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                                                                    EXHIBIT 10.1

                                                     Novell/Company Confidential
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                           INBOUND LICENSE AGREEMENT

1.   PREAMBLE. This Inbound License Agreement ("Agreement") is agreed to by
     CaminoSoft Corporation, a corporation with its principal place of business
     at 600 Hampshire Road, Suite 105, Westlake Village, California, 91361
     ("Company"), and Novell, Inc., a Delaware corporation with principal
     offices at 1800 South Novell Place, Provo, Utah 84606 ("Novell").

2.   PURPOSE. Novell develops and markets computer software products. Company
     develops and markets computer software products that interoperate with
     NetWare, eDirectory and/or other Novell products as specified elsewhere in
     this Agreement. This Agreement sets forth the terms and conditions under
     which Company will license the Licensed Works defined below to Novell,
     including obligations of Company to meet certain technical requirements to
     ensure the suitability of the Licensed Works for operation with Novell
     products.

3.   DEFINITIONS.

     a.   "BINARY CODE" means computer programming code that loads and executes
          without further processing by a software compiler or linker or that
          results when Source Code is processed by a software compiler.

     b.   "DERIVATIVE WORK" means a work that is based on one or more
          preexisting works (such as a revision, enhancement, modification,
          translation, abridgement, condensation, expansion, or any other form
          in which such preexisting work may be recast, transformed, or adapted)
          and that, if prepared without authorization of the copyright owner of
          such preexisting work, would constitute copyright infringement.

     c.   "DOCUMENTATION" means user manuals and other materials in any form
          that relate to or are made available to facilitate end use of the
          Licensed Works. With respect to Source Code, Documentation means
          materials that conceptualize or facilitate the creation, development,
          or implementation of code (for example, logic manuals, flow charts,
          and principles of operation).

     d.   "EFFECTIVE DATE" means the later of the dates on which this Agreement
          is executed by an authorized representative of Company and Novell.

     e.   "GENERAL AVAILABILITY" and "GENERALLY AVAILABLE" mean available to
          members of the general public.

     f.   "LICENSED TRADEMARK(S)" means the following word marks, their
          associated design marks and logos, and all other trademarks and trade
          dress used by Company to identify and/or market the Licensed
          Works:

                           CAMINOSOFT MANAGED SERVER

     g.   "LICENSED WORK(S)" means all versions of the following works in Binary
          Code form only (unless otherwise specified), including all localized
          and/or enabled versions, all corresponding patches, service packs,
          updates, upgrades, and all corresponding subsets and supersets, and
          includes a ninety (90) day evaluation version of each Licensed Work:

                           CAMINOSOFT MANAGED SERVER

     h.   "MANUFACTURED PRODUCT(S)" means copies and/or packages of the Licensed
          Works manufactured by Company for Novell.

     i.   "NET REVENUE(S)" means gross sales less discounts and returns.

     j.   "SOURCE CODE" means the human-readable form of computer programming
          code and related Documentation, including all comments and any
          procedural language.

4.   LICENSE GRANTS TO NOVELL; OWNERSHIP. The licenses granted under this
     Agreement shall be under all of Company's inventions, discoveries, patents,
     copyrights, inventor's certificates, utility models (and similar forms of
     legal protection of any country), trade secrets, and other proprietary
     rights, including those of third parties under which Company has the right
     to grant licenses, necessary to exercise the rights granted under this
     Agreement, regardless of when such proprietary rights were first conceived,
     reduced to practice, created, or perfected.

     a.   LICENSED WORKS. Company grants to Novell the non-exclusive, worldwide,
          fully paid-up, and royalty-free (except as otherwise indicated in this
          Agreement) right to use, reproduce, distribute (by sale, lease,

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          rental, or otherwise via any medium), display, and perform the
          Licensed Works and any authorized modifications thereto, and to
          directly or indirectly sublicense the foregoing rights. To the extent
          that a Licensed Work has a serial number, enabling key, or other
          similar unlocking mechanism, Novell is authorized to distribute such
          unlocking mechanism separately from the Licensed Work software.

     b.   LOCALIZATION. To the extent that Company does not provide localized
          versions desired by Novell, Company grants to Novell the non-
          exclusive, worldwide, fully paid-up, and royalty-free (except as
          otherwise indicated in this Agreement) right to localize, or have
          localized, the Licensed Works and Licensed Trademarks.

     c.   LICENSED TRADEMARKS. Company grants Novell a worldwide, non-exclusive,
          non-transferable, royalty-free, fully paid-up license to use the
          Licensed Trademarks in connection with the distribution and marketing
          of Licensed Works, and to directly or indirectly sublicense the
          foregoing rights. Company will at all times use commercially
          reasonable efforts to preserve the value and validity of the Licensed
          Trademarks. Company shall notify Novell of all claims that the
          Licensed Trademarks conflict with the rights of third parties. Company
          hereby expressly represents that the existing Licensed Trademarks are
          valid and are the exclusive property of Company. If Novell has a
          substantial business concern that Novell will not be able to freely
          market and distribute the Licensed Works due to a conflict with a
          third party over use of the Licensed Trademarks. Novell shall notify
          Company and Company shall resolve the conflict or provide a
          replacement trademark within five (5) days of Novell's written notice.
          The replacement trademark shall be deemed a Licensed Trademark. If
          Company cannot resolve the conflict or provide a suitable replacement
          trademark in such time period, Novell shall be free to market and
          distribute the Licensed Works under a generic name. If Company later
          provides a suitable replacement name, Novell will discontinue use of
          the generic name and will use the new replacement trademark as soon as
          it is able to do so without incurring additional costs or disruption
          of distribution.

     d.   OWNERSHIP. Unless specifically stated otherwise, this Agreement shall
          not change the ownership of any materials developed or provided under
          this Agreement.

5.   PRODUCT REQUIREMENTS AND DELIVERY. The "PRODUCT REQUIREMENTS" for the
     Licensed Works are the requirements set forth in this section and in
     Exhibit A to this Agreement. Company shall deliver to Novell Licensed
     Works that conform to the Product Requirements. Such deliveries shall be
     in accordance with the schedules set forth in Exhibit A; to any extent
     that Exhibit A does not contain delivery dates for any particular
     deliverable. Company shall provide the deliverable to Novell upon the
     completion of its development.

     a.   CERTIFICATION. The Licensed Works shall qualify for Novell's then
          current Novell product compatibility mark. Qualification is achieved
          by Company meeting certification testing and other DeveloperNet Labs
          requirements.

     b.   PRODUCT DISTRIBUTION QUESTIONNAIRE. Novell requires certain
          information about products prior to distribution. Company shall,
          concurrent with the delivery of any and all Licensed Works pursuant
          to this Agreement, deliver a document providing information in the
          form of the then current Product Distribution Questionnaire, the
          current form of which is attached as Exhibit C. After initial
          delivery of a Licensed Work, Company may provide the required
          information in the form of the then current Supplemental Product
          Distribution Questionnaire, also attached in Exhibit C.

     c.   GLOBALIZATION. Company agrees to enable the Licensed Works for
          localization in compliance with Novell's then current enablement and
          localization standards.

     d.   HARMFUL CODE. The Licensed Works shall be free of Harmful Code.
          Company agrees to implement reasonable procedures adequate to prevent
          any code provided to Novell hereunder from being contaminated with
          Harmful Code. If Company learns or suspects that any code provided to
          Novell under this Agreement contains any Harmful Code, Company will
          immediately notify Novell and remove the Harmful Code. For purposes of
          this section, "HARMFUL CODE" shall mean any code constructed with the
          ability to damage, interfere with, or adversely affect computer
          programs, data files, or hardware without the consent or intent of the
          computer user. This definition includes, but is not limited to,
          self-replacing and self-propagating programming instructions commonly
          called "viruses," "trojan horses" and "worms."

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     c.   PARITY WITH NON-NOVELL VERSIONS. Within thirty (30) days of the
          General Availability of any versions of a Licensed Work on a
          non-Novell platform, Company shall deliver a version of the Licensed
          Works for Novell platforms that has functionality equivalent to the
          version of the Licensed Work for the non-Novell platform.
          Functionality shall be equivalent to the maximum extent possible
          taking into account any functional limitations of the Novell platform
          as compared to the non-Novell platform.

     f.   END USER LICENSING. In the copies of the Licensed Works provided to
          Novell, Company will electronically embed (i) Company's end user
          license agreement, with Company as the licensor, that is consistent
          with the purposes of this Agreement, and (ii) the end user
          Documentation.

6.   DEVELOPMENT, MAINTENANCE, AND SUPPORT.

     a.   DEVELOPERNET. Company agrees to join Novell's DeveloperNet program.
          Novell will provide technical support of any Company development
          efforts hereunder through DeveloperNet Labs and, if mutually agreed
          upon, through Novell engineering personnel, in either case such
          support being subject to the terms and conditions of a separate
          DeveloperNet Labs Agreement.

     b.   MAINTENANCE. Company shall provide maintenance for the Licensed Works
          according to the terms and conditions of Sections 5 and 6.

     c.   SECTION 508 MAINTENANCE. Certain legislation, such as Section 508 as
          defined below, creates requirements that information technology
          products be accessible to persons with certain disabilities. Should
          customers, including governments and related entities, be precluded
          from acquiring licenses to the Licensed Works under either the
          requirements of that United States federal law, and associated rules
          and regulations, known as the 1998 Rehabilitation Act Amendments to
          Section 508 of the Rehabilitation Act of 1973, or similar laws and
          regulations in other jurisdictions (collectively "SECTION 508"),
          Company will promptly assign senior engineering maintenance staff to
          work full-time until customers are no longer so precluded, and
          Company will otherwise cooperate with Novell in providing any
          materials or information to such customers regarding Section 508
          compliance of the Licensed Works.

     d.   SUPPORT. Company shall provide support to Novell for the Licensed
          Works in accordance with the terms and conditions of Exhibit B
          attached hereto.

7.   MANUFACTURING.

     a.   PACKAGING. Novell shall have reasonable approval rights for the
          appearance and content of Manufactured Product. Novell will have no
          obligation to insert or include any brochure or other materials with
          the Licensed Work. For standalone distribution of the Licensed Work,
          and subject to Section 4.c., Novell shall use Company's trade dress
          and artwork on the packaging to the extent that the packaging
          includes trade dress and/or artwork.

     b.   MANUFACTURING. At Novell's option and request, Company shall, at its
          sole expense, manufacture, build, and deliver Manufactured Product as
          reasonably specified by Novell using a manufacturer approved by
          Novell. If Novell manufactures the Licensed Works, then Company shall
          reimburse Novell for all manufacturing and delivery costs to the
          extent that they do not exceed Company's manufacturing and delivery
          costs. For all Product, Novell will use commercially
          reasonable efforts to provide Company with the following at least
          thirty (30) days prior to Novell's first customer shipment of the
          Licensed works:

          i.   Quantity to be manufactured:

          ii.  The Novell part numbers for the Manufactured Products; and

          iii. Shipping address for delivery of finished Manufactured Product,
               FOB destination.

     c.   INSPECTION. Novell will have the option to inspect the Manufactured
          Products to ensure that its packaging requirements are met. Novell
          will make a good-faith effort not to disrupt the daily operations of
          Company during such inspection.

     d.   MEDIA KITS. Novell offers various forms of direct licensing programs
          to customers whereby the customer receives a media kit that includes
          the Licensed Works and subsequently orders licenses in the desired
          quantity, if any. Company agrees that Novell may distribute and
          offer the Licensed Works in this manner.

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8.   CONSIDERATION. Unless otherwise stated in this Agreement, each party shall
     bear its respective costs in performing hereunder. Each party shall
     designate an accounting address, and any payment made by a party hereunder
     shall be sent to the other party at its designated accounting address.

     a.   ROYALTIES. This section sets forth the entirety of Novell's
          obligations to make payments in exchange for the licenses granted to
          Novell under this Agreement. Except as otherwise stated herein,
          Novell shall pay Company Fifty Percent (50%) of Net Revenue from
          Novell's distribution, maintenance, and support of the Licensed Works.

     b.   UPGRADE PROTECTION. If Novell offers upgrade protection for a
          Licensed Work and the upgrade protection period exceeds the effective
          term of this Agreement, Company shall deliver to Novell any upgrades
          that are made Generally Available during the upgrade protection
          period for distribution to upgrade protection customers throughout
          the upgrade protection periods offered.

     c.   PRICING. If Novell lists the Licensed Works on its general price
          list, such suggested retail price ("SRP") of the Licensed Works will
          be at a price that is equivalent to or greater than the SRP offered
          by Company, if any, for the same Licensed Works. Discounts shall be
          determined by Novell at its discretion, but such discounts shall be
          consistent with Novell's routine discounting practices for its own
          products under like programs and volumes. Company shall notify Novell
          of any changes to its SRP for the Licensed Works. Novell shall
          implement a corresponding price change (if required by this section)
          as soon as it is commercially reasonable to do so without incurring
          additional costs or disruption of distribution.

     d.   ROYALTY EXCEPTIONS. The obligation to make payments under this
          section shall not apply to:

               i.   Returned copies of the Licensed Works (e.g., payments
                    previously made on returned copies may be refunded or taken
                    as a credit against payments owed for further copies);

               ii.  Promotions, evaluations, sales demonstrations, and use by
                    training education centers and resellers; and

               iii. Internal use by Novell and its subsidiaries or affiliates.

     e.   PAYMENT AND LICENSE REPORTS. Within sixty (60) days after the end of
          each Novell fiscal quarter, Novell will provide Company with payment
          and a royalty report in a form reasonably determined by Novell.

     f.   AUDIT. The parties will maintain complete and accurate accounting
          records, in accordance with generally accepted accounting practices,
          to support and document amounts due and will retain such records for
          three (3) years after payment is made. A party will, upon written
          request of the other party, provide audit access to such records to a
          mutually acceptable independent accounting firm that is chosen and
          compensated by the other party to examine such books and records to
          verify reports and payments made by the other party. such access will
          be granted only during normal business hours and no more frequently
          than once during any twelve (12) month period. The audit will not
          interfere with the audited party's normal business activity. The
          accounting firm will execute an appropriate non-disclosure agreement
          that requires it to hold all information received during the audit in
          confidence and will be authorized to report to the other party only
          the amount of payments actually due under the Agreement for the
          period examined.

     g.   TAX CONSEQUENCES. All license fees are exclusive of all applicable
          taxes. The party making payment ("PAYER") shall be responsible for
          all sales, use, excise, value added, and/or equivalent taxes arising
          out of the payment and shall either include such taxes with the
          payment or shall provide the other party ("PAYEE"), in advance, with
          a valid exemption certificate or other documentation to successfully
          claim exemption from the tax. Payer shall not be responsible for: (a)
          taxes based upon Payee's net income, capital, or gross receipts, or
          (b) any withholding taxes imposed if such withholding tax is allowed
          as a credit against U.S. income taxes of Payee such as a withholding
          tax on a royalty payment where such withholding is required by law.
          In the event Payer is required to withhold taxes. Payer agrees to
          furnish to Payee all required receipts and documentation
          substantiating such payment. If Payer is required by law to remit any
          tax or duty on behalf of, or for the account of, Payee, then Payee
          agrees to reimburse Payer within thirty (30) days after Payer
          notifies Payee in writing of such remittance.

9.   TERM AND TERMINATION. This Agreement shall be effective upon the Effective
     Date and shall remain in force for period of two (2) years, unless
     otherwise terminated as provided in this section. After the initial

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     term of two (2) years, this Agreement shall automatically renew for
     consecutive one (1) year periods unless either party provides written
     notice to the other party at least ninety (90) days prior to the Effective
     Date anniversary. Termination or expiration of this Agreement shall not
     affect any licenses granted to Novell prior to such termination or
     expiration, and such licenses shall not be subject to revocation or
     injunction during the term of this Agreement or thereafter.

     a.   TERMINATION WITHOUT CAUSE. Novell may terminate this Agreement
          without cause upon not less than ninety (90) days written notice to
          Company. Company may terminate this Agreement without cause upon not
          less than ninety (90) days written notice to Novell, provided that
          the effective termination date is after the first anniversary of the
          Effective Date.

     b.   TERMINATION FOR CAUSE. Either party may terminate this Agreement for
          the substantial breach by the other party of a material term that
          remains uncured as stated herein. The terminating party shall first
          give the other party written notice of the alleged breach and a
          reasonable period of at least thirty (30) days in which to cure the
          alleged breach. If a cure is not achieved during the cure period,
          then the parties shall submit to mandatory mediation with a mutually
          agreed upon mediator, such mediation to be completed within thirty
          (30) days and to be held in Salt Lake City, Utah. Termination of the
          Agreement may occur upon the expiration of the cure period and the
          subsequent unsuccessful completion of mandatory mediation as required
          by this section by written notice of the non-breaching party. Neither
          party shall be precluded from seeking equitable remedies consistent
          with the terms of this Agreement.

10.  GENERAL TERMS.

     a.   ASSIGNMENT. Neither party may transfer or assign any right or
          obligation set forth in this Agreement without the prior written
          consent of the other party, which consent shall not be unreasonably
          withheld. Such consent shall not be required, however, for transfer
          or assignment to an entity acquiring control of a party hereto.

     b.   CONFIDENTIALITY AND INFORMATION EXCHANGE. It is the intention of
          Company and Novell to transfer and/or exchange information, including
          confidential information, as may be necessary. The disclosing party
          shall be referred to as "DISCLOSER" and the receiving party as
          "RECIPIENT."

               i.   MANNER OF DISCLOSURE; EXTENT OF CONFIDENTIALITY
                    OBLIGATIONS. Confidential information may be disclosed in
                    oral, visual, or written form (including magnetic, optical,
                    or other media). Recipient's obligations shall only extend
                    to Source Code and to confidential information that is
                    marked as confidential at the time of disclosure or that is
                    unmarked (e.g., orally disclosed) but is treated as
                    confidential at the time of disclosure. The specific terms
                    and conditions of this Agreement shall be treated by both
                    parties as confidential information.

               ii.  DEGREE OF CARE. Recipient shall protect the disclosed
                    confidential information by using the same degree of care,
                    but no less than a reasonable degree of care, to prevent
                    the unauthorized use, dissemination, or publication of the
                    confidential information as Recipient uses to protect its
                    own confidential information of a like nature.

               iii. EXPIRATION OF DUTY OF CONFIDENTIALITY. Recipient's duty to
                    hold confidential information in confidence expires five
                    (5) years or, in the case of Source Code, fifteen (15)
                    years after (i) its return or destruction in the case of
                    confidential information embodied in received or developed
                    (whichever is later) Source Code and related descriptions,
                    specifications, and system documentation, or (ii) its
                    receipt or development (whichever is later) in the case of
                    any other confidential information. The expiration of the
                    duty of confidentiality shall not modify other restrictions
                    on Recipient including, for example, any restrictions on
                    distribution of Source Code arising out of a copyright
                    license.

               iv.  EXCEPTIONS TO DUTY. This Agreement imposes no obligation
                    upon Recipient with respect to information that: (a) was in
                    Recipient's possession before receipt from the Discloser;
                    (b) is or becomes a matter of public knowledge through no
                    fault of Recipient; (c) is rightfully received by the
                    Recipient from a third party without a duty of
                    confidentiality; (d) is disclosed by the Discloser to a
                    third party without a duty of confidentiality on the third
                    party; (e) is disclosed under operation of law after all
                    reasonable means have been afforded to the

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               Discloser to protect the information; or, (g) is disclosed by
               Recipient with Discloser's prior written approval.

     c.   CONSTRUCTION. The headings in this Agreement are provided for
          reference only and shall not be used as a guide to interpretation.
          When used in this Agreement, the singular includes the plural and the
          plural includes the singular.

     d.   ENTIRE AGREEMENT. This Agreement sets forth the entire agreement and
          understanding between the parties as to its specific subject matter
          and merges all prior discussions between them with regard to such
          specific subject matter. Neither of the parties shall be bound by any
          conditions, definitions, warranties, understandings, agreements, or
          representations, whether written or oral, with respect to such
          specific subject matter other than as expressly provided in the
          Agreement or as duly set forth on or subsequent to its Effective Date,
          in a written document that is signed by a duly authorized
          representative of each party.

     e.   EXPORT OF TECHNICAL DATA. Each party agrees to comply with U.S. export
          laws and regulations when exporting any materials or any items
          licensed or developed under this Agreement or any portion thereof, or
          any system containing such materials or items or portion thereof, or
          any technical data or other confidential information, or any direct
          product of any of the foregoing (collectively, "Program") from the
          U.S. or re-exporting a Program from one foreign country to another. It
          is the exporting party's responsibility to comply with the U.S.
          Government requirements as they may be amended from time to time. Each
          party will reasonably cooperate with the other party in obtaining
          export licenses or approvals.

     f.   FORCE MAJEURE. Neither party shall be liable in damages or have the
          right to cancel or terminate this Agreement for any delay or default
          in performance if such delay or default is caused by unforeseen
          conditions or conditions beyond the control of the delaying or
          defaulting party, including but not limited to acts of God, government
          restrictions, continuing domestic or international problems such as
          wars or insurrections, strikes, fires, floods, work stoppages, and
          embargoes.

     g.   FREEDOM OF ACTION. The parties acknowledge that each party is free to
          (i) enter into agreements that are similar to this Agreement with any
          corporation or other entity, including competitors of the other party,
          (ii) independently develop and/or sell any product or service,
          including those that may compete with the other party's products or
          services or include similar features or functionality.

     h.   INTELLECTUAL PROPERTY INDEMNITY. Company shall defend, indemnify, and
          hold Novell harmless from any claim made or suit or proceeding brought
          against Novell and its subsidiaries or affiliates, and their
          directors, officers, employees, and agents, including the payment of
          any and all losses, judgments, awards, and costs (including reasonable
          legal fees and expenses) arising out of or related to any claim that
          the Licensed Trademarks or Licensed Works infringe or violate the
          copyright, trademark, trade name, trade secret, patent right or other
          right of any third party. Company will defend at its sole expense all
          suits or proceedings arising out of the claims described above,
          provided that Novell gives Company prompt notice and control of the
          defense of any claim of which it learns. Novell will have the right to
          participate in the defense of any claim involving the use of Licensed
          Works, provided that Company will not be responsible for Novell's
          attorney's fees should Novell elect to participate in such defense.

     i.   INDEPENDENT CONTRACTORS. Each party is and shall remain an independent
          contractor with respect to all performance under this Agreement. No
          employee of either party shall be considered an employee or agent of
          the other party for any purpose. Nothing in this Agreement shall be
          construed to prevent either party from delegating performance under
          this Agreement to independent contractors who have entered into
          written agreements consistent with and at least as restrictive as the
          provisions contained in this Agreement.

     j.   LAWS. The validity, construction, and performance of this Agreement
          will be governed by the substantive laws of the State of Utah without
          regard to any choice of law provisions. The parties agree that any
          dispute relating to this Agreement shall be exclusively subject to the
          courts within the State of Utah after satisfaction of any condition
          precedent stated in this Agreement. The prevailing party in any action
          to enforce the terms of this Agreement entered into hereunder shall be
          entitled to recover its costs and expenses, including reasonable
          attorney's fees, incurred in connection therewith, in addition to any
          other relief to which such party is entitled. Each party shall, at its
          own expense, comply with any governmental law, statute, ordinance,
          administrative order, rule, or regulation relating to its duties,
          obligations, or performance under this Agreement.

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     k.   LIMITATION OF LIABILITIES. NEITHER PARTY SHALL IN ANY EVENT BE LIABLE
          FOR INDIRECT, SPECIAL, RELIANCE, INCIDENTAL, PUNITIVE, COVER, OR
          CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND ARISING UNDER THIS
          AGREEMENT, WHETHER IN A CONTRACT, TORT, OR OTHER ACTION FOR OR
          ARISING OUT OF ALLEGED BREACH OF WARRANTY, ALLEGED BREACH OF
          CONTRACT, DELAY, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE. EXCEPT
          AS TO THE INDEMNITY OBLIGATIONS SET FORTH IN THIS AGREEMENT, IN NO
          EVENT SHALL EITHER PARTY BE LIABLE UNDER THIS AGREEMENT TO THE OTHER,
          ITS SUCCESSORS AND ASSIGNS FOR ANY DAMAGES EXCEEDING TOTAL PAYMENTS
          PAID OR DUE BY BOTH PARTIES UNDER THIS AGREEMENT.

     l.   NOTICES. Unless otherwise agreed to by the parties, all notices
          required under this Agreement shall be deemed effective when received
          and made in writing by either (i) registered mail, (ii) certified
          mail, return receipt requested, (iii) overnight mail, or (iv)
          telephone facsimile transfer with confirmation, addressed and sent to
          the receiving party address with the original of the notice being
          addressed to the signatory of this Agreement and a copy addressed to
          the receiving party's General Counsel, legal department, or legal
          representative.

     m.   REPRESENTATIONS, WARRANTIES, AND DISCLAIMER.

               i.   OWNERSHIP. Company represents and warrants that the Licensed
                    Works and Licensed Trademarks do not infringe any entity's
                    or person's patent, copyright, trademark, trade name, trade
                    secret rights, or other proprietary right, that Company has
                    the valid right to grant to Novell all rights to the
                    Licensed Works and Licensed Trademarks granted herein, and
                    that to Company's knowledge there is currently no actual or
                    threatened claim by any third party based on an alleged
                    violation of these rights by Company.

               ii.  DISCLAIMER. EXCEPT AS EXPRESSLY SET FORTH IN THIS
                    AGREEMENT, NEITHER PARTY MAKES ANY WARRANTIES OR
                    REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, WITH
                    RESPECT TO DELIVERABLES, LICENSED WORKS, INFORMATION OR
                    OTHERWISE UNDER THIS AGREEMENT, AND EACH PARTY HEREBY
                    EXPRESSLY DISCLAIMS ALL SUCH WARRANTIES, INCLUDING BUT NOT
                    LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY,
                    TITLE, NON-INFRINGEMENT, AND FITNESS FOR A PARTICULAR
                    PURPOSE.

     n.   SEVERABILITY. If any provision of this Agreement is held by a court
          of competent jurisdiction to be invalid, illegal, or unenforceable,
          the remaining provisions shall remain in full force and effect and
          shall be interpreted, to the extent possible, to achieve the purposes
          of this Agreement as originally expressed. The parties further agree
          to substitute for the invalid provision a valid provision that most
          closely approximates the intent and economic effect of the invalid
          provision.

     o.   SUBSIDIARIES. All rights and licenses granted to Novell in this
          Agreement shall apply to Novell's subsidiaries. Company agrees that
          it may not seek to enforce any obligation of Novell (or its
          subsidiaries) through a legal action brought against a subsidiary
          except to the extent that such action seeks injunctive relief against
          that particular subsidiary. Each party shall remain fully liable for
          the acts and omissions of its subsidiaries relative to this Agreement.

     p.   SURVIVAL OF TERMS. In the event of a termination or expiration of
          this Agreement, all obligations of confidentiality, all provisions
          regarding upgrade protection, all general terms, and all other
          provisions and licenses that by their nature survive termination,
          shall continue in effect in accordance with their terms.

     q.   VOLUME OBLIGATIONS. Neither party shall have an obligation (i) to
          offer any product or service to any third party by way of sale,
          license, or otherwise (ii) to use any minimum level of effort (unless
          expressly stated in this Agreement) in the promotion, marketing,
          licensing, or sales of any products or services, including products
          or services of the other party, or (iii) to purchase, sell, or
          license any minimum amount of products or services from the other
          party. Novell has no obligation to make the Licensed Works available
          or to include any Licensed Work on its price list.

     r.   WAIVER. No waiver of any provision of this Agreement shall be
          effective unless it is set forth in a writing that refers to the
          provisions so waived and is executed by an authorized representative
          of the party

--------------------------------------------------------------------------------
                                     Page 7

<PAGE>
                                                   Novell / Company Confidential
--------------------------------------------------------------------------------

          waving its rights. No failure or delay by either party in exercising
          any right, power, or remedy will operate as a waiver of any such
          right, power, or remedy.

                      *    *    *    *    *    *    *    *

                  NOVELL                                  COMPANY

By: /s/ M. S. ESPY                         By: /s/ SAM HASSABO
    --------------------------------           --------------------------------

Name: M. S. Espy                           Name: Sam Hassabo
      ------------------------------             ------------------------------

Title: V. P. [Illegible]                   Title: President
       -----------------------------              -----------------------------

Date: 10/16/01                             Date: 10/5/01
      ------------------------------             ------------------------------

-------------------
Approved P. McBride

Legal Dept.    PM
            -------
-------------------

--------------------------------------------------------------------------------
                                     Page 8<PAGE>

CONTACTS
--------------------------------------------------------------------------------

           Administrator:         Kumar X. Khambhaita
           Direct Phone No:       (714) 247-6327
           Address:               Deutsche Bank
                                  1761 E. St. Andrew Place
                                  Santa Ana, CA 92705

           Web Site:              http://www-apps.gis.deutsche-bank.com/invr
           Factor Information:    (800) 735-7777
           Main Phone No:         (714) 247-6000

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

ISSUANCE INFORMATION
--------------------------------------------------------------------------------

<TABLE>
--------------------------------------------------------------------------------------------------------------
<S>                         <C>                                     <C>                     <C>
     Seller:                 Redwood Trust                           Cut-Off Date:           October 1, 2001
     Certificate Insurer:                                            Closing Date:           October 31, 2001
     Servicer(s):            Cendant Mortgage Corporation            First Payment Date:     November 19, 2001
                             Morgan Stanley Dean Witter

     Underwriter(s):         Greenwich Capital Markets, Inc.         Distribution Date:      November 19, 2001
                             Bear, Stearns & Co. Inc.                Record Date:            November 16, 2001
--------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 5

                          COLLATERALIZED MORTGAGE BONDS
             BOND PAYMENT REPORT FOR NOVEMBER 19, 2001 DISTRIBUTION

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                      Prior                                                                            Principal
                                    Principal                                      Total       Realized   Deferred      Balance
         Class    Original           Balance        Interest       Principal    Distribution    Losses    Interest   (7)=(1)-(3)-
Class     Type    Face Value           (1)            (2)             (3)        (4)=(2)+(3)      (5)       (6)        (5)+(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>    <C>              <C>              <C>            <C>            <C>            <C>        <C>       <C>
LT-A            496,667,000.00   496,667,000.00   2,086,515.08   2,025,933.44   4,112,448.52      --         --     494,641,066.56
LT-A2                   100.00           100.00           0.42         100.00         100.42      --         --                 --
LT-X                    100.00           100.00             --         100.00         100.00      --         --                 --
LT-B-1            5,918,000.00     5,918,000.00      24,861.72             --      24,861.72      --         --       5,918,000.00
LT-B-2            5,146,000.00     5,146,000.00      21,618.52             --      21,618.52      --         --       5,146,000.00
LT-B-3            2,316,000.00     2,316,000.00       9,729.59             --       9,729.59      --         --       2,316,000.00
LT-B-4            1,545,000.00     1,545,000.00       6,490.60             --       6,490.60      --         --       1,545,000.00
LT-B-5            1,030,000.00     1,030,000.00       4,327.06             --       4,327.06      --         --       1,030,000.00
LT-B-6            2,058,912.00     2,058,912.00       8,649.56             --       8,649.56      --         --       2,058,912.00
LT-R                        --               --             --             --             --      --         --                 --

  Total         514,681,112.00   514,681,112.00   2,162,192.55   2,026,133.44   4,188,325.99      --         --     512,654,978.56
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail                     Current Period Factor Information per $1,000 of Original Face
-------------------------------------------------------------------------------------------------------------------------------
                                                              Prior                                                 Current
                                       Orig. Principal      Principal                                Total         Principal
        Period   Period                (with Notional)       Balance     Interest     Principal   Distribution      Balance
Class  Starting  Ending  Method  Cusip      Balance            (1)          (2)         (3)        (4)=(2)+(3)         (5)
-------------------------------------------------------------------------------------------------------------------------------
<S>    <C>      <C>     <C>      <C>    <C>                <C>            <C>        <C>           <C>             <C>
LT-A                    A-30/360        496,667,000.00     1,000.000000   4.201034       4.079058      8.280092      995.920942
LT-A2                   A-30/360                100.00     1,000.000000   4.200000   1,000.000000  1,004.200000              --
LT-X                    A-30/360                100.00     1,000.000000         --   1,000.000000  1,000.000000              --
LT-B-1                  A-30/360          5,918,000.00     1,000.000000   4.201034             --      4.201034    1,000.000000
LT-B-2                  A-30/360          5,146,000.00     1,000.000000   4.201034             --      4.201034    1,000.000000
LT-B-3                  A-30/360          2,316,000.00     1,000.000000   4.201032             --      4.201032    1,000.000000
LT-B-4                  A-30/360          1,545,000.00     1,000.000000   4.201036             --      4.201036    1,000.000000
LT-B-5                  A-30/360          1,030,000.00     1,000.000000   4.201029             --      4.201029    1,000.000000
LT-B-6                  A-30/360          2,058,912.00     1,000.000000   4.201034             --      4.201034    1,000.000000
LT-R                    A-30/360                    --               --         --             --            --              --
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                                                                                                      Principal
           Original                   Unscheduled    Scheduled     Total          Total      Realized   Deferred      Balance
          Face Value     Interest      Principal     Principal   Principal     Distribution   Losses    Interest    (9)=(1)-(5)-
Class        (1)           (2)             (3)         (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)        (8)         (7)+(8)
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>        <C>
LT-A   496,667,000.00  2,086,515.08   2,025,933.44      --      2,025,933.44   4,112,448.52     --         --      494,641,066.56
LT-A2          100.00          0.42         100.00      --            100.00         100.42     --         --                  --
LT-X           100.00            --         100.00      --            100.00         100.00     --         --                  --
LT-B-1   5,918,000.00     24,861.72             --      --                --      24,861.72     --         --        5,918,000.00
LT-B-2   5,146,000.00     21,618.52             --      --                --      21,618.52     --         --        5,146,000.00
LT-B-3   2,316,000.00      9,729.59             --      --                --       9,729.59     --         --        2,316,000.00
LT-B-4   1,545,000.00      6,490.60             --      --                --       6,490.60     --         --        1,545,000.00
LT-B-5   1,030,000.00      4,327.06             --      --                --       4,327.06     --         --        1,030,000.00
LT-B-6   2,058,912.00      8,649.56             --      --                --       8,649.56     --         --        2,058,912.00
LT-R               --            --             --      --                --             --     --         --                  --
---------------------------------------------------------------------------------------------------------------------------------
Total  514,681,112.00  2,162,192.55   2,026,133.44      --      2,026,133.44   4,188,325.99     --         --      512,654,978.56
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                      Non-       Prior       Unscheduled    Optimal        Paid or       Current
           Pass-    Prior Principal     Accrued      Supported    Unpaid        Interest     Interest       Deferred      Unpaid
          Through   (with Notional)     Interest    Interest SF  Interest     Adjustments  (5)=(1)-(2)+     Interest     Interest
Class      Rate        Balance            (1)           (2)        (3)             (4)        (3)+(4)         (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>               <C>           <C>          <C>          <C>          <C>             <C>          <C>
LT-A     5.04124%   496,667,000.00    2,086,515.08      --          --              --     2,086,515.08   2,086,515.08       --
LT-A2    5.04124%           100.00            0.42      --          --              --             0.42           0.42       --
LT-X                        100.00              --      --          --              --               --             --       --
LT-B-1   5.04124%     5,918,000.00       24,861.72      --          --              --        24,861.72      24,861.72       --
LT-B-2   5.04124%     5,146,000.00       21,618.52      --          --              --        21,618.52      21,618.52       --
LT-B-3   5.04124%     2,316,000.00        9,729.59      --          --              --         9,729.59       9,729.59       --
LT-B-4   5.04124%     1,545,000.00        6,490.60      --          --              --         6,490.60       6,490.60       --
LT-B-5   5.04124%     1,030,000.00        4,327.06      --          --              --         4,327.06       4,327.06       --
LT-B-6   5.04124%     2,058,912.00        8,649.56      --          --              --         8,649.56       8,649.56       --
LT-R                            --              --      --          --              --               --             --       --
-----------------------------------------------------------------------------------------------------------------------------------
Total               514,681,112.00    2,162,192.55      --          --              --     2,162,192.55   2,162,192.55       --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                      Prior                                                                            Principal
                                    Principal                                      Total       Realized   Deferred      Balance
         Class    Original           Balance        Interest       Principal    Distribution    Losses    Interest
Class     Type    Face Value
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     (7)=(1)-(3)-
                                       (1)            (2)             (3)        (4)=(2)+(3)      (5)       (6)        (5)+(6)
<S>     <C>    <C>              <C>              <C>            <C>            <C>            <C>        <C>       <C>

A         FLT  496,667,000.00   496,667,000.00   1,114,396.58    2,025,933.44    3,140,330.02      --        --      494,641,066.56
X        CSTR          100.00           100.00     993,289.46          100.00      993,389.46      --        --                  --
A-R         R          100.00           100.00           0.42          100.00          100.42      --        --                  --
B-1       SUB    5,918,000.00     5,918,000.00      15,497.76              --       15,497.76      --        --        5,918,000.00
B-2       SUB    5,146,000.00     5,146,000.00      13,476.09              --       13,476.09      --        --        5,146,000.00
B-3       SUB    2,316,000.00     2,316,000.00       6,065.03              --        6,065.03      --        --        2,316,000.00
B-4       SUB    1,545,000.00     1,545,000.00       6,490.60              --        6,490.60      --        --        1,545,000.00
B-5       SUB    1,030,000.00     1,030,000.00       4,327.06              --        4,327.06      --        --        1,030,000.00
B-6       SUB    2,058,912.00     2,058,912.00       8,649.55              --        8,649.55      --        --        2,058,912.00
-----------------------------------------------------------------------------------------------------------------------------------
Total          514,681,112.00   514,681,112.00   2,162,192.54    2,026,133.44    4,188,325.98      --        --      512,654,978.56
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 10/31/01

<TABLE>
<CAPTION>
Interest Accrual Detail                     Current Period Factor Information per $1,000 of Original Face
-----------------------------------------------------------------------------------------------------------------------------------
                                                              Prior                                                      Current
                                           Orig. Principal  Principal                                     Total         Principal
        Period   Period                    (with Notional)   Balance       Interest       Principal    Distribution      Balance
Class  Starting  Ending  Method    Cusip      Balance          (1)            (2)            (3)        (4)=(2)+(3)        (5)
<S>    <C>      <C>     <C>                <C>             <C>           <C>             <C>          <C>              <C>
A                       A-30/360 81743WAA9 496,667,000.00  1,000.000000        2.243750      4.079058         6.322808   995.920942
X                       A-30/360 81743WAJ0         100.00  1,000.000000  932,894.563000  1,000.000000 9,933,894.563000           --
A-R                     A-30/360 81743WAB7         100.00  1,000.000000        4.200000  1,000.000000     1,004.200000           --
B-1                     A-30/360 81743WAC5   5,918,000.00  1,000.000000        2.618750            --         2.618750 1,000.000000
B-2                     A-30/360 81743WAD3   5,146,000.00  1,000.000000        2.618750            --         2.618750 1,000.000000
B-3                     A-30/360 81743WAE1   2,316,000.00  1,000.000000        2.618752            --         2.618752 1,000.000000
B-4                     A-30/360 81743WAF8   1,545,000.00  1,000.000000        4.201036            --         4.201036 1,000.000000
B-5                     A-30/360 81743WAG6   1,030,000.00  1,000.000000        4.201029            --         4.201029 1,000.000000
B-6                     A-30/360 81743WAH4   2,058,912.00  1,000.000000        4.201029            --         4.201029 1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                                                                                                      Principal
           Original                   Unscheduled    Scheduled     Total          Total      Realized   Deferred      Balance
          Face Value     Interest      Principal     Principal   Principal     Distribution   Losses    Interest    (9)=(1)-(5)-
Class        (1)           (2)             (3)         (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)        (8)         (7)+(8)
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>        <C>
A      496,667,000.00  1,114,396.58  2,025,933.44       --      2,025,933.44  3,140,330.02       --        --      494,641,066.56
X              100.00    993,289.46        100.00       --            100.00    993,389.46       --        --                  --
A-R            100.00          0.42        100.00       --            100.00        100.42       --        --                  --
B-1      5,918,000.00     15,497.76            --       --                --     15,497.76       --        --        5,918,000.00
B-2      5,146,000.00     13,476.09            --       --                --     13,476.09       --        --        5,146,000.00
B-3      2,316,000.00      6,065.03            --       --                --      6,065.03       --        --        2,316,000.00
B-4      1,545,000.00      6,490.60            --       --                --      6,490.60       --        --        1,545,000.00
B-5      1,030,000.00      4,327.06            --       --                --      4,327.06       --        --        1,030,000.00
B-6      2,058,912.00      8,649.55            --       --                --      8,649.55       --        --        2,058,912.00
---------------------------------------------------------------------------------------------------------------------------------
Total  514,681,112.00  2,162,192.54  2,026,133.44       --      2,026,133.44  4,188,325.98       --        --      512,654,978.56
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Interest Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                      Non-       Prior       Unscheduled    Optimal        Paid or       Current
           Pass-    Prior Principal     Accrued      Supported    Unpaid        Interest     Interest       Deferred      Unpaid
          Through   (with Notional)     Interest    Interest SF  Interest     Adjustments  (5)=(1)-(2)+     Interest     Interest
Class      Rate        Balance            (1)           (2)        (3)             (4)        (3)+(4)         (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>               <C>           <C>          <C>          <C>          <C>            <C>           <C>
A        2.69250%    496,667,000.00  1,114,396.58        --         --              --     1,114,396.58  1,114,396.58       --
X        2.33694%            100.00    993,289.46        --         --              --       993,289.46    993,289.46       --
A-R      5.04124%            100.00          0.42        --         --              --             0.42          0.42       --
B-1      3.14250%      5,918,000.00     15,497.76        --         --              --        15,497.76     15,497.76       --
B-2      3.14250%      5,146,000.00     13,476.09        --         --              --        13,476.09     13,476.09       --
B-3      3.14250%      2,316,000.00      6,065.03        --         --              --         6,065.03      6,065.03       --
B-4      5.04124%      1,545,000.00      6,490.60        --         --              --         6,490.60      6,490.60       --
B-5      5.04124%      1,030,000.00      4,327.06        --         --              --         4,327.06      4,327.06       --
B-6      5.04124%      2,058,912.00      8,649.55        --         --              --         8,649.55      8,649.55       --
-----------------------------------------------------------------------------------------------------------------------------------
Total                514,681,112.00  2,162,192.54        --         --              --     2,162,192.54  2,162,192.54       --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                            COLLECTION ACCOUNT REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                            MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                           <C>               <C>                <C>
Principal Collections                           635,134.59       1,390,998.85       2,026,133.44
Principal Withdrawals                                 0.00               0.00               0.00
Principal Other Accounts                              0.00               0.00               0.00
TOTAL PRINCIPAL                                 635,134.59       1,390,998.85       2,026,133.44

Interest Collected                              667,120.76       1,375,727.46       2,042,848.22
Interest Withdrawals                                  0.00               0.00               0.00
Interest Other Accounts                               0.00               0.00               0.00
Fees                                            (11,417.27)        (63,353.36)        (76,700.68)
TOTAL INTEREST                                  655,703.49       1,312,374.10       2,162,192.55

TOTAL AVAILABLE TO CERTIFICATEHOLDERS         1,290,838.08       2,703,372.95       4,188,325.99
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                            MSDW             CENDANT           TOTAL
------------------------------------------------------------------------------------------------
<S>                                            <C>               <C>                <C>
Scheduled Principal                                   0.00               0.00               0.00
Curtailments                                    230,134.59         606,598.85         836,733.44
Prepayments In Full                             405,000.00         784,400.00       1,189,400.00
Repurchased Principal Amounts                         0.00               0.00               0.00
Substitution Principal Amount                         0.00               0.00               0.00
Liquidations                                          0.00               0.00               0.00
Insurance Principal                                   0.00               0.00               0.00
Other Principal                                       0.00               0.00               0.00
Total Realized Loss Of Principal                      0.00               0.00               0.00

TOTAL PRINCIPAL COLLECTED                       635,134.59       1,390,998.85       2,026,133.44
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                            MSDW            CENDANT               TOTAL
------------------------------------------------------------------------------------------------
<S>                                               <C>            <C>                    <C>

     SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                        MSDW             CENDANT               TOTAL
------------------------------------------------------------------------------------------------
<S>                                               <C>            <C>                    <C>
     Amounts remaining in Pre-Funding Account                                            0.00

------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                             MSDW             CENDANT              TOTAL
------------------------------------------------------------------------------------------------
<S>                                            <C>               <C>               <C>
Scheduled Interest                              705,261.58       1,403,231.79       2,108,493.37
Repurchased Interest                                  0.00               0.00               0.00
Substitution Interest Amount                          0.00               0.00               0.00
Liquidation Interest                                  0.00               0.00               0.00
Insurance Interest                                    0.00               0.00               0.00
Other Interest                                        0.00               0.00               0.00

Delinquent Interest                            (553,383.09)       (428,095.25)       (981,478.34)
Interest Advanced                               515,242.27         400,590.92         915,833.19
Prepayment Interest Shortfalls                        0.00          (2,123.30)         (2,123.30)
Compensating Interest                                 0.00           2,123.30           2,123.30
Civil Relief Act Shortfalls                           0.00               0.00               0.00

TOTAL INTEREST COLLECTED                        667,120.76       1,375,727.46       2,042,848.22
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                MSDW             CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                                  <C>                <C>                <C>
Current Nonrecoverable Advances                       0.00               0.00               0.00

TOTAL INTEREST WITHDRAWALS                            0.00               0.00               0.00
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                           MSDW            CENDANT               TOTAL
------------------------------------------------------------------------------------------------
<S>                                                <C>             <C>               <C>
Pre-Funding Account Earnings                                                           80,633.25
Basis Risk Shortfall                                                                        0.00
Capitalized Interest Requirement                                                      115,411.76

TOTAL INTEREST OTHER ACCOUNTS                                                         196,045.01
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                      MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
     Current Servicing Fees                      11,417.27          63,353.36          74,770.63
     Trustee Fee                                                                        1,930.05

     TOTAL FEES                                  11,417.27          63,353.36          76,700.68
------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                            CREDIT ENHANCEMENT REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ACCOUNTS                                          MSDW              CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
BASIS RISK RESERVE FUND
Beginning Balance                                                                      10,000.00
Basis Risk Deposit                                                                          0.00
Basis Risk Shortfall paid                                                                  (0.00)
Investment Earnings paid directly to Class X                                                0.00
Ending Balance                                                                         10,000.00
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INSURANCE                                         MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
           SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                               MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
Pro Rata Senior Percentage                                                            96.499986%
Senior Percentage                                                                    100.000000%
Subordinate Percentage                                                                 0.000000%
Senior Prepayment Percentage                                                         100.000000%
Subordinate Percentage                                                                 0.000000%
------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                                COLLATERAL REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL                                                  MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
   Loan Count:
ORIGINAL                                                           296                  725                 1021
Prior                                                               --                   --                   --
Prefunding                                                          --                   --                   --
Scheduled Paid Offs                                                 --                   --                   --
Full Voluntary Prepayments                                          (1)                  (5)                  (6)
Repurchases                                                         --                   --                   --
Liquidations                                                        --                   --                   --
----------------------------------------------------------------------------------------------------------------
Current                                                            295                  720                1,015

PRINCIPAL BALANCE:
Original                                                153,936,514.18       290,744,597.66       444,681,111.84
Prior                                                               --                   --                   --
Prefunding                                                          --                   --                   --
Scheduled Principal                                                 --                   --                   --
Partial and Full Voluntary Prepayments                     (635,134.59)       (1,390,998.85)       (2,026,133.44)
Repurchases                                                         --                   --                   --
Liquidations                                                        --                   --                   --
Current                                                 153,301,379.59       289,353,598.81       442,654,978.40
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PREFUNDING                                                  MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
PRE-FUNDING ACCOUNT
Original Pre-Funded Amount                                                                         70,000,000.00
Balance of Subsequent Mortgage Loans added this period                                                      0.00
Pre-Funding Account Earnings                                                                           80,633.25
Withdrawal remaining amounts                                                                                0.00
Pre-Funding Account Ending Balance                                                                 70,000,000.00

CAPITALIZED INTEREST ACCOUNT
Original Capitalized Interest Amount                                                                  132,224.00
Capitalized Interest Requirement                                                                     (115,411.76)
Capitalized Interest Account Ending Balance                                                            16,812.24
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Weighted Average Coupon Original                              5.497811%            5.791606%            5.689902%
Weighted Average Coupon Prior
Weighted Average Coupon Current                               5.497811%            5.791606%            5.689902%
----------------------------------------------------------------------------------------------------------------
Weighted Average Months to Maturity Original                       297                  296                  296
Weighted Average Months to Maturity Prior                           --                   --                   --
Weighted Average Months to Maturity Current                        297                  296                  296
----------------------------------------------------------------------------------------------------------------
Weighted Avg Remaining Amortization Term Original                  297                  296                  296
Weighted Avg Remaining Amortization Term Prior                      --                   --                   --
Weighted Avg Remaining Amortization Term Current                   297                  296                  296
----------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning Original                               3.35                 4.14                 3.87
Weighted Average Seasoning Prior                                    --                   --                   --
Weighted Average Seasoning Current                                3.35                 4.14                 3.87
----------------------------------------------------------------------------------------------------------------
</TABLE>

Note:  Original information refers to deal issue.

<PAGE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                             MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                 <C>                  <C>
Weighted Average Margin Original                                 1.682%               1.801%
Weighted Average Margin Prior
Weighted Average Margin Current                                  1.682%               1.801%
----------------------------------------------------------------------------------------------------------------
Weighted Average Max Rate Original                              12.000%              12.275%
Weighted Average Max Rate Prior
Weighted Average Max Rate Current                               12.000%              12.275%
----------------------------------------------------------------------------------------------------------------
Weighted Average Min Rate Original                               1.682%               1.801%
Weighted Average Min Rate Prior
Weighted Average Min Rate Current                                1.682%               1.801%
----------------------------------------------------------------------------------------------------------------
Weighted Average Cap Up Original
Weighted Average Cap Up Prior
Weighted Average Cap Up Current
----------------------------------------------------------------------------------------------------------------
Weighted Average Cap Down Original
Weighted Average Cap Down Prior
Weighted Average Cap Down Current
----------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
SERVICING FEES/ADVANCES                                       MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Current Servicing Fees                                       11,417.27            63,353.36            74,770.63
Delinquent Servicing Fees                                    38,140.81            27,504.33            65,645.14
TOTAL SERVICING FEES                                         49,558.08            90,857.69           140,415.77

Total Servicing Fees                                         49,558.08            90,857.69           140,415.77
Compensating Interest                                             0.00            (2,123.30)           (2,123.30)
Delinquent Servicing Fees                                   (38,140.81)          (27,504.33)          (65,645.14)
COLLECTED SERVICING FEES                                     11,417.27            61,230.06            72,647.33

Prepayment Interest Shortfall                                     0.00             2,123.30             2,123.30

Total Advanced Interest                                     515,242.27           400,590.92           915,833.19

Current Nonrecoverable Advances                                   0.00                 0.00                 0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                           MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Mortgage Loans which adjust based on One-Month LIBOR     22,387,984.45                 0.00        22,387,984.45
Mortgage Loans which adjust based on Six-Month LIBOR    130,913,395.14       289,353,598.81       420,266,993.95

Special Hazard Loss Coverage Amount                                                                 5,502,000.00
Current Special Hazard Losses                                                                               0.00
Cumulative Special Hazard Losses                                                                            0.00
Bankruptcy Loss Coverage Amount                                                                       148,271.00
Current Bankruptcy Losses                                                                                   0.00
Cumulative Bankruptcy Losses                                                                                0.00
Fraud Loss Coverage Amount                                                                         10,293,622.00
Current Fraud Losses                                                                                        0.00
Cumulative Fraud Losses                                                                                     0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                           DELINQUENCY REPORT - TOTAL
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                    CURRENT       1 PAYMENT           2 PAYMTS           3+ PAYMTS           TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>         <C>                   <C>                <C>             <C>
DELINQUENT      Balance                         4,045,650.00         379,893.12                 --       4,425,543.12
                % Balance                               0.91%              0.09%              0.00%              1.00%
                # Loans                                    8                  1                 --                  9
                % # Loans                               0.79%              0.10%              0.00%              0.89%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE     Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY      Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
REO             Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
TOTAL           Balance                --       4,045,650.00         379,893.12                 --       4,425,543.12
                % Balance            0.00%              0.91%              0.09%              0.00%              1.00%
                # Loans                --                  8                  1                 --                  9
                % # Loans            0.00%              0.79%              0.10%              0.00%              0.89%
---------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29 days, 1 Payment =30-59 days, 2 Payments = 60-89 days, 3+
Payments = 90+

--------------------------------------------------------------------------------
                       DELINQUENCY REPORT - CENDANT GROUP
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                    CURRENT       1 PAYMENT           2 PAYMTS           3+ PAYMTS           TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>         <C>                   <C>                <C>             <C>

DELINQUENT      Balance                         2,701,900.00         379,893.12                 --       3,081,793.12
                % Balance                               0.93%              0.13%              0.00%              1.07%
                # Loans                                    7                  1                 --                  8
                % # Loans                               0.97%              0.14%              0.00%              1.11%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE     Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY      Balance                --                 --                 --                 --                --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
REO             Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
TOTAL           Balance                --       2,701,900.00         379,893.12                 --       3,081,793.12
                % Balance            0.00%              0.93%              0.13%              0.00%              1.07%
                # Loans                --                  7                  1                 --                  8
                % # Loans            0.00%              0.97%              0.14%              0.00%              1.11%
---------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29 days, 1 Payment =30-59 days, 2 Payments = 60-89 days, 3+
Payments = 90+

<PAGE>

--------------------------------------------------------------------------------
                         DELINQUENCY REPORT - MSDW GROUP
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                    CURRENT       1 PAYMENT           2 PAYMTS           3+ PAYMTS           TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>         <C>                   <C>                <C>             <C>

DELINQUENT      Balance                         1,343,750.00                 --                 --       1,343,750.00
                % Balance                               0.88%              0.00%              0.00%              0.88%
                # Loans                                    1                 --                 --                  1
                % # Loans                               0.34%              0.00%              0.00%              0.34%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE     Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY      Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
REO             Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
TOTAL           Balance                --       1,343,750.00                 --                 --       1,343,750.00
                % Balance            0.00%              0.88%              0.00%              0.00%              0.88%
                # Loans                --                  1                 --                 --                  1
                % # Loans            0.00%              0.34%              0.00%              0.00%              0.34%
---------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29 days, 1 Payment =30-59 days, 2 Payments = 60-89 days, 3+
Payments = 90+

<PAGE>

--------------------------------------------------------------------------------
     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                               LOAN GROUP
------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>
Total Loan Count =   0                                Loan Group 1  =  Cendant Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00           Loan Group 2    =    MSDW Group;   REO Book Value  =  000.00
Total Current Balance =   000.00
REO Book Value =   000.00
------------------------------------------------------------------------------------------------------------------
</TABLE>

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Loan Number     Original       Stated                   Current       State &
     &          Principal    Principal       Paid to     Note         LTV at       Original   Origination
Loan Group       Balance      Balance         Date       Rate      Origination      Term         Date
---------------------------------------------------------------------------------------------------------
<S>            <C>          <C>              <C>        <C>       <C>              <C>        <C>
                         SPACE INTENTIONALLY LEFT BLANK

---------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
       FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING
                              CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                               LOAN GROUP
--------------------------------------------------------------------------------
<S>                                                  <C>
Total Loan Count = 0                               Loan Group 1 = Cendant Group
Total Original Principal Balance = 000.00          Loan Group 2 = MSDW Group
Total Current Balance = 000.00

--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Loan Number     Original       Stated                   Current       State &
     &          Principal    Principal       Paid to     Note         LTV at       Original   Origination
Loan Group       Balance      Balance         Date       Rate      Origination      Term         Date
---------------------------------------------------------------------------------------------------------
<S>            <C>          <C>              <C>        <C>       <C>              <C>        <C>
         SPACE INTENTIONALLY LEFT BLANK

---------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                        MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
CURRENT

Number of Paid in Full Loans                                         1                    5                    6
Number of Repurchased Loans                                         --                   --                   --
----------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                1                    5                    6

Paid in Full Balance                                        405,000.00           784,400.00         1,189,400.00
Repurchased Loans Balance                                           --                   --                   --
Curtailments Amount                                         230,134.59           606,598.85           836,733.44
----------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                     635,134.59         1,390,998.85         2,026,133.44

CUMULATIVE

Number of Paid in Full Loans                                         1                    5                    6
Number of Repurchased Loans                                         --                   --                   --
----------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                1                    5                    6

Paid in Full Balance                                        405,000.00           784,400.00         1,189,400.00
Repurchased Loans Balance                                           --                   --                   --
Curtailments Amount                                         230,134.59           606,598.85           836,733.44
----------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                     635,134.59         1,390,998.85         2,026,133.44

                         SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                        MSDW                CENDANT              TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                            <C>                 <C>                  <C>
SMM                                                               0.41%                0.48%                0.46%
3 Months Avg SMM
12 Months Avg SMM

Avg SMM Since Cut-off                                             0.41%                0.48%                0.46%

CPR                                                               4.84%                5.59%                5.33%
3 Months Avg CPR
12 Months Avg CPR
Avg CPR Since Cut-off                                             4.84%                5.59%                5.33%

PSA                                                             722.44%              675.41%              689.62%
3 Months Avg  PSA Approximation
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation                             722.44%              675.41%              689.62%

----------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
Repurchases)/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM)[CARET]12)

PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) *
(1-SMMn+1) *.......*(1-SMMm)][CARET](1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m)[CARET]12)

Average PSA Approximation over period between the nth month and mth month:
AvgCPRn,m/(0.02*Avg WASn,m))

Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of
months in the period n,m)

Weighted Average Seasoning (WAS)

Note:   Prepayment rates are calculated since deal issue date and include
        partial and full voluntary prepayments and repurchases. Dates correspond
        to distribution dates.

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

<PAGE>

--------------------------------------------------------------------------------
  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                                    LOAN GROUP
-------------------------------------------------          ------------------------------
<S>                                                       <C>
Total Loan Count =   6                                     Loan Group 1  =  Cendant Group
Total Original Principal Balance =   1,399,400.00          Loan Group 2  =  MSDW Group
Total Prepayment Amount =   1,189,400.00
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Loan Number               Original                                 Current       State &     Type Prepayment
    &            Loan     Principal     Prepayment   Prepayment      Note        LTV at              &         Origination
Loan Group      Status     Balance         Amount       Date         Rate      Origination    Original Term        Date
--------------------------------------------------------------------------------------------------------------------------
<S>           <C>       <C>            <C>           <C>           <C>         <C>             <C>             <C>
7074992129 1              91,000.00      91,000.00    Oct-03-01     5.625%      SC-100.00%      Paid Off-300    May-22-01
7074992194 1             145,000.00     145,000.00    Oct-03-01     5.375%      SC-100.00%      Paid Off-300    Jun-25-01
7074998811 1             300,000.00     150,000.00    Oct-29-01     6.250%      FL-45.80%       Paid Off-300    May-10-01
7076074835 1             300,000.00     240,000.00    Oct-25-01     5.625%      GA-75.00%       Paid Off-300    Jul-01-01
7076098545 1             158,400.00     158,400.00    Oct-02-01     5.625%      FL-80.00%       Paid Off-300    Jun-05-01
390433296  2             405,000.00     405,000.00    Nov-01-01     6.250%      CA-100.00%      Paid Off-300    Apr-25-01
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                        REALIZED LOSS REPORT - COLLATERAL
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                        MSDW               CENDANT               TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                             <C>                 <C>                    <C>

CURRENT

Number of Loans Liquidated                                          --                   --                   --
Collateral Realized Loss/(Gain) Amount                              --                   --                   --
Net Liquidation Proceeds                                            --                   --                   --

CUMULATIVE

Number of Loans Liquidated                                          --                   --                   --
Collateral Realized Loss/(Gain) Amount                              --                   --                   --
Net Liquidation Proceeds                                            --                   --                   --

Note:   Collateral realized losses may include adjustments to loans liquidated
        in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
DEFAULT SPEEDS                                                    MSDW                CENDANT               TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                             <C>                 <C>                  <C>
MDR                                                               0.00%                0.00%                0.00%
3 Months Avg MDR
12 Months Avg MDR

Avg MDR Since Cut-off                                             0.00%                0.00%                0.00%

CDR                                                               0.00%                0.00%                0.00%
3 Months Avg CDR
12 Months Avg CDR

Avg CDR Since Cut-off                                             0.00%                0.00%                0.00%

SDA                                                               0.00%                0.00%                0.00%
3 Months Avg  SDA Approximation
12 Months Avg SDA Approximation

Avg SDA Since Cut-off Approximation                               0.00%                0.00%                0.00%

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg  Loss Severity Approximation Since Cut-off
----------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY
--------------------------------------------------------------------------------

Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total
Beg Principal Balance)

Conditional Default Rate (CDR): 1-((1-MDR)[caret]12)

SDA Standard Default Assumption:
CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) *
(1-MDRn+1) *.......*(1-MDRm)][caret](1/months in period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m):
1-((1-AvgMDRn,m)[caret]12)

Average SDA Approximation over period between the nth month and mth month:

AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period
n,m)

Loss Severity Approximation for current period: sum(Realized Loss
Amount)/sum(Beg Principal Balance of Liquidated Loans)

Average Loss Severity Approximation over period between nth month and mth month:
Avg(Loss Severityn,m)

Note:   Default rates are calculated since deal issue date and include realized
        gains and additional realized losses and gains from prior periods.

Dates correspond to distribution dates.
--------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------
   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                              LOAN GROUP
-------------------------------------------          -----------------------------------------
<S>                                                 <C>
Total Loan Count =  0                                Loan Group 1 = Cendant Group
Total Original Principal Balance =  0.00             Loan Group 2 = MSDW Group
Total Prior Principal Balance =  0.00
Total Realized Loss Amount =  0.00
Total Net Liquidation Proceeds =  0.00
-------------------------------------------          -----------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Loan Number              Original         Prior                    Current      State &
     &          Loan     Principal      Principal     Realized       Note        LTV at     Original    Origination
Loan Group     Status     Balance        Balance    Loss/(Gain)     Rate      Origination     Term         Date
-------------------------------------------------------------------------------------------------------------------
<S>           <C>       <C>             <C>        <C>             <C>        <C>           <C>         <C>

                         SPACE INTENTIONALLY LEFT BLANK

-------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
TRIGGER EVENTS                                               MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
                         SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                      MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
                         SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL INFORMATION                                       MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Basis Risk Shortfall
Class A                                                                                                  0.00
Class B-1                                                                                                0.00
Class B-2                                                                                                0.00
Class B-3                                                                                                0.00
Unpaid Basis Risk Shortfall
Class A                                                                                                  0.00
Class B-1                                                                                                0.00
Class B-2                                                                                                0.00
Class B-3                                                                                                0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]