for Pool 2, the
         Aggregate Class 2-A1 Certificate Insurance Premium;

                  (iii) from the Available Distribution Amount for each Mortgage
         Pool, to each Class of Senior Certificates in the related Certificate
         Group (other than any Class of Principal Only Certificates prior to the
         related Reset Date), the Accrued Certificate Interest thereon for such
         Distribution Date, as reduced by such Class's allocable share of any
         Net Prepayment Interest Shortfalls for the related Mortgage Pool for
         such Distribution Date; provided, however, that any shortfall in
         available amounts for a Mortgage Pool shall be allocated among the
         Classes of the related Certificate Group in proportion to the amount of
         Accrued Certificate Interest (as so reduced) that would otherwise be
         distributable thereon;

                  (iv) from the Available Distribution Amount for each Mortgage
         Pool, to each Class of Senior Certificates in the related Certificate
         Group (other than any Class of Principal Only Certificates prior to the
         related Reset Date), any related Interest Shortfall for such
         Distribution Date; provided, however, that any shortfall in available
         amounts for both Mortgage Pools shall be allocated among the Classes of
         the related Certificate Group in proportion to the Interest Shortfall
         for each such Class on such Distribution Date;

                  (v) from the remaining Available Distribution Amount for each
         Mortgage Pool, to the Senior Certificates of the related Certificate
         Group (other than any Class of Notional Certificates), as follows.

                           (A) to the Class 1-A1, Class 1-A2 and Class R
                  Certificates, from the Available Distribution Amount for Pool
                  1 for such Distribution Date, in reduction of their respective
                  Class Principal Amounts, concurrently, as follows:

                                    (1) to the Class 1-A1 and Class R
                           Certificates, in an amount up to the Senior Principal
                           Distribution Amount for Pool 1 for such Distribution
                           Date, in the following order of priority:

                                             (a) to the Class R Certificate,
                                    until the Class Principal Amount thereof has
                                    been reduced to zero; and

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                                             (b) to the Class 1-A1 Certificates,
                                    until the Class Principal Amounts thereof
                                    have been reduced to zero; and

                                    (2) to the Class 1-A2 Certificates, the AP
                           Principal Distribution Amount for Pool 1 for such
                           Distribution Date, until the Class Principal Amount
                           thereof has been reduced to zero;

                           (B) to the Class 2-A1 and Class 2-A2 Certificates,
                  from the Available Distribution Amount for Pool 2 for such
                  Distribution Date, in reduction of their respective Class
                  Principal Amounts, concurrently, as follows:

                                    (1) to the Class 2-A1 Certificates, the
                           Senior Principal Distribution Amount for Pool 2 for
                           such Distribution Date, until the Class Principal
                           Amounts thereof have been reduced to zero; and

                                    (2) to the Class 2-A2 Certificates, the AP
                           Principal Distribution Amount for Pool 2 for such
                           Distribution Date, until the Class Principal Amount
                           thereof has been reduced to zero;

                  (vi) to the Class 1-A2 and Class 2-A2 Certificates, to the
         extent of the remaining Available Distribution Amount for both Mortgage
         Pools, the Class AP Deferred Amount for such Class and Distribution
         Date, until the Class Principal Amount thereof has been reduced to
         zero; provided, however, that (A) distributions pursuant to this
         priority shall not exceed the aggregate Subordinate Principal
         Distribution Amount for both Mortgage Pools for such date; (B) such
         amounts will not reduce the Class Principal Amounts of such Classes and
         (C) in the event the aggregate Subordinate Principal Distribution
         Amount for both Mortgage Pools is insufficient to fully pay the Class
         AP Deferred Amount for the Class 1-A2 and Class 2-A2 Certificates, such
         amount shall be distributed pro rata to such Classes on the basis of
         their respective Class AP Deferred Amounts;

                  (vii) from the Available Distribution Amount for each Mortgage
         Pool, to the Class 2-A1 Certificate Insurer, any unreimbursed Insured
         Payments, plus all amounts due to the Class 2-A1 Certificate Insurer
         under the Commitment Letter, together with interest thereon at the Late
         Payment Rate (collectively, the "Reimbursement Amounts") as indicated
         to the Trustee in writing no later than the Determination Date; and

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

                           (A) to the Class B1 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as

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                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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         (c) (i) If on any Distribution Date the Credit Support Percentage for
the Class B1 Certificates is less than the Original Credit Support Percentage
for such Class, then, notwithstanding anything to the contrary in Section
5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the
definition of Subordinate Principal Distribution Amount will be made in respect
of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such
Distribution Date. (ii) If on any Distribution Date the Credit Support
Percentage for the Class B2 Certificates is less than the Original Credit
Support Percentage for such Class, then, notwithstanding anything to the
contrary in Section 5.02(a), no distribution of amounts described in clauses
(ii) and (iii) of the definition of Subordinate Principal Distribution Amount
will be made in respect of the Class B3, Class B4, Class B5 or Class B6
Certificates on such Distribution Date. (iii) If on any Distribution Date the
Credit Support Percentage for the Class B3 Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B4, Class B5 or Class
B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the
Credit Support Percentage for the Class B4 Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B5 or Class B6
Certificates on such Distribution Date. (v) If on any Distribution Date the
Credit Support Percentage for the Class B5 Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B6 Certificates on such
Distribution Date.

         Any amount not distributed in respect of any Class on any Distribution
Date pursuant to the immediately preceding paragraph will be allocated among the
remaining Subordinate Classes in proportion to their respective Certificate
Principal Amounts.

         (d) On each Distribution Date, the Trustee shall distribute to the
Holder of the Class R Certificate any amounts remaining in the Upper Tier REMIC
for such Distribution Date after application of all amounts described in
paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph
(d) shall not reduce the Class Principal Amount of the Class R Certificate.

         (e) (i) On each Distribution Date prior to the Credit Support Depletion
Date but after the date on which the aggregate Certificate Principal Amount of
the Non-AP Senior Certificates of any Certificate Group has been reduced to
zero, amounts otherwise distributable as principal on each Class of Subordinate
Certificates in accordance with the priorities set forth in Section
5.02(a)(viii), in reverse order of priority, in respect of such Class's
Subordinate Class Percentage of the Subordinate Principal Distribution Amount
for the Mortgage Pool relating to such retired Certificates, shall be
distributed as principal to the Non-AP Senior Certificates (other than any
Notional Certificates) remaining outstanding in accordance with the priorities
set forth in Section 5.02(a)(v), until the Class Principal Amounts thereof have
been reduced to zero, provided that on such Distribution Date (a) the Aggregate
Subordinate Percentage for such Distribution Date is less than 200% of the
Aggregate Subordinate Percentage as of the Cut-off Date or (b) the average

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outstanding principal balance of the Mortgage Loans in any Mortgage Pool that
are delinquent 60 days or more for the last six months as a percentage of the
related Group Subordinate Amount is greater than or equal to 50%. On each
Distribution Date on which the aggregate Certificate Principal Amount of the
Non-AP Senior Certificates of both Certificate Groups has been reduced to zero,
any amounts distributable pursuant to this Section 5.02(e)(i) will be allocated,
as to each applicable Class of Subordinate Certificates, in proportion to such
Class's Subordinate Class Percentage of the Subordinate Principal Distribution
Amount for the Mortgage Pool relating to each such retired Certificate Group.

                  (ii) (A) On any Distribution Date on which any Certificate
         Group constitutes an Undercollateralized Group, all amounts otherwise
         distributable as principal on the Subordinate Certificates, in reverse
         order of priority (other than amounts necessary to pay Class AP
         Deferred Amounts or unpaid Interest Shortfalls) (or, following the
         Credit Support Depletion Date, such other amounts described in the
         immediately following sentence), will be distributed as principal to
         the Non-AP Senior Certificates (other than any Notional Certificates)
         of such Undercollateralized Group in accordance with the priorities set
         forth in Section 5.02(v), until the aggregate Certificate Principal
         Amount of such Non-AP Senior Certificates equals the Non-AP Pool
         Balance of the related Mortgage Pool (such distribution, an
         "Undercollateralization Distribution"). In the event that any
         Certificate Group constitutes an Undercollateralized Group on any
         Distribution Date following the Credit Support Depletion Date,
         Undercollateralization Distributions will be made from the Available
         Distribution Amount for the Mortgage Pool not related to an
         Undercollateralized Group remaining after all required amounts have
         been distributed to the Non-AP Senior Certificates of such other
         Certificate Group. In addition, the amount of any unpaid Interest
         Shortfalls with respect to an Undercollateralized Group on any
         Distribution Date (including any Interest Shortfalls for such
         Distribution Date) will be distributed to the Non-AP Senior
         Certificates of such Undercollateralized Group prior to the payment of
         any Undercollateralization Distributions from amounts otherwise
         distributable as principal on the Subordinate Certificates, in reverse
         order of priority (or, following the Credit Support Depletion Date, as
         provided in the preceding sentence).

                  (B) If on any Distribution Date both Certificate Groups are
         Undercollateralized Groups, the distribution described above will be
         made in proportion to the amount by which the aggregate Certificate
         Principal Amount of the Non-AP Senior Certificates of the Components of
         each such Certificate Group, after giving effect to distributions
         pursuant to Sections 5.02(a) and 5.02(b) on such Distribution Date,
         exceeds the Non-AP Pool Balance of the related Mortgage Pool for such
         Distribution Date.

         Section 5.03. Allocation of Realized Losses.

         (a) On any Distribution Date, (x) the applicable AP Percentage of the
principal portion of each Realized Loss (other than any Excess Loss) in respect
of a Mortgage Loan in each Mortgage Pool will be allocated to the related Class
of Principal Only Certificates until the Class Principal Amount thereof has been
reduced to zero; and (y) the applicable Non-AP Percentage of the principal
portion of each Realized Loss (other than any Excess Loss) in respect of a
Mortgage Loan shall be allocated in the following order of priority:

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

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

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

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

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

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

                  seventh, to the Classes of Senior Certificates of the related
         Certificated Group, pro rata, in accordance with their Class Principal
         Amounts; provided, that any such loss allocated to any Class of Accrual
         Certificates shall be allocated (subject to Section 5.03(c)) on the
         basis of the lesser of (x) the Class Principal Amount thereof
         immediately prior to the applicable Distribution Date and (y) the Class
         Principal Amount thereof on the Closing Date (as reduced by any
         Realized Losses previously allocated thereto).

         (b) With respect to any Distribution Date, the applicable Non-AP
Percentage of the principal portion of any Excess Loss in respect of a Mortgage
Loan shall be allocated, pro rata, to the Subordinate Certificates (without
regard to which Mortgage Pool experienced the loss) and the Group 1 Certificates
and Group 2 Certificates (without regard to whether the Realized Loss was
realized by Pool 1 or Pool 2) and on the basis of the Apportioned Principal
Balances of the Classes of Subordinate Certificates and Class Principal Amounts
of the Senior Certificates; provided, that any such loss allocated to any Class
of Accrual Certificates (and any Accrual Component) shall be allocated (subject
to Section 5.03(c)) on the basis of the lesser of (x) the Class Principal Amount
thereof immediately prior to the applicable Distribution Date and (y) the Class
Principal Amount thereof on the Closing Date (as reduced by any Realized Losses
previously allocated thereto). The applicable AP Percentage of the principal
portion of an Excess Loss in a Mortgage Pool will be applied to the related
Class of Principal Only Certificates until the Class Principal Amount thereof
has been reduced to zero.

         (c) Any Realized Losses allocated to a Class of Certificates pursuant
to Section 5.03(a) or (b) shall be allocated among the Certificates of such
Class in proportion to their respective Certificate Principal Amounts. Any
allocation of Realized Losses pursuant to this paragraph (c) shall be
accomplished by reducing the Certificate Principal Amount of the related
Certificates on the related Distribution Date in accordance with Section
5.03(d).

         (d) Realized Losses allocated in accordance with this Section 5.03
shall be allocated on the Distribution Date in the month following the month in
which such loss was incurred and, in the case of the principal portion thereof,

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after giving effect to distributions made on such Distribution Date, except that
the aggregate amount of Realized Losses to be allocated to the Principal Only
Certificates on such Distribution Date will be taken into account in determining
distributions in respect of any related Class AP Deferred Amount for such date.

         (e) On each Distribution Date, the Subordinate Certificate Writedown
Amount for such date shall effect a corresponding reduction in the Certificate
Principal Amount of the lowest ranking Class of outstanding Subordinate
Certificates, which reduction shall occur on such Distribution Date after giving
effect to distributions made on such Distribution Date.

         (f) In the event that there is a recovery of an amount in respect of
principal of a Mortgage Loan, which amount had previously been allocated as a
Realized Loss to one or more Classes of Certificates, each outstanding Class to
which any portion of such Realized Loss had previously been allocated shall be
entitled to receive, on the Distribution Date in the month following the month
in which such recovery is received, its pro rata share (based on the Class
Principal Amount thereof) of such recovery, up to the amount of the portion of
such Realized Loss previously allocated to such Class. In the event that the
total amount of such recovery exceeds the amount of Realized Loss allocated to
the outstanding Classes in accordance with the preceding provisions, each
outstanding Class of Certificates shall be entitled to receive its pro rata
share of the amount of such excess, up to the amount of any unrecovered Realized
Loss previously allocated to such Class. Any such recovery allocated to a Class
of Certificates shall not further reduce the Certificate Principal Amount of
such Certificate. Any such amounts not otherwise allocated to any Class of
Certificates, pursuant to this subsection shall be treated as Principal
Prepayments for purposes of this Agreement.

         Section 5.04. Advances by Master Servicer and Trustee.

         (a) Advances shall be made in respect of each Deposit Date as provided
herein. If, on any Determination Date, the Master Servicer determines that any
Scheduled Payments due during the related Due Period (other than Balloon
Payments) have not been received, the Master Servicer shall, or shall cause the
applicable Servicer to, advance such amount, less an amount, if any, to be set
forth in an Officer's Certificate to be delivered to the Trustee on such
Determination Date, which if advanced the Master Servicer or such Servicer has
determined would not be recoverable from amounts received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
or otherwise. If the Master Servicer determines that an Advance is required, it
shall on the Deposit Date immediately following such Determination Date either
(i) remit to the Trustee from its own funds (or funds advanced by the applicable
Servicer) for deposit in the Certificate Account immediately available funds in
an amount equal to such Advance, (ii) cause to be made an appropriate entry in
the records of the Collection Account that funds in such account being held for
future distribution or withdrawal have been, as permitted by this Section 5.04,
used by the Master Servicer to make such Advance, and remit such immediately
available funds to the Trustee for deposit in the Certificate Account or (iii)
make Advances in the form of any combination of clauses (i) and (ii) aggregating
the amount of such Advance. Any funds being held in the Collection Account for
future distribution to Certificateholders and so used shall be replaced by the
Master Servicer from its own funds by remittance to the Trustee for deposit in
the Certificate Account on or before any future Deposit Date to the extent that
funds in the Certificate Account on such Deposit Date shall be less than

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payments to Certificateholders required to be made on the related Distribution
Date. The Master Servicer and each Servicer shall be entitled to be reimbursed
from the Collection Account for all Advances made by it as provided in Section
4.02.

         (b) In the event that the Master Servicer fails for any reason to make
an Advance required to be made pursuant to Section 5.04(a) on or before the
Deposit Date, the Trustee, solely in its capacity as successor Master Servicer
pursuant to Section 6.14, shall, on or before the related Distribution Date,
deposit in the Certificate Account an amount equal to the excess of (a) Advances
required to be made by the Master Servicer or any Servicer that would have been
deposited in such Certificate Account over (b) the amount of any Advance made by
the Master Servicer or such Servicer with respect to such Distribution Date;
provided, however, that the Trustee shall be required to make such Advance only
if it is not prohibited by law from doing so and it has determined that such
Advance would be recoverable from amounts to be received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance
Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed from the
Certificate Account for Advances made by it pursuant to this Section 5.04 as if
it were the Master Servicer.

         Section 5.05. Compensating Interest Payments.

         The amount of the Aggregate Master Servicing Compensation payable to
the Master Servicer in respect of any Distribution Date shall be reduced by the
amount of any Compensating Interest Payment for such Distribution Date, but only
to the extent such Compensating Interest Payment is not actually made by the
applicable Servicer on the applicable Remittance Date. Such amount shall not be
treated as an Advance and shall not be reimbursable to the Master Servicer.

         Section 5.06. [Reserved].

         Section 5.07. The Class 2-A1 Certificate Insurance Policy.

         (a) If, on the second Business Day before any Distribution Date, the
Trustee determines that an Insured Payment is required to be made by the Class
2-A1 Certificate Insurer on such Distribution Date, the Trustee shall determine
the amount of any such Insured Payment and shall give written notice to the
Class 2-A1 Certificate Insurer by completing a Notice of Nonpayment and
submitting such Notice of Nonpayment by 12:00 noon, New York City time on such
second Business Day as a claim for an Insured Payment. The Trustee's
responsibility for delivering a Notice of Nonpayment to the Class 2-A1
Certificate Insurer, as provided in the preceding sentence, is limited to the
availability, timeliness and accuracy of the information provided by the Master
Servicer.

         (b) In the event the Trustee receives a certified copy of an order of
the appropriate court that any scheduled payment of principal or interest on a
Class 2-A1 Certificate has been voided in whole or in part as a preference
payment under applicable bankruptcy law, the Trustee shall promptly notify the
Class 2-A1 Certificate Insurer and the Trustee shall comply with the provisions
of the Class 2-A1 Certificate Insurance Policy to obtain payment by the Class
2-A1 Certificate Insurer of such voided scheduled payment. In addition, the
Trustee shall mail notice to all Holders of the Class 2-A1 Certificates so
affected that, in the event that any such Holder's scheduled payment is so

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<PAGE>

recovered, such Holder will be entitled to payment pursuant to the terms of the
Class 2-A1 Certificate Insurance Policy, a copy of which shall be made available
to such Holders by the Trustee. If requested in writing, the Trustee shall
furnish to the Class 2-A1 Certificate Insurer its records listing the payments
on the affected Class 2-A1 Certificates, if any, that have been made by the
Trustee and subsequently recovered from the affected Holders, and the dates on
which such payments were made by the Trustee.

         (c) At the time of the execution hereof, and for the purposes hereof,
the Trustee shall establish a separate special purpose trust account in the name
of the Trustee for the benefit of Holders of the Class 2-A1 Certificates (the
"Class 2-A1 Policy Payments Account") over which the Trustee shall have
exclusive control and sole right of withdrawal. The Class 2-A1 Policy Payments
Account shall be an Eligible Account. The Trustee shall deposit any amount paid
under the Class 2-A1 Certificate Insurance Policy into the Class 2-A1 Policy
Payments Account and distribute such amount only for the purposes of making
payments to Holders of the Class 2-A1 Certificates in respect of the Class 2-A1
Guaranteed Distributions (or other amounts payable pursuant to paragraph (b)
above on the Class 2-A1 Certificates by the Class 2-A1 Certificate Insurer
pursuant to the Class 2-A1 Certificate Insurance Policy) for which the related
claim was made under the Class 2-A1 Policy. Such amounts shall be allocated by
the Trustee to Holders of Class 2-A1 Certificates affected by such shortfalls in
the same manner as principal and interest distributions are to be allocated with
respect to such Certificates pursuant to Section 5.02. It shall not be necessary
for such payments to be made by checks or wire transfers separate from the
checks or wire transfers used to make regular payments hereunder with funds
withdrawn from the Certificate Account. However, any payments made on the Class
2-A1 Certificates from funds in the Class 2-A1 Policy Payments Account shall be
noted as provided in subsection (e) below. Funds held in the Class 2-A1 Policy
Payments Account shall not be invested by the Trustee.

         (d) Any funds received from the Class 2-A1 Certificate Insurer for
deposit into the Class 2-A1 Policy Payments Account pursuant to the Class 2-A1
Certificate Insurance Policy in respect of a Distribution Date or otherwise as a
result of any claim under such Class 2-A1 Certificate Insurance Policy shall be
applied by the Trustee directly to the payment in full (i) of the Insured
Payments due on such Distribution Date on the Class 2-A1 Certificates, or (ii)
of other amounts to which payments under the Class 2-A1 Certificate Insurance
Policy are to be applied. Funds received by the Trustee as a result of any claim
under the Class 2-A1 Certificate Insurance Policy shall be used solely for
payment to the Holders of the Class 2-A1 Certificates and may not be applied for
any other purpose, including, without limitation, satisfaction of any costs,
expenses or liabilities of the Trustee or the Trust Fund. Any funds remaining in
the Class 2-A1 Policy Payments Account on the first Business Day after each
Distribution Date shall be remitted promptly to the Class 2-A1 Certificate
Insurer pursuant to the written instruction of the Class 2-A1 Certificate
Insurer.

         (e) The Trustee shall keep complete and accurate records in respect of
(i) all funds remitted to the Trustee by the Class 2-A1 Certificate Insurer and
deposited into the Class 2-A1 Policy Payments Account and (ii) the allocation of
such funds to (A) payments of interest on and principal in respect of any Class
2-A1 Certificates, (B) Realized Losses allocated to the Class 2-A1 Certificates,
and (C) payments in respect of Preference Amounts. The Class 2-A1 Certificate
Insurer shall have the right to inspect such records at reasonable times during
normal business hours upon three Business Days' prior notice to the Trustee. Any

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Insured Payments disbursed by the Trustee from proceeds of the Class 2-A1
Certificate Insurance Policy shall be considered payment by the Class 2-A1
Certificate Insurer and not by the Trust Fund with respect to the Class 2-A1
Certificates and the Class 2-A1 Certificates Insurer will be entitled to receive
the related Reimbursement Amount pursuant to Section 5.02(a)(vii).

         (f) The Trustee acknowledges, and each Holder of a Class 2-A1
Certificate by its acceptance of such Class 2-A1 Certificate agrees, that,
without the need for any further action on the part of the Class 2-A1
Certificate Insurer or the Trustee, to the extent the Class 2-A1 Certificate
Insurer makes Insured Payments, directly or indirectly, on account of principal
of or interest on any Class 2-A1 Certificates, the Class 2-A1 Certificate
Insurer will be fully subrogated to the rights of the Holders of such Class 2-A1
Certificates to receive the related Reimbursement Amount pursuant to Section
5.02(a)(vii). The Class 2-A1 Certificateholders, by acceptance of the Class 2-A1
Certificates, assign their rights as Holders of the Class 2-A1 Certificates to
the extent of the Class 2-A1 Certificate Insurer's interest with respect to
amounts paid under the Class 2-A1 Certificate Insurance Policy. Each of the
Depositor and Trustee agrees to such subrogation and, further agrees to execute
such instruments prepared by the Class 2-A1 Certificate Insurer and to take such
actions as directed in writing by the Class 2-A1 Certificate Insurer, in the
sole judgment of the Class 2-A1 Certificate Insurer are necessary to evidence
such subrogation and, subject to the priority of payment provisions of this
Agreement, to perfect the rights of the Class 2-A1 Certificate Insurer to
receive any moneys paid or payable in respect of the Class 2-A1 Certificates
under this Agreement or otherwise. Anything herein to the contrary
notwithstanding, solely for purposes of determining the Class 2-A1 Certificate
Insurer's rights as subrogee for payments distributable pursuant to Section
5.02, any payment with respect to distributions to the Class 2-A1 Certificates
that is made with funds received pursuant to the terms of the Class 2-A1
Certificate Insurance Policy shall not be considered payment of the Class 2-A1
Certificates from the Trust Fund and shall not result in the distribution or the
provision for the distribution in reduction of the Class Principal Amount of the
Class 2-A1 Certificates or Accrued Certificate Interest thereon, within the
meaning of Article V.

         (g) Upon actual knowledge of the occurrence of an Event of Default, the
Trustee shall promptly notify the Class 2-A1 Certificate Insurer of such Event
of Default.

         (h) The Trustee shall promptly notify the Class 2-A1 Certificate
Insurer of either of the following as to which it has actual knowledge: (A) the
commencement of any proceeding by or against the Depositor commenced under the
United States bankruptcy code or any other applicable bankruptcy, insolvency,
receivership, rehabilitation or similar law (an "Insolvency Proceeding") and (B)
the making of any claim in connection with any Insolvency Proceeding seeking the
avoidance as a preferential transfer (a "Preference Claim") of any distribution
made with respect to the Class 2-A1 Certificates. Each Holder of a Class 2-A1
Certificate, by its purchase of Class 2-A1 Certificates, and the Trustee hereby
agree that the Class 2-A1 Certificate Insurer (so long as no the Class 2-A1
Certificate Insurer Default exists) may at any time during the continuation of
any proceeding relating to a Preference Claim direct all matters relating to
such Preference Claim, including, without limitation, (i) the direction of any
appeal of any order relating to any Preference Claim and (ii) the posting of any
surety, supersedeas or performance bond pending any such appeal. In addition and
without limitation of the foregoing, the Class 2-A1 Certificate Insurer shall be
subrogated to the rights of the Trustee and each Holder of a Class 2-A1

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Certificate in the conduct of any Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference Claim.

         (i) The Trustee shall surrender the Class 2-A1 Certificate Insurance
Policy to the Class 2-A1 Certificate Insurer for cancellation upon the
termination of the Trust Fund pursuant to Section 7.01 hereof.

         (j) The Master Servicer shall designate a Class 2-A1 Certificate
Insurer Contact Person who shall be available to the Class 2-A1 Certificate
Insurer to provide reasonable access to information regarding the Mortgage
Loans. The initial Class 2-A1 Certificate Insurer Contact Person is appointed in
Section 11.16.

                                   Article VI

                    CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

         Section 6.01. Duties of Trustee.

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

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

         (c) The Trustee shall not have any liability arising out of or in
connection with this Agreement, except for its negligence or willful misconduct.
No provision of this Agreement shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct; provided, however, that:

                  (i) The Trustee shall not be personally liable with respect to
         any action taken, suffered or omitted to be taken by it in good faith
         in accordance with the consent or direction of Holders of Certificates
         as provided in Section 6.19 hereof;

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

                  (iii) No provision of this Agreement shall require the Trustee
         to expend or risk its own funds or otherwise incur any financial
         liability in the performance of any of its duties hereunder, or in the
         exercise of any of its rights or powers, if it shall have reasonable
         grounds for believing that repayment of such funds or adequate
         indemnity against such risk or liability is not reasonably assured to
         it, and none of the provisions contained in this Agreement shall in any
         event require the Trustee to perform, or be responsible for the manner
         of performance of, any of the obligations of the Master Servicer under
         this Agreement except during such time, if any, as the Trustee shall be
         the successor to, and be vested with the rights, duties, powers and
         privileges of, the Master Servicer in accordance with the terms of this
         Agreement.

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

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

         (f) Subject to Section 4.04, the Trustee shall not be held liable by
reason of any insufficiency in any account (including without limitation the
Collection Account) held by or on behalf of the Trustee resulting from any
investment loss on any Eligible Investment included therein (except to the
extent that the Trustee is the obligor and has defaulted thereon).

         (g) Except as otherwise provided herein, the Trustee shall have no duty
(A) to see to any recording, filing, or depositing of this Agreement or any
agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any re-recording, re-filing or
re-depositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund other than from funds available in the

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Collection Account or the Certificate Account, or (D) to confirm or verify the
contents of any reports or certificates of the Master Servicer delivered to the
Trustee pursuant to this Agreement believed by the Trustee to be genuine and to
have been signed or presented by the proper party or parties.

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

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

         Section 6.02. Certain Matters Affecting the Trustee.

         Except as otherwise provided in Section 6.01:

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

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

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

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

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                  (v) The Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, custodians, or attorneys, which agents, custodians or
         attorneys shall have any and all of the rights, powers, duties and
         obligations of the Trustee conferred on them by such appointment
         provided that the Trustee shall continue to be responsible for its
         duties and obligations hereunder to the extent provided herein, and
         provided further that the Trustee shall not be responsible for any
         misconduct or negligence on the part of any such agent or attorney
         appointed with due care by the Trustee;

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

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

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

         Section 6.03. Trustee Not Liable for Certificates.

         The Trustee makes no representations as to the validity or sufficiency
of this Agreement, the Class 2-A1 Certificate Insurance Policy or of the
Certificates (other than the certificate of authentication on the Certificates)
or of any Mortgage Loan, or related document save that the Trustee represents
that, assuming due execution and delivery by the other parties hereto, this
Agreement has been duly authorized, executed and delivered by it and constitutes
its valid and binding obligation, enforceable against it in accordance with its
terms except that such enforceability may be subject to (A) applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally, and (B) general principles of equity
regardless of whether such enforcement is considered in a proceeding in equity
or at law. The Trustee shall not be accountable for the use or application by
the Depositor of funds paid to the Depositor in consideration of the assignment
of the Mortgage Loans to the Trust Fund by the Depositor or for the use or
application of any funds deposited into the Collection Account, the Certificate
Account, any Escrow Account or any other fund or account maintained with respect
to the Certificates. The Trustee shall not be responsible for the legality or
validity of this Agreement or the validity, priority, perfection or sufficiency
of the security for the Certificates issued or intended to be issued hereunder.
Except as otherwise provided herein, the Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security interest
or lien granted to it hereunder or to record this Agreement.

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         Section 6.04. Trustee May Own Certificates.

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

         Section 6.05. Eligibility Requirements for Trustee.

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

         Section 6.06. Resignation and Removal of Trustee.

         (a) The Trustee may at any time resign and be discharged from the trust
hereby created by giving written notice thereof to the Depositor and the Master
Servicer. Upon receiving such notice of resignation, the Depositor will promptly
appoint a successor trustee by written instrument, one copy of which instrument
shall be delivered to the resigning Trustee, one copy to the successor trustee
and one copy to the Master Servicer and one copy to the Class 2-A1 Certificate
Insurer. If no successor trustee shall have been so appointed and shall have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

         (b) If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor, (ii) the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, (iii) a tax is
imposed or threatened with respect to the Trust Fund by any state in which the
Trustee or the Trust Fund held by the Trustee is located, or (iv) the continued
use of the Trustee would result in a downgrading of the rating by the Rating
Agencies of any Class of Certificates with a rating in a downgrading of the
rating by the Rating Agencies of any Class of Certificates with a rating (in the
case of the Class 2-A1 Certificates, determined without regard to the Class 2-A1
Certificate Insurance Policy), then the Depositor shall remove the Trustee and
appoint a successor trustee by written instrument, one copy of which instrument
shall be delivered to the Trustee so removed, one copy to the successor trustee,
one copy to the Class 2-A1 Certificate Insurer and one copy to the Master
Servicer.

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         (c) The Holders of more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates may at any time upon 30
days' written notice to the Trustee, the Depositor and the Class 2-A1
Certificate Insurer remove the Trustee by such written instrument, signed by
such Holders or their attorney-in-fact duly authorized, one copy of which
instrument shall be delivered to the Depositor, one copy to the Trustee so
removed and one copy to the Master Servicer; the Depositor shall thereupon use
its best efforts to appoint a mutually acceptable successor trustee in
accordance with this Section.

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

         Section 6.07. Successor Trustee

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

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

         (c) Upon acceptance of appointment by a successor trustee as provided
in this Section, the Master Servicer shall mail notice of the succession of such
trustee hereunder to the Class 2-A1 Certificate Insurer and to all Holders of
Certificates at their addresses as shown in the Certificate Register and to the
Rating Agencies. The expenses of such mailing shall be borne by the Master
Servicer.

         Section 6.08. Merger or Consolidation of Trustee.

         Any Person into which the Trustee may be merged or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Persons succeeding
to the business of the Trustee, shall be the successor to the Trustee hereunder,
without the execution or filing of any paper or any further act on the part of

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any of the parties hereto, anything herein to the contrary notwithstanding,
provided that such Person shall be eligible under the provisions of Section
6.05.

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

         (a) Notwithstanding any other provisions hereof, at any time, the
Trustee, the Depositor or the Certificateholders evidencing more than 50% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
shall each have the power from time to time to appoint one or more Persons to
act either as co-trustees jointly with the Trustee, or as separate trustees, or
as custodians, for the purpose of holding title to, foreclosing or otherwise
taking action with respect to any Mortgage Loan outside the state where the
Trustee has its principal place of business where such separate trustee or
co-trustee is necessary or advisable (or the Trustee has been advised by the
Master Servicer that such separate trustee or co-trustee is necessary or
advisable) under the laws of any state in which a property securing a Mortgage
Loan is located or for the purpose of otherwise conforming to any legal
requirement, restriction or condition in any state in which a property securing
a Mortgage Loan is located or in any state in which any portion of the Trust
Fund is located. The separate Trustees, co-trustees, or custodians so appointed
shall be trustees or custodians for the benefit of all the Certificateholders
and shall have such powers, rights and remedies as shall be specified in the
instrument of appointment; provided, however, that no such appointment shall, or
shall be deemed to, constitute the appointee an agent of the Trustee. The
obligation of the Trustee to make Advances pursuant to Section 5.04 and 6.14
hereof shall not be affected or assigned by the appointment of a co-trustee.

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

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

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

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

                  (iv) the Trustee or the Certificateholders evidencing more
         than 50% of the Aggregate Voting Interests of the Certificates may at
         any time accept the resignation of or remove any separate trustee,
         co-trustee or custodian, so appointed by it or them, if such
         resignation or removal does not violate the other terms of this
         Agreement.

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

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

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

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

         (g) The Trustee shall pay the reasonable compensation of the
co-trustees to the extent, and in accordance with the standards, specified in
Section 6.12 hereof (which compensation shall not reduce any compensation
payable to the Trustee under such Section).

         Section 6.10. Authenticating Agents.

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

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

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execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

         (c) Any Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee and the Depositor.
The Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.10, the Trustee may appoint a
successor Authenticating Agent, shall give written notice of such appointment to
the Depositor and shall mail notice of such appointment to all Holders of
Certificates. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 6.10. No
Authenticating Agent shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee. Any Authenticating Agent shall be
entitled to reasonable compensation for its services and, if paid by the
Trustee, it shall be a reimbursable expense pursuant to Section 6.12.

         Section 6.11. Indemnification of Trustee.

         The Trustee and its directors, officers, employees and agents shall be
entitled to indemnification from the Trust Fund for any loss, liability or
expense incurred in connection with any legal proceeding and incurred without
negligence or willful misconduct on their part, arising out of, or in connection
with, the acceptance or administration of the trusts created hereunder,
including the costs and expenses of defending themselves against any claim in
connection with the exercise or performance of any of their powers or duties
hereunder, provided that:

                  (i) with respect to any such claim, the Trustee shall have
         given the Depositor, the Master Servicer and the Holders written notice
         thereof promptly after the Trustee shall have knowledge thereof;
         provided, however, any reasonable delay by the Trustee to provide
         written notice to the Depositor, the Master Servicer and the Holders
         promptly after the Trustee shall have obtained knowledge of a claim
         shall not relieve the Trust Fund of its obligations to indemnify the
         Trustee under this Section 6.11;

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

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

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

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Section 6.12.     Fees and Expenses of Trustee.

         The Trustee shall be entitled to the Trustee Fee (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust), to the extent provided herein, and in addition, the Trustee
shall be entitled to receive, and is authorized to pay to itself the amount of
income or gain earned from the investment of funds in the Certificate Account.

         Section 6.13. Collection of Monies.

         Except as otherwise expressly provided in this Agreement, the Trustee
may demand payment or delivery of, and shall receive and collect, all money and
other property payable to or receivable by the Trustee pursuant to this
Agreement. The Trustee shall hold all such money and property received by it as
part of the Trust Fund and shall distribute it as provided in this Agreement. If
the Trustee shall not have timely received amounts to be remitted with respect
to the Mortgage Loans from the Master Servicer, the Trustee shall request the
Master Servicer to make such distribution as promptly as practicable or legally
permitted. If the Trustee shall subsequently receive any such amount, it may
withdraw such request.

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

         (a) The occurrence of any one or more of the following events shall
constitute an "Event of Default":

                  (i) Any failure by the Master Servicer to furnish the Trustee
         the Mortgage Loan data sufficient to prepare the reports described in
         Section 4.03(a) which continues unremedied for a period of one Business
         Day after the date upon which written notice of such failure shall have
         been given to such Master Servicer by the Trustee or to such Master
         Servicer and the Trustee by the Holders of not less than 25% of the
         Class Principal Amount (or Class Notional Amount) of each Class of
         Certificates affected thereby; or

                  (ii) Any failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other of the covenants
         or agreements on the part of such Master Servicer contained in this
         Agreement which continues unremedied for a period of 30 days (or 15
         days, in the case of a failure to maintain any Insurance Policy
         required to be maintained pursuant to this Agreement) after the date on
         which written notice of such failure, requiring the same to be
         remedied, shall have been given to such Master Servicer by the Trustee,
         or to such Master Servicer and the Trustee by the Holders of not less
         than 25% of the Class Principal Amount (or Class Notional Amount) of
         each Class of Certificates affected thereby; or

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

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         any Rating Agency reduces or withdraws or threatens to reduce or
         withdraw the rating of the Certificates because of the financial
         condition or loan servicing capability of such Master Servicer; or

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

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

                  (vi) The Master Servicer shall be dissolved, or shall dispose
         of all or substantially all of its assets, or consolidate with or merge
         into another entity or shall permit another entity to consolidate or
         merge into it, such that the resulting entity does not meet the
         criteria for a successor servicer as specified in Section 9.27 hereof;
         or

                  (vii) If a representation or warranty set forth in Section
         9.14 hereof shall prove to be incorrect as of the time made in any
         respect that materially and adversely affects the interests of the
         Certificateholders, and the circumstance or condition in respect of
         which such representation or warranty was incorrect shall not have been
         eliminated or cured within 60 days after the date on which written
         notice of such incorrect representation or warranty shall have been
         given to the Master Servicer by the Trustee, or to the Master Servicer
         and the Trustee by the Holders of not less than 25% of the Aggregate
         Certificate Principal Amount of each Class of Certificates; or

                  (viii) A sale or pledge of the any of the rights of the Master
         Servicer hereunder or an assignment of this Agreement by the Master
         Servicer or a delegation of the rights or duties of the Master Servicer
         hereunder shall have occurred in any manner not otherwise permitted
         hereunder and without the prior written consent of the Trustee and
         Certificateholders holding more than 50% of the Class Principal Amount
         (or Class Notional Amount) of each Class of Certificates;

                  (ix) Any Servicer at any time is not either an FNMA- or FHLMC-
         approved Seller/Servicer, and the Master Servicer has not terminated
         the rights and obligations of such Servicer under the applicable
         Servicing Agreement and replaced such Servicer with an FNMA- or
         FHLMC-approved servicer within 30 days of the absence of such approval;
         or

                  (x) Any failure of the Master Servicer to remit to the Trustee
         any payment required to be made to the Trustee for the benefit of
         Certificateholders under the terms of this Agreement, including any
         Advance, on any Deposit Date.

         If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section 6.14, the Trustee, by notice in
writing to the Master Servicer may, and shall, if so directed by

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Certificateholders evidencing more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates, terminate all of the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. If an Event of Default described in
clause (x) of this Section 6.14 shall occur, then, in each and every case,
subject to applicable law, the Trustee, by notice in writing to the Master
Servicer, shall promptly terminate all of the rights and obligations of the
Master Servicer hereunder and in and to the Mortgage Loans and the proceeds
thereof. On or after the receipt by the Master Servicer of such written notice,
all authority and power of the Master Servicer, and only in its capacity as
Master Servicer under this Agreement, whether with respect to the Mortgage Loans
or otherwise, shall pass to and be vested in the Trustee pursuant to and under
the terms of this Agreement; and the Trustee is hereby authorized and empowered
to execute and deliver, on behalf of the defaulting Master Servicer as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents or
otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
in effecting the termination of the defaulting Master Servicer's
responsibilities and rights hereunder as Master Servicer including, without
limitation, notifying Mortgagors of the assignment of the master servicing
function and providing the Trustee or its designee all documents and records in
electronic or other form reasonably requested by it to enable the Trustee or its
designee to assume the defaulting Master Servicer's functions hereunder and the
transfer to the Trustee for administration by it of all amounts which shall at
the time be or should have been deposited by the defaulting Master Servicer in
the Collection Account maintained by such defaulting Master Servicer and any
other account or fund maintained with respect to the Certificates or thereafter
received with respect to the Mortgage Loans. The Master Servicer being
terminated shall bear all costs of a master servicing transfer, including but
not limited to those of the Trustee reasonably allocable to specific employees
and overhead, legal fees and expenses, accounting and financial consulting fees
and expenses, and costs of amending the Agreement, if necessary.

         Notwithstanding the termination of its activities as Master Servicer,
each terminated Master Servicer shall continue to be entitled to reimbursement
to the extent provided in Section 4.02(i), (ii), (iii), (iv), (v), (vi), (vii),
(ix) and (xi) to the extent such reimbursement relates to the period prior to
such Master Servicer's termination.

         If any Event of Default shall occur of which a Responsible Officer of
the Trustee has actual knowledge, the Trustee shall promptly notify the Class
2-A1 Certificate Insurer and the Rating Agencies of the nature and extent of
such Event of Default. The Trustee shall immediately give written notice to the
Master Servicer upon such Master Servicer's failure to remit funds on the
Deposit Date.

         (b) On and after the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives
the resignation of the Master Servicer evidenced by an Opinion of Counsel
pursuant to Section 9.29, the Trustee, unless another master servicer shall have
been appointed, shall be the successor in all respects to the Master Servicer in
its capacity as such under this Agreement and the transactions set forth or
provided for herein and shall have all the rights and powers and be subject to
all the responsibilities, duties and liabilities relating thereto and arising
thereafter placed on the Master Servicer hereunder, including the obligation to

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make Advances; provided, however, that any failure to perform such duties or
responsibilities caused by the Master Servicer's failure to provide information
required by this Agreement shall not be considered a default by the Trustee
hereunder. In addition, the Trustee shall have no responsibility for any act or
omission of the Master Servicer prior to the issuance of any notice of
termination and shall have no liability relating to the representations and
warranties of the Master Servicer set forth in Section 9.14. In the Trustee's
capacity as such successor, the Trustee shall have the same limitations on
liability herein granted to the Master Servicer. As compensation therefor, the
Trustee shall be entitled to receive all compensation payable to the Master
Servicer under this Agreement, including the Master Servicing Fee.

         (c) Notwithstanding the above, the Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, appoint,
or petition a court of competent jurisdiction to appoint, any established
housing and home finance institution servicer, master servicer, servicing or
mortgage servicing institution having a net worth of not less than $15,000,000
and meeting such other standards for a successor master servicer as are set
forth in this Agreement, as the successor to such Master Servicer in the
assumption of all of the responsibilities, duties or liabilities of a master
servicer, like the Master Servicer. Any entity designated by the Trustee as a
successor master servicer may be an Affiliate of the Trustee; provided, however,
that, unless such Affiliate meets the net worth requirements and other standards
set forth herein for a successor master servicer, the Trustee, in its individual
capacity shall agree, at the time of such designation, to be and remain liable
to the Trust Fund for such Affiliate's actions and omissions in performing its
duties hereunder. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted to the
Master Servicer hereunder. The Trustee and such successor shall take such
actions, consistent with this Agreement, as shall be necessary to effectuate any
such succession and may make other arrangements with respect to the servicing to
be conducted hereunder which are not inconsistent herewith. The Master Servicer
shall cooperate with the Trustee and any successor master servicer in effecting
the termination of the Master Servicer's responsibilities and rights hereunder
including, without limitation, notifying Mortgagors of the assignment of the
master servicing functions and providing the Trustee and successor master
servicer, as applicable, all documents and records in electronic or other form
reasonably requested by it to enable it to assume the Master Servicer's
functions hereunder and the transfer to the Trustee or such successor master
servicer, as applicable, all amounts which shall at the time be or should have
been deposited by the Master Servicer in the Collection Account and any other
account or fund maintained with respect to the Certificates or thereafter be
received with respect to the Mortgage Loans. Neither the Trustee nor any other
successor master servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any distribution hereunder or
any portion thereof caused by (i) the failure of the Master Servicer to deliver,
or any delay in delivering, cash, documents or records to it, (ii) the failure
of the Master Servicer to cooperate as required by this Agreement, (iii) the
failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
as required by this Agreement or (iv) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer.

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

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         During the continuance of any Event of Default, so long as such Event
of Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 6.14, shall have the right, in its own name and as trustee
of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders and
the Class 2-A1 Certificate Insurer (including the institution and prosecution of
all judicial, administrative and other proceedings and the filings of proofs of
claim and debt in connection therewith). Except as otherwise expressly provided
in this Agreement, no remedy provided for by this Agreement shall be exclusive
of any other remedy, and each and every remedy shall be cumulative and in
addition to any other remedy, and no delay or omission to exercise any right or
remedy shall impair any such right or remedy or shall be deemed to be a waiver
of any Event of Default.

         Section 6.16. Waiver of Defaults.

         35% or more of the Aggregate Voting Interests of Certificateholders may
waive any default or Event of Default by the Master Servicer in the performance
of its obligations hereunder, except that a default in the making of any
required deposit to the Certificate Account that would result in a failure of
the Trustee to make any required payment of principal of or interest on the
Certificates may only be waived with the consent of 100% of the affected
Certificateholders. Upon any such waiver of a past default, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereon
except to the extent expressly so waived.

         Section 6.17. Notification to Holders.

         Upon termination of the Master Servicer or appointment of a successor
to the Master Servicer, in each case as provided herein, the Trustee shall
promptly mail notice thereof by first class mail to the Certificateholders and
the Class 2-A1 Certificate Insurer at their respective addresses appearing on
the Certificate Register. The Trustee shall also, within 45 days after the
occurrence of any Event of Default known to the Trustee, give written notice
thereof to Certificateholders, unless such Event of Default shall have been
cured or waived prior to the issuance of such notice and within such 45-day
period.

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

         Subject to the provisions of Section 8.01 hereof, during the
continuance of any Event of Default, Holders of Certificates evidencing not less
than 25% of the Class Principal Amount (or Class Notional Amount) of each Class
of Certificates may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Agreement; provided, however, that
the Trustee shall be under no obligation to pursue any such remedy, or to
exercise any of the trusts or powers vested in it by this Agreement (including,
without limitation, (i) the conducting or defending of any administrative action
or litigation hereunder or in relation hereto and (ii) the terminating of the
Master Servicer or any successor master servicer from its rights and duties as
master servicer hereunder) at the request, order or direction of any of the

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Certificateholders, unless such Certificateholders shall have offered to the
Trustee reasonable security or indemnity against the cost, expenses and
liabilities which may be incurred therein or thereby; and, provided further,
that, subject to the provisions of Section 8.01, the Trustee shall have the
right to decline to follow any such direction if the Trustee, in accordance with
an Opinion of Counsel, determines that the action or proceeding so directed may
not lawfully be taken or if the Trustee in good faith determines that the action
or proceeding so directed would involve it in personal liability or be unjustly
prejudicial to the non-assenting Certificateholders.

         Section 6.19. Action Upon Certain Failures of the Master Servicer and
Upon Event of Default.

         In the event that a Responsible Officer of the Trustee shall have
actual knowledge of any action or inaction of the Master Servicer that would
become an Event of Default upon the Master Servicer's failure to remedy the same
after notice, the Trustee shall give notice thereof to the Master Servicer. For
all purposes of this Agreement, in the absence of actual knowledge by a
Responsible Officer of the Trustee, the Trustee shall not be deemed to have
knowledge of any failure of the Master Servicer or any other Event of Default
unless notified in writing by the Depositor, the Master Servicer or a
Certificateholder.

         Section 6.20. Preparation of Tax Returns and Other Reports.

         (a) The Trustee shall prepare or cause to be prepared on behalf of the
Trust Fund, based upon information calculated in accordance with this Agreement
pursuant to instructions given by the Depositor, and the Trustee shall file,
federal tax returns and appropriate state income tax returns and such other
returns as may be required by applicable law relating to the Trust Fund, and the
Trustee shall forward copies to the Depositor of all such returns and Form 1099
supplemental tax information and such other information within the control of
the Trustee as the Depositor may reasonably request in writing, and shall
forward to each Certificateholder such forms and furnish such information within
the control of the Trustee as are required by the Code and the REMIC Provisions
to be furnished to them, and will prepare and file annual reports required by
applicable state authorities, will file copies of this Agreement with the
appropriate state authorities as may be required by applicable law, and will
prepare and disseminate to Certificateholders Form 1099 (supplemental tax
information) (or otherwise furnish information within the control of the
Trustee) to the extent required by applicable law. The Master Servicer will
indemnify the Trustee for any liability of or assessment against the Trustee
resulting from any error in any of such tax or information returns directly
resulting from errors in the information provided by such Master Servicer (other
than information that is derived solely from information provided by any
Servicer).

         (b) The Trustee shall prepare and file with the Internal Revenue
Service ("IRS"), on behalf of each of the Lower Tier REMIC and the Upper Tier
REMIC, an application on IRS Form SS-4. The Trustee, upon receipt from the IRS
of the Notice of Taxpayer Identification Number Assigned for each REMIC, shall
promptly forward copies of such notice to the Master Servicer and the Depositor.
The Trustee will file an IRS Form 8811.

         (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K and thereafter the Trustee will prepare or cause to
be prepared Form 10-Ks and Form 10-Qs (if necessary), or monthly current reports

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on Form 8-K, on behalf of the Trust Fund, as may be required by applicable law,
for filing with the Securities and Exchange Commission (the "SEC"), and the
Trustee will sign each such report on behalf of the Trust. The Trustee will
forward a copy of each such report to the Depositor promptly after such report
has been filed with the SEC. The Trustee agrees to use its best commercial
efforts to seek to terminate such filing obligation after the period during
which such filings are required under the Securities Exchange Act of 1934.
Promptly after filing a Form 15 or other applicable form with the SEC in
connection with such termination, the Trustee shall deliver to the Depositor a
copy of such form together with copies of confirmations of receipt by the SEC of
each report filed therewith on behalf of the Trust Fund.

                                  Article VII

                            PURCHASE AND TERMINATION
                                OF THE TRUST FUND

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

         (a) The respective obligations and responsibilities of the Trustee and
the Master Servicer created hereby (other than the obligation of the Trustee to
make payments to Certificateholders as set forth in Section 7.02, the obligation
of the Master Servicer to make a final remittance to the Trustee for deposit
into the Certificate Account pursuant to Section 4.01 and the obligations of the
Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14), shall
terminate on the earlier of (i) the final payment or other liquidation of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the sale of all remaining property held by the Trust Fund in
accordance with Section 7.01(b); provided, however, that in no event shall the
Trust Fund created hereby continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James's, living on the date
hereof. Any termination of the Trust Fund shall be carried out in such a manner
so that the termination of each REMIC included therein shall qualify as a
"qualified liquidation" under the REMIC Provisions.

         (b) On any Distribution Date occurring after the date on which the
aggregate Scheduled Principal Balance of the Mortgage Loans is less than 5% of
the Cut-off Date Aggregate Principal Balance, the Master Servicer may, upon
written direction to the Trustee, cause (i) the Trustee to sell (or arrange for
the sale of) the assets of the Trust Fund and (ii) the Trust Fund to adopt a
plan of complete liquidation pursuant to Section 7.03 hereof to sell all of its
property. The property of the Trust Fund shall be sold at a price (the
"Termination Price") equal to: (i) 100% of the unpaid principal balance of each
Mortgage Loan on the day of such purchase plus interest accrued thereon at the
applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date in
the Due Period immediately preceding the related Distribution Date to the date
of such repurchase, (ii) the fair market value of any REO Property and any other
property held by the Trust Fund, such fair market value to be determined by an
appraiser or appraisers appointed by the Master Servicer with the consent of the
Trustee and (iii) any unreimbursed Servicing Advances with respect to each
Mortgage Loan.

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         Section 7.02. Procedure Upon Termination of Trust Fund.

         (a) Notice of any termination pursuant to the provisions of Section
7.01, specifying the Distribution Date upon which the final distribution shall
be made, shall be given promptly by the Trustee by first class mail to
Certificateholders mailed (x) no later than five Business Days after the Trustee
has received notice from the Master Servicer of its intent to exercise its right
to cause the termination of the Trust Fund pursuant to Section 7.01(b) or (y)
upon the final payment or other liquidation of the last Mortgage Loan or REO
Property in the Trust Fund. Such notice shall specify (A) the Distribution Date
upon which final distribution on the Certificates of all amounts required to be
distributed to Certificateholders pursuant to Section 5.02 will be made upon
presentation and surrender of the Certificates at the Corporate Trust Office,
and (B) that the Record Date otherwise applicable to such Distribution Date is
not applicable, distribution being made only upon presentation and surrender of
the Certificates at the office or agency of the Trustee therein specified. The
Trustee shall give such notice to the Depositor and the Certificate Registrar at
the time such notice is given to Holders of the Certificates. Upon any such
termination, the duties of the Certificate Registrar with respect to the
Certificates shall terminate and the Trustee shall terminate, or request the
Master Servicer to terminate, the Collection Account it maintains, the
Certificate Account and any other account or fund maintained with respect to the
Certificates, subject to the Trustee's obligation hereunder to hold all amounts
payable to Certificateholders in trust without interest pending such payment.

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

         (c) Any reasonable expenses incurred by the Trustee in connection with
any termination or liquidation of the Trust Fund shall be paid from proceeds
received from the liquidation of the Trust Fund.

         Section 7.03. Additional Requirements under the REMIC Provisions.

         (a) Any termination of the Trust Fund shall be effected in accordance
with the following additional requirements, unless the Trustee seeks (at the
request of the Master Servicer), and subsequently receives, an Opinion of
Counsel (at the expense of the Master Servicer), addressed to the Trustee to the
effect that the failure of the Trust Fund to comply with the requirements of
this Section 7.03 will not (i) result in the imposition of taxes on any REMIC

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under the REMIC Provisions or (ii) cause any REMIC established hereunder to fail
to qualify as a REMIC at any time that any Certificates are outstanding:

                  (i) The Trustee shall sell all of the assets of the Trust Fund
         for cash and, within 90 days of such sale, shall distribute the
         proceeds of such sale to the Certificateholders in complete liquidation
         of the Trust Fund, the Lower Tier REMIC and the Upper Tier REMIC; and

                  (ii) 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.

         (b) By its acceptance of a Residual Certificate, each Holder thereof
hereby (i) authorizes the Trustee to take the action described in paragraph (a)
above and (ii) agrees to take such other action as may be necessary to
facilitate liquidation of each REMIC created under this Agreement, which
authorization shall be binding upon all successor Residual Certificateholders.

                                  Article VIII

                          RIGHTS OF CERTIFICATEHOLDERS

         Section 8.01. Limitation on Rights of Holders.

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

         (b) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of an Event
of Default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates evidencing not less than 25% of the Class
Principal Amount (or Class Notional Amount) of Certificates of each Class shall
have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the cost, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for sixty
days after its receipt of such notice, request and offer of indemnity, shall

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have neglected or refused to institute any such action, suit or proceeding and
no direction inconsistent with such written request has been given such Trustee
during such sixty-day period by such Certificateholders; it being understood and
intended, and being expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue or by
availing of any provision of this Agreement to affect, disturb or prejudice the
rights of the Holders of any other of such Certificates, or to obtain or seek to
obtain priority over or preference to any other such Holder, or to enforce any
right under this Agreement, except in the manner herein provided and for the
benefit of all Certificateholders. For the protection and enforcement of the
provisions of this Section, each and every Certificateholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

         Section 8.02. Access to List of Holders.

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

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

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

         Section 8.03. Acts of Holders of Certificates.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders or Certificate Owner, if the Holder is a Clearing Agency, may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where expressly required herein, to the Master Servicer. Such instrument or

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instruments (as the action embodies therein and evidenced thereby) are herein
sometimes referred to as an "Act" of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing
appointing any such agents shall be sufficient for any purpose of this Agreement
and conclusive in favor of the Trustee and Master Servicer, if made in the
manner provided in this Section. Each of the Trustee and Master Servicer shall
promptly notify the other of receipt of any such instrument by it, and shall
promptly forward a copy of such instrument to the other.

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

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

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

                                   Article IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

         Section 9.01. Duties of the Master Servicer.

         The Certificateholders, by their purchase and acceptance of the
Certificates, appoint Aurora Loan Services Inc., as Master Servicer. For and on
behalf of the Depositor, the Trustee and the Certificateholders, the Master
Servicer shall master service the Mortgage Loans in accordance with the
provisions of this Agreement and the provisions of the applicable Servicing
Agreement.

         Section 9.02. Master Servicer Fidelity Bond and Master Servicer Errors
and Omissions Insurance Policy.

         (a) The Master Servicer, at its expense, shall maintain in effect a
Fidelity Bond and an Errors and Omissions Insurance Policy, affording coverage
with respect to all directors, officers, employees and other Persons acting on
such Master Servicer's behalf, and covering

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errors and omissions in the performance of the Master Servicer's obligations
hereunder. The Errors and Omissions Insurance Policy and the Fidelity Bond shall
be in such form and amount that would meet the requirements of FNMA or FHLMC if
it were the purchaser of the Mortgage Loans. The Master Servicer shall (i)
require each Servicer to maintain an Errors and Omissions Insurance Policy and a
Fidelity Bond in accordance with the provisions of the applicable Servicing
Agreement, (ii) cause each Servicer to provide to the Master Servicer
certificates evidencing that such policy and bond is in effect and to furnish to
the Master Servicer any notice of cancellation, non-renewal or modification of
the policy or bond received by it, as and to the extent provided in the
applicable Servicing Agreement, and (iii) furnish copies of the certificates and
notices referred to in clause (ii) to the Trustee upon its request. The Fidelity
Bond and Errors and Omissions Insurance Policy may be obtained and maintained in
blanket form.

         (b) The Master Servicer shall promptly report to the Trustee any
material changes that may occur in the Master Servicer Fidelity Bond or the
Master Servicer Errors and Omissions Insurance Policy and shall furnish to the
Trustee, on request, certificates evidencing that such bond and insurance policy
are in full force and effect. The Master Servicer shall promptly report to the
Trustee all cases of embezzlement or fraud, if such events involve funds
relating to the Mortgage Loans. The total losses, regardless of whether claims
are filed with the applicable insurer or surety, shall be disclosed in such
reports together with the amount of such losses covered by insurance. If a bond
or insurance claim report is filed with any of such bonding companies or
insurers, the Master Servicer shall promptly furnish a copy of such report to
the Trustee. Any amounts relating to the Mortgage Loans collected by the Master
Servicer under any such bond or policy shall be promptly remitted by the Master
Servicer to the Trustee for deposit into the Certificate Account. Any amounts
relating to the Mortgage Loans collected by any Servicer under any such bond or
policy shall be remitted to the Master Servicer to the extent provided in the
applicable Servicing Agreement.

         Section 9.03. Master Servicer's Financial Statements and Related
Information.

         For each year this Agreement is in effect, the Master Servicer shall
submit to the Trustee, each Rating Agency and the Depositor a copy of its annual
unaudited financial statements on or prior to August 31 of each year. Such
financial statements shall include a balance sheet, income statement, statement
of retained earnings, statement of additional paid-in capital, statement of
changes in financial position and all related notes and schedules and shall be
in comparative form, certified by a nationally recognized firm of Independent
Accountants to the effect that such statements were examined and prepared in
accordance with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.

         Section 9.04. Power to Act; Procedures.

         (a) The Master Servicer shall master service the Mortgage Loans and
shall have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to

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consent to transfers of any Mortgaged Property and assumptions of the Mortgage
Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of
the ownership of the Mortgaged Property securing any Mortgage Loan, in each
case, in accordance with the provisions of this Agreement and the applicable
Servicing Agreement, as applicable; provided that the Master Servicer shall not
take, or knowingly permit any Servicer to take, any action that is inconsistent
with or prejudices the interests of the Trust Fund or the Certificateholders in
any Mortgage Loan or the rights and interests of the Depositor, the Trustee and
the Certificateholders under this Agreement. The Master Servicer further is
authorized and empowered by the Trustee, on behalf of the Certificateholders and
the Trustee, in its own name or in the name of any Servicer, when the Master
Servicer or a Servicer, as the case may be, believes it is appropriate in its
best judgment to register any Mortgage Loan with MERS, or cause the removal from
the registration of any Mortgage Loan on the MERS system, to execute and
deliver, on behalf of the Trustee and the Certificateholders or any of them, any
and all instruments of assignment and other comparable instruments with respect
to such assignment or re-recording of a Mortgage in the name of MERS, solely as
nominee for the Trustee and its successors and assigns. The Master Servicer
shall represent and protect the interests of the Trust Fund in the same manner
as it protects its own interests in mortgage loans in its own portfolio in any
claim, proceeding or litigation regarding a Mortgage Loan and shall not make or
knowingly permit any Servicer to make any modification, waiver or amendment of
any term of any Mortgage Loan that would cause the Trust Fund to fail to qualify
as a REMIC or result in the imposition of any tax under Section 860F(a) or
Section 860G(d) of the Code. Without limiting the generality of the foregoing,
the Master Servicer in its own name or in the name of a Servicer, and each
Servicer, to the extent such authority is delegated to such Servicer by the
Master Servicer under the applicable Servicing Agreement, is hereby authorized
and empowered by the Trustee when the Master Servicer or a Servicer, as the case
may be, believes it appropriate in its best judgment and in accordance with
Accepted Servicing Practices and the applicable Servicing Agreement, to execute
and deliver, on behalf of itself and the Certificateholders, the Trustee or any
of them, any and all instruments of satisfaction or cancellation, or of partial
or full release or discharge and all other comparable instruments, with respect
to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
shall furnish the Master Servicer, upon request, with any powers of attorney
empowering the Master Servicer or any Servicer to execute and deliver
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and to foreclose upon or otherwise liquidate Mortgaged Property, and
to appeal, prosecute or defend in any court action relating to the Mortgage
Loans or the Mortgaged Property, in accordance with the applicable Servicing
Agreement and this Agreement, and the Trustee shall execute and deliver such
other documents, as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service and administer the Mortgage Loans
and carry out its duties hereunder, in each case in accordance with Accepted
Servicing Practices (and the Trustee shall have no liability for misuse of any
such powers of attorney by the Master Servicer or the applicable Servicer). If
the Master Servicer or the Trustee has been advised that it is likely that the
laws of the state in which action is to be taken prohibit such action if taken
in the name of the Trustee or that the Trustee would be adversely affected under
the "doing business" or tax laws of such state if such action is taken in its
name, then upon request of the Trustee, the Master Servicer shall join with the
Trustee in the appointment of a co-trustee pursuant to Section 6.09 hereof. In
the performance of its duties hereunder, the Master Servicer shall be an
independent

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contractor and shall not, except in those instances where it is taking action in
the name of the Trustee, be deemed to be the agent of the Trustee.

         (b) In master servicing and administering the Mortgage Loans, the
Master Servicer shall employ procedures, and shall cause each Servicer to employ
procedures (including, but not limited to, collection procedures), consistent
with the applicable Servicing Agreement. Consistent with the foregoing, the
Master Servicer may, and may permit any Servicer to, in its discretion (i) waive
any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the due dates
for payments due on a Mortgage Note for a period not greater than 120 days;
provided, however, that the maturity of any Mortgage Loan shall not be extended
past the date on which the final payment is due on the latest maturing Mortgage
Loan as of the Cut-off Date. In the event of any extension described in clause
(ii) above, the Master Servicer shall make or cause to be made Advances on the
related Mortgage Loan in accordance with the provisions of Section 5.04 on the
basis of the amortization schedule of such Mortgage Loan without modification
thereof by reason of such extension. Notwithstanding anything to the contrary in
this Agreement, the Master Servicer shall not, unless default by the related
Mortgagor is, in the reasonable judgment of the Master Servicer or the related
Servicer, imminent, make or knowingly permit such Servicer to make any
modification, waiver or amendment of any material term of any Mortgage Loan
(including but not limited to the interest rate, the principal balance, the
amortization schedule, or any other term affecting the amount or timing of
payments on the Mortgage Loan or the collateral therefor) unless the Master
Servicer or the related Servicer shall have provided or caused to be provided to
the Trustee an Opinion of Counsel (at the expense of the party seeking the
modification) in writing to the effect that such modification, waiver or
amendment would not be treated as giving rise to a new debt instrument for
federal income tax purposes and would not adversely affect the status of the
REMIC.

         Section 9.05. Servicing Agreements Between the Master Servicer and
Servicers; Enforcement of Servicers' Obligations.

         (a) Each Servicing Agreement requires the applicable Servicer to
service the Mortgage Loans in accordance with the provisions thereof. References
in this Agreement to actions taken or to be taken by the Master Servicer include
such actions taken or to be taken by a Servicer pursuant to a Servicing
Agreement. Any fees, costs and expenses and other amounts payable to such
Servicers shall be deducted from amounts remitted to the Master Servicer by the
applicable Servicer and shall not be an obligation of the Trust, the Trustee or
the Master Servicer.

         (b) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall use its reasonable best efforts to
enforce the obligations of each Servicer under the related Servicing Agreement
and shall, upon its obtaining actual knowledge of the failure of a Servicer to
perform its obligations in accordance with the related Servicing Agreement, to
the extent that the non-performance of any such obligations would have a
material adverse effect on a Mortgage Loan, the Trust Fund or Certificateholders
(determined in the case of the Class 2-A1 Certificates without regard to the
Class 2-A1 Certificate Insurance Policy), terminate the rights and obligations
of such Servicer thereunder to the extent and in the manner permitted by the
related

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Servicing Agreement and either act as servicer of the related Mortgage Loans or
enter into a Servicing Agreement with a successor Servicer. Such enforcement,
including, without limitation, the legal prosecution of claims, termination of
Servicing Agreements and the pursuit of other appropriate remedies, shall be in
such form and carried out to such an extent and at such time as the Master
Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor initially only
(i) from a general recovery resulting from such enforcement only to the extent,
if any, that such recovery exceeds all amounts due in respect of the related
Mortgage Loans or (ii) from a specific recovery of costs, expenses or attorneys'
fees against the party against whom such enforcement is directed, and then, to
the extent that such amounts are insufficient to reimburse the Master Servicer
for the costs of such enforcement, (iii) from the Collection Account.

         Section 9.06. Collection of Taxes, Assessments and Similar Items.

         (a) To the extent provided in the applicable Servicing Agreement, the
Master Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or any Servicer establishes accounts
in the ordinary course of its servicing activities), the accounts of which are
insured to the maximum extent permitted by the FDIC (each, an "Escrow Account")
and shall deposit therein any collections of amounts received with respect to
amounts due for taxes, assessments, water rates, Standard Hazard Insurance
Policy premiums or any comparable items for the account of the Mortgagors.
Withdrawals from any Escrow Account may be made (to the extent amounts have been
escrowed for such purpose) only in accordance with the applicable Servicing
Agreement. Each Servicer shall be entitled to all investment income not required
to be paid to Mortgagors on any Escrow Account maintained by such Servicer. The
Master Servicer shall make (or cause to be made) to the extent provided in the
applicable Servicing Agreement advances to the extent necessary in order to
effect timely payment of taxes, water rates, assessments, Standard Hazard
Insurance Policy premiums or comparable items in connection with the related
Mortgage Loan (to the extent that the Mortgagor is required, but fails, to pay
such items), provided that it has determined that the funds so advanced are
recoverable from escrow payments, reimbursement pursuant to Section 4.02(v) or
otherwise.

         (b) Costs incurred by the Master Servicer or by Servicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans may be added to the amount owing under the related Mortgage Note
where the terms of the Mortgage Note so permit; provided, however, that the
addition of any such cost shall not be taken into account for purposes of
calculating the distributions to be made to Certificateholders. Such costs, to
the extent that they are unanticipated, extraordinary costs, and not ordinary or
routine costs shall be recoverable by the Master Servicer pursuant to Section
4.02(v).

         Section 9.07. Termination of Servicing Agreements; Successor Servicers.

         (a) The Master Servicer shall be entitled to terminate the rights and
obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and without
any limitation by virtue of this Agreement; provided, however, that in the event
of termination of any Servicing Agreement by the Master Servicer or

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the related Servicer, the Master Servicer shall either act as Servicer of the
related Mortgage Loans, or enter into a Servicing Agreement with a successor
Servicer.

         (b) If the Master Servicer acts as Servicer, it will not assume
liability for the representations and warranties of the Servicer, if any, that
it replaces. The Master Servicer shall use reasonable efforts to have the
successor Servicer assume liability for the representations and warranties made
by the terminated Servicer in respect of the related Mortgage Loans, and in the
event of any such assumption by the successor Servicer, the Trustee or the
Master Servicer, as applicable, may, in the exercise of its business judgment,
release the terminated Servicer from liability for such representations and
warranties.

         Section 9.08. Master Servicer Liable for Enforcement.

         Notwithstanding any Servicing Agreement, the Master Servicer shall
remain obligated and liable to the Trustee and the Certificateholders in
accordance with the provisions of this Agreement, to the extent of its
obligations hereunder, without diminution of such obligation or liability by
virtue of such Servicing Agreements or arrangements. The Master Servicer shall
use commercially reasonable efforts to ensure that the Mortgage Loans are
serviced in accordance with the provisions of this Agreement and shall use
commercially reasonable efforts to enforce the provisions of each Servicing
Agreement for the benefit of the Certificateholders. The Master Servicer shall
be entitled to enter into any agreement with the Servicers for indemnification
of the Master Servicer and nothing contained in this Agreement shall be deemed
to limit or modify such indemnification. Except as expressly set forth herein,
the Master Servicer shall have no liability for the acts or omissions of any
Servicer in the performance by such Servicer of its obligations under the
related Servicing Agreement.

         Section 9.09. No Contractual Relationship Between Servicers and Trustee
or Depositor.

         Any Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Servicer in
its capacity as such and not as an originator shall be deemed to be between such
Servicer, the Seller and the Master Servicer, and the Trustee and the Depositor
shall not be deemed parties thereto and shall have no claims, rights,
obligations, duties or liabilities with respect to such Servicer except as set
forth in Section 9.10 hereof.

         Section 9.10. Assumption of Servicing Agreement by Trustee.

         (a) In the event the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default under this
Agreement), the Trustee shall thereupon assume all of the rights and obligations
of such Master Servicer hereunder and under each Servicing Agreement entered
into with respect to the Mortgage Loans. The Trustee, its designee or any
successor master servicer appointed by the Trustee shall be deemed to have
assumed all of the Master Servicer's interest herein and therein to the same
extent as if such Servicing Agreement had been assigned to the assuming party,
except that the Master Servicer shall not thereby be relieved of any liability
or obligations of the Master Servicer under such Servicing Agreement accruing
prior to its replacement as Master Servicer, and shall be liable to the Trustee,
and hereby agrees to indemnify and hold harmless the Trustee from and against
all

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costs, damages, expenses and liabilities (including reasonable attorneys' fees)
incurred by the Trustee as a result of such liability or obligations of the
Master Servicer and in connection with the Trustee's assumption (but not its
performance, except to the extent that costs or liability of the Trustee are
created or increased as a result of negligent or wrongful acts or omissions of
the Master Servicer prior to its replacement as Master Servicer) of the Master
Servicer's obligations, duties or responsibilities thereunder; provided that the
Master Servicer shall not indemnify or hold harmless the Trustee against
negligent or willful misconduct of the Trustee.

         (b) The Master Servicer that has been terminated shall, upon request of
the Trustee but at the expense of such Master Servicer, deliver to the assuming
party all documents and records relating to each Servicing Agreement and the
related Mortgage Loans and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Servicing Agreement to the assuming party.

         Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements.

         (a) To the extent provided in the applicable Servicing Agreement, to
the extent Mortgage Loans contain enforceable due-on-sale clauses, and to the
extent that the Master Servicer has knowledge of the conveyance of a Mortgaged
Property, the Master Servicer shall use its reasonable best efforts to cause the
Servicers to enforce such clauses in accordance with the applicable Servicing
Agreement. If applicable law prohibits the enforcement of a due-on-sale clause
or such clause is otherwise not enforced in accordance with the applicable
Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
original Mortgagor may be released from liability in accordance with the
applicable Servicing Agreement.

         (b) The Master Servicer or the related Servicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for the granting of an
easement thereon in favor of another Person or any alteration or demolition of
the related Mortgaged Property if it has determined, exercising its good faith
business judgment in the same manner as it would if it were the owner of the
related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be materially adversely affected
thereby. Any fee collected by the Master Servicer or the related Servicer for
processing such a request will be retained by the Master Servicer or such
Servicer as additional servicing compensation.

         Section 9.12. Release of Mortgage Files.

         (a) Upon (i) becoming aware of the payment in full of any Mortgage
Loan, (ii) the receipt by the Master Servicer of a notification that payment in
full has been or will be escrowed in a manner customary for such purposes, or
(iii) in the case of a Mortgage Loan as to which the related Mortgaged Property
is located in California, receipt by the Master Servicer of notification from
the Servicer that the Servicer reasonably expects that payment in full will be
received promptly, the Master Servicer will, or will cause the applicable
Servicer to, promptly notify the Trustee (or the applicable Custodian) by a
certification (which certification shall include a statement to the effect that
all amounts received or to be received in connection with such payment that are
required to be deposited in the Collection Account maintained by the Master
Servicer pursuant to Section 4.01 have been or will be so deposited) of a
Servicing Officer and shall request the Trustee or the applicable Custodian, to
deliver to the applicable Servicer the

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related Mortgage File. In lieu of sending a hard copy certification of a
Servicing Officer, the Master Servicer may, or may cause the Servicer to,
deliver the request for release in a mutually agreeable electronic format. To
the extent that such a request, on its face, originates from a Servicing
Officer, no signature shall be required. Upon receipt of such certification and
request, the Trustee or the applicable Custodian, shall promptly release the
related Mortgage File to the applicable Servicer and neither the Trustee nor the
Custodian shall have any further responsibility with regard to such Mortgage
File. The Master Servicer is authorized, and each Servicer, to the extent such
authority is delegated to such Servicer by the Master Servicer under the
applicable Servicing Agreement, is authorized, to give, as agent for the
Trustee, as the mortgagee under the Mortgage that secured the Mortgage Loan, an
instrument of satisfaction (or assignment of mortgage without recourse)
regarding the Mortgaged Property subject to the Mortgage, which instrument of
satisfaction or assignment, as the case may be, shall be delivered to the Person
or Persons entitled thereto against receipt therefor of such payment, it being
understood and agreed that no expenses incurred in connection with such
instrument of satisfaction or assignment, as the case may be, shall be
chargeable to the Collection Account.

         (b) From time to time and as appropriate for the servicing or
foreclosure of, or other legal proceedings relating to, any Mortgage Loan and in
accordance with Accepted Servicing Practices and the applicable Servicing
Agreement, the Trustee shall execute such pleadings, request for trustee's sale
or other documents as shall be prepared and furnished to the Trustee by the
Master Servicer, or by a Servicer (in form reasonably acceptable to the Trustee)
and as are necessary to the prosecution of any such proceedings. The Trustee or
the Custodian, shall, upon request of the Master Servicer, or of a Servicer, and
delivery to the Trustee or the applicable Custodian, of a trust receipt signed
by a Servicing Officer substantially in the form annexed hereto as Exhibit C or
in the form annexed to the applicable Custodial Agreement as Exhibit C, release
the related Mortgage File held in its possession or control to the Master
Servicer (or the applicable Servicer). Such trust receipt shall obligate the
Master Servicer or applicable Servicer to return the Mortgage File to the
Trustee or Custodian, as applicable, when the need therefor by the Master
Servicer or applicable Servicer no longer exists unless (i) the Mortgage Loan
shall be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that herein above specified, the trust receipt shall be
released by the Trustee or the Custodian, as applicable, to the Master Servicer
(or the applicable Servicer) or (ii) the Mortgage File has been delivered
directly or through a Servicer to an attorney, or to a public trustee or other
public official as required by law, for purposes of initiating or pursuing legal
action or other proceedings for the foreclosure of the Mortgaged Property either
judicially or non-judicially, and the Master Servicer has delivered directly or
through a Servicer to the Trustee a certificate of a Servicing Officer
certifying as to the name and address of the Person to which such Mortgage File
or such document was delivered and the purpose or purposes of such delivery.

         Section 9.13. Documents, Records and Funds in Possession of Master
Servicer To Be Held for Trustee.

         (a) The Master Servicer shall transmit, or cause the applicable
Servicer to transmit, to the Trustee such documents and instruments coming into
the possession of the Master Servicer or such Servicer from time to time as are
required by the terms hereof to be delivered to the Trustee. Any funds received
by the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
otherwise are collected by the Master Servicer or by a Servicer as Liquidation

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Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be held for
the benefit of the Trustee and the Certificateholders subject to the Master
Servicer's right to retain or withdraw from the Collection Account the Master
Servicing Fee and other amounts provided in this Agreement, and to the right of
each Servicer to retain its Servicing Fee and other amounts as provided in the
applicable Servicing Agreement. The Master Servicer shall, and shall (to the
extent provided in the applicable Servicing Agreement) cause each Servicer to,
provide access to information and documentation regarding the Mortgage Loans to
the Trustee, its agents and accountants at any time upon reasonable request and
during normal business hours, and to Certificateholders that are savings and
loan associations, banks or insurance companies, the Office of Thrift
Supervision, the FDIC and the supervisory agents and examiners of such Office
and Corporation or examiners of any other federal or state banking or insurance
regulatory authority if so required by applicable regulations of the Office of
Thrift Supervision or other regulatory authority, such access to be afforded
without charge but only upon reasonable request in writing and during normal
business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.

         (b) All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer, or any Servicer, in respect of any Mortgage
Loans, whether from the collection of principal and interest payments or from
Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
Servicer, or by such Servicer, for and on behalf of the Trustee and the
Certificateholders and shall be and remain the sole and exclusive property of
the Trustee; provided, however, that the Master Servicer and each Servicer shall
be entitled to setoff against, and deduct from, any such funds any amounts that
are properly due and payable to the Master Servicer or such Servicer under this
Agreement or the applicable Servicing Agreement.

         (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall deem the conveyance of the Mortgage Loans
from the Seller to the Depositor not to constitute a sale, the Trustee shall
have a security interest in the Mortgage Loans and in all Mortgage Files
representing such Mortgage Loans and in all funds now or hereafter held by, or
under the control of, a Servicer or the Master Servicer that are collected by
such Servicer or the Master Servicer in connection with the Mortgage Loans,
whether as scheduled installments of principal and interest or as full or
partial prepayments of principal or interest or as Liquidation Proceeds or
Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
proceeds of proceeds (but excluding any fee or other amounts to which such
Servicer is entitled under the applicable Servicing Agreement, or the Master
Servicer or the Depositor is entitled to hereunder); and the Master Servicer
agrees that so long as the Mortgage Loans are assigned to and held by the
Trustee, all documents or instruments constituting part of the Mortgage Files,
and such funds relating to the Mortgage Loans which come into the possession or
custody of, or which are subject to the control of, the Master Servicer or any
Servicer shall be held by the Master Servicer or such Servicer for and on behalf
of the Trustee as the Trustee's agent and bailee for purposes of perfecting the
Trustee's security interest therein as provided by the applicable Uniform
Commercial Code or other laws.

         (d) The Master Servicer agrees that it shall not, and shall not
authorize any Servicer to, create, incur or subject any Mortgage Loans, or any
funds that are deposited in any custodial

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account, Escrow Account or the Collection Account, or any funds that otherwise
are or may become due or payable to the Trustee, to any claim, lien, security
interest, judgment, levy, writ of attachment or other encumbrance, nor assert by
legal action or otherwise any claim or right of setoff against any Mortgage Loan
or any funds collected on, or in connection with, a Mortgage Loan.

         Section 9.14. Representations and Warranties of the Master Servicer.

         (a) The Master Servicer hereby represents and warrants to the Depositor
and the Trustee, for the benefit of the Certificateholders and the Class 2-A1
Certificate Insurer, as of the Closing Date that:

                  (i) it is validly existing and in good standing under the
         jurisdiction of its formation, and as Master Servicer has full power
         and authority to transact any and all business contemplated by this
         Agreement and to execute, deliver and comply with its obligations under
         the terms of this Agreement, the execution, delivery and performance of
         which have been duly authorized by all necessary corporate action on
         the part of the Master Servicer;

                  (ii) the execution and delivery of this Agreement by the
         Master Servicer and its performance and compliance with the terms of
         this Agreement will not (A) violate the Master Servicer's charter or
         bylaws, (B) violate any law or regulation or any administrative decree
         or order to which it is subject or (C) constitute a default (or an
         event which, with notice or lapse of time, or both, would constitute a
         default) under, or result in the breach of, any material contract,
         agreement or other instrument to which the Master Servicer is a party
         or by which it is bound or to which any of its assets are subject,
         which violation, default or breach would materially and adversely
         affect the Master Servicer's ability to perform its obligations under
         this Agreement;

                  (iii) this Agreement constitutes, assuming due authorization,
         execution and delivery hereof by the other respective parties hereto, a
         legal, valid and binding obligation of the Master Servicer, enforceable
         against it in accordance with the terms hereof, except as such
         enforcement may be limited by bankruptcy, insolvency, reorganization,
         moratorium and other laws affecting the enforcement of creditors'
         rights in general, and by general equity principles (regardless of
         whether such enforcement is considered in a proceeding in equity or at
         law);

                  (iv) the Master Servicer is not in default with respect to any
         order or decree of any court or any order or regulation of any federal,
         state, municipal or governmental agency to the extent that any such
         default would materially and adversely affect its performance
         hereunder;

                  (v) the Master Servicer is not a party to or bound by any
         agreement or instrument or subject to any charter provision, bylaw or
         any other corporate restriction or any judgment, order, writ,
         injunction, decree, law or regulation that may materially and adversely
         affect its ability as Master Servicer to perform its obligations under
         this

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         Agreement or that requires the consent of any third person to the
         execution of this Agreement or the performance by the Master Servicer
         of its obligations under this Agreement;

                  (vi) no litigation is pending or, to the best of the Master
         Servicer's knowledge, threatened against the Master Servicer which
         would prohibit its entering into this Agreement or performing its
         obligations under this Agreement;

                  (vii) the Master Servicer, or an affiliate thereof the primary
         business of which is the servicing of conventional residential mortgage
         loans, is an FNMA- and FHLMC- approved seller/servicer;

                  (viii) no consent, approval, authorization or order of any
         court or governmental agency or body is required for the execution,
         delivery and performance by the Master Servicer of or compliance by the
         Master Servicer with this Agreement or the consummation of the
         transactions contemplated by this Agreement, except for such consents,
         approvals, authorizations and orders (if any) as have been obtained;

                  (ix) the consummation of the transactions contemplated by this
         Agreement are in the ordinary course of business of the Master
         Servicer; and

                  (x) the Master Servicer has obtained an Errors and Omissions
         Insurance Policy and a Fidelity Bond in accordance with Section 9.02,
         each of which is in full force and effect, and each of which provides
         at least such coverage as is required hereunder.

         (b) It is understood and agreed that the representations and warranties
set forth in this Section 9.14 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor and the Trustee and
hold them harmless against any loss, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and other costs and expenses resulting
from any claim, demand, defense or assertion based on or grounded upon, or
resulting from, a breach of the Master Servicer's representations and warranties
contained in Section 9.14(a). Notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for special, indirect or
consequential losses or damages of any kind whatsoever (including, but not
limited to, lost profits). It is understood and agreed that the enforcement of
the obligation of the Master Servicer set forth in this Section to indemnify the
Depositor and the Trustee as provided in this Section constitutes the sole
remedy (other than as set forth in Section 6.14) of the Depositor and the
Trustee, respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as
Master Servicer hereunder, and any termination of this Agreement.

         Any cause of action against the Master Servicer relating to or arising
out of the breach of any representations and warranties made in this Section
shall accrue upon discovery of such breach by either the Depositor, the Master
Servicer, the Trustee or the Class 2-A1 Certificate Insurer notice thereof by
any one of such parties to the other parties.

         (c) It is understood and agreed that the representations and warranties
of the Depositor set forth in Sections 2.03(a) through (f) shall survive the
execution and delivery of this Agreement. The Depositor shall indemnify the
Master Servicer and hold it harmless against any loss, damages, penalties,
fines, forfeitures, legal fees and related costs, judgments, and other

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costs and expenses resulting from any claim, demand, defense or assertion based
on or grounded upon, or resulting from, a breach of the Depositor's
representations and warranties contained in Sections 2.03(a) through (f) hereof.
It is understood and agreed that the enforcement of the obligation of the
Depositor set forth in this Section to indemnify the Master Servicer as provided
in this Section constitutes the sole remedy of the Master Servicer respecting a
breach by the Depositor of the representations and warranties in Sections
2.03(a) through (f) hereof.

         Any cause of action against the Depositor relating to or arising out of
the breach of the representations and warranties made in Sections 2.03(a)
through (f) hereof shall accrue upon discovery of such breach by either the
Depositor or the Master Servicer or notice thereof by any one of such parties to
the other parties.

         Section 9.15. Closing Certificate and Opinion.

         On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor and Lehman Brothers Inc. an Opinion of Counsel, dated
the Closing Date, in form and substance reasonably satisfactory to the Depositor
and Lehman Brothers Inc., as to the due authorization, execution and delivery of
this Agreement by the Master Servicer and the enforceability thereof.

         Section 9.16. Standard Hazard and Flood Insurance Policies.

         For each Mortgage Loan (other than a Cooperative Loan), the Master
Servicer shall maintain, or cause to be maintained by each Servicer, standard
fire and casualty insurance and, where applicable, flood insurance, all in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. It is understood and agreed that such insurance shall
be with insurers meeting the eligibility requirements set forth in the
applicable Servicing Agreement and that no earthquake or other additional
insurance is to be required of any Mortgagor or to be maintained on property
acquired in respect of a defaulted loan, other than pursuant to such applicable
laws and regulations as shall at any time be in force and as shall require such
additional insurance.

         Pursuant to Section 4.01, any amounts collected by the Master Servicer,
or by any Servicer, under any insurance policies maintained pursuant to this
Section 9.16 (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or released to the Mortgagor in
accordance with the Master Servicer's or the Servicer's normal servicing
procedures and Accepted Servicing Practices) shall be deposited into the
Collection Account, subject to withdrawal pursuant to Section 4.02. Any cost
incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Section 4.02(v).

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         Section 9.17. Presentment of Claims and Collection of Proceeds.

         The Master Servicer shall, or shall cause each Servicer (to the extent
provided in the applicable Servicing Agreement) to, prepare and present on
behalf of the Trustee and the Certificateholders all claims under the Insurance
Policies with respect to the Mortgage Loans, and take such actions (including
the negotiation, settlement, compromise or enforcement of the insured's claim)
as shall be necessary to realize recovery under such policies. Any proceeds
disbursed to the Master Servicer (or disbursed to a Servicer and remitted to the
Master Servicer) in respect of such policies or bonds shall be promptly
deposited in the Collection Account upon receipt, except that any amounts
realized that are to be applied to the repair or restoration of the related
Mortgaged Property or release to the Mortgagor in accordance with the Master
Servicer's or the Servicer's normal servicing procedures need not be so
deposited (or remitted).

         Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

         (a) The Master Servicer shall not take, or knowingly permit any
Servicer (consistent with the applicable Servicing Agreement) to take, any
action that would result in non-coverage under any applicable Primary Mortgage
Insurance Policy of any loss which, but for the actions of such Master Servicer
or Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep in
force and effect, or to cause each Servicer to keep in force and effect (to the
extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
Policy that is in effect at the date of the initial issuance of the Certificates
and is required to be kept in force hereunder except as required by a applicable
law or in accordance with the provisions of this Agreement and the related
Servicing Agreement, as applicable.

         (b) The Master Servicer agrees to present, or to cause each Servicer to
present, on behalf of the Trustee and the Certificateholders, claims to the
insurer under any Primary Mortgage Insurance Policies and, in this regard, to
take such reasonable action as shall be necessary to permit recovery under any
Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
Pursuant to Section 4.01, any amounts collected by the Master Servicer or any
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 4.02.

         Section 9.19. Trustee To Retain Possession of Certain Insurance
Policies and Documents.

         The Trustee (or its custodian, if any, as directed by the Trustee),
shall retain possession and custody of the originals of the Primary Mortgage
Insurance Policies or certificate of insurance if applicable and any
certificates of renewal as to the foregoing as may be issued from time to time
as contemplated by this Agreement. Until all amounts distributable in respect of
the Certificates have been distributed in full and the Master Servicer otherwise
has fulfilled its obligations under this Agreement, the Trustee (or its
custodian, if any, as directed by the Trustee) shall also retain possession and
custody of each Mortgage File in accordance with and subject to

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the terms and conditions of this Agreement. The Master Servicer shall promptly
deliver or cause to be delivered to the Trustee (or its custodian, if any, as
directed by the Trustee), upon the execution or receipt thereof the originals of
the Primary Mortgage Insurance Policies and any certificates of renewal thereof,
and such other documents or instruments that constitute portions of the Mortgage
File that come into the possession of the Master Servicer from time to time.

         Section 9.20. Realization Upon Defaulted Mortgage Loans.

         The Master Servicer shall use its reasonable best efforts to, or to
cause each Servicer to, foreclose upon, repossess or otherwise comparably
convert the ownership of Mortgaged Properties securing such of the Mortgage
Loans as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments, all in
accordance with the applicable Servicing Agreement. Alternatively, the Master
Servicer may take, or authorize any Servicer to take, other actions in respect
of a defaulted Mortgage Loan, which may include (i) accepting a short sale (a
payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate a sale of the Mortgaged Property by
the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage Loan
for an amount less than the total amount contractually owed in order to
facilitate refinancing transactions by the Mortgagor not involving a sale of the
Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing to a
modification in accordance with Section 9.04. In connection with such
foreclosure or other conversion or action, the Master Servicer shall, consistent
with Section 9.18, follow such practices and procedures as it shall reasonably
determine to be in the best interests of the Trust Fund and the
Certificateholders and which shall be consistent with its customary practices in
performing its general mortgage servicing activities; provided that the Master
Servicer shall not be liable in any respect hereunder if the Master Servicer is
acting in connection with any such foreclosure or other conversion or action in
a manner that is consistent with the provisions of this Agreement. Neither the
Master Servicer, nor any Servicer, shall be required to expend its own funds or
incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or toward the correction of any
default on a related senior mortgage loan, 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 to the
Certificateholders after reimbursement to itself for such expenses or charges
and (ii) that such expenses and charges will be recoverable to it through
Liquidation Proceeds or Insurance Proceeds (as provided in Section 4.02).

         Section 9.21. Compensation to the Master Servicer.

         The Master Servicer shall (i) be entitled, at its election, either (a)
to pay itself the Master Servicing Fee, as reduced pursuant to Section 5.05, in
respect of the Mortgage Loans out of any Mortgagor payment on account of
interest prior to the deposit of such payment in the Collection Account it
maintains or (b) to withdraw from the Collection Account, subject to Section
5.05, the Master Servicing Fee to the extent permitted by Section 4.02(iv). The
Master Servicer shall also be entitled, at its election, either (a) to pay
itself the Master Servicing Fee in respect of each delinquent Mortgage Loan
master serviced by it out of Liquidation Proceeds in respect of such Mortgage
Loan or other recoveries with respect thereto to the extent permitted in Section
4.02 or (b) to withdraw from the Collection Account it maintains the Master
Servicing Fee in respect of each Liquidated Mortgage Loan to the extent of such
Liquidation Proceeds or other recoveries,

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to the extent permitted by Section 4.02. Servicing compensation in the form of
assumption fees, if any, late payment charges, as collected, if any, or
otherwise (including any Prepayment Penalty Amount) shall be retained by the
Master Servicer (or the applicable Servicer) and shall not be deposited in the
Collection Account. If the Master Servicer does not retain or withdraw the
Master Servicing Fee from the Collection Account as provided herein, the Master
Servicer shall be entitled to direct the Trustee to pay the Master Servicing Fee
to such Master Servicer by withdrawal from the Certificate Account to the extent
that payments have been received with respect to the applicable Mortgage Loan.
The Master Servicer shall be required to pay all expenses incurred by it in
connection with its activities hereunder and shall not be entitled to
reimbursement therefor except as provided in this Agreement. Pursuant to Section
4.01(e), all income and gain realized from any investment of funds in the
Collection Account shall be for the benefit of the Master Servicer as additional
compensation. The provisions of this Section 9.21 are subject to the provisions
of Section 6.14(b).

         Section 9.22. REO Property.

         (a) In the event the Trust Fund acquires ownership of any REO Property
in respect of any Mortgage Loan, the deed or certificate of sale shall be issued
to the Trustee, or to its nominee, on behalf of the Certificateholders. The
Master Servicer shall use its reasonable best efforts to sell, or, to the extent
provided in the applicable Servicing Agreement, cause the applicable Servicer to
sell, any REO Property as expeditiously as possible and in accordance with the
provisions of this Agreement and the related Servicing Agreement, as applicable,
but in all events within the time period, and subject to the conditions set
forth in Article X hereof. Pursuant to its efforts to sell such REO Property,
the Master Servicer shall protect and conserve, or cause the applicable Servicer
to protect and conserve, such REO Property in the manner and to such extent
required by the applicable Servicing Agreement, subject to Article X hereof.

         (b) The Master Servicer shall deposit or cause to be deposited all
funds collected and received by it, or recovered from any Servicer, in
connection with the operation of any REO Property in the Collection Account.

         (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in connection with the final
disposition of such REO Property; provided, that any such unreimbursed Advances
as well as any unpaid Master Servicing Fees or Servicing Fees may be reimbursed
or paid, as the case may be, prior to final disposition, out of any net rental
income or other net amounts derived from such REO Property.

         (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the applicable Servicer
as provided above, shall be deposited in the Collection Account on or prior to
the Determination Date in the month following receipt thereof (and the Master
Servicer shall provide prompt written notice to the Trustee upon such deposit)
and be remitted by wire transfer in immediately available funds to the Trustee
for deposit into the Certificate Account on the next succeeding Deposit Date.

         Section 9.23. [Omitted]

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         Section 9.24. Reports to the Trustee.

         (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall forward to the Trustee a statement, deemed to have been certified
by a Servicing Officer, setting forth the status of the Collection Account
maintained by the Master Servicer as of the close of business on the related
Distribution Date, indicating that all distributions required by this Agreement
to be made by the Master Servicer have been made (or if any required
distribution has not been made by the Master Servicer, specifying the nature and
status thereof) and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Collection Account
maintained by the Master Servicer. Copies of such statement shall be provided by
the Master Servicer to the Depositor, Attention: Contract Finance, and, upon
request, any Certificateholders (or by the Trustee at the Master Servicer's
expense if the Master Servicer shall fail to provide such copies (unless (i) the
Master Servicer shall have failed to provide the Trustee with such statement or
(ii) the Trustee shall be unaware of the Master Servicer's failure to provide
such statement)).

         (b) Not later than two Business Days following each Distribution Date,
the Master Servicer shall deliver to the Person designated by the Depositor, in
a format consistent with other electronic loan level reporting supplied by the
Master Servicer in connection with similar transactions, "loan level"
information with respect to the Mortgage Loans as of the related Determination
Date, to the extent that such information has been provided to the Master
Servicer by the Servicers or by the Depositor.

         Section 9.25. Annual Officer's Certificate as to Compliance.

         (a) The Master Servicer shall deliver to the Trustee, the Rating
Agencies and the Class 2-A1 Certificate Insurer on or before August 31 of each
year, commencing on August 31, 2002, an Officer's Certificate, certifying that
with respect to the period ending on the immediately preceding December 31; (i)
such Servicing Officer has reviewed the activities of such Master Servicer
during the preceding calendar year or portion thereof and its performance under
this Agreement; (ii) to the best of such Servicing Officer's knowledge, based on
such review, such Master Servicer has performed and fulfilled its duties,
responsibilities and obligations under this Agreement in all material respects
throughout such year, or, if there has been a default in the fulfillment of any
such duties, responsibilities or obligations, specifying each such default known
to such Servicing Officer and the nature and status thereof, (iii) nothing has
come to the attention of such Servicing Officer to lead such Servicing Officer
to believe that any Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement in all material
respects throughout such year, or, if there has been a material default in the
performance or fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof, and (iv) the Master Servicer has received from each Servicer
such Servicer's annual certificate of compliance and a copy of such Servicer's
annual audit report, in each case to the extent required under the applicable
Servicing Agreement, or, if any such certificate or report has not been received
by the Master Servicer, the Master Servicer is using its best reasonable efforts
to obtain such certificate or report.

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         (b) Copies of such statements shall be provided to any
Certificateholder upon request, by the Master Servicer or by the Trustee at the
Master Servicer's expense if the Master Servicer failed to provide such copies
(unless (i) the Master Servicer shall have failed to provide the Trustee with
such statement or (ii) the Trustee shall be unaware of the Master Servicer's
failure to provide such statement).

         Section 9.26. Annual Independent Accountants' Servicing Report.

         If the Master Servicer has, during the course of any fiscal year,
directly serviced any of the Mortgage Loans, then the Master Servicer at its
expense shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Class 2-A1 Certificate
Insurer, the Rating Agencies and the Depositor on or before August 31 of each
year, commencing on August 31, 2002, to the effect that, with respect to the
most recently ended fiscal year, such firm has examined certain records and
documents relating to the Master Servicer's performance of its servicing
obligations under this Agreement and pooling and servicing and trust agreements
in material respects similar to this Agreement and to each other and that, on
the basis of such examination conducted substantially in compliance with the
audit program for mortgages serviced for FHLMC or the Uniform Single Attestation
Program for Mortgage Bankers, such firm is of the opinion that the Master
Servicer's activities have been conducted in compliance with this Agreement, or
that such examination has disclosed no material items of noncompliance except
for (i) such exceptions as such firm believes to be immaterial, (ii) such other
exceptions as are set forth in such statement and (iii) such exceptions that the
Uniform Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages Serviced by FHLMC requires it to report. Copies of such statements
shall be provided to any Certificateholder upon request by the Master Servicer,
or by the Trustee at the expense of the Master Servicer if the Master Servicer
shall fail to provide such copies. If such report discloses exceptions that are
material, the Master Servicer shall advise the Trustee whether such exceptions
have been or are susceptible of cure, and will take prompt action to do so.

         Section 9.27. Merger or Consolidation.

         Any Person into which the Master Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Master Servicer shall be a party, or any
Person succeeding to the business of the Master Servicer, shall be the successor
to the Master Servicer hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding; provided, however, that the successor or resulting
Person to the Master Servicer shall be a Person that shall be qualified and
approved to service mortgage loans for FNMA or FHLMC and shall have a net worth
of not less than $15,000,000.

         Section 9.28. Resignation of Master Servicer.

         Except as otherwise provided in Sections 9.27 and 9.29 hereof, the
Master Servicer shall not resign from the obligations and duties hereby imposed
on it unless it or the Trustee determines that the Master Servicer's duties
hereunder are no longer permissible under applicable law or are in material
conflict by reason of applicable law with any other activities carried on by it
and cannot be cured. Any such determination permitting the resignation of the

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Master Servicer shall be evidenced by an Opinion of Counsel that shall be
Independent to such effect delivered to the Trustee. No such resignation shall
become effective until the Trustee shall have assumed, or a successor master
servicer shall have been appointed by the Trustee and until such successor shall
have assumed, the Master Servicer's responsibilities and obligations under this
Agreement. Notice of such resignation shall be given promptly by the Master
Servicer to the Depositor.

         Section 9.29. Assignment or Delegation of Duties by the Master
Servicer.

         Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; provided, however, that the Master
Servicer shall have the right without the prior written consent of the Trustee,
the Depositor or the Rating Agencies to delegate or assign to or subcontract
with or authorize or appoint an Affiliate of the Master Servicer to perform and
carry out any duties, covenants or obligations to be performed and carried out
by the Master Servicer hereunder. In no case, however, shall any such
delegation, subcontracting or assignment to an Affiliate of the Master Servicer
relieve the Master Servicer of any liability hereunder. Notice of such permitted
assignment shall be given promptly by the Master Servicer to the Depositor and
the Trustee. If, pursuant to any provision hereof, the duties of the Master
Servicer are transferred to a successor master servicer, the entire amount of
the Master Servicing Fees and other compensation payable to the Master Servicer
pursuant hereto, including amounts payable to or permitted to be retained or
withdrawn by the Master Servicer pursuant to Section 9.21 hereof, shall
thereafter be payable to such successor master servicer.

         Section 9.30. Limitation on Liability of the Master Servicer and
Others.

         Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee or the Certificateholders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided, however, that this provision shall not protect the Master
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its obligations
and duties under this Agreement. The Master Servicer and any director, officer,
employee or agent of the Master Servicer shall be entitled to indemnification by
the Trust Fund and will be held harmless against any loss, liability or expense
incurred in connection with any legal action relating to this Agreement or the
Certificates other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of his or its
duties hereunder or by reason of reckless disregard of his or its obligations
and duties hereunder. The Master Servicer and any director, officer, employee or
agent of the Master Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Master Servicer shall be under no obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
master service the Mortgage Loans in accordance with this Agreement and that in
its opinion may involve it in any expenses or liability; provided, however, that
the Master Servicer may in its sole discretion undertake any

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such action that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the Trust Fund and the Master Servicer shall be entitled to be
reimbursed therefor out of the Collection Account it maintains as provided by
Section 4.02.

         Section 9.31. Indemnification; Third-Party Claims.

         The Master Servicer agrees to indemnify the Depositor and the Trustee,
and hold them harmless against any and all claims, losses, penalties, fines,
forfeitures, legal fees and related costs, judgments, and any other costs,
liability, fees and expenses that the Depositor and the Trustee may sustain as a
result of the failure of the Master Servicer to perform its duties and master
service the Mortgage Loans in compliance with the terms of this Agreement. The
Depositor and the Trustee shall immediately notify the Master Servicer if a
claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Depositor or the Trustee to indemnification hereunder,
whereupon the Master Servicer shall assume the defense of any such claim and pay
all expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or
them in respect of such claim.

                                   Article X

                              REMIC ADMINISTRATION

         Section 10.01. REMIC Administration.

         (a) As set forth in the Preliminary Statement hereto, the Trustee shall
elect REMIC status in accordance with the REMIC Provisions with respect to each
of the Lower Tier REMIC and the Upper Tier REMIC. The Trustee shall make such
elections on Forms 1066 or other appropriate federal tax or information return
for the taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of such elections, each of the Lower
Tier Interests, other than the Class LT-R Interest is hereby designated as a
regular interest in the Lower Tier REMIC to which such Lower Tier Interest
relates, and each Certificate, other than the Class R Certificate, is hereby
designated as a regular interest in the Upper Tier REMIC. The Class LT-R
Interest is hereby designated as the sole residual interest in the Lower Tier
REMIC. The Class R Certificate evidences ownership of the Class LT-R Interest
and is also hereby designated as the sole residual interest in the Upper Tier
REMIC.

         (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 86OG(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation 1.860G-1(a)(4), the "Latest
Possible Maturity Date".

         (c) The Trustee shall pay any and all tax related expenses (not
including taxes) of each REMIC, including but not limited to any professional
fees or expenses related to audits or any administrative or judicial proceedings
with respect to such REMIC that involve the Internal Revenue Service or state
tax authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except

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as described in (ii)); or (ii) such expenses or liabilities (including taxes and
penalties) are attributable to the negligence or willful misconduct of the
Trustee in fulfilling its duties hereunder (including its duties as tax return
preparer). The Trustee shall be entitled to reimbursement of the expenses to the
extent provided in clause (i) above from the Certificate Account.

         (d) The Trustee shall prepare, sign and file, all of each REMIC's
federal and state tax and information returns as such REMIC's direct
representative. The expenses of preparing and filing such returns shall be borne
by the Trustee. If any Disqualified Organization acquires any Ownership Interest
in a Residual Certificate, then the Trustee will upon request provide to the
Internal Revenue Service, and to the persons specified in Sections 860E(e)(3)
and (6) of the Code, such information as required in Section 860D(a)(6)(B) of
the code needed to compute the tax imposed under Section 860E(e) of the Code on
transfers of residual interests to disqualified organizations.

         (e) The Trustee or its designee shall perform on behalf of each REMIC
all reporting and other tax compliance duties that are the responsibility of
such REMIC under the Code, the REMIC Provisions, or other compliance guidance
issued by the Internal Revenue Service or any state or local taxing authority.
Among its other duties, if required by the Code, the REMIC Provisions, or other
such guidance, the Trustee shall provide (i) to the Treasury or other
governmental authority such information as is necessary for the application of
any tax relating to the transfer of a Residual Certificate to any disqualified
person or organization and (ii) to the Certificateholders such information or
reports as are required by the Code or REMIC Provisions.

         (f) The Trustee, the Master Servicer and the Holders of Certificates
shall take any action or cause the REMIC to take any action necessary to create
or maintain the status of such REMIC as a REMIC under the REMIC Provisions and
shall assist each other as necessary to create or maintain such status. Neither
the Trustee, the Master Servicer nor the Holder of any Residual Certificate
shall take any action, cause the REMIC to take any action or fail to take (or
fail to cause to be taken) any action that, under the REMIC Provisions, if taken
or not taken, as the case may be, could (i) endanger the status of such REMIC as
a REMIC or (ii) result in the imposition of a tax upon such REMIC (including but
not limited to the tax on prohibited transactions as defined in Code Section
860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Trustee
and the Master Servicer have received an Opinion of Counsel (at the expense of
the party seeking to take such action) to the effect that the contemplated
action will not endanger such status or result in the imposition of such a tax.
In addition, prior to taking any action with respect to the REMIC or the assets
therein, or causing such REMIC to take any action, which is not expressly
permitted under the terms of this Agreement, any Holder of a Residual
Certificate will consult with the Trustee and the Master Servicer, or their
respective designees, in writing, with respect to whether such action could
cause an Adverse REMIC Event to occur with respect to such REMIC, and no such
Person shall take any such action or cause such REMIC to take any such action as
to which the Trustee or the Master Servicer has advised it in writing that an
Adverse REMIC Event could occur.

         (g) Each Holder of a Residual Certificate shall pay when due any and
all taxes imposed on the related REMIC by federal or state governmental
authorities. To the extent that

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such Trust taxes are not paid by a Residual Certificateholder, the Trustee shall
pay any remaining REMIC taxes out of current or future amounts otherwise
distributable to the Holder of the Residual Certificate in such REMIC or, if no
such amounts are available, out of other amounts held in the Collection Account,
and shall reduce amounts otherwise payable to holders of regular interests in
such REMIC, as the case may be.

         (h) The Trustee shall, for federal income tax purposes, maintain books
and records with respect to each REMIC on a calendar year and on an accrual
basis.

         (i) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement with respect to Qualified
Substitute Mortgage Loans.

         (j) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which any REMIC will receive a fee or other compensation for
services.

         (k) Upon the request of any Rating Agency, the Trustee shall deliver to
such Rating Agency an Officer's Certificate stating the Trustee's compliance
with the provisions of this Section 10.01.

         Section 10.02. Prohibited Transactions and Activities.

         Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of each REMIC pursuant to Article VII of this
Agreement, (iv) a substitution pursuant to Article II of this Agreement, or (v)
a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor
acquire any assets for any REMIC, nor sell or dispose of any investments in the
Certificate Account for gain, nor accept any contributions to the REMIC after
the Closing Date, unless it has received an Opinion of Counsel (at the expense
of the party causing such sale, disposition, or substitution) that such
disposition, acquisition, substitution, or acceptance will not (a) affect
adversely the status of such REMIC as a REMIC or of the Certificates other than
the Residual Certificates as the regular interests therein, (b) affect the
distribution of interest or principal on the Certificates, (c) result in the
encumbrance of the assets transferred or assigned to the Trust Fund (except
pursuant to the provisions of this Agreement) or (d) cause such REMIC to be
subject to a tax on prohibited transactions or prohibited contributions pursuant
to the REMIC Provisions.

         Section 10.03. Indemnification with Respect to Certain Taxes and Loss
of REMIC Status.

         In the event that a REMIC fails to qualify as a REMIC, loses its status
as a REMIC, or incurs federal, state or local taxes as a result of a prohibited
transaction or prohibited contribution under the REMIC Provisions due to the
negligent performance by the Trustee of its duties and obligations set forth
herein, the Trustee shall indemnify the Holder of the Residual Certificate
against any and all losses, claims, damages, liabilities or expenses ("Losses")
resulting from such negligence; provided, however, that the Trustee shall not be
liable for any such Losses attributable to the action or inaction of the Master
Servicer, the Depositor, or the Holder of such Residual Certificate, as
applicable, nor for any such Losses resulting from misinformation

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provided by the Holder of such Residual Certificate on which the Trustee has
relied. The foregoing shall not be deemed to limit or restrict the rights and
remedies of the Holder of such Residual Certificate now or hereafter existing at
law or in equity. Notwithstanding the foregoing, however, in no event shall the
Trustee have any liability (1) for any action or omission that is taken in
accordance with and in compliance with the express terms of, or which is
expressly permitted by the terms of, this Agreement, (2) for any Losses other
than arising out of a negligent performance by the Trustee of its duties and
obligations set forth herein, and (3) for any special or consequential damages
to Certificateholders (in addition to payment of principal and interest on the
Certificates).

         Section 10.04. REO Property.

         (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not (except to the
extent provided in the applicable Servicing Agreement), permit any Servicer to,
rent, lease, or otherwise earn income on behalf of any REMIC with respect to any
REO Property which might cause such REO Property to fail to qualify as
"foreclosure" property within the meaning of section 860G(a)(8) of the Code or
result in the receipt by any REMIC of any "income from non-permitted assets"
within the meaning of section 860F(a)(2) of the Code or any "net income from
foreclosure property" which is subject to tax under the REMIC Provisions unless
the Master Servicer has advised, or has caused the applicable Servicer to
advise, the Trustee in writing to the effect that, under the REMIC Provisions,
such action would not adversely affect the status of the REMIC as a REMIC and
any income generated for such REMIC by the REO Property would not result in the
imposition of a tax upon such REMIC.

         (b) The Master Servicer shall make, or shall cause the applicable
Servicer to make, reasonable efforts to sell any REO Property for its fair
market value. In any event, however, the Master Servicer shall, or shall cause
the applicable Servicer to, dispose of any REO Property within three years from
the end of the calendar year of its acquisition by the Trust Fund unless the
Trustee has received a grant of extension from the Internal Revenue Service to
the effect that, under the REMIC Provisions and any relevant proposed
legislation and under applicable state law, the REMIC may hold REO Property for
a longer period without adversely affecting the REMIC status of such REMIC or
causing the imposition of a Federal or state tax upon such REMIC. If the Trustee
has received such an extension, then (a) the Trustee shall provide a copy of
such extension to the Master Servicer and (b) the Trustee, or the Master
Servicer, acting on its behalf hereunder, shall, or shall cause the applicable
Servicer to, continue to attempt to sell the REO Property for its fair market
value for such period longer than three years as such extension permits (the
"Extended Period"). If the Trustee has not received such an extension and the
Trustee, or the Master Servicer acting on behalf of the Trustee hereunder, or
the applicable Servicer is unable to sell the REO Property within 33 months
after its acquisition by the Trust Fund or if the Trustee has received such an
extension, and the Trustee, or the Master Servicer acting on behalf of the
Trustee hereunder, is unable to sell the REO Property within the period ending
three months before the close of the Extended Period, the Master Servicer shall,
or shall cause the applicable Servicer to, before the end of the three year
period or the Extended Period, as applicable, (i) purchase such REO Property at
a price equal to the REO Property's fair market value or (ii) auction the REO
Property to the highest bidder (which may be the Master Servicer)

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in an auction reasonably designed to produce a fair price prior to the
expiration of the three-year period or the Extended Period, as the case may be.
Article XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01. Binding Nature of Agreement; Assignment.

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

         Section 11.02. Entire Agreement.

         This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof.

         Section 11.03. Amendment.

         (a) This Agreement may be amended from time to time by the Depositor,
the Master Servicer and the Trustee, without notice to or the consent of any of
the Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
conform to or be consistent with or in furtherance of the statements made with
respect to the Certificates, the Trust Fund or this Agreement in any Offering
Document; or to correct or supplement any provision herein which may be
inconsistent with any other provisions herein, (iii) to make any other
provisions with respect to matters or questions arising under this Agreement or
(iv) to add, delete, or amend any provisions to the extent necessary or
desirable to comply with any requirements imposed by the Code and the REMIC
Provisions. No such amendment effected pursuant to the preceding sentence shall,
as evidenced by an Opinion of Counsel, adversely affect the status of any REMIC
created pursuant to this Agreement, nor shall such amendment effected pursuant
to clause (iii) of such sentence adversely affect in any material respect the
interests of any Holder (without regard to the Class 2-A1 Certificate Insurance
Policy). Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Trustee may require an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that such
amendment is permitted under this paragraph. Any such amendment shall be deemed
not to adversely affect in any material respect any Holder, if the Trustee
receives written confirmation from each Rating Agency that such amendment will
not cause such Rating Agency to reduce, qualify or withdraw the then current
rating assigned to the Certificates (in the case of the Class 2-A1 Certificates,
determined without regard to the Class 2-A1 Certificate Insurance Policy) (and
any Opinion of Counsel requested by the Trustee in connection with any such
amendment may rely expressly on such confirmation as the basis therefor).

         (b) This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Trustee with the consent of the Holders
of not less than 66 2/3% of the

                                      119
<PAGE>

Class Principal Amount (or Percentage Interest) of each Class of Certificates
affected thereby for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Holders; provided, however, that no such amendment
shall be made unless the Trustee receives an Opinion of Counsel, at the expense
of the party requesting the change, that such change will not adversely affect
the status of the REMIC as a REMIC or cause a tax to be imposed on such REMIC;
and provided further, that no such amendment may (i) reduce in any manner the
amount of, or delay the timing of, payments received on Mortgage Loans which are
required to be distributed on any Certificate, without the consent of the Holder
of such Certificate or (ii) reduce the aforesaid percentages of Class Principal
Amount (or Percentage Interest) of Certificates of each Class, the Holders of
which are required to consent to any such amendment without the consent of the
Holders of 100% of the Class Principal Amount (or Class Notional Amount) of each
Class of Certificates affected thereby. For purposes of this paragraph,
references to "Holder" or "Holders" shall be deemed to include, in the case of
any Class of Book-Entry Certificates, the related Certificate Owners.

         (c) Promptly after the execution of any such amendment, the Trustee
shall furnish written notification of the substance of such amendment to each
Holder, the Depositor and to the Rating Agencies.

         (d) It shall not be necessary for the consent of Holders under this
Section 11.03 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Holders shall be subject to such reasonable regulations as
the Trustee may prescribe.

         (e) Notwithstanding anything to the contrary in any Servicing
Agreement, the Trustee shall not consent to any amendment of any Servicing
Agreement except pursuant to the standards provided in this Section with respect
to amendment of this Agreement.

         Section 11.04. Voting Rights.

         Except to the extent that the consent of all affected
Certificateholders is required pursuant to this Agreement, with respect to any
provision of this Agreement requiring the consent of Certificateholders
representing specified percentages of aggregate outstanding Certificate
Principal Amount (or Notional Amount), Certificates owned by the Depositor, the
Master Servicer, the Trustee or any Servicer or Affiliates thereof are not to be
counted so long as such Certificates are owned by the Depositor, the Master
Servicer, the Trustee or any Servicer or Affiliates thereof.

         Section 11.05. Provision of Information.

         (a) For so long as any of the Certificates of any Series or Class are
"restricted securities" within the meaning of Rule 144(a)(3) under the Act, each
of the Depositor and the Trustee agree to cooperate with each other to provide
to any Certificateholders and to any prospective purchaser of Certificates
designated by such Certificateholder, upon the request of such Certificateholder
or prospective purchaser, any information required to be provided to such

                                      120
<PAGE>

holder or prospective purchaser to satisfy the condition set forth in Rule
144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses incurred by the
Trustee in providing such information shall be reimbursed by the Depositor.

         (b) The Trustee will provide to any person to whom a Prospectus was
delivered, upon the request of such person specifying the document or documents
requested, (i) a copy (excluding exhibits) of any report on Form 8-K or Form
10-K filed with the Securities and Exchange Commission pursuant to Section
6.20(c) and (ii) a copy of any other document incorporated by reference in the
Prospectus. Any reasonable out-of-pocket expenses incurred by the Trustee in
providing copies of such documents shall be reimbursed by the Depositor.

         (c) On each Distribution Date, the Trustee shall deliver or cause to be
delivered by first class mail to the Depositor, Attention: Contract Finance, a
copy of the report delivered to Certificateholders pursuant to Section 4.03.

         Section 11.06. Governing Law.

         THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO
CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

         Section 11.07. Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): received by (a) in the case of the Depositor, Structured Asset
Securities Corporation, 200 Vesey Street, 12th Floor, New York, New York 10285,
Attention: Mark Zusy, (b) in the case of the Trustee, The Chase Manhattan Bank,
450 West 33rd Street, 14th Floor, New York, New York 10001-2697, Attention:
Institutional Trust Services/SASCO 2001-10A, and (c) in the case of the Master
Servicer, Aurora Loan Services Inc., 2530 South Parker Road, Suite 601, Aurora,
Colorado 80014; Attention: Master Servicing or as to each party such other
address as may hereafter be furnished by such party to the other parties in
writing. Any notice required or permitted to be mailed to a Holder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice.

         Section 11.08. Severability of Provisions.

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

                                      121
<PAGE>

         Section 11.09. Indulgences; No Waivers.

         Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed
by the party asserted to have granted such waiver.

         Section 11.10. Headings Not To Affect Interpretation.

         The headings contained in this Agreement are for convenience of
reference only, and they shall not be used in the interpretation hereof.

         Section 11.11. Benefits of Agreement.

         Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder and the Holders of the Certificates, any benefit or any
legal or equitable right, power, remedy or claim under this Agreement, except to
the extent specified in Sections 11.14 and 11.15.

         Section 11.12. Special Notices to the Rating Agencies and Class 2-A1
Certificate Insurer.

         (a) The Depositor shall give prompt notice to the Rating Agencies and
the Class 2-A1 Certificate Insurer of the occurrence of any of the following
events of which it has notice:

                  (i) any amendment to this Agreement pursuant to Section 11.03;

                  (ii) any Assignment by the Master Servicer of its rights
         hereunder or delegation of its duties hereunder;

                  (iii) the occurrence of any Event of Default described in
         Section 6.14;

                  (iv) any notice of termination given to the Master Servicer
         pursuant to Section 6.14 and any resignation of the Master Servicer
         hereunder;

                  (v) the appointment of any successor to any Master Servicer
         pursuant to Section 6.14; and

                  (vi) the making of a final payment pursuant to Section 7.02.

         (b) All notices to the Rating Agencies provided for this Section shall
be in writing and sent by first class mail, telecopy or overnight courier, as
follows:

                                      122
<PAGE>

         If to Fitch, to:

         Fitch, Inc.
         One State Street Plaza
         New York New York 10004
         Attention:  Residential Mortgage Surveillance

         If to S&P, to:

         Standard & Poor's Ratings Services
         55 Water Street, 41st Floor
         New York, New York  10041
         Attention: Residential Mortgage Surveillance

         (c) The Trustee shall provide or make available to the Rating Agencies
reports prepared pursuant to Section 4.03. In addition, the Trustee shall, at
the expense of the Trust Fund, make available to each Rating Agency such
information as such Rating Agency may reasonably request regarding the
Certificates or the Trust Fund, to the extent that such information is
reasonably available to the Trustee.

         Section 11.13. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, and all of which together shall
constitute one and the same instrument.

         Section 11.14. Transfer of Servicing.

         The Seller agrees that it shall provide written notice to the Trustee,
the Class 2-A1 Certificate Insurer and the Master Servicer thirty days prior to
any transfer or assignment by the Seller of its rights under any Servicing
Agreement or of the servicing thereunder or delegation of its rights or duties
thereunder or any portion thereof to any Person other than the initial Servicer
under such Servicing Agreement; provided that the Seller shall not be required
to provide prior notice of any transfer of servicing that occurs within three
months following the Closing Date to an entity that is a Servicer on the Closing
Date. In addition, the ability of the Seller to transfer or assign its rights
and delegate its duties under a Servicing Agreement or to transfer the servicing
thereunder to a successor servicer shall be subject to the following conditions:

                  (i) Such successor servicer must be qualified to service loans
         for FNMA or FHLMC;

                  (ii) Such successor servicer must satisfy the seller/servicer
         eligibility standards in the applicable Servicing Agreement, exclusive
         of any experience in mortgage loan origination, and must be reasonably
         acceptable to the Master Servicer, whose approval shall not be
         unreasonably withheld;

                  (iii) Such successor servicer must execute and deliver to the
         Trustee and the Master Servicer an agreement, in form and substance
         reasonably satisfactory to the Trustee and the Master Servicer, that
         contains an assumption by such successor servicer

                                      123
<PAGE>

         of the due and punctual performance and observance of each covenant and
         condition to be performed and observed by the applicable Servicer under
         the applicable Servicing Agreement or, in the case of a transfer of
         servicing to a party that is already a Servicer pursuant to this
         Agreement, an agreement to add the related Mortgage Loans to the
         Servicing Agreement already in effect with such Servicer;

                  (iv) If the successor servicer is not a Servicer of Mortgage
         Loans at the time of such transfer, there must be delivered to the
         Trustee a letter from each Rating Agency to the effect that such
         transfer of servicing will not result in a qualification, withdrawal or
         downgrade of the then-current rating of any of the Certificates
         (determined without regard to the Class 2-A1 Certificate Insurance
         Policy, in the case of the Class 2-A1 Certificates);

                  (v) The Seller shall, at its cost and expense, take such
         steps, or cause the terminated Servicer to take such steps, as may be
         necessary or appropriate to effectuate and evidence the transfer of the
         servicing of the Mortgage Loans to such successor servicer, including,
         but not limited to, the following: (A) to the extent required by the
         terms of the Mortgage Loans and by applicable federal and state laws
         and regulations, the Seller shall cause the prior Servicer to timely
         mail to each obligor under a Mortgage Loan any required notices or
         disclosures describing the transfer of servicing of the Mortgage Loans
         to the successor servicer; (B) prior to the effective date of such
         transfer of servicing, the Seller shall cause the prior Servicer to
         transmit to any related insurer notification of such transfer of
         servicing; (C) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to deliver to the
         successor servicer all Mortgage Loan Documents and any related records
         or materials; (D) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to transfer to the
         successor servicer, or, if such transfer occurs after a Remittance Date
         but before the next succeeding Deposit Date, to the Master Servicer,
         all funds held by the applicable Servicer in respect of the Mortgage
         Loans; (E) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to, after the
         effective date of the transfer of servicing to the successor servicer,
         continue to forward to such successor servicer, within one Business Day
         of receipt, the amount of any payments or other recoveries received by
         the prior Servicer, and to notify the successor servicer of the source
         and proper application of each such payment or recovery; and (F) the
         Seller shall cause the prior Servicer to, after the effective date of
         transfer of servicing to the successor servicer, continue to cooperate
         with the successor servicer to facilitate such transfer in such manner
         and to such extent as the successor servicer may reasonably request.

         Section 11.15. Matters Relating to the Class 2-A1 Certificate Insurance
Policy.

         (a) All notices, statements, reports, certificates or opinions required
by this Agreement to be sent to any other party hereto or to the Class 2-A1
Certificateholders shall also be sent, and any report or statement sent by the
Master Servicer to the Trustee shall be sent by the Trustee, as applicable, to
the Class 2-A1 Certificate Insurer at the following address:

                                      124
<PAGE>

         Ambac Assurance Corporation
         One State Street Plaza, 19th Floor
         New York, New York 10004
         Attention:  Risk Management, Consumer Asset-Backed Securities
         Re:   Structured Asset Securities Corporation Mortgage
               Pass-Through Certificates, Series 2001-10A,
               Class 2-A1 Certificates

or such other address as the Class 2-A1 Certificate Insurer may hereafter
furnish to the Depositor and the Trustee.

         (b) Notwithstanding any provision to the contrary, the parties to this
Agreement agree that it is appropriate, in furtherance of the interest of such
parties as set forth herein, the Class 2-A1 Certificate Insurer receive the
benefit of Sections 4.03, 5.02, 5.07 and 11.15 as an intended third party
beneficiary of this Agreement to the extent of such provisions.

         (c) No purchase of the property of the Trust Fund pursuant to Section
7.01(b) shall occur if such purchase would result in a draw on the Class 2-A1
Certificate Insurance Policy, unless the Class 2-A1 Certificate Insurer has
consented to such purchase.

         (d) All references herein to the rating of the Certificates shall be
without regard to the Class 2-A1 Certificate Insurance Policy.

         Section 11.16. Class 2-A1 Certificate Insurer Contact Person.

         The initial Class 2-A1 Certificate Insurer Contact Person is Jerald W.
Dreyer.

                                      125
<PAGE>

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

                                        STRUCTURED ASSET SECURITIES CORPORATION,
                                        as Depositor

                                        By: /s/ Ellen V. Kiernan
                                            -----------------------------------
                                            Name:  Ellen V. Kiernan
                                            Title: Vice President

                                        THE CHASE MANHATTAN BANK,
                                        as Trustee

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

                                        AURORA LOAN SERVICES INC.,
                                        as Master Servicer

                                        By: /s/ E. Todd Whittemore
                                            ------------------------------------
                                            Name:  E. Todd Whittemore
                                            Title: Executive Vice President

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

LEHMAN CAPITAL, A DIVISION OF
     LEHMAN BROTHERS HOLDINGS INC.

By: /s/ Stanley Labanowski
    -----------------------------------------
    Name:  Stanley Labanowski
    Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES

<PAGE>

                                   EXHIBIT B-1

                          FORM OF INITIAL CERTIFICATION

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

The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re:      Trust Agreement (the "Trust Agreement"), dated as of June 1,
                  2001 among Structured Asset Securities Corporation, as
                  Depositor, The Chase Manhattan Bank, as Trustee, and Aurora
                  Loan Services Inc., as Master Servicer, with respect to
                  Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2001-10A

Ladies and Gentlemen:

         In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the documents
listed in Section 2.01(b) of the Trust Agreement for each Mortgage File
pertaining to each Mortgage Loan listed on Schedule A, to the Trust Agreement,
subject to any exceptions noted on Schedule I hereto.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                            [Custodian], on behalf of
                            THE CHASE MANHATTAN BANK,
                            as Trustee

                            By:
                                _____________________________________
                                Name:
                                Title:

<PAGE>

                                   EXHIBIT B-2

                          FORM OF INTERIM CERTIFICATION

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

The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re:      Trust Agreement (the "Trust Agreement"), dated as of June 1,
                  2001 among Structured Asset Securities Corporation, as
                  Depositor, The Chase Manhattan Bank, as Trustee, and Aurora
                  Loan Services Inc., as Master Servicer, with respect to
                  Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2001-10A

Ladies and Gentlemen:

         In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents identified above and has
determined that each such document appears regular on its face and appears to
relate to the Mortgage Loan identified in such document.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement including, but not limited
to, Section 2.02(b).

                            [Custodian], on behalf of
                            THE CHASE MANHATTAN BANK,
                            as Trustee

                            By: _____________________________________
                                Name:
                                Title:

<PAGE>

                                   EXHIBIT B-3

                           FORM OF FINAL CERTIFICATION

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

The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re:      Trust Agreement (the "Trust Agreement"), dated as of June 1,
                  2001 among Structured Asset Securities Corporation, as
                  Depositor, The Chase Manhattan Bank, as Trustee, and Aurora
                  Loan Services Inc., as Master Servicer, with respect to
                  Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2001-10A

Ladies and Gentlemen:

         In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents listed above and has determined
that each such document appears to be complete and, based on an examination of
such documents, the information set forth in the Mortgage Loan Schedule is
correct.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement.

                            [Custodian], on behalf of
                            THE CHASE MANHATTAN BANK,
                            as Trustee

                            By: _____________________________________
                                Name:
                                Title:

<PAGE>

                                   EXHIBIT B-4

                               FORM OF ENDORSEMENT

         Pay to the order of The Chase Manhattan Bank, as trustee (the
"Trustee") under the Trust Agreement dated as of June 1, 2001, among Structured
Asset Securities Corporation, as Depositor, the Trustee and the Master Servicer
relating to Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2001-10A, without recourse.

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

                                          By: __________________________________
                                              Name:
                                              Title:

<PAGE>

                                    EXHIBIT C

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

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

[Addressed to Trustee
or, if applicable, custodian]

         In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of June 1, 2001 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and you, as Trustee (the "Trust Agreement"), the
undersigned Master Servicer hereby requests a release of the Mortgage File held
by you as Trustee with respect to the following described Mortgage Loan for the
reason indicated below.

         Mortgagor's Name:

         Address:

         Loan No.:

         Reason for requesting file:

         1. Mortgage Loan paid in full. (The Master Servicer hereby certifies
that all amounts received in connection with the loan have been or will be
credited to the Collection Account or the Certificate Account (whichever is
applicable) pursuant to the Trust Agreement.)

         2. The Mortgage Loan is being foreclosed.

         3. Mortgage Loan substituted. (The Master Servicer hereby certifies
that a Qualifying Substitute Mortgage Loan has been assigned and delivered to
you along with the related Mortgage File pursuant to the Trust Agreement.)

         4. Mortgage Loan repurchased. (The Master Servicer hereby certifies
that the Purchase Price has been credited to the Collection Account or the
Certificate Account (whichever is applicable) pursuant to the Trust Agreement.)

         5. Other. (Describe)

         The undersigned acknowledges that the above Mortgage File will be held
by the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has been paid in full, or repurchased or
substituted for a Qualifying Substitute Mortgage Loan (in

<PAGE>

which case the Mortgage File will be retained by us permanently) and except if
the Mortgage Loan is being foreclosed (in which case the Mortgage File will be
returned when no longer required by us for such purpose).

         Capitalized terms used herein shall have the meanings ascribed to them
in the Trust Agreement.

                                        -------------------------------------
                                              [Name of Master Servicer]

                                        By: __________________________________
                                            Name:
                                            Title: Servicing Officer

                                      C-2

<PAGE>

                                   EXHIBIT D-1

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF                            )
                                    )  ss.:
COUNTY OF                           )

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

         1. That he [she] is [title of officer] ________________________ of
[name of Purchaser] _________________________________________ (the "Purchaser"),
a _______________________ [description of type of entity] duly organized and
existing under the laws of the [State of __________] [United States], on behalf
of which he [she] makes this affidavit.

         2. That the Purchaser's Taxpayer Identification Number is
______________.

         3. That the Purchaser is not a "disqualified organization" within the
meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
(the "Code") and will not be a "disqualified organization" as of
__________________ [date of transfer], and that the Purchaser is not acquiring a
Residual Certificate (as defined in the Agreement) for the account of, or as
agent (including a broker, nominee, or other middleman) for, any person or
entity from which it has not received an affidavit substantially in the form of
this affidavit. For these purposes, a "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (other than an instrumentality if all of its activities are
subject to tax and a majority of its board of directors is not selected by such
governmental entity), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas as described in Code
Section 1381(a)(2)(C), any "electing large partnership" within the meaning of
Section 775 of the Code, or any organization (other than a farmers' cooperative
described in Code Section 521) that is exempt from federal income tax unless
such organization is subject to the tax on unrelated business income imposed by
Code Section 511.

         4. That the Purchaser either (x) is not, and on __________________
[date of transfer] will not be, an employee benefit plan subject to Section 406
or Section 407 of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Code, the trustee of any such plan or
a person acting on behalf of any such plan or investing the assets of any such
plan to acquire a Residual Certificate; (y) is an insurance company that is
purchasing the Certificate with funds contained in an "insurance company general
account" as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60 and the purchase and holding of the Certificate are covered under
Section I and III of PTCE 95-60; or (z) herewith delivers to the Trustee and
shall deliver to the Depositor an opinion of counsel (a "Benefit Plan Opinion")
satisfactory to the Trustee and the Depositor, and upon which the Trustee and
the Depositor shall be entitled to rely, to the effect that the purchase or
holding of such Residual

<PAGE>

Certificate by the Investor will not result in the assets of the Trust Fund
being deemed to be plan assets and subject to the prohibited transaction
provisions of ERISA or the Code and will not subject the Trustee or the
Depositor to any obligation in addition to those undertaken by such entities in
the Trust Agreement, which opinion of counsel shall not be an expense of the
Trustee or the Depositor.

         5. That the Purchaser hereby acknowledges that under the terms of the
Trust Agreement (the "Agreement") among Structured Asset Securities Corporation,
The Chase Manhattan Bank, as Trustee and Aurora Loan Services Inc., as Master
Servicer, dated as of June 1, 2001, no transfer of a Residual Certificate shall
be permitted to be made to any person unless the Depositor and the Trustee have
received a certificate from such transferee containing the representations in
paragraphs 3, 4 and 5 hereof.

         6. That the Purchaser does not hold REMIC residual securities as
nominee to facilitate the clearance and settlement of such securities through
electronic book-entry changes in accounts of participating organizations (such
entity, a "Book-Entry Nominee").

         7. That the Purchaser does not have the intention to impede the
assessment or collection of any federal, state or local taxes legally required
to be paid with respect to such Residual Certificate, and that the Purchaser has
provided financial statements or other financial information requested by the
transferor in connection with the transfer of the Residual Certificate in order
to permit the transferor to assess the financial capability of the Purchaser to
pay such taxes.

         8. That the Purchaser will not transfer a Residual Certificate to any
person or entity (i) as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 6 or paragraph 10 hereof are
not satisfied or that the Purchaser has reason to believe does not satisfy the
requirements set forth in paragraph 7 hereof, and (ii) without obtaining from
the prospective Purchaser an affidavit substantially in this form and providing
to the Trustee a written statement substantially in the form of Exhibit G to the
Agreement.

         9. That the Purchaser understands that, as the holder of a Residual
Certificate, the Purchaser may incur tax liabilities in excess of any cash flows
generated by the interest and that it intends to pay taxes associated with
holding such Residual Certificate as they become due.

         10. That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S.
Person that holds a Residual Certificate in connection with the conduct of a
trade or business within the United States and has furnished the transferor and
the Trustee with an effective Internal Revenue Service Form W-8 ECI (Certificate
of Foreign Person's Claim for Exemption From Withholding on Income Effectively
Connected with the Conduct of a Trade or Business in the United States) or
successor form at the time and in the manner required by the Code. "Non-U.S.
Person" means any person other than (i) a citizen or resident of the United
States; (ii) a corporation (or entity treated as a corporation for tax purposes)
created or organized in the United States or under the laws of the United States
or of any state thereof, including, for this purpose, the District of Columbia;
(iii) a partnership (or entity treated as a partnership for tax purposes)
organized in the United States or under the laws of the United States or of any
state thereof, including, for this purpose, the District of Columbia (unless
provided otherwise by future Treasury regulations);

                                      D-2
<PAGE>

(iv) an estate whose income is includible in gross income for United States
income tax purposes regardless of its source; (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 or; (vi) and, to the extent provided in Treasury
regulations, certain trusts in existence prior to August 20, 1996 that are
treated as United States persons prior to such date and elect to continue to be
treated as United States persons.

         11. That the Purchaser agrees to such amendments of the Trust Agreement
as may be required to further effectuate the restrictions on transfer of any
Residual Certificate to such a "disqualified organization," an agent thereof, a
Book-Entry Nominee, or a person that does not satisfy the requirements of
paragraph 7 and paragraph 10 hereof.

         12. That the Purchaser consents to the designation of the Trustee as
its agent to act as "tax matters person" of the Trust Fund pursuant to the Trust
Agreement.

                                      D-3
<PAGE>

         IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.

                                        --------------------------------------
                                              [name of Purchaser]

                                        By: ___________________________________
                                            Name:
                                            Title:

         Personally appeared before me the above-named [name of officer]
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the [title of officer] _________________ of the
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

         Subscribed and sworn before me this _____ day of __________, 20__.

NOTARY PUBLIC

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

COUNTY OF_____________________

STATE OF_______________________

My commission expires the _____ day of __________, 20__.

                                      D-4
<PAGE>

                                   EXHIBIT D-2

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

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

         Re:      Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2001-10A

         _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true and has no reason to believe that the
information contained in paragraph 7 thereof is not true, and has no reason to
believe that the Transferee has the intention to impede the assessment or
collection of any federal, state or local taxes legally required to be paid with
respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the
Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.

                                        Very truly yours,

                                        -------------------------------
                                        Name:
                                        Title:

<PAGE>

                                    EXHIBIT E

                               SERVICING AGREEMENT

<PAGE>

                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE

         Re:      Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2001-10A

         Reference is hereby made to the Trust Agreement dated as of June 1,
2001 (the "Trust Agreement") among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer and The Chase Manhattan
Bank, as Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust Agreement.

         This letter relates to $_________ initial Certificate Principal Amount
of Class Certificates which are held in the form of Definitive Certificates
registered in the name of (the "Transferor"). The Transferor has requested a
transfer of such Definitive Certificates for Definitive Certificates of such
Class registered in the name of [insert name of transferee].

         In connection with such request, and in respect of such Certificates,
the Transferor hereby certifies that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust Agreement
and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
that the Transferor reasonably believes is a "qualified institutional buyer"
within the meaning of Rule 144A purchasing for its own account or for the
account of a "qualified institutional buyer", which purchaser is aware that the
sale to it is being made in reliance upon Rule 144A, in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other applicable jurisdiction.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Placement Agent and the Depositor.

                                        ----------------------------------------
                                             [Name of Transferor]

                                        By: ____________________________________
                                            Name:
                                            Title:

Dated: __________________, ________

<PAGE>

                                    EXHIBIT G

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

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

Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2001-10A (the "Privately Offered Certificates") of
Structured Asset Securities Corporation (the "Depositor") which are held in the
form of Definitive Certificates, we confirm that:

(1)      We understand that the Privately Offered Certificates have not been,
         and will not be, registered under the Securities Act of 1933, as
         amended (the "Securities Act"), and may not be sold except as permitted
         in the following sentence. We agree, on our own behalf and on behalf of
         any accounts for which we are acting as hereinafter stated, that if we
         should sell any Privately Offered Certificates within two years of the
         later of the date of original issuance of the Privately Offered
         Certificates or the last day on which such Privately Offered
         Certificates are owned by the Depositor or any affiliate of the
         Depositor (which includes the Placement Agent) we will do so only (A)
         to the Depositor, (B) to "qualified institutional buyers" (within the
         meaning of Rule 144A under the Securities Act) in accordance with Rule
         144A under the Securities Act ("QIBs"), (C) pursuant to the exemption
         from registration provided by Rule 144 under the Securities Act, or (D)
         to an institutional "accredited investor" within the meaning of Rule
         501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act
         that is not a QIB (an "Institutional Accredited Investor") which, prior
         to such transfer, delivers to the Trustee under the Trust Agreement
         dated as of June 1, 2001 among the Depositor, Aurora Loan Services
         Inc., as Master Servicer and The Chase Manhattan Bank, as Trustee (the
         "Trustee"), a signed letter in the form of this letter; and we further
         agree, in the capacities stated above, to provide to any person
         purchasing any of the Privately Offered Certificates from us a notice
         advising such purchaser that resales of the Privately Offered
         Certificates are restricted as stated herein.

(2)      We understand that, in connection with any proposed resale of any
         Privately Offered Certificates to an Institutional Accredited Investor,
         we will be required to furnish to the Trustee and the Depositor a
         certification from such transferee in the form hereof to confirm that
         the proposed sale is being made pursuant to an exemption from, or in a
         transaction not subject to, the registration requirements of the
         Securities Act. We further understand that the Privately Offered
         Certificates purchased by us will bear a legend to the foregoing
         effect.

<PAGE>

(3)      We are acquiring the Privately Offered Certificates for investment
         purposes and not with a view to, or for offer or sale in connection
         with, any distribution in violation of the Securities Act. We have such
         knowledge and experience in financial and business matters as to be
         capable of evaluating the merits and risks of our investment in the
         Privately Offered Certificates, and we and any account for which we are
         acting are each able to bear the economic risk of such investment.

(4)      We are an Institutional Accredited Investor and we are acquiring the
         Privately Offered Certificates purchased by us for our own account or
         for one or more accounts (each of which is an Institutional Accredited
         Investor) as to each of which we exercise sole investment discretion.

(5)      We have received such information as we deem necessary in order to make
         our investment decision.

(6)      If we are acquiring ERISA-Restricted Certificates, we understand that
         in accordance with ERISA, the Code and the Exemption, no Plan and no
         person acting on behalf of such a Plan may acquire such Certificate
         except in accordance with Section 3.03(d) of the Trust Agreement.

         Terms used in this letter which are not otherwise defined herein have
the respective meanings assigned thereto in the Trust Agreement.

                                      G-2

<PAGE>

         You and the Depositor are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

                                        Very truly yours,

                                        ----------------------------------
                                               [Purchaser]

                                        By ________________________________
                                           Name:
                                           Title:

                                      G-3

<PAGE>

                                    EXHIBIT H

                       [FORM OF ERISA TRANSFER AFFIDAVIT]

STATE OF NEW YORK                   )
                                    )  ss.:
COUNTY OF NEW YORK                  )

         The undersigned, being first duly sworn, deposes and says as follows:

         1. The undersigned is the ______________________ of (the "Investor"), a
[corporation duly organized] and existing under the laws of __________, on
behalf of which he makes this affidavit.

         2. The Investor either (x) is not, and on ___________ [date of
transfer] will not be, an employee benefit plan subject to Section 406 or
Section 407 of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended (the
"Code"), the trustee of any such plan or a person acting on behalf of any such
plan or investing the assets of any such plan; (y) if the Certificate has been
the subject of an ERISA-Qualifying Underwriting, is an insurance company that is
purchasing the Certificate with funds contained in an "insurance company general
account" as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60 and the purchase and holding of the Certificate are covered under
Section I and III of PTCE 95-60; or (z) herewith delivers to the Trustee and
shall deliver to the Depositor an opinion of counsel (a "Benefit Plan Opinion")
satisfactory to the Trustee and the Depositor, and upon which the Trustee and
the Depositor shall be entitled to rely, to the effect that the purchase or
holding of such Certificate by the Investor will not result in the assets of the
Trust Fund being deemed to be plan assets and subject to the prohibited
transaction provisions of ERISA or the Code and will not subject the Trustee or
the Depositor to any obligation in addition to those undertaken by such entities
in the Trust Agreement, which opinion of counsel shall not be an expense of the
Trustee or the Depositor.

         3. The Investor hereby acknowledges that under the terms of the Trust
Agreement (the "Agreement") among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer, and The Chase
Manhattan Bank, as Trustee, dated as of June 1, 2001, no transfer of the
ERISA-Restricted Certificates shall be permitted to be made to any person unless
the Depositor and Trustee have received a certificate from such transferee in
the form hereof.

<PAGE>

         IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20__.

                                        ----------------------------------------
                                               [Investor]

                                        By: ____________________________________
                                            Name:
                                            Title:

ATTEST:

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

STATE OF                            )
                                    )  ss.:
COUNTY OF                           )

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

         Subscribed and sworn before me this _____ day of ___________ 20___.

                                        ----------------------------------
                                        NOTARY PUBLIC

                                        My commission expires the
                                        ____ day of __________, 20__.

                                      H-2

<PAGE>

                                    EXHIBIT I

                            MONTHLY REMITTANCE ADVICE

<PAGE>

                                    EXHIBIT J

                      MONTHLY ELECTRONIC DATA TRANSMISSION

<PAGE>

                                    EXHIBIT K

                              CUSTODIAL AGREEMENTS

<PAGE>

                                    EXHIBIT L

                               INSURANCE AGREEMENT

<PAGE>

                                    EXHIBIT M

                     CLASS 2-A1 CERTIFICATE INSURANCE POLICY

<PAGE>

                                    EXHIBIT N

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                       (Transfers pursuant toss.3.03(h)(B)
                                of the Agreement)
             -------------------------------------------------------

                  Re:      Structured Asset Securities Corporation Mortgage Loan
                           Trust Mortgage Pass-Through Certificates, Series
                           2001-10A

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and The Chase Manhattan Bank, as Trustee, dated as of
June 1, 2001. Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

         This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Restricted Global Security with DTC in the name
of [name of transferor] (the "Transferor") to effect the transfer of the
Securities in exchange for an equivalent beneficial interest in a Regulation S
Global Security.

         In connection with such request, the Transferor does hereby certify
that such transfer has been effected in accordance with the transfer
restrictions set forth in the Agreement and the Securities and in accordance
with Rule 904 of Regulation S, and that:

                  a. the offer of the Securities was not made to a person in the
                  United States;

                  b. at the time the buy order was originated, the transferee
                  was outside the United States or the Transferor and any person
                  acting on its behalf reasonably believed that the transferee
                  was outside the United States;

                  c. no directed selling efforts have been made in contravention
                  of the requirements of Rule 903 or 904 of Regulation S, as
                  applicable;

                  d. the transaction is not part of a plan or scheme to evade
                  the registration requirements of the United States Securities
                  Act of 1933, as amended; and

                  e. the transferee is not a U.S. person (as defined in
                  Regulation S).

                                      N-1-1

<PAGE>

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby. Terms used in this certificate have the meanings set
forth in Regulation S.

                                        ----------------------------------------
                                              [Name of Transferor]

                                        By: ____________________________________
                                            Name:
                                            Title:

Date:                                   ,
     -----------------------------------  ------

                                      N-1-2
<PAGE>

                                   EXHIBIT N-2

                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                       (Transfers pursuant toss.3.03(h)(C)
                                of the Agreement)
            ---------------------------------------------------------

                  Re:      Structured Asset Securities Corporation Mortgage
                           Pass-Through Certificates, Series 2001-10A

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and The Chase Manhattan Bank, as Trustee, dated as of
June 1, 2001. Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

         This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Regulations S Global Security in the name of
[name of transferor]
 (the "Transferor") to effect the transfer of the Securities in exchange for an
equivalent beneficial interest in a Restricted Global Security.

         In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such Securities are being transferred in
accordance with (i) the transfer restrictions set forth in the Agreement and the
Securities and (ii) Rule 144A under the United States Securities Act of 1933, as
amended, to a transferee that the Transferor reasonably believes is purchasing
the Securities for its own account or an account with respect to which the
transferee exercises sole investment discretion, the transferee and any such
account is a qualified institutional buyer within the meaning of Rule 144A, in a
transaction meeting the requirements of Rule 144A and in accordance with any
applicable securities laws of any state of the United States or any other
jurisdiction.

                                        ----------------------------------------
                                              [Name of Transferor]

                                        By: ____________________________________
                                            Name:
                                            Title:

Date:                                   ,
     -----------------------------------  ------

                                     N-2-1

<PAGE>

                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

                 (retained in a separate closing binder entitled
                     "SASCO 2001-10A Mortgage Loan Schedule"
                              at McKee Nelson LLP)

<PAGE>

                                   SCHEDULE B

                             PARTICIPATION SCHEDULE

       (to be retained at the Washington, D.C. office of McKee Nelson LLP)

<PAGE>

                                   SCHEDULE C

                             EMPLOYEE MORTGAGE LOANS

       (to be retained of the Washington, D.C. office of McKee Nelson LLP)<PAGE>

                                                                   EXHIBIT 10.1

                                                                     Execution

===============================================================================

                           AURORA LOAN SERVICES INC.,

                                  as Servicer

          LEHMAN CAPITAL, A DIVISION OF LEHMAN BROTHERS HOLDINGS INC.,

                                   as Seller

                                      and

                           AURORA LOAN SERVICES INC.,

                               as Master Servicer

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

                    Structured Asset Securities Corporation
              Mortgage Pass-Through Certificates, Series 2001-10A

                              SERVICING AGREEMENT

                            Dated as of June 1, 2001

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

===============================================================================
<PAGE>

                               Table of Contents

<TABLE>
<CAPTION>
                                                                               Page
                                                                               ----
<S>            <C>                                                             <C>
                                   ARTICLE I.
                                  DEFINITIONS

                                  ARTICLE II.
                       SELLER'S ENGAGEMENT OF SERVICER TO
                       PERFORM SERVICING RESPONSIBILITIES

Section 2.01   Contract for Servicing; Possession of Servicing Files............ 12
Section 2.02   Books and Records................................................ 13

                                  ARTICLE III.
                        SERVICING OF THE MORTGAGE LOANS

Section 3.01   Servicer to Service.............................................. 13
Section 3.02   Collection of Mortgage Loan Payments............................. 15
Section 3.03   Establishment of and Deposits to Custodial Account............... 16
Section 3.04   Permitted Withdrawals From Custodial Account..................... 17
Section 3.05   Establishment of and Deposits to Escrow Account.................. 18
Section 3.06   Permitted Withdrawals From Escrow Account........................ 18
Section 3.07   Maintenance of PMI Policy and/or LPMI Policy; Claims............. 19
Section 3.08   Fidelity Bond and Errors and Omissions Insurance................. 20
Section 3.09   Notification of Adjustments...................................... 20
Section 3.10   Completion and Recordation of Assignments of Mortgage and FHA
               and VA Change Notices............................................ 21
Section 3.11   Protection of Accounts........................................... 21
Section 3.12   Title, Management and Disposition of REO Property................ 22
Section 3.13   Real Estate Owned Reports........................................ 24
Section 3.14   MERS............................................................. 24
Section 3.15   [Reserved.]...................................................... 24

                                  ARTICLE IV.
                          PAYMENTS TO MASTER SERVICER

Section 4.01   Remittances...................................................... 24
Section 4.02   Statements to Master Servicer.................................... 25
Section 4.03   Monthly Advances by Servicer..................................... 26

                                   ARTICLE V.
                          GENERAL SERVICING PROCEDURES

Section 5.01   Servicing Compensation........................................... 26
Section 5.02   Annual Audit Report.............................................. 27
Section 5.03   Annual Officer's Certificate..................................... 27
Section 5.04   Transfers of Mortgaged Property.................................. 27
</TABLE>

                                      ii
<PAGE>

<TABLE>
<S>            <C>                                                             <C>
                                  ARTICLE VI.
                   REPRESENTATIONS, WARRANTIES AND AGREEMENTS

Section 6.01   Representations, Warranties and Agreements of the Servicer....... 28
Section 6.02   Remedies for Breach of Representations and Warranties of the
               Servicer......................................................... 30
Section 6.03   Additional Indemnification by the Servicer; Third Party Claims... 31

                                  ARTICLE VII.
                                  THE SERVICER

Section 7.01   Merger or Consolidation of the Servicer.......................... 31
Section 7.02   Limitation on Liability of the Servicer and Others............... 32
Section 7.03   Limitation on Resignation and Assignment by the Servicer......... 32

                                 ARTICLE VIII.
                                  TERMINATION

Section 8.01   Termination for Cause............................................ 33
Section 8.02   Termination Without Cause........................................ 34

                                  ARTICLE IX.
                            MISCELLANEOUS PROVISIONS

Section 9.01   Successor to the Servicer........................................ 35
Section 9.02   Costs............................................................ 37
Section 9.03   Notices.......................................................... 37
Section 9.04   Severability Clause.............................................. 38
Section 9.05   No Personal Solicitation......................................... 38
Section 9.06   Counterparts..................................................... 39
Section 9.07   Place of Delivery and Governing Law.............................. 39
Section 9.08   Further Agreements............................................... 39
Section 9.09   Intention of the Parties......................................... 39
Section 9.10   Successors and Assigns; Assignment of Servicing Agreement........ 39
Section 9.11   Assignment by Lehman Capital..................................... 40
Section 9.12   [Reserved.]...................................................... 40
Section 9.13   Waivers.......................................................... 40
Section 9.14   Exhibits......................................................... 40
Section 9.15   General Interpretive Principles.................................. 40
Section 9.16   Reproduction of Documents........................................ 41

                              EXHIBITS & SCHEDULES

EXHIBIT A      Mortgage Loan Schedule
EXHIBIT B      Custodial Account Letter Agreement
EXHIBIT C      Escrow Account Letter Agreement

SCHEDULE 1     Servicer Recordation Fees
</TABLE>
                                      iii
<PAGE>

                              SERVICING AGREEMENT

         THIS SERVICING AGREEMENT (this "Agreement"), entered into as of the
1st day of June, 2001, by and between LEHMAN CAPITAL, A DIVISION OF LEHMAN
BROTHERS HOLDINGS INC., a Delaware corporation (the "Seller" or "Lehman
Capital"), AURORA LOAN SERVICES INC., a Delaware corporation ("the Servicer"),
and AURORA LOAN SERVICES INC., as Master Servicer under the Trust Agreement (as
defined herein) recites and provides as follows:

                                    RECITALS

         WHEREAS, the Servicer and Lehman Brothers Bank, FSB are parties to a
Flow Servicing Agreement, dated as of August 31, 1999 (the "Bank Flow Servicing
Agreement"), pursuant to which the Servicer services certain residential
adjustable rate mortgage loans identified on Schedule 1 to Exhibit A hereto
(the "Bank Mortgage Loans").

         WHEREAS, pursuant to a Bill of Sale, dated as of June 29, 2001, Lehman
Brothers Bank, FSB has transferred all of its rights, title and interest in the
Mortgage Loans and the Bank Flow Servicing Agreement and delegated all of its
obligations under the Bank Flow Servicing Agreement to the Seller and the
Seller has accepted such assignment and delegation.

         WHEREAS, the Servicer and the Seller are parties to a Flow Servicing
Agreement, dated as of February 15, 2001 (the "Aurora Flow Servicing
Agreement"), pursuant to which the Servicer services certain residential
adjustable rate mortgage loans identified on Schedule 2 to Exhibit A hereto
(the "Aurora Mortgage Loans," and together with the Bank Mortgage Loans, the
"Mortgage Loans").

         WHEREAS, the Seller has conveyed the Mortgage Loans on a
servicing-retained basis to Structured Asset Securities Corporation (the
"Depositor"), which in turn has conveyed the Mortgage Loans to The Chase
Manhattan Bank, as trustee (the "Trustee") under a trust agreement dated as of
June 1, 2001 (the "Trust Agreement"), among the Trustee, Aurora Loan Services
Inc., as master servicer (together with any successor Master Servicer appointed
pursuant to the provisions of the Trust Agreement, the "Master Servicer") and
the Depositor.

         WHEREAS, from time to time additional mortgage loans conveyed under
the Trust Agreement and serviced by other servicers will be transferred to the
Servicer for servicing under this Agreement and Exhibit A hereto will be
amended to include such mortgage loans which will then be "Mortgage Loans"
under this Agreement.

         WHEREAS, Lehman Capital desires that the Servicer service the Mortgage
Loans pursuant to this Agreement, and the Servicer has agreed to do so, subject
to the right of the Seller and of the Master Servicer to terminate the rights
and obligations of the Servicer hereunder at any time and to the other
conditions set forth herein.
<PAGE>

         WHEREAS, Lehman Capital and the Servicer agree that the provisions of
the Bank Flow Servicing Agreement and the Aurora Flow Servicing Agreement shall
not apply to the Mortgage Loans for so long as such Mortgage Loans remain
subject to the provisions of the Trust Agreement;

         WHEREAS, the Master Servicer shall be obligated under the Trust
Agreement, among other things, to supervise the servicing of the Mortgage Loans
on behalf of the Trustee, and shall have the right, under certain
circumstances, to terminate the rights and obligations of the Servicer under
this Servicing Agreement.

         WHEREAS, Lehman Capital and the Servicer acknowledge and agree that
Lehman Capital will assign all of its rights and delegate all of its
obligations hereunder (excluding Lehman Capital's rights and obligations as
owner of the servicing rights relating to the Mortgage Loans) to the Trustee,
and that each reference herein to either Lehman Capital or the Seller is
intended, unless otherwise specified, to mean the Seller or the Trustee, as
assignee, whichever is the owner of the Mortgage Loans from time to time.

         NOW, THEREFORE, in consideration of the mutual agreements hereinafter
set forth and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Seller and the Servicer hereby
agree as follows:

                                   ARTICLE I.

                                  DEFINITIONS

         The following terms are defined as follows (except as otherwise agreed
in writing by the parties):

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

         Act:  The National Housing Act, as amended from time to time.

         Adjustable Rate Mortgage Loan: A Mortgage Loan serviced pursuant to
this Agreement under which the Mortgage Interest Rate is adjusted from time to
time in accordance with the terms and provisions of the Mortgage Note.

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

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

                                       2
<PAGE>

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

         Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to
reflect the transfer of the Mortgage to the party indicated therein, which
assignment, notice of transfer or equivalent instrument may be in the form of
one or more blanket assignments covering the Mortgage Loans secured by
Mortgaged Properties located in the same jurisdiction, if permitted by law.

         Best Efforts: Efforts determined to be reasonably diligent by the
Seller or Servicer, as the case may be, in its sole discretion. Such efforts do
not require the Seller or Servicer, as the case may be, to enter into any
litigation, arbitration or other legal or quasi-legal proceeding, nor do they
require the Seller or Servicer, as the case may be, to advance or expend fees
or sums of money in addition to those specifically set forth in this Agreement.

         Business Day: Any day other than (i) a Saturday or Sunday, or (ii) a
day on which banking and savings and loan institutions in the States of New
York and Colorado are authorized or obligated by law or executive order to be
closed.

         Certificates: Any or all of the Certificates issued pursuant to the
Trust Agreement.

         Closing Date:  June 29, 2001.

         Code: The Internal Revenue Code of 1986, as it may be amended from
time to time or any successor statute thereto, and applicable U.S. Department
of the Treasury regulations issued pursuant thereto.

         Condemnation Proceeds: All awards of settlements in respect of a
Mortgaged Property, whether permanent or temporary, partial or entire, by
exercise of the power of eminent domain or condemnation, to the extent not
required to be released to a Mortgagor in accordance with the terms of the
related Mortgage Loan documents.

         Conventional Loan: A conventional residential first or second lien
fixed or adjustable rate Mortgage Loan that is neither FHA insured nor VA
guaranteed.

         Costs: For any Person, any claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments,
and other costs and expenses of such Person.

         Custodial Account: The separate account or accounts created and
maintained pursuant to Section 3.03.

         Custodial Agreement: The custodial agreement relating to custody of
certain of the Mortgage Loans, between LaSalle Bank N.A. and the Trustee, dated
as of June 1, 2001.

         Custodian: LaSalle Bank N.A., as Custodian, pursuant to the Custodial
Agreement, and any successors thereto.

                                       3
<PAGE>

         Cut-off Date:  June 1, 2001.

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

         Depositor: Structured Asset Securities Corporation, or any successor
in interest.

         Due Date: The day of the month on which the Monthly Payment is due on
a Mortgage Loan, exclusive of any days of grace. With respect to the Mortgage
Loans for which payment from the Mortgagor is due on a day other than the first
day of the month, such Mortgage Loans will be treated as if the Monthly Payment
is due on the first day of the immediately succeeding month.

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

         Eligible Investments: Any one or more of the obligations and
securities listed below which investment provides for a date of maturity not
later than the Determination Date in each month:

              (i) direct obligations of, and obligations fully guaranteed as to
timely payment of principal and interest by, the United States of America or
any agency or instrumentality of the United States of America the obligations
of which are backed by the full faith and credit of the United States of
America ("Direct Obligations");

              (ii) federal funds, or demand and time deposits in, certificates
of deposits of, or bankers' acceptances issued by, any depository institution
or trust company (including U.S. subsidiaries of foreign depositories and the
Trustee or any agent of the Trustee, acting in its respective commercial
capacity) incorporated or organized under the laws of the United States of
America or any state thereof and subject to supervision and examination by
federal or state banking authorities, so long as at the time of investment or
the contractual commitment providing for such investment the commercial paper
or other short-term debt obligations of such depository institution or trust
company (or, in the case of a depository institution or trust company which is
the principal subsidiary of a holding company, the commercial paper or other
short-term debt or deposit obligations of such holding company or deposit
institution, as the case may be) have been rated by each Rating Agency in its
highest short-term rating category or one of its two highest long-term rating
categories;

              (iii) repurchase agreements collateralized by Direct Obligations
or securities guaranteed by GNMA, FNMA or FHLMC with any registered
broker/dealer subject to Securities Investors' Protection Corporation
jurisdiction or any commercial bank insured by the FDIC, if such broker/dealer
or bank has an uninsured, unsecured and unguaranteed obligation rated by each
Rating Agency in its highest short-term rating category;

              (iv) securities bearing interest or sold at a discount issued by
any corporation incorporated under the laws of the United States of America or
any state thereof which have a credit rating from each Rating Agency, at the

                                       4
<PAGE>

time of investment or the contractual commitment providing for such investment,
at least equal to one of the two highest long-term credit rating categories of
each Rating Agency; provided, however, that securities issued by any particular
corporation will not be Eligible Investments to the extent that investment
therein will cause the then outstanding principal amount of securities issued
by such corporation and held as part of the Trust Fund to exceed 20% of the sum
of the Aggregate Loan Balance and the aggregate principal amount of all
Eligible Investments in the Certificate Account; provided, further, that such
securities will not be Eligible Investments if they are published as being
under review with negative implications from either Rating Agency;

              (v) commercial paper (including both non-interest-bearing
discount obligations and interest-bearing obligations payable on demand or on a
specified date not more than 180 days after the date of issuance thereof) rated
by each Rating Agency in its highest short-term rating category;

              (vi) a Qualified GIC;

              (vii) certificates or receipts representing direct ownership
interests in future interest or principal payments on obligations of the United
States of America or its agencies or instrumentalities (which obligations are
backed by the full faith and credit of the United States of America) held by a
custodian in safekeeping on behalf of the holders of such receipts; and

              (viii) any other demand, money market, common trust fund or time
deposit or obligation, or interest-bearing or other security or investment, (A)
rated in the highest rating category by each Rating Agency or (B) that would
not adversely affect the then current rating by either Rating Agency of any of
the Certificates. Such investments in this subsection (viii) may include money
market mutual funds or common trust funds, including any fund for which the
Trustee, the Master Servicer or an affiliate thereof serves as an investment
advisor, administrator, shareholder servicing agent, and/or custodian or
subcustodian, notwithstanding that (x) the Trustee, the Master Servicer or an
affiliate thereof charges and collects fees and expenses from such funds for
services rendered, (y) the Trustee, the Master Servicer or an affiliate thereof
charges and collects fees and expenses for services rendered pursuant to this
Agreement, and (z) services performed for such funds and pursuant to this
Agreement may converge at any time.

         provided, however, that no such instrument shall be an Eligible
Investment if such instrument evidences either (i) a right to receive only
interest payments with respect to the obligations underlying such instrument,
or (ii) both principal and interest payments derived from obligations
underlying such instrument and the principal and interest payments with respect
to such instrument provide a yield to maturity of greater than 120% of the
yield to maturity at par of such underlying obligations.

              Employee Mortgage Loan: The meaning set forth in the Trust
Agreement.

              Errors and Omissions Insurance: Errors and Omissions Insurance to
be maintained by the Servicer in accordance with the FNMA Guides.

              Escrow Account: The separate account or accounts created and
maintained pursuant to Section 3.05.

                                       5
<PAGE>

         Escrow Payments: With respect to any Mortgage Loan, the amounts
constituting ground rents, taxes, assessments, water rates, sewer rents,
municipal charges, mortgage insurance premiums, fire and hazard insurance
premiums, condominium charges, and any other payments required to be escrowed
by the Mortgagor with the mortgagee pursuant to the Mortgage or any other
document.

         Event of Default:  Any event set forth in Section 8.01.

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

         FHA: The Federal Housing Administration, an agency within the United
States Department of Housing and Urban Development, or any successor thereto
and including the Federal Housing Commissioner and the Secretary of Housing and
Urban Development where appropriate under the FHA Regulations.

         FHA Approved Mortgagee: A corporation or institution approved as a
mortgagee by FHA under the Act and applicable HUD regulations, and eligible to
own and service mortgage loans such as the FHA Loans.

         FHA Insurance Contract: The contractual obligation of FHA respecting
the insurance of a Mortgage Loan.

         FHA Loan: A residential Mortgage Loan that, as of the Cut-off Date
(or, in the case of a Qualifying Substitute Mortgage Loan, as of the date of
such substitution), is the subject of an FHA Insurance Contract as evidenced by
a mortgage insurance contract.

         FHA Mortgage Insurance: Mortgage insurance authorized under the Act
and provided by the FHA.

         FHA Regulations: Regulations promulgated by HUD under the National
Housing Act, codified in 24 Code of Federal Regulations, and other HUD
issuances relating to FHA Loans, including the related handbooks, circulars,
notices and mortgagee letters.

         FHLMC: The Federal Home Loan Mortgage Corporation, or any successor
thereto.

         Fidelity Bond: A fidelity bond to be maintained by the Servicer in
accordance with the FNMA Guides.

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

         Fixed Rate Mortgage Loan: Any individual Mortgage Loan serviced
pursuant to this Agreement as to which the Mortgage Interest Rate set forth in
the Mortgage Note is fixed for the term of such Mortgage Loan.

         FNMA: The Federal National Mortgage Association, or any successor
thereto.

         FNMA Guides: The FNMA Selling Guide and the FNMA Servicing Guide and
all amendments or additions thereto.

                                       6
<PAGE>

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

         HUD: The Department of Housing and Urban Development, or any federal
agency or official thereof which may from time to time succeed to the functions
thereof with regard to FHA Mortgage Insurance. The term "HUD," for purposes of
this Agreement, is also deemed to include subdivisions thereof such as the FHA
and GNMA.

         Insurance Proceeds: With respect to each Mortgage Loan, proceeds of
insurance policies insuring the Mortgage Loan or the related Mortgaged Property
including FHA insurance proceeds, VA guaranty proceeds and proceeds of any PMI
Policy or LPMI Policy.

         Liquidation Proceeds: Cash received in connection with the liquidation
of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee's sale, foreclosure sale or otherwise, or the sale of
the related REO Property, if the Mortgaged Property is acquired in satisfaction
of the Mortgage Loan.

         LPMI Fee: With respect to each LPMI Loan, the portion of the Mortgage
Interest Rate as set forth on the related Mortgage Loan Schedule (which shall
be payable solely from the interest portion of Monthly Payments, Insurance
Proceeds, Condemnation Proceeds or Liquidation Proceeds), which, during such
period prior to the required cancellation of the LPMI Policy, shall be used to
pay the premium due on the related LPMI Policy.

         LPMI Loan: A Mortgage Loan with an LPMI Policy, as set forth in the
Mortgage Loan Schedule or otherwise identified to the Servicer in writing.

         LPMI Policy: A policy of primary mortgage guaranty insurance issued by
a Qualified Insurer pursuant to which the related premium is to be paid by the
Servicer of the related Mortgage Loan from payments of interest made by the
Mortgagor in an amount as is set forth in the Mortgage Loan Schedule or
otherwise identified to the Servicer in writing.

         Master Servicer: Aurora Loan Services Inc., or any successor in
interest, or if any successor master servicer shall be appointed as provided in
the Trust Agreement, then such successor master servicer.

         MERS: Mortgage Electronic Registration Systems, Inc., a Delaware
corporation, or any successor in interest thereto.

         MERS Eligible Mortgage Loan: Any Mortgage Loan that has been
designated by the Servicer as recordable in the name of MERS.

         MERS Mortgage Loan: Any Mortgage Loan as to which the related
Mortgage, or an Assignment of Mortgage, has been or will be recorded in the
name of MERS, as agent for the holder from time to time of the Mortgage Note.

         Monthly Advance: With respect to each Remittance Date and each
Mortgage Loan, an amount equal to the Monthly Payment (with the interest
portion of such Monthly Payment adjusted to the Mortgage Loan Remittance Rate)
that was due on the Mortgage Loan, and that (i) was delinquent at the close of
business on the first day of the month in which such Remittance Date occurs and

                                       7
<PAGE>

(ii) was not the subject of a previous Monthly Advance, but only to the extent
that such amount is expected, in the reasonable judgment of the Servicer, to be
recoverable from collections or other recoveries in respect of such Mortgage
Loan. To the extent that the Servicer determines that any such amount is not
recoverable from collections or other recoveries in respect of such Mortgage
Loan, such determination shall be evidenced by a certificate of a Servicing
Officer delivered to the Master Servicer setting forth such determination and
the procedures and considerations of the Servicer forming the basis of such
determination, which shall include a copy of any broker's price opinion and any
other information or reports obtained by the Servicer which may support such
determinations.

         Monthly Payment: The scheduled monthly payment of principal and
interest on a Mortgage Loan.

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

         Mortgage: The mortgage, deed of trust or other instrument securing a
Mortgage Note, which creates a first or second lien on an unsubordinated estate
in fee simple in real property securing the Mortgage Note.

         Mortgage Impairment Insurance Policy: A mortgage impairment or blanket
hazard insurance policy as described in the FNMA Guides.

         Mortgage Interest Rate: The annual rate of interest borne on a
Mortgage Note.

         Mortgage Loan: An individual Mortgage Loan that is the subject of this
Agreement, each Mortgage Loan subject to this Agreement being identified on the
Mortgage Loan Schedule, which Mortgage Loan includes without limitation the
Mortgage Loan documents, the Monthly Payments, Principal Prepayments,
Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO
Disposition Proceeds, and all other rights, benefits, proceeds and obligations
arising from or in connection with such Mortgage Loan.

         Mortgage Loan Remittance Rate: With respect to each Mortgage Loan, the
annual rate of interest remitted to the Master Servicer, which shall be equal
to the Mortgage Interest Rate minus the applicable Servicing Fee.

         Mortgage Loan Schedule: A schedule of the Mortgage Loans setting forth
information with respect to such Mortgage Loans (including any MERS
identification number (if available) with respect to each MERS Mortgage Loan or
MERS Eligible Mortgage Loan), attached hereto as Exhibit A, which may be
amended from time to time to include additional mortgage loans which are
transferred to the Servicer by a Prior Servicer in a Servicing Transfer.

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

         Mortgaged Property: The real property securing repayment of the debt
evidenced by a Mortgage Note.

         Mortgagor:  The obligor on a Mortgage Note.

                                       8
<PAGE>

         Net Sale Proceeds: The proceeds from the sale of REO Property, net of
all expenses incurred by the Servicer in connection with such sale, including,
without limitation, legal fees and expenses, referral fees, brokerage
commissions, conveyance taxes and any other related expense.

         Non-MERS Eligible Mortgage Loan: Any Mortgage Loan other than a MERS
Eligible Mortgage Loan.

         Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage
Loan.

         Opinion of Counsel: A written opinion of counsel, who may be an
employee of the Servicer, reasonably acceptable to the Seller, but which must
be independent outside counsel with respect to any such opinion of counsel
concerning (i) the non-recordation of Mortgage Loans pursuant to Section 2.02
hereof and (ii) federal income tax matters.

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

         PMI Policy: A policy of primary mortgage guaranty insurance issued by
a Qualified Insurer, as required by this Agreement with respect to certain
Mortgage Loans.

         Prepayment Interest Shortfall Amount: With respect to any Mortgage
Loan that was subject to a Principal Prepayment in full or in part during any
Due Period, which Principal Prepayment was applied to such Mortgage Loan prior
to such Mortgage Loan's Due Date in such Due Period, the amount of interest
(net the related Servicing Fee for Principal Prepayments in full only) that
would have accrued on the amount of such Principal Prepayment during the period
commencing on the date as of which such Principal Prepayment was applied to
such Mortgage Loan and ending on the day immediately preceding such Due Date,
inclusive.

         Prepayment Penalty Amount: With respect to any Remittance Date, all
premiums or charges paid by the obligors under the Mortgage Notes due to
Principal Prepayments collected by the Servicer during the immediately
preceding Prepayment Period.

         Prepayment Period: With respect to any Remittance Date and any full or
partial Principal Prepayment, the calendar month immediately preceding the
month of such Remittance Date.

         Prime Rate: The prime rate published from time to time, as published
as the average rate in The Wall Street Journal Northeast Edition.

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

         Prior Servicer: Any prior servicer (other than the Servicer) of any of
the Mortgage Loans.

                                       9
<PAGE>

         Qualified Depository: Any of (i) a depository the accounts of which
are insured by the FDIC and the debt obligations of which are rated AA (or its
equivalent) or better by each Rating Agency; (ii) the corporate trust
department of any bank the debt obligations of which are rated at least A-1 or
its equivalent by each Rating Agency; or (iii) Lehman Brothers Bank, F.S.B., a
federal savings bank.

         Qualified Insurer: A mortgage guaranty insurance company duly
authorized and licensed where required by law to transact mortgage guaranty
insurance business and approved as an insurer by FNMA, FHLMC and GNMA.

         Rating Agency:  Each of S&P and Fitch.

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of the interest collectible thereon as
a result of the application of the Soldiers' and Sailors' Civil Relief Act of
1940, as amended, any amount by which interest collectible on such Mortgage
Loan for the Due Date in the related Due Period is less than the interest
accrued thereon for the applicable one-month period at the Mortgage Interest
Rate without giving effect to such reduction.

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

         Remittance Date: The 18th day (or if such 18th day is not a Business
Day, the first Business Day immediately following) of any month.

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

         REO Disposition Proceeds: All amounts received with respect to an REO
Disposition pursuant to Section 3.12.

         REO Property: A Mortgaged Property acquired by the Servicer on behalf
of the Trustee through foreclosure or by deed in lieu of foreclosure, pursuant
to Section 3.12.

         Retained Interest:  The meaning set forth in the Trust Agreement.

         Retained Interest Holder: The meaning set forth in the Trust
Agreement.

         Retained Interest Rate:  The meaning set forth in the Trust Agreement.

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

         Seller: Lehman Capital, A Division of Lehman Brothers Holdings Inc.,
or its successors in interest and assigns.

         Servicer: Aurora Loan Services Inc. or its successor in interest or
assigns or any successor to the Servicer under this Agreement as herein
provided.

                                      10
<PAGE>

         Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses (including reasonable attorneys' fees and
disbursements) incurred in the performance by the Servicer of its servicing
obligations, including, but not limited to, the cost of (a) the preservation,
restoration and protection of the Mortgaged Property, (b) any enforcement or
administrative or judicial proceedings, including foreclosures, (c) the
management and liquidation of the Mortgaged Property if the Mortgaged Property
is acquired in satisfaction of the Mortgage, (d) taxes, assessments, water
rates, sewer rents and other charges which are or may become a lien upon the
Mortgaged Property, and PMI Policy premiums and fire and hazard insurance
coverage, (e) any losses sustained by the Servicer with respect to the
liquidation of the Mortgaged Property and (f) compliance with the obligations
pursuant to the provisions of the FNMA Guides.

         Servicing Fee: An amount equal to one-twelfth the product of (a) a
rate per annum equal to 0.375% and (b) the outstanding principal balance of
such Mortgage Loan. The obligation of the Trustee to pay the Servicing Fee is
limited to, and the Servicing Fee is payable solely from, the interest portion
(including recoveries with respect to interest from Liquidation Proceeds to the
extent permitted by Section 3.02 of this Agreement) of such Monthly Payment
collected by the Servicer, or as otherwise provided under this Agreement.

         Servicing File: The items pertaining to a particular Mortgage Loan
including, but not limited to, the computer files, data disks, books, records,
data tapes, notes, and all additional documents generated as a result of or
utilized in originating and/or servicing each Mortgage Loan, which are held in
trust for the Trustee by the Servicer.

         Servicing Officer: Any officer of the Servicer involved in or
responsible for, the administration and servicing of the Mortgage Loans whose
name appears on a list of servicing officers furnished by the Servicer to the
Master Servicer or Seller upon request, as such list may from time to time be
amended.

         Servicing Transfer: Any transfer of servicing by a Prior Servicer of
mortgage loans which have been conveyed under the Trust Agreement to the
Servicer under this Agreement.

         Servicing Transfer Date: The date on which a Servicing Transfer
occurs.

         Trust Agreement: The Trust Agreement dated as of June 1, 2001, among
the Trustee, the Master Servicer and the Depositor.

         Trust Fund: The trust fund established by the Trust Agreement, the
assets of which consist of the Mortgage Loans and any related assets.

         Trustee: The Chase Manhattan Bank, or any successor in interest, or if
any successor trustee or co-trustee shall be appointed as provided in the Trust
Agreement, then such successor trustee or such co-trustee, as the case may be.

         VA: The Veterans Administration, an agency of the United States of
America, or any successor thereto including the Administrator of Veterans
Affairs.

                                      11
<PAGE>

         VA Approved Lender: Those lenders which are approved by the VA to act
as a lender in connection with the origination of VA Loans.

         VA Loan: A Mortgage Loan that, as of the Cut-off Date (or, in the case
of a Qualifying Substitute Mortgage Loan, as of the date of such substitution),
is the subject of a VA Loan Guaranty Agreement as evidenced by a Loan Guaranty
Certificate, or a Mortgage Loan which is a vendee loan sold by the VA.

         VA Loan Guaranty Agreement: The obligation of the United States to pay
a specific percentage of a Mortgage Loan (subject to a maximum amount) upon
default of the Mortgagor pursuant to the Servicemen's Readjustment Act, as
amended.

         VA Loan Guaranty Certificate: The certificate evidencing a VA Loan
Guaranty Agreement.

         VA Regulations: Regulations promulgated by the Veteran's
Administration pursuant to the Servicemen's Readjustment Act, as amended,
codified in 38 Code of Federal Regulations, and other VA issuances relating to
VA Loans, including related Handbooks, Circulars and Notices.

         Any capitalized terms used and not defined in this Agreement shall
have the meanings ascribed to such terms in the Trust Agreement.

                                  ARTICLE II.

              SELLER'S ENGAGEMENT OF SERVICER TO PERFORM SERVICING
                                RESPONSIBILITIES

         Section 2.01 Contract for Servicing; Possession of Servicing Files.

         The Seller, by execution and delivery of this Agreement, does hereby
contract with the Servicer, subject to the terms of this Agreement, for the
servicing of the Mortgage Loans. On or before the Closing Date or Servicing
Transfer Date, as applicable, the Seller shall cause to be delivered the
Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan
Schedule to the Servicer. Each Servicing File delivered to a Servicer shall be
held in trust by such Servicer for the benefit of the Trustee; provided,
however, that the Servicer shall have no liability for any Servicing Files (or
portions thereof) not delivered by the Seller. The Servicer's possession of any
portion of the Mortgage Loan documents shall be at the will of the Trustee for
the sole purpose of facilitating servicing of the related Mortgage Loan
pursuant to this Agreement, and such retention and possession by the Servicer
shall be in a custodial capacity only. The ownership of each Mortgage Note,
Mortgage, and the contents of the Servicing File shall be vested in the Trustee
and the ownership of all records and documents with respect to the related
Mortgage Loan prepared by or which come into the possession of the Servicer
shall immediately vest in the Trustee and shall be retained and maintained, in
trust, by the Servicer at the will of the Trustee in such custodial capacity
only. The portion of each Servicing File retained by the Servicer pursuant to
this Agreement shall be segregated from the other books and records of the
Servicer and shall be appropriately marked to clearly reflect the ownership of

                                      13
<PAGE>

the related Mortgage Loan by the Trustee. The Servicer shall release from its
custody the contents of any Servicing File retained by it only in accordance
with this Agreement.

         Section 2.02 Books and Records.

         (a) Subject to Section 3.01(a) hereof, as soon as practicable after
the Closing Date, the Servicing Transfer Date or the date on which a Qualifying
Substitute Mortgage Loan is delivered pursuant to Section 2.05 of the Trust
Agreement, as applicable (but in no event more than 90 days thereafter except
to the extent delays are caused by the applicable recording office), the
Servicer, at the expense of the Depositor, shall cause the Mortgage or
Assignment of Mortgage, as applicable, with respect to each MERS Eligible
Mortgage Loan, to be properly recorded in the name of MERS in the public
recording office in the applicable jurisdiction, or shall ascertain that such
have previously been so recorded.

         (b) Subject to Section 3.01(a) hereof, an Assignment of Mortgage in
favor of the Trustee shall be recorded as to each Non-MERS Mortgage Loan unless
instructions to the contrary are delivered to the Servicer, in writing, by the
Trustee. Subject to the preceding sentence, as soon as practicable after the
Closing Date or Servicing Transfer Date, as applicable (but in no event more
than 90 days thereafter except to the extent delays are caused by the
applicable recording office), the Servicer, at the expense of the Depositor,
shall cause to be properly recorded in each public recording office where such
Non-MERS Eligible Mortgage Loans are recorded each Assignment of Mortgage.

         (c) Additionally, the Servicer shall prepare and execute, at the
direction of the Trustee, any note endorsements relating to any of the Non-MERS
Mortgage Loans.

         (d) All rights arising out of the Mortgage Loans shall be vested in
the Trustee, subject to the Servicer's right to service and administer the
Mortgage Loans hereunder in accordance with the terms of this Agreement. All
funds received on or in connection with a Mortgage Loan, other than the
Servicing Fee and other compensation to which the Servicer is entitled as set
forth herein, including but not limited to in Section 5.01 below, shall be
received and held by the Servicer in trust for the benefit of the Trustee
pursuant to the terms of this Agreement.

                                  ARTICLE III
                        SERVICING OF THE MORTGAGE LOANS

         Section 3.01 Servicer to Service.

         The Servicer, as an independent contractor, shall service and
administer the Mortgage Loans from and after the Closing Date or Servicing
Transfer Date, as applicable, and shall have full power and authority, acting
alone, to do any and all things in connection with such servicing and
administration which the Servicer may deem necessary or desirable, consistent
with the terms of this Agreement and with Accepted Servicing Practices,
including taking all actions that a mortgagee is permitted or required to take
by the FHA or VA, with respect to any FHA Loans or VA Loans, as the case may
be. Except as set forth in this Agreement, the Servicer shall service the
Mortgage Loans in strict compliance with the servicing provisions related to
the FNMA MBS Program (Special Servicing Option) of the FNMA Guides, which

                                      13
<PAGE>

include, but are not limited to, provisions regarding the liquidation of
Mortgage Loans, the collection of Mortgage Loan payments, the payment of taxes,
insurance and other charges, the maintenance of hazard insurance, the
maintenance of Mortgage Impairment Insurance Policies, the maintenance of
Fidelity Bond and Errors and Omissions Insurance, inspections, the restoration
of Mortgaged Property, the maintenance of PMI Policies, insurance claims, the
title, management and disposition of REO Property, permitted withdrawals with
respect to REO Property, REO reports, liquidation reports, and reports of
foreclosures and abandonments of Mortgaged Property, the transfer of Mortgaged
Property, the release of Mortgage Loan documents, annual statements, and
examination of records and facilities. In the event of any conflict,
inconsistency or discrepancy between any of the servicing provisions of this
Agreement and any of the servicing provisions of the FNMA Guides, the
provisions of this Agreement shall control and be binding upon the Seller, the
Master Servicer and the Servicer.

         The Seller and the Servicer additionally agree as follows:

         (a) The Servicer shall (A) record or cause to be recorded the Mortgage
or the Assignment of Mortgage, as applicable, with respect to all MERS Eligible
Mortgage Loans, in the name of MERS, or shall ascertain that such have
previously been so recorded; (B) prepare or cause to be prepared all
Assignments of Mortgage with respect to all Non-MERS Eligible Mortgage Loans;
(C) record or cause to be recorded, subject to Section 2.02(b) hereof, all
Assignments of Mortgage with respect to Non-MERS Mortgage Loans in the name of
the Trustee; (D) pay the recording costs pursuant to Section 2.02 hereof;
and/or (E) track such Mortgages and Assignments of Mortgage to ensure they have
been recorded. The Servicer shall be entitled to be paid by the Seller the fees
set forth on Schedule 1 hereto for the preparation and recordation of the
Mortgages and Assignments of Mortgage. After the expenses of such recording
costs pursuant to Section 2.02 hereof shall have been paid by the Servicer, the
Servicer shall submit to the Depositor a reasonably detailed invoice for
reimbursement of recording costs it incurred hereunder.

         (b) The Servicer shall, in accordance with the relevant provisions of
the Cranston-Gonzales National Affordable Housing Act of 1990, as the same may
be amended from time to time, and the regulations provided in accordance with
the Real Estate Settlement Procedures Act, provide notice to the Mortgagor of
each Mortgage of the transfer of the servicing thereto to the Servicer.

         (c) The Servicer shall be responsible for the preparation of and costs
associated with notifications to Mortgagors of the assumption of servicing by
the Servicer.

         Consistent with the terms of this Agreement, the Servicer may waive
any late payment charge, assumption fee or other fee that may be collected in
the ordinary course of servicing the Mortgage Loans. The Servicer shall not
make any future advances to any obligor under any Mortgage Loan, and (unless
the Mortgagor is in default with respect to the Mortgage Loan or such default
is, in the judgment of the Servicer, reasonably foreseeable) the Servicer shall
not permit any modification of any material term of any Mortgage Loan,
including any modification that would change the Mortgage Interest Rate, defer
or forgive the payment of principal or interest, reduce or increase the
outstanding principal balance (except for actual payments of principal) or
change the final maturity date on such Mortgage Loan. In the event of any such

                                      14
<PAGE>

modification which permits the deferral of interest or principal payments on
any Mortgage Loan, the Servicer shall, on the Business Day immediately
preceding the Remittance Date in any month in which any such principal or
interest payment has been deferred, make a Monthly Advance in accordance with
Section 4.03, in an amount equal to the difference between (a) such month's
principal and one month's interest at the Mortgage Loan Remittance Rate on the
unpaid principal balance of such Mortgage Loan and (b) the amount paid by the
Mortgagor. The Servicer shall be entitled to reimbursement for such advances to
the same extent as for all other advances made pursuant to Section 4.03.
Without limiting the generality of the foregoing, the Servicer shall continue,
and is hereby authorized and empowered, to execute and deliver on behalf of
itself and the Trustee, all instruments of satisfaction or cancellation, or of
partial or full release, discharge and all other comparable instruments, with
respect to the Mortgage Loans and with respect to the Mortgaged Properties.
Upon the request of the Servicer, the Trustee shall execute and deliver to the
Servicer any powers of attorney and other documents, furnished to it by the
Servicer and reasonably satisfactory to the Trustee, necessary or appropriate
to enable the Servicer to carry out its servicing and administrative duties
under this Agreement. Promptly after the execution of any assumption,
modification, consolidation or extension of any Mortgage Loan, the Servicer
shall forward to the Master Servicer copies of any documents evidencing such
assumption, modification, consolidation or extension. Notwithstanding anything
to the contrary contained in this Servicing Agreement, the Servicer shall not
make or permit any modification, waiver or amendment of any term of any
Mortgage Loan that would cause any REMIC created under the Trust Agreement 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.

         Notwithstanding anything to the contrary in this Agreement, the
Servicer shall not (unless the Servicer determines, in its own discretion, that
there exists a situation of extreme hardship to the Mortgagor), waive any
premium or penalty in connection with a prepayment of principal of any Mortgage
Loan, and shall not consent to the modification of any Mortgage Note to the
extent that such modification relates to payment of a prepayment premium or
penalty.

         In servicing and administering any FHA Loans or VA Loans, the Servicer
shall comply strictly with the National Housing Act and the FHA Regulations,
the Servicemen's Readjustment Act, the VA Regulations and administrative
guidelines issued thereunder or pursuant thereto, and, to the extent permitted
hereunder, promptly discharge all of the obligations of the mortgagee
thereunder and under each Mortgage including the payment of any fees, premiums
and charges and the timely giving of notices.

         In servicing and administering the Mortgage Loans, the Servicer shall
employ procedures (including collection procedures) and exercise the same care
that it customarily employs and exercises in servicing and administering
mortgage loans for its own account, giving due consideration to Accepted
Servicing Practices where such practices do not conflict with the requirements
of this Agreement, the FNMA Guides, the FHA Regulations and the VA Regulations,
and the Master Servicer's and the Seller's reliance on the Servicer.

         Section 3.02 Collection of Mortgage Loan Payments.

         Continuously from the Closing Date or Servicing Transfer Date, as
applicable, until the date each Mortgage Loan ceases to be subject to this
Agreement, the Servicer shall proceed diligently to collect all payments due

                                      15
<PAGE>

under each of the Mortgage Loans when the same shall become due and payable and
shall take special care in ascertaining and estimating Escrow Payments and all
other charges that will become due and payable with respect to the Mortgage
Loans and each related Mortgaged Property, to the end that the installments
payable by the Mortgagors will be sufficient to pay such charges as and when
they become due and payable.

         Section 3.03 Establishment of and Deposits to Custodial Account.

         The Servicer shall segregate and hold all funds collected and received
pursuant to the Mortgage Loans separate and apart from any of its own funds and
general assets and shall establish and maintain one or more Custodial Accounts,
in the form of time deposit or demand accounts, titled as directed by the
Master Servicer. The Custodial Account shall be established with a Qualified
Depository. Any funds deposited in the Custodial Account may be invested in
Eligible Investments subject to the provisions of Section 3.11 hereof. Funds
deposited in the Custodial Account may be drawn on by the Servicer in
accordance with Section 3.04. The creation of any Custodial Account shall be
evidenced by a letter agreement in the form of Exhibit B. A copy of such
certification or letter agreement shall be furnished to the Master Servicer
and, upon request, to any subsequent owner of the Mortgage Loans.

         The Servicer shall deposit in the Custodial Account on a daily basis,
and retain therein, the following collections received by the Servicer and
payments made by the Servicer after the Closing Date or Servicing Transfer
Date, as applicable:

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

              (ii) all payments on account of interest on the Mortgage Loans
adjusted to the Mortgage Loan Remittance Rate;

              (iii) all Liquidation Proceeds;

              (iv) all Insurance Proceeds;

              (v) all Condemnation Proceeds that are not applied to the
restoration or repair of the Mortgaged Property or released to the Mortgagor;

              (vi) any Prepayment Interest Shortfall Amount;

              (vii) all Advances made by the Servicer pursuant to Section 4.03;

              (viii) any amounts required to be deposited by the Servicer in
connection with the deductible clause in any blanket hazard insurance policy;

              (ix) any amounts received with respect to or related to any REO
Property or REO Disposition Proceeds; and

              (x) any other amount required hereunder to be deposited by the
Servicer in the Custodial Account.

                                      16
<PAGE>

         Any interest paid on funds deposited in the Custodial Account by the
depository institution shall accrue to the benefit of the Servicer and the
Servicer shall be entitled to retain and withdraw such interest from the
Custodial Account pursuant to Section 3.04. Additionally, any other benefit
derived from the Custodial Account associated with the receipt, disbursement
and accumulation of principal, interest, taxes, hazard insurance, mortgage
insurance, etc. shall accrue to the Servicer.

         Section 3.04 Permitted Withdrawals From Custodial Account.

         The Servicer shall, from time to time, withdraw funds from the
Custodial Account for the following purposes:

              (i) to make payments to the Master Servicer in the amounts and in
the manner provided for in Section 4.01;

              (ii) with respect to each LPMI Loan, in the amount of the related
LPMI Fee, to make payments with respect to premiums for LPMI Policies;

              (iii) in the event the Servicer has elected not to retain the
Servicing Fee out of any Mortgagor payments on account of interest or other
recovery of interest with respect to a particular Mortgage Loan (including late
collections of interest on such Mortgage Loan, or interest portions of
Insurance Proceeds or Liquidation Proceeds) prior to the deposit of such
Mortgagor payment or recovery in the Custodial Account, to pay to itself the
related Servicing Fee from all such Mortgagor payments on account of interest
or other such recovery for interest with respect to that Mortgage Loan;

              (iv) to pay itself investment earnings on funds deposited in the
Custodial Account;

              (v) to clear and terminate the Custodial Account upon the
termination of this Agreement;

              (vi) to transfer funds to another Qualified Depository in
accordance with Section 3.11 hereof;

              (vii) to invest funds in certain Eligible Investments in
accordance with Section 3.11 hereof;

              (viii) to reimburse itself for Monthly Advances of the Servicer's
funds made pursuant to Section 4.03, the Servicer's right to reimburse itself
pursuant to this subclause (vii) with respect to any Mortgage Loan is limited
to amounts received on or in respect of the related Mortgage Loan which
represent late recoveries of payments of principal or interest with respect to
which a Monthly Advance was made, it being understood that, in the case of any
such reimbursement, the Servicer's right thereto shall be prior to the rights
of the Trust Fund; and

              (ix) to reimburse itself for unreimbursed Servicing Advances, and
for any unpaid Servicing Fees, the Servicer's right to reimburse itself
pursuant to this subclause (viii) with respect to any Mortgage Loan being
limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance

                                      17
<PAGE>

Proceeds, REO Disposition Proceeds and other amounts received in respect of the
related REO Property, and such other amounts as may be collected by the
Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it
being understood that, in the case of any such reimbursement, the Servicer's
right thereto shall be prior to the rights of the Trust Fund.

         Section 3.05 Establishment of and Deposits to Escrow Account.

         The Servicer shall segregate and hold all funds collected and received
pursuant to a Mortgage Loan constituting Escrow Payments separate and apart
from any of its own funds and general assets and shall establish and maintain
one or more Escrow Accounts, in the form of time deposit or demand accounts,
titled as directed by the Master Servicer. The Escrow Accounts shall be
established with a Qualified Depository in a manner that shall provide maximum
available insurance thereunder. Funds deposited in the Escrow Account may be
drawn on by the Servicer in accordance with Section 3.06. The creation of any
Escrow Account shall be evidenced by a letter agreement in the form of Exhibit
C. A copy of such certification or letter agreement shall be furnished to the
Master Servicer and, upon request, to any subsequent owner of the Mortgage
Loans.

         The Servicer shall deposit in the Escrow Account or Accounts on a
daily basis, and retain therein:

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

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

         The Servicer shall make withdrawals from the Escrow Account only to
effect such payments as are required under this Agreement, as set forth in
Section 3.06. The Servicer shall retain any interest paid on funds deposited in
the Escrow Account by the depository institution, other than interest on
escrowed funds required by law to be paid to the Mortgagor. Additionally, any
other benefit derived from the Escrow Account associated with the receipt,
disbursement and accumulation of principal, interest, taxes, hazard insurance,
mortgage insurance, etc. shall accrue to the Servicer. To the extent required
by law, the Servicer shall pay interest on escrowed funds to the Mortgagor
notwithstanding that the Escrow Account may be non-interest bearing or that
interest paid thereon is insufficient for such purposes.

         Section 3.06 Permitted Withdrawals From Escrow Account.

         Withdrawals from the Escrow Account or Accounts may be made by the
Servicer only:

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

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

                                      18
<PAGE>

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

              (iv) for application to restoration or repair of the Mortgaged
Property in accordance with the FNMA Guides;

              (v) for transfer to the Custodial Account of fire and hazard
insurance proceeds and Escrow Payments with respect to any FHA Loan or VA Loan,
where the FHA or the VA, respectively, has directed application of funds as a
credit against the proceeds of the FHA Insurance Contract or VA Loan Guaranty
Agreement;

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

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

         Section 3.07 Maintenance of PMI Policy and/or LPMI Policy; Claims.

         The Servicer shall comply with all provisions of applicable state and
federal law relating to the cancellation of, or collection of premiums with
respect to, PMI Policies, including, but not limited to, the provisions of the
Homeowners Protection Act of 1998, and all regulations promulgated thereunder,
as amended from time to time. The Servicer shall be obligated to make premium
payments with respect to (a) LPMI Policies, and (b) if the Mortgagor fails to
pay any PMI Policy premium, such PMI Policy.

         With respect to each Mortgage Loan (other than LPMI Loans) with a loan
to value ratio at origination in excess of 80%, the Servicer shall maintain or
cause the Mortgagor to maintain (to the extent that the Mortgage Loan requires
the Mortgagor to maintain such insurance) in full force and effect a PMI
Policy, and shall pay or shall cause the Mortgagor to pay the premium thereon
on a timely basis, until the LTV of such Mortgage Loan is reduced to 80%. In
the event that such PMI Policy shall be terminated, the Servicer shall obtain
from another Qualified Insurer a comparable replacement policy, with a total
coverage equal to the remaining coverage of such terminated PMI Policy, at
substantially the same fee level. The Servicer shall not take any action which
would result in noncoverage under any applicable PMI Policy of any loss which,
but for the actions of the Servicer would have been covered thereunder. In
connection with any assumption or substitution agreements entered into or to be
entered into with respect to a Mortgage Loan, the Servicer shall promptly
notify the insurer under the related PMI Policy, if any, of such assumption or
substitution of liability in accordance with the terms of such PMI Policy and
shall take all actions which may be required by such insurer as a condition to
the continuation of coverage under such PMI Policy. If such PMI Policy is
terminated as a result of such assumption or substitution of liability, the
Servicer shall obtain a replacement PMI Policy as provided above.

         With respect to LPMI Loans, the Servicer shall maintain in full force
and effect the related LPMI Policy, and from time to time, withdraw the LPMI
Fee with respect to such LPMI Loan from the Custodial Account in order to pay
the premium thereon on a timely basis, until the LTV of such Mortgage Loan is

                                      19
<PAGE>

reduced to 80%. In the event that the interest payments made with respect to
any LPMI Loan are less than the LPMI Fee, the Servicer shall advance from its
own funds the amount of any such shortfall in the LPMI Fee, in payment of the
premium on the related LPMI Policy. Any such advance shall be a Servicing
Advance subject to reimbursement pursuant to the provisions on Section 3.04. In
the event that such LPMI Policy shall be terminated, the Servicer shall obtain
from another Qualified Insurer a comparable replacement policy, with a total
coverage equal to the remaining coverage of such terminated LPMI Policy, at
substantially the same fee level. The Servicer shall not take any action which
would result in noncoverage under any applicable LPMI Policy of any loss which,
but for the actions of the Servicer would have been covered thereunder. In
connection with any assumption or substitution agreement entered into or to be
entered into with respect to a Mortgage Loan, the Servicer shall promptly
notify the insurer under the related LPMI Policy, if any, of such assumption or
substitution of liability in accordance with the terms of such LPMI Policy and
shall take all actions which may be required by such insurer as a condition to
the continuation of coverage under such PMI Policy. If such LPMI Policy is
terminated as a result of such assumption or substitution of liability, the
Servicer shall obtain a replacement LPMI Policy as provided above.

         In connection with its activities as servicer, the Servicer agrees to
prepare and present, on behalf of itself and the Owner, claims to the insurer
under any PMI Policy or LPMI Policy in a timely fashion in accordance with the
terms of such PMI Policy or LPMI Policy and, in this regard, to take such
action as shall be necessary to permit recovery under any PMI Policy or LPMI
Policy respecting a defaulted Mortgage Loan. Any amounts collected by the
Servicer under any PMI Policy or LPMI Policy shall be deposited in the
Custodial Account, subject to withdrawal pursuant to Section 3.04.

         Section 3.08 Fidelity Bond and Errors and Omissions Insurance.

         The Servicer shall keep in force during the term of this Agreement a
Fidelity Bond and Errors and Omissions Insurance. Such Fidelity Bond and Errors
and Omissions Insurance shall be maintained with recognized insurers and shall
be in such form and amount as would permit the Servicer to be qualified as a
FNMA or FHLMC seller-servicer. The Servicer shall be deemed to have complied
with this provision if an affiliate of the Servicer has such errors and
omissions and fidelity bond coverage and, by the terms of such insurance policy
or fidelity bond, the coverage afforded thereunder extends to the Servicer. The
Servicer shall furnish to the Master Servicer a copy of each such bond and
insurance policy if (i) the Master Servicer so requests and (ii) the Servicer
is not an affiliate of Lehman Brothers Inc. at the time of such request.

         Section 3.09 Notification of Adjustments.

         With respect to each Adjustable Rate Mortgage Loan, the Servicer shall
adjust the Mortgage Interest Rate on the related interest rate adjustment date
and shall adjust the Monthly Payment on the related mortgage payment adjustment
date, if applicable, in compliance with the requirements of applicable law and
the related Mortgage and Mortgage Note. The Servicer shall execute and deliver
any and all necessary notices required under applicable law and the terms of
the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and

                                      20
<PAGE>

Monthly Payment adjustments. The Servicer shall promptly, upon written request
therefor, deliver to the Master Servicer such notifications and any additional
applicable data regarding such adjustments and the methods used to calculate
and implement such adjustments. Upon the discovery by the Servicer or the
receipt of notice from the Master Servicer that the Servicer has failed to
adjust a Mortgage Interest Rate or Monthly Payment in accordance with the terms
of the related Mortgage Note, the Servicer shall immediately deposit in the
Custodial Account from its own funds the amount of any interest loss or
deferral caused thereby.

         Section 3.10 Completion and Recordation of Assignments of Mortgage and
FHA and VA Change Notices.

         As soon as practicable after the Closing Date, the Servicing Transfer
Date or the date on which a Qualifying Substitute Mortgage Loan is delivered
pursuant to Section 2.05 of the Trust Agreement, as applicable (but in no event
more than 90 days thereafter except to the extent delays are caused by the
applicable government agency), the Servicer shall cause the endorsements on the
Mortgage Note (if applicable), the Assignments of Mortgage (subject to Section
3.01(a)), the assignment of security agreement and the HUD form 92080 Mortgage
Record Change with respect to all FHA Loans to be completed in the name of the
Trustee (or MERS, as applicable), and shall give notice to the VA of a transfer
of insurance credits, if applicable, with respect to VA Loans on the form
prescribed by the VA.

         Section 3.11 Protection of Accounts.

         The Servicer may transfer the Custodial Account or the Escrow Account
to a different Qualified Depository from time to time. Such transfer shall be
made only upon obtaining the consent of the Master Servicer, which consent
shall not be withheld unreasonably.

         The Servicer shall bear any expenses, losses or damages sustained by
the Master Servicer or the Trustee if the Custodial Account and/or the Escrow
Account are not demand deposit accounts.

         Amounts on deposit in the Custodial Account and the Escrow Account may
at the option of the Servicer be invested in Eligible Investments; provided
that in the event that amounts on deposit in the Custodial Account or the
Escrow Account exceed the amount fully insured by the FDIC (the "Insured
Amount") the Servicer shall be obligated to invest the excess amount over the
Insured Amount in Eligible Investments on the same Business Day as such excess
amount becomes present in the Custodial Account or the Escrow Account. Any such
Eligible Investment shall mature no later than the Business Day immediately
preceding the related Remittance Date, provided, however, that if such Eligible
Investment is an obligation of a Qualified Depository (other than the Servicer)
that maintains the Custodial Account or the Escrow Account, then such Eligible
Investment may mature on the related Remittance Date. Any such Eligible
Investment shall be made in the name of the Servicer in trust for the benefit
of the Trustee. All income on or gain realized from any such Eligible
Investment shall be for the benefit of the Servicer and may be withdrawn at any
time by the Servicer. Any losses incurred in respect of any such investment
shall be deposited in the Custodial Account or the Escrow Account, by the
Servicer out of its own funds immediately as realized.

                                      21
<PAGE>

         Section 3.12 Title, Management and Disposition of REO Property.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be taken in the name of the Trustee (or MERS, as applicable), or in the
event the Trustee is not authorized or permitted to hold title to real property
in the state where the REO Property is located, or would be adversely affected
under the "doing business" or tax laws of such state by so holding title, the
deed or certificate of sale shall be taken in the name of such Person or
Persons as shall be consistent with an Opinion of Counsel obtained by the
Servicer from any attorney duly licensed to practice law in the state where the
REO Property is located. The Person or Persons holding such title other than
the Trustee shall acknowledge in writing that such title is being held as
nominee for the Trustee.

         The Servicer shall manage, conserve, protect and operate each REO
Property for the Trustee solely for the purpose of its prompt disposition and
sale. The Servicer, either itself or through an agent selected by the Servicer,
shall manage, conserve, protect and operate the REO Property in the same manner
that it manages, conserves, protects and operates other foreclosed property for
its own account, and in the same manner that similar property in the same
locality as the REO Property is managed. The Servicer shall attempt to sell the
same (and may temporarily rent the same for a period not greater than one year,
except as otherwise provided below) on such terms and conditions as the
Servicer deems to be in the best interest of the Trustee.

         Notwithstanding anything to the contrary contained in this Section
3.12, in connection with a foreclosure or acceptance of a deed in lieu of
foreclosure, in the event the Servicer has reasonable cause to believe that a
Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
or if the Trustee or the Master Servicer otherwise requests, an environmental
inspection or review of such Mortgaged Property to be conducted by a qualified
inspector shall be arranged by the Servicer. Upon completion of the inspection,
the Servicer shall provide the Trustee and the Master Servicer with a written
report of such environmental inspection. In the event that the environmental
inspection report indicates that the Mortgaged Property is contaminated by
hazardous or toxic substances or wastes, the Servicer shall not proceed with
foreclosure or acceptance of a deed in lieu of foreclosure. In the event that
the environmental inspection report is inconclusive as to the whether or not
the Mortgaged Property is contaminated by hazardous or toxic substances or
wastes, the Servicer shall not, without the prior approval of the Trustee,
proceed with foreclosure or acceptance of a deed in lieu of foreclosure. In
such instance, the Trustee shall be deemed to have approved such foreclosure or
acceptance of a deed in lieu of foreclosure unless the Trustee notifies the
Servicer in writing, within two (2) Business Days after its receipt of written
notice of the proposed foreclosure or deed in lieu of foreclosure from the
Servicer, that it disapproves of the related foreclosure or acceptance of a
deed in lieu of foreclosure. The Servicer shall be reimbursed for all Servicing
Advances made pursuant to this paragraph with respect to the related Mortgaged
Property from the Custodial Account.

         The Servicer shall use its Best Efforts to dispose of the REO Property
as soon as possible and shall sell such REO Property in any event within three
years after title has been taken to such REO Property, unless (a) a REMIC
election has not been made with respect to the arrangement under which the
Mortgage Loans and the REO Property are held, and (b) the Servicer determines,
and gives an appropriate notice to the Master Servicer to such effect, that a

                                      22
<PAGE>

longer period is necessary for the orderly liquidation of such REO Property. If
a period longer than three years is permitted under the foregoing sentence and
is necessary to sell any REO Property, (i) the Servicer shall report monthly to
the Master Servicer as to the progress being made in selling such REO Property
and (ii) if, with the written consent of the Trustee, a purchase money mortgage
is taken in connection with such sale, such purchase money mortgage shall name
the Servicer as mortgagee, and such purchase money mortgage shall not be held
pursuant to this Agreement, but instead a separate participation agreement
among the Servicer and Trustee shall be entered into with respect to such
purchase money mortgage. Notwithstanding anything herein to the contrary, the
Servicer shall not be required to provide financing for the sale of any REO
Property.

         The Servicer shall also maintain on each REO Property fire and hazard
insurance with extended coverage in amount which is at least equal to the
maximum insurable value of the improvements which are a part of such property,
liability insurance and, to the extent required and available under the Flood
Disaster Protection Act of 1973, as amended, flood insurance in the amount
required above.

         Subject to the approval of the Master Servicer as described in this
paragraph, the disposition of REO Property shall be carried out by the Servicer
at such price, and upon such terms and conditions, as the Servicer deems to be
in the best interests of the Trust Fund. Prior to acceptance by the Servicer of
an offer to sell any REO Property, the Servicer shall notify the Master
Servicer and the Trustee of such offer in writing which notification shall set
forth all material terms of said offer (each a "Notice of Sale"). The Master
Servicer shall be deemed to have approved the sale of any REO Property unless
the Master Servicer notifies the Servicer in writing, within 2 Business Days
after its receipt of the related Notice of Sale, that it disapproves of the
related sale. With respect to any REO Property, upon a REO Disposition, the
Servicer shall be entitled to retain from REO Disposition Proceeds a
disposition fee equal to $1,250.

         The Servicer shall withdraw from the Custodial Account funds necessary
for the proper operation, management and maintenance of the REO Property,
including the cost of maintaining any hazard insurance pursuant to the FNMA
Guides. The Servicer shall make monthly distributions on each Remittance Date
to the Master Servicer of the net cash flow from the REO Property (which shall
equal the revenues from such REO Property net of the expenses described in this
Section 3.12 and of any reserves reasonably required from time to time to be
maintained to satisfy anticipated liabilities for such expenses).

                                      23
<PAGE>

         Section 3.13 Real Estate Owned Reports.

         Together with the statement furnished pursuant to Section 4.02, the
Servicer shall furnish to the Master Servicer on or before the Remittance Date
each month a statement with respect to any REO Property covering the operation
of such REO Property for the previous month and the Servicer's efforts in
connection with the sale of such REO Property and any rental of such REO
Property incidental to the sale thereof for the previous month. That statement
shall be accompanied by such other information as the Master Servicer shall
reasonably request.

         Section 3.14 MERS.

         (a) The Servicer shall take such actions as are necessary to cause the
Trustee to be clearly identified as the owner of each MERS Mortgage Loan on the
records of MERS for purposes of the system of recording transfers of beneficial
ownership of mortgages maintained by MERS.

         (b) The Servicer shall maintain in good standing its membership in
MERS. In addition, the Servicer shall comply with all rules, policies and
procedures of MERS, including the Rules of Membership, as amended, and the MERS
Procedures Manual, as amended.

         (c) With respect to all MERS Mortgage Loans serviced hereunder, the
Servicer shall promptly notify MERS as to any transfer of beneficial ownership
or release of any security interest in such Mortgage Loans.

         (d) With respect to all MERS Mortgage Loans serviced hereunder, the
Servicer shall notify MERS as to any transfer of servicing pursuant to Section
3.15 or Section 9.01 within 10 Business Days of such transfer of servicing. The
Servicer shall cooperate with the Trustee, the Master Servicer and any
successor Servicer to the extent necessary to ensure that such transfer of
servicing is appropriately reflected on the MERS system.

         Section 3.15 [Reserved.]

                                  ARTICLE IV.
                          PAYMENTS TO MASTER SERVICER

         Section 4.01 Remittances.

         On each Remittance Date the Servicer shall remit by wire transfer of
immediately available funds to the Master Servicer (a) all amounts deposited in
the Custodial Account as of the close of business on the last day of the
related Due Period (net of charges against or withdrawals from the Custodial
Account pursuant to Section 3.04), plus (b) all Monthly Advances, if any, which
the Servicer is obligated to make pursuant to Section 4.03, minus (c) any
amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds or REO Disposition Proceeds received after the
applicable Prepayment Period, which amounts shall be remitted on the following
Remittance Date, together with any additional interest required to be deposited
in the Custodial Account in connection with such Principal Prepayment in
accordance with Section 3.03(vi), and minus (d) any amounts attributable to

                                      24
<PAGE>

Monthly Payments collected but due on a Due Date or Due Dates subsequent to the
first day of the month in which such Remittance Date occurs, which amounts
shall be remitted on the Remittance Date next succeeding the Due Date related
to such Monthly Payment.

         With respect to any remittance received by the Master Servicer after
the Business Day on which such payment was due, the Servicer shall pay to the
Master Servicer interest on any such late payment at an annual rate equal to
the Prime Rate, adjusted as of the date of each change, plus two (2) percentage
points, but in no event greater than the maximum amount permitted by applicable
law. Such interest shall be deposited in the Custodial Account by the Servicer
on the date such late payment is made and shall cover the period commencing
with the day following such Business Day and ending with the Business Day on
which such payment is made, both inclusive. Such interest shall be remitted
along with the distribution payable on the next succeeding Remittance Date. The
payment by the Servicer of any such interest shall not be deemed an extension
of time for payment or a waiver of any Event of Default by the Servicer.

         All remittances required to be made to the Master Servicer shall be
made to the following wire account or to such other account as may be specified
by the Master Servicer from time to time:

                  The Chase Manhattan Bank
                  New York, New York
                  ABA#: 021-000-021
                  Account Name: Aurora Loan Services Inc.
                                Master Servicing Payment Clearing Account
                  Account Number: 666-611059
                  Beneficiary: Aurora Loan Services Inc.
                  For further credit to: SASCO 2001-10A

         Section 4.02 Statements to Master Servicer.

         Not later than the tenth calendar day of each month, the Servicer
shall furnish to the Master Servicer (a) a monthly remittance advice containing
such information in the form of FNMA form 2010 or such other form as shall be
required by the FNMA Guides or by the Master Servicer as to the accompanying
remittance and the period ending on the last day of the preceding Determination
Date and (b) all such information required pursuant to clause (a) above on a
magnetic tape or other similar media reasonably acceptable to the Master
Servicer.

         The Servicer shall include in the monthly remittance advice
information regarding each Employee Mortgage Loan including, without
limitation, the related Retained Interest Rate and the amount of any related
Retained Interest included in the amounts remitted to the Master Servicer
pursuant to Section 4.01.

         In addition, not more than 60 days after the end of each calendar
year, commencing December 31, 2001, the Servicer shall furnish to each Person
who was an owner of the Mortgage Loans at any time during such calendar year as
required by applicable law or if not required by applicable law, at the request
of such owner as to the aggregate of remittances for the applicable portion of
such year.

                                      25
<PAGE>

         Such obligation of the Servicer shall be deemed to have been satisfied
to the extent that substantially comparable information shall be provided by
the Servicer pursuant to any requirements of the Internal Revenue Code as from
time to time are in force.

         Beginning with calendar year 2001, the Servicer shall prepare and file
any and all tax returns, information statements or other filings for the
portion of the tax year 2001 and the portion of subsequent tax years for which
the Servicer has serviced some or all of the Mortgage Loans hereunder as such
returns, information statements or other filings are required to be delivered
to any governmental taxing authority or to the Master Servicer pursuant to any
applicable law with respect to the Mortgage Loans and the transactions
contemplated hereby. In addition, the Servicer shall provide the Master
Servicer with such information concerning the Mortgage Loans as is necessary
for the Master Servicer to prepare the Trust Fund's federal income tax return
as the Master Servicer may reasonably request from time to time.

         Section 4.03 Monthly Advances by Servicer.

         The Servicer shall make Monthly Advances through the Remittance Date
immediately preceding the distribution of all Liquidation Proceeds and other
payments or recoveries (including Insurance Proceeds and Condemnation Proceeds)
with respect to the related Mortgage Loans.

                                  ARTICLE V.

                          GENERAL SERVICING PROCEDURES

         Section 5.01 Servicing Compensation.

         As consideration for servicing the Mortgage Loans subject to this
Agreement, the Servicer shall retain (a) the relevant Servicing Fee for each
Mortgage Loan remaining subject to this Agreement during any month and (b)
Ancillary Income. In addition, if at any time the Servicer is the Retained
Interest Holder with respect to any Mortgage Loans, then the Servicer, as the
Retained Interest Holder, shall retain an amount equal on the Retained Interest
relating to such Mortgage Loans; provided, that (i) the Master Servicer shall
have no obligation to make payment of the Retained Interest to the Servicer and
(ii) the Servicer's right to retain the Retained Interest is limited to (and
the Retained Interest may only be retained from) the interest portion
(including recoveries with respect to interest from Liquidation Proceeds to the
extent permitted by Section 3.02 of this Agreement) of the Monthly Payments
collected by the Servicer with respect to those Mortgage Loan for which payment
is in fact made of the entire amount of the Monthly Payment. The Servicing Fee
shall be payable monthly. The Servicing Fees shall be payable only at the time
of and with respect to those Mortgage Loans for which payment is in fact made
of the entire amount of the Monthly Payment or as otherwise provided in Section
3.04. The obligation of the Trustee to pay the Servicing Fees is limited as
provided in Section 3.04. The aggregate of the Servicing Fees payable to the
Servicer for any month with respect to the Mortgage Loans shall be reduced by
any Prepayment Interest Shortfall Amount with respect to such month.

                                      26
<PAGE>

         The Servicer shall be required to pay all expenses incurred by it in
connection with its servicing activities hereunder and shall not be entitled to
reimbursement thereof except as specifically provided for herein.

         Section 5.02 Annual Audit Report.

         On or before April 30 of each year, beginning with April 30, 2002,
Servicer shall, at its own expense, cause a firm of independent public
accountants (who may also render other services to Servicer), which is a member
of the American Institute of Certified Public Accountants, to furnish to the
Seller and Master Servicer (i) year-end audited (if available) financial
statements of the Servicer and (ii) a statement to the effect that such firm
has examined certain documents and records for the preceding fiscal year (or
during the period from the date of commencement of such servicer's duties
hereunder until the end of such preceding fiscal year in the case of the first
such certificate) and that, on the basis of such examination conducted
substantially in compliance with the Uniform Single Attestation Program for
Mortgage Bankers, such firm is of the opinion that Servicer's overall servicing
operations have been conducted in compliance with the Uniform Single
Attestation Program for Mortgage Bankers except for such exceptions that, in
the opinion of such firm, the Uniform Single Attestation Program for Mortgage
Bankers requires it to report, in which case such exceptions shall be set forth
in such statement.

         Section 5.03 Annual Officer's Certificate.

         On or before April 30 of each year, beginning with April 30, 2002, the
Servicer, at its own expense, will deliver to the Seller and Master Servicer a
Servicing Officer's certificate stating, as to each signer thereof, that (i) a
review of the activities of the Servicer during such preceding fiscal year and
of performance under this Agreement has been made under such officers'
supervision, and (ii) to the best of such officers' knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement for
such year, or, if there has been a default in the fulfillment of all such
obligations, specifying each such default known to such officers and the nature
and status thereof including the steps being taken by the Servicer to remedy
such default.

         Section 5.04 Transfers of Mortgaged Property.

         The Servicer shall use its best efforts to enforce any "due-on-sale"
provision contained in any Mortgage or Mortgage Note and to deny assumption by
the person to whom the Mortgaged Property has been or is about to be sold
whether by absolute conveyance or by contract of sale, and whether or not the
Mortgagor remains liable on the Mortgage and the Mortgage Note; provided that,
if in the Servicer's prudent business judgment, it determines that an
assumption of the Mortgage Loan is in the best interests of the Trust Fund, it
shall deliver notice of such determination to the Master Servicer and may
permit such assumption if approved by the Master Servicer. When the Mortgaged
Property has been conveyed by the Mortgagor, the Servicer shall, to the extent
it has knowledge of such conveyance, so long as the Master Servicer has not
consented to an assumption in accordance with the preceding sentence, exercise
its rights to accelerate the maturity of such Mortgage Loan under the
"due-on-sale" clause applicable thereto, provided, however, that the Servicer
shall not be required to take such action if the Servicer, in its prudent

                                      27
<PAGE>

business judgment, believes it is not in the best interests of the Trust Fund
and shall not exercise such rights if prohibited by law from doing so or if the
exercise of such rights would impair or threaten to impair any recovery under
the related PMI Policy or LPMI Policy, if any.

         If the Servicer reasonably believes it is unable under applicable law
to enforce such "due-on-sale" clause or if the Master Servicer approves such
assumption pursuant to the preceding paragraph, the Servicer shall enter into
(i) an assumption and modification agreement with the person to whom such
property has been conveyed, pursuant to which such person becomes liable under
the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in
the event the Servicer is unable under applicable law to require that the
original Mortgagor remain liable under the Mortgage Note and the Servicer has
the prior consent of the primary mortgage guaranty insurer, a substitution of
liability agreement with the owner of the Mortgaged Property pursuant to which
the original Mortgagor is released from liability and the owner of the
Mortgaged Property is substituted as Mortgagor and becomes liable under the
Mortgage Note; provided that no such substitutions should be permitted unless
such person satisfies the underwriting criteria of the Servicer and has a
credit risk rating at least equal to that of the original Mortgagor. The
Mortgage Loan, as assumed, shall conform in all respects to the requirements,
representations and warranties of this Agreement. The Servicer shall notify the
Master Servicer that any such assumption or substitution agreement has been
contemplated by forwarding to the Master Servicer a copy of such assumption or
substitution agreement (indicating the Mortgage File to which it relates). The
Servicer shall forward an original copy of such agreement to the Custodian to
be held by the Custodian with the other documents related to such Mortgage
Loan. The Servicer shall be responsible for recording any such assumption or
substitution agreements. In connection with any such assumption or substitution
agreement, the Monthly Payment on the related Mortgage Loan shall not be
changed but shall remain as in effect immediately prior to the assumption or
substitution, the Mortgage Interest Rate, the stated maturity or the
outstanding principal amount of such Mortgage Loan shall not be changed nor
shall any required monthly payments of principal or interest be deferred or
forgiven. Any assumption fee collected by the Servicer for entering into an
assumption agreement shall be retained by the Servicer as additional servicing
compensation. In connection with any such assumption, neither the Mortgage
Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan
nor the outstanding principal amount of the Mortgage Loan shall be changed.

                                  ARTICLE VI.

                          REPRESENTATIONS, WARRANTIES
                                 AND AGREEMENTS

         Section 6.01 Representations, Warranties and Agreements of the
Servicer.

         The Servicer, as a condition to the consummation of the transactions
contemplated hereby, hereby makes the following representations and warranties
to the Seller as of the Closing Date:

         (a) Due Organization and Authority. The Servicer is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all licenses necessary to carry on its business as now being
conducted and is licensed, qualified and in good standing in each state where a

                                      28
<PAGE>

Mortgaged Property is located if the laws of such state require licensing or
qualification in order to conduct business of the type conducted by the
Servicer, and in any event the Servicer is in compliance with the laws of any
such state to the extent necessary to ensure the enforceability of the terms of
this Agreement; the Servicer has the full power and authority to execute and
deliver this Agreement and to perform in accordance herewith; the execution,
delivery and performance of this Agreement (including all instruments of
transfer to be delivered pursuant to this Agreement) by the Servicer and the
consummation of the transactions contemplated hereby have been duly and validly
authorized; this Agreement evidences the valid, binding and enforceable
obligation of the Servicer and all requisite action has been taken by the
Servicer to make this Agreement valid and binding upon the Servicer in
accordance with its terms;

         (b) Ordinary Course of Business. The consummation of the transactions
contemplated by this Agreement are in the ordinary course of business of the
Servicer;

         (c) No Conflicts. Neither the execution and delivery of this
Agreement, the acquisition of the servicing responsibilities by the Servicer or
the transactions contemplated hereby, nor the fulfillment of or compliance with
the terms and conditions of this Agreement, will conflict with or result in a
breach of any of the terms, conditions or provisions of the Servicer's
organizational documents or any legal restriction or any agreement or
instrument to which the Servicer is now a party or by which it is bound, or
constitute a default or result in an acceleration under any of the foregoing,
or result in the violation of any law, rule, regulation, order, judgment or
decree to which the Servicer or its property is subject, or impair the ability
of the Servicer to service the Mortgage Loans, or impair the value of the
Mortgage Loans;

         (d) Ability to Perform. The Servicer does not believe, nor does it
have any reason or cause to believe, that it cannot perform each and every
covenant contained in this Agreement;

         (e) No Litigation Pending. There is no action, suit, proceeding or
investigation pending or threatened against the Servicer which, either in any
one instance or in the aggregate, may result in any material adverse change in
the business, operations, financial condition, properties or assets of the
Servicer, or in any material impairment of the right or ability of the Servicer
to carry on its business substantially as now conducted, or in any material
liability on the part of the Servicer, or which would draw into question the
validity of this Agreement or of any action taken or to be taken in connection
with the obligations of the Servicer contemplated herein, or which would be
likely to impair materially the ability of the Servicer to perform under the
terms of this Agreement;

         (f) No Consent Required. No consent, approval, authorization or order
of any court or governmental agency or body is required for the execution,
delivery and performance by the Servicer of or compliance by the Servicer with
this Agreement;

         (g) Ability to Service. The Servicer is an FHA Approved Mortgagee, a
VA Approved Lender and an approved seller/servicer of conventional residential
mortgage loans for FNMA, FHLMC or GNMA, with the facilities, procedures, and
experienced personnel necessary for the sound servicing of mortgage loans of
the same type as the Mortgage Loans. The Servicer is in good standing to

                                      29
<PAGE>

service mortgage loans for the FHA and the VA and either FNMA, FHLMC or GNMA.
The Servicer is a member in good standing of the MERS system;

         (h) No Untrue Information. Neither this Agreement nor any statement,
report or other document furnished or to be furnished pursuant to this
Agreement or in connection with the transactions contemplated hereby contains
any untrue statement of fact or omits to state a fact necessary to make the
statements contained therein not misleading; and

         (i) No Commissions to Third Parties. The Servicer has not dealt with
any broker or agent or anyone else who might be entitled to a fee or commission
in connection with this transaction other than the Seller.

         Section 6.02 Remedies for Breach of Representations and Warranties of
the Servicer.

         It is understood and agreed that the representations and warranties
set forth in Section 6.01 shall survive the engagement of the Servicer to
perform the servicing responsibilities as of the Closing Date or Servicing
Transfer Date, as applicable, hereunder and the delivery of the Servicing Files
to the Servicer and shall inure to the benefit of the Seller and the Trustee.
Upon discovery by either the Servicer, the Master Servicer or the Seller of a
breach of any of the foregoing representations and warranties which materially
and adversely affects the ability of the Servicer to perform its duties and
obligations under this Agreement or otherwise materially and adversely affects
the value of the Mortgage Loans, the Mortgaged Property or the priority of the
security interest on such Mortgaged Property or the interest of the Seller or
the Trustee, the party discovering such breach shall give prompt written notice
to the other.

         Within 60 days of the earlier of either discovery by or notice to the
Servicer of any breach of a representation or warranty set forth in Section
6.01 which materially and adversely affects the ability of the Servicer to
perform its duties and obligations under this Agreement or otherwise materially
and adversely affects the value of the Mortgage Loans, the Mortgaged Property
or the priority of the security interest on such Mortgaged Property, the
Servicer shall use its Best Efforts promptly to cure such breach in all
material respects and, if such breach cannot be cured, the Servicer shall, at
the Trustee's or the Master Servicer's option, assign the Servicer's rights and
obligations under this Agreement (or respecting the affected Mortgage Loans) to
a successor Servicer. Such assignment shall be made in accordance with Sections
9.01 and 9.02.

         In addition, the Servicer shall indemnify the Seller and the Master
Servicer and hold each of them harmless against any Costs resulting from any
claim, demand, defense or assertion based on or grounded upon, or resulting
from, a breach of the Servicer representations and warranties contained in this
Agreement. It is understood and agreed that the remedies set forth in this
Section 6.02 constitute the sole remedies of the Master Servicer and the
Trustee respecting a breach of the foregoing representations and warranties.

         Any cause of action against the Servicer relating to or arising out of
the breach of any representations and warranties made in Section 6.01 shall
accrue upon (i) discovery of such breach by the Servicer or notice thereof by
the Seller or Master Servicer to the Servicer, (ii) failure by the Servicer to

                                      30
<PAGE>

cure such breach within the applicable cure period, and (iii) demand upon the
Servicer by the Seller or the Master Servicer for compliance with this
Agreement.

         Section 6.03 Additional Indemnification by the Servicer; Third Party
Claims.

         The Servicer shall indemnify the Seller, the Master Servicer and the
Trust Fund and hold them harmless against any and all Costs that the
indemnified party may sustain in any way related to (i) the failure of the
Servicer to perform its duties and service the Mortgage Loans in material
compliance with the terms of this Agreement or (ii) the failure of the Servicer
to cause any event to occur which requires its "Best Efforts" under this
Agreement. The Servicer shall immediately notify the Seller, the Master
Servicer, the Trustee, or any other relevant party if a claim is made by a
third party with respect to this Agreement or the Mortgage Loans, assume (with
the prior written consent of the indemnified party) the defense of any such
claim and pay all expenses in connection therewith, including counsel fees,
promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or any indemnified party in respect of such claim and follow any
written instructions received from such indemnified party in connection with
such claim. Each indemnified party, as applicable, promptly shall reimburse the
Servicer for all amounts advanced by it pursuant to the preceding sentence
except when the claim is in any way related to the Servicer's indemnification
pursuant to Section 6.02, or the failure of the Servicer to service and
administer the Mortgage Loans in material compliance with the terms of this
Agreement. In the event a dispute arises between an indemnified party and the
Servicer with respect to any of the rights and obligations of the parties
pursuant to this Agreement, and such dispute is adjudicated in a court of law,
by an arbitration panel or any other judicial process, then the losing party
shall indemnify and reimburse the winning party for all attorney's fees and
other costs and expenses related to the adjudication of said dispute.

                                  ARTICLE VII.

                                  THE SERVICER

         Section 7.01 Merger or Consolidation of the Servicer.

         The Servicer shall keep in full effect its existence, rights and
franchises as a corporation, and shall obtain and preserve its qualification to
do business as a foreign entity 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 duties under this Agreement.

         Any Person into which the Servicer may be merged or consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Servicer shall be a party, or any Person succeeding to the business of the
Servicer, shall be the successor of the Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, provided,
however, that the successor or surviving Person shall be an institution (i)
having a net worth of not less than $25,000,000, and (ii) which is a FNMA-,
FHLMC-, and GNMA-approved servicer in good standing and an FHA approved
Mortgagee and a VA Approved Lender.

                                      31
<PAGE>

         Section 7.02 Limitation on Liability of the Servicer and Others.

         Neither the Servicer nor any of the directors, officers, employees or
agents of the Servicer shall be under any liability to the Seller, the Master
Servicer or the Trustee for any action taken or for refraining from the taking
of any action in good faith pursuant to this Agreement, or for errors in
judgment, provided, however, that this provision shall not protect the Servicer
or any such person against any breach of warranties or representations made
herein, or failure to perform its obligations in strict compliance with any
standard of care set forth in this Agreement, or any liability which would
otherwise be imposed by reason of any breach of the terms and conditions of
this Agreement. The Servicer and any director, officer, employee or agent of
the 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 Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action which is not incidental to its duties to
service the Mortgage Loans in accordance with this Agreement and which in its
opinion may involve it in any expense or liability, provided, however, that the
Servicer may, with the consent of the Master Servicer, undertake any such
action which it may deem necessary or desirable in respect of this Agreement
and the rights and duties of the parties hereto. In such event, the Servicer
shall be entitled to reimbursement from the Trust Fund for the reasonable legal
expenses and costs of such action.

         Section 7.03 Limitation on Resignation and Assignment by the Servicer.

         The Seller has entered into this Agreement with the Servicer in
reliance upon the independent status of the Servicer, and the representations
as to the adequacy of its servicing facilities, plant, personnel, records and
procedures, its integrity, reputation and financial standing, and the
continuance thereof. Therefore, the Servicer shall neither assign its rights
under this Agreement or the servicing hereunder nor delegate its duties
hereunder or any portion thereof, or sell or otherwise dispose of all or
substantially all of its property or assets without, in each case, the prior
written consent of the Seller and the Master Servicer, which consent, in the
case of an assignment of rights or delegation of duties, shall be granted or
withheld in the discretion of the Seller and the Master Servicer, and which
consent, in the case of a sale or disposition of all or substantially all of
the property or assets of the Servicer, shall not be unreasonably withheld;
provided, that in each case, there must be delivered to the Master Servicer and
the Trustee a letter from each Rating Agency to the effect that such transfer
of servicing or sale or disposition of assets will not result in a
qualification, withdrawal or downgrade of the then-current rating of any of the
Certificates. Notwithstanding the foregoing, the Servicer, without the consent
of the Seller, the Master Servicer or the Trustee, may retain third party
contractors to perform certain servicing and loan administration functions,
including without limitation, hazard insurance administration, tax payment and
administration, flood certification and administration, collection services and
similar functions; provided, that the retention of such contractors by Servicer
shall not limit the obligation of the Servicer to service the Mortgage Loans
pursuant to the terms and conditions of this Agreement.

         The Servicer shall not resign from the obligations and duties hereby
imposed on it except by mutual consent of the Servicer and the Master Servicer
or upon the determination that its duties hereunder are no longer permissible
under applicable law and such incapacity cannot be cured by the Servicer. Any
such determination permitting the resignation of the Servicer shall be

                                      32
<PAGE>

evidenced by an Opinion of Counsel to such effect delivered to the Master
Servicer and the Trustee which Opinion of Counsel shall be in form and
substance acceptable to the Master Servicer and the Trustee. No such
resignation shall become effective until a successor shall have assumed the
Servicer's responsibilities and obligations hereunder in the manner provided in
Section 9.01.

         Without in any way limiting the generality of this Section 7.03, in
the event that the Servicer either shall assign this Agreement or the servicing
responsibilities hereunder or delegate its duties hereunder or any portion
thereof or sell or otherwise dispose of all or substantially all of its
property or assets, without the prior written consent of the Seller and the
Master Servicer, then the Seller or the Master Servicer shall have the right to
terminate this Agreement upon notice given as set forth in Section 8.01,
without any payment of any penalty or damages and without any liability
whatsoever to the Servicer or any third party.

                                 ARTICLE VIII.

                                  TERMINATION

         Section 8.01 Termination for Cause.

         This Agreement shall be terminable at the option of the Seller or the
Master Servicer if any of the following events of default exist on the part of
the Servicer:

              (i) any failure by the Servicer to remit to the Master Servicer
any payment required to be made under the terms of this Agreement which
continues unremedied for a period of two Business Days after the date upon
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Servicer by the Master Servicer; or

              (ii) failure by the Servicer duly to observe or perform in any
material respect any other of the covenants or agreements on the part of the
Servicer set forth in this Agreement which continues unremedied for a period of
30 days; or

              (iii) failure by the Servicer to maintain its license to do
business or service residential mortgage loans in any jurisdiction, if required
by such jurisdiction, where the Mortgaged Properties are located; or

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

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

                                      33
<PAGE>

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

              (vii) the Servicer ceases to meet the qualifications of a FNMA,
FHLMC or GNMA lender/servicer or ceases to be an FHA Approved Mortgagee or
ceases to be a VA Approved Lender; or

              (viii) the Servicer attempts to assign the servicing of the
Mortgage Loans or its right to servicing compensation hereunder or the Servicer
attempts to sell or otherwise dispose of all or substantially all of its
property or assets or to assign this Agreement or the servicing
responsibilities hereunder or to delegate its duties hereunder or any portion
thereof, in each case without complying fully with the provisions of Section
7.03.

         In each and every such case, so long as an event of default shall not
have been remedied, in addition to whatever rights the Seller or the Master
Servicer may have at law or equity to damages, including injunctive relief and
specific performance, the Seller or the Master Servicer, by notice in writing
to the Servicer, may terminate all the rights and obligations of the Servicer
under this Agreement and in and to the servicing contract established hereby
and the proceeds thereof.

         Upon receipt by the Servicer of such written notice, all authority and
power of the Servicer under this Agreement, whether with respect to the
Mortgage Loans or otherwise, shall pass to and be vested in a successor
Servicer appointed by the Seller and the Master Servicer. Upon written request
from the Seller, the Servicer shall prepare, execute and deliver to the
successor entity designated by the Seller any and all documents and other
instruments, place in such successor's possession all Servicing Files, and do
or cause to be done all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, including but not limited to the
transfer and endorsement or assignment of the Mortgage Loans and related
documents, at the Servicer's sole expense. The Servicer shall cooperate with
the Seller and the Master Servicer and such successor in effecting the
termination of the Servicer's responsibilities and rights hereunder, including
without limitation, the transfer to such successor for administration by it of
all cash amounts which shall at the time be credited by the Servicer to the
Custodial Account or Escrow Account or thereafter received with respect to the
Mortgage Loans.

         By a written notice, the Seller and the Master Servicer may waive any
default by the Servicer in the performance of its obligations hereunder and its
consequences. Upon any waiver of a past default, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
remedied for every purpose of this Agreement. No such waiver shall extend to
any subsequent or other default or impair any right consequent thereon except
to the extent expressly so waived.

         Section 8.02 Termination Without Cause.

         This Agreement shall terminate upon: (i) the later of (a) the
distribution of the final payment or liquidation proceeds on the last Mortgage
Loan to the Master Servicer (or advances by the Servicer for the same), and (b)

                                      34
<PAGE>

the disposition of all REO Property acquired upon foreclosure of the last
Mortgage Loan and the remittance of all funds due hereunder, (ii) mutual
consent of the Servicer, Seller and the Master Servicer in writing or (iii) at
the sole discretion of the Seller (acting in its capacity as owner of the
servicing rights relating to the Mortgage Loans). Any such termination pursuant
to clause (iii) above shall be with 30 days' prior notice, in writing and
delivered to the Trustee, the Master Servicer and the Servicer by registered
mail to the addresses set forth in Section 9.03 of this Agreement (in the case
of the Servicer) or in the Trust Agreement (in the case of the Trustee or the
Master Servicer). The Servicer shall comply with the termination procedures set
forth in Sections 7.03, 8.01 and 9.01 hereof. The Master Servicer or the
Trustee shall have no right to terminate the Servicer pursuant to this Section
8.02.

                                  ARTICLE IX.

                            MISCELLANEOUS PROVISIONS

         Section 9.01 Successor to the Servicer.

         Simultaneously with the termination of the Servicer's responsibilities
and duties under this Agreement (a) pursuant to Sections 6.02, 7.03, 8.01 or
8.02(ii), the Master Servicer shall (i) succeed to and assume all of the
Servicer's responsibilities, rights, duties and obligations under this
Agreement, or (ii) appoint a successor having the characteristics set forth in
clauses (i) and (ii) of Section 7.01 and which shall succeed to all rights and
assume all of the responsibilities, duties and liabilities of the Servicer
under this Agreement simultaneously with the termination of the Servicer's
responsibilities, duties and liabilities under this Agreement; or (b) pursuant
to a termination under Section 8.02(iii), the Seller shall appoint a successor
having the characteristics set forth in clauses (i) and (ii) of Section 7.01
and which shall succeed to all rights and assume all of the responsibilities,
duties and liabilities of the Servicer under this Agreement simultaneously with
the termination of the Servicer's responsibilities, duties and liabilities
under this Agreement. Any successor to the Servicer shall be subject to the
approval of the Master Servicer and, to the extent required by the Trust
Agreement, the Trustee, shall be a member in good standing of the MERS system
(if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such
Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded
in favor of the Trustee at the expense of the successor Servicer) and shall be
an FHA Approved Mortgagee and a VA Approved Lender. Any approval of a successor
servicer by the Master Servicer and, to the extent required by the Trust
Agreement, the Trustee, shall, if the successor servicer is not at that time a
servicer of other Mortgage Loans for the Trust Fund, be conditioned upon the
receipt by the Master Servicer and the Trustee of a letter from each Rating
Agency to the effect that such transfer of servicing will not result in a
qualification, withdrawal or downgrade of the then-current rating of any of the
Certificates. In addition, with respect to any FHA Loans serviced hereunder,
the Servicer shall provide notice of such change in servicers to HUD on HUD
form 92080 or such other form as prescribed by HUD, within 10 days after such
transfer of servicing. In connection with such appointment and assumption, the
Master Servicer or the Seller, as applicable, may make such arrangements for
the compensation of such successor out of payments on Mortgage Loans as it and
such successor shall agree, provided, however, that no such compensation shall
be in excess of that permitted the Servicer under this Agreement. In the event
that the Servicer's duties, responsibilities and liabilities under this

                                      35
<PAGE>

Agreement should be terminated pursuant to the aforementioned sections, the
Servicer shall discharge such duties and responsibilities during the period
from the date it acquires knowledge of such termination until the effective
date thereof with the same degree of diligence and prudence which it is
obligated to exercise under this Agreement, and shall take no action whatsoever
that might impair or prejudice the rights or financial condition of its
successor. The resignation or removal of the Servicer pursuant to the
aforementioned sections shall not become effective until a successor shall be
appointed pursuant to this Section 9.01 and shall in no event relieve the
Servicer of the representations and warranties made pursuant to Sections 6.01
and the remedies available to the Master Servicer and the Seller under Section
6.02 and 6.03, it being understood and agreed that the provisions of such
Sections 6.01, 6.02 and 6.03 shall be applicable to the Servicer
notwithstanding any such resignation or termination of the Servicer, or the
termination of this Agreement.

         Within a reasonable period of time, but in no event longer than 30
days of the appointment of a successor entity, the Servicer shall prepare,
execute and deliver to the successor entity any and all documents and other
instruments, place in such successor's possession all Servicing Files, and do
or cause to be done all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, including but not limited to the
transfer and endorsement of the Mortgage Notes and related documents, and the
preparation and recordation of Assignments of Mortgage. The Servicer shall
cooperate with the Trustee, the Master Servicer or the Seller, as applicable,
and such successor in effecting the termination of the Servicer's
responsibilities and rights hereunder and the transfer of servicing
responsibilities to the successor Servicer, including without limitation, the
transfer to such successor for administration by it of all cash amounts which
shall at the time be credited by the Servicer to the Custodial Account or
Escrow Account or thereafter received with respect to the Mortgage Loans.

         Any successor appointed as provided herein shall execute, acknowledge
and deliver to the Trustee, the Servicer, the Master Servicer and the Seller an
instrument (i) accepting such appointment, wherein the successor shall make the
representations and warranties set forth in Section 6.01 (including a
representation that the successor Servicer is a member of MERS, unless none of
the Mortgage Loans are MERS Mortgage Loans or MERS Eligible Mortgage Loans or
any such Mortgage Loans have been withdrawn from MERS and Assignments of
Mortgage are recorded in favor of the Trustee) and (ii) an assumption of the
due and punctual performance and observance of each covenant and condition to
be performed and observed by the Servicer under this Agreement, whereupon such
successor shall become fully vested with all the rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer, with like effect
as if originally named as a party to this Agreement. Any termination or
resignation of the Servicer or termination of this Agreement pursuant to
Sections 6.02, 7.03, 8.01 or 8.02 shall not affect any claims that the Master
Servicer or the Trustee may have against the Servicer arising out of the
Servicer's actions or failure to act prior to any such termination or
resignation. In addition, in the event any successor Servicer is appointed
pursuant to Section 8.02(iii) of this Agreement, such successor Servicer must
satisfy the conditions relating to the transfer of servicing set forth in the
Trust Agreement.

         The Servicer shall deliver promptly to the successor Servicer the
funds in the Custodial Account and Escrow Account and all Mortgage Loan
documents and related documents and statements held by it hereunder and the
Servicer shall account for all funds and shall execute and deliver such

                                      36
<PAGE>

instruments and do such other things as may reasonably be required to more
fully and definitively vest in the successor all such rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer.

         Upon a successor's acceptance of appointment as such, the Servicer
shall notify the Trustee, the Seller and Master Servicer of such appointment in
accordance with the procedures set forth in Section 9.03.

         Section 9.02 Costs.

         The Seller shall pay any legal fees and expenses of its attorneys.
Costs and expenses incurred in connection with the transfer of the servicing
responsibilities, including fees for delivering Servicing Files, shall be paid
by the Seller. Subject to Sections 2.02 and 3.01(a), the Depositor shall pay
the costs associated with the preparation, delivery and recording of
Assignments of Mortgages.

         Section 9.03 Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if sent by facsimile or mailed by
overnight courier, addressed as follows (or such other address as may hereafter
be furnished to the other party by like notice):

              (i) if to the Seller:

              Lehman Capital, A Division of
              Lehman Brothers Holdings Inc.
              Three World Financial Center
              New York, New York  10285
              Attention: Manager, Contract Finance
              Telephone No.: (212) 526-5837
              Telecopier No.: (212) 526-6154

              (ii) if to the Servicer:

              Aurora Loan Services Inc.
              2530 South Parker Road
              Suite 601
              Aurora, Colorado  80014
              Attention:  Rick Skogg
              Telephone No.: (303) 632-3000
              Telecopier No.: (303) 632-3001

              and

                                      37
<PAGE>

              Aurora Loan Services Inc.
              601 Fifth Avenue
              P.O. Box 1706
              Scottsbluff, Nebraska  69361
              Attention:  Manager, Loan Administration
              Telephone No.: (308) 635-3500
              Telecopier No.: (308) 220-2747

              (iii) if to the Master Servicer:

              Aurora Loan Services Inc.
              2530 South Parker Road
              Suite 601
              Aurora, Colorado 80014
              Attention:  E. Todd Whittemore
              Telephone No.: (303) 632-3422
              Telecopier No.: (303) 632-3123

         Any such demand, notice or communication hereunder shall be deemed to
have been received on the date delivered to or received at the premises of the
addressee.

         Section 9.04 Severability Clause.

         Any part, provision, representation or warranty of this Agreement
which is prohibited or which is held to be void or unenforceable shall be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof. Any part, provision,
representation or warranty of this Agreement which is prohibited or
unenforceable or is held to be void or unenforceable in any jurisdiction shall
be ineffective, as to such jurisdiction, to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction as to any Mortgage
Loan shall not invalidate or render unenforceable such provision in any other
jurisdiction. To the extent permitted by applicable law, the parties hereto
waive any provision of law which prohibits or renders void or unenforceable any
provision hereof. If the invalidity of any part, provision, representation or
warranty of this Agreement shall deprive any party of the economic benefit
intended to be conferred by this Agreement, the parties shall negotiate, in
good-faith, to develop a structure the economic effect of which is as close as
possible to the economic effect of this Agreement without regard to such
invalidity.

         Section 9.05 No Personal Solicitation.

         From and after the Closing Date, the Servicer hereby agrees that it
will not take any action or permit or cause any action to be taken by any of
its agents or affiliates, or by any independent contractors on the Servicer's
behalf, to personally, by telephone or mail, solicit the borrower or obligor
under any Mortgage Loan (on a targeted basis) for any purposes of prepayment,
refinancing or modification of the related Mortgage Loan, provided, however,
that this limitation shall not prohibit Servicer from soliciting such Mortgagor
for purposes of prepayment, refinance or modification of any loan owned or

                                      38
<PAGE>

serviced by Servicer other than a Mortgage Loan. It is understood and agreed
that, among other marketing activities, promotions undertaken by Servicer which
are directed of the general public at large or which are directed generally to
a segment of the then existing customers of Servicer or any of its direct or
indirect subsidiaries (including, without limitation, the mailing of
promotional materials to Servicer's deposit customers by inserting such
materials into customer account statements, mass mailings based on commercially
acquired mailing lists and newspaper, radio and television advertisements)
shall not constitute solicitation under this section. In the event the Servicer
does refinance any Mortgage Loan as a result of a violation of the requirements
set forth in this Section 9.05, Servicer hereby agrees to pay to the Trust Fund
an amount equal to the difference, if any, between the amount that the Trust
Fund would have received if it had sold the Mortgage Loan to a third party, and
the proceeds received by the Trust Fund as a result of such refinancing.

         Section 9.06 Counterparts.

         This Agreement may be executed simultaneously in any number of
counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument.

         Section 9.07 Place of Delivery and Governing Law.

         This Agreement shall be deemed in effect when a fully executed
counterpart thereof is received by the Seller in the State of New York and
shall be deemed to have been made in the State of New York. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
NOTWITHSTANDING NEW YORK OR OTHER CHOICE OF LAW RULES TO THE CONTRARY.

         Section 9.08 Further Agreements.

         The Seller and the Servicer each agree to execute and deliver to the
other such reasonable and appropriate additional documents, instruments or
agreements as may be necessary or appropriate to effectuate the purposes of
this Agreement.

         Section 9.09 Intention of the Parties.

         It is the intention of the parties that the Seller is conveying, and
the Servicer is receiving only a contract for servicing the Mortgage Loans.
Accordingly, the parties hereby acknowledge that the Trust Fund remains the
sole and absolute owner of the Mortgage Loans and all rights (other than the
servicing rights) related thereto.

         Section 9.10 Successors and Assigns; Assignment of Servicing
Agreement.

         This Agreement shall bind and inure to the benefit of and be
enforceable by the Servicer, the Seller, the Trustee and the Master Servicer
and their respective successors and assigns. This Agreement shall not be
assigned, pledged or hypothecated by the Servicer to a third party except in
accordance with Section 7.03.

                                      39
<PAGE>

         Section 9.11 Assignment by Lehman Capital.

         The Seller shall have the right, upon notice to but without the
consent of the Servicer, to assign, in whole or in part, its interest under
this Agreement to the Depositor, which in turn shall assign such rights to the
Trustee, and the Trustee then shall succeed to all rights of the Seller under
this Agreement. All references to the Seller in this Agreement shall be deemed
to include its assignee or designee and any subsequent assignee or designee,
specifically including the Trustee, except with respect to the Seller's
retained servicing rights pursuant to Section 8.02(iii).

         Section 9.12 [Reserved.]

         Section 9.13 Waivers.

         No term or provision of this Agreement may be waived or modified
unless such waiver or modification is in writing and signed by the party
against whom such waiver or modification is sought to be enforced.

         Section 9.14 Exhibits.

         The exhibits to this Agreement are hereby incorporated and made a part
hereof and are an integral part of this Agreement.

         Section 9.15 General Interpretive Principles.

         For purposes of this Agreement, except as otherwise expressly provided
or unless the context otherwise requires:

         (a) the terms defined in this Agreement have the meanings assigned to
them in this Agreement and include the plural as well as the singular, and the
use of any gender herein shall be deemed to include the other gender;

         (b) accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles;

         (c) references herein to "Articles", "Sections", "Subsections",
"Paragraphs", and other subdivisions without reference to a document are to
designated Articles, Sections, Subsections, Paragraphs and other subdivisions
of this Agreement;

         (d) a reference to a Subsection without further reference to a Section
is a reference to such Subsection as contained in the same Section in which the
reference appears, and this rule shall also apply to Paragraphs and other
subdivisions;

         (e) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
provision; and

         (f) the term "include" or "including" shall mean by reason of
enumeration.

                                      40
<PAGE>

         Section 9.16 Reproduction of Documents.

         This Agreement and all documents relating thereto, including, without
limitation, (a) consents, waivers and modifications which may hereafter be
executed, (b) documents received by any party at the closing, and (c) financial
statements, certificates and other information previously or hereafter
furnished, may be reproduced by any photographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties agree
that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the
original is in existence and whether or not such reproduction was made by a
party in the regular course of business, and that any enlargement, facsimile or
further reproduction of such reproduction shall likewise be admissible in
evidence.

                                      41
<PAGE>

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

                                        LEHMAN CAPITAL, A DIVISION OF
                                             LEHMAN BROTHERS HOLDINGS INC.,
                                             as Seller

                                        By: /s/ Stanley Labanowski
                                            --------------------------------
                                            Name:  Stanley Labanowski
                                            Title: Authorized Signatory

                                        AURORA LOAN SERVICES INC.,
                                             as Servicer

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

                                        AURORA LOAN SERVICES INC.,
                                             as Master Servicer

                                        By: /s/ E. Todd Whittemore
                                           ---------------------------------
                                           Name:  E. Todd Whittemore
                                           Title: Executive Vice President

Acknowledged By:

THE CHASE MANHATTAN BANK,
     as Trustee

By: /s/ Kimberly K. Costa
    --------------------------
     Name: Kimberly K. Costa
     Title:   Vice President
<PAGE>

                                   EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

                                   Schedule 1

                (retained in a separate closing binder entitled
                      "SASCO 2001-10A Lehman Brothers Bank
                  Mortgage Loan Schedule" at McKee Nelson LLP)

                                      A-1
<PAGE>

                                   EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

                                   Schedule 2

                (retained in a separate closing binder entitled
                    "SASCO 2001-10A Mortgage Loan Schedule"
                              at McKee Nelson LLP)

                                      A-1
<PAGE>

                                   EXHIBIT B

                       CUSTODIAL ACCOUNT LETTER AGREEMENT

                                                               _______ __, 20__

To:
   ------------------------

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

---------------------------
(the "Depository")

         As Servicer under the Servicing Agreement, dated as of June 1, 2001
(the "Agreement"), we hereby authorize and request you to establish an account,
as a Custodial Account pursuant to Section 3.03 of the Agreement, to be
designated as "Aurora Loan Services Inc., in trust for the Master Servicer for
Structured Asset Securities Corporation 2001-10A." All deposits in the account
shall be subject to withdrawal therefrom by order signed by the Servicer. This
letter is submitted to you in duplicate. Please execute and return one original
to us.

                                     AURORA LOAN SERVICES INC.

                                     By:
                                        ----------------------------------
                                     Name:
                                     Title:

         The undersigned, as Depository, hereby certifies that the above
described account has been established under Account Number __________, at the
office of the Depository indicated above, and agrees to honor withdrawals on
such account as provided above.

                                     -------------------------------------
                                     Depository

                                     By:
                                        ----------------------------------
                                     Name:
                                     Title:
                                     Date:

                                      B-1
<PAGE>

                                   EXHIBIT C

                        ESCROW ACCOUNT LETTER AGREEMENT

                                                               _______ __, 20__

To:
   ------------------------

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

---------------------------
(the "Depository")

         As Servicer under the Servicing Agreement, dated as of June 1, 2001
(the "Agreement"), we hereby authorize and request you to establish an account,
as an Escrow Account pursuant to Section 3.05 of the Agreement, to be
designated as "Aurora Loan Services Inc., in trust for the Master Servicer for
Structured Asset Securities Corporation 2001-10A." All deposits in the account
shall be subject to withdrawal therefrom by order signed by the Servicer. This
letter is submitted to you in duplicate. Please execute and return one original
to us.

                                     AURORA LOAN SERVICES INC.

                                     By:
                                        ----------------------------------
                                     Name:
                                     Title:

         The undersigned, as Depository, hereby certifies that the above
described account has been established under Account Number __________, at the
office of the Depository indicated above, and agrees to honor withdrawals on
such account as provided above.

                                     --------------------------------------
                                     Depository

                                     By:
                                        ----------------------------------
                                     Name:
                                     Title:
                                     Date:

                                      C-1
<PAGE>

                                   SCHEDULE 1

                           Servicer Recordation Fees

                                     Sch 1

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