Document:

INDENTURE

                                     between

                 GREENPOINT MORTGAGE FUNDING TRUST 200[]-[___],
                                 Issuing Entity

                                       and

                           [------------------------],
                                Indenture Trustee

                         Dated as of [________________]

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                                          TABLE OF CONTENTS

                                              ARTICLE I
                              DEFINITIONS AND INCORPORATION BY REFERENCE
<S>                   <C>
Section 1.01.         Definitions....................................................................
Section 1.02.         Incorporation by Reference of Trust Indenture Act..............................
Section 1.03.         Rules of Construction..........................................................

                                              ARTICLE II
                                              THE NOTES

Section 2.01.         Form...........................................................................
Section 2.02.         Execution, Authentication and Delivery.........................................
Section 2.03.         Limitations on Transfer of Certain Notes.......................................
Section 2.04.         Registration; Registration of Transfer and Exchange............................
Section 2.05.         Mutilated, Destroyed, Lost or Stolen Notes.....................................
Section 2.06.         Persons Deemed Owners..........................................................
Section 2.07.         Payment of Principal and Interest..............................................
Section 2.08.         Cancellation...................................................................
Section 2.09.         Release of Collateral..........................................................
Section 2.10.         Book-Entry Notes...............................................................
Section 2.11.         Notices to Clearing Agency.....................................................
Section 2.12.         Definitive Notes...............................................................
Section 2.13.         Tax Treatment..................................................................

                                             ARTICLE III
                                              COVENANTS

Section 3.01.         Payment of Principal and Interest..............................................
Section 3.02.         Maintenance of Office or Agency................................................
Section 3.03.         Money for Payments to be Held in Trust.........................................
Section 3.04.         Existence......................................................................
Section 3.05.         Protection of Collateral.......................................................
Section 3.06.         Opinions as to Collateral......................................................
Section 3.07.         Performance of Obligations; Servicing of the Assistance Loans..................
Section 3.08.         Negative Covenants.............................................................
Section 3.09.         No Other Business..............................................................
Section 3.10.         No Borrowing...................................................................
Section 3.11.         Guarantees, Loans, Advances and Other Liabilities..............................
Section 3.12.         Capital Expenditures...........................................................
Section 3.13.         Restricted Payments............................................................
Section 3.14.         Notice of Event of Default or Events of Servicing Termination..................
Section 3.15.         Further Instruments and Acts...................................................
Section 3.16.         Covenants of the Issuing Entity................................................

                                              ARTICLE IV
                                      SATISFACTION AND DISCHARGE

Section 4.01.         Satisfaction and Discharge of Indenture........................................
Section 4.02.         Application of Trust Money.....................................................
Section 4.03.         Repayment of Moneys Held by Paying Agent.......................................

                                              ARTICLE V
                                               REMEDIES

Section 5.01.         Remedies.......................................................................
Section 5.02.         Acceleration of Maturity; Rescission and Annulment.............................
Section 5.03.         Collection of Indebtedness and Suits for Enforcement by Indenture Trustee......
Section 5.04.         Priorities.....................................................................
Section 5.05.         Optional Preservation of the Trust Estate......................................
Section 5.06.         Limitation of Suits............................................................
Section 5.07.         Unconditional Rights of Noteholders To Receive Principal and Interest..........
Section 5.08.         Restoration of Rights and Remedies.............................................
Section 5.09.         Rights and Remedies Cumulative.................................................
Section 5.10.         Delay or Omission Not a Waiver.................................................
Section 5.11.         Control by Noteholders.........................................................
Section 5.12.         Waiver of Past Defaults........................................................
Section 5.13.         Undertaking for Costs..........................................................
Section 5.14.         Waiver of Stay or Extension Laws...............................................
Section 5.15.         Sale of Trust Estate...........................................................
Section 5.16.         Action on Notes................................................................
Section 5.17.         Performance and Enforcement of Certain Obligations.............................

                                              ARTICLE VI
                                        THE INDENTURE TRUSTEE

Section 6.01.         Duties of Indenture Trustee....................................................
Section 6.02.         Rights of Indenture Trustee....................................................
Section 6.03.         Individual Rights of Indenture Trustee.........................................
Section 6.04.         Indenture Trustee's Disclaimer.................................................
Section 6.05.         Notice of Event of Default.....................................................
Section 6.06.         Reports by Indenture Trustee to Holders........................................
Section 6.07.         Compensation and Indemnity.....................................................
Section 6.08.         Replacement of Indenture Trustee...............................................
Section 6.09.         Successor Indenture Trustee by Merger..........................................
Section 6.10.         Appointment of Co-Indenture Trustee or Separate Indenture Trustee..............
Section 6.11.         Eligibility; Disqualification..................................................
Section 6.12.         Representations and Warranties.................................................
Section 6.13.         Preferential Collection of Claims Against Issuing Entity.......................

                                             ARTICLE VII
                                    NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.         Issuing Entity To Furnish Indenture Trustee Names and Addresses of Noteholders.
Section 7.02.         Preservation of Information; Communications to Noteholders.....................
Section 7.03.         Reports by Issuing Entity......................................................
Section 7.04.         Reports by Indenture Trustee...................................................

                                             ARTICLE VIII
                                 ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.         Collection of Money............................................................
Section 8.02.         Trust Accounts and Certificate Account.........................................
Section 8.03.         General Provisions Regarding Accounts..........................................
Section 8.04.         Release of Collateral..........................................................

                                              ARTICLE IX
                                       SUPPLEMENTAL INDENTURES

Section 9.01.         Supplemental Indentures Without Consent of Noteholders.........................
Section 9.02.         Supplemental Indentures with Consent of Noteholders............................
Section 9.03.         Execution of Supplemental Indentures...........................................
Section 9.04.         Effect of Supplemental Indenture...............................................
Section 9.05.         Conformity with Trust Indenture Act............................................
Section 9.06.         Reference in Notes to Supplemental Indentures..................................

                                              ARTICLE X
                                         REDEMPTION OF NOTES

Section 10.01.        Redemption.....................................................................
Section 10.02.        Form of Redemption Notice......................................................
Section 10.03.        Notes Payable on Optional Redemption Date......................................

                                              ARTICLE XI
                                           REMIC PROVISIONS

Section 11.01.        Designation of REMIC Interests.................................................
Section 11.02.        Payments on REMIC Regular Interests............................................
Section 11.03.        Allocation of Realized Losses on the REMIC Regular Interests...................
Section 11.04.        REMIC Administration...........................................................
Section 11.05.        Prohibited Transactions and Activities.........................................
Section 11.06.        Indemnification with Respect to Certain Taxes and Loss of REMIC Status.........

                                             ARTICLE XII
                                            MISCELLANEOUS

Section 12.01.        Compliance Certificates and Opinions, etc......................................
Section 12.02.        Form of Documents Delivered to Indenture Trustee...............................
Section 12.03.        Acts of Noteholders............................................................
Section 12.04.        Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies........
Section 12.05.        Notices to Noteholders; Waiver.................................................
Section 12.06.        Conflict with Trust Indenture Act..............................................
Section 12.07.        Effect of Headings and Table of Contents.......................................
Section 12.08.        Successors and Assigns.........................................................
Section 12.09.        Severability...................................................................
Section 12.10.        Benefits of Indenture and Consents of Noteholders..............................
Section 12.11.        Legal Holidays.................................................................
Section 12.12.        Governing Law..................................................................
Section 12.13.        Counterparts...................................................................
Section 12.14.        Recording of Indenture.........................................................
Section 12.15.        Trust Obligations..............................................................
Section 12.16.        No Petition....................................................................
Section 12.17.        Inspection.....................................................................
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                                    EXHIBITS

EXHIBIT A     Forms of Notes
EXHIBIT B     [Reserved]
EXHIBIT C-1   Form of Transferor Certificate for Transfer of the Class B Notes
EXHIBIT C-2   Form of Transferee Certificate for Transfer of the Class B Notes
EXHIBIT D     Form of ERISA Certification
EXHIBIT E     Form of Back-Up Certification To Form 10-K Certificate
EXHIBIT F     Form 10-D, Form 8-K and Form 10-K Reporting Responsibility

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         This Indenture (this "Indenture"), dated as of [____________], is by
and between GREENPOINT MORTGAGE FUNDING TRUST 200[_]-[___], a Delaware statutory
trust (the "Issuing Entity"), and [____________], a national banking
association, as indenture trustee and not in its individual capacity (the
"Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuing Entity's variable
rate Class A Notes, Mezzanine Notes and Class B Notes (the "Notes"):

         As security for the payment and performance by the Issuing Entity of
its obligations under this Indenture and the Notes, the Issuing Entity has
agreed to assign the Collateral (as defined below) to the Indenture Trustee on
behalf of the Noteholders.

                                 GRANTING CLAUSE

         The Issuing Entity hereby Grants to the Indenture Trustee at the
Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes,
a security interest in all of the Issuing Entity's right, title and interest,
whether now owned or hereafter acquired, in and to: (i) the Trust Estate (as
defined in the Sale and Servicing Agreement); (ii) the Issuing Entity's rights
and benefits but none of its obligations under the Sale and Servicing Agreement
(including the Issuing Entity's right to cause the Depositor to repurchase
Mortgage Loans from the Issuing Entity under the circumstances described
therein); (iii) the Issuing Entity's rights and benefits but none of its
obligations under the Administration Agreement; (iv) the Trust Accounts, all
amounts and property in the Trust Accounts from time to time, and the Security
Entitlements to all Financial Assets credited to the Trust Accounts from time to
time; (v) all other property of the Issuing Entity from time to time; and (vi)
all present and future claims, demands, causes of action and chooses in action
in respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion thereof, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and
every kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing (collectively, the "Collateral").

         The foregoing Grant is made in trust to secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes, and to
secure (i) the payment of all amounts due on the Notes in accordance with their
terms, (ii) the payment of all other sums payable under this Indenture with
respect to the Notes, and (iii) compliance with the provisions of this
Indenture, all as provided in this Indenture.

         The Indenture Trustee, as indenture trustee on behalf of the Holders of
the Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture to the best of its ability to the end that the
interests of the Holders of the Notes may be adequately and effectively
protected.

         Neither the Indenture Trustee nor the Issuing Entity assumes or shall
assume any obligation under any Credit Line Agreement that provides for the
funding of future Draws to the Mortgagor thereunder, and neither the Indenture
Trustee nor the Issuing Entity shall be obligated to fund any such future Draws.

<PAGE>

                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.01. Definitions. Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective
meanings set forth in Annex A to the Sale and Servicing Agreement for all
purposes of this Indenture.

         Section 1.02. Incorporation by Reference of Trust Indenture Act.

         (a) Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

         "obligor" on the indenture securities means the Issuing Entity and any
other obligor on the indenture securities.

         (b) All other TIA terms used in this Indenture that are defined in the
TIA, defined by TIA reference to another statute or defined by rule of the
Commission have the respective meanings assigned to them by such definitions.

         Section 1.03. Rules of Construction. Unless the context otherwise
requires:

                  (i) a term has the meaning assigned to it;

                  (ii) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with generally accepted accounting
         principles as in effect from time to time;

                  (iii) "or" is not exclusive;

                  (iv) "including" means including without limitation;

                  (v) words in the singular include the plural and words in the
         plural include the singular;

                  (vi) any agreement, instrument or statute defined or referred
         to herein or in any instrument or certificate delivered in connection
         herewith means such agreement, instrument or statute as from time to
         time amended, modified or supplemented and includes (in the case of
         agreements or instruments) references to all attachments thereto and
         instruments incorporated therein; references to a Person are also to
         its permitted successors and assigns;

                  (vii) terms defined in the UCC and not otherwise defined
         herein shall have the meaning assigned to them in the UCC; and

                  (viii) "U.S. dollars", "dollars", or the sign "$" shall be
         construed as references to United States dollars which are freely
         transferable by residents and non-residents of the United States of
         America and convertible by such persons into any other freely
         convertible currency unless such transferability or convertibility is
         restricted by any law or regulation of general application in which
         event references to "U.S. dollars", "dollars", or the sign "$" shall be
         construed as references to such coin or currency of the United States
         of America as at the time of payment shall be legal tender for the
         payment of public and private debts in the United States of America,
         and "cents" shall be construed accordingly.

<PAGE>

                                   ARTICLE II

                                    THE NOTES

         Section 2.01. Form. The Notes, together with the Indenture Trustee's
certificate of authentication, shall be in substantially the forms set forth in
Exhibit A with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

         The Definitive Notes and the global certificates ("Global Securities")
representing the Book-Entry Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A are part of the terms of this Indenture.

         Section 2.02. Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuing Entity by any Authorized Officer of the
Owner Trustee or the Administrator. The signature of any such Authorized Officer
on the Notes may be manual or facsimile.

         Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of the Owner Trustee or the Administrator shall
bind the Issuing Entity, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of
such Notes or did not hold such offices at the date of such Notes.

         The Indenture Trustee shall, upon Issuing Entity Order, authenticate
and deliver the Notes for original issue in the following Initial Note Balances:

Class IA-1                      $  [_________]
Class IIA-1a                    $  [_________]
Class IIA-1b                    $  [_________]
Class IIA-1c                    $  [_________]
Class IIA-2c                    $  [_________]
Class IIA-3c                    $  [_________]
Class IIA-4c                    $  [_________]
Class M-1                       $  [_________]
Class M-2                       $  [_________]
Class M-3                       $  [_________]
Class M-4                       $  [_________]
Class M-5                       $  [_________]
Class M-6                       $  [_________]
Class M-7                       $  [_________]
Class M-8                       $  [_________]
Class M-9                       $  [_________]
Class M-10                      $  [_________]
Class M-11                      $  [_________]
Class B-1                       $  [_________]
Class B-2                       $  [_________]

         The aggregate Note Balance of the Notes of each such Class Outstanding
at any time may not exceed such amounts.

         The Notes will be issued in minimum principal amount denominations of
$25,000 and integral multiples of $1.00 in excess thereof; provided, that Notes
must be purchased in minimum total investments of $100,000.

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

         Section 2.03. Limitations on Transfer of Certain Notes.

         (a) No transfer, sale, pledge or other disposition of any Class B Note
or interest therein shall be made unless that transfer, sale, pledge or other
disposition is exempt from the registration and/or qualification requirements of
the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a
transfer of any Class B Note is to be made without registration under the
Securities Act (other than in connection with the initial issuance thereof or a
transfer thereof by the Depositor or one of its Affiliates), then the Note
Registrar shall refuse to register such transfer unless it receives (and upon
receipt, may conclusively rely upon) a certificate from the Noteholder desiring
to effect such transfer in the form attached as Exhibit C-1 hereto and a
certificate from such Noteholder's prospective transferee in the form attached
as Exhibit C-2 hereto (which in the case of the Book-Entry Notes, the Noteholder
and the Noteholder's prospective transferee will be deemed to have represented
such certification). None of the Issuing Entity, the Depositor, the Indenture
Trustee, the Administrator, the Owner Trustee, the Servicer or the Note
Registrar is obligated to register or qualify any Class B Notes under the
Securities Act or any other securities law or to take any action not otherwise
required under this Indenture to permit the transfer of any Class B Note or
interest therein without registration or qualification. Any Noteholder desiring
to effect a transfer of Class B Notes or interests therein shall, and does
hereby agree to, indemnify the Issuing Entity, the Depositor, the Indenture
Trustee, the Administrator, the Owner Trustee, the Servicer and the Note
Registrar against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

         (b) Each Holder or Note Owner of a Class B Note shall be deemed to have
represented and warranted to the Issuing Entity, the Indenture Trustee, the Note
Registrar and any of their respective successors that: (i) such Person (A) is a
QIB and (B) is purchasing such Notes for its own account or for the account of a
QIB to which notice is given that the transfer is being made in reliance on Rule
144A and (ii) such Person understands that such Notes have not been registered
under the Securities Act, and that if in the future it decides to offer, resell,
pledge or otherwise transfer such Notes, such Notes may be offered, resold,
pledged or otherwise transferred only (A) to a person which the seller
reasonably believes is a QIB, that is purchasing such Notes for its own account
or for the account of a QIB to which notice is given that the transfer is being
made in reliance on Rule 144A.

         (c) No Class A Note or Mezzanine Note may be sold or transferred to a
Person unless such Person certifies in the form of Exhibit D to this Agreement
(which in the case of Notes which are Book-Entry Notes, such Person will be
deemed to have represented such certification), which certification the
Indenture Trustee may rely upon without further inquiry or investigation, that:

                  (i) Such Person is neither (A) an employee benefit plan, an
         Archer MSA as described in Section 220(d) of the Code, an education
         individual retirement account as described in Section 530 of the Code
         or other retirement arrangement, including individual retirement
         accounts and annuities, Keogh plans and collective investment funds and
         separate accounts in which such plans, accounts or arrangements are
         invested, including, without limitation, insurance company general
         accounts, that is subject to ERISA or Section 4975 of the Code (each, a
         "Plan"), nor (B) any Person who is directly or indirectly purchasing
         such Note or interest therein on behalf of, as named fiduciary of, as
         trustee of, or with "plan assets" (as defined under the DOL Regulation
         at 29 C.F.R. Section 2510.3-101) of a Plan ("Plan Assets"); or

                  (ii) In the case of the Class A Notes and Mezzanine Notes,
         such Person is a Plan or a Person purchasing such Note with "plan
         assets" and represents that, as of the date of the transfer, (A) the
         Notes are rated investment grade or better, (B) such Person believes
         that the Notes are properly treated as indebtedness without substantial
         equity features for purposes of the DOL Regulations, and agrees to so
         treat the Notes and (C) the acquisition and holding of the Note will
         not give rise to a nonexempt prohibited transaction under Section 406
         of ERISA or Section 4975 of the Code; or

                  (iii) In the case of the Class A Notes and Mezzanine Notes,
         such Person has provided the Indenture Trustee with an Opinion of
         Counsel, which Opinion of Counsel will not be at the expense of the
         Issuing Entity, the Trust, the Depositor or the Indenture Trustee,
         which establishes to the satisfaction of the Indenture Trustee that the
         purchase, holding and transfer of such Note or interest therein is
         permissible under applicable law, will not constitute or result in a
         non-exempt prohibited transaction under ERISA or Section 4975 of the
         Code and will not subject the Issuing Entity, the Trust, the Depositor
         or the Indenture Trustee to any obligation in addition to those
         undertaken in the Indenture.

                  (iv) The Class B Notes may not be purchased by a Plan or
         person using Plan Assets.

                  (v) Notwithstanding the foregoing, neither an Opinion of
         Counsel nor a certification will be required in connection with the
         initial transfer of any such Note by the Depositor to an Affiliate of
         the Depositor (in which case, the Depositor or any Affiliate thereof
         shall be deemed to have represented that such Affiliate is not a Plan
         or any Person investing "plan assets" of any Plan) and the Note
         Registrar shall be entitled to conclusively rely upon a representation
         (which, upon the request of the Note Registrar, shall be a written
         representation) from the Depositor of the status of such transferee as
         an Affiliate of the Depositor.

         Section 2.04. Registration; Registration of Transfer and Exchange. The
Indenture Trustee initially shall be the "Note Registrar" for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuing Entity shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties of
Note Registrar. The Note Registrar shall keep a register (the "Note Register")
in which, subject to such reasonable regulations as it may prescribe and the
restrictions on transfers of the Notes set forth herein, the Issuing Entity
shall provide for the registration of Notes and the registration of transfers of
Notes.

         If a Person other than the Indenture Trustee is appointed by the
Issuing Entity as Note Registrar, the Issuing Entity will give the Indenture
Trustee prompt written notice of the appointment of such Note Registrar and of
the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

         Subject to Section 2.03, upon surrender for registration of transfer of
any Note at the office or agency of the Issuing Entity to be maintained as
provided in Section 3.02, the Issuing Entity shall execute, and the Indenture
Trustee shall authenticate and the Noteholder shall be entitled to obtain from
the Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes in any authorized denominations, of a like aggregate
principal amount.

         At the option of the Holder, Notes may be exchanged for other Notes in
any authorized denominations, of a like aggregate principal amount, upon
surrender of the Notes to be exchanged at such office or agency. Whenever any
Notes are so surrendered for exchange, the Issuing Entity shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall be entitled to
obtain from the Indenture Trustee, the Notes which the Noteholder making the
exchange is entitled to receive.

         All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuing Entity, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

         Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuing Entity or the Note Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.05 not involving
any transfer.

         The preceding provisions of this Section 2.04 notwithstanding, the
Issuing Entity shall not be required to make and the Note Registrar need not
register transfers or exchanges of Notes selected for redemption or of any Note
for a period of 15 days preceding the due date for any payment with respect to
such Note.

         Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuing Entity and the Indenture
Trustee harmless, then, in the absence of actual notice to the Issuing Entity,
the Note Registrar or the Indenture Trustee that such Note has been acquired by
a bona fide purchaser, and upon certification provided by the Holder of such
Note that the requirements of Section 8-405 of the UCC are met, the Issuing
Entity shall execute, and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; PROVIDED, HOWEVER, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven days shall be due and payable, or shall have been called
for redemption, instead of issuing a replacement Note, the Issuing Entity may
pay such destroyed, lost or stolen Note when so due or payable or upon the
Optional Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a bona fide purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuing Entity and the Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom
such replacement Note was delivered or any assignee of such Person, except a
bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuing Entity or the Indenture Trustee in connection therewith.

         Upon the issuance of any replacement Note under this Section 2.05, the
Issuing Entity, the Indenture Trustee or the Note Registrar may require the
payment by the Holder of such Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Indenture Trustee)
connected therewith.

         Every replacement Note issued pursuant to this Section 2.05 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuing Entity, whether or not
the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section 2.05 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes.

         Section 2.06. Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuing Entity and the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat
the Person in whose name any Note is registered (as of the day of determination)
as the owner of such Note for the purpose of receiving payments of principal of
and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and none of the Issuing Entity or the
Indenture Trustee or any agent of the Issuing Entity or the Indenture Trustee
shall be affected by notice to the contrary.

         Section 2.07. Payment of Principal and Interest. (a) The Notes shall
accrue interest at the applicable Note Rate as set forth in the Sale and
Servicing Agreement, and such interest shall be payable on each Payment Date,
subject to Section 3.01. Interest shall be computed on the Notes on the basis of
a 360-day year and the actual number of days elapsed in each Accrual Period.
With respect to the Notes, the Indenture Trustee shall determine LIBOR for each
applicable Accrual Period on the second LIBOR Business Day prior thereto, in
accordance with the provisions of the Sale and Servicing Agreement. All interest
payments on each Class of Notes shall be made PRO RATA to the Noteholders of
such Class entitled thereto. Any installment of interest or principal payable on
the Notes shall be paid on the applicable Payment Date to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record
Date by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date or, upon written request made
to the Indenture Trustee at least five Business Days prior to the related Record
Date, by the Holder of any Note by wire transfer in immediately available funds
to an account specified in the request and at the expense of such Noteholder,
except that, unless Definitive Notes have been issued pursuant to Section 2.10,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee, except for the final installment of principal
payable with respect to such Note on a Payment Date, on the applicable Final
Stated Maturity Date for the Notes or on the Optional Redemption Date if the
Notes are called for redemption pursuant to Section 10.01, which shall be
payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

         (b) The principal of the Notes shall be payable in installments on each
Payment Date as provided herein and in the Notes, subject to Section 3.01.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable, if not previously paid, on the date on which an Event
of Default shall have occurred and be continuing. All principal payments on the
Notes of each Class shall be made PRO RATA to the Noteholders entitled thereto.
The Indenture Trustee shall notify the Person in whose name a Note is registered
at the close of business on the Record Date preceding the Payment Date on which
the Issuing Entity expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed or transmitted
by facsimile no later than one Business Day prior to such final Payment Date and
shall specify that such final installment will be payable only upon presentation
and surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment.

         Section 2.08. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may
at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuing Entity may
have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in
lieu of or in exchange for any Notes cancelled as provided in this Section 2.08,
except as expressly permitted by this Indenture. All cancelled Notes may be held
or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity
shall direct by an Issuing Entity Order that they be destroyed or returned to
it; PROVIDED, that such Issuing Entity Order is timely and the Notes have not
been previously disposed of by the Indenture Trustee.

         Section 2.09. Release of Collateral. (a) Except as otherwise provided
in subsections (b) and (c) of this Section 2.09 and the terms of the Operative
Agreements, the Indenture Trustee shall release property from the lien of this
Indenture only upon receipt by it of an Issuing Entity Request accompanied by
(i) an Officer's Certificate, (ii) an Opinion of Counsel, (iii)(A) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or (B) an
Opinion of Counsel in lieu of such Independent Certificates to the effect that
the TIA does not require any such Independent Certificates; PROVIDED that no
such Independent Certificates or Opinion of Counsel in lieu of such Independent
Certificates shall be necessary in respect of property released from the lien of
the Indenture in accordance with the provisions hereof if such property consists
solely of cash.

         (b) The Originator, the Servicer or the Redeemer, as applicable, on
behalf of the Issuing Entity, shall be entitled to obtain a release from the
lien of this Indenture for any Mortgage Loan and the Mortgaged Property at any
time (i) after a payment by the Originator of the Loan Purchase Price of the
Mortgage Loan, (ii) after a Qualifying Substitute Mortgage Loan is substituted
for such Mortgage Loan and payment of the Substitution Amount, if any, (iii)
after liquidation of the Mortgage Loan in accordance with the Sale and Servicing
Agreement and the deposit of all Liquidation Proceeds and Insurance Proceeds in
the Collection Account, (iv) upon the termination of a Mortgage Loan (due to,
among other causes, a prepayment in full of the Mortgage Loan and sale or other
disposition of the related Mortgaged Property) or (v) as contemplated by Section
8.02 of the Sale and Servicing Agreement.

         (c) The Indenture Trustee shall, if requested by the Servicer,
temporarily release to such party the Mortgage File pursuant to the provisions
of Section 4.07 of the Sale and Servicing Agreement.

         Section 2.10. Book-Entry Notes. The Notes will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to, or to
the Indenture Trustee as custodian for, the initial Clearing Agency, by, or on
behalf of, the Issuing Entity. The Class B Notes offered and sold in reliance on
the exemption from registration under Rule 144A shall be issued initially in the
form of one or more Global Securities with the applicable legends set forth in
Exhibit A added to the forms of such Notes. The Book-Entry Notes shall be
registered initially on the Note Register in the name of Cede & Co., the nominee
of the initial Clearing Agency, and no Owner thereof will receive a Definitive
Note representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to such Note Owners pursuant to Section
2.12:

                  (i) the provisions of this Section 2.10 shall be in full force
         and effect;

                  (ii) the Note Registrar and the Indenture Trustee shall be
         entitled to deal with the Clearing Agency for all purposes of this
         Indenture (including the payment of principal of and interest on the
         Notes and the giving of instructions or directions hereunder) as the
         sole holder of the Notes, and shall have no obligation to the Note
         Owners;

                  (iii) to the extent that the provisions of this Section 2.10
         conflict with any other provisions of this Indenture, the provisions of
         this Section 2.10 shall control;

                  (iv) the rights of Note Owners shall be exercised only through
         the Clearing Agency and shall be limited to those established by law
         and agreements between such Note Owners and the Clearing Agency and/or
         the Clearing Agency Participants pursuant to the Note Depository
         Agreement. Unless and until Definitive Notes are issued pursuant to
         Section 2.12, neither the Indenture Trustee nor the Note Registrar
         shall register any transfer of a beneficial interest in a Book-Entry
         Note; and the initial Clearing Agency will make book-entry transfers
         among the Clearing Agency Participants and receive and transmit
         payments of principal of and interest on the Notes to such Clearing
         Agency Participants; and

                  (v) whenever this Indenture requires or permits actions to be
         taken based upon instructions or directions of Holders of Notes
         evidencing a specified percentage of the Outstanding Balance of the
         Notes, the Clearing Agency shall be deemed to represent such percentage
         only to the extent that it has received instructions to such effect
         from Note Owners and/or Clearing Agency Participants owning or
         representing, respectively, such required percentage of the beneficial
         interest in the Notes and has delivered such instructions to the
         Indenture Trustee.

         Section 2.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, the Indenture Trustee shall give all such notices and communications to
the Clearing Agency, and shall have no obligation to such Note Owners.

         Section 2.12. Definitive Notes. If (i) the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the
Book-Entry Notes and the Issuing Entity is unable to locate a qualified
successor or (ii) after the occurrence of an Event of Default, Note Owners of
the Book-Entry Notes representing beneficial interests aggregating at least a
majority of the Outstanding Balance of the Book-Entry Notes advise the Clearing
Agency in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of such Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee of the
occurrence of any such event and of the availability of Definitive Notes to Note
Owners requesting the same. Upon surrender to the Indenture Trustee of the
typewritten Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuing Entity shall execute and
the Indenture Trustee shall authenticate the Definitive Notes in accordance with
the instructions of the Clearing Agency. None of the Issuing Entity, the Note
Registrar or the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Definitive Notes, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as
Noteholders.

         Section 2.13. Tax Treatment. The Issuing Entity has made one or more
REMIC elections pursuant to the Trust Agreement and the Notes will constitute
REMIC regular interests.

<PAGE>

                                  ARTICLE III

                                    COVENANTS

         Section 3.01. Payment of Principal and Interest. The Issuing Entity
will duly and punctually pay (or will cause to be duly and punctually paid) the
principal of and interest on the Notes in accordance with the terms of the Notes
and this Indenture. Without limiting the foregoing and in accordance with
Section 8.02(b), the Issuing Entity will cause to be paid on each Payment Date
all amounts on deposit in the Payment Account, and deposited therein pursuant to
the Sale and Servicing Agreement for the benefit of the Notes, to the
Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuing Entity to such Noteholder for all purposes of
this Indenture.

         The Notes shall be non-recourse obligations of the Issuing Entity and
shall be limited in right of payment to amounts available from the Collateral as
provided in this Indenture. The Issuing Entity shall not otherwise be liable for
payments of the Notes, and none of the owners, agents, officers, directors,
employees, or successors or assigns of the Issuing Entity shall be personally
liable for any amounts payable, or performance due, under the Notes or this
Indenture. If any other provision of this Indenture shall be deemed to conflict
with the provisions of this Section 3.01, the provisions of this Section 3.01
shall control.

         Section 3.02. Maintenance of Office or Agency. The Note Registrar on
behalf of the Issuing Entity will maintain an office or agency where Notes may
be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuing Entity in respect of the Notes and this Indenture
may be served.

         Section 3.03. Money for Payments to be Held in Trust. As provided in
Section 8.02, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Payment Account pursuant to
Article V of the Sale and Servicing Agreement shall be made on behalf of the
Issuing Entity by the Indenture Trustee or by another Paying Agent, and no
amounts so withdrawn from such accounts for payments of Notes shall be paid over
to the Issuing Entity except as provided in this Section 3.03. The Issuing
Entity hereby appoints the Indenture Trustee as its Paying Agent. The Paying
Agent shall:

                  (i) hold all sums held by it for the payment of amounts due
         with respect to the Notes in trust for the benefit of the Persons
         entitled thereto until such sums shall be paid to such Persons or
         otherwise disposed of as herein provided and pay such sums to such
         Persons as herein provided;

                  (ii) give the Indenture Trustee notice of any default by the
         Issuing Entity of which the Paying Agent has actual knowledge in the
         making of any payment required to be made with respect to the Notes;

                  (iii) at any time during the continuance of any such default,
         upon the written request of the Indenture Trustee, forthwith pay to the
         Indenture Trustee all sums so held in trust by such Paying Agent;

                  (iv) immediately resign as a Paying Agent and forthwith pay to
         the Indenture Trustee all sums held by it in trust for the payment of
         Notes if at any time it ceases to meet the standards required to be met
         by a Paying Agent at the time of its appointment; and

                  (v) comply with all requirements of the Code with respect to
         the withholding from any payments made by it on any Notes of any
         applicable withholding taxes imposed thereon and with respect to any
         applicable reporting requirements in connection therewith; PROVIDED,
         HOWEVER, that with respect to reporting requirements applicable to
         original issue discount, the accrual of market discount or the
         amortization of premium on the Notes, the Issuing Entity shall have
         first provided the calculations pertaining thereto and the amount of
         any resulting withholding taxes to the Indenture Trustee.

         The Issuing Entity may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by
Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all
sums held in trust by such Paying Agent, such sums to be held by the Indenture
Trustee upon the same trusts as those upon which the sums were held by such
Paying Agent; and upon such payment by any Paying Agent to the Indenture
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

         Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to the Notes and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuing Entity on Issuing Entity Request; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuing Entity for payment thereof (but only to the extent of the amounts so
paid to the Issuing Entity), and all liability of the Indenture Trustee or such
Paying Agent with respect to such trust money shall thereupon cease; PROVIDED,
HOWEVER, that the Indenture Trustee or such Paying Agent, before being required
to make any such repayment, shall at the expense and direction of the Issuing
Entity cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in The City of New York (including, but not limited to, THE BOND BUYER), notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Issuing
Entity. The Indenture Trustee shall also adopt and employ, at the expense and
direction of the Issuing Entity, any other reasonable means of notification of
such repayment (including, but not limited to, mailing notice of such repayment
to Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Holder).

         Section 3.04. Existence. (a) The Issuing Entity will keep in full
effect its existence, rights and franchises as a statutory trust under the laws
of the State of Delaware (unless it becomes, or any successor Issuing Entity
hereunder is or becomes, organized under the laws of any other State or of the
United States of America, in which case the Issuing Entity will keep in full
effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Collateral.

         (b) Any successor to the Owner Trustee appointed pursuant to Section
9.03 of the Trust Agreement shall be the successor Owner Trustee under this
Indenture without the execution or filing of any paper, instrument or further
act to be done on the part of the parties hereto.

         (c) Upon any consolidation or merger of or other succession to the
Owner Trustee, the Person succeeding to the Owner Trustee under the Trust
Agreement may exercise every right and power of the Owner Trustee under this
Indenture with the same effect as if such Person had been named as the Owner
Trustee herein.

Section 3.05. Protection of Collateral. The Issuing Entity will from time to
time execute, deliver and file all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

                  (i) maintain or preserve the lien and security interest (and
         the priority thereof) of this Indenture or carry out more effectively
         the purposes hereof;

                  (ii) perfect, publish notice of or protect the validity of any
         Grant made or to be made by this Indenture;

                  (iii) enforce any rights with respect to the Collateral; or

                  (iv) preserve and defend title to the Collateral and the
         rights of the Indenture Trustee, the Noteholders in such Collateral
         against the claims of all persons and parties.

         The Issuing Entity hereby designates the Indenture Trustee its agent
and attorney-in-fact to execute any financing statement, continuation statement
or other instrument required to be executed pursuant to this Section 3.05 and
hereby authorizes the Indenture Trustee (who is not obligated to make such
filings) to file in any filing office any financing statement, amendment to
financing statement, or continuation statement required to be executed pursuant
to this Section 3.05. All such filings will be made by the Administrator on
behalf of the Issuing Entity.

         Section 3.06. Opinions as to Collateral. On the Closing Date, the
Issuing Entity shall furnish to the Administrator and the Indenture Trustee an
Opinion of Counsel to the effect that either, in the opinion of such counsel,
such action has been taken with respect to the recording and filing of this
Indenture, any indentures supplemental hereto, and any other requisite
documents, and with respect to the execution and filing of any financing
statements and continuation statements, as are necessary to make effective the
lien and security interest of this Indenture, or stating that, in the opinion of
such counsel, no such action is necessary to make such lien and security
interest effective.

         Section 3.07. Performance of Obligations; Servicing of the Assistance
Loans. (a) The Issuing Entity will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

         (b) The Issuing Entity may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer's Certificate of
the Issuing Entity shall be deemed to be action taken by the Issuing Entity.
Initially, the Issuing Entity has contracted with the Administrator to assist
the Issuing Entity in performing its duties under this Indenture.

         (c) The Issuing Entity will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Operative Agreements
and in the instruments and agreements included in the Collateral, including but
not limited to filing or causing to be filed all financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein.

         (d) If a responsible officer of the Owner Trustee shall have written
notice or actual knowledge of the occurrence of an Event of Default or an Event
of Servicing Termination under the Sale and Servicing Agreement, the Issuing
Entity shall promptly notify the Indenture Trustee and each Rating Agency
thereof.

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 7.01(a)
of the Sale and Servicing Agreement, the Indenture Trustee shall proceed in
accordance with Section 7.01 and 7.02 of the Sale and Servicing Agreement.

         (f) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not
amend, modify, waive, supplement, terminate or surrender, or agree to any
amendment, modification, supplement, termination, waiver or surrender of, the
terms of any Collateral or without the consent of the Indenture Trustee, the
Operative Agreements to which the Indenture Trustee is a party (except to the
extent otherwise provided in any such Operative Agreement), or waive timely
performance or observance by the Seller, the Servicer or the Depositor of its
respective duties under the Sale and Servicing Agreement; and (ii) that any such
amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, payments that are required to be made for the
benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes
that is required to consent to any such amendment, without the consent of the
Holders of all the Outstanding Notes affected thereby. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture
Trustee or such Holders, the Issuing Entity agrees, promptly following a request
by the Indenture Trustee to do so, to execute and deliver, in its own name and
at its own expense, such agreements, instruments, consents and other documents
as may be deemed necessary or appropriate in the circumstances.

         Section 3.08. Negative Covenants. So long as any Notes are Outstanding,
the Issuing Entity shall not:

                  (i) except as expressly permitted by this Indenture or the
         Sale and Servicing Agreement, sell, transfer, exchange or otherwise
         dispose of any of the properties or assets of the Issuing Entity unless
         directed to do so by the Indenture Trustee;

                  (ii) claim any credit on, or make any deduction from the
         principal or interest payable in respect of, the Notes (other than
         amounts properly withheld from such payments under the Code) or assert
         any claim against any present or former Noteholder by reason of the
         payment of the taxes levied or assessed upon any part of the
         Collateral;

                  (iii) (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien of this Indenture to be
         amended, hypothecated, subordinated, terminated or discharged, or
         permit any Person to be released from any covenants or obligations with
         respect to the Notes under this Indenture except as may be expressly
         permitted hereby, (B) permit any lien, charge, excise, claim, security
         interest, mortgage or other encumbrance (other than the lien of this
         Indenture) to be created on or extend to or otherwise arise upon or
         burden the Collateral or any part thereof or any interest therein or
         the proceeds thereof (other than tax liens, mechanics' liens and other
         liens that arise by operation of law, in each case with respect to any
         Collateral and arising solely as a result of an action or omission of a
         Borrower or as otherwise permitted in the Sale and Servicing Agreement)
         or (C) permit the lien of this Indenture not to constitute a valid
         first priority (other than with respect to any such tax, mechanics' or
         other lien or as otherwise permitted in the Sale and Servicing
         Agreement) security interest in the Collateral;

                  (iv) dissolve or liquidate in whole or in part or merge or
         consolidate with any other Person;

                  (v) remove the Administrator without cause unless the Rating
         Agency Condition shall have been satisfied in connection with such
         removal;

                  (vi) take any other action or fail to take any action that
         would result in an imposition of tax on the Issuing Entity (including,
         but not limited to, the tax on prohibited transactions under Section
         860L(e) of the Code); or

                  (vii) except with the prior written consent of the
         Noteholders, take any action described in Section 5.05 of the Trust
         Agreement.

         Section 3.09. No Other Business. The Issuing Entity shall not engage in
any business other than financing, purchasing, owning, selling and managing the
Collateral in the manner contemplated by this Indenture and the Operative
Agreements and activities incidental thereto.

         Section 3.10. No Borrowing. The Issuing Entity shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness other than the Notes.

         Section 3.11. Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Sale and Servicing Agreement or this Indenture, the
Issuing Entity shall not make any loan or advance or credit to, or guarantee
(directly or indirectly or by an instrument having the effect of assuring
another's payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

         Section 3.12. Capital Expenditures. The Issuing Entity shall not make
any expenditure (by long-term or operating lease or otherwise) for capital
assets (either realty or personally).

         Section 3.13. Restricted Payments. The Issuing Entity shall not,
directly or indirectly, (i) pay any dividend or make any payment (by reduction
of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuing Entity or otherwise with respect to any ownership or equity interest or
security in or of the Issuing Entity, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; PROVIDED,
HOWEVER, the Issuing Entity may make, or cause to be made, payments and
distributions as contemplated by, and to the extent funds are available for such
purpose under, the Sale and Servicing Agreement, this Indenture or the Trust
Agreement. The Issuing Entity will not, directly or indirectly, make payments to
or from the Collection Account except in accordance with this Indenture and the
Operative Agreements.

         Section 3.14. Notice of Event of Default or Events of Servicing
Termination. The Issuing Entity shall promptly, and in no event more than three
Business Days following such event, give the Indenture Trustee and each Rating
Agency written notice of any Event of Default or any Event of Servicing
Termination under the Sale and Servicing Agreement, and each default on the part
of the Servicer or the Depositor of its obligations under the Sale and Servicing
Agreement, to the extent a responsible officer of the Owner Trustee shall have
written notice or actual knowledge thereof.

         Section 3.15. Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuing Entity will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to
carry out more effectively the purpose of this Indenture.

         Section 3.16. Covenants of the Issuing Entity. All covenants of the
Issuing Entity in this Indenture are covenants of the Issuing Entity and are not
covenants of the Owner Trustee in its individual capacity. The Owner Trustee is,
and any successor Owner Trustee under the Trust Agreement will be, entering into
this Indenture on behalf of the Issuing Entity solely as Owner Trustee under the
Trust Agreement and not in its respective individual capacity, and in no case
whatsoever shall the Owner Trustee or any such successor Owner Trustee be
personally liable on, or for any loss in respect of, any of the statements,
representations, warranties or obligations of the Issuing Entity hereunder, as
to all of which the parties hereto agree to look solely to the property of the
Issuing Entity.

         Section 3.17. Representations and Warranties of the Issuing Entity.

         (a) With respect to that portion of the Collateral described in clauses
(a) through (d) of the definition of Trust Estate, the Issuing Entity represents
to the Indenture Trustee that:

                  (i) This Indenture creates a valid and continuing security
         interest (as defined in the applicable UCC) in the Collateral in favor
         of the Indenture Trustee, which security interest is prior to all other
         liens, and is enforceable as such as against creditors of and
         purchasers from the Issuing Entity.

                  (ii) The Collateral constitutes "deposit accounts" or
         "instruments," as applicable, within the meaning of the applicable UCC.

                  (iii) The Issuing Entity owns and has good and marketable
         title to the Collateral, free and clear of any lien, claim or
         encumbrance of any Person.

                  (iv) The Issuing Entity has taken all steps necessary to cause
         the Indenture Trustee to become the account holder of the Collateral.

                  (v) Other than the security interest granted to the Indenture
         Trustee pursuant to this Indenture, the Issuing Entity has not pledged,
         assigned, sold, granted a security interest in, or otherwise conveyed
         any of the Collateral.

                  (vi) The Collateral is not in the name of any Person other
         than the Issuing Entity or the Indenture Trustee. The Issuing Entity
         has not consented to the bank maintaining the Collateral to comply with
         instructions of any Person other than the Indenture Trustee.

         (b) With respect to that portion of the Collateral described in clause
(e), the Issuing Entity represents to the Indenture Trustee that:

                  (i) This Indenture creates a valid and continuing security
         interest (as defined in the applicable UCC) in the Collateral in favor
         of the Indenture Trustee, which security interest is prior to all other
         liens, and is enforceable as such as against creditors of and
         purchasers from the Issuing Entity.

                  (ii) The Collateral constitutes "general intangibles" within
         the meaning of the applicable UCC.

                  (iii) The Issuing Entity owns and has good and marketable
         title to the Collateral, free and clear of any lien, claim or
         encumbrance of any Person.

                  (iv) Other than the security interest granted to the Indenture
         Trustee pursuant to this Indenture, the Issuing Entity has not pledged,
         assigned, sold, granted a security interest in, or otherwise conveyed
         any of the Collateral.

         (c) The representations and warranties set forth in this Section 3.18
shall survive the Closing Date and shall not be waived.

<PAGE>

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

         Section 4.01. Satisfaction and Discharge of Indenture. Upon payment in
full to each Noteholder of all amounts due on the Notes, this Indenture shall
cease to be of further effect with respect to the Notes, except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) the rights and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.07) and the obligations of the Indenture Trustee under Sections 3.03
and 4.02 and (v) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Indenture Trustee payable to all or any of
them, and the Indenture Trustee, on demand of and at the expense of the Issuing
Entity, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when either

                  (1) all Notes theretofore authenticated and delivered (other
than (i) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.05 and (ii) Notes for whose payment
money has theretofore been deposited in trust or segregated and held in trust by
the Issuing Entity and thereafter repaid to the Issuing Entity or discharged
from such trust, as provided in Section 3.03) have been delivered to the
Indenture Trustee for cancellation; or

                  (2) all Notes not theretofore delivered to the Indenture
Trustee for cancellation (a) have become due and payable, (b) will become due
and payable at the applicable Final Stated Maturity Date within one year, or (c)
are to be called for redemption within one year under arrangements satisfactory
to the Indenture Trustee for the giving of notice of redemption by the Indenture
Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing
Entity, in the case of (a), (b) or (c) above, has irrevocably deposited or
caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which
will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on
such Notes not theretofore delivered to the Indenture Trustee for cancellation
when due on the Final Stated Maturity Date or Optional Redemption Date (if the
Notes are called for redemption pursuant to Section 10.01 hereof), as the case
may be;

                  (i) the Issuing Entity has paid or caused to be paid all
         Indenture Trustee Issuing Entity Secured Obligations;

                  (ii) the Issuing Entity has delivered to the Indenture Trustee
         an Officer's Certificate and an Opinion of Counsel (at the Issuing
         Entity's expense) and (if required by the TIA or the Indenture Trustee)
         an Independent Certificate from a firm of certified public accountants,
         each meeting the applicable requirements of Section 11.01 hereof and,
         subject to Section 11.02 hereof, each stating that all conditions
         precedent herein provided for relating to the satisfaction and
         discharge of this Indenture with respect to the Notes have been
         complied with; and

                  (iii) the Issuing Entity has delivered to each Rating Agency
         notice of such satisfaction and discharge.

         Section 4.02. Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Sections 3.03 and 4.01 hereof shall be held in
trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

         Section 4.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuing Entity, be paid to the Indenture Trustee to be held and applied
according to Section 3.03 and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.

<PAGE>

                                    ARTICLE V

                                    REMEDIES

         Section 5.01. Remedies. The Issuing Entity shall deliver to the
Indenture Trustee, written notice in the form of an Officer's Certificate,
within five days after learning of the occurrence of any event which with the
giving of notice and the lapse of time would become an Event of Default under
clause (ii), (iii) or (iv) of the definition of "Event of Default," its status
and what action the Issuing Entity is taking or proposes to take with respect
thereto. The Indenture Trustee shall not be deemed to have knowledge of any
Event of Default unless a Responsible Officer has actual knowledge thereof or
unless written notice of such Event of Default is received by a Responsible
Officer and such notice references the Notes, the Trust Estate or this
Indenture.

         Section 5.02. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee at the written direction of the Holders of Notes representing
not less than a majority of the aggregate Note Balance of the Notes, declare the
Notes to be immediately due and payable, by a notice in writing to the Issuing
Entity (and to the Indenture Trustee if such notice is given by the
Noteholders), and upon any such declaration the unpaid aggregate Note Balance,
together with accrued and unpaid interest thereon through the date of
acceleration shall become immediately due and payable.

         At any time after such declaration of acceleration of maturity with
respect to an Event of Default has been made and before a judgment or decree for
payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, Holders of the Notes representing not
less than a majority of the aggregate Note Balance of the Notes, by written
notice to the Issuing Entity and the Indenture Trustee, may waive the related
Event of Default and rescind and annul such declaration and its consequences if

          (i) the Issuing Entity has paid or deposited with the Indenture
     Trustee a sum sufficient to pay (a) all payments of principal of and
     interest on the Notes and all other amounts that would then be due
     hereunder or upon the Notes if the Event of Default giving rise to such
     acceleration had not occurred; and (b) all sums paid or advanced by the
     Indenture Trustee hereunder and the reasonable compensation, expenses,
     disbursements and advances of the Indenture Trustee and its agents and
     counsel; and

          (ii) all Events of Default, other than the nonpayment of the principal
     of the Notes that has become due solely by such acceleration, have been
     cured or waived as provided in Section 5.12.

         No such rescission shall affect any subsequent default or impair any
right consequent thereto.

         Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

         (a) The Issuing Entity covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuing Entity shall, upon demand of the
Indenture Trustee, at the direction of the Holders of a majority of the
aggregate Note Balance of the Notes, pay to the Indenture Trustee, for the
benefit of the Holders of Notes, the whole amount then due and payable on the
Notes for principal and interest, with interest at the applicable Note Rate upon
the overdue principal, and in addition thereto such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

         (b) In case the Issuing Entity shall fail forthwith to pay such amounts
upon such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due
and unpaid, and may prosecute such Proceeding to judgment or final decree, and
may enforce the same against the Issuing Entity or other obligor upon the Notes
and collect in the manner provided by law out of the property of the Issuing
Entity or other obligor the Notes, wherever situated, the monies adjudged or
decreed to be payable.

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04 hereof, in its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders, by such appropriate Proceedings, as directed in writing by Holders
of a majority of the aggregate Note Balance of the Notes, to protect and enforce
any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

         (d) In case there shall be pending, relative to the Issuing Entity or
any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuing Entity or its property or such
other obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuing Entity or other obligor upon the Notes, or to the
creditors or property of the Issuing Entity or such other obligor, the Indenture
Trustee, as directed in writing by Holders of a majority of the aggregate Note
Balance of the Notes, irrespective of whether the principal of any Notes shall
then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Indenture Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such Proceedings or otherwise:

          (i) to file and prove a claim or claims for the whole amount of
     principal and interest owing and unpaid in respect of the Notes and to file
     such other papers or documents as may be necessary or advisable in order to
     have the claims of the Indenture Trustee (including any claim for
     reasonable compensation to the Indenture Trustee and each predecessor
     Indenture Trustee, and their respective agents, attorneys and counsel, and
     for reimbursement of all expenses and liabilities incurred, and all
     advances made, by the Indenture Trustee and each predecessor Indenture
     Trustee, except as a result of negligence or bad faith) and of the
     Noteholders allowed in such Proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on
     behalf of the Holders of Notes in any election of a trustee, a standby
     trustee or Person performing similar functions in any such Proceedings;

          (iii) to collect and receive any monies or other property payable or
     deliverable on any such claims and to distribute all amounts received with
     respect to the claims of the Noteholders and of the Indenture Trustee on
     their behalf; and

          (iv) to file such proofs of claim and other papers or documents as may
     be necessary or advisable in order to have the claims of the Indenture
     Trustee or the Holders of Notes allowed in any judicial proceedings
     relative to the Issuing Entity, its creditors and its property; and any
     trustee, receiver, liquidator, custodian or other similar official in any
     such Proceeding is hereby authorized by each of such Noteholders to make
     payments to the Indenture Trustee and, in the event that the Indenture
     Trustee shall consent to the making of payments directly to such
     Noteholders, to pay to the Indenture Trustee such amounts as shall be
     sufficient to cover reasonable compensation to the Indenture Trustee, each
     predecessor Indenture Trustee and their respective agents, attorneys and
     counsel, and all other expenses and liabilities incurred, and all advances
     made, by the Indenture Trustee and each predecessor Indenture Trustee.

         (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

         (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes, subject to Section 5.05 hereof.

         (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Holders of the Notes, and it shall not be necessary to
make any Noteholder a party to any such Proceedings.

         Section 5.04. Priorities.

         (a) If an Event of Default shall have occurred and be continuing and if
an acceleration has been declared and not rescinded pursuant to Section 5.02
hereof, the Indenture Trustee may, and shall, at the written direction of the
Holders of a majority of the aggregate Note Balance of the Notes, do one or more
of the following (subject to Section 5.05 hereof):

          (i) institute Proceedings in its own name and as trustee of an express
     trust for the collection of all amounts then payable on the Notes or under
     this Indenture with respect thereto, whether by declaration or otherwise
     enforce any judgment obtained, and collect from the Issuing Entity and any
     other obligor upon such Notes monies adjudged due;

          (ii) institute Proceedings from time to time for the complete or
     partial foreclosure of this Indenture with respect to the Trust Estate;

          (iii) exercise any remedies of a secured party under the UCC and take
     any other appropriate action to protect and enforce the rights and remedies
     of the Indenture Trustee and the Holders of the Notes; and

          (iv) sell the Trust Estate or any portion thereof or rights or
     interest therein, at one or more public or private sales called and
     conducted in any manner permitted by law; PROVIDED, HOWEVER, that the
     Indenture Trustee may not sell or otherwise liquidate the Trust Estate
     following an Event of Default, unless (A) the Indenture Trustee obtains the
     consent of the Holders of 100% of the aggregate Note Balance of the Notes,
     (B) the proceeds of such sale or liquidation distributable to the Holders
     of the Notes are sufficient to discharge in full all amounts then due and
     unpaid upon such Notes for principal and interest or (C) the Indenture
     Trustee determines that the Mortgage Loans will not continue to provide
     sufficient funds for the payment of principal of and interest on the
     applicable Notes as they would have become due if the Notes had not been
     declared due and payable, and the Indenture Trustee obtains the consent of
     the Holders of a majority of the aggregate Note Balance of the Notes. In
     determining such sufficiency or insufficiency with respect to clause (B)
     and (C), the Indenture Trustee may, but need not, obtain and rely upon
     written advice or an opinion (obtained at the expense of the Trust) of an
     Independent investment banking or accounting firm of national reputation as
     to the feasibility of such proposed action and as to the sufficiency of the
     Trust Estate for such purpose. Notwithstanding the foregoing, so long as a
     Event of Servicing Termination has not occurred, any sale of the Trust
     Estate shall be made subject to the continued servicing of the Mortgage
     Loans by the Servicer as provided in the Sale and Servicing Agreement.

         (b) If the Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out the money or property in the following order:

          (i) to the Indenture Trustee for amounts due under Section 6.07 hereof
     and to the Owner Trustee for amounts due pursuant to Article VII of the
     Trust Agreement;

          (ii) to the Noteholders (in the order set forth in Section 5.03 of the
     Sale and Servicing Agreement) for amounts due and unpaid on the Notes with
     respect to interest;

          (iii) to the Noteholders (in the order set forth in Section 5.03 of
     the Sale and Servicing Agreement) for amounts due and unpaid on the Notes
     with respect to principal;

          (iv) to the Noteholders (in the order set forth in Section 5.03 of the
     Sale and Servicing Agreement) for the amount of any related Allocated
     Realized Loss Amount;

          (v) to the Noteholders (in the order set forth in Section 5.03 of the
     Sale and Servicing Agreement) for amounts due and unpaid on the Notes with
     respect to any related Net WAC Rate Carryover Amount; and

          (vi) to the payment of the remainder, if any to the Certificate Paying
     Agent on behalf of the Issuing Entity or to any other person legally
     entitled thereto.

         The Indenture Trustee may fix a record date and Payment Date for any
payment to Noteholders pursuant to this Section 5.04. At least 15 days before
such record date, the Indenture Trustee shall mail to each Noteholder a notice
that states the record date, the Payment Date and the amount to be paid.

         Section 5.05. Optional Preservation of the Trust Estate. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may elect to take and maintain possession of the
Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes and other obligations of the Issuing Entity and the
Indenture Trustee shall take such desire into account with respect to whether or
not to take and maintain possession of the Trust Estate. With respect to whether
and how to take and maintain possession of the Trust Estate, the Indenture
Trustee may, but need not, obtain and rely upon the written advice or an opinion
of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.

         Section 5.06. Limitation of Suits. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

          (i) such Holder has previously given written notice to the Indenture
     Trustee of a continuing Event of Default;

          (ii) the Holders of not less than 50% of the aggregate Note Balance of
     the Notes have made written request to the Indenture Trustee to institute
     such proceeding with respect to the Notes in respect of such Event of
     Default in its own name as Indenture Trustee hereunder;

          (iii) such Holder or Holders have offered to the Indenture Trustee
     indemnity reasonably satisfactory to it against the costs, expenses and
     liabilities to be incurred in complying with such request;

          (iv) the Indenture Trustee for 60 days after its receipt of such
     notice, request and offer of indemnity has failed to institute such
     proceedings; and

          (v) no direction inconsistent with such written request has been given
     to the Indenture Trustee during such 60-day period by the Holders of 50% of
     the aggregate Note Balance of the Notes;

it being understood and intended that no Holder of Notes shall have any right in
any manner whatsoever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Holder of
Notes or to obtain or to seek to obtain priority or preference over any other
Holder or to enforce any right under this Indenture, except in the manner herein
provided.

         Section 5.07. Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

         Section 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, then and in every such case the Issuing Entity, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such proceeding had been
instituted.

         Section 5.09. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         Section 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to the Indenture
Trustee or to the Noteholders may be exercised from time to time, and as often
as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as
the case may be.

         Section 5.11. Control by Noteholders. The Holders of a majority of the
aggregate Note Balance of Notes shall have the right to direct the time, method
and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that:

          (i) such direction shall not be in conflict with any rule of law or
     with this Indenture;

          (ii) any direction to the Indenture Trustee to sell or liquidate the
     Trust Estate shall be by Holders of Notes representing not less than 100%
     of the Note Balances of the Notes;

          (iii) the Indenture Trustee has been provided with indemnity
     satisfactory to it; and

          (iv) the Indenture Trustee may take any other action deemed proper by
     the Indenture Trustee that is not inconsistent with such direction of the
     Holders of Notes representing a majority of the Note Balances of the Notes.

         Notwithstanding the rights of Noteholders set forth in this Section
5.11 the Indenture Trustee need not take any action that it determines might
involve it in liability.

         Section 5.12. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02 hereof,
the Holders of Notes representing not less than a majority of the aggregate Note
Balance of the Notes may waive any past Event of Default and its consequences
except an Event of Default (a) with respect to payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuing Entity, the Indenture Trustee
and the Holders of the Notes shall be restored to their former positions and
rights hereunder, respectively, but no such waiver shall extend to any
subsequent or other Event of Default or impair any right consequent thereto.

         Upon any such waiver, any Event of Default arising therefrom shall be
deemed to have been cured and not to have occurred, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereto.

         Section 5.13. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the Note
Balances of the Notes or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture.

         Section 5.14. Waiver of Stay or Extension Laws. The Issuing Entity
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead or in any manner whatsoever, claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of
this Indenture; and the Issuing Entity (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and
covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

         Section 5.15. Sale of Trust Estate.

         (a) The power to effect any sale or other disposition (a "Sale") of any
portion of the Trust Estate pursuant to Section 5.04 hereof is expressly subject
to the provisions of Section 5.05 hereof and this Section 5.15. The power to
effect any such Sale shall not be exhausted by any one or more Sales as to any
portion of the Trust Estate remaining unsold, but shall continue unimpaired
until the entire Trust Estate shall have been sold or all amounts payable on the
Notes and under this Indenture shall have been paid. The Indenture Trustee may
from time to time postpone any public Sale by public announcement made at the
time and place of such Sale. The Indenture Trustee hereby expressly waives its
right to any amount fixed by law as compensation for any Sale.

         (b) The Indenture Trustee shall not in any private Sale sell the Trust
Estate, or any portion thereof, unless

          (i) the Holders of all Notes consent to or direct the Indenture
     Trustee to make, such Sale, or

          (ii) the proceeds of such Sale would be not less than the entire
     amount which would be payable to the Noteholders under the Notes, in full
     payment thereof in accordance with Section 5.02 hereof, on the Payment Date
     next succeeding the date of such Sale, or

          (iii) it is determined that the conditions for retention of the Trust
     Estate set forth in Section 5.05 hereof cannot be satisfied (with respect
     to which the Indenture Trustee may rely upon written advice or an opinion
     of an Independent investment banking firm obtained and delivered as
     provided in Section 5.05 hereof), the Holders of Notes representing at
     least 100% of the Note Balances of the Notes consent to such Sale.

         The purchase by the Indenture Trustee of all or any portion of the
Trust Estate at a private Sale shall not be deemed a Sale or other disposition
thereof for purposes of this Section 5.15(b).

         (c) In connection with a Sale of all or any portion of the Trust
Estate,

          (i) any Holder or Holders of Notes may bid for and purchase the
     property offered for sale, and upon compliance with the terms of sale may
     hold, retain and possess and dispose of such property, without further
     accountability, and may, in paying the purchase money therefor, deliver any
     Notes or claims for interest thereon in lieu of cash up to the amount which
     shall, upon distribution of the net proceeds of such sale, be payable
     thereon, and such Notes, in case the amounts so payable thereon shall be
     less than the amount due thereon, shall be returned to the Holders thereof
     after being appropriately stamped to show such partial payment;

          (ii) the Indenture Trustee, may bid for and acquire the property
     offered for Sale in connection with any Sale thereof, and, subject to any
     requirements of, and to the extent permitted by, applicable law in
     connection therewith, may purchase all or any portion of the Trust Estate
     in a private sale, and, in lieu of paying cash therefor, may make
     settlement for the purchase price by crediting the gross Sale price against
     the sum of (A) the amount which would be payable to the Holders of the
     Notes and Holders of Certificates on the Payment Date next succeeding the
     date of such Sale and (B) the expenses of the Sale and of any Proceedings
     in connection therewith which are reimbursable to it, without being
     required to produce the Notes in order to complete any such Sale or in
     order for the net Sale price to be credited against such Notes, and any
     property so acquired by the Indenture Trustee shall be held and dealt with
     by it in accordance with the provisions of this Indenture;

          (iii) the Indenture Trustee shall execute and deliver an appropriate
     instrument of conveyance, prepared by the Issuing Entity and satisfactory
     to the Indenture Trustee, transferring its interest in any portion of the
     Trust Estate in connection with a Sale thereof;

          (iv) the Indenture Trustee is hereby irrevocably appointed the agent
     and attorney-in-fact of the Issuing Entity to transfer and convey its
     interest in any portion of the Trust Estate in connection with a Sale
     thereof, and to take all action necessary to effect such Sale; and

          (v) no purchaser or transferee at such a Sale shall be bound to
     ascertain the Indenture Trustee's authority, inquire into the satisfaction
     of any conditions precedent or see to the application of any monies.

         Section 5.16. Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuing Entity or
by the levy of any execution under such judgment upon any portion of the
Collateral or upon any of the assets of the Issuing Entity.

         Section 5.17. Performance and Enforcement of Certain Obligations.

         (a) Promptly following a request from the Indenture Trustee to do so
and at the Servicer's or Seller's expense, as applicable, the Issuing Entity
agrees to take all such lawful action as the Indenture Trustee may request to
compel or secure the performance and observance by the Seller and the Servicer,
as applicable, of each of their obligations to the Issuing Entity under or in
connection with the Sale and Servicing Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuing Entity under or in connection with the Sale
and Servicing Agreement to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default on the part
of the Seller or the Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Seller or the Servicer of each of their respective obligations under the Sale
and Servicing Agreement.

         (b) The Indenture Trustee, as pledgee of the Mortgage Loans, may, and
at the direction (which direction shall be in writing or by telephone (confirmed
in writing promptly thereafter)) of the Holders of 66-2/3% of the Note Balances
of the Notes, shall, exercise all rights, remedies, powers, privileges and
claims of the Issuing Entity against the Seller or the Servicer under or in
connection with the Operative Agreements, including the right or power to take
any action to compel or secure performance or observance by the Seller, the
Depositor or the Servicer of each of their obligations to the Issuing Entity
under the Operative Agreements and to give any consent, request, notice,
direction, approval, extension or waiver under the Operative Agreements, and any
right of the Issuing Entity to take such action shall be suspended.

<PAGE>

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

         Section 6.01. Duties of Indenture Trustee.

         (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs.

         (b) Except during the continuance of an Event of Default:

          (i) the Indenture Trustee undertakes to perform such duties and only
     such duties as are specifically set forth in this Indenture and no implied
     covenants or obligations shall be read into this Indenture against the
     Indenture Trustee; and

          (ii) in the absence of bad faith on its part, the Indenture Trustee
     may conclusively rely, as to the truth of the statements and the
     correctness of the opinions expressed therein, upon certificates or
     opinions furnished to the Indenture Trustee and conforming to the
     requirements of this Indenture; however, the Indenture Trustee shall
     examine the certificates and opinions to determine whether or not they
     conform on their face to the requirements of this Indenture.

         (c) The Indenture Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act, its own willful
misconduct or its own bad faith, except that:

          (i) this paragraph does not limit the effect of paragraph (b) of this
     Section 6.01;

          (ii) the Indenture Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer unless it is proved
     that the Indenture Trustee was negligent in ascertaining the pertinent
     facts;

          (iii) the Indenture Trustee shall not be liable with respect to any
     action it takes or omits to take in good faith in accordance with this
     Indenture or upon a direction received by it from the requisite Noteholders
     pursuant to Article V; and

          (iv) the Indenture Trustee shall not be required to take notice or be
     deemed to have notice or knowledge of (a) any failure by the Issuing Entity
     to comply with its obligations hereunder or in the Operative Agreements or
     (b) any Event of Default, unless a Responsible Officer of the Indenture
     Trustee assigned to and working in the Corporate Trust Office obtains
     actual knowledge of such Event of Default or shall have received written
     notice thereof. In the absence of such actual knowledge or written notice,
     the Indenture Trustee may conclusively assume that there is no Event of
     Default.

         (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to the provisions of this Section 6.01.

         (e) The Indenture Trustee shall not be liable for indebtedness
evidenced by or arising under any of the Operative Agreements, including
principal of or interest on the Notes, or interest on any money received by it
except as the Indenture Trustee may agree in writing with the Issuing Entity.

         (f) Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

         (g) No provision of this Indenture shall require the Indenture Trustee
to expend, advance or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or indemnity satisfactory to it against such risk or
liability is not reasonably assured to it.

         (h) Every provision of this Indenture or any Operative Agreement
relating to the conduct or affecting the liability of or affording protection to
the Indenture Trustee shall be subject to the provisions of this Section 6.01,
Section 6.02 and to the provisions of the TIA.

         (i) The Indenture Trustee shall execute and deliver the Sale and
Servicing Agreement and such other documents and instruments as shall be
necessary or appropriate in accordance with its duties and obligations under
this Indenture.

         (j) The Indenture Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Collateral, or to otherwise take or refrain from taking
any action under, or in connection with, any document contemplated hereby to
which the Indenture Trustee is a party, except as expressly provided (i) in
accordance with the powers granted to and the authority conferred upon the
Indenture Trustee pursuant to this Indenture or any other Operative Agreement,
and (ii) in accordance with any document or instruction delivered to the
Indenture Trustee pursuant to the terms of this Indenture; and no implied duties
or obligations shall be read into this Indenture or any Operative Agreement
against the Indenture Trustee. The Indenture Trustee agrees that it will, at its
own cost and expense, promptly take all action as may be necessary to discharge
any liens on any part of the Collateral that result from actions by, or claims
against itself that are not related to the administration of the Collateral.

         (k) In order to comply with its duties under U.S.A. Patriot Act, the
Indenture Trustee shall obtain and verify certain information and documentation
from the other party hereto, including, but not limited to, such party's name,
address, and other indentifying information.

         Section 6.02. Rights of Indenture Trustee. (a) The Indenture Trustee
may rely on any document believed by it to be genuine and to have been signed or
presented by the proper person. The Indenture Trustee need not investigate any
fact or matter stated in the document.

         (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel, which shall not be at
the expense of the Indenture Trustee. The Indenture Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on an
Officer's Certificate or Opinion of Counsel. The right of the Indenture Trustee
to perform any discretionary act enumerated in this Indenture or in any
Operative Agreement shall not be construed as a duty and the Indenture Trustee
shall not be answerable for other than its negligence or willful misconduct in
the performance of such act.

         (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder, either directly or by or through
agents, attorneys, custodians or nominees appointed with due care, and shall not
be responsible for any willful misconduct or negligence on the part of any
agent, attorney, custodian or nominee so appointed.

         (d) The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its
rights or powers.

         (e) The Indenture Trustee may consult with counsel, and any Opinion of
Counsel with respect to legal matters relating to this Indenture, any Operative
Agreement and the Notes shall be full and complete authorization and protection
from liability in respect to any action taken, omitted or suffered by it
hereunder in good faith and in accordance with any Opinion of Counsel of such
counsel.

         (f) In the event that the Indenture Trustee is also acting as Paying
Agent, Note Registrar or Administrator hereunder or under any Operative
Agreement, the rights and protections afforded to the Indenture Trustee pursuant
to this Article VI shall be afforded to such Paying Agent, Note Registrar and
Administrator.

         (g) The Indenture Trustee or its Affiliates are permitted to receive
additional compensation that could be deemed to be in the Indenture Trustee's
economic self-interest for (i) serving as investment adviser, administrator,
shareholder, servicing agent, custodian or sub-custodian with respect to certain
of the Eligible Investments, (ii) using Affiliates to effect transactions in
certain Eligible Investments and (iii) effecting transactions in certain
Eligible Investments. Such compensation shall not be considered an amount that
is reimbursable or payable to the Indenture Trustee (i) pursuant to this
Indenture or (iii) out of Available Funds.

         Section 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuing Entity or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Indenture Trustee must comply with Section 6.11.

         Section 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of any of the Operative Agreements or the Notes or the sufficiency of
the Collateral; it shall not be accountable for the Issuing Entity's use of the
proceeds from the Notes, and it shall not be responsible for any statement of
the Issuing Entity or the Servicer in this Indenture, any Operative Agreement or
in any other document issued in connection with the sale of the Notes or in the
Notes other than the Indenture Trustee's certificate of authentication.

         Section 6.05. Notice of Event of Default. Subject to Section 5.01, the
Indenture Trustee shall promptly mail to each Noteholder notice of the Event of
Default after it is actually known to a Responsible Officer of the Indenture
Trustee, unless such Event of Default shall have been waived or cured. Except in
the case of an Event of Default in payment of principal of or interest on any
Note, the Indenture Trustee may withhold the notice if and so long as it in good
faith determines that withholding the notice is in the interests of Noteholders.

         Section 6.06. Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns. The
Indenture Trustee shall prepare and file (or cause to be prepared and filed), on
behalf of the Owner Trustee or the Issuing Entity, all tax returns (if any) and
information reports, tax elections and such annual or other reports of the
Issuing Entity as are necessary for preparation of tax returns and information
reports as provided in the Trust Agreement, including without limitation Form
1099. All tax returns and information reports shall be signed by the Owner
Trustee as provided in the Trust Agreement.

         Section 6.07. Compensation and Indemnity. The Indenture Trustee shall
be entitled, as compensation for its services, to earnings with respect to, or
the benefit of amounts in, the Trust Accounts as provided in the Sale and
Servicing Agreement (which amounts shall constitute the Indenture Trustee's fees
for its services). The Indenture Trustee's compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Indenture Trustee
and any co-trustee shall be reimbursed by the Issuing Entity, as provided in
Section 5.03 of the Sale and Servicing Agreement, for all reasonable ordinary
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services (as provided in the Sale and
Servicing Agreement). Reimbursable expenses under this Section 6.07 shall
include the reasonable compensation and expenses, disbursements and advances of
the Indenture Trustee's agents, counsel, accountants and experts.

         The Issuing Entity shall indemnify the Indenture Trustee, any
co-trustee and their respective employees, directors and agents, as provided in
Section 5.03 of the Sale and Servicing Agreement, against any and all claim,
loss, liability or expense (including attorneys' fees) incurred by it in
connection with the administration of this trust and the performance of its
duties hereunder or under any Operative Agreement. The Indenture Trustee or
co-trustee, as applicable, shall notify the Issuing Entity and the Administrator
promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee or the co-trustee, as applicable, to so notify the Issuing Entity and
the Administrator shall not relieve the Issuing Entity or the Administrator of
their respective obligations hereunder. The Issuing Entity shall defend any such
claim, and the Indenture Trustee and any co-trustee may have separate counsel
and the Issuing Entity shall pay the fees and expenses of such counsel. The
Issuing Entity shall not be required to reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee or any
co-trustee through the Indenture Trustee's or co-trustee's, as the case may be,
own willful misconduct, negligence or bad faith.

         The Issuing Entity's payment obligations to the Indenture Trustee and
the Owner Trustee pursuant to this Section 6.07 shall survive the discharge of
this Indenture and the termination or resignation of the Indenture Trustee. When
the Indenture Trustee or the Owner Trustee incurs expenses after the occurrence
of an Event of Default with respect to the Issuing Entity, the expenses are
intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable federal or state bankruptcy, insolvency or
similar law.

         Section 6.08. Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee
may resign at any time by so notifying the Issuing Entity. Holders of a majority
of Note Balances of the Notes may remove the Indenture Trustee by so notifying
the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuing
Entity shall, remove the Indenture Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.11 hereof;

          (ii) the Indenture Trustee is adjudged a bankrupt or insolvent;

          (iii) a receiver or other public officer takes charge of the Indenture
     Trustee or its property; or

          (iv) the Indenture Trustee otherwise becomes incapable of acting.

         If the Indenture Trustee resigns or is removed or if a vacancy exists
in the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the
Issuing Entity shall, promptly appoint a successor Indenture Trustee.

         A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuing Entity.
Thereupon, the resignation or removal of the retiring Indenture Trustee shall
become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

         If a successor Indenture Trustee does not take office within 30 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuing Entity or the Holders of a majority of Note
Balances of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.

         Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuing Entity's obligations under Section 6.07 shall continue
for the benefit of the retiring Indenture Trustee.

         Section 6.09. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; PROVIDED, that
such corporation or banking association shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide each Rating
Agency prior written notice of any such transaction.

         In case at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Indenture Trustee shall have.

         Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture
Trustee.

         (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Collateral may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Issuing Entity, and to
vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Collateral, or any part hereof, and, subject to
the other provisions of this Section 6.10, such powers, duties, obligations,
rights and trusts as may be considered necessary or desirable. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.08 hereof.

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

          (i) all rights, powers, duties and obligations conferred or imposed
     upon the Indenture Trustee shall be conferred or imposed upon and exercised
     or performed by the Indenture Trustee and such separate trustee or
     co-trustee jointly (it being understood that such separate trustee or
     co-trustee is not authorized to act separately without the Indenture
     Trustee joining in such act), except to the extent that under any law of
     any jurisdiction in which any particular act or acts are to be performed
     the Indenture Trustee shall be incompetent or unqualified to perform such
     act or acts, in which event such rights, powers, duties and obligations
     (including the holding of title to the Collateral or any portion thereof in
     any such jurisdiction) shall be exercised and performed singly by such
     separate trustee or co-trustee, but solely at the direction of the
     Indenture Trustee;

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

          (iii) the Indenture Trustee may at any time accept the resignation of
     or remove any separate trustee or co-trustee.

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

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

         Section 6.11. Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition and it or its
parent shall have a long-term debt rating of "Baa3" or better by Moody's and
"BBB" or better by S&P and Fitch. The Indenture Trustee shall comply with TIA
ss. 310(b), including the optional provision permitted by the second sentence of
TIA ss. 310(b)(9); PROVIDED, HOWEVER, that there shall be excluded from the
operation of TIA ss. 310(b)(1) any indenture or indentures under which other
securities of the Issuing Entity are outstanding if the requirements for such
exclusion set forth in TIA ss. 310(b)(1) are met.

         Section 6.12. Representations and Warranties. The Indenture Trustee
hereby represents that:

          (i) It is a national banking association duly organized, validly
     existing and in good standing under the laws of the United States.

          (ii) The execution and delivery of this Indenture by it, and the
     performance and compliance with the terms of this Indenture by it, will not
     violate its charter or bylaws.

          (iii) It has the full power and authority to enter into and consummate
     all transactions contemplated by this Indenture has duly authorized the
     execution, delivery and performance of this Indenture, and has duly
     executed and delivered this Indenture.

          (iv) This Indenture, assuming due authorization, execution and
     delivery by the Issuing Entity, constitutes a valid, legal and binding
     obligation of it, enforceable against it in accordance with the terms
     hereof, subject to (A) applicable bankruptcy, insolvency, receivership,
     reorganization, moratorium and other laws affecting the enforcement of
     creditors' rights generally, and (B) general principles of equity,
     regardless of whether such enforcement is considered in a proceeding in
     equity or at law.

          (v) The Indenture Trustee is a "securities intermediary," as such term
     is defined in Section 8-102(a)(14)(B) of the New York UCC, that in the
     ordinary course of its business maintains "securities accounts" for others,
     as such term is used in Section 8-501 of the New York UCC.

         Section 6.13. Preferential Collection of Claims Against Issuing Entity.
The Indenture Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). An Indenture Trustee which
has resigned or been removed shall be subject to TIA Section 311(a) to the
extent indicated.

<PAGE>

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

         Section 7.01. Issuing Entity To Furnish Indenture Trustee Names and
Addresses of Noteholders. The Issuing Entity will furnish or cause to be
furnished to the Indenture Trustee (a) not more than five days after each Record
Date, a list, in such form as the Indenture Trustee may reasonably require, of
the names and addresses of the Holders of Notes as of such Record Date, (b) at
such other times as the Indenture Trustee may request in writing, within 30 days
after receipt by the Issuing Entity of any such request, a list of similar form
and content as of a date not more than 10 days prior to the time such list is
furnished; PROVIDED, HOWEVER, that so long as the Indenture Trustee is the Note
Registrar, no such list shall be required to be furnished to the Indenture
Trustee.

         Section 7.02. Preservation of Information; Communications to
Noteholders.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 hereof and the names and addresses of Holders of Notes received
by the Indenture Trustee in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.01
upon receipt of a new list so furnished.

         (b) Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the
Notes.

         (c) The Issuing Entity and the Indenture Trustee shall have the
protection of TIA Section 3l2(c).

         Section 7.03. Reports by Issuing Entity.

         (a) The Issuing Entity shall:

          (i) file with the Indenture Trustee and the Commission in accordance
     with the rules and regulations prescribed from time to time by the
     Commission such additional information, documents and reports with respect
     to compliance by the Issuing Entity with the conditions and covenants of
     this Indenture as may be required from time to time by such rules and
     regulations; and

          (ii) supply to the Indenture Trustee (and the Indenture Trustee shall
     transmit by mail to all Noteholders described in TIA Section 313(c)) such
     summaries of any information, documents and reports required to be filed by
     the Issuing Entity pursuant to clause (i) of this Section 7.03(a) and by
     rules and regulations prescribed from time to time by the Commission.

         (b) Unless the Issuing Entity otherwise determines, the fiscal year of
the Issuing Entity shall end on December 31st of each year.

         Section 7.04. Reports by Indenture Trustee. If required by TIA Section
313(a), within 60 days after each [______], beginning with [________], the
Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

         A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each securities
exchange, if any, on which the Notes are listed. The Issuing Entity shall notify
the Indenture Trustee if and when the Notes are listed on any securities
exchange.

         Section 7.05. Reports Filed with Securities and Exchange Commission.

         (a) (i) Within 15 days after each Distribution Date, the Indenture
Trustee shall, in accordance with industry standards, file with the Commission
via the Electronic Data Gathering and Retrieval System ("EDGAR"), a Distribution
Report on Form 10-D, signed by the Servicer, with a copy of the monthly
statement to be furnished by the Indenture Trustee to the Noteholders for such
Distribution Date and detailing all data elements specified in Item 1121(a) of
Regulation AB as part of the monthly statement; provided that the Indenture
Trustee shall have received no later than 2 days prior to the date such
Distribution Report on Form 10-D is required to be filed, all information
required to be provided to the Indenture Trustee as described in clause (a)(iv)
below.

                  (ii) The Indenture Trustee will prepare and file Current
Reports on Form 8-K in respect of the Trust, signed by the Servicer, as and when
required; provided, that, the Indenture Trustee shall have received no later
than one Business Day prior to the filing deadline for such Current Report, all
information, data, and exhibits required to be provided or filed with such
Current Report and required to be provided to the Indenture Trustee as described
in clause (a)(iv) below.

                  (iii) Prior to January 30 in each year commencing in 2007, the
Indenture Trustee shall, in accordance with industry standards, file a Form 15
Suspension Notice with respect to the Trust Fund, if applicable. Prior to (x)
March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall have
been filed, prior to March 15 of each year thereafter, the Servicer shall
provide the Indenture Trustee with an Annual Compliance Statement, together with
a copy of the Assessment of Compliance and Attestation Report to be delivered by
the Servicer pursuant to the Servicing Agreement (including with respect to any
subservicer or subcontractor, if required to be filed). Prior to (x) March 31,
2007 and (y) unless and until a Form 15 Suspension Notice shall have been filed,
March 31 of each year thereafter, the Indenture Trustee shall, subject to
subsection (d) below, file a Form 10-K, in substance conforming to industry
standards, with respect to the Trust Fund. Such Form 10-K shall include the
Assessment of Compliance, Attestation Report, Annual Compliance Statements and
other documentation provided by the Servicer pursuant to the Servicing Agreement
(including with respect to any subservicer or subcontractor, if required to be
filed) and with respect to the Indenture Trustee and the Custodian, and the Form
10-K certification signed by the Depositor; provided that the Indenture Trustee
shall have received no later than March 15 of each calendar year prior to the
filing deadline for the Form 10-K all information, data and exhibits required to
be provided or filed with such Form 10-K and required to be provided to the
Indenture Trustee as described in clause (a)(iv) below.

                  (iv) As to each item of information required to be included in
any Form 10-D, Form 8-K or Form 10-K, the Indenture Trustee's obligation to
include the information in the applicable report is subject to receipt from the
entity that is indicated in Exhibit F as the responsible party for providing
that information, if other than the Indenture Trustee, as and when required as
described above. Each of the Servicer, Seller and Depositor hereby agree to
notify and provide to the Indenture Trustee all information that is required to
be included in any Form 10-D, Form 8-K or Form 10-K, with respect to which that
entity is indicated in Exhibit F as the responsible party for providing that
information. The Swap Provider will be obligated pursuant to the Swap Agreement
to provide to the Indenture Trustee any information that may be required to be
included in any Form 10-D, Form 8-K or Form 10-K. The Indenture Trustee shall be
responsible for determining the significance percentage (as defined in Item 1115
of Regulation AB) of the Swap Provider at any time. The Servicer shall be
responsible for determining the pool concentration applicable to any subservicer
or originator at any time, for purposes of disclosure as required by Items 1117
and 1119 of Regulation AB.

         The Depositor hereby grants to the Servicer a limited power of attorney
to sign each Form 10-D, Form 8-K and Form 10-K on behalf of the Depositor. Such
power of attorney shall continue until either the earlier of (x) receipt by the
Servicer from the Depositor of written termination of such power of attorney and
(y) the termination of the Trust Fund. The Depositor agrees to promptly furnish
to the Indenture Trustee, from time to time upon request, such further
information, reports and financial statements within its control related to this
Agreement, the Mortgage Loans as the Indenture Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission. The
Indenture Trustee shall have no responsibility to file any items other than
those specified in this Section 7.05; provided, however, the Indenture Trustee
will cooperate with the Depositor in connection with any additional filings with
respect to the Trust Fund as the Depositor deems necessary under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Copies of all reports
filed by the Indenture Trustee under the Exchange Act shall be sent to: the
Depositor c/o _____________, Attn: _____________, _____________, _____________,
_____________. Fees and expenses incurred by the Indenture Trustee in connection
with this Section 7.05 shall not be reimbursable from the Trust Fund.

         (b) In connection with the filing of any 10-K hereunder, the Indenture
Trustee shall sign a certification (in the form attached hereto as Exhibit E)
for the Depositor regarding certain aspects of the Form 10-K certification
signed by the Depositor, provided, however, that the Indenture Trustee shall not
be required to undertake an analysis of any accountant's report attached as an
exhibit to the Form 10-K.

         (c) In connection with the filing of any 10-K hereunder, the Servicer
shall sign a certification (in the form attached hereto as Exhibit E) for the
benefit of the Depositor regarding certain aspects of the Form 10-K
certification signed by the Depositor, provided, however, that the Servicer
shall not be required to undertake an analysis of any accountant's report
attached as an exhibit to the Form 10-K.

         (d) The Indenture Trustee shall indemnify and hold harmless the
Depositor and its officers, directors and affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments and other costs and expenses arising out of or
based upon a breach of the Indenture Trustee's obligations under this Section
7.05 or the Indenture Trustee's negligence, bad faith or willful misconduct in
connection therewith.

         The Depositor shall indemnify and hold harmless the Indenture Trustee
and its officers, directors and affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs and expenses arising out of or based upon a
breach of the obligations of the Depositor under this Section 7.05 or the
Depositor's negligence, bad faith or willful misconduct in connection therewith.

         The Servicer shall indemnify and hold harmless the Indenture Trustee
and the Depositor and their respective officers, directors and affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
arising out of or based upon a breach of the obligations of the Servicer under
this Section 7.05 or the Servicer's negligence, bad faith or willful misconduct
in connection therewith.

         If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Depositor or the Indenture Trustee, as
applicable, then the defaulting party, in connection with a breach of its
respective obligations under this Section 7.05 or its respective negligence, bad
faith or willful misconduct in connection therewith, agrees that it shall
contribute to the amount paid or payable by the other parties as a result of the
losses, claims, damages or liabilities of the other party in such proportion as
is appropriate to reflect the relative fault and the relative benefit of the
Depositor on the one hand and the Indenture Trustee on the other.

         (e) Nothing shall be construed from the foregoing subsections (a), (b)
and (c) to require the Indenture Trustee or any officer, director or Affiliate
thereof to sign any Form 10-K or any certification contained therein.
Furthermore, the inability of the Indenture Trustee to file a Form 10-K as a
result of the lack of required information as set forth in Section 7.05(a) or
required signatures on such Form 10-K or any certification contained therein
shall not be regarded as a breach by the Indenture Trustee of any obligation
under this Agreement.

         This Section 7.05 may be amended without the consent of the
Noteholders.

<PAGE>

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

         Section 8.01. Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Trust Estate, the Indenture Trustee may take such action as
may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim an Event of Default under this Indenture
and any right to proceed thereafter as provided in Article V.

         Section 8.02. Trust Accounts and Certificate Account.

         (a) On or prior to the Closing Date, the Indenture Trustee shall
establish and maintain in its name the Trust Accounts and the Certificate
Account, each as provided in Article V of the Sale and Servicing Agreement.

         (b) On each Payment Date and Optional Redemption Date, the Paying Agent
(or, if the Indenture Trustee acts as Paying Agent, the Indenture Trustee) shall
pay all amounts on deposit in the Payment Account as provided in Section 5.03 of
the Sale and Servicing Agreement.

         (c) On each Payment Date and each Optional Redemption Date, the
Indenture Trustee hereby authorizes the Owner Trustee or the Certificate Paying
Agent, as applicable, to make the distributions from the Certificate Account as
required pursuant to Section 5.07 of the Sale and Servicing Agreement.

         Section 8.03. General Provisions Regarding Accounts. Funds in the Trust
Accounts maintained by the Indenture Trustee shall be invested to the extent
provided in the Sale and Servicing Agreement.

         Section 8.04. Release of Collateral.

         (a) Subject to the payment of its fees and expenses pursuant to Section
6.07, the Indenture Trustee may, and when required by the provisions of this
Indenture and the Sale and Servicing Agreement shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Noteholders pursuant to the Sale and
Servicing Agreement and all fees and expenses of the Indenture Trustee, the
Servicer and the Administrator pursuant to this Indenture have been paid,
release any remaining portion of the Collateral that secured the Notes from the
lien of this Indenture and release to the Issuing Entity or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. The Indenture
Trustee shall release property from the lien of this Indenture pursuant to this
subsection (b) only upon receipt of an Issuing Entity Request accompanied by an
Officer's Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.01 hereof.

<PAGE>

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

         Section 9.01. Supplemental Indentures Without Consent of Noteholders.

         (a) Without the consent of the Holders of any Notes but with prior
notice to the Rating Agencies, the Issuing Entity and the Indenture Trustee,
when authorized by an Issuing Entity Request, at any time and from time to time,
may enter into one or more indentures supplemental hereto (which shall conform
to the provisions of the TIA as in force at the date of the execution thereof),
in form satisfactory to the Indenture Trustee, for any of the following
purposes:

          (i) to correct or amplify the description of any property at any time
     subject to the lien of this Indenture, or better to assure, convey and
     confirm unto the Indenture Trustee any property subject or required to be
     subjected to the lien of this Indenture, or to subject to the lien of this
     Indenture additional property;

          (ii) to evidence the succession, in compliance with the applicable
     provisions hereof, of another person to the Issuing Entity, and the
     assumption by any such successor of the covenants of the Issuing Entity
     herein and in the Notes contained;

          (iii) to add to the covenants of the Issuing Entity, for the benefit
     of the Holders of the Notes, or to surrender any right or power herein
     conferred upon the Issuing Entity;

          (iv) to convey, transfer, assign, mortgage or pledge any property to
     or with the Indenture Trustee;

          (v) to cure any ambiguity, to correct or supplement any provision
     herein or in any supplemental indenture that may be inconsistent with any
     other provision herein or in any supplemental indenture;

          (vi) to make any other provisions with respect to matters or questions
     arising under this Indenture or in any supplemental indenture; provided,
     that such action shall not materially and adversely affect the interests of
     the Holders of the Notes (as evidenced by either (i) an Opinion of Counsel
     delivered to the Servicer and the Indenture Trustee or (ii) confirmation
     from the Rating Agencies that such amendment will not result in the
     reduction or withdrawal of the rating of any Class of Notes);

          (vii) to evidence and provide for the acceptance of the appointment
     hereunder by a successor trustee with respect to the Notes and to add to or
     change any of the provisions of this Indenture as shall be necessary to
     facilitate the administration of the trusts hereunder by more than one
     trustee, pursuant to the requirements of Article VI hereof; or

          (viii) to modify, eliminate or add to the provisions of this Indenture
     to such extent as shall be necessary to effect the qualification of this
     Indenture under the TIA or under any similar federal statute hereafter
     enacted and to add to this Indenture such other provisions as may be
     expressly required by the TIA as evidenced by an Opinion of Counsel.

         The Indenture Trustee is hereby authorized to join in the execution of
any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.

         (b) The Issuing Entity and the Indenture Trustee, when authorized by an
Issuing Entity Request, may, also without the consent of any of the Holders of
the Notes and prior notice to the Rating Agencies, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; PROVIDED, HOWEVER, that such action as evidenced by an Opinion of
Counsel, (i) is permitted by this Indenture, and (ii) shall not adversely affect
in any material respect the interests of any Noteholder (which may be evidenced
by confirmation from the Rating Agencies that such amendment will not result in
the reduction or withdrawal of the rating of any Class of Notes).

         Section 9.02. Supplemental Indentures with Consent of Noteholders. The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity
Request, also may, with prior notice to the Rating Agencies and, with the
consent of the Holders of not less than a majority of the Note Balance of each
Class of Notes affected thereby, by Act (as defined in Section 10.03 hereof) of
such Holders delivered to the Issuing Entity and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; PROVIDED, HOWEVER, that no such
supplemental indenture shall, without the consent of the Holder of each Note
affected thereby:

          (i) change the date of payment of any installment of principal of or
     interest on any Note, or reduce the principal amount thereof or the
     interest rate thereon, change the provisions of this Indenture relating to
     the application of collections on, or the proceeds of the sale of, the
     Trust Estate to payment of principal of or interest on the Notes, or change
     any place of payment where, or the coin or currency in which, any Note or
     the interest thereon is payable, or impair the right to institute suit for
     the enforcement of the provisions of this Indenture requiring the
     application of funds available therefor, as provided in Article V, to the
     payment of any such amount due on the Notes on or after the respective due
     dates thereof;

          (ii) reduce the percentage of the Note Balances of the Notes, the
     consent of the Holders of which is required for any such supplemental
     indenture, or the consent of the Holders of which is required for any
     waiver of compliance with certain provisions of this Indenture or certain
     defaults hereunder and their consequences provided for in this Indenture;

          (iii) modify or alter the provisions of the proviso to the definition
     of the term "Outstanding" or modify or alter the exception in the
     definition of the term "Holder";

          (iv) reduce the percentage of the Note Balances of the Notes required
     to direct the Indenture Trustee to direct the Issuing Entity to sell or
     liquidate the Trust Estate pursuant to Section 5.04 hereof;

          (v) modify any provision of this Section 9.02 except to increase any
     percentage specified herein or to provide that certain additional
     provisions of this Indenture or the Operative Agreements cannot be modified
     or waived without the consent of the Holder of each Note affected thereby;

          (vi) modify any of the provisions of this Indenture in such manner as
     to affect the calculation of the amount of any payment of interest or
     principal due on any Note on any Payment Date (including the calculation of
     any of the individual components of such calculation); or

          (vii) permit the creation of any lien ranking prior to or on a parity
     with the lien of this Indenture with respect to any part of the Trust
     Estate or, except as otherwise permitted or contemplated herein, terminate
     the lien of this Indenture on any property at any time subject hereto or
     deprive the Holder of any Note of the security provided by the lien of this
     Indenture;

         Any such action shall not (as evidenced by either (i) an Opinion of
Counsel delivered to the Servicer and the Indenture Trustee or (ii) confirmation
from the Rating Agencies that such amendment will not result in the reduction or
withdrawal of the rating of any Class of Notes) adversely affect in any material
respect the interest of any Holder (other than a Holder who shall consent to
such supplemental indenture).

         It shall not be necessary for any Act of Noteholders under this Section
9.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof.

         Promptly after the execution by the Issuing Entity and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.02, the
Indenture Trustee shall mail to the Holders of the Notes to which such amendment
or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

         Notwithstanding any provision of this Indenture to the contrary, the
Indenture Trustee shall not consent to any supplemental indenture pursuant to
Section 9.01 or Section 9.02 unless it shall have first received an Opinion of
Counsel, delivered by (and at the expense of) the Person seeking such
supplemental indenture, to the effect that such supplemental indenture will not
result in the imposition of a tax on any REMIC created hereunder pursuant to the
REMIC Provisions or cause any REMIC created hereunder to fail to qualify as a
REMIC at any time that any Notes or Certificates are outstanding and that the
supplemental indenture is being made in accordance with the terms hereof and
that all conditions precedent to the execution of such supplemental indenture in
accordance with the relevant provisions of this Article IX have been met.

         Section 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Section 6.02, shall be fully protected in relying upon, an Opinion of
Counsel to the effect provided in Section 9.07. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee's own rights, duties, liabilities or immunities
under this Indenture or otherwise.

         Section 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith
with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuing Entity and the Holders of
the Notes shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

         Section 9.05. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

         Section 9.06. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in a form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuing Entity or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuing Entity, to any such
supplemental indenture may be prepared and executed by the Issuing Entity and
authenticated and delivered by the Indenture Trustee in exchange for Outstanding
Notes.

<PAGE>

                                   ARTICLE X

                               REDEMPTION OF NOTES

         Section 10.01. Redemption. The Notes are subject to redemption pursuant
to Section 8.02 of the Sale and Servicing Agreement. The Issuing Entity shall
furnish each Rating Agency notice of such redemption. If any Notes are to be
redeemed pursuant to Section 8.02 of the Sale and Servicing Agreement, the
Redeemer shall furnish notice of its exercise of its option to redeem the Notes
to the Indenture Trustee not later than 5 days prior to the Optional Redemption
Date and the Redeemer shall deposit, by 10:00 A.M. New York City time on the
third Business Day prior to the Optional Redemption Date, with the Indenture
Trustee, the Optional Redemption Price of the Notes to be redeemed, whereupon
all such Notes shall be due and payable on the Optional Redemption Date upon the
furnishing of a notice complying with Section 10.02 hereof to each Holder of the
Notes.

         In connection with any Redemption, the requirements of Section 8.03 of
the Sale and Servicing Agreement must be met.

         Section 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than 10 days
prior to the applicable Optional Redemption Date to each Holder of Notes, as of
the close of business on the Record Date preceding the applicable Optional
Redemption Date, at such Holder's address or facsimile number appearing in the
Note Register.

         All notices of redemption shall state:

          (i) the Optional Redemption Date;

          (ii) the Optional Redemption Price; and

          (iii) the place where such Notes are to be surrendered for payment of
     the Optional Redemption Price (which shall be the office or agency of the
     Note Registrar to be maintained as provided in Section 3.02).

         Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuing Entity. Failure to give
notice of redemption, or any defect therein, to any Holder of any Note shall not
impair or affect the validity of the redemption of any other Note.

         Section 10.03. Notes Payable on Optional Redemption Date. The Notes to
be redeemed shall, following notice of redemption as required under Section
10.02 (in the case of redemption pursuant to Section 10.01) and remittance to
the Indenture Trustee of the Optional Redemption Price as required under Section
10.01, on the Optional Redemption Date become due and payable at the Optional
Redemption Price and (unless the Issuing Entity shall default in the payment of
the Optional Redemption Price) no interest shall accrue on the Optional
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Optional Redemption Price.

<PAGE>

                                   ARTICLE XI

                                REMIC PROVISIONS

         Section 11.01. Designation of REMIC Interests.

                                    REMIC 1
                                    -------

         As provided herein, the Indenture Trustee shall elect to treat the
segregated Trust Estate (exclusive of the Pre-Funding Accounts, the Interest
Coverage Accounts, if any, any Subsequent Mortgage Loan interest, the Net WAC
Rate Carryover Reserve Account and the Reserve Account, as defined in the Sale
and Servicing Agreement) as a REMIC for federal income tax purposes, and such
segregated pool of assets shall be designated as "REMIC 1." The Class G
Certificates shall represent the sole class of "residual interests" in REMIC 1
for purposes of the REMIC Provisions (as defined herein). The following table
irrevocably sets forth the designation, the Uncertificated REMIC 1 Pass-Through
Rate, the initial Uncertificated Principal Balance and, for purposes of
satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible
maturity date" for each of the REMIC 1 Regular Interests (as defined herein).
None of the REMIC 1 Regular Interests shall be certificated.

<TABLE>
<CAPTION>
                                      REMIC 1                 Initial Uncertificated           Latest Possible
       Designation                Remittance Rate                    Balance                  Maturity Date(1)
       -----------                ---------------                    -------                  ----------------
<S>                                 <C>                        <C>                             <C>
           LT1                      Variable(2)                $  [_________]                  [July 25, 2030
           LT2                      Variable(2)                $  [_________]                   July 25, 2030
          LT1PF                     Variable(2)                $  [_________]                   July 25, 2030
          LT2PF                     Variable(2)                $  [_________]                  July 25, 2030]
</TABLE>

----------------
(1)  For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
     the Payment Date immediately following the maturity date for the Mortgage
     Loan with the latest maturity date has been designated as the "latest
     possible maturity date" for each REMIC 1 Regular Interest.
(2)  Calculated in accordance with the definition of "Uncertificated REMIC 1
     Pass-Through Rate" herein.

<PAGE>

                                     REMIC 2
                                     -------

         As provided herein, the Indenture Trustee shall elect to treat the
segregated pool of assets consisting of the REMIC 1 Regular Interests as a REMIC
for federal income tax purposes, and such segregated pool of assets shall be
designated as "REMIC 2." The Class R-2 Interest shall represent the sole class
of "residual interests" in REMIC 2 for purposes of the REMIC Provisions. The
following table irrevocably sets forth the designation, the Uncertificated REMIC
2 Pass-Through Rate, the initial Uncertificated Principal Balance and, for
purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
"latest possible maturity date" for each of the REMIC 2 Regular Interests (as
defined herein) certificated. None of the REMIC 2 Regular Interests will be
certificated.

<TABLE>
<CAPTION>
                                Uncertificated REMIC 1         Initial Uncertificated      Assumed Final Maturity
        Designation                Pass-Through Rate             Principal Balance                 Date(1)
        -----------                -----------------             -----------------                 -------
<S>                                   <C>                        <C>                           <C>
           LTAA                       Variable(2)                $[______________]             [July 25, 2030
           LTIA1                      Variable(2)                $[______________]              July 25, 2030
          LTIIA1a                     Variable(2)                $[______________]              July 25, 2030
          LTIIA1b                     Variable(2)                $[______________]              July 25, 2030
          LTIIA1c                     Variable(2)                $[______________]              July 25, 2030
          LTIIA2c                     Variable(2)                $[______________]              July 25, 2030
          LTIIA3c                     Variable(2)                $[______________]              July 25, 2030
          LTIIA4c                     Variable(2)                $[______________]              July 25, 2030
           LTM1                       Variable(2)                $[______________]              July 25, 2030
           LTM2                       Variable(2)                $[______________]              July 25, 2030
           LTM3                       Variable(2)                $[______________]              July 25, 2030
           LTM4                       Variable(2)                $[______________]              July 25, 2030
           LTM5                       Variable(2)                $[______________]              July 25, 2030
           LTM6                       Variable(2)                $[______________]              July 25, 2030
           LTM7                       Variable(2)                $[______________]              July 25, 2030
           LTM8                       Variable(2)                $[______________]              July 25, 2030
           LTM9                       Variable(2)                $[______________]              July 25, 2030
           LTM10                      Variable(2)                $[______________]              July 25, 2030
           LTM11                      Variable(2)                $[______________]              July 25, 2030
           LTB1                       Variable(2)                $[______________]              July 25, 2030
           LTB2                       Variable(2)                $[______________]              July 25, 2030
           LTZZ                       Variable(2)                $[______________]             July 25, 2030]
</TABLE>

----------------
(1)  For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
     the Payment Date in the month immediately following the maturity date for
     the Mortgage Loan with the latest possible maturity date has been
     designated as the "latest possible maturity date" for each REMIC 2 Regular
     Interest.
(2)  Calculated in accordance with the definition of "Uncertificated REMIC 2
     Pass-Through Rate" herein.

<PAGE>

                                     REMIC 3
                                     -------

         As provided herein, the Indenture Trustee shall elect to treat the
segregated pool of assets consisting of the REMIC 2 Regular Interests as a REMIC
for federal income tax purposes, and such segregated pool of assets shall be
designated as "REMIC 3." The Class R-3 Interest shall evidence the sole class of
"residual interests" in REMIC 3 for purposes of the REMIC Provisions.

         The following table irrevocably sets forth the designation, the Note
Rate, the Initial Note Balance and, for purposes of satisfying Treasury
regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for
each Class of Notes that represents one or more of the "regular interests" in
REMIC 3 created hereunder:

<TABLE>
<CAPTION>
                                                                                           Assumed Final Maturity
        Designation                Initial Note Balance                Note Rate                   Date(1)
        -----------                --------------------                ---------                   -------
<S>                                  <C>                              <C>                      <C>
Class IA-1..............             $[_____________]                 Variable(2)              [July 25, 2030
Class IIA-1a............             $[_____________]                 Variable(2)               July 25, 2030
Class IIA-1b............             $[_____________]                 Variable(2)               July 25, 2030
Class IIA-1c............             $[_____________]                 Variable(2)               July 25, 2030
Class IIA-2c............             $[_____________]                 Variable(2)               July 25, 2030
Class IIA-3c............             $[_____________]                 Variable(2)               July 25, 2030
Class IIA-4c............             $[_____________]                 Variable(2)               July 25, 2030
Class M-1...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-2...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-3...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-4...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-5...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-6...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-7...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-8...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-9...............             $[_____________]                 Variable(2)               July 25, 2030
Class M-10..............             $[_____________]                 Variable(2)               July 25, 2030
Class M-11..............             $[_____________]                 Variable(2)               July 25, 2030
Class B-1...............             $[_____________]                 Variable(2)               July 25, 2030
Class B-2...............             $[_____________]                 Variable(2)               July 25, 2030
Class C Interest........             $[_____________]                 Variable(2)              July 25, 2030]
</TABLE>

----------------
(1)  For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
     the Payment Date in the month immediately following the maturity date for
     the Mortgage Loan with the latest maturity date has been designated as the
     "latest possible maturity date" for each Class of Notes that represents one
     or more of the "regular interests" in REMIC 3.
(2)  Calculated in accordance with the definition of "Note Rate" herein.
(3)  The Class C Interest will accrue interest at its variable Note Rate on the
     Notional Amount of the Class C Interest outstanding from time to time which
     shall equal the aggregate Uncertificated Principal Balance of the REMIC 2
     Regular Interests. The Class C Interest will not accrue interest on its
     Certificate Principal Balance.

<PAGE>

                                     REMIC 4
                                     -------

         As provided herein, the Indenture Trustee shall make an election to
treat the Class C Interest as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as "REMIC 4." The Class R-X
Certificates represent the sole class of "residual interests" in REMIC 4 for
purposes of the REMIC Provisions.

         The following table sets forth (or describes) the Class designation,
Note Rate and original Certificate Principal Balance for the Class C
Certificates.

<TABLE>
<CAPTION>
                              Original Class Certificate                                   Assumed Final Maturity
     Class Designation             Principal Balance             Pass-Through Rate                 Date(1)
     -----------------             -----------------             -----------------                 -------
<S>                                <C>                              <C>                     <C>
          Class C                  $[_____________]                 Variable(2)             [September 25, 2035]
</TABLE>

----------------
(1)  For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
     the Payment Date in the month immediately following the maturity date for
     the Mortgage Loan with the latest maturity date has been designated as the
     "latest possible maturity date" for the Class C Certificates.
(2)  The Class C Certificates will receive 100% of amounts received in respect
     of the Class C Interest. The Class C Certificates will also be entitled to
     Subsequent Mortgage Loan interest, as a right with respect to a component
     of the Class C Certificates that will not be treated as a REMIC regular
     interest but rather as separate interest strips from the Subsequent
     Mortgage Loans for a specified period of time.

         Section 11.02. Payments on REMIC Regular Interests.

         (a) On each Payment Date, the Indenture Trustee shall cause in the
following order of priority, the following amounts which shall be deemed to be
paid by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or
withdrawn from the Payment Account and paid to the holders of the Class G
Certificates, as the case may be:

                  With respect to the Group I Mortgage Loans:

                  (1) to the Holders of REMIC 1 Regular Interest LT1 and REMIC 1
         Regular Interest LT1PF in an amount equal to (A) the Uncertificated
         Accrued Interest for each REMIC 1 Regular Interest for such
         Distribution Date, plus (B) any amounts in respect thereof remaining
         unpaid from previous Distribution Dates;

                  (2) to the Holders of REMIC 1 Regular Interest LT1 and REMIC 1
         Regular Interest LT1PF, in an amount equal to the remainder of the
         Available Funds for such Distribution Date after the distributions made
         pursuant to clause (1) above, allocated as follows:

                           (a) to the Holders of REMIC 1 Regular Interest LT1,
                  until the Uncertificated Principal Balance of REMIC 1 Regular
                  Interest LT1 is reduced to zero;

                           (b) to the Holders of REMIC 1 Regular Interest LT1PF,
                  until the Uncertificated Principal Balance of REMIC 1 Regular
                  Interest LT1PF is reduced to zero; and

                           (c) any remaining amount to the Holders of the Class
                  G Certificates.

                  With respect to the Group II Mortgage Loans:

                  (1) to the Holders of REMIC 1 Regular Interest LT2 and REMIC 1
         Regular Interest LT2PF in an amount equal to (A) the Uncertificated
         Accrued Interest for each REMIC 1 Regular Interest for such
         Distribution Date, plus (B) any amounts in respect thereof remaining
         unpaid from previous Distribution Dates;

                  (2) to the Holders of REMIC 1 Regular Interest LT2 and REMIC 1
         Regular Interest LT2PF, in an amount equal to the remainder of the
         Available Funds for such Distribution Date after the distributions made
         pursuant to clause (1) above, allocated as follows:

                           (a) to the Holders of REMIC 1 Regular Interest LT2,
                  until the Uncertificated Principal Balance of REMIC 1 Regular
                  Interest LT2 is reduced to zero;

                           (b) to the Holders of REMIC 1 Regular Interest LT2PF,
                  until the Uncertificated Principal Balance of REMIC 1 Regular
                  Interest LT2PF is reduced to zero; and

                           (c) any remaining amount to the Holders of the Class
                  G Certificates.

         (b) On each Payment Date, the Indenture Trustee shall cause in the
following order of priority, the following amounts which shall be deemed to be
distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or
withdrawn from the Payment Account and paid to the holders of the Class R
Certificates (in respect of the Class R-2 Interest), as the case may be:

               (i) first, to the extent of Available Funds, to Holders of REMIC
          2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC 2
          Regular Interest LTIIA1a, REMIC 2 Regular Interest LTIIA1b, REMIC 2
          Regular Interest LTIIA1c, REMIC 2 Regular Interest LTIIA2c, REMIC 2
          Regular Interest LTIIA3c, REMIC 2 Regular Interest LTIIA4c, REMIC 2
          Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular
          Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
          LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7,
          REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2
          Regular Interest LTM10, REMIC 2 Regular Interest LTM11, REMIC 2
          Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC 2
          Regular Interest LTZZ, on a PRO RATA basis, in an amount equal to (A)
          the Uncertificated Accrued Interest for such Payment Date, plus (B)
          any amounts in respect thereof remaining unpaid from previous Payment
          Dates. Amounts payable as Uncertificated Accrued Interest in respect
          of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
          the REMIC 2 Overcollateralization Amount is less than the REMIC 2
          Overcollateralization Target Amount, by the lesser of (x) the amount
          of such difference and (y) the Maximum Uncertificated Accrued Interest
          Deferral Amount and such amount will be payable to the Holders of
          REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1a,
          REMIC 2 Regular Interest LTIIA1b, REMIC 2 Regular Interest LTIIA1c,
          REMIC 2 Regular Interest LTIIA2c, REMIC 2 Regular Interest LTIIA3c,
          REMIC 2 Regular Interest LTIIA4c, REMIC 2 Regular Interest LTM1, REMIC
          2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2
          Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
          Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
          LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10,
          REMIC 2 Regular Interest LTM11, REMIC 2 Regular Interest LTB1 and
          REMIC 2 Regular Interest LTB2, in the same proportion as the
          Overcollateralization Deficiency Amount is allocated to the
          Corresponding Notes and the Uncertificated Principal Balance of the
          REMIC 2 Regular Interest LTZZ shall be increased by such amount; and

               (ii) second, to the Holders of REMIC 2 Regular Interests, in an
          amount equal to the remainder of the Available Funds for such Payment
          Date after the distributions made pursuant to clause (i) above,
          allocated as follows:

               (a) 98.00% of such remainder to the Holders of REMIC 2 Regular
          Interest LTAA, until the Uncertificated Principal Balance of such
          Uncertificated REMIC 2 Regular Interest is reduced to zero;

               (b) 2.00% of such remainder first, to the Holders of REMIC 2
          Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1a, REMIC 2
          Regular Interest LTIIA1b, REMIC 2 Regular Interest LTIIA1c, REMIC 2
          Regular Interest LTIIA2c, REMIC 2 Regular Interest LTIIA3c, REMIC 2
          Regular Interest LTIIA4c, REMIC 2 Regular Interest LTM1, REMIC 2
          Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
          Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest
          LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8,
          REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2
          Regular Interest LTM11, REMIC 2 Regular Interest LTB1 and REMIC 2
          Regular Interest LTB2, in the same proportion as principal payments
          are allocated to the Corresponding Notes, until the Uncertificated
          Principal Balances of such REMIC 2 Regular Interests are reduced to
          zero, and second, to the Holders of REMIC 2 Regular Interest LTZZ,
          until the Uncertificated Principal Balance of such REMIC 2 Regular
          Interest is reduced to zero; and

               (c) any remaining amount to the Holders of the Class R
          Certificates (in respect of the Class R-2 Interest).

         Section 11.03. Allocation of Realized Losses on the REMIC Regular
Interests.

         (a) Realized Losses on the Mortgage Loans that are allocated to the
Class C Notes, Class B Notes and Mezzanine Notes shall, (i) with respect to the
Group I Mortgage Loans, be deemed to have been allocated by the Indenture
Trustee on each Payment Date to the REMIC 1 Regular Interest LT1 and REMIC 1
Regular Interest LT1PF until the Uncertificated Principal Balance of each such
REMIC 1 Regular Interest has been reduced to zero; provided however, with
respect to the first three Payment Dates, all Realized Losses on the Initial
Mortgage Loans shall be allocated to REMIC 1 Regular Interest LT1 until the
Uncertificated Principal Balance thereof has been reduced to zero, and all
Realized Losses on the Subsequent Mortgage Loans shall be allocated to REMIC 1
Regular Interest LT1PF until the Uncertificated Principal Balance thereof has
been reduced to zero and (ii) with respect to the Group II Mortgage Loans, be
deemed to have been allocated by the Indenture Trustee on each Payment Date to
the REMIC 1 Regular Interest LT2 and REMIC 1 Regular Interest LT2PF until the
Uncertificated Principal Balance of each such REMIC 1 Regular Interest has been
reduced to zero; provided however, with respect to the first three Payment
Dates, all Realized Losses on the Initial Mortgage Loans shall be allocated to
REMIC 1 Regular Interest LT2 until the Uncertificated Principal Balance thereof
has been reduced to zero, and all Realized Losses on the Subsequent Mortgage
Loans shall be allocated to REMIC 1 Regular Interest LT2PF until the
Uncertificated Principal Balance thereof has been reduced to zero. Realized
Losses on the Mortgage Loans that are allocated to the Class G Certificates
shall be allocated by the Indenture Trustee on each Payment Date to the Class G
Certificates.

         (b) Realized Losses on the Mortgage Loans that are allocated to the
Class C Notes, Class B Notes and Mezzanine Notes shall be deemed to have been
allocated in the specified percentages, as follows: first, to Uncertificated
Accrued Interest payable to the REMIC 2 Regular Interest LTAA and REMIC 2
Regular Interest LTZZ up to an aggregate amount equal to the REMIC 2 Interest
Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated
Principal Balances of REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest
LTZZ up to an aggregate amount equal to the REMIC 2 Principal Loss Allocation
Amount, 98% and 2%, respectively; third, to the Uncertificated Principal
Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTB2 and
REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest LTB2 has been
reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC 2
Regular Interest LTAA, REMIC 2 Regular Interest LTB1 and REMIC 2 Regular
Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC 2 Regular Interest LTB1 has been reduced to zero; fifth, to the
Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
Regular Interest LTM11 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest LTM11 has been reduced to zero; sixth, to the Uncertificated Principal
Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM10 and
REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest LTM10 has been
reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC 2
Regular Interest LTAA, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular
Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC 2 Regular Interest LTM9 has been reduced to zero; eighth, to
the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
Regular Interest LTM8 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest LTM8 has been reduced to zero; ninth, to the Uncertificated Principal
Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and
REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest LTM7 has been
reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC 2
Regular Interest LTAA, REMIC 2 Regular Interest LTM6 and REMIC 2 Regular
Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC 2 Regular Interest LTM6 has been reduced to zero; eleventh, to
the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
Regular Interest LTM5 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest LTM5 has been reduced to zero; twelfth, to the Uncertificated Principal
Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM4 and
REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest LTM4 has been
reduced to zero; thirteenth, to the Uncertificated Principal Balances of REMIC 2
Regular Interest LTAA, REMIC 2 Regular Interest LTM3 and REMIC 2 Regular
Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC 2 Regular Interest LTM3 has been reduced to zero; fourteenth,
to the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
2 Regular Interest LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest LTM2 has been reduced to zero and fifteenth, to the Uncertificated
Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest LTM1 has been
reduced to zero.

         Section 11.04. REMIC Administration.

         (a) REMIC elections as set forth in Section 11.01 shall be made by the
Indenture Trustee on Form 1066 or other appropriate federal tax or information
return for the taxable year ending on the last day of the calendar year in which
the Notes are issued. The regular interests and residual interest in each REMIC
shall be as designated in Section 11.01.

         (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 860G(a)(9) of the Code.

         (c) The Indenture Trustee shall pay any and all expenses relating to
any tax audit of any REMIC (including, but not limited to, any professional fees
or any administrative or judicial proceedings with respect to any REMIC that
involve the Internal Revenue Service or state tax authorities), including the
expense of obtaining any tax related Opinion of Counsel. The Indenture Trustee
shall be entitled to reimbursement of expenses incurred pursuant to this Section
9.01(c) to the extent provided in Section 6.07.

         (d) The Indenture Trustee shall prepare, sign and file, all of the
REMICs' federal and state tax and information returns (including Form 8811) as
the direct representative of each REMIC created hereunder. The expenses of
preparing and filing such returns shall be borne by the Indenture Trustee.

         (e) The Holder of the Class G Certificate at any time holding the
largest Percentage Interest thereof shall be the "tax matters person" as defined
in the REMIC Provisions (the related "Tax Matters Person") with respect to REMIC
1 and shall act as Tax Matters Person for REMIC 1. The Holder of the Class R
Certificate at any time holding the largest Percentage Interest thereof shall be
the Tax Matters Person with respect to REMIC 2 and REMIC 3 and shall act as Tax
Matters Person for REMIC 2 and REMIC 3. The Holder of the Class R-X Certificate
at any time holding the largest Percentage Interest thereof shall be the Tax
Matters Person with respect to REMIC 4 and shall act as Tax Matters Person for
REMIC 4. The Indenture Trustee, as agent for the Tax Matters Person, shall
perform on behalf of each REMIC all reporting and other tax compliance duties
that are the responsibility of such REMIC under the Code, the REMIC Provisions,
or other compliance guidance issued by the Internal Revenue Service or any state
or local taxing authority. Among its other duties, if required by the Code, the
REMIC Provisions, or other such guidance, the Indenture Trustee, as agent for
the Tax Matters Person, shall provide (i) to the Treasury or other governmental
authority such information as is necessary for the application of any tax
relating to the transfer of a Class R, Class R-X or Class G Certificate to any
disqualified person or organization and (ii) to the Noteholders such information
or reports as are required by the Code or REMIC Provisions. The Indenture
Trustee, as agent for the Tax Matters Person, shall represent each REMIC in any
administrative or judicial proceedings relating to an examination or audit by
any governmental taxing authority, request an administrative adjustment as to
any taxable year of any REMIC, enter into settlement agreements with any
government taxing agency, extend any statute of limitations relating to any item
of any REMIC and otherwise act on behalf of any REMIC in relation to any tax
matter involving the Trust.

         (f) The Indenture Trustee, the Issuing Entity and the Holders of Notes
shall take any action or cause the REMIC to take any action necessary to create
or maintain the status of each REMIC as a REMIC under the REMIC Provisions and
shall assist each other as necessary to create or maintain such status. Neither
the Trustee, the Issuing Entity nor the Holder of any Class G, Class R or Class
R-X Certificate shall knowingly take any action, cause any REMIC created
hereunder to take any action or fail to take (or fail to cause to be taken) any
action that, under the REMIC Provisions, if taken or not taken, as the case may
be, could (i) endanger the status of such REMIC as a REMIC or (ii) result in the
imposition of a tax upon such REMIC (including but not limited to the tax on
prohibited transactions as defined in Code Section 860F(a)(2) and the tax on
prohibited contributions set forth on Section 860G(d) of the Code) (either such
event, an "Adverse REMIC Event") unless the Indenture Trustee and the Issuing
Entity have received an Opinion of Counsel (at the expense of the party seeking
to take such action) to the effect that the contemplated action will not
endanger such status or result in the imposition of such a tax. In addition,
prior to taking any action with respect to any REMIC created hereunder or the
assets therein, or causing such REMIC to take any action, which is not expressly
permitted under the terms of this Agreement, any Holder of a Class G, Class R or
Class R-X Certificate will consult with the Indenture Trustee and the Issuing
Entity, or their respective designees, in writing, with respect to whether such
action could cause an Adverse REMIC Event to occur with respect to any REMIC,
and no such Person shall take any such action or cause any REMIC to take any
such action as to which the Indenture Trustee or the Issuing Entity has advised
it in writing that an Adverse REMIC Event could occur.

         (g) The Holders of the Class R Certificates shall pay when due any and
all taxes imposed on each REMIC created hereunder by federal or state
governmental authorities. To the extent that such taxes are not paid by the
Holder of the Class R Certificates, the Indenture Trustee shall pay any
remaining REMIC taxes out of other amounts held in the Payment Account, and
shall reduce amounts otherwise payable to Holders of regular interests in the
related REMIC. Subject to the foregoing, in the event that a REMIC incurs a
state or local tax, including franchise taxes, as a result of a determination
that such REMIC is domiciled in the State of California for state tax purposes
by virtue of the location of the Servicer, the Servicer agrees to pay on behalf
of such REMIC when due, any and all state and local taxes imposed as a result of
such a determination, in the event that the Holder of the Class G, Class R or
Class R-X Certificate fails to pay such taxes, if any, when imposed.

         (h) The Indenture Trustee, as agent for the Tax Matters Person, shall,
for federal income tax purposes, maintain books and records with respect to each
REMIC created hereunder on a calendar year and on an accrual basis.

         (i) No additional contributions of assets shall be made to any REMIC
created hereunder, except as expressly provided in this Agreement with respect
to Qualifying Substitute Mortgage Loans.

         (j) Neither the Issuing Entity nor the Indenture Trustee shall enter
into any arrangement by which any REMIC created hereunder will receive a fee or
other compensation for services.

         (k) The Trustee will apply for an Employee Identification Number from
the Internal Revenue Service via a Form SS-4 or other acceptable method for all
tax entities and shall complete the Form 8811.

         Section 11.05. Prohibited Transactions and Activities. Neither the
Issuing Entity nor the Indenture Trustee shall sell, dispose of, or substitute
for any of the Mortgage Loans, except in a disposition pursuant to (i) the
foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Issuing Entity, (iii)
an optional redemption pursuant to Section 8.02 of the Servicing Agreement, (iv)
a substitution of a Qualifying Substitute Mortgage Loan pursuant to Section 3.04
of the Sale and Servicing Agreement or (v) a repurchase of Mortgage Loans
pursuant to Section 3.04 of the Sale and Servicing Agreement, nor acquire any
assets for any REMIC, nor sell or dispose of any investments in the Payment
Account for gain, nor accept any contributions to any REMIC after the Closing
Date, unless it has received an Opinion of Counsel (at the expense of the party
causing such sale, disposition, or substitution) that such disposition,
acquisition, substitution, or acceptance will not (a) affect adversely the
status of any REMIC created hereunder as a REMIC or of the interests therein
other than the Class G, Class R or Class R-X Certificates as the regular
interests therein, (b) affect the payment of interest or principal on the Notes,
(c) result in the encumbrance of the assets pledged to the Indenture Trustee
(except pursuant to the provisions of this Agreement) or (d) cause any REMIC
created hereunder to be subject to a tax on prohibited transactions or
prohibited contributions pursuant to the REMIC Provisions.

         Section 11.06. Indemnification with Respect to Certain Taxes and Loss
of REMIC Status. In the event that any REMIC fails to qualify as a REMIC, loses
its status as a REMIC, or incurs federal, state or local taxes as a result of a
prohibited transaction or prohibited contribution under the REMIC Provisions due
to the negligent performance by the Indenture Trustee of its duties and
obligations set forth herein, the Indenture Trustee shall indemnify the Issuing
Entity against any and all losses resulting from such negligence; provided,
however, that the Indenture Trustee shall not be liable for any such losses
attributable to the action or inaction of the Issuing Entity, the Servicer, the
Depositor or the Holder of a Class G, Class R or Class R-X Certificate, as
applicable, nor for any such losses resulting from misinformation provided by
the Holder of such Class G, Class R or Class R-X Certificate on which the
Indenture Trustee has relied. The foregoing shall not be deemed to limit or
restrict the rights and remedies of the Holder of such Class G, Class R or Class
R-X Certificate now or hereafter existing at law or in equity. Notwithstanding
the foregoing, however, in no event shall the Indenture Trustee have any
liability (1) for any action or omission that is taken in accordance with and in
compliance with the express terms of, or which is expressly permitted by the
terms of, this Indenture, (2) for any losses other than arising out of a
negligent performance by the Indenture Trustee of its duties and obligations set
forth herein, and (3) for any special or consequential damages to Noteholders
(in addition to payment of principal and interest on the Notes).

<PAGE>

                                   ARTICLE XII

                                  MISCELLANEOUS

         Section 12.01. Compliance Certificates and Opinions, etc. Upon any
application or request by the Issuing Entity to the Indenture Trustee to take
any action under any provision of this Indenture, the Issuing Entity shall
furnish to the Indenture Trustee: (i) an Officer's Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with, and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements
of this Section 11.01; PROVIDED, that, in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Indenture, no additional certificate or opinion pursuant
to clauses (i), (ii) or (iii) above need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

               (i) a statement that each signatory of such certificate or
          opinion has read or has caused to be read such covenant or condition
          and the definitions herein relating thereto;

               (ii) a brief statement as to the nature and scope of the
          examination or investigation upon which the statements or opinions
          contained in such certificate or opinion are based;

               (iii) a statement that, in the opinion of each such signatory,
          such signatory has made such examination or investigation as is
          necessary to enable such signatory to express an informed opinion as
          to whether or not such covenant or condition has been complied with;
          and

               (iv) a statement as to whether, in the opinion of each such
          signatory, such condition or covenant has been complied with.

         Section 12.02. Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

         Any certificate or opinion of an Authorized Officer of the Issuing
Entity may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer, the Depositor, the Issuing Entity or the
Administrator, stating that the information with respect to such factual matters
is in the possession of the Servicer, the Depositor, the Issuing Entity or the
Administrator, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuing
Entity shall deliver any document as a condition of the granting of such
application, or as evidence of the Issuing Entity's compliance with any term
hereof, it is intended that the truth and accuracy, at the time of the granting
of such application or at the effective date of such certificate or report (as
the case may be), of the facts and opinions stated in such document shall in
such case be conditions precedent to the right of the Issuing Entity to have
such application granted or to the sufficiency of such certificate or report.
The foregoing shall not, however, be construed to affect the Indenture Trustee's
right to rely upon the truth and accuracy of any statement or opinion contained
in any such document as provided in Article VI.

         Section 12.03. Acts of Noteholders.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required,
to the Issuing Entity. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Noteholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in
the manner provided in this Section 11.03.

         (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

         (c) The ownership of Notes shall be proved by the Note Register.

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

         Section 12.04. Notices, etc., to Indenture Trustee, Issuing Entity and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or act of Noteholders is to be made upon,
given or furnished to or filed with:

               (i) the Indenture Trustee by any Noteholder or by the Issuing
          Entity shall be sufficient for every purpose hereunder if made, given,
          furnished or filed in writing to or with the Indenture Trustee at its
          Corporate Trust Office, or

               (ii) the Issuing Entity by the Indenture Trustee or by any
          Noteholder shall be sufficient for every purpose hereunder if in
          writing and mailed first-class, postage prepaid to the Issuing Entity
          addressed to the address provided in the Sale and Servicing Agreement,
          or at any other address previously furnished in writing to the
          Indenture Trustee by the Issuing Entity or the Administrator. The
          Issuing Entity shall promptly transmit any notice received by it from
          the Noteholders to the Indenture Trustee.

         Notices required to be given to the Rating Agencies by the Issuing
Entity, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, to
the address provided in the Sale and Servicing Agreement or such other address
as shall be designated by written notice to the other parties.

         Section 12.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

         Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute an Event of
Default.

         Section 12.06. Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

         The provisions of TIA Sections 310 through 317 that impose duties on
any person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

         Section 12.07. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 12.08. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuing Entity shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co-trustees and agents.

         Section 12.09. Severability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         Section 12.10. Benefits of Indenture and Consents of Noteholders.
Nothing in this Indenture or in the Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the Owner
Trustee and the Noteholders, any benefit or any legal or equitable right, remedy
or claim under this Indenture. Each Noteholder and Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note,
consents to and agrees to be bound by the terms and conditions of this
Indenture.

         Section 12.11. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no additional interest
shall accrue for the period from and after any such nominal date in respect of
such payment date.

         Section 12.12. Governing Law. THIS INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 12.13. Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         Section 12.14. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuing Entity and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Indenture Trustee or any other counsel
reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

         Section 12.15. Trust Obligations. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner
Trustee or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in their respective
individual capacities, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its
respective individual capacity, any holder of a beneficial interest in the
Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor
or assign of the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their respective individual capacities) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For
all purposes of this Indenture, in the performance of any duties or obligations
of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles V, VI and VII
of the Trust Agreement.

         In addition, (i) this Indenture is executed and delivered by Wilmington
Trust Company, not individually or personally but solely as Owner Trustee, in
the exercise of the powers and authority conferred and vested in it, (ii) each
of the representations, undertakings and agreements herein made on the part of
the Issuing Entity or the Owner Trustee is made and intended not as personal
representations, undertakings and agreements by Wilmington Trust Company but is
made and intended for the purpose for binding only the Issuing Entity, (iii)
nothing herein contained shall be construed as creating any liability on
Wilmington Trust Company, individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being
expressly waived by the Indenture Trustee and by any Person claiming by, through
or under the Indenture Trustee, and (iv) under no circumstances shall Wilmington
Trust Company be personally liable for the payment of any indebtedness or
expenses of the Issuing Entity or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the
Issuing Entity under this Indenture or the Operative Agreements.

         Section 12.16. No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will not at any time institute against the Depositor or the
Issuing Entity, or join in any institution against the Depositor or the Issuing
Entity of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under the Bankruptcy Code or any
other United States federal or state bankruptcy, insolvency or similar law in
connection with any obligations relating to the Notes, this Indenture or any of
the Operative Agreements except that the Indenture Trustee shall not be
prohibited from filing proofs of claim in connection with any such proceedings.

         Section 12.17. Inspection. The Issuing Entity agrees that, on
reasonable prior notice, it will permit any representative of the Indenture
Trustee during the Issuing Entity's normal business hours, to examine all the
books of account, records, reports and other papers of the Issuing Entity, to
make copies and extracts therefrom, to cause such books to be audited by
Independent Public Accountants, and to discuss the Issuing Entity's affairs,
finances and accounts with the Issuing Entity's officers, employees and
Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. The Indenture Trustee shall, and shall
cause its representatives to, hold in confidence all such information except to
the extent disclosure may be required by law (and all reasonable applications
for confidential treatment are unavailing) and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its obligations hereunder.

         Nothwithstanding anything herein to the contrary, the foregoing shall
not be construed to prohibit (i) disclosure of any and all information that is
or becomes publicly known or information obtained by the Indenture Trustee from
sources other than the Issuing Entity, (ii) disclosure of any and all
information (A) if required to do so by any applicable statute, law, rule or
regulation, (B) to any government agency or regulatory body having or claiming
authority to regulate or oversee any respects of the Indenture Trustee's
business or that of its affiliates, (C) pursuant to any subpoena, civil
investigative demand or similar demand or request of any court, regulatory
authority, arbitrator or arbitration to which the Indenture Trustee or an
affiliate or an officer, director, employer or shareholder thereof is a party,
(D) in any preliminary or final offering circular, registration statement or
contract or other document pertaining to the transactions contemplated by the
Agreement approved in advance by the Issuing Entity or (E) to any affiliate,
independent or internal auditor, agent, employee or attorney of the Indenture
Trustee having a need to know the same, provided that the Trustee advises such
recipient of the confidential nature of the information being disclosed, or
(iii) any other disclosure authorized by the Servicer or the Issuing Entity.

<PAGE>

         IN WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers,
thereunto duly authorized and duly attested, all as of the day and year first
above written.

                       GREENPOINT MORTGAGE FUNDING TRUST
                       200[_]-[___], as Issuing Entity

                       By:  ______________________________________________,
                                not in its individual capacity but solely as
                                Owner Trustee

                       By:  ______________________________________________
                                Name:
                                Title:

                       [______________________], not in its individual
                       capacity but solely as Indenture Trustee

                       By:
                            _______________________________________________
                                Name:
                                Title:

                       By:_________________________________________________
                                Name:
                                Title:

<PAGE>

                                                                       EXHIBIT A

                                 FORMS OF NOTES

<PAGE>

                                                                       EXHIBIT B

                                   [RESERVED]

<PAGE>

                                   EXHIBIT C-1

                         FORM OF TRANSFEROR CERTIFICATE

                       FOR TRANSFERS OF THE CLASS B NOTES

                                                      [Date]

[NOTE REGISTRAR]

                  Re:      GreenPoint Mortgage Funding Trust 200[_]-[__]
                           Asset-Backed Notes, Series 200[_]-[__], Class B (the
                           "Notes")
                           ----------------------------------------------------

Ladies and Gentlemen:

                  In connection with the sale by _____________________________
(the "Transferor") to _________________________ (the "Transferee") of the Class
B-__ Notes having an initial aggregate Note Balance as of [__________] (the
"Closing Date") of $______________ (the "Transferred Notes"). The Notes,
including the Transferred Notes, were issued pursuant to the Indenture, dated as
of [__________] (the "Indenture"), between GreenPoint Mortgage Funding Trust
200[_]-[__] (the "Issuing Entity") and [__________] (the "Indenture Trustee").
All capitalized terms used but not otherwise defined herein shall have the
respective meanings set forth in the Indenture. The Transferor hereby certifies,
represents and warrants to you, as Note Registrar, and for the benefit of the
Issuing Entity, the Indenture Trustee and the Transferee, that:

                  1. The Transferor is the lawful owner of the Transferred Notes
with the full right to transfer such Notes free from any and all claims and
encumbrances whatsoever.

                  2. Neither the Transferor nor anyone acting on its behalf has
(a) offered, transferred, pledged, sold or otherwise disposed of any Note, any
interest in any Note or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition
of any Note, any interest in any Note or any other similar security from any
person in any manner, (c) otherwise approached or negotiated with respect to any
Note, any interest in any Note or any other similar security with any person in
any manner, (d) made any general solicitation by means of general advertising or
in any other manner, or (e) taken any other action, which (in the case of any of
the acts described in clauses (a) through (e) hereof) would constitute a
distribution of any Note under the Securities Act of 1933, as amended (the
"Securities Act"), or would render the disposition of any Note a violation of
Section 5 of the Securities Act or any state securities laws, or would require
registration or qualification of any Note pursuant to the Securities Act or any
state securities laws.

                  3. The Transferor and any person acting on behalf of the
Transferor in this matter reasonably believe that the Transferee is a "qualified
institutional buyer" as that term is defined in Rule l44A ("Rule l44A") under
the Securities Act (a "Qualified Institutional Buyer") purchasing for its own
account or for the account of a Qualified Institutional Buyer. In determining
whether the Transferee is a Qualified Institutional Buyer, the Transferor and
any person acting on behalf of the Transferor in this matter have relied upon
the following method(s) of establishing the Transferee's ownership and
discretionary investments of securities (check one or more):

                  ____     (a) The Transferee's most recent publicly available
                           financial statements, which statements present the
                           information as of a date within 16 months preceding
                           the date of sale of the Transferred Note in the case
                           of a U.S. purchaser and within 18 months preceding
                           such date of sale for a foreign purchaser; or

                  ____     (b) The most recent publicly available information
                           appearing in documents filed by the Transferee with
                           the Securities and Exchange Commission or another
                           United States federal, state, or local governmental
                           agency or self-regulatory organization, or with a
                           foreign governmental agency or self-regulatory
                           organization, which information is as of a date
                           within 16 months preceding the date of sale of the
                           Transferred Note in the case of a U.S. purchaser and
                           within 18 months preceding such date of sale for a
                           foreign purchaser, or

                  ____     (c) The most recent publicly available information
                           appearing in a recognized securities manual, which
                           information is as of a date within 16 months
                           preceding the date of sale of the Transferred Note in
                           the case of a U.S. purchaser and within 18 months
                           preceding such date of sale for a foreign purchaser,
                           or

                  ____     (d) A certification by the chief financial officer, a
                           person fulfilling an equivalent function, or other
                           executive officer of the Transferee, specifying the
                           amount of securities owned and invested on a
                           discretionary basis by the Transferee as of a
                           specific date on or since the close of the
                           Transferee's most recent fiscal year, or, in the case
                           of a Transferee that is a member of a "family of
                           investment companies", as that term is defined in
                           Rule 144A, a certification by an executive officer of
                           the investment adviser specifying the amount of
                           securities owned by the "family of investment
                           companies" as of a specific date on or since the
                           close of the Transferee's most recent fiscal year.

                  4. The Transferor and any person acting on behalf of the
                  Transferor understand that in determining the aggregate amount
                  of securities owned and invested on a discretionary basis by
                  an entity for purposes of establishing whether such entity is
                  a Qualified Institutional Buyer:

                  (a) the following instruments and interests shall be excluded:
                  securities of issuers that are affiliated with the Transferee;
                  securities that are part of an unsold allotment to or
                  subscription by the Transferee, if the Transferee is a dealer;
                  securities of issuers that are part of the Transferee's
                  "family of investment companies", if the Transferee is a
                  registered investment company; bank deposit notes and
                  certificates of deposit; loan participations; repurchase
                  agreements; securities owned but subject to a repurchase
                  agreement; and currency, interest rate and commodity swaps;

                  (b) the aggregate value of the securities shall be the cost of
                  such securities, except where the entity reports its
                  securities holdings in its financial statements on the basis
                  of their market value, and no current information with respect
                  to the cost of those securities has been published, in which
                  case the securities may be valued at market;

                  (c) securities owned by subsidiaries of the entity that are
                  consolidated with the entity in its financial statements
                  prepared in accordance with generally accepted accounting
                  principles may be included if the investments of such
                  subsidiaries are managed under the direction of the entity,
                  except that, unless the entity is a reporting company under
                  Section 13 or 15(d) of the Securities Exchange Act of 1934, as
                  amended, securities owned by such subsidiaries may not be
                  included if the entity itself is a majority-owned subsidiary
                  that would be included in the consolidated financial
                  statements of another enterprise.

                  5. The Transferor or a person acting on its behalf has taken
                  reasonable steps to ensure that the Transferee is aware that
                  the Transferor is relying on the exemption from the provisions
                  of Section 5 of the Securities Act provided by Rule 144A.

                  6. The Transferor or a person acting on its behalf has
                  furnished, or caused to be furnished, to the Transferee all
                  information regarding (a) the Mortgage Loans and payments
                  thereon, (b) the nature and performance of the Mortgage Loans,
                  (c) the Indenture and the Trust Estate, and (d) any credit
                  enhancement mechanism associated with the Mortgage Loans, that
                  the Transferee has requested.

                                                       Very truly yours,

                                                       ------------------------
                                                       (Transferor)

                                                       By:_____________________
                                                       Name:
                                                       Title:

<PAGE>

                                   EXHIBIT C-2

                         FORM OF TRANSFEREE CERTIFICATE

                       FOR TRANSFERS OF THE CLASS B NOTES

                                                            [Date]

[NOTE REGISTRAR]

                  Re:  GreenPoint Mortgage Funding Trust 200[_]-[__]
                       Asset-Backed Notes, Series 200[_]-[__], Class B
                       (the "Notes")
                       -----------------------------------------------

Ladies and Gentlemen:

                  __________________ (the "Transferee") intends to purchase from
_________________ (the "Transferor") the Class B-__ Notes having an initial
aggregate Note Balance as of [__________] (the "Closing Date") of $_____________
(the "Transferred Notes"). The Notes, including the Transferred Notes, were
issued pursuant to the Indenture, dated as of [__________] (the "Indenture"),
between GreenPoint Mortgage Funding Trust 200[_]-[__] (the "Issuing Entity") and
[__________] (the "Indenture Trustee"). All capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Indenture. The
Transferee hereby certifies, represents and warrants to you, as Note Registrar,
and for the benefit of the Issuing Entity, the Indenture Trustee and the
Transferor, that:

                  1. The Transferee is a "qualified institutional buyer" (a
"Qualified Institutional Buyer") as that term is defined in Rule 144A ("Rule
l44A") under the Securities Act of 1933, as amended (the "Securities Act"), and
has completed one of the forms of certification to that effect attached hereto
as Annex 1 and Annex 2. The Transferee is aware that the sale to it of the
Transferred Notes is being made in reliance on Rule 144A. The Transferee is
acquiring the Transferred Notes for its own account or for the account of a
Qualified Institutional Buyer, and understands that such Transferred Notes may
be resold, pledged or transferred only (i) to a person reasonably believed to be
a Qualified Institutional Buyer that purchases for its own account or for the
account of a Qualified Institutional Buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

                  2. The Transferee has been furnished with all information
regarding (a) the Mortgage Loans and payments thereon, (b) the nature and
performance of the Mortgage Loans, (c) the Indenture, and (d) any credit
enhancement mechanism associated with the Mortgage Loans, that it has requested.

                  3. The Transferee is neither (A) an employee benefit plan, an
Archer MSA as described in Section 220(d) of the Code, an education individual
retirement account as described in Section 530 of the Code or other retirement
arrangement, including individual retirement accounts and annuities, Keogh plans
and collective investment funds and separate accounts in which such plans,
accounts or arrangements are invested, including, without limitation, insurance
company general accounts, that is subject to ERISA or Section 4975 of the Code
(each, a "Plan"), nor (B) any Person who is directly or indirectly purchasing
such Note or interest therein on behalf of, as named fiduciary of, as trustee
of, or with "plan assets" (as defined under the DOL Regulation at 29 C.F.R.
Section 2510.3-101) of a Plan.

                                                      Very truly yours,

                                                      --------------------------
                                                      (Transferee)

                                                      By:_______________________
                                                      Name:
                                                      Title:

<PAGE>

                                                          ANNEX 1 TO EXHIBIT C-2
                                                          ----------------------

                        QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
                        --------------------------------------------------------

          [FOR TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

                  The undersigned hereby certifies as follows to [name of
Transferor] (the "Transferor") an [name of Note Registrar], as Note Registrar,
with respect to the Notes being transferred (the "Transferred Notes") as
described in the Transferee Certificate to which this certification relates and
to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
officer, a person fulfilling an equivalent function, or other executive officer
of the entity purchasing the Transferred Notes (the "Transferee").

                  2. The Transferee is a "qualified institutional buyer" as that
term is defined in Rule 144A under the Securities Act of 1933, as amended ("Rule
144A"), because (i) the Transferee owned and/or invested on a discretionary
basis $____________________ in securities (other than the excluded securities
referred to below) as of the end of the Transferee's most recent fiscal year
(such amount being calculated in accordance with Rule 144A) and (ii) the
Transferee satisfies the criteria in the category marked below.

                  ____     Corporation, etc. The Transferee is a corporation
                           (other than a bank, savings and loan association or
                           similar institution), Massachusetts or similar
                           business trust, partnership, or any organization
                           described in Section 501(c)(3) of the Internal
                           Revenue Code of 1986, as amended.

                  ____     Bank. The Transferee (a) is a national bank or a
                           banking institution organized under the laws of any
                           State, U.S. territory or the District of Columbia,
                           the business of which is substantially confined to
                           banking and is supervised by the State or territorial
                           banking commission or similar official or is a
                           foreign bank or equivalent institution, and (b) has
                           an audited net worth of at least $25,000,000 as
                           demonstrated in its latest annual financial
                           statements, a copy of which is attached hereto, as of
                           a date not more than 16 months preceding the date of
                           sale of the Note in the case of a U.S. bank, and not
                           more than 18 months preceding such date of sale for a
                           foreign bank or equivalent institution.

                  ____     Savings and Loan. The Transferee (a) is a savings and
                           loan association, building and loan association,
                           cooperative bank, homestead association or similar
                           institution, which is supervised and examined by a
                           State or Federal authority having supervision over
                           any such institutions or is a foreign savings and
                           loan association or equivalent institution and (b)
                           has an audited net worth of at least $25,000,000 as
                           demonstrated in its latest annual financial
                           statements, a copy of which is attached hereto, as of
                           a date not more than 16 months preceding the date of
                           sale of the Note in the case of a U.S. savings and
                           loan association, and not more than 18 months
                           preceding such date of sale for a foreign savings and
                           loan association or equivalent institution.

                  ____     Broker-dealer. The Transferee is a dealer registered
                           pursuant to Section 15 of the Securities Exchange Act
                           of 1934, as amended.

                  ____     Insurance Company. The Transferee is an insurance
                           company whose primary and predominant business
                           activity is the writing of insurance or the
                           reinsuring of risks underwritten by insurance
                           companies and which is subject to supervision by the
                           insurance commissioner or a similar official or
                           agency of a State, U.S. territory or the District of
                           Columbia.

                  ____     State or Local Plan. The Transferee is a plan
                           established and maintained by a State, its political
                           subdivisions, or any agency or instrumentality of the
                           State or its political subdivisions, for the benefit
                           of its employees.

                  ____     ERISA Plan. The Transferee is an employee benefit
                           plan within the meaning of Title I of the Employee
                           Retirement Income Security Act of 1974.

                  ____     Investment Advisor. The Transferee is an investment
                           advisor registered under the Investment Advisers Act
                           of 1940, as amended.

                  ____     Other. (Please supply a brief description of the
                           entity and a cross-reference to the paragraph and
                           subparagraph under subsection (a)(1) of Rule l44A
                           pursuant to which it qualifies. Note that registered
                           investment companies should complete Annex 2 rather
                           than this Annex 1.)

                  3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee, (ii) securities
that are part of an unsold allotment to or subscription by the Transferee, if
the Transferee is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Transferee, the
Transferee did not include any of the securities referred to in this paragraph.

                  4. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Transferee, the
Transferee used the cost of such securities to the Transferee, unless the
Transferee reports its securities holdings in its financial statements on the
basis of their market value, and no current information with respect to the cost
of those securities has been published, in which case the securities were valued
at market. Further, in determining such aggregate amount, the Transferee may
have included securities owned by subsidiaries of the Transferee, but only if
such subsidiaries are consolidated with the Transferee in its financial
statements prepared in accordance with generally accepted accounting principles
and if the investments of such subsidiaries are managed under the Transferee's
direction. However, such securities were not included if the Transferee is a
majority-owned, consolidated subsidiary of another enterprise and the Transferee
is not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

                  5. The Transferee acknowledges that it is familiar with Rule
l44A and understands that the Transferor and other parties related to the
Transferred Notes are relying and will continue to rely on the statements made
herein because one or more sales to the Transferee may be in reliance on Rule
144A.

         ____     ____   Will the Transferee be purchasing the Transferred Notes
         Yes      No     only for the Transferee's  own account?

                  6. If the answer to the foregoing question is "no", then in
each case where the Transferee is purchasing for an account other than its own,
such account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

                  7. The Transferee will notify each of the parties to which
this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Transferee's purchase of the Transferred
Notes will constitute a reaffirmation of this certification as of the date of
such purchase. In addition, if the Transferee is a bank or savings and loan as
provided above, the Transferee agrees that it will furnish to such parties any
updated annual financial statements that become available on or before the date
of such purchase, promptly after they become available.

                                                  -----------------------------
                                                  Print Name of Transferee

                                                  By:__________________________
                                                  Name:
                                                  Title:

                                                  Date:

<PAGE>

                                                          ANNEX 2 TO EXHIBIT C-2
                                                          ----------------------

                        QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
                        --------------------------------------------------------

           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

                  The undersigned hereby certifies as follows to [name of
Transferor] (the "Transferor") and [name of Note Registrar], as Note Registrar,
with respect to the Notes being transferred (the "Transferred Notes") as
described in the Transferee Certificate to which this certification relates and
to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
officer, a person fulfilling an equivalent function, or other executive officer
of the entity purchasing the Transferred Certificates (the "Transferee") or, if
the Transferee is a "qualified institutional buyer" as that term is defined in
Rule 144A under the Securities Act of 1933, as amended ("Rule 144A"), because
the Transferee is part of a Family of Investment Companies (as defined below),
is an executive officer of the investment adviser (the "Adviser").

                  2. The Transferee is a "qualified institutional buyer" as
defined in Rule 144A because (i) the Transferee is an investment company
registered under the Investment Company Act of 1940, as amended, and (ii) as
marked below, the Transferee alone owned and/or invested on a discretionary
basis, or the Transferee's Family of Investment Companies owned, at least
$100,000,000 in securities (other than the excluded securities referred to
below) as of the end of the Transferee's most recent fiscal year. For purposes
of determining the amount of securities owned by the Transferee or the
Transferee's Family of Investment Companies, the cost of such securities was
used, unless the Transferee or any member of the Transferee's Family of
Investment Companies, as the case may be, reports its securities holdings in its
financial statements on the basis of their market value, and no current
information with respect to the cost of those securities has been published, in
which case the securities of such entity were valued at market.

                  ____     The Transferee owned and/or invested on a
                           discretionary basis $____________ in securities
                           (other than the excluded securities referred to
                           below) as of the end of the Transferee's most recent
                           fiscal year (such amount being calculated in
                           accordance with Rule 144A).

                  ____     The Transferee is part of a Family of Investment
                           Companies which owned in the aggregate $_____________
                           in securities (other than the excluded securities
                           referred to below) as of the end of the Transferee's
                           most recent fiscal year (such amount being calculated
                           in accordance with Rule 144A).

                  3. The term "Family of Investment Companies" as used herein
means two or more registered investment companies (or series thereof) that have
the same investment adviser or I investment advisers that are affiliated (by
virtue of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

                  4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee or are part of the
Transferee's Family of Investment Companies, (ii) bank deposit notes and
certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary basis by the
Transferee, or owned by the Transferee's Family of Investment Companies, the
securities referred to in this paragraph were excluded.

                  5. The Transferee is familiar with Rule 144A and understands
that the parties to which this certification is being made are relying and will
continue to rely on the statements made herein because one or more sales to the
Transferee will be in reliance on Rule 144A.

         ____     ____  Will the Transferee be purchasing the Transferred Notes
         Yes      No    only for the Transferee's  own account?

                  6. If the answer to the foregoing question is "no", then in
each case where the Transferee is purchasing for an account other than its own,
such account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule l44A.

                  7. The undersigned will notify the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Transferee's purchase of the Transferred Notes will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

                                        --------------------------
                                        Print Name of Transferee or Adviser

                                        By:________________________
                                        Name:
                                        Title:

                                        IF AN ADVISER:

                                        ---------------------------
                                        Print Name of Transferee

                                        Date:

<PAGE>

                                    EXHIBIT D

                           FORM OF ERISA CERTIFICATION

                                                        [Date]

[NOTE REGISTRAR]

                  Re:      GreenPoint Mortgage Funding Trust 200[_]-[___]
                           Asset-Backed Notes, Series 200[_]-[__] (the "Notes")
                           ----------------------------------------------------

Ladies and Gentlemen:

                  __________________ (the "Transferee") intends to purchase from
_________________ (the "Transferor") the Class ___ Notes having an initial
aggregate Note Balance as of [__________] (the "Closing Date") of $_____________
(the "Transferred Notes"). The Notes, including the Transferred Notes, were
issued pursuant to the Indenture, dated as of [__________] (the "Indenture"),
between GreenPoint Mortgage Funding Trust 200[_]-[___] (the "Issuing Entity")
and [__________] (the "Indenture Trustee"). All capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Indenture.
The Transferee hereby certifies, represents and warrants to you, as Note
Registrar, and for the benefit of the Issuing Entity, the Indenture Trustee and
the Transferor, that:

                  The Transferee represents that any of (a), (b) or (c) is
satisfied, as marked below:

                  ____ a. it is neither (A) an employee benefit plan, an Archer
MSA as described in Section 220(d) of the Code, an education individual
retirement account as described in Section 530 of the Code or other retirement
arrangement, including individual retirement accounts and annuities, Keogh plans
and collective investment funds and separate accounts in which such plans,
accounts or arrangements are invested, including, without limitation, insurance
company general accounts, that is subject to ERISA or Section 4975 of the Code
(each, a "Plan"), nor (B) any Person who is directly or indirectly purchasing
such Note or interest therein on behalf of, as named fiduciary of, as trustee
of, or with "plan assets" (as defined under the DOL Regulation at 29 C.F.R.
Section 2510.3-101) of a Plan; or

                  ____ b. in the case of Class A or Mezzanine Notes, it is a
Plan or a Person purchasing such Notes with "plan assets" and represents that,
as of the date of the transfer, (A) the Notes are rated investment grade or
better, (B) such Person believes that the Notes are properly treated as
indebtedness without substantial equity features for purposes of the DOL
Regulations, and agrees to so treat the Notes, and (C) the acquisition and
holding of the Notes will not give rise to a nonexempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code; or

                  ___ c. in the case of Class A or Mezzanine Notes, it has
provided the Indenture Trustee with an Opinion of Counsel, which Opinion of
Counsel will not be at the expense of the Trust Estate, the Depositor, the
Issuing Entity or the Indenture Trustee, which establishes to the satisfaction
of the Indenture Trustee that the purchase, holding and transfer of such Note or
interest therein is permissible under applicable law, will not constitute or
result in a non-exempt prohibited transaction under ERISA or Section 4975 of the
Code and will not subject the Issuing Entity, the Trust Estate, the Depositor or
the Indenture Trustee to any obligation in addition to those undertaken in the
Indenture.

                                                  Very truly yours,

                                                  --------------------------
                                                  (Transferee)

                                                  By:________________________
                                                  Name:
                                                  Title:

<PAGE>

                                    EXHIBIT E

             FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

Re:      The [ ] agreement dated as of [ ], 200[ ] (the "Agreement"), among
         [IDENTIFY PARTIES]

         I, ________________________________, the _______________________ of
         [NAME OF COMPANY], certify to [the Purchaser], [the Depositor], and the
         [Master Servicer] [Securities Administrator] [Trustee], and their
         officers, with the knowledge and intent that they will rely upon this
         certification, that:

         (1) I have reviewed the servicer compliance statement of the Company
         provided in accordance with Item 1123 of Regulation AB (the "Compliance
         Statement"), the report on assessment of the Company's compliance with
         the servicing criteria set forth in Item 1122(d) of Regulation AB (the
         "Servicing Criteria"), provided in accordance with Rules 13a-18 and
         15d-18 under Securities Exchange Act of 1934, as amended (the "Exchange
         Act") and Item 1122 of Regulation AB (the "Servicing Assessment"), the
         registered public accounting firm's attestation report provided in
         accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
         Section 1122(b) of Regulation AB (the "Attestation Report"), and all
         servicing reports, officer's certificates and other information
         relating to the servicing of the Mortgage Loans by the Company during
         200[ ] that were delivered by the Company to the [Depositor] [Master
         Servicer] [Securities Administrator] [Trustee] pursuant to the
         Agreement (collectively, the "Company Servicing Information");

         (2) Based on my knowledge, the Company Servicing Information, taken as
         a whole, does not contain any untrue statement of a material fact or
         omit to state a material fact necessary to make the statements made, in
         the light of the circumstances under which such statements were made,
         not misleading with respect to the period of time covered by the
         Company Servicing Information;

         (3) Based on my knowledge, all of the Company Servicing Information
         required to be provided by the Company under the Agreement has been
         provided to the [Depositor] [Master Servicer] [Securities
         Administrator] [Trustee];

         (4) I am responsible for reviewing the activities performed by the
         Company as servicer under the Agreement, and based on my knowledge and
         the compliance review conducted in preparing the Compliance Statement
         and except as disclosed in the Compliance Statement, the Servicing
         Assessment or the Attestation Report, the Company has fulfilled its
         obligations under the Agreement in all material respects; and

         (5) The Compliance Statement required to be delivered by the Company
         pursuant to the Agreement, and the Servicing Assessment and Attestation
         Report required to be provided by the Company and by any Subservicer or
         Subcontractor pursuant to the Agreement, have been provided to the
         [Depositor] [Master Servicer]. Any material instances of noncompliance
         described in such reports have been disclosed to the [Depositor]
         [Master Servicer]. Any material instance of noncompliance with the
         Servicing Criteria has been disclosed in such reports.

         Date:    _________________________

         By:
         Name:    ________________________________
         Title:   ________________________________

<PAGE>

                                    EXHIBIT F

                        FORM 10-D, FORM 8-K AND FORM 10-K
                            REPORTING RESPONSIBILITY

As to each item described below, the entity indicated as the Responsible Party
shall be primarily responsible for reporting the information to the Securities
Administrator pursuant to Section 3.18(a)(iv). If the Securities Administrator
is indicated below as to any item, then the Securities Administrator is
primarily responsible for obtaining that information.

Under Item 1 of Form 10-D: a) items marked "6.07 statement" are required to be
included in the periodic Distribution Date statement under Section 6.07,
provided by the Securities Administrator based on information received from the
Master Servicer; and b) items marked "Form 10-D report" are required to be in
the Form 10-D report but not the 6.07 statement, provided by the party
indicated. Information under all other Items of Form 10-D is to be included in
the Form 10-D report.

<TABLE>
<CAPTION>
    FORM            ITEM                              DESCRIPTION                             RESPONSIBLE PARTY
-------------- --------------- ---------------------------------------------------------- ---------------------------
<S>            <C>                                                                        <C>
10-D           Must be filed within 15 days of the distribution date for the asset-backed securities.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               1               DISTRIBUTION AND POOL PERFORMANCE INFORMATION
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM  1121(A)  -   DISTRIBUTION   AND  POOL   PERFORMANCE
                               INFORMATION
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (1)  Any   applicable   record  dates,   accrual   dates,  6.07 statement
                               determination  dates for  calculating  distributions  and
                               actual distribution dates for the distribution period.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (2) Cash  flows  received  and the  sources  thereof  for  6.07 statement
                               distributions, fees and expenses.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (3) Calculated  amounts and  distribution  of the flow of  6.07 statement
                               funds for the period  itemized  by type and  priority  of
                               payment, including:
-------------- --------------- ---------------------------------------------------------- ---------------------------
                                        (i) Fees or expenses  accrued and paid,  with an  6.07 statement
                               identification  of the  general  purpose of such fees and
                               the party receiving such fees or expenses.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                                        (ii)  Payments  accrued or paid with  respect to  6.07 statement
                               enhancement  or other support  identified in Item 1114 of
                               Regulation  AB  (such  as  insurance  premiums  or  other
                               enhancement  maintenance fees), with an identification of
                               the  general  purpose  of such  payments  and  the  party
                               receiving such payments.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                                        (iii)    Principal,     interest    and    other  6.07 statement
                               distributions   accrued  and  paid  on  the  asset-backed
                               securities  by  type  and by  class  or  series  and  any
                               principal or interest shortfalls or carryovers.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                                        (iv) The  amount of  excess  cash flow or excess  6.07 statement
                               spread and the disposition of excess cash flow.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (4)  Beginning  and  ending  principal  balances  of  the  6.07 statement
                               asset-backed securities.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (5) Interest rates  applicable to the pool assets and the  6.07 statement
                               asset-backed   securities,   as   applicable.    Consider
                               providing  interest rate  information  for pool assets in
                               appropriate distributional groups or incremental ranges.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (6)   Beginning  and  ending   balances  of   transaction  6.07 statement
                               accounts,  such as reserve accounts, and material account
                               activity during the period.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (7) Any amounts drawn on any credit  enhancement or other  6.07 statement
                               support  identified  in Item  1114 of  Regulation  AB, as
                               applicable,  and the amount of coverage  remaining  under
                               any such enhancement, if known and applicable.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (8)  Number and  amount of pool  assets at the  beginning  6.07 statement
                               and ending of each period,  and updated pool  composition
                               information,  such as weighted  average coupon,  weighted  Updated pool composition
                               average  life,  weighted  average  remaining  term,  pool  information fields to be
                               factors and prepayment amounts.                            as specified by Depositor
                                                                                          from time to time
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (9) Delinquency and loss information for the period.       6.07 statement.

                               In  addition,   describe  any  material  changes  to  the  Form 10-D  report:  Master
                               information  specified in Item  1100(b)(5)  of Regulation  Servicer
                               AB regarding the pool assets.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (10)  Information  on  the  amount,   terms  and  general  6.07 statement
                               purpose of any  advances  made or  reimbursed  during the
                               period,  including the general use of funds  advanced and
                               the general source of funds for reimbursements.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (11) Any material  modifications,  extensions  or waivers  6.07 statement
                               to pool asset terms,  fees,  penalties or payments during
                               the distribution  period or that have cumulatively become
                               material over time.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (12) Material breaches of pool asset  representations  or  Form     10-D      report:
                               warranties or transaction covenants.                       Securities    Adminstrator
                                                                                          (subject   to    Depositor
                                                                                          approval)
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (13)  Information on ratio,  coverage or other tests used  6.07 statement
                               for  determining any early  amortization,  liquidation or
                               other  performance  trigger  and  whether the trigger was
                               met.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               (14)   Information   regarding   any  new   issuance   of  Form     10-D      report:
                               asset-backed securities backed by the same asset pool,     Depositor

                               [information  regarding]  any pool asset  changes  (other  Form 10-D  report:  Master
                               than in  connection  with a pool  asset  converting  into  Servicer
                               cash in accordance with its terms),  such as additions or
                               removals in  connection  with a  prefunding  or revolving
                               period and pool asset  substitutions and repurchases (and
                               purchase rates, if applicable),  and cash flows available
                               for  future  purchases,  such  as  the  balances  of  any
                               prefunding or revolving accounts, if applicable.

                               Disclose  any  material  changes  in  the   solicitation,  Form 10-D  report:  Master
                               credit-granting,  underwriting,  origination, acquisition  Servicer
                               or pool selection criteria or procedures,  as applicable,
                               used to originate, acquire or select the new pool assets.

-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM   1121(B)  -   PRE-FUNDING   OR   REVOLVING   PERIOD  Depositor
                               INFORMATION

                               Updated pool information as required under Item 1121(b).
-------------- --------------- ---------------------------------------------------------- ---------------------------
               2               LEGAL PROCEEDINGS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Item  1117  -  Legal  proceedings   pending  against  the
                               following entities,  or their respective  property,  that
                               is material to Certificateholders,  including proceedings
                               known to be contemplated by governmental authorities:

                               Sponsor (Seller)                                           Sponsor

                               Depositor                                                  Depositor

                               Trustee                                                    Trustee

                               Issuing entity                                             Depositor

                               Master  Servicer,  affiliated  Servicer,  other  Servicer  Master Servicer
                               servicing  20% or more of pool  assets at time of report,
                               other material servicers

                               Certificate Administrator                                  Certificate Administrator

                               Originator  of 20%  or  more  of  pool  assets  as of the  Master Servicer
                               Cut-off Date

                               Custodian                                                  Custodian
-------------- --------------- ---------------------------------------------------------- ---------------------------
               3               SALES OF SECURITIES AND USE OF PROCEEDS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               INFORMATION FROM ITEM 2(A) OF PART II OF FORM 10-Q:

                               With  respect to any sale of  securities  by the sponsor,  Depositor
                               depositor or issuing entity,  that are backed by the same
                               asset  pool  or  are  otherwise  issued  by  the  issuing
                               entity, whether or not registered,  provide the sales and
                               use of  proceeds  information  in Item 701 of  Regulation
                               S-K.  Pricing  information  can be omitted if  securities
                               were not registered.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               4               DEFAULTS UPON SENIOR SECURITIES
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               INFORMATION FROM ITEM 3 OF PART II OF FORM 10-Q:

                               Report  the  occurrence  of any Event of  Default  (after  Trustee   or    Securities
                               expiration  of any  grace  period  and  provision  of any  Administrator
                               required notice)
-------------- --------------- ---------------------------------------------------------- ---------------------------
               5               SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               INFORMATION FROM ITEM 4 OF PART II OF FORM 10-Q            Trustee   or    Securities
                                                                                          Administrator
-------------- --------------- ---------------------------------------------------------- ---------------------------
               6               SIGNIFICANT OBLIGORS OF POOL ASSETS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM 1112(B) - SIGNIFICANT OBLIGOR FINANCIAL INFORMATION*  Master Servicer
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               *This  information need only be reported on the Form 10-D
                               for the distribution  period in which updated information
                               is required pursuant to the Item.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               7               SIGNIFICANT ENHANCEMENT PROVIDER INFORMATION
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM 1114(B)(2) - CREDIT  ENHANCEMENT  PROVIDER FINANCIAL
                               INFORMATION*

                               Determining applicable disclosure threshold                Securities Administrator

                               Obtaining  required  financial  information  or effecting  Securities Administrator
                               incorporation by reference
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM   1115(B)  -   DERIVATIVE   COUNTERPARTY   FINANCIAL
                               INFORMATION*

                               Determining current maximum probable exposure              Depositor

                               Determining current significance percentage                Securities Administrator

                               Obtaining  required  financial  information  or effecting  Securities Administrator
                               incorporation by reference
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               *This  information need only be reported on the Form 10-D
                               for the distribution  period in which updated information
                               is required pursuant to the Items.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               8               OTHER INFORMATION
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               DISCLOSE ANY INFORMATION  REQUIRED TO BE REPORTED ON FORM  The Responsible Party for
                               8-K DURING  THE  PERIOD  COVERED BY THE FORM 10-D BUT NOT  the applicable Form 8-K
                               REPORTED                                                   item as indicated below
-------------- --------------- ---------------------------------------------------------- ---------------------------
               9               EXHIBITS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Distribution report                                        Securities Administrator
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               EXHIBITS  REQUIRED BY ITEM 601 OF REGULATION S-K, SUCH AS  Depositor
                               MATERIAL AGREEMENTS
-------------- --------------- ---------------------------------------------------------- ---------------------------
8-K            Must be filed within four business days of an event reportable on Form 8-K.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               1.01            ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Disclosure is required  regarding entry into or amendment  Master Servicer; or any
                               of any  definitive  agreement  that  is  material  to the  of the following that is
                               securitization, even if depositor is not a party.          a party to the agreement
                                                                                          if Master Servicer is
                               Examples: servicing agreement, custodial agreement.        not: Trustee, Sponsor,
                                                                                          Depositor, Certificate
                               Note:   disclosure   not   required   as  to   definitive  Administrator
                               agreements that are fully disclosed in the prospectus
-------------- --------------- ---------------------------------------------------------- ---------------------------
               1.02            TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Disclosure  is  required  regarding  termination  of  any  Master Servicer; or any
                               definitive    agreement   that   is   material   to   the  of the following that is
                               securitization  (other than expiration in accordance with  a party to the agreement
                               its terms), even if depositor is not a party.              if Master Servicer is
                                                                                          not: Trustee, Sponsor,
                               Examples: servicing agreement, custodial agreement.        Depositor, Certificate
                                                                                          Administrator
-------------- --------------- ---------------------------------------------------------- ---------------------------
               1.03            BANKRUPTCY OR RECEIVERSHIP
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Disclosure  is  required   regarding  the  bankruptcy  or  Master Servicer
                               receivership,  if  known  to the  Master  Servicer,  with
                               respect to any of the following:

                               Sponsor (Seller),  Depositor, Master Servicer, affiliated
                               Servicer,  other  Servicer  servicing 20% or more of pool
                               assets  at  time of  report,  other  material  servicers,
                               Certificate Administrator,  Trustee, significant obligor,
                               credit enhancer (10% or more), derivatives  counterparty,
                               Custodian
-------------- --------------- ---------------------------------------------------------- ---------------------------
               2.04            TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT
                               FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
                               OFF-BALANCE SHEET ARRANGEMENT
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Includes an early  amortization,  performance  trigger or  Master Servicer
                               other  event,  including  event of  default,  that  would
                               materially  alter the  payment  priority/distribution  of
                               cash flows/amortization schedule.

                               Disclosure  will be made of events  other than  waterfall
                               triggers which are disclosed in the 6.07 statement
-------------- --------------- ---------------------------------------------------------- ---------------------------
               3.03            MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Disclosure is required of any material modification to     Securities Administrator
                               documents defining the rights of Certificateholders,
                               including the Pooling and Servicing Agreement
-------------- --------------- ---------------------------------------------------------- ---------------------------
               5.03            AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS;
                               CHANGE IN FISCAL YEAR
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Disclosure is required of any amendment "to the            Depositor
                               governing documents of the issuing entity"
-------------- --------------- ---------------------------------------------------------- ---------------------------
               5.06            CHANGE IN SHELL COMPANY STATUS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               [Not applicable to ABS issuers]                            Depositor
-------------- --------------- ---------------------------------------------------------- ---------------------------
               6.01            ABS INFORMATIONAL AND COMPUTATIONAL MATERIAL
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               [Not included in reports to be filed under Section 3.18]   Depositor
-------------- --------------- ---------------------------------------------------------- ---------------------------
               6.02            CHANGE OF SERVICER OR TRUSTEE
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Requires   disclosure   of  any   removal,   replacement,  Trustee or Master Servicer
                               substitution   or  addition   of  any  master   servicer,
                               affiliated  servicer,  other  servicer  servicing  10% or
                               more of pool  assets at time of  report,  other  material
                               servicers,  certificate  administrator or trustee. Reg AB
                               disclosure  about any new  servicer  or  trustee  is also
                               required.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               6.03            CHANGE IN CREDIT ENHANCEMENT OR OTHER EXTERNAL SUPPORT
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Covers  termination  of any  enhancement  in manner other  Depositor or Securities
                               than by its terms,  the addition of an enhancement,  or a  Administrator
                               material change in the enhancement  provided.  Applies to
                               external  credit  enhancements  as well  as  derivatives.
                               Reg AB disclosure  about any new enhancement  provider is
                               also required.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               6.04            FAILURE TO MAKE A REQUIRED DISTRIBUTION                    Trustee   or    Securities
                                                                                          Administrator
-------------- --------------- ---------------------------------------------------------- ---------------------------
               6.05            SECURITIES ACT UPDATING DISCLOSURE
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               If any  material  pool  characteristic  differs  by 5% or  Depositor
                               more at the time of issuance of the  securities  from the
                               description in the final prospectus,  provide updated Reg
                               AB disclosure about the actual asset pool.
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               If there are any new  servicers or  originators  required  Depositor
                               to be disclosed  under  Regulation  AB as a result of the
                               foregoing,  provide the  information  called for in Items
                               1108 and 1110 respectively.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               7.01            REGULATION FD DISCLOSURE                                   Depositor
-------------- --------------- ---------------------------------------------------------- ---------------------------
               8.01            OTHER EVENTS
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Any  event,  with  respect  to which  information  is not  Depositor
                               otherwise  called  for in Form 8-K,  that the  registrant
                               deems of importance to security holders.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               9.01            FINANCIAL STATEMENTS AND EXHIBITS                          The Responsible Party
                                                                                          applicable to reportable
                                                                                          event
-------------- ------------------------------------------------------------------------------------------------------
10-K           Must be filed within 90 days of the fiscal year end for the registrant.
-------------- --------------- ---------------------------------------------------------- ---------------------------
               9B              OTHER INFORMATION
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Disclose any information  required to be reported on Form  The Responsible Party for
                               8-K during the  fourth  quarter  covered by the Form 10-K  the applicable Form 8-K
                               but not reported                                           item as indicated above
-------------- --------------- ---------------------------------------------------------- ---------------------------
               15              EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM 1112(B) - SIGNIFICANT OBLIGOR FINANCIAL INFORMATION   Master Servicer
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM 1114(B)(2) - CREDIT  ENHANCEMENT  PROVIDER FINANCIAL
                               INFORMATION

                               Determining applicable disclosure threshold                Securities Administrator

                               Obtaining  required  financial  information  or effecting  Securities Administrator
                               incorporation by reference
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM   1115(B)  -   DERIVATIVE   COUNTERPARTY   FINANCIAL
                               INFORMATION

                               Determining current maximum probable exposure              Depositor

                               Determining current significance percentage                Securities Administrator

                               Obtaining  required  financial  information  or effecting  Securities Administrator
                               incorporation by reference
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Item  1117  -  Legal  proceedings   pending  against  the
                               following entities,  or their respective  property,  that
                               is material to Certificateholders,  including proceedings
                               known to be contemplated by governmental authorities:

                               Sponsor (Seller)                                           Sponsor

                               Depositor                                                  Depositor

                               Trustee                                                    Trustee

                               Issuing entity                                             Depositor

                               Master  Servicer,  affiliated  Servicer,  other  Servicer  Master Servicer
                               servicing  20% or more of pool  assets at time of report,
                               other material servicers

                               Certificate Administrator                                  Certificate Administrator

                               Originator  of 20%  or  more  of  pool  assets  as of the  Master Servicer
                               Cut-off Date

                               Custodian                                                  Custodian
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               Item 1119 - Affiliations  and  relationships  between the
                               following entities, or their respective affiliates,  that
                               are material to Certificateholders:

                               Sponsor (Seller)                                           Sponsor

                               Depositor                                                  Depositor

                               Trustee                                                    Trustee

                               Master  Servicer,  affiliated  Servicer,  other  Servicer  Master Servicer
                               servicing  20% or more of pool  assets at time of report,
                               other material servicers

                               Certificate Administrator                                  Certificate Administrator

                               Originator                                                 Master Servicer

                               Custodian                                                  Custodian

                               Credit Enhancer/Support Provider                           Securities Administrator

                               Significant Obligor                                        Master Servicer
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM  1122 -  ASSESSMENT  OF  COMPLIANCE  WITH  SERVICING  Each  Party  participating
                               CRITERIA                                                   in the servicing function
-------------- --------------- ---------------------------------------------------------- ---------------------------
                               ITEM 1123 - SERVICER COMPLIANCE STATEMENT                  Master Servicer, Servicer
-------------- --------------- ---------------------------------------------------------- ---------------------------
</TABLE>Office Lease

Exhibit 10.11

    

       

      OFFICE
        LEASE

       

      The
        terms
        and conditions in the text of this Lease and the Exhibits thereto modify,
        supplement and qualify the information on the Basic Lease Data portion of
        this
        Lease. 

       

      BASIC
        LEASE DATA:

       

      1.    Lease
        Date: October 10, 2005.

       

      2.    Landlord:
        NorthPark Partners ESI, LLC, a Missouri limited liability company.

       

      3.    Tenant:
        Express Scripts, Inc., a Delaware corporation.

       

      4.    The
        term
        "Building" shall mean an office building containing approximately 315,000
        rentable square feet (RSF) on three (3) floors plus a lower level that Landlord
        shall construct in the development to be known as “University Place/NorthPark,
        University of Missouri-St. Louis Business,
        Technology and Research Park” (the “Park”). The Park will be situated on the
        northern portion of the University of Missouri at St. Louis ("UMSL") campus
        as
        shown on the Site Plan attached hereto as Exhibit
        A.
        The
        exact square footage of the Building will be determined by BOMA measurement
        as
        provided in Section 1.E.

       

      5.    The
        term
        "Property" shall mean the land that is being ground leased by Landlord from
        the
        Ground Lessor (as defined below) and on which the Building will be constructed
        (the “Land”), together with (i) all improvements on the Land, including the
        Building, and (ii) any and all rights, appurtenances, easements and amenities
        appertaining to the Land to the extent the same are leased to Landlord under
        the
        Ground Lease. A legal description of the Land is attached hereto as Exhibit
        A-1.
        The
        Land is subject to adjustment as described in Section 55 hereof. The Land
        initially comprising the Property contains 14.883 acres.

       

      6.    The
        term
        "Premises" means the premises being leased by Tenant hereunder, which initially
        includes the entire Property, as the same may be expanded pursuant to Section
        49, and which may later be reduced as a result of the exercise of Tenant’s “give
        back rights” in Section 40. The Premises is also subject to adjustment as
        described in Section 55 hereof.

       

      7.    Permitted
        Use: any lawful use, subject to the restrictions in Section 1B. 

       

      8.    Address
        of Landlord for notices and for payment of Rent (and see Section 23 of the
        Lease):

       

        
    NorthPark
        Partners ESI, LLC

        
    1001
        Boardwalk Springs Place, Suite 200

        
    O’Fallon,
        Missouri 63368

        
    Attn:
        Christopher P. McKee

        
    Telecopy
        No.:
        636-561-9301

       

      9.    Address
        of Tenant for notices before Commencement Date (and see Section 23 of the
        Lease):

       

                    
        Express Scripts, Inc.

                
    6625
        West 78th Street

            
        Bloomington, MN 55439

                        
            Attn:
        Tom
        Rocheford, Vice President, Facilities

                        
            Telecopy
        No.:
(952)
        837-7101

       

      With
        a
        copy to:

       

      Express
        Scripts, Inc.

      13900
        Riverport Drive

      Maryland
        Heights, Missouri 63043

      Attn:
        Thomas Boudreau

      Telecopy
        No.: (314)
        702-7120

       

      10.    Address
        of Tenant for notices after Commencement Date (and see Section 23 of the
        Lease):

          

                     
            Express
        Scripts, Inc.

                      
        6625 West 78th Street

                      
        Bloomington, MN 55439

                      
        Attn: Tom Rocheford, Vice President, Facilities

                      
        Telecopy No.: (952)
        837-7101

       

      With
        a
        copy to:

      

      Express
        Scripts, Inc.

      University
        Place Drive

      St.
        Louis, Missouri 63121

      Attn:
        Thomas Boudreau

      Telecopy
        No.: (314)
        702-7120

      

      11.   Initial
        Lease Term: approximately ten (10) years and six (6) months from the
        Commencement Date, ending as per Section 4 of this Lease.

       

      12.    Commencement
        Date: upon
        the
        later of (i) March 1, 2007 (the “Scheduled Date”); or (ii) upon Substantial
        Completion (as defined in Sections 4.B), and subject to adjustment as provided
        in Section 4.C.

       

      13.    Expiration
        Date: the date approximately ten (10) years and six (6) months after the
        Commencement Date - the exact date determined as per Section 4.A of this
        Lease.

       

      14.    Renewal
        Options: two (2) additional terms of five (5) years each. See Section
        37.

       

      15.    Annual
        Base Rent During Initial Term: see Exhibit
        B.

       

      16.    Annual
        Base Rent During Each Renewal Term, if applicable: See Section 37.B of this
        Lease. 

       

      17.    Monthly
        Installments of Base Rent: one-twelfth (1/12th) of applicable annual Base
        Rent.

       

      18.    Taxes:
        Details in Section 6. Tenant pays 50% of the amount that would be due as
        Taxes
        during years 2007 through 2016 if Taxes had not been abated, and 100% of
        Taxes
        commencing in 2017.

       

      19.    Tenant's
        Repair Obligations: Tenant shall maintain the Premises as per Section 9 of
        this
        Lease.

       

      20.    Landlord's
        Repair Obligations: See Section 7.A of this Lease.

       

      21.   Utilities:
        Tenant provides all utilities at Tenant's expense.

       

      22.   Services:
        Landlord provides services as per Sections 7 and 51 of this Lease. Tenant
        provides all other services. Services are subject to change if Tenant exercises
        its give back rights. See Section 40.B.

       

      23.    Security
        Deposit: none.

       

      24.   Tenant's
        Required Liability Insurance coverage: $2,500,000 See Section 8.B of this
        Lease.
        Worker's compensation insurance required also as per Section 8.C.

       

      25.   Tenant's
        Required Casualty Insurance coverage: all risk, full replacement cost on
        Tenant's property and on all leasehold improvements. See Section 8.B of this
        Lease.

       

      26.   Landlord's
        Required Insurance: See Sections 8.A and 8.C.

       

      27.   Landlord's
        Broker or Agent: none.

       

      28.   Tenant's
        Broker or Agent: Grubb
        & Ellis Company.

       

      29.   Guarantor(s):
        none.

       

      30.   Signage:
        See Section 31.

       

      31.   Parking:
        at no charge, on an unreserved basis, according to the ratio stated in Section
        30. All
        parking is onsite on the Premises. Landlord’s current building design includes
        920 covered parking spaces in a parking structure of 1,440 spaces. The balance
        of the parking is on surface lots. The parking areas are subject to adjustment.
        See Sections 30 and 55.

       

      32.   Subletting
        and Assignments: See Section 14.

       

      33.   Landlord
        Improvements: As per Section 2, Landlord at Landlord’s expense shall complete
        the work described on the Outline Plans and Specifications listed on
Exhibit C.

       

      34.   Tenant
        Improvements: As per Section 3 of the Lease, Landlord will perform the Tenant
        Improvements. The Tenant Improvement Allowance shall be provided by Landlord
        to
        be applied toward the cost of the Tenant Improvements, and if the cost of
        the
        Tenant Improvements exceeds said Allowance, the excess shall be paid by
        Tenant.

       

      35.   Tenant
        Improvement Allowance: An allowance of forty-one dollars ($41.00) per rentable
        square foot, which may be used at Tenant’s discretion for any expense related to
        the Premises. The Tenant Improvement Allowance is subject to adjustment for
        Tenant requested change orders. See Section 3 for additional details.

       

      36.   Critical
        Milestone Dates: See Section 4.E.

       

      37.   Obligation
        to Reimburse Capital Expenditures Upon Expiration: See Section 39.

       

      38.   Tenant
        Option to Reduce Space: See Section 40.

       

      39.   Tenant's
        Early Termination Option: See Section 41.

       

      40.   Landlord
        Obligation Relating to Tenant's Old Premises: See Section 42.

       

      41.   Alternative
        Dispute Resolution: See Section 46 and Exhibit
        G.

       

      42.   Ground
        Lease Contingency: See Section 48.

       

      43.   Tenant
        Condemnation Contingency: See Section 49.

       

      44.   Economic
        Incentives: See Section 50.

       

      45.   Pricing
        Re Property Management Services: See Section 51.

       

      Attachments:
        This Lease is supplemented by the following Exhibits or Addenda, which are
        part
        of the Lease and which are incorporated by reference into the
        Lease:

       

      
        
          	 Exhibit A	SITE PLAN
	 Exhibit A-1	LEGAL DESCRIPTION OF
                  LAND
	 Exhibit B	BASE RENT DURING INITIAL
                  TERM
	 Exhibit C	OUTLINE PLANS AND
                  SPECIFICATIONS
	 Exhibit D	BUILDING RULES AND
                  REGULATIONS
	
                   Exhibit E

                   

                	FORM OF SUBORDINATION,
                  NONDISTURBANCE
                  AND ATTORNMENT
                  AGREEMENT
	 Exhibit F	ROOF LICENSE
                  AGREEMENT
	 Exhibit G	ALTERNATIVE DISPUTE RESOLUTION
                  PROCEDURES

        

      

       

      Initials:

       

      L__________

       

      T__________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      OFFICE
        LEASE

       

      THIS
        OFFICE LEASE is made as of the Lease Date set forth in the Basic Lease Data
        Section, by and between NorthPark Partners ESI, LLC, a Missouri limited
        liability company (hereinafter referred to as "Landlord"), and Express Scripts,
        Inc., a Delaware corporation (hereinafter referred to as "Tenant").

       

      WITNESSETH:

      A.    The
        Curators of the University of Missouri, a public corporation ("Ground Lessor")
        owns the Property;

       

      B.    Ground
        Lessor and Landlord are parties to a 99 year Ground Lease for the Property
        (the
        "Ground Lease");

       

      C.    Landlord
        and Tenant desire for Landlord to construct a building and other improvements
        on
        the Property, and to sublease the Property, as so improved, to Tenant, on
        terms
        set forth in this Lease. 

       

      NOW,
        THEREFORE, Landlord and Tenant, in consideration of the premises and of the
        mutual duties and obligations undertaken by Landlord and Tenant as hereinafter
        set forth, hereby agree as follows:

       

      1.    Lease
        of
        Premises; Use. 

       

                A.    Subject
        to the terms, covenants and conditions of this Lease, Landlord hereby leases
        the
        Premises to Tenant, and Tenant hereby leases the Premises from Landlord.
        

       

                B.    Any
        lawful use is acceptable;
        provided that Landlord’s
        consent shall be required for any utilization of the Premises that would
        substantially increase Landlord’s insurance or maintenance obligations above
        those relating to use of the Premises as an office building or pharmaceutical
        distribution center.
        If the
        Building becomes multi-tenant, any change of use by Tenant will also require
        Landlord’s approval to ensure that the changed use is compatible with general
        office use. Landlord’s foregoing consent or approval such not be unreasonably
        withheld, conditioned or delayed. Notwithstanding any provision in this Lease
        to
        the contrary, Tenant shall not use, and shall not permit any subtenants to
        use
        the Premises for: (i) any uses that are prohibited by the Ground Lease, (ii)
        any
        uses prohibited by any recorded restrictions applicable to the Property,
        and
        (iii) any uses prohibited by applicable law. All uses of the Premises by
        Tenant
        shall be in accordance with all applicable zoning laws and shall not require
        parking beyond the number of parking spaces allocated to Tenant under this
        Lease. Tenant may not use the Premises in any manner not permitted in this
        Section 1.B. Tenant at Tenant's expense shall obtain all permits, licenses
        and
        other consents required for Tenant's use and occupancy of the Premises
        (excluding building permits for the Landlord Improvements and Tenant
        Improvements, which shall be obtained by Landlord).

       

                C.    Tenant's
        rights under this Lease are subject to all restrictions, Protective Covenants,
        covenants, easements, rights-of-way of record, if any, and applicable zoning
        regulations. Without limiting the foregoing, Landlord and Tenant acknowledge
        that the Premises and Tenant’s rights under this Lease are subject to protective
        covenants covering the Park that Landlord and Tenant participated in drafting
        with the University (the “Protective Covenants”).

       

                D.    Promptly
        after the necessary information is available, Landlord and Tenant shall execute
        a written memorandum setting forth the Commencement Date, the expiration
        date,
        the number of rentable square feet in the Premises, the Base Rent, Tenant's
        acceptance of the Landlord Improvements, and such other factual matters as
        Landlord or Tenant shall reasonably request (the "Lease
        Memorandum").

       

                E.    Once
        sufficient information is available, the Project Architect shall determine
        the
        RSF for the Building and for the Premises in accordance with BOMA standards
        (including ANSI/BOMA Z65.1-1996 standard) and report the results of such
        calculations to Landlord and Tenant (the "BOMA Measurement"). Tenant's Base
        Rent
        as calculated pursuant to Exhibit
        B
        to this
        Lease, shall be based on the RSF numbers determined by the BOMA
        Measurement.

       

      2.    Landlord
        Improvements.
        

       

           
A.    Attached
        hereto as Exhibit
        C is a schedule of the plans and specifications comprising the
        outline specifications (“Outline Plans and Specifications”) for the improvements
        to be constructed on the Property by Landlord (the “Landlord Improvements”). The
        Building will have three (3) wings, each with three (3) floors and one with
        a
        lower level, and will contain a total of approximately 315,000 rentable square
        feet (RSF), as shown on the drawings included within the Outline Specifications.
         The Landlord Improvements include the construction of a building shell,
        which will include all improvements to the ceiling and above, including
        sprinkler system, HVAC, lighting, ceiling grid and tile, all in conformance
        with
        Tenant's space plan and as outlined in the Outline Plans and Specifications.
        Landlord shall be solely responsible for the costs of the Landlord Improvements,
        including, but not limited to, design, architectural fees, permit fees, and
        the
        amounts due the “Contractor” (as hereinafter defined).

       

                B.    Landlord
        will retain Christner, Inc. as lead architect for the Landlord Improvements
        (the
“Project Architect”) for a net (no engineering) fee of two and one-half percent
        (2.5%) of the cost of the Landlord Improvements and otherwise in accordance
        with
        the terms and conditions of a mutually acceptable service contract between
        Landlord and Christner, Inc.

       

                C.    Landlord
        intends to hire or has hired a joint venture consisting of Paric Corporation
        ("Paric") and Clayco Construction Company, Inc. ("Clayco") (said joint venture
        is referred to as "Contractor") as the general contractor to construct the
        Landlord Improvements.

       

                D.    Subject
        to the next paragraph, the Outline Plans and Specifications are hereby approved
        by Landlord and Tenant.

       

                E.    Landlord
        and Tenant shall work with the Project Architect, Contractor and Ground Lessor
        (for code compliance purposes only) to develop a final set of construction
        plans
        consistent with the Outline Plans and Specifications. Said construction plans
        once approved by Landlord, Tenant, the Project Architect, Contractor and
        Ground
        Lessor are referred to as the "Final LI Plans." The parties acknowledge that
        Tenant must provide its interior space plan by February 1, 2006 in order
        for the
        Tenant to be able to meet the Scheduled Date (as hereinafter defined).

       

                F.    Landlord
        and Tenant shall cooperate with the Project Architect and the Contractor
        to
        obtain the issuance of a building permit from the Ground Lessor as soon as
        possible. If the Ground Lessor requires any changes to the Final LI Plans,
        Landlord and Tenant, shall work together with the Contractor and the Project
        Architect to promptly resolve any issues that may arise concerning the changes
        requested by the Ground Lessor.

       

                G.    Landlord
        shall cause the Contractor to make its books and records pertaining to
        construction of the Landlord Improvements and the Tenant Improvements available
        for Tenant’s review at any time during normal business hours upon reasonable
        advance notice at a location in St. Louis or St. Charles County, Missouri.
        The
        terms of any agreement between Landlord and the Contractor shall be consistent
        with the foregoing, and shall provide for the work to be completed on open
        book
        basis. Neither Landlord nor the Contractor shall approve any changes in the
        Final LI Plans or request any change directive without Tenant’s prior written
        approval, and neither Landlord nor the Contractor shall execute any change
        orders or change directives without the prior written consent of
        Tenant,
        such
        consent not to be unreasonably withheld.
        Tenant
        shall respond in writing to any requests made by Landlord or Contractor for
        changes in the Final LI Plans within ten (10) days after Tenant’s receipt of
        same. If Tenant does not consent to any requested change order, Tenant’s written
        response shall specify Tenant’s reasons for such non-consent. Notwithstanding
        the foregoing, Tenant shall have the right, in its discretion, to deny any
        request for a change order or change directive that (i) in Tenant’s reasonable
        opinion materially and adversely affects the Premises; or (ii) results in
        any
        increased cost payable by Tenant.

       

                H.    Landlord
        shall cause the Contractor to (i) proceed diligently to complete the
Landlord
        Improvements, (ii) provide
        to Landlord and Tenant, prior to the start of construction, a copy of the
        construction schedule, and (iii) keep Landlord and Tenant advised of any
        changes
        to the construction schedule.

       

                I.    During
        construction of the Landlord Improvements, Landlord or the Contractor shall
        carry builder's risk insurance on the Landlord Improvements.

       

                J.    Landlord
        shall cause the Contractor to construct the Landlord Improvements in a good
        and
        workmanlike manner, in accordance with all applicable laws and in substantial
        compliance with the Final LI Plans.

       

                K.    Once
        the
        Final LI Plans are developed, Landlord shall advise Tenant of the estimated
        cost
        of constructing the Landlord Improvements pursuant to such Final LI Plans
        (the
“Estimated LI Cost”). From time to time during the course of construction of the
        Landlord Improvements, Tenant may request changes to the Final LI Plans (each
        a
“Tenant LI Change Order Request”, and collectively the “Tenant LI Change Order
        Requests”). Any Tenant LI Change Order Request shall be subject to the approval
        of Landlord, not to be unreasonably withheld. Within five (5) business days
        after receipt of a Tenant LI Change Order Request, Landlord shall notify
        Tenant
        in writing whether it is willing to approve the subject Tenant LI Change
        Order
        Request and if Landlord is not willing to approve such Request, such notice
        shall include Landlord’s reasons therefor. If Landlord advises Tenant that it is
        willing to approve the subject Tenant LI Change Order Request, Landlord’s notice
        shall include a memorandum setting forth the impact on cost and schedule
        resulting from such Tenant LI Change Order Request (each a “Tenant LI Change
        Order Memorandum”). Tenant shall, within five (5) business days following
        Tenant’s receipt of a Tenant LI Change Order Memorandum, either (i) execute and
        return the Tenant LI Change Memorandum, in which case the project budget
        and
        construction schedule shall be deemed modified automatically without further
        action from either party to take account of such Tenant LI Change Order Request;
        or (ii) retract its Tenant LI Change Order Request. Landlord shall provide
        Tenant with a statement summarizing all agreed-upon TI Change Order Memoranda
        and their cumulative effect on the Estimated LI Cost and the project schedule.
        If, after taking all agreed-upon Tenant LI Change Memoranda into account,
        the
        cost to construct the Landlord Improvements will exceed the Estimated LI
        Cost,
        the amount of such increase shall be deducted from the amount of the “Allowance”
(as defined below). If, after taking all agreed-upon Tenant LI Change Memoranda
        into account, the cost to construct the Landlord Improvements will be less
        than
        the Estimated LI Cost, the amount of such decrease shall be added to the
        amount
        of the “Allowance” (as defined below).A Tenant LI Change Order Request shall not
        become part of the Landlord Improvements unless a written Tenant LI Change
        Order
        Memorandum is signed by Landlord, Tenant, Architect and the Contractor approving
        the change. Once a Tenant LI Change Order Memorandum has been signed by
        Landlord, Tenant, the Contractor and Project Architect (and Ground Lessor
        approval of the change has been obtained if required), the Final LI Plans
        are
        deemed modified by the signed LI Tenant TI Change Order Memorandum.

       

                L.    Tenant
        shall have access to the Premises at reasonable times during construction
        for
        the purpose of monitoring the construction work, and Landlord and Tenant
        shall
        promptly inform each other in writing if either discovers any defects in
        or
        other problems with Contractor's construction work. Tenant shall comply with
        any
        rules and procedures adopted by the Contractor regulating Landlord Improvements
        site visits.

       

                M.    Not
        less
        than five (5) business days prior to the anticipated Substantial Completion
        of
        the Landlord Improvements (as defined in Section 4.B), Landlord, Tenant,
        Contractor and Project Architect shall participate in a joint inspection
        of the
        Landlord Improvements and identify those items, if any, that are incomplete
        or
        do not conform to the Final LI Plans. At such inspection, Landlord, Tenant,
        Contractor and Project Architect shall also develop a schedule of “Punchlist
        Items”, which shall be those incomplete or nonconforming items the
        non-completion or non-correction of which will not cause the Landlord
        Improvements from being Substantially Complete (as defined in Section
        4.B).

       

                N.    Possession
        of the Premises shall be delivered to Tenant on the Commencement Date (see
        Basic
        Lease Data Section of this Lease for the manner in which the Commencement
        Date
        is determined), notwithstanding that there may be Punchlist Items to be
        completed.

       

                O.    Landlord
        shall cause the Contractor to complete any Punchlist Items within 45 days
        after
        the Punchlist Items schedule is approved in writing by Landlord and Tenant,
        except that Punchlist Items that cannot be completed until the weather is
        appropriate (such as landscaping) shall be completed within a reasonable
        period
        of time after the weather becomes suitable for completion of such items.
        If
        requested by Landlord, Tenant shall participate in any inspections made by
        Landlord to verify that Punchlist Items have been completed and shall
        acknowledge in writing that such Punchlist Items have been
        completed.

       

                P.    Landlord
        hereby agrees to (i) warrant all work performed with respect to the Landlord
        Improvements for a period of twenty-four (24) months from the Substantial
        Completion of the Landlord Improvements (the “Warranty Period”) and to correct
        all defects in such work (at Landlord’s sole cost and expense) of which Landlord
        receives written notice from Tenant during the Warranty Period; and (ii)
        to
        correct all defects and perform all repairs to the portion of the Landlord
        Improvements during the Warranty Period, at Landlord’s sole cost and expense.
        Landlord shall assign to Tenant all warranties (extended or otherwise) that
        apply to any systems servicing the Landlord Improvements which Tenant is
        responsible for maintaining under the terms of the Lease, or if such warranties
        are non-assignable, Landlord shall enforce said warranties on Tenant’s behalf.
        Landlord’s warranty obligations shall not apply to defects or damages to any
        items subject to such warranties arising from or caused by Tenant’s neglect or
        misuse or arising from or caused by Tenant’s failure to comply with its
        obligations under this Lease.

       

                Q.    Landlord
        agrees to build and fund an entire arterial
        road
        from University
        Blvd.
        to
        Hanley Road
        (the
        "Road Improvements"),
        at no
        cost to Tenant
        in
        accordance with this Section 2.Q.
        Landlord
        guarantees that (i)
        Phase
        I
        of the Road Improvements from University
        Blvd.
        to the
MetroLink
        tracks
        with a connection to Lauderdale Road will be completed by March
        1,
        2007; and (ii) Phase II of the Road
        Improvements
        from the
        MetroLink tracks to Hanley Road will be completed by December 31, 2007 subject
        to right-of-way acquisition delays; provided, however, Landlord agrees to
        use
        diligent and good faith efforts to avoid such delays. Said
        deadlines shall be subject to delays caused by Force Majeure Events. Landlord’s
        inability to obtain public funding or reimbursement for all or a portion
        of the
        cost of the Road Improvements shall not constitute a Force Majeure Event.
        Landlord agrees that if a retaining wall is required along the south boundary
        of
        the right-of-way for the Road Improvements east of the MetroLink tracks,
        then
        the plans and specifications for any such wall shall be subject to the prior
        written approval of Tenant. Tenant acknowledges that (i) the Road Improvements
        are being constructed by Landlord in cooperation with Ground Lessor and St.
        Louis County, and (ii) provided Tenant’s rights and obligations under this Lease
        are not materially and adversely affected, this Lease may need to be modified
        to
        accommodate the funding structure for the Road Improvements, as more
        particularly provided in Section 50 hereof.

       

                R.    Landlord
        shall seek to configure the right-of-way for the Road Improvements to allow
        for
        the placement of a monument sign at the intersection of University Blvd.
        and
        University Place. To the extent permitted under the Protective Covenants
        and
        applicable regulations, Tenant shall have the right, at Tenant’s expense, to
        erect a monument sign at such location. For so long as Tenant occupies more
        than
        fifty percent (50%) of the office space on the Property, Tenant shall have
        the
        sole right to use such sign. If, and when, Tenant occupies less than fifty
        percent (50%) of the office space on the Property, Landlord shall have the
        right
        to offer space on the monument sign to tenants at the Property occupying
        in
        excess of 50,000 square feet of space. In such event, available space on
        the
        monument sign shall be assigned to tenants on the Property on a proportionate
        basis allocated to the space occupied by such tenants (and the cost of
        maintaining and repairing such sign shall be allocated among Tenant and such
        other tenants on the same proportionate basis).

       

                S.    As
        part
        of the Landlord Improvements, the
        Building will be outfitted with a standard, computerized proximity card reader
        system at all exterior doors, which will be provided at Landlord’s expense. The
        Tenant will have full access to the system to control ingress and egress
        to
        various portions of the Building. Tenant shall be responsible for providing
        such
        security staffing as it may desire.

       

      3.    Tenant
        Improvements.
        

       

                A.    Landlord
        shall be responsible for installation of the Tenant Improvements and will
        use
        Contractor for such purposes, at a cost
        to
        Tenant equal to the cost of installing the Tenant Improvements plus an agreed
        upon overhead and profit percentage of four and one-half percent (4.5%).
        Landlord will not add on any supervisory fees.
        Tenant
        may apply the “Allowance” (as defined in Section 3.C) against the cost of
        installing the Tenant Improvements. Tenant shall reasonably cooperate with
        Landlord and Contractor in connection with all aspects of planning and
        construction of the Tenant Improvements. Without limiting the foregoing,
        the
        following provisions shall apply:

       

      (i)    Landlord
        and Tenant shall work with the Project Architect, Contractor and Ground Lessor
        (with respect to code compliance only) to develop a final set of construction
        plans for the Tenant Improvements consistent with Tenant’s space plan. Said
        construction plans once approved by Landlord, Tenant, the Project Architect,
        Contractor and Ground Lessor (with respect to code compliance only) shall
        be
        referred to as the "Final TI Plans”.

       

      (ii)    Landlord,
        Tenant, the Project Architect and the Contractor shall cooperate to obtain
        the
        issuance of a building permit from the Ground Lessor for the Tenant Improvements
        as soon as possible. If the Ground Lessor requires any changes to the Final
        TI
        Plans, Landlord, Tenant, the Contractor and the Project Architect shall work
        together to promptly resolve any issues that may arise concerning the changes
        requested by the Ground Lessor.

       

      (iii)    Landlord
        shall cause the Contractor to make its books and records pertaining to
        construction of the Tenant Improvements available for Tenant’s review in the
        same manner as applicable to the Landlord Improvements.

       

      (iv)    Landlord
        shall cause the Contractor to (aa) proceed diligently to complete the
        Tenant
        Improvements in an efficient manner as it constructs the Landlord Improvements,
        (bb) combine
        the construction schedule for the Tenant Improvements with the construction
        schedule for the Landlord Improvements, and to provide Landlord and Tenant
        with
        a copy of such combined schedule, and (cc) keep Landlord and Tenant advised
        of
        any changes to the construction schedule. 

       

      (v)    During
        construction of the Tenant Improvements, Landlord or the Contractor shall
        carry
        builder's risk insurance on the Tenant Improvements.

       

      (vi)    Landlord
        shall cause the Contractor to construct the Tenant Improvements in a good
        and
        workmanlike manner, in accordance with all applicable laws and in substantial
        compliance with the Final TI Plans.

       

      (vii)    From
        time
        to time during the course of construction of the Tenant Improvements, Tenant
        may
        request changes to the Final TI Plans and Specifications (each a “Tenant TI
        Change Order Request”, and collectively the “Tenant TI Change Order Requests”).
        Any Tenant TI Change Order Request shall be subject to the approval of Landlord,
        not to be unreasonably withheld. Within five (5) business days after receipt
        of
        a Tenant TI Change Order Request, Landlord shall notify Tenant in writing
        whether it is willing to approve the subject Tenant TI Change Order Request
        and
        if Landlord is not willing to approve such Request, such notice shall include
        Landlord’s reasons therefor. If Landlord advises Tenant that it is willing to
        approve the subject Tenant TI Change Order Request, Landlord’s notice shall
        include a memorandum setting forth the impact on cost and schedule resulting
        from such Tenant TI Change Order Request (each a “Tenant TI Change Order
        Memorandum”). Tenant shall, within five (5) business days following Tenant’s
        receipt of a Tenant TI Change Order Memorandum, either (i) execute and return
        the Tenant TI Change Memorandum, in which case the cost of such TI Change
        Order
        Request shall be deemed approved and the construction schedule shall be deemed
        modified automatically, all as set forth in the Tenant TI Change Order
        Memorandum, without further action from either party to take account of such
        Tenant TI Change Order Request; or (ii) retract its Tenant TI Change Order
        Request. A Tenant LI Change Order Request shall not become part of the Tenant
        Improvements unless a written Tenant TI Change Order Memorandum is signed
        by
        Landlord, Tenant, Architect and the Contractor approving the change. Once
        a
        Tenant TI Change Order Memorandum has been signed by Landlord, Tenant, the
        Contractor and Project Architect (and Ground Lessor approval of the change
        has
        been obtained if required), the Final TI Plans are deemed modified by the
        signed
        TI Tenant TI Change Order Memorandum.

       

      (viii)    Tenant
        shall have access to the Premises at reasonable times during construction
        for
        the purpose of monitoring the construction of the Tenant Improvements, and
        Landlord and Tenant shall promptly inform each other in writing if either
        discovers any defects in or other problems with Contractor's construction
        work
        related to the Tenant Improvements. Tenant shall comply with any reasonable
        rules and procedures adopted by the Contractor regulating Tenant Improvements
        site visits.

       

      (ix)    The
        procedures applicable to the Landlord Improvements for determining Substantial
        Completion, the development of a punchlist and completion of Punchlist Items,
        shall also apply to the Tenant Improvements.

       

      (x)    Landlord
        agrees to (i) warrant all work performed with respect to the Tenant Improvements
        for a period of twenty-four (24) months from the Substantial Completion of
        the
        Tenant Improvements (the “Warranty Period”) and to correct all defects in such
        work (at Landlord’s sole cost and expense) of which Landlord receives written
        notice from Tenant during the Warranty Period; and (ii) to correct all defects
        and perform all repairs to the portion of the Landlord Improvements during
        the
        Warranty Period, at Landlord’s sole cost and expense. Landlord shall assign to
        Tenant all warranties (extended or otherwise) that apply to any systems
        servicing the Tenant Improvements which Tenant is responsible for maintaining
        under the terms of the Lease, or if such warranties are non-assignable, Landlord
        shall enforce said warranties on Tenant’s behalf. Landlord’s warranty
        obligations related to the Tenant Improvements shall not apply to defects
        or
        damages to any items subject to such warranties arising from or caused by
        Tenant’s neglect or misuse or arising from or caused by Tenant’s failure to
        comply with its obligations under this Lease.

       

                C.    Landlord
        will provide a Tenant Improvement Allowance ("Allowance") of forty-one dollars
        ($41.00) per rentable square foot which amount is included in the Base Rent
        and
        may be used at Tenant’s discretion for any expense incurred by Tenant related to
        the Premises, including, but not limited to, design, space planning,
        construction documents, construction, computer flooring, moving expenses,
        telephone and data cabling, systems furniture, kitchen equipment, high density
        filing systems, emergency generators, supplemental HVAC equipment or other
        soft
        costs. Notwithstanding the foregoing, Tenant acknowledges that the Allowance
        is
        subject to reduction pursuant to Section 2.K. The Allowance shall be first
        applied toward payment of all costs incurred by Landlord in connection with
        installation of the Tenant Improvements, and any remaining balance shall
        be
        applied to reimburse Tenant for any Tenant Improvement costs incurred by
        Tenant
        that have not been paid by Landlord. If the cost of Landlord’s construction of
        the Tenant Improvements is less than the amount of the Allowance, Landlord
        shall
        pay Tenant the difference within the later of (i) thirty (30) days following
        the
        Substantial Completion Date, or (ii) five (5) business days following the
        date
        Tenant provides Landlord with a written breakdown of the expenses incurred
        by
        Tenant related to the Premises to which Tenant will apply such Allowance
        payment. If the cost of Landlord’s construction of the Tenant Improvements is
        greater than the amount of the Allowance, Tenant shall pay Landlord the
        difference within the later of (i) thirty (30) days following the Substantial
        Completion Date, or (ii) five (5) business days following the date Landlord
        provides Tenant with a written breakdown of the costs of installing the Tenant
        Improvements.

       

                D.    Landlord
        shall permit Tenant and its representatives access to the Premises and the
        improvements prior to the Commencement Date to examine and inspect
        same.
        Tenant
        will be able to enter the Building
        ninety (90) days prior to the Commencement Date
        to
        prepare the Building for occupancy.
        Any
        early access will be at no cost to the Tenant. Access to the Building
        shall only be granted to installation companies that are compatible with
        Landlord’s union work force. The parties acknowledge that Tenant will have to
        work concurrently with Landlord to prepare the Premises for occupancy by
        the
        Commencement Date. Tenant and its representatives shall use diligent good
        faith
        efforts to avoid interfering with the work of Landlord and its contractors
        at
        the Premises. Tenant shall indemnify Landlord from all losses caused by the
        actions or negligence of Tenant and/or its representatives following such
        entry.
        Prior to entering upon the Premises, Tenant shall provide Landlord with evidence
        of the insurance coverages required to be maintained by Tenant under this
        Lease.
        The foregoing indemnity obligations shall not apply to the activities of
        the
        Contractor in its performance of the Tenant Improvements.

       

      4.    Term. 

       

      A.    The
        initial term of this Lease shall be for the Initial Lease Term as described
        on
        the Basic Lease Data section, commencing on the Commencement Date described
        on
        the Basic Lease Data section. The term of this Lease shall expire at 11:59
        p.m.
        on the day immediately prior to the ten year and six month anniversary of
        the
        Commencement Date; provided that in the event the ten year and six month
        anniversary of the Commencement Date falls on a date other than the last
        day of
        a calendar month, then the initial Lease Term shall extend from the Commencement
        Date through the last day of the calendar month during which said ten year
        and
        six month anniversary of the Commencement Date occurs. Notwithstanding the
        date
        set for the Commencement Date, the terms, provisions, covenants and conditions
        of this Lease (except Tenant’s obligation to pay Rent which shall not commence
        until the Commencement Date) shall apply and be binding upon Landlord and
        Tenant
        from and after the date hereof. For purposes of this Lease, the term “Lease
        Term” shall mean the Initial Lease Term, plus any extensions of such Initial
        Lease Term pursuant to this Lease. 

       

      B.    The
        term
“Substantial Completion” or “Substantially Complete” means that (i) the Landlord
        Improvements and Tenant Improvements are complete in all material respects
        in
        accordance with the Final LI Plans and the Final TI Plans (with only such
        changes as were approved by Tenant in writing); (ii) approval of occupancy
        has
        been issued by Ground Lessor; (iii) the Project Architect and the Contractor
        have each executed and delivered to Tenant a Certificate of Substantial
        Completion with respect to the Landlord Improvements and the Tenant
        Improvements; (iv) the Landlord Improvements and Tenant Improvements are
        available for Tenant’s uninterrupted use and operation for the permitted use
        with all plumbing systems, electrical systems, heating, ventilating and air
        conditioning systems and equipment in good working order such
        that
        there would be no material interference with Tenant’s use and occupancy of the
Landlord
        Improvements
        and Tenant Improvements caused by any incomplete work of Landlord required
        hereunder;
        and (v)
        the roadway from University Blvd. to Lauderdale Road has been completed
        substantially in accordance with all design and construction requirements
        of St.
        Louis County for public dedication of the said road, together with a temporary
        through connection to Hanley Road via Lauderdale Road and Geiger Road. Landlord
        covenants and agrees that the remaining portion of road from Lauderdale Road
        to
        Hanley Road shall be brought to County standards as soon as possible after
        acquisition of the right-of-way for same. The date on which the Landlord
        Improvements and Tenant Improvements are Substantially Complete pursuant
        to the
        foregoing is referred to as the "Substantial Completion Date". Notwithstanding
        the foregoing, as provided in Section 55 hereof, it is possible that Landlord
        may be delayed in completing a certain parking area and/or a certain parking
        facility serving the Building, and the non completion of such parking area
        and/or parking facility shall not be considered in determining whether the
        Landlord Improvements are Substantially Complete.

       

      C.    If
        Substantial Completion has not been achieved by the Scheduled Date,
        then
the
        Commencement Date and expiration date of the Lease shall be adjusted by the
        length of any such delay and Tenant
        shall be entitled to the following remedies, provided, however, that any
        delays
        caused by a
“Tenant
        Delay” (defined below) or a “Force Majeure Event” (defined below), shall be
        excused:

       

      (i)    Tenant
        will receive two (2) days free rent for every calendar day
        from the
        Scheduled Date until Substantial Completion is achieved (“Additional Free
        Rent”); 

       

      

      (ii)    If
        Substantial Completion has not occurred by the date that is ninety (90) days
        after the Scheduled Date, Tenant shall have the right to assume control over
        construction of the Landlord Improvements and the Tenant Improvements, upon
        thirty (30) days prior written notice to Landlord (the “Assumption Notice”);
        provided, that if the Project Architect certifies that Substantial Completion
        is
        possible within (90) days following the date the Assumption Notice is delivered
        to Landlord, and  Landlord provides reasonable evidence of its ability to
        achieve Substantial Completion within such 90-day period, then Tenant’s right of
        assumption shall not be exercisable unless Substantial Completion has not
        occurred by the end of such 90-day period. In the event that Tenant elects
        to
        assume control over construction of the Landlord Improvements and the Tenant
        Improvements pursuant to this Section 4.E(ii), Tenant shall diligently and
        in
        good faith pursue Substantial Completion. The assumption by Tenant of control
        over construction of the Landlord Improvements and the Tenant Improvements
        shall
        not stop liquidated damages (i.e., the Additional Free Rent) from continuing
        to
        accrue until Substantial Completion has been achieved nor shall it relieve
        Landlord of any liability for such liquidated damages; provided, however,
        that
        Tenant fulfills its obligation to proceed diligently and in good faith in
        pursuing Substantial Completion; and

       

      (iii)    If
        Substantial Completion has not been achieved by the date that is one hundred
        twenty (120) days after the Scheduled Date, and Tenant has not previously
        assumed control over construction, then Tenant shall have the right to terminate
        the Lease upon written notice to Landlord (“Termination Notice”).
        Notwithstanding the foregoing, if within three (3) business days after receipt
        of a Termination Notice, this Lease shall not terminate and the parties’ rights
        and obligations hereunder shall remain in full force and effect if Landlord
        provides written notice to Tenant in which Landlord agrees to pay Tenant
        all
        holdover rent and other amounts payable by Tenant over and above the base
        rent
        and additional rent payable by Tenant as of the expiration date under the
        lease(s) for its current locations intended to be vacated upon completion
        of the
        Premises (which payment shall be in addition to the Additional Free Rent).
        If
        Landlord agrees to pay Tenant’s holdover rent and other amounts pursuant to the
        immediately preceding sentence, then upon the request of Tenant, Landlord
        shall
        agree to amend this Lease or provide or written assurances reasonably
        satisfactory to Tenant confirming the foregoing obligations of
        Landlord.

       

      D.    As
        used
        herein, the term “Tenant Delay” shall mean any delay in the completion of the
        Landlord Improvements or Tenant Improvements caused by Tenant, including,
        without limitation, (i) Tenant's failure to meet any time deadlines specified
        in
        this Lease or to timely respond to any submittal or request requiring Tenant’s
        approval; (ii) change orders, but only to the extent any resulting delay
        is
        agreed upon by Landlord and Tenant and documented in writing pursuant to
        Sections 2.K or 3.A; and (iii) Tenant’s requirements for special work or
        materials, finishes or installations that are not readily available to Landlord
        and which are delivered at a time that causes a delay (Landlord will endeavor
        to
        identify any such items described in the Outline Plans and
        Specifications).

       

      E.    Landlord
        and Tenant acknowledge that to ensure that the Scheduled Date is achievable,
        the
        following critical milestones need to be reached by the respective dates
        provided below:

      
         

               
          (i)    Plans
          and
          specifications for the Building and the other Landlord Improvements need
          to be
          sufficiently completed by October 24, 2005 to a point that allows Landlord
          to
          commence site work by November 1, 2005;

         

           
    (ii)    The
          Final
          LI Plans, consistent with the Outline Plans and Specifications described
          on
Exhibit
          C,
          need to
          be substantially completed and approved by Landlord (such
          consent not to be unreasonably withheld, delayed or conditioned) and Ground
          Lessor (with respect to code compliance only) on or before December 31,
          2005;
          

         

          
    (iii)    All
          required permits from governmental agencies and utilities having jurisdiction
          over the Premises (including, but not limited to, the Metropolitan Sewer
          District of St. Louis and the applicable fire protection district) required
          for
          construction of the Landlord Improvements shall be obtained prior to January
          31,
          2006 (it being acknowledged that Landlord shall have primary responsibility
          for
          obtaining such permits); 

         

          
    (iv)    Tenant’s
          interior finish plan needs to be completed by Tenant and the Project Architect
          by February 15, 2006, and approved by Landlord
          (such
          consent not to be unreasonably withheld, delayed or conditioned);
          and

         

               
          (v)    All
          required permits from governmental agencies and utilities having jurisdiction
          over the Premises (including, but not limited to, the Metropolitan Sewer
          District of St. Louis and the applicable fire protection district) required
          for
          construction of the Tenant Improvements shall be obtained prior to April
          1, 2006
          (it being acknowledged that Landlord shall have primary responsibility
          for
          obtaining such permits).

      

       

      Landlord
        and Tenant shall proceed diligently and in good faith to attempt to complete
        the
        aforesaid matters by the above milestone dates, with each party responding
        promptly with comments, changes and feedback. In addition, Landlord and Tenant
        shall proceed diligently and in good faith in working with the Project Architect
        in developing and agreeing upon the Final LI Plans and
        the
        Final TI Plans.
        In the
        event that any of the aforesaid matters have not been completed by the
        applicable milestone date, despite the parties’ diligent and good faith efforts,
        the Scheduled Date, Commencement Date and expiration date of the Lease shall
        be
        extended by the number of days the applicable milestone date has been delayed.
        The Scheduled Date shall also be extended by the number of days that
        construction of Landlord Improvements or Tenant Improvements is delayed by
        Force
        Majeure Events as defined in Section 29. Notwithstanding the foregoing, in
        the
        event of such delay, Landlord and Tenant shall cooperate with one another
        to
        accelerate the project schedule, to the extent practicable, to make up for
        lost
        time.

       

      5.    Rent
        Commencement and Base Rent. 

       

      A.    Tenant's
        obligation to pay Rent (as hereinafter defined) under this Lease shall commence
        and accrue upon the Commencement Date, except that Landlord agrees that the
        first $2,123,000.00 in Base Rent due shall be abated. All Rent shall be paid
        to
        Landlord at the address set forth for payment of Rent in the Basic Lease
        Data
        Section of this Lease, subject to Landlord's right to change such address
        from
        time to time by notice to Tenant. 

       

      B.    The
        annual base rent (hereinafter referred to as the "Base Rent") payable for
        each
        Lease Year (as hereinafter defined) shall be paid in monthly installments
        in the
        amount(s) determined per Exhibit
        B
        and set
        forth in the Lease Memorandum, in advance and without any set off or deduction
        (except as otherwise provided in Section 45), beginning on the Commencement
        Date, and continuing on the first day of each calendar month during this
        Lease
        Term. Base Rent shall be prorated for any partial calendar month that Tenant
        leases the Premises.

       

      C.    As
        used
        herein, the term "Rent" shall mean and refer both to the Base Rent provided
        hereunder and Additional Rent. The term "Additional Rent" shall mean any
        and all
        payments to be made by Tenant under this Lease, other than Base Rent, including
        but not limited to Tenant's share of Taxes (as described in Section 6), Tenant's
        share of the cost of the Tenant Improvements (if owed to Landlord), interest,
        late charges, attorney's fees and any amounts or costs expended or incurred
        by
        Landlord in curing or by reason of any default of Tenant. Additional Rent
        shall
        be deemed for the purpose of securing the collection thereof to be additional
        rent hereunder, whether or not the same be designated as such, and shall
        be due
        and payable at the time provided in this Lease, and if no such time is provided
        it shall nevertheless be collectible as additional rent on demand or together
        with the next succeeding installment of Base Rent, whichever shall first
        occur;
        and Landlord shall have the same rights and remedies upon Tenant's failure
        to
        pay the same as for the non-payment of the Base Rent.

       

      D.    As
        used
        herein, the term "Lease Year" shall mean and refer to the periods of twelve
        (12)
        consecutive calendar months commencing on the Commencement Date (provided
        that
        if the Commencement Date falls on a date other than the first day of a calendar
        month, then the first Lease Year shall consist of the partial calendar month
        in
        which the Commencement Date occurs plus the 12 full calendar months thereafter),
        and the remaining Lease Years shall be the successive periods of 12 full
        calendar months following the expiration of the first Lease Year, and continuing
        until the expiration or termination of this Lease Term. Notwithstanding the
        foregoing, the 11th
        Lease
        Year shall mean the 6-month period extending from the 1st
        day
        following the expiration of the 10th
        Lease
        Year through the date that is the last day of the 6th
        full
        calendar month thereafter.

       

      E.    If
        Tenant
        shall fail to pay to Landlord any Rent or other charge due Landlord hereunder
        on
        the due date thereof, and such failure continues for two (2) business days
        following Landlord’s notice to Tenant of such failure, Tenant shall be assessed
        a late fee in an amount equal to five percent (5%) of the delinquent amount
        owed
        Landlord. Notwithstanding the foregoing, Landlord shall not be required to
        provide such written notice on more than two (2) occasions during any
        consecutive twelve (12) month period. The late charge is a one time charge
        that
        can be added by the Landlord to each applicable payment and is intended to
        compensate Landlord for the extra time and trouble it incurs in dealing with
        late payments. Pursuant to Section 15.E of the Lease, the Landlord may charge
        interest on late payments, in addition to charging a late fee on such late
        payments (such interest compensates Landlord for money that Landlord could
        have
        earned on Tenant's payment if Tenant's payment had been paid when it was
        due).

       

      6.    Taxes.

      

      A.    As
        provided in further detail in Section 50 hereof, in connection with Landlord’s
        commitment under this Lease to construct the Road Improvements, Landlord
        intends
        to seek municipal financing benefits under the Missouri Transportation
        Development District Act (“TDD”) and/or other economic development programs to
        assist Landlord and St. Louis County in the funding of the Road Improvements.
        Tenant agrees to cooperate with Landlord’s efforts to obtain such benefits,
        subject to the provisions of Section 50. As part of Landlord’s efforts to obtain
        such benefits, and as part of Tenant’s cooperation obligations in this Section A
        and in Section 50, Landlord and Tenant agree to the provisions of Sections
        6.B
        through 6.J below.

       

      B.    For
        the
        tax years 2007 through 2016, Tenant shall pay to Landlord, as additional
        rent,
        fifty percent (50%) of the real and personal property Taxes (defined below)
        that
        would otherwise be payable to each taxing jurisdiction had the Premises and
        Tenant’s personal property in the Premises not otherwise been exempt from
        taxation using as the basis for such calculation either the assessed value
        of
        the Premises as determined by the St. Louis County Tax Assessor (“Assessor”)
        (subject to Tenant’s right to appeal such assessment) or the assessed value as
        determined by the appraisal procedure set forth in subparagraph F below.
        All
        such amounts attributable to personal property taxes shall be timely paid
        by
        Landlord to the St. Louis County Collector of Revenue as a payment in lieu
        of
        taxes (“PILOT”) for distribution to the taxing jurisdictions in the same manner
        and in the same proportion as taxes on the Tenant’s personal property in the
        Premises would have been distributed in each year had the Premises not been
        exempt from taxation.

       

      C.    For
        tax
        years 2017 and beyond, Tenant shall pay to Landlord, as additional rent,
        one
        hundred percent (100%) of the real and personal property Taxes that would
        otherwise be payable to each taxing jurisdiction had the Premises not otherwise
        been exempt from taxation using as the basis for such calculation either
        the
        assessed value of the Premises as determined by the Assessor (subject to
        Tenant’s right to appeal such assessment) or the assessed value as determined by
        the appraisal procedure set forth in subparagraph F below. At least fifty
        percent (50%) of all such amounts attributable to personal property taxes
        shall
        be timely paid by Landlord to the St. Louis County Collector of Revenue as
        a
        PILOT for distribution to the taxing jurisdictions in the same manner and
        in the
        same proportion as taxes on Tenant’s personal property in the Premises would
        have been distributed in each year had the Premises not been exempt from
        taxation.

       

      D.    Landlord
        shall apply the above additional rent payments attributable to real property
        taxes to TDD assessments or similar assessments against the Premises. If
        the
        Premises is subject to TDD assessments or similar assessments over and above
        such additional rent payments, Landlord shall pay such excess amounts without
        reimbursement from Tenant. 

       

      E.    Commencing
        in tax year 2007 and continuing in all
        subsequent years until the Ground Lease is terminated, Landlord shall obtain
        from the St. Louis County Assessor, as soon as reasonably available, (i)
        a list
        of each taxing jurisdiction within whose boundaries the Property is situated
        and
        the current tax levy of each such taxing jurisdiction; and (ii) the Assessor’s
        most recent assessed valuation of the real and personal property comprising
        the
        Premises in accordance with Article X, Section 4(b) of the Missouri Constitution
        and Section 137.115, RSMo, as amended. Landlord shall notify Tenant of such
        assessed valuation in writing promptly following Landlord’s receipt thereof, and
        shall provide copies of any supporting documentation provided by the Assessor
        to
        Landlord relating to such valuation.

       

      F.    If
        Tenant
        does not agree with the assessed valuation for any particular year, as
        determined by the Assessor and provided to Tenant pursuant to subparagraph
        D
        above, and so notifies Landlord in writing by the deadline for appealing
        such
        valuation, Tenant, at Tenant's expense, may appeal such assessment to the
        County
        Board of Equalization and the State Tax Commission, as applicable, in the
        manner
        provided under Missouri law, and Landlord agrees to lend Tenant all reasonable
        cooperation in connection with said contest. Pending resolution of the contest,
        Tenant shall have the right to make payments in respect of Taxes or increases
        challenged by Tenant “under protest”. If the term of this Lease terminates
        during any time such a contest is pending and, thereafter, such contest results
        in a refund, then Tenant shall be entitled to receive the amount of any such
        refund to the extent it relates to the periods preceding such termination
        of the
        term of this Lease.

       

      G.    If
        (i)
        the Board of Equalization or the State Tax Commission determines that, because
        the Premises is exempt from ad
        valorem taxation,
        they do not have jurisdiction to hear Tenant’s appeal pursuant to Section 6.F
        above, or (ii) for any reason the Assessor has not made available an assessed
        valuation for the Premises not later than ten (10) business days prior to
        the
        deadline for appealing valuations in St. Louis County, the following procedures
        shall apply:

       

      (1)    In
        each
        reassessment year, Landlord and Tenant shall meet in an effort to negotiate
        in
        good faith the assessed valuation of the Premises for the current and following
        tax years it being the intent of the parties to reassess the Premises on
        the
        same timeframe as reassessments are performed in St. Louis County which at
        the
        present time occurs in each odd-numbered year.

       

      (2)    If
        Landlord and Tenant have not agreed upon the assessed valuation of the Premises
        by July 1 of any calendar year, then Landlord and Tenant shall attempt to
        agree
        on a single appraiser to determine the assessed value of the Premises. If
        Landlord and Tenant have not been able to agree on a single appraiser by
        July 1,
        then Landlord and Tenant shall each, by July 15, appoint an appraiser licensed
        by the State of Missouri to perform real estate appraisals (each of whom
        shall
        also be a member of the Appraisal Institute carrying the designation of
“M.A.I.”), and, if the personal property assessment is challenged, a qualified
        equipment appraiser. Each party shall notify the other party in writing of
        the
        appraiser(s) appointed pursuant to this subparagraph. If either party fails
        to
        appoint an appraiser by the date specified, the remaining appraiser(s) shall
        carry out the duties imposed upon them pursuant to this
        subparagraph.

       

      (3)    The
        appraisers shall, by September 1, examine the Premises and each render an
        opinion in writing to each party regarding the assessed valuation of the
        Premises, using the same methodology and taking into account all factors
        considered by the Assessor of St. Louis County in his assessment of the same
        class of property during the applicable tax year.

       

      (4)    If
        the
        appraisals of the Premises prepared by the appointed appraisers are within
        ten
        percent (10%) of the lower appraisal, then the assessed value of the Premises
        shall be the average of the two appraisals. If the appraisals of the Premises
        prepared by the appraisers are not within ten percent (10%) of the lower
        appraisal, and if the appraisers cannot agree as to the assessed valuation
        of
        the Premises by September 1, then they collectively shall appoint a licensed
        real estate appraiser and an additional qualified equipment appraiser if
        the
        personal property assessment is challenged. The appraisers shall notify each
        party of their appointment(s) by October 1. The appraiser(s) appointed under
        this paragraph shall, by December 1, render an opinion in writing to each
        party
        regarding the assessed valuation of the respective real or personal property
        portion of the Premises. If such appraisers cannot agree on an assessed
        valuation, and if the reason for the appointment of the appraisers is that
        the
        Assessor has not made available an assessed valuation for the Premises for
        the
        year in question, then the third appraiser appointed shall unilaterally render
        such an opinion by December 10.

       

      (5)    Landlord
        and Tenant shall pay the fees and expenses of appraiser(s) appointed by them
        pursuant to Section 6.G(2) and shall each pay fifty percent (50%) of the
        fees of
        the appraiser appointed pursuant to Section 6.G(4) incurred by such appraisers
        in carrying out their duties under the Ground Lease.

       

      H.    Each
        party agrees to cooperate in all respects to enable the appraisers to undertake
        the duties specified herein within the dates specified. Nevertheless, if
        the
        appraisers appointed pursuant to Section 6.G above have not determined an
        assessed valuation by the dates specified therein, and if the reason for
        the
        appointment of the appraisers is the Board of Equalization or the State Tax
        Commission determined that they do not have jurisdiction to hear Tenant’s appeal
        as provided above, then the valuation of the Premises determined by the Assessor
        pursuant to Section 6.E above shall be the assessed valuation for such year.
        However, if the reason for the appointment of the appraisers is that the
        Assessor has not made available an assessed valuation for the Premises for
        the
        year in question, then the opinion of the third appraiser rendered pursuant
        to
        Section 6.E(4) shall govern for purposes of the payment required pursuant
        to
        Section 6.A above.

       

      I.    “Taxes"
        (as such term is used herein) shall include, without limitation, any tax,
        assessment or similar governmental charge imposed against the Property
        (including any tax or special assessment assessed against Landlord's leasehold
        estate under the Ground Lease, and any tax or special assessment that Landlord
        is obligated to pay pursuant to the terms of the Ground Lease). Taxes, as
        herein
        contemplated, are predicated on the present system of taxation in the State
        of
        Missouri. Therefore, if due to a future change in the method of taxation,
        any
        rent, franchise, use, profit or other tax shall be levied against Landlord
        in
        lieu of any charge which would otherwise constitute a Tax, such rent, franchise,
        use, profit or other tax shall be deemed to be a Tax for the purposes herein.
        In
        the event Landlord is assessed with a Tax which Landlord, in its sole
        discretion, deems excessive, Landlord may (but is not obligated to) challenge
        said Tax or may defer compliance therewith to the extent legally permitted.
        “Taxes” (as used herein) shall also include any tax, assessment or similar
        charge assessed by the Assessor against Tenant’s personal property situated in
        the Premises. Notwithstanding
        the foregoing, Taxes shall not include income or other taxes measured or
        determined based upon Landlord's income, or on income derived from mortgages
        or
        deeds of trust encumbering the Premises, or on any gain realized by Landlord
        in
        connection with the sale of the Premises (except to the extent the same may
        be
        assessed or levied in substitution for ad valorem real estate
        taxes).

       

      J.    Tenant's
        share of Taxes shall be payable to Landlord in monthly installments, in advance,
        due on the first of each month, in an amount reasonably estimated from time
        to
        time by Landlord. Not later than ninety (90) days following the end of each
        calendar year, Landlord shall deliver a statement to Tenant setting forth
        Tenant's actual obligation for Taxes for the preceding calendar year, and
        the
        total amount of monthly payments paid by Tenant to Landlord. In determining
        Tenant’s obligation for Taxes for the preceding calendar year, the assessed
        value as determined by the Assessor, or the appraised value determined in
        accordance with Section 6.G, shall be determinative as to the amount of Taxes
        due and payable. In the event Tenant's actual obligation exceeds Tenant's
        payments, Tenant shall pay the difference to Landlord on the date which is
        the
        later of: (i) ten (10) days after receipt of Landlord's statement, or (ii)
        with
        the next installment(s) of Additional Rent due under this Lease after receipt
        of
        Landlord's statement. Conversely, in the event Tenant's total payments exceed
        Tenant's actual obligation, Landlord shall credit the overpayment against
        the
        next installment(s) of Rent due under this Lease. Tenant shall have sixty
        (60)
        days from receipt of Landlord’s statement within which to accept or contest said
        Landlord’s statement. Absent written notice from Tenant to Landlord within such
        60-day period, Landlord’s statement shall be deemed accepted by Tenant and the
        amount shown thereon shall be paid or credited by Landlord to Tenant or paid
        to
        Landlord by Tenant, as the case may be. If Tenant makes any objection(s)
        to
        Landlord’s said statement as aforesaid, Landlord or Tenant, as the case may be,
        shall pay all non-disputed sums to the other in the manner set forth above,
        and
        Landlord and Tenant promptly commence good faith negotiations to resolve
        any
        remaining differences between them.

       

      K.    Notwithstanding
        the foregoing provisions of this Section 6, Tenant acknowledges that Landlord
        and Ground Lessor contemplate establishing an escrow administered by a third
        party escrowee to receive and apply the additional rent payments made by
        Tenant
        pursuant to this Section 6. Landlord and Ground Lessor may jointly notify
        Tenant
        in writing that such an escrow has been established, in which event such
        notice
        shall be accompanied by a copy of the escrow agreement governing such escrow.
        Such escrow agreement, and any amendments thereto, shall be subject to the
        review and approval of Tenant, not to be unreasonably withheld, conditioned
        or
        delayed. In no event shall the terms of any such escrow agreement materially
        expand Tenant’s obligations or diminish Tenant’s rights under this Section 6.
        Following Tenant’s receipt of a notice of the establishment of such an escrow
        and Tenant’s approval of the escrow agreement governing such escrow (all
        pursuant to the foregoing provisions of this Section 6.K), Tenant agrees
        to make
        the payments required under this Section 6 to the third party escrowee
        designated by Landlord and Ground Lessor in such notice. If such escrow is
        established and the additional rent payments under this Section 6 are made
        to
        such escrow pursuant to this Section 6.K, Landlord and Tenant agree that
        neither
        of them may thereafter change the manner in which Tenant’s additional rent
        payments under this Section 6 are made, except pursuant to a written agreement
        executed by Landlord and Ground Lessor and reasonably acceptable to
        Tenant.

       

      7.  Common
        Areas.     So
        long
        as Tenant is leasing all of the space in the Building, Tenant shall have
        the
        exclusive right to use the entire Premises, subject to the provisions of
        this
        Lease and subject to the rights of access of Landlord under this Lease. If,
        however, Tenant exercises any of its “give back rights” under this Lease, then
        Landlord shall have the right to reasonably designate “Common Areas”, which
        shall mean all areas, space, facilities, equipment and signs made available
        by
        Landlord in the Building or on the Property for the common and joint use
        and
        benefit of Tenant and other tenants and permittees of Landlord, and their
        respective employees, agents, subtenants, concessionaires, licensees, customers,
        and other invitees, and may include the sidewalks, parking areas, driveways,
        yard area, landscaped areas, lobbies, restrooms, stairs, ramps, elevators,
        exits
        and/or service corridors, to the extent not contained within any area
        exclusively appropriated for the use of any occupant. If Common Areas are
        designated by Landlord, then Landlord also reserves the right to impose
        reasonable rules and regulations relating to use of the Common Areas; to
        construct, maintain and operate lighting and other facilities, equipment
        and
        signs on all of the Common Areas; and to close temporarily all or any portion
        of
        the Common Areas for the purpose of making repairs or changes thereto. If
        Common
        Areas are designated by Landlord, Tenant is hereby given a license (in common
        with all others to whom Landlord has or may hereafter grant rights) to use,
        during the Lease Term, the Common Areas as they may now or at any time during
        the Lease Term exist; provided, however, that if the size, location or
        arrangement of such Common Areas or the type of facilities at any time forming
        a
        part thereof are changed or diminished, Landlord shall not be subject to
        any
        liability therefor, nor shall Tenant be entitled to any compensa-tion or
        diminution or abatement of Rent therefor, nor shall such change or diminution
        of
        such areas be deemed a constructive or actual eviction.

       

      8.    Landlord's
        Repairs and Services.    Throughout
        the Term, Landlord
        shall be responsible for providing the
        following services at Landlord’s sole cost and expense which expenses shall not
        be included in the calculation of Additional Rent hereunder: all
        exterior building repairs
        (including sub-surface water penetration),
        maintenance and replacement of roof, roofing systems, exterior walls, windows,
        structural members, footings and foundations, floors, gutters and downspouts,
        trunk utility lines (until accepted for dedication by applicable utility
        companies), sidewalks and curbs and parking facilities
        (excepting any damage caused by the
        negligence or willful misconduct of Tenant or Tenant's employees, agents
        or
        invitees). If Tenant observes a need for any repairs or maintenance required
        to
        be performed by Landlord under this Lease, it shall promptly notify Landlord.
        In
        the event that Tenant gives back space to Landlord pursuant to Section 40,
        Landlord may have additional responsibilities to provide services as described
        in Sections 40 and 51.

       

      9.    Services
        and Utilities.    Subject
        to Section 9.E below, throughout the Term, Tenant
        shall be responsible for providing the following items at its sole cost and
        expense:

       

      A.    Landscaping,
        snow removal, trash pick up and collection, and any other outside maintenance
        not included by the Landlord.

       

      B.    Janitorial.

       

      C.    Utilities,
        including
        HVAC and utility services used by Tenant at the Premises, such as electricity,
        gas, water and sewer. Tenant
        shall contract directly with the utility companies for all utility services
        it
        requires, and Landlord shall install separate meters for the Premises to
        measure
        Tenant's usage of such services. Except to the extent utility interruptions
        occur as a result of the negligence or willful misconduct of Landlord, Landlord
        shall not be liable for the quality, quantity, failure or interruption of
        utility services to the Premises, nor shall any interruption in utility services
        affect Tenant's obligations to pay Rent hereunder. In
        the
        event a utility interruption occurs due to Landlord’s
        negligence or willful misconduct, and
        as a
        result thereof, the Premises becomes untenantable (meaning that Tenant is
        unable
        to use the Premises in the normal course of its business) for more than three
        (3) consecutive business days after receipt of notice (which may be verbal
        if
        communicated to Landlord's property manager for the Building) from Tenant,
        Base
        Rent shall abate on a per diem basis for each day after such three (3) business
        day period during which the Premises remains untenantable.

       

      D.    Interior
        maintenance including inside surfaces, ceilings, doors, and lighting,
        mechanical, electrical and plumbing systems.

       

      E.    In
        the
        event that Tenant gives back space to Landlord pursuant to Section 40, there
        may
        be modifications to this Section made pursuant to a written amendment to
        this
        Lease signed by Landlord and Tenant as required by Section 40.

       

      F.    Tenant
        shall have access to the Premises on a twenty-four (24) hours per day, seven
        (7)
        days per week basis.

       

      10.    Insurance.

       

      A.    Throughout
        the Term, Landlord
        will maintain (a) a so called "all-risk" property insurance policy covering
        the
        Property (at its full replacement cost) including such other charges deemed
        necessary by the Landlord, but excluding Tenant's personal property, with
        a
        deductible which will not exceed $250,000 and (b) commercial general public
        liability insurance covering Landlord for claims arising out of liability
        for
        bodily injury, death, personal injury, advertising injury and property damage
        occurring in and about the Property and otherwise resulting from any acts
        and
        operations of Landlord, its agents and employees, with minimum limits of
        $2,500,000 per occurrence and $2,500,000 general aggregate and (c) rent loss
        insurance, with limits that are required by any lender(s) of Landlord, or
        as are
        otherwise reasonably determined by Landlord (collectively, “Landlord’s
        Policies”). All Landlord's Policies will (a) be issued by an insurance company
        with a Best rating of A-:VIII or better and otherwise reasonably acceptable
        to
        Tenant and will be licensed to do business in the state where the Premises
        is
        located; (b) provide that said insurance will not be canceled or materially
        modified unless 30 days' prior written notice will have been given to Tenant
        and
        (c) otherwise be in such form, and include such coverage’s, as Tenant may
        reasonably require. Landlord will provide Certificates of Insurance, in a
        form
        reasonably acceptable to Tenant, evidencing said Landlord's Policies, to
        Tenant
        upon commencement of the Lease and renewals thereof will be delivered at
        least
        10 days prior to the expiration of each Policy.

       

      B.    Tenant
        will purchase, at its own expense, and keep in force at all times during
        this
        Lease (a) "all-risk" property insurance policy covering Tenant's personal
        property and all tenant improvements, at its full replacement cost, with
        a
        deductible that will not exceed $250,000 and (b) commercial general liability
        insurance, including personal injury and property damage, in the amount of
        not
        less than $2,500,000 per occurrence and $2,500,000 general aggregate, and
        (c)
        comprehensive automobile liability insurance covering Tenant against any
        losses
        arising out of liability for personal injuries or deaths of persons and property
        damage occurring in or about the Premises or Property in the amount of not
        less
        than $1,000,000, combined single limit (collectively, “Tenant's Policies”). The
        Tenant's Policies will name Landlord, Landlord's property manager, Landlord's
        lender and any party holding an interest to which this Lease may be subordinated
        as additional insureds. All Tenant's Policies will (a) be issued by an insurance
        company with a Best rating of A-:VIII
        or
        better and otherwise reasonably acceptable to Landlord and will be licensed
        to
        do business in the state where the Premises is located; (b) provide that
        said
        insurance will not be canceled or materially modified unless 30 days' prior
        written notice will have been given to Landlord and (c) otherwise be in such
        form, and include such coverage’s, as Landlord may reasonably require. Tenant
        will provide Certificates of Insurance, in a form reasonably acceptable to
        Landlord, evidencing said Tenant's Policies, to Landlord upon commencement
        of
        the Lease and renewals thereof will be delivered
        prior to
        the expiration of each Policy. 

       

      C.    Both
        Landlord and Tenant will purchase and maintain, throughout the Term, workers'
        compensation insurance per the applicable state statutes covering all its
        employees.

       

      D.    To
        the
        extent permitted by law, and without affecting the coverage provided by
        insurance required to be maintained hereunder, Landlord and Tenant each waive
        any right to recover against the other, and
        any
        right to recover against the property manager for the Property, or against
        the
        officers, directors, shareholders, partners, joint venturers, employees,
        agents,
        managers, clients or business visitors of
        either
        party for (a) damages to property, (b) damages to all or any portion of either
        or both of the Premises and the Property, (c) claims arising by reason of
        the
        foregoing, to the extent such damages and claims are insured against, or
        required to be insured against, by Landlord or Tenant under this Lease or
        (d)
        claims paid by Landlord or Tenant's workers' compensation carrier. This
        provision is intended to waive, fully and for the benefit of each party,
        any
        rights and/or claims which might give rise to a right of subrogation by any
        insurance carrier. The coverage obtained by each party pursuant to this Lease
        will include, without limitation, a waiver of subrogation by the carrier
        which
        conforms to the provisions of this section.

       

      E.    In
        the
        event Tenant's use of the Premises shall result in an increase in Landlord's
        insurance premiums, Tenant shall pay to Landlord within fifteen (15) days
        after
        demand, as Additional Rent, an amount equal to such increase in insurance,
        provided this Section 10.E shall not be applicable so long as Tenant is only
        using the Premises for general office use. 

       

      11.    Damage
        or Destruction.

       

      A.    If
        at any
        time prior to the Commencement Date, the Premises are damaged or destroyed
        by
        casualty Landlord shall give Tenant written notice ("Landlord's Pre-Commencement
        Repair Notice") within thirty (30) days after the damage occurs advising
        Tenant
        whether or not, in Landlord's reasonable opinion, the damages from such casualty
        will delay the Substantial Completion Date by more than one hundred eighty
        (180)
        days beyond the then-current scheduled Substantial Completion Date. If
        Landlord’s Pre-Commencement Repair Notice states that in Landlord's reasonable
        opinion, the damages from such casualty will so delay the then-current scheduled
        Substantial Completion Date, then (i) Landlord may terminate this Lease,
        provided Landlord notifies Tenant of such termination within the same 30-day
        period that Landlord’s Pre-Commencement Repair Notice is to be given, and (ii)
        if Landlord has not elected to so terminate this Lease, Tenant may terminate
        this Lease by giving Landlord written notice thereof within thirty (30) days
        following the its receipt of Landlord’s Pre-Commencement Repair Notice. If at
        any time after the Commencement Date, the Premises are damaged or destroyed
        by
        casualty Landlord shall give Tenant written notice ("Landlord's
        Post-Commencement Repair Notice") within thirty (30) days after the damage
        occurs advising Tenant whether or not, in Landlord's reasonable opinion,
        the
        damages from such casualty can be repaired within one hundred eighty (180)
        days
        from the date of said casualty. If Landlord’s Post-Commencement Repair Notice
        states that in Landlord's reasonable opinion, the damages from such casualty
        cannot be repaired within such 180-day period, then (i) Landlord may terminate
        this Lease, provided Landlord notifies Tenant of such termination within
        the
        same 30-day period that Landlord’s Post-Commencement Repair Notice is to be
        given, and (ii) if Landlord has not elected to so terminate this Lease, Tenant
        may terminate this Lease by giving Landlord written notice thereof within
        thirty
        (30) days following the its receipt of Landlord’s Post-Commencement Repair
        Notice.

       

      B.    In
        the
        event that a casualty occurring after the Commencement Date renders the Premises
        untenantable or prevents access to the Premises for any period, the Rent
        due for
        such period shall be abated; and in the event only a portion of the Premises
        is
        rendered untenantable and access to the Premises is not prevented, Tenant's
        Rent
        shall be equitably abated in proportion to that portion of the Premises which
        is
        rendered untenantable, provided that no abatement shall be allowed pursuant
        to
        this sentence unless the conditions making the Premises fully or partially
        untenantable exist for at least three (3) consecutive business days. Abatement
        shall continue until Landlord has substantially completed its repair and
        restoration obligations pursuant to Section 11.D or Section 11.E below,
        whichever is applicable.

       

      C.    If
        this
        Lease is not terminated by either party due to a pre-Commencement Date casualty
        pursuant to the terms of Subsection A above, this Lease shall remain in full
        force and effect, and Landlord shall proceed with all due diligence to repair,
        restore and/or rebuild and complete the Landlord Improvements and the Tenant
        Improvements. Notwithstanding the foregoing, if Landlord does not substantially
        complete such obligations under this Section 11.C (“Landlord’s Section 11.C
        Restoration Obligations”) within one hundred eighty (180) days beyond the date
        that was the scheduled Substantial Completion Date on the date of the casualty,
        plus any additional days that such construction is delayed due to force majeure
        (as defined in Section 29), Tenant
        shall have the right to assume control over Landlord’s Section 11.C Restoration
        Obligations, upon thirty (30) days prior written notice to Landlord. In the
        event that Tenant elects to assume control over Landlord’s Section 11.C
        Restoration Obligations, (i) Tenant shall diligently and in good faith pursue
        substantial completion of Landlord’s Section 11.C Restoration Obligations, (ii)
        all insurance proceeds for such restoration shall be made available to Tenant
        for such purpose, and (iii) Landlord shall be liable for all costs reasonably
        incurred by Tenant (over and above available insurance proceeds) in undertaking
        such restoration.

       

      D.    If
        this
        Lease is not terminated by either party due to a post-Commencement Date casualty
        pursuant to the terms of Subsection A above, this Lease shall remain in full
        force and effect, and Landlord shall proceed with all due diligence to repair
        and restore the Premises (except as otherwise provided in this Lease)
        substantially to the condition thereof immediately prior to such damage or
        destruction (exclusive of the Tenant Improvements and other tenant improvements
        made by Tenant, Tenant's trade fixtures, equipment, decorations, signs,
        inventory and contents), subject to the terms, conditions, requirements and
        provisions hereinafter set forth in this Section 11. Tenant shall be solely
        responsible for restoring the Tenant Improvements and other leasehold
        improvements made by Tenant. Notwithstanding the foregoing, if Landlord does
        not
        substantially complete its restoration obligations under this Section 11.D
        (“Landlord’s Section 11.D Restoration Obligations”) within two hundred forty
        (240) days from the date of the subject casualty, plus any additional days
        that
        such restoration is delayed due to force majeure (as defined in Section 29),
        Tenant
        shall have the right to assume control over Landlord’s Section 11.D Restoration
        Obligations, upon thirty (30) days prior written notice to Landlord. In the
        event that Tenant elects to assume control over Landlord’s Section 11.D
        Restoration Obligations, (i) Tenant shall diligently and in good faith pursue
        substantial completion of Landlord’s Section 11.D Restoration Obligations, (ii)
        all insurance proceeds for such restoration shall be made available to Tenant
        for such purpose, and (iii) Landlord shall be liable for all costs reasonably
        incurred by Tenant (over and above available insurance proceeds) in undertaking
        such restoration.

       

      E.    Notwithstanding
        the provisions of Sections 11.A and 11.D above, if during the final year
        of the
        Lease Term, (i) the Premises are damaged or destroyed by casualty, and (ii)
        at
        least one third (1/3rd)
        of the
        Premises are made untenantable as a result of such casualty, Landlord shall
        give
        Tenant written notice ("Landlord's Final Year Repair Notice") within five
        (5)
        business days after the damage occurs, advising Tenant whether or not, in
        Landlord's reasonable opinion, the damages from such casualty can be repaired
        within an amount of time from the date of said casualty equal to or less
        than
        ten percent (10%) of the number of days remaining in the Lease Term from
        the
        date of said casualty. If Landlord’s Final Year Repair Notice states that in
        Landlord's reasonable opinion, the damages from such casualty cannot be repaired
        within such 10% time frame, then (i) Landlord may terminate this Lease, provided
        Landlord notifies Tenant of such termination within the same 5-business day
        period that Landlord’s Final Year Repair Notice is to be given, and (ii) if
        Landlord has not elected to so terminate this Lease, Tenant may terminate
        this
        Lease by giving Landlord written notice thereof within five (5) business
        days
        following the its receipt of Landlord’s Repair Notice. However, if Landlord
        elects to so terminate this Lease during the final year of the Lease Term,
        Tenant may nullify such termination if Tenant has one or more renewal options
        remaining and elects to exercise said option within fifteen (15) days after
        Landlord’s termination notice. If this Lease is not terminated by either party
        pursuant to the terms of this Section 11.E, this Lease shall remain in full
        force and effect, and Landlord shall proceed with all due diligence to repair
        and restore the Premises substantially to the condition thereof immediately
        prior to such damage or destruction (exclusive of the Tenant Improvements
        and
        other tenant improvements made by Tenant, Tenant's trade fixtures, equipment,
        decorations, signs, inventory and contents) subject to the terms, conditions,
        requirements and provisions hereinafter set forth in this Section 11. Tenant
        shall be solely responsible for restoring the Tenant Improvements and other
        leasehold improvements made by Tenant. However, if Landlord does not
        substantially complete its restoration obligations under this Section 11.E
        (“Landlord’s Section 11.E Restoration Obligations”) within such 10% time frame,
        plus any additional days that such restoration is delayed due to force majeure
        (as defined in Section 29), Tenant
        shall have the right to terminate this Lease upon written notice to Landlord.
        Notwithstanding the foregoing provisions of this Section 11.E, if pursuant
        to
        the foregoing provisions of this Section 11.E,
        Tenant
        has nullified Landlord’s termination of this Lease by exercising one of Tenant’s
        renewal options, the
        provisions of Section 11.D shall apply to Landlord’s and Tenant’s respective
        restoration obligations.

       

      F.    If
        any
        damage or destruction of the Premises is covered by insurance, then Tenant
        and
        Landlord shall fully cooperate in filing all necessary proofs of claim with
        insurance companies. If pursuant to Section 11.C, 11.D or 11.F, Landlord
        is
        obligated to perform Landlord’s Section 11.C Restoration Obligations, Landlord’s
        Section 11.D Restoration Obligations or Landlord’s Section 11.E Restoration
        Obligations, as applicable, and if pursuant to Section 11.D or 11.F, Tenant
        is
        required to restore the Tenant Improvements and its other leasehold
        improvements, then all proceeds of insurance shall be deposited into escrow
        with
        a title insurance company or other construction escrow disbursing agent
        reasonably satisfactory to Landlord and Tenant and such insurance proceeds
        may
        only be used to pay for the costs of restoration, with any unused proceeds
        for
        Landlord’s Section 11C Restoration Obligations, Landlord’s Section 11.D
        Restoration Obligations or Landlord’s Section 11.E Restoration Obligations, as
        applicable, being payable to Landlord and any unused proceeds for restoration
        of
        the Tenant Improvements being payable to Tenant. Insurance
        proceeds payable with respect to property that is to be repaired or replaced
        shall be made available to the party that is responsible for repairing or
        replacing said property, provided that the disbursement of such insurance
        proceeds shall be subject to a disbursement agreement reasonably acceptable
        to
        Landlord, Tenant and the title company holding the insurance proceeds.
        Notwithstanding the foregoing, if the documents governing Landlord’s financing
        of the Premises require that the lender control the disbursement of the
        insurance proceeds for Landlord’s
        Section 11.C Restoration Obligations, Landlord’s
        Restoration Section 11.D Obligations or
        Landlord’s Section 11.E Restoration Obligations, as applicable,
        then
        such documents shall govern such disbursement of such proceeds, provided
        they
        are reasonable and require the insurance proceeds for Landlord’s
        Section 11.C Restoration Obligations, Landlord’s
        Section 11.D Restoration Obligations or
        Landlord’s Section 11.E Restoration Obligations, as applicable, be
        applied toward completing the applicable restoration obligations of
        Landlord.

       

      G.    In
        the
        event either party should elect to terminate this Lease pursuant to Section
        11.A
        above or Section 11.E above, as applicable, the effective date of such
        termination shall be the later of: (i) the date of said casualty, or (ii)
        the
        date Tenant vacates the Premises in the event that Tenant continues to use
        part
        of the Premises after the date of the casualty. In the event this Lease is
        terminated, the parties shall have no further obligations to the other, except
        for those obligations accrued through the effective date of such termination
        and
        except for obligations which survive termination of this Lease as per Section
        33.O; and, upon such termination, Tenant shall immediately surrender possession
        of the Premises to Landlord.

       

      H.    Notwithstanding
        any provision of this Section 11 to the contrary, if Landlord reasonably
        determines that the proceeds from Landlord’s insurance available for performing
        Landlord’s Section 11.C Restoration Obligations, or Landlord’s Section 11.D
        Restoration Obligations or Landlord’s Section 11.E Restoration Obligations, as
        applicable, are insufficient by more than Two Hundred Fifty Thousand Dollars
        ($250,000.00) to pay the costs of such Obligations (excluding any applicable
        deductible), whichever applicable, and such shortfall is not attributable
        to
        Landlord’s failure to discharge its obligations under Section 10 of this Lease,
        Landlord shall have the right to terminate this Lease upon written notice
        to
        Tenant given within thirty (30) days after the damage occurs, which notice
        shall
        state the amount that such insurance proceeds are insufficient; provided,
        however, that Tenant shall have the right to nullify such termination if
        Tenant
        agrees to pay the amount of such insufficient proceeds in excess of $250,000.00.
        If Tenant so nullifies Landlord’s termination, Landlord shall be required to
        supplement its insurance proceeds referenced in Section 11.F by $250,000.00,
        and
        Tenant shall be required to supplement Landlord’s insurance proceeds referenced
        in Section 11.F by the amount of the insufficiency in excess of $250,000.00
        (as
        provided in Landlord’s termination notice).

       

      12.    Landlord's
        Rights.

       

      A.    Landlord
        may close the Property, or portions thereof, in emergency situations as
        reasonably determined by Landlord, and during periods of general construction,
        during which times admittance may be gained only under such reasonable
        regulations as may be prescribed by Landlord.

       

      B.    Landlord
        may enter the Premises at reasonable times following reasonable advance notice
        to Tenant, to examine or show the same to existing or prospective fee owners
        or
        third party tenants, ground lessors, mortgagees, or Landlord's insurance
        carriers and by request of any governmental agency.

       

      C.    Upon
        reasonable advance written notice to Tenant (except in an “Emergency” when no
        notice shall be required), Landlord may enter the Premises for inspection
        purposes, or perform any maintenance, repairs, replacements or alterations
        for
        the benefit of the Property or any other tenant. To this end, Landlord retains
        such license or easement in and through the Premises as shall be reasonably
        required by Landlord. Landlord retains an easement above the drop ceiling,
        below
        the floor and inside the walls of the Premises to install, repair, operate
        and
        replace such pipes, duct work, conduits, utility lines, wires and other items
        as
        Landlord may install from time to time to serve the Building and other tenants
        in the Building (if applicable). For purposes of this Lease, an “Emergency”
shall mean a condition that creates an immediate threat of material damage
        to
        person or property. Except in the event of an Emergency, all entries onto
        the
        Premises by Landlord shall be made in accordance with a schedule that Landlord
        and Tenant have approved prior to such entry. Landlord shall use good faith,
        reasonable efforts to cause all inspection and maintenance work to be performed
        in such a manner as to minimize any interference with Tenant’s business at the
        Premises.

       

      D.    Landlord
        may temporarily close portions of the Property or may temporarily suspend
        certain building services to facilitate the proper maintenance and repair
        of the
        Property; provided however, that except in the case of an Emergency, any
        temporary closure of any portion of the Premises or temporary suspension
        of
        building services to facilitate the proper maintenance and repair of the
        Property shall be coordinated in advance with Tenant to minimize any disruption
        to Tenant’s operations at the Premises..

       

      E.    Landlord
        has established certain Rules and Regulations with respect to the Property,
        as
        more fully set forth on Exhibit
        D,
        attached hereto and made a part hereof. Landlord reserves the right to establish
        additional Rules and Regulations, or make amendments thereto, from time to
        time
        if, in Landlord's reasonable opinion, Landlord determines the same to be
        necessary for the orderly operation of the Property. Tenant shall comply
        with
        such Rules and Regulations; provided they are applied in a manner that does
        not
        unfairly discriminate against Tenant.

       

      F.    Notwithstanding
        any provision of this Section 12 to the contrary, Tenant shall have the right
        to
        have its representative accompany Landlord during any entry by Landlord or
        its
        designees on the Premises (except in an Emergency, as to which entry may
        occur
        if a representative of Tenant is not then present), and access to any special
        security areas created by Tenant shall comply with all applicable laws and
        regulations of any governmental authority having jurisdiction over such areas,
        including without limitation, the regulations of the United States Food and
        Drug
        Administration and Drug Enforcement Agency, and shall occur only with a
        representative of Tenant present at all times and shall be subject to such
        regulations.

       

      13.    Tenant's
        Alterations and Repairs. 

       

      A.    Except
        for Landlord's obligations under Section 8, Tenant shall keep the Property
        in
        good repair, without expense to Landlord; and, subject to the provisions
        of
        Sections 11 (regarding casualty) and 19 (regarding condemnation), upon the
        termination of this Lease, Tenant shall return the Property to Landlord,
        together with all of Tenant's keys, in the same condition as when received,
        reasonable wear and tear excepted. In
        the
        event Tenant should fail to make any repairs that Tenant is required to make
        pursuant to the terms of this Lease promptly and adequately within thirty
        (30)
        days after Landlord's written demand, Landlord may make such repairs, whereupon
        Tenant shall reimburse to Landlord the cost of such repairs, as Additional
        Rent,
        payable within ten (10) business days after Tenant's receipt of Landlord's
        invoice therefor;
        provided,
        however, that if the nature of Tenant's default is such that more than thirty
        (30) days are reasonably required to cure, then such default shall be deemed
        to
        have been cured if Tenant commences such performance within said 30-day period
        and thereafter diligently completes the required action within a reasonable
        time. Notwithstanding the foregoing, in the event Tenant should fail to make
        any
        repairs that Tenant is required to make pursuant to the terms of this Lease
        and
        such repairs are necessary to abate an Emergency, Landlord shall have the
        right
        to make such repairs without the obligation to give Tenant the above notice
        and
        cure rights, and Tenant shall be responsible for the cost thereof. Tenant
        shall
        not allow any waste or misuse of the Premises or the Building or of the
        utilities therein; and, in the event thereof, Tenant shall pay for all loss,
        expense and damage suffered by Landlord caused by any such waste or misuse
        by
        Tenant.

       

      B.    Tenant
        may make alterations to the Premises, subject to Landlord's approval, not
        to be
        unreasonably withheld, delayed or conditioned. Tenant may make alterations
        costing not more than one hundred thousand dollars ($100,000) in the aggregate
        per year, without Landlord's consent, provided such alterations do not affect
        systems, structure or exterior appearance of the Building, and provided Tenant
        advises Landlord in writing what changes are being made. If
        Landlord reasonably determines that a proposed alteration may not be usable
        upon
        the expiration of the Lease, Landlord may also condition its approval upon
        Tenant agreeing to remove the subject alteration and restore the Premises
        upon
        expiration of the Lease Term. Landlord shall notify Tenant of such condition
        within 10 business days following Landlord’s receipt of Tenant’s request for the
        subject alteration. However, Landlord may waive such condition at a later
        time
        if Landlord then determines that the subject alteration may be useful following
        the termination of the Lease. If Tenant makes an alteration without having
        obtained Landlord’s required consent, Landlord shall have the right in addition
        to all other rights and remedies of Landlord arising from such failure, to
        require Tenant to remove the subject alteration and restore the Premises
        to its
        condition prior to the installation of the subject alteration. In
        the
        event that such alteration, addition, change or improvement is of such a
        nature
        as to require the preparation of plans and specifications, Tenant shall provide
        complete and final copies of such plans and specifications to Landlord. In
        the
        event Landlord consent is required, Landlord
        may condition such consent upon such matters as Landlord reasonably deems
        appropriate, including, without limitation, Landlord's approval of the
        contractor, and Tenant's delivery to Landlord of such things as insurance
        certificates, building permits and lien waivers for all work performed and
        materials supplied. In addition, all such work performed in regard to any
        such
        alterations, additions, change or improvements to the Premises by Tenant
        shall
        be performed in compliance with all Applicable Laws (defined below), and
        Tenant
        shall be solely liable for any fines, charges or other costs arising from
        any
        failure to comply with said requirements, and Tenant is solely responsible
        for
        paying for and installing any additional improvements that may be required
        by
        governmental authorities in order for them to issue a building permit to
        Tenant
        for the work it wants to do. Tenant shall promptly pay all contractors and
        materialmen for any work done or caused to be done by Tenant in respect to
        the
        Premises and in the event any lien is filed, Tenant shall discharge or bond
        over
        the same within ten (10) business days thereafter, subject to Tenant's rights
        to
        contest the lien pursuant to Section 19 of this Lease.

       

      C.    Upon
        the
        expiration or earlier termination of this Lease, Tenant shall remove from
        the
        Premises all of its personal property and its trade fixtures, and Tenant
        shall
        have the right to remove said personal property and its trade fixtures from
        the
        Premises. Notwithstanding anything to the contrary in the foregoing, Tenant
        shall not be required to remove the Tenant Improvements or any other alterations
        made in accordance with the terms of this Lease, expect to the extent Landlord
        has previously required the removal thereof in accordance with Subsection
        13.B.
        With respect to all removals from the Building, including but not limited
        to
        Tenant's required removal of personal property and trade fixtures, Tenant's
        removal rights are conditioned on Tenant, at Tenant's cost, and Tenant agrees
        to: (i) promptly repair any damage caused to the Building and/or the Premises
        as
        a result of such removal, (ii) restore such areas to the condition they were
        in
        prior to installation of Tenant's property (subject to the provisions of
        Sections 11 (regarding casualty) and 19 (regarding condemnation)), and (iii)
        such repairs and restoration shall be performed in a good and workmanlike
        manner, in compliance with all Applicable Laws, and in a manner and with
        such
        materials so as to maintain the quality of the Building.

       

      14.    Subletting
        and Assigning.

       

      A.    Tenant
        may assign
        all or a portion of the Premises at any time with Landlord's consent, which
        consent
        shall not
        be
        unreasonably withheld or delayed. Notwithstanding the foregoing, Landlord’s
        consent shall not be required in connection with an assignment (i) to an
        affiliate of Tenant where Tenant remains primarily liable under the lease;
        (ii)
        to an assignee with a credit rating as judged by Standard and Poor’s, Moody’s,
        or some similar agency, equal to Tenant’s rating upon execution of this Lease,
        in which event Tenant shall be released from all liability hereunder from
        and
        after the date of such assignment or (iii) to the surviving or acquiring
        entity
        in connection with a merger or sale of substantially all of Tenant’s assets.
        Notwithstanding the foregoing, Landlord’s consent shall be required in the event
        that the proposed use of the Premises following such assignment will
        substantially increase Landlord’s insurance or maintenance obligations under the
        Lease; provided, however, such consent shall not be required if Tenant agrees
        to
        reimburse Landlord for any such increase in Landlord’s maintenance costs and/or
        insurance premiums, as applicable.

       

      B.    Tenant
        shall have an unlimited right to sublease all or any part of the Premises
        at any
        time, without Landlord’s consent, provided that Tenant shall remain fully liable
        for each of Tenant’s obligations under the Lease, and further provided that the
        uses under such sublease do not substantially increase Landlord’s insurance or
        maintenance obligations under the Lease.

       

      C.    Except
        as
        otherwise expressly provided in Section 14.A, in no event shall Landlord's
        consent to any sublease or assignment constitute a release of Tenant from
        the
        full performance of Tenant's obligations under this Lease, Tenant shall remain
        liable for all obligations under this Lease notwithstanding any such assignment
        or sublease, and Tenant, and such assignee shall all be primarily liable
        for all
        obligations under this Lease, and Landlord at its option may enforce its
        claims
        against either of them or both of them. Tenant shall reimburse Landlord for
        Landlord's reasonable attorney's fees to review and/or draft all documents
        Landlord reasonably requires in connection with the transfer of Tenant's
        interests. As a condition precedent to any assignment being effective
        (regardless of whether such assignment requires the approval of Landlord),
        the
        assignor and assignee shall execute and deliver to Landlord written
        confirmation, in a form reasonably satisfactory to Landlord, that the assignee
        has accepted an assignment of all of Tenants rights and obligations under
        this
        Lease, and has agreed to assume such obligations. In addition, as a condition
        precedent to any assignment contemplated by parts (i), (ii) or (iii) of Section
        14.A, being effective, the assignor and assignee shall also provide Landlord
        with documentation reasonably satisfactory to Landlord that evidences that
        such
        assignment is the result of a transaction that permits the assignment of
        this
        Lease without the consent of Landlord.

       

      D.    In
        no
        event shall Tenant be required to share with Landlord any profit received
        by
        Tenant from a sublease or an assignment.
        In the
        event Landlord procures a subtenant or assignee for Tenant, Tenant shall
        pay the
        commission of Landlord’s leasing agent.

       

      15.    Tenant
        Default.

       

      A.    The
        occurrence of any of the following events shall be deemed to be an event
        of
        default on Tenant's part under this Lease (a "Default"):

       

      (i)    Tenant
        fails to pay when due any Rent or other amount due to Landlord under this
        Lease,
        and such failure continues for two (2) or more business days after written
        notice thereof to Tenant; or

       

      (ii)    Tenant
        fails to carry or renew any insurance required to be maintained by Tenant
        under
        this Lease or fails to remedy or correct any hazardous condition, and such
        failure is not corrected within two (2) business days after written notice
        thereof to Tenant, provided that if it reasonably takes longer than 2 business
        days to remedy or correct such hazardous condition, then Tenant shall have
        the
        amount of time that it reasonably takes to cure such default, on condition
        that
        Tenant has commenced curing the default within 2 business days after the
        default
        notice was given and is continuing diligent efforts to cure the default;
        or

       

      (iii)    Tenant
        fails to comply with any other term, provision or covenant of this Lease
        (meaning one not described in clauses (i) or (ii) above), and such failure
        continues for thirty (30) days or more after written notice thereof to Tenant,
        provided that if it reasonably takes longer than 30 days to cure such default,
        then Tenant shall have the amount of time that it reasonably takes to cure
        such
        default, on condition that Tenant has commenced curing the default within
        30
        days after the default notice was given and is continuing diligent efforts
        to
        cure the default; or

       

      (iv)    Tenant
        fails to vacate the Premises immediately upon termination of this Lease,
        by
        lapse of time or otherwise, or upon termination of Tenant's right to possession
        only; or

       

      (vi)    The
        leasehold interest of Tenant is levied upon under execution or is attached
        by
        process of law and Tenant fails to contest diligently the validity of any
        lien
        or claimed lien and give sufficient security reasonably satisfactory to Landlord
        to insure payment thereof, or fails to satisfy any judgment rendered thereon
        and
        have the same released within sixty (60) days thereafter; or

       

      (vii)    Tenant
        becomes insolvent, admits in writing its inability to pay its debts generally
        as
        they become due, files a petition in bankruptcy or a petition to take advantage
        of any insolvency statute, makes an assignment for the benefit of creditors,
        makes a transfer in fraud of creditors, applies for or consents to the
        appointment of a receiver of itself or of the whole or any substantial part
        of
        its property, or files a petition or answer seeking reorganization or
        arrangement under the federal bankruptcy laws, as now in effect or hereafter
        amended, or any other applicable law or statute of the United States or any
        state thereof; or

       

      (viii)    A
        court
        of competent jurisdiction enters an order, judgment or decree adjudicating
        Tenant, a bankrupt, or appointing a receiver of Tenant, or of the whole or
        any
        substantial part of its property, without the consent of Tenant, or approves
        a
        petition filed against Tenant, seeking reorganization or arrangement of Tenant
        under the bankruptcy laws of the United States, as now in effect or hereafter
        amended, or any state thereof, and such order, judgment or decree is not
        vacated, set aside or stayed within sixty (60) days from the date of entry
        thereof, or Tenant consents to or otherwise ceases to contest such order,
        judgment or decree.

       

      B.    (1)    Subject
        to the limitations in Section 15.B(2) below, upon the occurrence of a Default
        on
        Tenant's part, Landlord may either (a) terminate this Lease, or (b) terminate
        Tenant's right of possession to the Premises without terminating this Lease.
        In
        either event, Landlord shall have the right to dispossess Tenant, or any
        other
        person in occupancy of the Premises, together with their property, and re-enter
        the Premises. Upon such re-entry, Tenant shall be liable for all expenses
        incurred by Landlord in recovering the Premises, including, without limitation,
        Tenant's obligations under Sections 13.C and 15, clean-up costs, legal fees,
        removal, storage or disposal of Tenant's property, and restoration
        costs.

       

      (2)    Notwithstanding
        any provision in this Lease to the contrary, in no event shall Landlord’s
        remedies include a right of termination of this Lease or of Tenant’s right of
        possession of the Premises if Tenant’s failure to perform is the result of a
        good faith dispute as to Tenant’s rights and/or obligation(s) under the terms of
        the Lease; provided further that if a default by Tenant would have otherwise
        entitled Landlord to a termination right, such termination right shall be
        available if such default remains uncured for more than ten (10) days following
        written notice from Landlord following a final decision made in an adversary
        proceeding. 

       

      C.    Subject
        to Section 15.B(2) above, in the event Landlord elects not to terminate this
        Lease, but only to terminate Tenant's right of possession to the Premises,
        Landlord may re-enter the Premises without process of law if Tenant has vacated
        the Premises or, if Tenant has not vacated the Premises, by an action for
        ejection, unlawful detainer, or other process of law. No such dispossession
        of
        Tenant or re-entry by Landlord shall constitute or be construed as an election
        by Landlord to terminate this Lease, unless Landlord delivers written notice
        to
        Tenant specifically terminating this Lease. Tenant shall remain liable for
        all
        past due Rent and late fees, plus all other obligations of Tenant under this
        Lease, including but not limited to the aforesaid expenses incurred by Landlord
        to recover possession of the Premises. In addition, Tenant shall be liable
        for
        all Rent thereafter accruing under this Lease, payable monthly as such Rent
        accrues, in an amount equal to the Rent payable under this Lease less the
        rent
        (if any) collected from any reletting. In the event the Premises are relet,
        Tenant shall also be liable for all reasonable costs of reletting, including,
        without limitation, any brokers' fees, legal fees, and/or tenant finish costs
        required to be paid in connection with any reletting, plus an amount equal
        to
        the Tenant Allowance.

       

      D.    No
        action
        by Tenant after final judgment for possession of the Premises shall reinstate
        this Lease or Tenant's right of possession of the Premises, and Tenant waives
        any and all rights of redemption in the event Tenant is judicially dispossessed.
        Should Landlord elect not to exercise any of its rights in the event of a
        Default, it shall not be deemed a waiver of such rights as to subsequent
        Defaults. All of the aforesaid rights of Landlord shall be in addition to
        any
        remedies which Landlord may have at law or in equity.

       

      E.    If
        Tenant
        defaults on paying any monetary obligation to Landlord, Tenant agrees to
        pay
        interest to Landlord on the amount owed at a rate equal to the lower of:
        (i) the
        maximum rate allowed by law, or (ii) a floating rate equal to two percent
        (2%)
        per annum above the interest designated
        from time to time in The
        Wall Street Journal's
        Money
        Rate Table as the "prime rate" (“Default Rate”),
        from
        the date due until paid.

       

      F.    Landlord
        shall use commercially reasonable efforts to mitigate Landlord's damages
        as a
        result of Tenant's Default which shall not exceed such efforts as Landlord
        or
        its affiliates generally use to lease similar space in premises similar to
        the
        Building. Landlord will not be deemed to have failed to mitigate if Landlord
        leases any other premises owned by Landlord or its affiliates before reletting
        all or any portion of the Premises.

       

      16.    Expiration
        or Termination of Lease; Holdover.

       

      A.    Subject
        to holdover rights under Section 16.B, and subject to the provisions of Sections
        11 (regarding casualty) and 19 (regarding condemnation), upon the expiration
        or
        earlier termination of this Lease, Tenant shall surrender the Premises to
        Landlord, without demand, in as good condition as when delivered to Tenant,
        reasonable wear and tear excepted, and shall remove all of Tenant's trade
        fixtures, movable equipment, furniture, other personal property and all
        leasehold improvements (to the extent required by Section 13.C), and shall
        comply with Section 13.C of this Lease. Tenant shall repair any damage caused
        by
        such removal in a good and workmanlike manner and in compliance with all
        applicable Laws.

       

      B.    Tenant
        will have the right to holdover for a period of up to four (4) months following
        the expiration of the Lease Term, or any extension thereof, at the same Rent
        as
        in effect during the last month of the previous Lease Term, provided Tenant
        gives Landlord twelve (12) months notice of Tenant’s intent to hold over.
        Thereafter, the holdover Rent will be at one hundred fifty percent (150%)
        of the
        Rent in effect during the last month of the previous Lease Term, and the
        Lease
        will be deemed a month-to-month lease. During the first four (4) month holdover
        period, Tenant will not be liable for any holdover damages or penalties beyond
        said Rent. Payment
        of such holdover rent does not entitle Tenant to remain in possession after
        the
first
        four (4) month holdover period,
        and
        Landlord at its option may exercise its rights to evict Tenant. Payment of
        such
        holdover rent does not preclude Landlord from recovering from Tenant any
        other
        damages incurred by Landlord that Landlord may be legally entitled to recover
        as
        a result of such holdover, provided that this sentence shall not apply to
        the
first
        four (4) month holdover period.
        

       

      C.    Subject
        to holdover rights under Section 16.B, should any of Tenant's property remain
        within the Premises after Tenant vacates the Premises, it shall be deemed
        abandoned, and Landlord shall have the right to place such property in storage
        on or off of the Premises, to remove such property and to dispose of it at
        Tenant's sole risk, cost and expense. Tenant agrees to pay all storage charges
        if such property is placed in storage, and Tenant agrees to indemnify and
        hold
        Landlord harmless with respect to all liability and expense, including
        Landlord's attorney's fees that Landlord may incur in connection with removing,
        storing and disposing of Tenant's property. Any person storing Tenant's property
        shall have a lien against Tenant's property for such storage charges, and
        shall
        have the right to enforce such lien to satisfy said storage charge
        obligations.

       

      17.    Right
        to Cure Tenant's Default.    If
        Tenant
        is in Default (the term "Default", as defined in Section 15 above, means
        that
        Landlord has already given any required default notice to Tenant with respect
        to
        such default, and it also means that Tenant has not cured such default within
        the cure period, if any, allowed by this Lease) under any provision of this
        Lease, other than for the payment of Rent, Landlord may (but shall not be
        obligated to) cure such Default on behalf of Tenant, at Tenant's expense.
        Landlord may also perform any obligation of Tenant, without notice to Tenant
        (or
        with fewer days notice than otherwise required by this Lease), should Landlord
        deem such performance to be an emergency. If Landlord incurs any reasonable
        expense, including reasonable attorney's fees, in instituting, prosecuting
        and/or defending any action or proceeding by reason of any emergency or Default,
        Tenant shall reimburse Landlord for same, as Additional Rent, within fifteen
        (15) days after receipt of Landlord's invoice therefor, together with the
        interest, if any, Landlord may be entitled to charge thereon pursuant to
        the
        terms of Section 15.E.

       

      18.    Hold
        Harmless.

       

      A.    Subject
        to the provisions of Sections 10.D and 54 hereof, Tenant hereby agrees to
        indemnify, defend and hold Landlord and the Property Manager for the Building
        (including, without limitation, their respective members, managers, officers,
        directors, agents and employees) (all of the foregoing are referred to as
        the
        "Landlord Indemnified Parties") harmless from and against all actions, claims,
        causes of action, demands, damages, penalties and expenses of any kind
        (including, without limitation, attorneys' fees and litigation costs) which
        may
        be brought against the Landlord Indemnified Parties by any person or entity
        whatsoever, or which the Landlord Indemnified Parties may pay or incur with
        respect to any person or entity (including, without limitation, Tenant, its
        agents, employees, contractors, customers and invitees) as a result of and
        caused by: (i) any negligent act or omission of Tenant or its agents, employees,
        contractors, customers or invitees in or about the Property, or (ii) any
        breach
        or default on the part of Tenant in the performance of any of its obligations
        under this Lease, or (iii) the use or occupancy of the Premises by Tenant,
        or
        (iv) Tenant's use of any equipment, facilities or property in, on, or about
        the
        Property, or (v) any personal injury or property damage occurring on the
        Premises, but excluding from this indemnity, claims arising from the Landlord
        Indemnified Parties' negligence or willful misconduct.

       

      B.    Subject
        to the provisions of Sections 10.D and 54 hereof, Landlord hereby agrees
        to
        indemnify, defend and hold Tenant (including, without limitation, Tenant’s,
        officers, directors, agents and employees) (all of the foregoing are referred
        to
        as the "Tenant Indemnified Parties") harmless from and against all actions,
        claims, causes of action, demands, damages, penalties and expenses of any
        kind
        (including, without limitation, attorneys' fees and litigation costs) which
        may
        be brought against the Tenant Indemnified Parties by any person or entity
        whatsoever, or which the Tenant Indemnified Parties may pay or incur with
        respect to any person or entity (including, without limitation, Landlord,
        its
        agents, employees, or contractors) as a result of and caused by: (i) any
        negligent act or omission of Landlord or its agents, employees, or contractors,
        in or about the Property, or (ii) any breach or default on the part of Landlord
        in the performance of any of its obligations under this Lease, but excluding
        from this indemnity, claims arising from the Tenant Indemnified Parties'
        negligence or willful misconduct.

       

      C.    The
        provisions of this Section 18 shall survive the expiration or earlier
        termination of this Lease.

       

      19.    Condemnation.    If
        all or
        any substantial part of the Premises shall be acquired by the exercise of
        eminent domain, and as a result thereof, the remaining Premises will not,
        in the
        reasonable opinion of Tenant, be usable by Tenant, or if it is not economically
        feasible to restore the Premises, as determined by Landlord in its reasonable
        discretion, then either party may terminate the Lease by giving written notice
        to the other on or before the date that actual possession thereof is so taken.
        If the Lease is not terminated as aforesaid by Landlord or Tenant as a result
        of
        such taking, then rent payable under the Lease shall be equitably abated
        taking
        into account the size of the Premises originally leased compared to the space
        not taken, and Landlord, at Landlord’s expense, shall proceed to restore the
        Premises as nearly as possible to the condition that existed prior to the
        taking; provided that Landlord shall not be required to restore any leasehold
        improvements made by Tenant at Tenant’s expense. All damages awarded in
        connection with any taking shall belong to Landlord; provided, however, that
        (i)
        any awards shall be applied to restoration of the Premises notwithstanding
        anything to the contrary in any mortgage or deed of trust affecting the Premises
        and (ii) so long as the award to Landlord is not reduced thereby, Tenant
        may
        seek a separate award for the value of any improvements made by Tenant at
        Tenant’s cost and any other damages suffered by Tenant arising from such
        taking.

       

      20.    Subordination.    Tenant
        shall, at the written request of Landlord, execute a Subordination,
        Non-Disturbance and Attornment Agreement, substantially in the form attached
        hereto as Exhibit K, from any lender holding a Mortgage on the Property from
        time to time, with such changes to such form as may reasonably be requested
        by
        such lender and reasonably acceptable to Tenant. In the event any existing
        or
        future lender, holding a mortgage, deed of trust or other commercial paper,
        requires a modification of this Lease which does not materially change any
        right
        or obligation of Tenant hereunder, Tenant agrees to execute appropriate
        instruments to reflect such modification, upon request by Landlord.

       

      21.    Liens.    Tenant
        shall not mortgage or otherwise encumber or allow to be encumbered its leasehold
        interest in the Premises without obtaining the prior written consent of Landlord
        which consent may be withheld in Landlord's sole discretion. Should Tenant
        cause
        or permit any mortgage, lien or other encumbrance (hereinafter singularly
        or
        collectively referred to as "Encumbrance") to be filed, against the Premises
        or
        the Property without Landlord's consent, Tenant shall dismiss or bond (pursuant
        to a bond reasonably satisfactory to Landlord, which bond shall be payable
        to
        and shall be delivered to Landlord) against same within twenty (20) days
        after
        the filing thereof. If Tenant fails to remove or bond over said Encumbrance
        within said twenty (20) days, Landlord shall have the right, but no obligation,
        to remove said Encumbrance by whatever measures Landlord shall deem convenient
        including, without limitation, payment of such Encumbrance, in which event
        Tenant shall reimburse Landlord immediately upon receipt of Landlord's invoice
        therefor, as Additional Rent, for all costs expended by Landlord, including
        reasonable attorneys' fees, in removing said Encumbrance. All of the aforesaid
        rights of Landlord shall be in addition to any remedies which either Landlord
        or
        Tenant may have available to them at law or in equity. Tenant may only bond
        over
        an Encumbrance in lieu of removing it if it is diligently contesting the
        Encumbrance in good faith and only if Tenant complies with the requirements
        of
        the next sentence. In order for Tenant to have the right to contest an
        Encumbrance, Tenant shall: (i) notify Landlord in writing of the existence
        of
        the Encumbrance, and provide Landlord with a copy of the Encumbrance, and
        a
        statement that Tenant intends to diligently contest the Encumbrance, along
        with
        a brief description of the dispute, (ii) provide the bond required by the
        preceding sentence, (iii) keep Landlord informed of the status of the contest
        and provide Landlord with such information related thereto as Landlord may
        request from time to time, (iv) diligently pursue the contest at Tenant's
        sole
        cost and expense, and (v) cause the Encumbrance to be released and discharged
        by
        the earlier of: (a) 30 days after there is a final resolution of such contest
        by
        final judgment or settlement, or (b) at least two business days prior to
        the
        date on which a foreclosure or other sale is scheduled to enforce the
        Encumbrance. Notwithstanding
        any provision of the foregoing to the contrary, Tenant shall be permitted
        to
        mortgage or otherwise encumber any personal property of Tenant located on
        the
        Premises.

       

      22.    Compliance
        with Laws.

       

      A.    Landlord
        will ensure that the Premises, and the Building, are in compliance with all
        federal, state and local laws and regulations, including but not limited
        to the
        Americans with Disabilities Act (ADA) in effect at the time of Substantial
        Completion. The Landlord shall not be responsible for lack of compliance
        due to
        the acts of
        Tenant
        or any improvements made by Tenant. 

       

      B.    Subject
        to Landlord's obligations under Section 22.A, Tenant
        shall comply with all applicable federal, state and local statutes, ordinances,
        rules, regulations, orders and decisions (collectively "Applicable Laws")
        in
        connection with its activities at the Premises and in connection with Tenant's
        use, maintenance, repair and alteration of the Premises. In addition, Tenant
        shall comply with any reasonable requirements of Landlord's insurance carrier
        with respect to Tenant's use of the Premises which does not materially change
        any right or obligation of Tenant hereunder.

       

      C.    Landlord
        will at the time of delivery of the Premises
        ensure
        the Premises
        complies
        with all applicable health and safety standards, as well as ensure
        that no
        known hazardous or toxic substances are present in the Building or Premises.
        Landlord shall not be responsible for hazardous materials or toxic substances
        generated as a result of Tenant’s
        activities
        with respect to the Premises.
        Tenant shall not have any liability to Landlord resulting from any conditions
        existing, or events occurring, or any hazardous substances existing or
        generated, at, in, on, under or in connection with the Premises prior to
        the
        Commencement Date.

       

      D.    Tenant
        shall not use, store, manufacture, dispose of or discharge any "Hazardous
        Materials" (as hereinafter defined) from or on the Premises or any other
        portion
        of the Building or Property, except as permitted by subsection 22.E.

       

      E.    Tenant
        is
        permitted to handle Hazardous Materials that are incidental to the Permitted
        Uses authorized in the Basic Lease Data Section of this Lease, if any (referred
        to as "Permitted Hazardous Materials"), provided that: (i) such Permitted
        Hazardous Materials are stored, handled and disposed of in compliance with
        all
        Applicable Laws, and (ii) such Permitted Hazardous Materials are stored,
        handled
        and disposed of at all times in a manner which does not endanger the health
        of
        Building occupants or other persons.

       

      F.    Landlord
        reserves the right, from time to time, but not more than once per year, to
        require Tenant to provide reasonable proof, reasonably satisfactory to Landlord,
        that Tenant is complying with the covenants and obligations set forth in
        this
        Section 22. Landlord acknowledges and agrees that a certified statement from
        Tenant (i) listing Permitted Hazardous Materials then-currently in use at
        the
        Premises, and (ii) confirming that all such Permitted Hazardous Materials
        are
        being used in conformity with applicable laws and regulations shall constitute
        “reasonable proof” under this subsection F.

       

      G.    Tenant
        agrees to defend, indemnify and hold harmless Landlord, any mortgagee of
        Landlord, and their respective agents and employees, from and against any
        and
        all claims, demands, costs and expenses of every kind and nature (including,
        without limitation, expert fees, penalties, fines, removal, clean-up,
        transportation, disposal and restoration expenses; consultants' fees and
        attorneys' fees), arising out of any injury or damage to any person, property
        or
        business, including that of Landlord, resulting from any use, storage, disposal,
        discharge or existence of Hazardous Materials (including Permitted Hazardous
        Materials) upon the Premises, but only to the extent the placement thereof
        upon
        the Premises was caused by Tenant, or Tenant’s employees, agents, contractors or
        invitees. Further, upon the expiration or earlier termination of this Lease,
        Tenant shall return the Premises to Landlord free from all Hazardous Materials
        introduced to the Premises by Tenant, and in conformance with all Applicable
        Laws related to Hazardous Materials. All of the obligations, duties and
        indemnifications set forth in this Section 22 shall survive the expiration
        or
        earlier termination of this Lease. Notwithstanding anything in this Section
        22
        to the contrary, Tenant
        shall not have any liability to Landlord resulting from any conditions existing,
        or events occurring, or any Hazardous Materials existing or generated, at,
        in,
        on, under or in connection with the Premises prior to the Commencement
        Date.

       

      H.    For
        purposes of this Lease, the term "Hazardous Materials" shall be defined as
        all
        substances presently designated or hereafter designated as being hazardous
        substances under any Applicable Laws, and all other wastes and substances,
        now
        or hereafter defined as hazardous, toxic, dangerous or otherwise regulated
        under
        federal, state or local environmental law or regulation, including (but not
        limited to) explosives, radioactive materials, polychlorinated biphenyls
        (PCBs),
        petroleum products, asbestos containing materials, biohazards, hazardous
        chemicals and radon gas.

       

      23.   Notices.    All
        notices that are required or permitted to be given hereunder shall be in
        writing, addressed to the parties hereto at their respective addresses set
        forth
        in the Basic Lease Data Section of this Lease, and delivered by (a) United
        States registered or certified mail, with postage prepaid, (b) a commercial
        package courier/delivery service, (c) hand delivery, or (d) sent by facsimile
        to
        the facsimile numbers set forth in the Basic Lease Data Section of this Lease.
        A
        copy of notices sent to Landlord shall also be sent to Landlord's attorneys
        at
        the following address:

       

      Stone,
        Leyton & Gershman, 

      A
        Professional Corporation

      7733
        Forsyth, Suite 500

      Clayton,
        Missouri 63105

      Attn:
        Steven M. Stone and Steven H. Leyton

      Telecopy
        No.: 314/721-8660

       

       

      A
        notice
        sent by certified or registered mail shall be effective as of the third business
        day following the day it is deposited in the mail, whether or not it is
        received. A notice sent by courier or hand delivery is effective on delivery.
        A
        notice sent by facsimile is effective on the first business day following
        transmission of the facsimile, if the sender's facsimile machine prints a
        confirmation that the recipient received the facsimile transmission and if
        a
        copy of the notice is also mailed by first class mail to the party that was
        to
        receive the notice accompanied by a note that it confirms a facsimile notice
        previously given. Either party may designate a different address or addresses
        by
        giving the other party written notice of its new address(es).

       

      24.    Liability
        of Landlord.

       

                     
        A.    Notwithstanding
        anything to the contrary in this Lease, the term "Landlord", as used herein,
        is
        defined as the current owners, from time to time, of the Building. In the
        event
        the Building is transferred, the party conveying same is automatically released
        on the date the Building transfer becomes effective, from all liability with
        respect to any obligations thereafter occurring or covenants thereafter to
        be
        performed by the Landlord or its agents; provided,
        (i) such transfer shall be subject to the rights of Tenant hereunder; and
        (ii)
        all transferees expressly assume and agree to perform all of Landlord’s
        obligations under this Lease. Without limiting the generality of the foregoing,
        any transfer by Landlord of title to the Building shall be subject to the
        Option
        to Extend described in Section 37, without the necessity of any further written
        instrument to that effect.

       

      B.    Except
        to
        the extent of their contributory negligence, Landlord and its property manager
        shall not be liable or responsible for the act of any third party (including
        but
        not limited to tortious and criminal acts), including other tenants of the
        Building, or the employees, agents, servants, invitees or contractors of
        such
        tenants, or other third parties.

       

      C.    It
        is
        expressly under-stood and agreed that none of Landlord's covenants under
        this
        Lease are personal in nature, and that Tenant agrees to look solely to the
        estate and property interest of Landlord in the Property for the satisfaction
        of
        Tenant's remedies or the collection of any judgment or other judicial process
        requiring the payment of money by Landlord, and no other property or assets
        of
        Landlord (or any of Landlord' members) shall be subject to levy, execution
        or
        other enforcement procedure for the satisfaction of Tenant's remedies.

       

       

      25.    Estoppel
        Certificates and Other Information.

      

      A.    Within
        ten (10) days after a party's request, the nonrequesting party shall execute
        and
        return to the requesting party or its designee a statement in a form reasonably
        requested by the requesting party certifying, to the extent true, that this
        Lease is unmodified and in full force and effect, the status of any defaults
        hereunder, the dates to which the Rent and other charges have been paid,
        and any
        other information reasonably requested by the requesting party. Any such
        statement delivered pursuant to this Section may be relied upon by any person
        that has an interest in the Property or which is acquiring an interest in
        the
        Property.

       

      B.    Upon
        Landlord's written request from time to time, Tenant shall provide Landlord
        with
        a copy of Tenant’s most current audited financial statements, subject to
        reasonable confidentiality conditions imposed by Tenant with respect thereto;
        provided, however, that Tenant shall not have any such obligation to provide
        such information as long as such information is publicly available.

       

       

      26.    Brokerage.    Landlord
        will compensate Grubb & Ellis Company as Tenant's agent in this transaction
        in the amount of three percent (3%) of the aggregate value of the Base Rents
        during months 7-66 of the initial Lease Term,
        and
        one
        and one-half percent (1.5%) of the aggregate value of the Base Rents during
        months
        67-126
        of the
        initial Lease Term. Said commission will be payable, fifty percent (50%)
        within
        thirty (30) days of Lease execution, and the remaining fifty percent (50%)
        upon
        Tenant's occupancy of the Premises. Except
        as
        otherwise provided in this Section, Landlord agrees to indemnify, defend
        and
        hold harmless Tenant from and against any and all liability and expense arising
        from all claims for commission arising out of the execution and delivery
        of this
        Lease, if the person claiming the commission claims to have been hired by
        Landlord. Except with respect to the above commission to be paid to Grubb
&
Ellis Company by Landlord, Tenant agrees to indemnify, defend and hold harmless
        Landlord from and against any and all liability and expense arising from
        all
        claims for commission arising out of the execution and delivery of this Lease,
        if the person claiming the commission claims to have been hired by
        Tenant.

       

      27.    Severability.    In
        the
        event any provision of this Lease is found to be invalid or unenforceable,
        the
        same shall not affect or impair the validity or enforceability of any other
        provision.

       

      28.    Personal
        Property Taxes.    In
        the
        event any of Tenant's personal property is assessed with the personal property
        of Landlord, Tenant shall pay to Landlord an amount equal to Tenant's share
        of
        such taxes in accordance with the provisions of Section 6 hereof. Landlord
        and
        Tenant agree to cooperate in good faith to have their separate personal property
        separately assessed.

       

      29.    Force
        Majeure.    Landlord
        and Tenant each shall be excused from performing any obligation or undertaking
        in this Lease (specifically excepting, however, Tenant's obligation to pay
        Rent
        and any other monetary obligation required under this Lease) in the event
        and/or
        so long as the performance of any such obligation is prevented or delayed,
        by
        fire, earthquake, flood, explosion, war, invasion, insurrection, riot, mob
        violence, sabotage, inability to procure equipment, facilities, materials,
        or
        supplies in open market, failure of power, failure of transportation, strikes,
        lockouts, action of labor unions, condemnation, or any other cause, not within
        the reasonable control of the party asserting such delay (collectively, "Force
        Majeure Events"), and any deadlines for performance shall be extended by
        the
        number of days that performance has been delayed by Force Majeure Events.
        If
        Landlord has notice of any event of force majeure or any other material delay
        in
        the construction of the Landlord Improvements and the Tenant Improvements,
        then
        Landlord shall promptly provide written notice to Tenant describing the reason
        for the delay and the anticipated delay, if any, in the Substantial Completion
        of said improvements.

       

      30.    Parking.    Parking
        shall be available on an unreserved basis to all Building tenants. It is
        currently contemplated that parking
        for the entire Tenant complex will be at a ratio of five and a half (5.5)
        spaces
        per 1,000 rentable square feet; however, Landlord and Tenant will consider
        whether less parking spaces may be appropriate. Parking
        will be provided without any separate parking fee or charge. Notwithstanding
        the
        foregoing, if Tenant exercises its “give back rights” pursuant to Section 40,
        but continues to occupy more than 50% percent of the space in the Premises,
        Tenant shall have the exclusive right to utilize a proportionate number of
        spaces reserved for guest parking near the entrance to Tenant’s then-current
        Premises; provided that the specific location of such spaces shall be designated
        by Landlord and reasonably acceptable to Tenant. Landlord and Tenant acknowledge
        that certain areas currently designated for parking may change as contemplated
        by Section 55 hereof.

       

      31.    Signage.    Tenant
        may install exterior signage on the Premises at its sole cost. Such signage
        will
        be provided and installed by Tenant, and will be considered to be part of
        the
        Tenant Improvements. Landlord reserves the right to review and approve all
        signage and installation techniques, such approval not to be unreasonably
        withheld, conditioned or delayed. All signage must be in compliance with
        relevant laws, ordinances, and the Protective Covenants. Landlord will provide
        building standard interior signage at Landlord's sole cost. Notwithstanding
        the
        foregoing, if Tenant exercises any of its give back rights pursuant to Section
        40, (i) Landlord shall have the right to provide exterior signage on the
        Building to accommodate other tenants occupying at least ninety thousand
        (90,000) square feet of space in the Building, provided that the exterior
        Building signage granted to such other tenants shall correspond with the
        amount
        of space leased to such other tenant and the amount of space then leased
        by
        Tenant, and (ii) Landlord shall have the right to provide exterior signage
        on
        the entrance monument for the Premises to accommodate no more than six (6)
        other
        tenants each occupying at least fifteen thousand (15,000) square feet of
        space
        in the Building, provided that as long as Tenant is occupying the most amount
        of
        space of all tenants in the Building, Tenant’s name shall be on the top of such
        monument. The parties acknowledge that Landlord has certain rights under
        the
        Ground Lease to install a sign in the median island of University Place Drive
        at
        its intersection with University Boulevard that identifies the Park and Tenant.
        At any time Tenant is occupying space in the Building, then upon request
        of
        Tenant, Landlord shall exercise such right, provided that the installation
        and
        cost of such median signage shall be borne by Tenant.

       

      32.    Assignment
        or Transfer by Landlord.    Landlord
        may at all times assign all or part of its interest in this Lease, or may
        sell
        or transfer all or part of its interest in the Property. Upon receipt of
        written
        confirmation that Landlord’s purchaser or assignee expressly assumes and agrees
        to perform all of Landlord’s obligations under this Lease, Tenant agrees to
        attorn to such purchaser or assignee. Without limiting the generality of
        the
        foregoing, any transfer by Landlord shall be subject to the option to extend
        described in Section 37 without the necessity of any further written instrument
        to that effect.

       

      33.    Miscellaneous.
        

       

      A.    All
        of
        the covenants of Landlord and Tenant hereunder shall be deemed and construed
        to
        be "conditions" as well as "covenants", as though both words were used in
        each
        separate instance within this Lease.

       

      B.    The
        Section headings appearing in this Lease are inserted only as a matter of
        convenience, and in no way define or limit the scope of any
        Section.

       

      C.    All
        of
        the terms of this Lease shall extend to and be binding upon the parties hereto
        and their respective heirs, executors, administrators, successors and
        assigns.

       

      D.    This
        Lease and the parties' respective rights hereunder shall be governed by the
        laws
        of the State of Missouri. In the event of litigation, suit shall be brought
        in
        St. Louis County, Missouri. 

       

      E.    Each
        party hereto has participated in the drafting of this Lease, and expressly
        acknowledges such joint participation, to avoid application of any rule
        construing contrac-tual language against the party which drafted such
        language.

       

      F.    This
        Lease is modified and affected by the Exhibits which are attached hereto
        and
        made a part hereof.

       

      G.    Submission
        of this Lease by Landlord shall not be deemed to be a reservation of the
        Premises. Landlord shall not be bound hereby until a copy of this Lease has
        been
        fully signed by Landlord and Tenant and delivered to each party.

       

      H.    Time
        is
        of the essence in this Lease and all of its provisions. If the date provided
        for
        the performance of any act hereunder occurs on a Saturday, Sunday or a holiday
        observed by national banks in the State of Missouri, then the time for the
        performance of such act shall be deemed extended to the next following business
        day.

       

      I.    Each
        party represents and warrants that: (i) such party is duly organized and
        validly
        existing as the type of entity described in the first paragraph of this Lease,
        (ii) such party is in good standing under the laws of the state in which
        it is
        organized, (iii) such party has the power to enter into this Lease, (iv)
        the
        person or persons executing this Lease on behalf of such party is/are duly
        authorized to execute this Lease on behalf of such party, and (v) this Lease
        is
        binding on such party.

       

      J.    In
        the
        event of any litigation or other proceedings (including, but not limited
        to
        arbitration and bankruptcy proceedings) between Landlord and Tenant concerning
        the Lease or the Premises, the non-prevailing party shall pay to the prevailing
        party all court costs and reasonable attorneys' fees and costs of such
        litigation or other proceeding, if any, incurred by the prevailing party
        in
        connection with such litigation or other proceeding.

       

      K.    INTENTIONALLY
        DELETED

       

      L.    This
        Lease and the exhibits hereto constitute the entire agreement between Landlord
        and Tenant concerning Tenant's lease of the Premises, and said Lease and
        exhibits supersede in their entirety all prior agreements, including all
        letters
        of intent.

       

      M.    No
        amendment to this Lease shall be binding on a party hereto unless the amendment
        is in writing and signed by the party to be bound.

       

      N.    No
        waiver
        shall be binding on a party unless the waiver is in writing and signed by
        the
        party to be bound. Delay in enforcing rights shall not constitute a waiver
        of
        the right to enforce such rights. Failure to strictly enforce the terms of
        this
        Lease shall not constitute a waiver of Landlord's rights to at any time
        thereafter strictly enforce the terms of this Lease. Acceptance by Landlord
        of
        part of a payment due under this Lease shall not constitute a waiver of
        Landlord's rights to enforce a default resulting from failure to make the
        full
        payment due, and shall not constitute an accord and satisfaction, unless
        both
        Landlord and Tenant sign a separate written agreement (meaning separate from
        any
        writing on any check tendered to Landlord) expressly setting forth the terms
        of
        the waiver or accord and satisfaction. The parties agree that Landlord shall
        not
        be bound by any agreements or language on any checks tendered to Landlord
        by or
        on behalf of Tenant.

       

      O.    The
        following obligations of the parties under this Lease shall survive any
        expiration or earlier termination of this Lease for any reason: (i) all Landlord
        and Tenant indemnification obligations, (ii) Tenant's obligation to keep
        the
        Premises free of liens, (iii) all obligations Tenant has to maintain the
        Premises in the condition required by this Lease, (iv) all obligations Tenant
        has at the termination of this Lease to remove Tenant improvements, to restore
        the Premises as required by this Lease and to repair damage caused by the
        removal of property from the Premises, (v) all unpaid monetary obligations
        of
        Landlord and Tenant which pertain to periods prior to the date this Lease
        terminated, (vi) Tenant’s obligation to confirm that its rights under this Lease
        have terminated, (vii) all damages due Landlord and Tenant as a result of
        any
        default under this Lease, and (viii) all obligations of Tenant pursuant to
        Sections 15, 33.J and 45 of this Lease.

       

      P.    For
        purposes of this Lease, the term "normal business hours", shall mean Monday
        through Friday from 7:00 a.m. to 6:00 p.m., Saturdays from 8:00 a.m. to 1:00
        p.m., excluding Sundays and holidays.

       

      Q.    Tenant's
        officers, employees, invitees and customers shall have access to the Premises
        at
        all times (including hours other than normal business hours); provided, however,
        that after normal business hours Landlord may elect to impose reasonable
        security precautions to restrict access to the Premises by other persons,
        and
        further provided that Landlord may reasonably restrict access to the Building
        pursuant to Section 12 above. Notwithstanding any provision in this paragraph
        to
        the contrary, this Section shall only apply after Tenant has given back space
        in
        the Building to Landlord pursuant to Section 40.

       

      34.    INTENTIONALLY
        DELETED.

       

      35.    Recording.    If
        requested by Tenant, Landlord will execute a memorandum of lease in recordable
        form, in a form mutually agreeable to Landlord and Tenant, which may be recorded
        by Tenant in the St. Louis County real estate records. Upon the termination
        of
        this Lease or upon any information in such memorandum becoming inaccurate,
        Tenant shall, upon request of Landlord, promptly execute an instrument in
        recordable form that states that the Lease has terminated, or that corrects
        any
        inaccurate information, as the case may be.

       

      36.    INTENTIONALLY
        DELETED.

       

      37.    Renewal
        Option.
        

      

      A.    Tenant
        shall have the right and option to extend the term of this Lease for the
        number
        of renewal periods set forth in the Basic Lease Data section, each such renewal
        period to be for the term of years set forth in the Basic Lease Data section,
        upon the following additional terms and conditions:

      

      (1)    No
        Default by Tenant has occurred hereunder and is continuing beyond any applicable
        cure period at the time the applicable renewal option is exercised; provided,
        however, that this condition shall not apply if, at the time the applicable
        renewal option is exercised, Tenant is disputing in good faith that a Default
        by
        Tenant has occurred, and cures such Default within ten days following an
        adjudication finding that such Tenant Default has in fact occurred.

      

      (2)    Tenant
        shall give to Landlord written notice of the exercise of the applicable option
        not less than twelve (12) months prior to the expiration of the initial term
        that immediately precedes such renewal term. If Landlord does not receive
        Tenant's notice on or before the beginning of the applicable 12 month period,
        Tenant shall be deemed to have waived all remaining renewal options to renew
        this Lease. Time is of the essence with respect to exercise of each renewal
        option, and Landlord may treat the renewal option as lapsed and rent all
        or any
        part of the Premises to other persons for all or any part of that period
        (and
        later periods) if the Landlord has not received Tenant's written renewal
        notice
        at least twelve (12) months prior to commencement of the renewal
        term.

      

      B.    All
        provisions of this Lease shall apply to Tenant's leasing of the Premises
        during
        each renewal term, except the Base Rent payable by Tenant to Landlord during
        each renewal period shall be the greater of: (i) ninety-five percent (95%)
        of
        the then "Fair Market Rental Rate" as determined in the manner set forth
        in
        Subsection C below, or (ii) the
        average or the “effective” lease rate over the preceding lease
        term.

       

      C.    As
        used
        in this Lease, the term "Fair Market Rental Rate" shall mean the Base Rent
        determined pursuant to the procedure set forth in this Subsection C. The
        determination of the Fair Market Rental Rate for the Premises under this
        Lease
        shall be based upon the base rentals being received, at the time in question,
        by
        landlords of Class A suburban office buildings located in St. Louis County.
        Other considerations to be taken into account in determining the Fair Market
        Rental Rate for the Premises shall include (i) the term of this Lease, (ii)
        the
        size of the applicable space, (iii) the pass through obligations under this
        Lease, (iv) the amenities offered by the Park, and (v) the location of the
        Building. If the Fair Market Rental Rate is to be determined by Qualified
        Appraisers (defined below) pursuant to the provisions of this Subsection
        C, then
        the Qualified Appraisers shall be entitled to also take into account any
        and all
        other factors they deem relevant in determining the base rental for the space
        in
        question. For a period of thirty (30) days following (i) Tenant's exercise
        of
        Tenant's renewal option under Section A above, Landlord and Tenant shall
        diligently
        and in good faith negotiate
        the Base
        Rent for the space in question, apply-ing the foregoing standards. If Landlord
        and Tenant are able to agree in writing upon such Base Rent, then such agreed
        upon Base Rent shall represent the Base Rent for the space in question. If,
        however, Landlord and Tenant are unable to agree in writing upon such Base
        Rent
        within the foregoing 30-day period, then
        (i)
        Tenant may rescind any exercise of its option to renew by written notice
        to
        Landlord within 2 business days after expiration of said 30 day period; or
        (ii)
        if no such rescission notice is given within said 2 business days, then within
        10 business days after the 30 day period expires, each party shall select
        a
        Qualified Appraiser familiar with similar properties located in the St. Louis
        market area, the Fair Market Rental Rate
        for the
        Premises shall be determined according to the following procedure:

      

      (1)    Tenant
        and Landlord shall each appoint a real estate appraiser that satisfies the
        following criteria ("Qualified Appraiser"): (i) the appraiser must be an
        MAI
        appraiser, (ii) the appraiser must have at least ten (10) years experience
        in
        appraising commercial property comparable to the Premises in the St. Louis,
        Missouri metropolitan area, and (iii) the appraiser must be currently licensed
        as an appraiser. In case either Tenant or Landlord shall fail to appoint
        a
        Qualified Appraiser within
        10
        business days after the 30 day period expires following
        Landlord's receipt of notice that Tenant elects to renew the Lease, then
        the
        Qualified Appraiser appointed by the party not failing to make such appointment
        shall appoint a Qualified Appraiser for and on behalf of the party so failing
        to
        appoint a Qualified Appraiser. Each
        appraiser shall make its determination of Fair Market Rate and together shall
        present such determination to Landlord and Tenant. If such Appraisers are
        unable
        to agree, the Appraisers shall jointly select a third Appraiser to establish
        a
        Fair Market Rental Rate. In
        case
        said Qualified Appraisers shall refuse or are unable to agree upon a third
        Qualified Appraiser, then such third Qualified Appraiser shall be appointed
        by
        the then acting president of the St. Louis Chapter of the Appraisal Institute,
        or its successors or assigns, or if such President shall be unwilling to
        make
        such appointment, then such third Qualified Appraiser shall be selected by
        drawing from a pool of two (2) or more Qualified Appraisers which such President
        deems qualified, and provided such President shall appoint (or designate
        for the
        pool of eligible candidates) only persons who are deemed to be neutral to
        the
        parties (i.e. who have no potential conflict of interest that might favor
        Landlord or Tenant). The
        Fair
        Market Rental Rate selected by the two initial Qualified Appraisers shall
        be the
        Fair Market Rental Rate for the Premises if they are able to agree on an
        amount,
        and if the two initial appraisers are not able to agree on an amount, then
        the
        Fair Market Rental Rate determined by the third appraiser shall be the Fair
        Market Rental Rate for the Premises (to be used in the formula in Section
        37.B).

      

      (2)    Each
        party shall bear the fee charged by the Qualified Appraiser appointed by
        it in
        connection with performing the services required by this Section, and if
        the
        third Qualified Appraiser is appointed, the fee charged by such third Qualified
        Appraiser for its services under this Section shall be divided equally between
        the parties. The parties acknowledge and agree that the Base Rent for the
        space
        in question may be expressed as an amount which is subject to periodic increases
        based on fixed amounts, or a fixed percentage, or any one of the indexes
        published by the United States Department of Labor, Bureau of Statistics,
        and
        referred to as the "Consumer Price Index", or some other generally recognized
        index.

       

      D.    The
        parties agree to be bound by the Base Rent for the Premises determined in
        accordance with the foregoing procedure.

       

      38.    INTENTIONALLY
        DELETED.

       

      39.    Reimbursement
        for Certain Capital Expenditures Upon Expiration of Lease.    If
        during
        the Lease Term, Tenant makes a capital expenditure (as determined by GAAP)
        to
        the Premises and the useful life of the capital expenditure exceeds the term
        of
        the Lease, then, upon expiration of the Lease, Landlord shall pay to Tenant
        an
        amount equal to the depreciated value of the capital expenditure at the time
        of
        the expiration of the Lease on a straight-line basis, amortized over the
        useful
        life of the subject capital improvement. Except as provided in the following
        sentence, no such capital improvement shall be made without Landlord’s prior
        approval, granted or withheld in Landlord’s discretion. If such a capital
        expenditure is required to permit Tenant to continue to occupy the Improvements
        as a single tenant-occupant for general office use, then Landlord shall not
        withhold its consent to the making of such a capital expenditure, provided
        that
        Landlord is given reasonable approval rights as to the cost, quality and
        functionality of the subject capital improvement.

       

      40.    Option
        to Reduce Space.

      

      A.    Pursuant
        to the terms of this Section 40, effective on each of the following three
        (3)
        dates (any of such dates to be sometimes referred to as a “Give Back Date”): (i)
        the first day of the seventy-ninth (79th)
        full
        calendar month following the Commencement Date (the “First Give Back Date”);
        (ii) the first day of the ninety-first (91st)
        full
        calendar month following the Commencement Date (the “Second Give Back Date”);
        and (iii) the first day of the one hundred third (103rd)
        full
        calendar month following the Commencement Date (the “Third Give Back Date”),
        Tenant shall have the right to "give back" one full floor of space in the
        west
        wing of the Building, provided that the one full floor space given back shall
        be
        in the following sequence (the one full floor, west wing space given back
        to be
        hereinafter called the “Give Back Space”): 
         

        (i)    3rd
          Floor of
          West Wing;

         

        (ii)    2nd
          Floor of
          West Wing; and 

         

        (iii)    1st
          Floor of
          West Wing;

      

       

      The
        parties acknowledge and agree that Tenant’s rights to give back space under this
        Section 40 are limited to one full floor of west wing space per Give Back
        Date,
        even if Tenant chooses not to exercise such rights during any previous Give
        Back
        Date.

      

      B.    In
        order
        to exercise Tenant’s give back rights effective as of any particular Give Back
        Date, Tenant must give Landlord written notice at least one hundred eighty
        (180)
        days in advance of the applicable Give Back Date (a “Give Back Notice”). Upon
        the timely delivery of a Give Back Notice, Tenant shall be obligated to
surrender
        the applicable one full floor of Give Back Space to Landlord (in the sequence
        stated in Section 40.A) no later than the applicable Give Back Date, without
        demand, in as good condition as when delivered to Tenant, reasonable wear
        and
        tear excepted, and shall remove all of Tenant's trade fixtures, movable
        equipment, furniture, other personal property and all leasehold improvements
        (to
        the extent required by Section 13.C), and shall comply with Section 13.C
        of this
        Lease with respect to the applicable full floor Give Back Space.

      

      C.    In
        addition to Tenant’s obligations in Section 40.C, upon surrender of the
        applicable full floor Give Back Space, Tenant shall pay to the Landlord the
        sum
        of (i) the actual
        cost
        incurred by Landlord in converting the Building
        to a multi-tenant building
        (provided such amount shall not exceed Four Dollars ($4.00) per RSF of the
        final
        full floor Give Back Space); and (ii) a termination fee calculated as follows:
        

       

      First
        Give Back Date:  
  $18.00
        per RSF;

       

      Second
        Give Back Date:    $12.00
        per RSF; and

       

      Third
        Give Back Date:       
$6.00
        per
        RSF.

       

      D.    The
        termination fee described in Section 40.C for any Give Back Space shall be
        due
        and payable no later than the Give Back Date for such Give Back Space. The
        conversion costs described in Section 40.C for any Give Back Space shall
        be due
        and payable within thirty (30) days following Tenant’s receipt of Landlord’s
        invoice for such costs, which invoice shall provide documentation, in reasonable
        detail, that the conversion costs for which Landlord is being invoiced (subject
        to the $4.00 per square foot limit) were in fact incurred by
        Landlord.

       

      E.    Certain
        provisions set forth in Section 51 shall also apply following the exercise
        by
        Tenant of its give back rights. Following the exercise by Tenant of any of
        its
        give back rights: (1) subject to rights reserved by Tenant in Section 30,
        any
        tenants for the give back space shall have nonexclusive rights to use all
        parking facilities that serve the Building, (2) Landlord may create such
        common
        areas in the Building and on the Property as are reasonably necessary to
        provide
        such tenants with reasonable access to the give back space, and (3) Landlord
        and
        Tenant shall execute an amendment to this Lease reflecting such changes as
        need
        to be made to this Lease as a result of such give back, which changes might
        include, but are not limited to, provisions for Landlord to provide additional
        Building services, and pass through obligations whereby Tenant would pay
        its pro
        rata share of the expenses incurred by Landlord in providing additional Building
        services. In addition, Landlord reserves the right to install such HVAC systems,
        wiring, utilities and other equipment in the Building and on the Property
        as may
        be needed to serve the needs of the tenants in the give back space.

       

      41.    Early
        Termination.    Upon
        eighteen
        (18) months prior written notice to Landlord, Tenant shall have the right
        to
        terminate the Lease and the entire remaining Lease Term, effective as of
        the
        first day of the one hundred third (103rd)
        full
        calendar month following the Commencement Date. On the termination date,
        Tenant
        shall pay to Landlord a termination fee equal to the sum of $4.66 per RSF
        of the
        space then comprising the Premises, plus (i) the unamortized portion of the
        leasing commission paid by Landlord pursuant to Section 26, plus (ii) the
        unamortized portion of the Allowance (said commission and Allowance to be
        amortized on a straight-line basis over the original Lease Term).

       

      42.    Existing
        Lease Extension.    Landlord
        shall cause the landlord at 13500 Riverport Drive to extend the term of Tenant’s
        occupancy to March 15, 2007. If further extensions are needed, provided the
        landlord of 13500 Riverport Drive is given at least nine (9) months written
        notice prior to the above stated extended expiration date, Landlord will
        obtain
        a commitment from the landlord at 13500 Riverport Drive to extend Tenant’s
        occupancy in one month increments not to exceed six (6) additional months.
        During any of the above extension periods, the fixed monthly rent (without
        other
        charges or pass thorough charges) will be sixty-six thousand five hundred
        dollars ($66,500.00) per month. All other terms and conditions of the present
        lease now existing shall continue to apply during any extension period.
        Notwithstanding the foregoing, if the Commencement Date is delayed for reasons
        other than Tenant’s Delay or Force Majeure Events, Landlord shall be responsible
        for any and all holdover rent penalties and other penalties payable by Tenant
        to
        the landlord of 13500 Riverport Drive as a result of such delay in the
        Commencement Date.

       

      43.    Roof
        Access and Usage.    Tenant,
        subject to Landlord's approval, may, at anytime during its lease term, locate
        and install one or more satellite dishes, microwave antennae and other equipment
        on the roof of the building. The Tenant must do so under a separate license
        agreement substantially in the form attached hereto as Exhibit
        F,
        with
        such changes as may be approved by the parties hereto, that contains customary
        terms, including requirements for code compliance and ensuring that the
        Landlord's roof warranty is not invalidated. Tenant will have access at any
        time
        to the roof, equipment rooms, telephone rooms, and other areas in which Tenant's
        equipment may be placed, subject to the terms of such license
        agreement.

       

      44.    Waiver
        of Landlord Lien.    Landlord
        shall waive any and all rights available to Landlord under Missouri law to
        lien
        or attach the property of Tenant or any other party located in the Premises.
        In
        order to facilitate any leasehold or inventory financing required by Tenant,
        Landlord agrees to execute and deliver to Tenant and Tenant’s lender, from time
        to time, a form of “Landlord Waiver and Consent” confirming the foregoing and
        permitting such lender to enter upon the Premises in the event of a default
        by
        Tenant and recover any goods financed by such lender, and containing other
        customary and reasonable provisions as may be requested by such lender, as
        well
        as customary and reasonable provisions to protect the interests of
        Landlord.

       

      45.    Landlord
        Default.
        

       

      A.    It
        shall
        be a “Landlord Default” if Landlord
        fails to
        comply with any term, provision or covenant of this Lease, and such failure
        continues for thirty (30) days or more after written notice thereof to Landlord,
        provided that if it reasonably takes longer than 30 days to cure such default,
        then Landlord shall have the amount of time that it reasonably takes to cure
        such default, on condition that Landlord has commenced curing the default
        within
        30 days after the default notice was given and is continuing diligent efforts
        to
        cure the default.

       

      B.    If
        a
        Landlord Default occurs, Tenant may (but shall not be obligated to) cure
        such
        Landlord Default on behalf of Landlord, at Landlord’s expense. If Tenant incurs
        any expense (including reasonable attorney's fees), or suffers any damages,
        as a
        result of a Landlord Default, Landlord shall reimburse or pay Tenant for
        such
        expenses or damages within fifteen (15) days after receipt of Landlord's
        invoice
        therefor, together with the interest at the Default Rate (as defined in Section
        15.E). Without limiting the foregoing, if a Landlord Default arises from
        the
        failure by Landlord to make a payment of money required to be paid by Landlord
        to Tenant under this Lease, the amount of such required payment shall accrue
        interest at the Default Rate from the date such amount was required to be
        paid
        through the date such amount is paid.

       

      C.    If
        Tenant
        claims a Landlord Default has occurred and has demanded payment from Landlord
        as
        a result thereof, and if Landlord notifies Tenant that it disputes such claim,
        and/or and fails or refuses to pay the amount demanded by Tenant to satisfy
        such
        claim within the15-day period provided in Section 45.B, Tenant may serve
        Landlord with written notice advising that Tenant intends to set-off the
        amount
        Tenant claims is due from the Base Rent next payable (a “Set-Off Notice”).
Within
        ten (10) days of Landlord’s receipt of a Set-Off Notice, Landlord
        may notify Tenant in writing that Landlord will initiate the expedited dispute
        resolution procedure
        described on Exhibit
        G
        hereto
to
        determine whether a Landlord Default has occurred and if so, the extent of
        Tenant’s damages resulting therefrom. If
        Landlord does not timely notify Tenant of its intent to initiate an expedited
        dispute resolution procedure, Tenant may deduct (set off) from the next payment
        of Base Rent the lesser of (i) the amount of damages Tenant claims it has
        suffered, or (ii) 25% of the next payment of Base Rent due. If Landlord timely
        notifies Tenant of its intent to initiate an expedited dispute resolution
        procedure, then the parties shall submit the resolution of Tenant’s claim to
        expedited resolution procedure described on Exhibit
        G
        and
        shall not be entitled to exercise its set off rights during the pendency
        of the
        dispute resolution procedure;
        provided however, if the expedited dispute resolution procedure is not resolved
        within 120 days (subject to extension for any Tenant caused delays), Tenant
        shall be entitled to deduct (off-set) the
        lesser of (i) the amount of damages Tenant claims it has suffered, or (ii)
        25%
        of the next payment of Base Rent due
        until
        final resolution of the expedited dispute resolution procedure. If an expedited
        dispute resolution procedure is triggered and results in a decision in favor
        of
        Tenant, Tenant shall be entitled to set off from Base Rent without limitation,
        to the extent consistent with the outcome of the expedited dispute resolution
        procedure.

       

      D.    Tenant's
        set-off rights
        herein
        shall be non-exclusive and in addition to any other remedies available to
        Tenant
        in the Lease, at law or in equity; provided, however, in no event shall Tenant's
        remedies include a right of termination if Landlord’s failure to perform is the
        result of a good faith dispute as to Landlord’s rights and/or obligation(s)
        under the terms of the Lease; provided further, that if a default by Landlord
        would have otherwise entitled Tenant to a termination right, such termination
        right shall be available if such default remains uncured for 30 days following
        a
        final decision made in an adversary proceeding. Landlord’s decision to not
        trigger an expedited dispute resolution procedure in response to a claim
        by
        Tenant of a Landlord Default, shall not constitute a waiver by Landlord of
        any
        rights Landlord may have at law or equity to dispute Tenant’s claim (including
        disputing any set off actions taken pursuant to Section 45.C
        hereof).

       

      46.    Dispute
        Resolution.    Any
        decision made pursuant to the expedited dispute resolution procedure described
        in Exhibit
        G
        shall be
        final, binding and conclusive on all of the parties. Judgment upon the award
        may
        be entered in any court having jurisdiction thereof. The parties may by mutual
        agreement submit any other disputes to resolution pursuant to the dispute
        resolution procedure set forth on Exhibit
        G
        hereto,
        however, neither party is required to submit any other disputes to such
        resolution procedure.

       

      47.    Landlord
        Representations.    Landlord
        makes the following representations: (i) the zoning for the Premises will
        permit
        Tenant to utilize the Premises as an office building or pharmaceutical
        distribution center without the necessity of obtaining a zoning variance
        or a
        conditional or special use permit; (ii) an occupancy permit authorizing the
        use
        of the entire Premises by Tenant will be issuable to Tenant upon Substantial
        Completion of the Tenant Improvements; (iii) except for those improvements
        to be
        constructed by Tenant, all improvements located on the Premises will comply
        in
        all respects material to the agreed-upon Final Plans and Specifications,
        all
        applicable zoning and building codes, subdivision or Protective Covenants
        restrictions, ordinances and regulations, and all applicable fire,
        environmental, occupational safety and health standards and similar standards
        established by law; (iv) there is no pending or, to the knowledge of Landlord,
        threatened litigation, mechanic's liens or claims of liens, condemnation
        proceedings (except as described in Section 49) , administrative actions
        or
        judicial proceedings of any material nature relating to the Leased Premises,
        including, without limitation, disputes with subcontractors or material
        suppliers, owners of adjacent properties, governmental authorities or prior
        owners of the Premises that will affect the Tenant’s ability to occupy the
        premises undisturbed (provided, however, that Landlord shall have the right
        to
        bond over or provide other reasonable security with respect to such disputes);
        (v) there are no leases, subleases, licenses, concessions or other agreements,
        written or oral, granting to any person or entity other than Tenant the right
        to
        use or occupy any portion of the Premises; (vi) to the best of Landlord's
        knowledge, all improvements constructed by Landlord will be completed in
        a good
        and workmanlike manner and in accordance with the Final LI Plans and Final
        TI
        Plans and will be in proper working order and will not require any repairs
        or
        replacements which have not been made as of the Commencement Date; (vii)
        to the
        best of Landlord's knowledge, the roof, walls, floor and other structural
        components of the building will be structurally sound and free of any material
        defects and do not require any repairs or replacements which have not been
        made;
        and (viii) to the best of Landlord's knowledge, no hazardous substances will
        be
        incorporated by Landlord into the Building, or located on or under, or affect
        the Premises. If requested by Tenant, Landlord shall issue a Certificate
        to
        Tenant upon Substantial Completion confirming that the representations in
        this
        Section are true and correct as of said date.

       

      48.    INTENTIONANLLY
        DELETED.

       

      49.    Condemnation
        Contingency.    Landlord
        acknowledges that two (2) existing homeowners within the Property are subject
        to
        eminent domain proceedings initiated by Ground Lessor. The Ground Lessor’s need
        to acquire these properties (the “Condemned Parcels”) shall not delay the
        Commencement Date so long as Ground Lessor diligently pursues such condemnation,
        and acquires title and control of the Condemned Parcels by April, 2006.
        Notwithstanding any other provision of this Lease to the contrary, Tenant
        shall
        have the right to terminate the Lease by written notice (the “Termination
        Notice”) to Landlord given no earlier than November 14, 2005 and no later than
        November 15, 2005, if all of the following terms and conditions are
        satisfied:

       

            
        A.    The
        University has not (i) acquired title to the Condemned Parcels; or (ii) entered
        into binding and non-contingent (but subject to Board of Curator approval)
        contracts to purchase the Condemned Parcels.

       

         
    B.    Tenant
        shall pay to Landlord within thirty (30) days after receipt of Landlord’s
        Expense Documentation (as defined below), fifty percent 50% of Landlord’s actual
        out-of-pocket expenses (“Landlord’s Expenses”) incurred with respect to the
        Premises and the transaction under this Lease for the period commencing on
        August 12, 2005 and continuing until the date of the Termination Notice,
        Tenant's liability under this paragraph not to exceed five hundred thousand
        dollars ($500,000.00).

       

         
    C.    Promptly
        after receipt of the Termination Notice, Landlord shall provide to Tenant
        an
        itemization of Landlord’s actual out-of-pocket expenses and such other
        documentation reasonably requested by Tenant (collectively, “Landlord’s Expense
        Documentation”). 

       

      Upon
        compliance with the foregoing provisions, including payment of Landlord’s
        Expenses, the Lease shall terminate and neither Landlord nor Tenant shall
        have
        any further rights or obligations thereunder.

       

      Notwithstanding
        the foregoing right of termination, if Landlord provides written confirmation
        to
        Tenant within ten (10) business days after the date of the Termination Notice
        that (i) Landlord has agreed to accept full responsibility for acquiring
        title
        to the Condemned Parcels; (ii) acquisition of the Condemned Parcels will
        be
        completed in a manner so as to not delay the Commencement Date; (iii) all
        penalties applicable under Section 4.C of this Lease shall be applicable
        for any
        delay in the Commencement Date resulting from a failure to obtain the Condemned
        Parcels in a timely manner; (iv) any delay in acquisition of the Condemned
        Parcels shall not constitute an event of Force Majeure and (v) Landlord and
        Tenant have agreed upon a written plan setting forth Landlord’s plan to acquire
        the Condemned Parcels and/or modify the Outline Plans and Specifications
        to
        address a scenario where the Condemned Parcels are not acquired by a date
        certain, then Tenant’s termination of the Lease shall be rescinded and the Lease
        shall continue in full force and effect subject to the conditions set forth
        above.

       

      Provided
        this Lease is not terminated by Tenant pursuant to this Section 49, the Premises
        shall be expanded to include the Condemned Parcels as and when they are acquired
        by Ground Lessor and the residents thereof have been relocated.

       

      50.    Economic
        Incentives.
        

       

                A.    Landlord
        acknowledges and agrees that Tenant has negotiated agreements to receive
        the
        following economic incentives: (i) exemption from withholding tax and tax
        credits for new and retained jobs under the Missouri Quality Jobs Program
        as
        described in more detail in the Proposal from the Missouri Department of
        Economic Development, dated August 29, 2005 (the “State Incentives”); and (ii) a
        commitment from St. Louis County to provide fifty percent (50%) abatement
        of
        real and personal property taxes for a period of ten (10) years and sales
        tax
        abatement on all or a substantial portion of construction materials for the
        construction of the Premises under Chapter 100 or an alternative program
        with
        equivalent impact (collectively, the “Local Incentives”). Landlord covenants and
        agrees to cooperate with Tenant in obtaining the full benefit of the foregoing
        incentives and shall enter into such agreements that may be required to
        effectuate said incentives (so long as Tenant reimburses Landlord for any
        reasonable out-of-pocket incurred by Landlord with respect to the State
        Incentives). Without limiting the foregoing, Tenant agrees that if
        necessary to effectuate tax abatement with respect to Tenant’s personal
        property, Tenant, upon receipt of written request from Landlord, shall convey
        Tenant’s personal property to a tax-exempt entity designated by Landlord
        pursuant to the terms of a sale-leaseback transaction upon such terms and
        conditions reasonably acceptable to Tenant. The parties acknowledge and agree
        that (i) the Rent provided hereunder assumes that Landlord will not pay any
        sales tax on construction materials for the Landlord Improvements; provided,
        however, that if any sales tax is payable on construction materials for the
        Landlord Improvements, the payment thereof shall be the sole responsibility
        of
        Landlord without any adjustment in the Rent; and (ii) the Allowance provided
        hereunder assumes that the Contractor will not pay any sales tax on construction
        materials for the Tenant Improvements; provided, however, that if any sales
        tax
        is payable on construction materials for the Tenant Improvements, the payment
        thereof shall be the sole responsibility of Landlord without any adjustment
        in
        the Allowance.

       

      B.    In
        light
        of Landlord’s commitment and obligation to construct the Road Improvements,
        Landlord intends to seek benefits under a TDD and/or other economic development
        program to assist Landlord and St.
        Louis
County
        in
        funding the Road Improvements. As Landlord requires flexibility in structuring
        economic incentive programs to meet Landlord’s financial obligations with
        respect to the Road Improvements, Landlord and Tenant agree to cooperate
        with
        Landlord’s efforts related to obtaining such benefits, subject to the
        following:

       

      (1)    Landlord
        covenants and agrees that except as contemplated by that certain Road Agreement
        among Landlord, Ground Lessor and St. Louis County, Missouri, of even date
        herewith related to the Road Improvements (the “Road Agreement”), it will not
        seek any additional economic incentives or consent to the creation of any
        tax
        increment financing, community improvement district, transportation improvement
        district or the imposition of other special assessment affecting Tenant,
        the
        Premises or any adjacent land under option by Tenant (the “Option Premises”)
        without the prior written consent of Tenant, such consent not to be unreasonably
        withheld, delayed or conditioned.

       

      (2)    With
        the
        exception of real property and personal property ad valorem taxes, the Premises
        and the Option Premises shall not be subject to any special assessments or
        other
        tax levies the proceeds of which directly or indirectly fund the cost of
        the
        Road Improvements. Notwithstanding the foregoing or any other provision of
        this
        Lease to the contrary, Tenant shall reimburse Landlord for Taxes in the amount
        and the manner described in Section 6. All other taxes, special assessments
        and
        levies against the Premises, the Option Premises and this Lease shall be
        the
        sole responsibility of Landlord. 

       

      (3)    Landlord
        shall pay all transactional expenses incurred to facilitate the Local
        Incentives; provided, however, Tenant shall pay the fees and expenses of
        its
        attorneys and other consultants.

       

      (4)    Landlord
        shall have flexibility in implementing the structure of Local Incentives,
        including the incentive programs under which such Local Incentives are realized
        by Tenant; provided, however, any such programs shall not reduce the amounts
        previously awarded to Tenant under the Local Incentives or adversely affect
        Tenant’s eligibility under any of the economic incentives previously awarded to
        Tenant.

       

      (5)    Tenant
        shall receive the full benefit of the economic incentives previously negotiated
        by Tenant. If the incentive structure implemented by Landlord results in
        a
        reduction of the benefits that Tenant would have received Landlord shall,
        at
        Tenant’s election, reimburse Tenant for all such amounts in cash or in the form
        of reduced rent payable in the manner and time in which the foregoing benefits
        would have been paid to Tenant.

       

      51.    Property
        Management Services.    As
        long as
        Tenant has not exercised any of its “give back” rights (described in Section
        40), Tenant shall pay Landlord a management fee of twenty thousand dollars
        ($20,000) per year, which will increase at the same times and at the same
        percentages as base rent. For example, in year 4 both the management fee
        and
        base rent will increase 5.65%. If Tenant exercises its “give-back” rights, then
        management of the Premises shall be turned over to Landlord (provided that
        Tenant will retain the right to continue to contract for its own janitorial
        service), and Landlord may charge Tenant a market rate management fee of
        up to
        5% of the base rent. In the latter situation, Landlord will provide evidence
        to
        Tenant that the management fee Landlord proposes to charge is consistent
        with
        the market for managing similar Class A buildings in the metropolitan St.
        Louis
        area (the "Market Rate Management Fee"). If Landlord and Tenant are unable
        to
        agree on the Market Rate Management Fee to be charged by Landlord within
        30
        days, either party may by written notice to the other party require that
        the
        Market Rate Management Fee be determined pursuant to the procedure described
        in
        this Section. Each party shall appoint a neutral, senior executive of a property
        management company experienced in managing Class A office buildings in the
        St.
        Louis, Missouri metropolitan area (a “Property Manager”), to determine the
        Market Rate Management Fee. If said two Property Managers are able to agree
        on
        the Market Rate Management Fee, then the rate they agree on shall be the
        Market
        Rate Management Fee for the Premises. If said two Property Managers are unable
        to agree on a Market Rate Management Fee, then they shall each provide the
        parties in writing their opinion of the management fee that they each believe
        represents a Market Rate Management Fee for the Premises. Said Property Managers
        shall also, by mutual agreement, appoint a third Property Manager who shall
        also
        provide his/her determination of the Market Rate Management Fee for the
        Premises, and the Market Rate Management Fee recommended by the Property
        Managers that is neither the highest nor lowest shall be the Market Rate
        Management Fee for the Premises. Each party shall pay any fees charged by
        the
        Property Manager appointed by it, and the parties shall share equally in
        any
        fees charged by a third Property Manager.

       

      52.    Ground
        Lease.    If
        either
        Landlord or Tenant receive a default notice under the Ground Lease, the party
        receiving such default notice shall promptly forward a copy of the same to
        the
        other party. With respect to any default under the Ground Lease, Tenant may
        exercise any cure rights that are granted to the lessee under the Ground
        Lease
        within any cure period allowed under the Ground Lease for such
        default.

       

      53.    Consequential
        or Punitive Damages.    Neither
        party hereunder be liable to the other party for consequential or punitive
        damages as a result of breach of a party’s obligations under this
        Lease.

       

      54.    Property
        Due Diligence.    Landlord
        shall complete the following studies related to the Property: (i) geo-tech/soil
        borings; (ii) wetlands study; (iii) archeological study; (iv) environmental
        audit; (v) land survey; and (vi) title search (collectively, the “Property Due
        Diligence”). All Property Due Diligence shall be performed at Landlord’s sole
        cost and expense, with copies of the final reports related to the Property
        Due
        Diligence (collectively, the “Property Due Diligence Reports”) made available to
        Tenant no later than November 9, 2005. Landlord acknowledges and agrees that
        completion and delivery of the foregoing items shall not delay the Commencement
        Date. The parties’ obligations under this Lease shall be contingent on their
        review and approval of the Property Due Diligence on or before the date that
        is
        three (3) business days following the date the Property Due Diligence Reports
        are delivered to Tenant (the “Property Due Diligence Contingency Date”). If
        Landlord or Tenant are not satisfied with the Property Due Diligence, then
        either party shall have the right to terminate this Lease upon the delivery
        or
        written notice thereof to the other party on or before the Property Due
        Diligence Contingency Date. If such notice of termination is not delivered
        by
        either party as provided above, then the Lease shall continue in full force
        and
        effect. Notwithstanding the foregoing, neither party shall have the right
        to
        terminate this Lease pursuant to this Section 54 due to any defect, condition
        or
        matter that is to be corrected or otherwise addressed by Landlord pursuant
        to
        the Road Agreement or as may be necessary to Substantially Complete the Landlord
        Improvements and Tenant Improvements as required under the terms and conditions
        of this Lease.

       

      55.    Adjustment
        to Premises.
        

       

      A.    Landlord
        and Tenant acknowledge and agree that the Premises shall
        be
        subject to adjustment as follows:

       

       

      (1)    The
        Premises shall be expanded to include the Condemned Parcels as provided in
        Section 49 hereof,

       

      (2)    The
        detention basin for the Premises is currently expected to comprise the area
        referred to on Exhibit
        A-1
        as the
“Detention Basin Area”. Such detention basin may require reconfiguration. If
        reconfigured, the Premises shall be adjusted for the reconfigured detention
        basin area.

       

      (3)    The
        northern edge of the right of way for the Road Improvements may require
        reconfiguration. If reconfigured, the boundary of the Premises abutting such
        reconfigured right of way shall be adjusted accordingly.

       

      (4)    Bi-State
        Development Agency of the Missouri-Illinois Metropolitan District, d/b/a
        Metro
        (“Metro”) owns property that abuts part of the western boundary of the Property
        (the “Metro Property”) and it is desirable that Landlord acquire a fee interest
        in the Metro Property or a perpetual easement right to use the Metro Property
        for purposes of adding it to the Premises so that it can be used as parking
        area. The Ground Lease provides for the possibility of the Metro Property
        becoming part of the Demised Premises thereunder. If and when the Metro Property
        becomes part of the Demised Premises under the Ground Lease, it shall also
        become part of the Premises under this Lease. The parties acknowledge that
        one
        of the ways contemplated by the Ground Lease for the Metro Property to become
        part of the Demised Premises under the Ground Lease is by exchanging certain
        portions of the Property for the Metro Property. If such exchange occurs,
        then
        the portion of the Property exchanged for the Metro Property shall be eliminated
        from the Premises.

       

      (5)    The
        Ground Lease contemplates that if Landlord is unable to cause the Metro Property
        to become part of the Demised Premises thereunder, Landlord may require Ground
        Lessor to make a portion of the Option Premises part of the Demised Premises
        under the Ground Lease to accommodate the parking requirements under this
        Lease.
        If and when such a portion of the Option Premises becomes part of the Demised
        Premises under the Ground Lease, it shall also become part of the Premises
        under
        this Lease.

       

      (6)    If
        pursuant to part (5) above, a parking area and/or a parking facility for
        the
        Premises need(s) to be constructed on a portion of the property currently
        included within the Option Area, then any delay in completing such
        parking area and/or parking facility shall not be considered in determining
        whether the Landlord Improvements are Substantially Complete. Nevertheless,
        Landlord shall be required to complete the construction of any such parking
        area
        and/or parking facility with diligence.

       

      (7)    If
        the
        Premises and/or the Outline Specifications require(s) adjustment pursuant
        to any
        provision of this Section 55, the parties shall execute an amendment to this
        Lease reflecting such adjustment.

       

      (8)    Notwithstanding
        any other provision of this Section 55 to the contrary, any adjustment to
        the
        Premises (i) shall not increase or decrease the Base Rent; (ii) with the
        exception of relocating a parking area and/or parking facility, shall not
        materially affect the Final LI Plans; (iii) shall not reduce the parking
        ratio
        below 5.5 spaces per 1,000 rentable square feet unless Landlord and Tenant
        both
        agree to a lower parking ratio; and (iv) shall be subject to the prior approval
        of Tenant, which approval shall not be unreasonably withheld, conditioned
        or
        delayed; provided, however, no such approval shall be required for a
        reconfiguration made pursuant to subsection (1) of this Section 55.

      

       

      [next
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      SECTIONS
        37 AND 45.C AND 51 OF THIS LEASE CONTAIN A BINDING ARBITRATION PROVISION
        WHICH
        MAY BE ENFORCED BY THE PARTIES.

       

      WHEREFORE,
        Landlord and Tenant have respectively executed this Lease as of the day and
        year
        first above written.

       

      
        	
                TENANT:

                 

                EXPRESS
                  SCRIPTS, INC.

                 

                 

                By
                  /s/
                  David A. Lowenberg

                David
                  A. Lowenberg, 

                Chief
                  Operating Officer

              	
                LANDLORD:

                 

                NORTHPARK
                  PARTNERS ESI, LLC, a Missouri limited liability company

                 

                By
                  McEagle NorthPark Partners ESI, LLC, a Missouri limited liability
                  company,
                  its Manager

                 

                By
                  /s/
                  Paul J. McKee, Jr.

                Name:
                  Paul
                  J. McKee, Jr. 

                Title:
                  Manager

                 

              

      

       

      

       

      

      
        
          
            
               

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        A - SITE PLAN SHOWING AREA COMPRISING THE PARK

      
        
          
            
               

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        A-1

       

      LEGAL
        DESCRIPTION OF THE LAND

       

      

      A
        tract
        of land being Part of Lots 18, 19, 28, 29, 30, 31, 33 and 34, and Part of
        the
        Right-of-Way of North Avenue and Geiger Road of Carson Heights, according
        to the
        plat recorded in Plat Book 7, Page 47 of St. Louis County records, Part of
        U.S.
        Surveys 2502, 2503, and 3082, Township 46 North, Range 6 East of the Fifth
        Principal Meridian, St. Louis County, Missouri, more particularly described
        as
        follows:

       

      Beginning
        at the Northeast corner of a tract of land conveyed to the Bi-State Development
        Agency by deed recorded in Book 8818, page 147 of said records, said corner
        also
        being the Northeast corner of dedicated right-of-way conveyed to St. Louis
        County, according to the plat recorded in Plat Book 326, Pages 24 through
        26 of
        said records; thence along the prolongation North of the East line of said
        tract
        and along the East line of dedicated right-of-way conveyed to St. Louis County
        according to the aforementioned plat and along the East line of a tract of
        land
        conveyed to the Bi-State Development Agency by deed recorded in Book 9815,
        Page
        2406 of said records, North 14 degrees 02 minutes 50 seconds Wets, 241.92
        feet;
        thence continuing along said East line of the Bi-State Development tract,
        North
        83 degrees 16 minutes 35 seconds East, 15.23 feet; thence North 16 degrees
        40
        minutes 16 seconds East, 81.24 feet to the centerline of North Avenue (40
        feet
        wide), also known as Weldon Avenue; thence along said centerline, North 66
        degrees 08 minutes 44 seconds West, 368.77 feet; thence leaving said centerline,
        North 23 degrees 51 minutes 16 seconds East, 20.00 feet to the intersection
        of
        the South right-of-way line of Interstate Highway 70 (variable width); thence
        along said line, North 83 degrees 08 minutes 26 seconds East, 289.59 feet;
        thence South 89 degrees 59 minutes 32 seconds East, 102.87 feet; thence South
        83
        degrees 44 minutes 46 seconds East, 261.76 feet; thence North 83 degrees
        20
        minutes 29 seconds East 295.54 feet; thence North 87 degrees 55 minutes 10
        seconds East, 246,24 feet; thence South 74 degrees 55 minutes 21 seconds
        East,
        141.38 feet to the intersection of said right-of-way line with the centerline
        of
        a creek; thence along said centerline, South 46 degrees 57 minutes 37 seconds
        West, 28.36 feet; thence South 12 degrees 37 minutes 12 seconds West, 49.15
        feet; thence South 34 degrees 24 minute 24 seconds Wets, 204.09 feet; thence
        South 32 degrees 34 minutes 00 seconds West 81.86 feet; thence South 20 degrees
        32 minutes 25 seconds West 140.20 feet; thence South 42 degrees 45 minutes
        57
        seconds West, 68.25 feet; thence South 21 degrees 18 minutes 56 seconds West,
        162.06 feet to the North right-of-way line of the Proposed Relocation of
        Geiger
        Road (70 feet wide); thence along said line, South 70 degrees 28 minutes
        18
        seconds West, 631.20 feet to the East line of a tract of land conveyed to
        the
        Bi-State Development Agency by deed recorded in Book 8909, Page 470 of said
        records; thence along said line, North 14 degrees 02 minutes 44 seconds West,
        172.26 feet to the Southwest corner of the aforementioned Bi-State Development
        tract conveyed by deed recorded in Book 8818, Page 147 of said records; thence
        along the South line of said tract, North 75 degrees 57 minutes 16 seconds
        East,
        55.00 feet; thence along the East line of said tract, North 14 degrees 02
        minutes 44 seconds West, 77.17 feet; thence North 44 degrees 02 minutes 44
        seconds West 10.20 feet; thence North 14 degrees 02 minutes 50 seconds West,
        100.00 feet to the POINT
        OF BEGINNING,
        containing 14.612 acres in gross area, however, LESS AND EXCEPTING a tract
        of
        land conveyed to Gerald A. Breite by deed recorded in Book 9863, Page 1560
        of
        said records, containing 0.299 acre, AND LESS AND EXCEPTING a tract of land
        conveyed to Rodolfo O. Rendon, etal by deed recorded in Book 9863, page 1560
        of
        said records, containing 0.430 acres, leaving a net area of 13.883 acres
        per
        calculations by Stock & Associates Consulting Engineers, Inc. during
        September, 2005.

       

      Together
        with the following “Detention Basin Area”

       

      [INSERT
        LEGAL DESCRIPTION OF DETENTION BASIN.]

       

      

       

      
        
          
             

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      

       

      EXHIBIT
        B

       

      BASE
        RENT DURING INITIAL TERM

       

      

      
        	
                LEASE
                  YEARS

                 

              	
                ANNUAL
                  BASE 

                RENT
                  PER RSF

              
	
                1*

              	
                $14.15*

              
	
                2

              	
                $14.15

              
	
                3

              	
                $14.15

              
	
                4

              	
                $14.95

              
	
                5

              	
                $14.95

              
	
                6

              	
                $14.95

              
	
                7

              	
                $16.00

              
	
                8

              	
                $16.00

              
	
                9

              	
                $16.00

              
	
                10

              	
                $16.00

              
	
                11**

              	
                $16.00

              

      

       

      *
        As
        provided in Section 5.A of the Lease, Landlord agrees that the first
        $2,123,000.00 in Base Rent due pursuant to the foregoing Table is
        abated.

       

      **
        The
        Initial Term of the Lease is Ten and one half years, so Tenant will pay Base
        Rent at the Year No. 11 rate for only the first half of Lease Year No. 11
        (and
        thereafter the rate applicable during the renewal period shall apply if Tenant
        has exercised its renewal option).

       

      

       

      

      
        
          
            
               

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        C

       

      OUTLINE
        PLANS AND SPECIFICATIONS

      

      The
        Outline Plans and Specifications shall consist of:

      

      1)    The
        plans
        and renderings presented to Express Scripts by NorthPark Partners on July
        26,
        2005, comprising of site plan, typical floor plans, and two exterior renderings.
        The project includes 315,000 rentable square feet of office space and parking
        for 1732 cars. However, pursuant to Section 30 of this Lease, Landlord and
        Tenant will consider whether less parking may be appropriate.

       

      2)    Building
        outline specifications describing the quality of materials and construction
        were
        submitted on July 31, 2005, and amended on August 17, 2005 to reflect the
        architects’ request for clarification. 

       

      Landlord
        and Tenant acknowledge that, while the building design will evolve through
        the
        normal design sequence, the above referenced presentation and documents,
        referred to as the Concept Building Plans and Specifications, represent the
        benchmark for building scale and quality.

       

      

      
        
          
             

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        D

       

      BUILDING
        RULES AND REGULATIONS

       

      (1)    Each
        tenant's interior signage shall be provided by Landlord at the tenant's sole
        cost; and all such signage so placed shall be the tenant's risk. Each tenant
        shall cause the removal of all such signage from the Property at the end
        of its
        lease term, or Landlord may cause such removal at the tenant's expense.

       

      (2)    A
        tenant
        shall not alter any lock or install a new or additional or replacement lock
        or
        bolt on any door of its premises and shall not permit any duplicate keys
        to be
        made without the prior consent of Landlord. Each tenant shall be fully
        responsible for the security of all keys to its premises except for those
        keys
        retained by Landlord. All keys furnished to a tenant by Landlord shall be
        surrendered to Landlord at the end of the term of the tenant's
        lease.

       

      (3)    Landlord
        retains the power to prescribe the weight and proper position and installation
        of safes, mechanical equipment, and any other bulky or excessively weighty
        objects installed by a tenant in its premises. All such equipment and objects
        shall be moved into or out of a tenant's premises under the prior written
        consent and supervision of Landlord and at such times and according to such
        regulations as may be designated from time to time by Landlord. Landlord
        shall
        not be responsible for loss of, or damage to, any such equipment or objects.
        Notwithstanding such supervision, each tenant shall be responsible for all
        damage to the Building caused by such tenant maintaining or moving any such
        equipment or objects.

       

      (4)    No
        tenant
        shall use any method of heating or air-conditioning other than that supplied
        by
        Landlord. If a tenant requires telegraphic, telephonic, burglar alarm or
        similar
        services, the tenant shall first obtain, and comply with, Landlord's
        requirements regarding installation. 

       

      (5)    All
        sidewalks, corridors and common areas shall not be obstructed by any tenant
        or
        used for any purpose other than for ingress and egress. No tenant shall place
        objects outside its premises except as approved by Landlord. The common areas
        of
        the Building may not be used for any commercial purpose by any tenant.

       

      (6)    No
        tenant
        shall install any window treatments other than existing treatments or otherwise
        obstruct the windows of its premises without Landlord's prior written consent.
        The bathrooms shall not be used for any purpose other than those for which
        they
        were constructed, and no rubbish shall be thrown or disposed of therein.
        

       

      (7)    Each
        tenant assumes full responsibility for protecting its premises from theft,
        robbery and pilferage. Landlord reserves the right to exclude from the Building
        all disorderly persons, persons under the influence of alcohol or a controlled
        substance, idlers and peddlers, solicitors, and persons entering in crowds
        or in
        such unusual numbers as to cause inconvenience to the tenants of the Building.
        After business hours, each tenant shall lock the doors and windows to its
        premises.

       

      (8)    No
        tenant
        shall place in any trash box or receptacle any material which cannot be disposed
        of in the ordinary and customary manner of trash and garbage disposal, except
        Tenant at its expense will make its own arrangements for the handling, storage
        and disposal of medical waste (if applicable), and Tenant agrees to comply
        with
        all Applicable Laws in connection with handling, storage and disposal of
        such
        medical waste (if applicable). All garbage and refuse disposal shall be
        performed in accordance with directions issued from time to time by Landlord.
        No
        tenant shall store in its premises any waste paper, sweepings, rags, rubbish
        or
        other combustible matter, nor shall any tenant bring into its premises any
        hazardous wastes, kerosene, oil or other highly combustible
        material.

       

      (9)    Landlord
        reserves the right to place into effect a "no smoking" policy within all
        or
        selected portions of the Building and the Property. A tenant and its employees
        and agents shall not be allowed to smoke in any location where smoking is
        prohibited, and they shall not dispose of any smoking material including,
        without limitation, matches, ashes and cigarette butts on the floors of the
        Building, about the grounds of the Property, or in any receptacle other than
        a
        specifically designated receptacle for smoking.

       

      

       

      

      
        
          
             

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      EXHIBIT
        E

       

      

      FORM
        OF SNDA

       

      [Space
        above this line for Recorder’s use] 

       

       

      SUBORDINATION,
        NON-DISTURBANCE AND ATTORNMENT AGREEMENT

       

      

      This
        Subordination, Non-Disturbance and Attornment Agreement (the “Agreement”)
        is
        entered into by and between _______________________________, a
        ____________________________ (“Lender”)
        and
        Express Scripts, Inc., a Delaware corporation (“Tenant”),
        as of
        the ______ day of __________, 20__ (the "Effective Date"), with reference
        to the
        following facts:

       

      A.    NorthPark
        Partners ESI, LLC, a Missouri limited liability company (“Landlord”)
        and
        Tenant have entered into that certain Office Lease dated as of _____________
        __,
        2005 (the “Lease”)
        pursuant to which Tenant has leased from Landlord certain property owned
        by
        Landlord located at ______________________________________________________
        (the
“Property”),
        which
        Property is described on Exhibit
        A
        attached
        hereto.

       

      B.    Lender
        has made or will make a loan to Landlord secured by a mortgage or deed of
        trust
        on the Property (the “Deed
        of Trust”).

       

      C.    Tenant
        has requested that any transferee (including, without limitation, Lender)
        of the
        interest of Landlord as a result of a Transfer, and such transferee’s successors
        and assigns (“Purchaser”)
        not
        disturb Tenant’s tenancy under the Lease upon any transfer of Landlord’s
        interest in the Property by foreclosure, trustee’s sale, or other action or
        proceeding for the enforcement of the Deed of Trust or by deed in lieu thereof
        (a “Transfer”).

       

      D.    Tenant
        and Lender desire to enter into this Agreement to provide for a non-disturbance
        arrangement between Tenant and Lender and to provide for the attornment of
        Tenant to Lender, or its successor or assign, as applicable, in the event
        of
        foreclosure under the Deed of Trust or any other acquisition of the
        Property.

       

      E.    All
        capitalized terms not defined herein shall have the meaning they are given
        in
        the Lease.

       

      NOW
        THEREFORE, for valuable consideration, Lender, Tenant and Landlord agree
        as
        follows:

       

      1.    Subordination. 
        Subject to the terms and conditions set forth in Paragraph 2 below, the Lease
        is
        and shall be subject and subordinate to the Deed of Trust, and to all renewals,
        modifications, consolidations, replacements and extensions thereof and to
        all
        future advances made thereunder.

       

      2.    Non-Disturbance. 
        In
        the
        event Lender or Purchaser acquires title or right of possession of the Property
        under the Deed of Trust through foreclosure, or otherwise,
        then:

       

      (a)    Tenant
        shall not be named or joined in any foreclosure, trustee’s sale or other
        proceeding to enforce the Deed of Trust unless the joinder is required by
        Law in
        order to perfect such foreclosure, trustee’s sale or other proceeding; and

       

      (b)    The
        enforcement of the Deed of Trust shall not terminate the Lease or disturb
        Tenant
        in the possession and use of the Property.

       

      3.    Leasehold
        Not Affected. 
        The leasehold estate granted by the Lease shall not be affected in any manner
        by
        any Transfer or any other proceeding instituted or action taken under or
        in
        connection with the Deed of Trust or by Lender’s taking possession of the
        Property or the Property in accordance with any provision of the Deed of
        Trust.

       

      4.    Attornment
        by Tenant. 
        If any Transfer should occur, then Purchaser shall be bound to Tenant and
        Tenant
        shall be bound to Purchaser under all of the terms, covenants, and conditions
        of
        the Lease for the balance of the term of the Lease and any extensions or
        renewals of the Lease that may then or later be in effect under any validly
        exercised extension or renewal option in the Lease, all with the same force
        and
        effect as if Purchaser had been the original landlord under the Lease. Tenant
        does hereby attorn to Purchaser (including Lender if it should become the
        Purchaser) as the landlord under the Lease. Without
        limiting the foregoing, if at the time a Transfer occurs, Tenant is in default
        of any of its obligations under the Lease, Purchaser shall have the right
        to
        avail itself of all remedies of the Landlord under the Lease arising from
        such
        default, provided Tenant is given, or has been given, any notices of such
        default and opportunities to cure such default required under the Lease before
        such remedies are exercised.

       

      5.    Lease
        Amendments. 
        Nothing contained in Paragraph 7 below shall be deemed to prevent Landlord
        and
        Tenant from entering into any amendment or modification to the Lease that
        shall
        be binding and enforceable solely as between Landlord and Tenant.

       

      6.    Landlord’s
        Default. 
        Provided Tenant is provided with a written request from Lender or Landlord,
        Tenant shall give Lender a copy of any notice of default which Tenant is
        required to give to Landlord pursuant to the terms of the Lease. Tenant shall
        accept a cure of any default by Landlord performed by Lender, or at Lender’s
        direction, provided that such cure is completed within the period provided
        for
        such cure to be carried out by Landlord pursuant to the terms of the
        Lease.

       

      7.    Limitation
        on Lender’s Performance. 
        Nothing in this Agreement shall be deemed or construed to be an agreement
        by
        Lender to perform any covenant of Landlord as landlord under the Lease unless
        and until Lender obtains title to the Property as Purchaser or obtains
        possession of the Property under the terms of the Deed of Trust, and then
        only
        during the time when Lender holds title to the Property.

       

      8.    Tenant’s
        Covenants. 
        Tenant agrees that during the term of the Lease, without Lender’s prior written
        consent, Tenant shall not:

       

      (a)    pay
        any
        rent or additional rent more than one month in advance of the due date to
        any
        landlord (including Landlord); or

       

      (b)    enter
        into any material amendment, modification, or other agreement relating to
        the
        Lease, or

       

      (c)    to
        extent
        required under the Lease, assign or sublet any portion of the Lease or the
        Property.

       

      Lender
        agrees that with respect to parts (b) and (c) of this Section 8, Lender’s
        consent shall not be unreasonably conditioned, delayed or withheld. Lender
        further agrees that if any request for Lender’s approval of an amendment,
        modification or other agreement relating to this Lease, or for Lender’s approval
        of any assignment or subletting of the Lease or the Property, is not objected
        to
        in a written statement of Lender delivered to Tenant within thirty (30) days
        after Lender receives such request in writing, such request shall be deemed
        approved by Lender. Any written statement objecting to any proposed amendment,
        modification, or other agreement of this Lease or any assignment or subletting
        of the Lease or the Property shall set forth in reasonable detail Lender’s
        objections to such request.

       

      9.    Successors. 
        This Agreement shall be binding upon and inure to the benefit of Tenant and
        Lender and their respective successors and assigns.

       

      10.    Notices. 
        All notices given under any of the provisions of this Agreement shall be
        in
        writing and served on the parties at the following addresses:

       

      To
        Lender:       _____________________________

                            _____________________________

                               
        _____________________________

                              
        Attn: _________________________

       

       

      To
        Tenant:    
Express
        Scripts, Inc.

                              
        _____________________________

                              
        _____________________________

                             
        Attention: _____________________

       

      Any
        such
        notices shall, unless otherwise provided herein, be given or served (i) by
        depositing the same in the United States mail, postage paid, certified and
        addressed to the party to be notified, with return receipt requested, and
        such
        notice shall be effective on the third business day after such deposit; (ii)
        by
        overnight delivery using a nationally recognized overnight courier, and such
        notice shall be effective on the next business day after such deposit; or
        (iii)
        by personal delivery, and such notice shall be immediately effective. Notice
        given in any other manner shall be effective only if and when received by
        the
        party to be notified between the hours of 8:00 a.m. and 5:00 p.m. of any
        business day, with delivery made after such hours to be deemed received the
        following business day. A party’s address may be changed by written notice to
        the other party; provided, however, that no notice of a change of address
        shall
        be effective until actual receipt of such notice. Copies of notices are for
        informational purposes only, and a failure to give or receive copies of any
        notice shall not be deemed a failure to give notice.

      

      11.    Lien
        Waiver. 
        Lender hereby expressly waives and releases any and all contractual liens
        and
        security interests or constitutional and statutory liens and security interests
        (arising by operation of law or under the Lease, the Deed of Trust or any
        other
        agreement Lender has which affects the Property or Tenant or Landlord) to
        which
        Lender might now or hereafter be entitled on any of the personal property
        of
        Tenant. Lender
        agrees
        to execute and deliver to Tenant and Tenant’s lender, from time to time, a form
        of “Waiver and Consent” confirming the foregoing and permitting such lender to
        enter upon the Property in the event of a default by Tenant and recover any
        personal property financed by such lender, and containing other customary
        and
        reasonable provisions as may be requested by such lender, as well as customary
        and reasonable provisions to protect the interests of Lender.

      

      12.    Insurance
        Proceeds and Condemnation Proceeds. 
        If the terms of the Deed of Trust pertaining to the disbursement or use of
        insurance proceeds and/or the disbursement or use of condemnation proceeds
        conflict with the terms of the Lease, the provisions in the Lease shall
        control.

      

      13.    Access. 
        If the terms of the Deed of Trust permit Lender to enter the Property, Lender’s
        access rights shall not be greater than Landlord’s access rights under the
        Lease, and the restrictions in the Lease regarding Landlord’s access to the
        Property shall apply to Lender as well, notwithstanding anything to the contrary
        in the Deed of Trust.

      

      14.    Choice
        of Law; Headings; Attorneys’ Fees. 
        This Agreement shall be governed by and interpreted under the laws of the
        state
        or commonwealth in which the Property is located. The headings to paragraphs
        of
        this Agreement are for convenient reference only, do not in any way limit
        or
        amplify the terms of this Agreement, and shall not be used in interpreting
        this
        Agreement. If any party institutes an action or proceeding to enforce its
        rights
        under this Agreement, the prevailing party in such action or proceeding shall
        be
        entitled to recover from the other party or parties reasonable attorneys’ fees
        and costs in addition to any other relief awarded by the court.

      

      15.    Integration. 
        This Agreement integrates all of the terms and conditions of the parties’
agreement regarding the subjection and subordination of the Lease and the
        leasehold estate created by it, together with all rights and privileges of
        Tenant under it, to the lien or charge of the Deed of Trust. This Agreement
        supersedes and cancels all oral negotiations and prior and other writings
        with
        respect to such subjection and subordination, including, without limitation,
        any
        provisions of the Lease which provide for the subjection or subordination
        of the
        Lease and the leasehold estate thereby created to a deed or deeds of trust
        or to
        a mortgage or mortgages. This Agreement is intended by the parties as the
        final
        expression of the agreement, and as the complete and exclusive statement
        of the
        terms agreed to by the parties, with respect to such subordination and
        subjection, to the extent specified in the foregoing sentence. This Agreement
        may not be modified or amended except by a written agreement signed by the
        parties or their respective successors in interest.

      

      16.    Modifications
        to Loan. 
        Tenant
        agrees that the Deed of Trust and the indebtedness secured thereby may be
        increased, rearranged, renewed, extended, consolidated and modified from
        time to
        time by agreement between Landlord and Lender, and Lender may exercise any
        one
        or more of its rights under the Deed of Trust from time to time at Lender's
        discretion, all without notice to or consent of Tenant, and this Agreement
        shall
        continue in full force and effect as to all such renewals, extensions,
        increases, rearrangements, consolidations and modifications and all such
        exercises of rights.

      

      17.    Counterparts. 
        This Agreement may be executed in several counterparts, all of which are
        identical, and all of which counterparts together shall constitute one and
        the
        same instrument.

      

      Executed
        as of the Effective Date.

       

      
        	
                TENANT:

                EXPRESS
                  SCRIPTS, INC.

                 

                By:
                  ______________________

                Title:
                  _____________________

                 

              	
                LENDER:

                ____________________________________

                 

                By:

                Title:

              

      

      

       

      STATE
        OF
        MISSOURI  )

                     )
        ss.

      COUNTY
        OF
        ST. LOUIS   )

       

      On
        this
        _____ day of ________________, 2005, before me personally appeared
        _____________________________, to me personally known, who, being by me duly
        sworn, did say that __________________ is the ________________________ of
        Express Scripts, Inc., a Delaware corporation, and that said instrument was
        signed on behalf of said corporation by the authority of its Board of Directors,
        and said _______________________ acknowledged said instrument to be the free
        act
        and deed of said corporation.

       

      IN
        TESTIMONY WHEREOF, I have hereunto set my hand and affixed my seal in the
        County
        and State aforesaid, the day and year last above written.

       

      __________________________________________

                                      Notary
        Public

       

      __________________________________________

                                      (Printed
        Name)

       

      (SEAL)

      My
        Commission Expires: 

       

      

       

      STATE
        OF
        _____________        )

                         )
        ss.

      COUNTY
        OF
        ______________ )

       

      On
        this
        _____ day of ________________, 2005, before me personally appeared
        _____________________________, to me personally known, who, being by me duly
        sworn, did say that __________________ is the ________________________ of
        _____________________________, a ________________________, and that said
        instrument was signed on behalf of said ________________ by the authority
        of its
        ___________________, and said __________________ acknowledged said instrument
        to
        be the free act and deed of said __________________.

       

      IN
        TESTIMONY WHEREOF, I have hereunto set my hand and affixed my seal in the
        County
        and State aforesaid, the day and year last above written.

       

      __________________________________________

                                      Notary
        Public

       

      __________________________________________

                                      (Printed
        Name)

       

      (SEAL)

      My
        Commission Expires: 

       

      

       

      

       

      
        
          
            
               

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

       

      EXHIBIT F

       

      LICENSE
        AGREEMENT

       

      This
        License Agreement (“Agreement”) made this ____ day of ____________, 2005, by and
        between NorthPark
        Partners ESI, LLC, a Missouri limited liability company
        (hereinafter called “Licensor”) and Express
        Scripts, Inc., a Missouri corporation
        (hereinafter called “Licensee”).

       

      W
        I T N E
        S S E T H

       

      I.    Certain
        Definitions.    The
        following
        terms shall have the following meanings when used in this
        Agreement.

       

       

      (a)    "Building"
        shall mean that building located at ________________.

       

      (b)    "Lease"
        means that Lease between Licensor and Licensee dated as of ___________, 2005
        whereby Licensee has leased the Premises from Licensor.

       

      (c)    "Premises"
        means the space within the Building leased by Licensee pursuant to the
        Lease.

       

      (d)    "Roof"
        means the Roof on the Building.

       

      (e)    "Roof
        Equipment" means any equipment that is placed on the Roof by or on behalf
        of
        Licensee for Licensee's use, including but not limited to such things as
        satellite dishes, antenna, and HVAC units.

       

      Licensee
        shall not place any equipment of any kind on the Roof without the prior written
        consent of Licensor in each instance, and compliance by Licensee with all
        requirements of this Agreement. Roof Equipment which Licensor has authorized
        Licensee to place on the Roof shall only be placed at those locations on
        the
        Roof which have been approved in writing by Licensor.

       

      Pursuant
        to this Agreement, Licensor consents to Licensee placing on the Roof the
        Roof
        Equipment described on Exhibit
        A
        hereto
        at the location on the Roof described on Exhibit
        A.
        Licensee shall comply with all requirements of this Agreement in connection
        with
        the installation, operation, maintenance and removal of said Roof
        Equipment.

       

      In
        the
        event that Licensee desires to add additional Roof Equipment to the Roof
        at a
        future date, Licensor and Licensee shall execute an additional agreement
        for
        such additional Roof Equipment or an addendum to this Agreement. 

       

      This
        Agreement is for a term that commences and expires at the same time as the
        aforesaid Lease, unless sooner terminated as provided herein. In the event
        that
        the Lease contains renewal options, and such renewal options are exercised,
        the
        term of this Agreement shall automatically be extended to coincide with such
        renewal term. Licensee's rights to occupy any portion of the Roof pursuant
        to
        this Agreement shall automatically terminate on the date the Lease terminates
        for any reason.

       

      Licensee
        shall use the Roof only for its own use and shall not have the right to allow
        other companies to use the Roof,

       

      Licensor
        reserves the right to use those portions of the Roof that are not being used
        by
        Licensee.

       

      II.    The
        size,
        location and placement of the Roof Equipment shall be as specifically described
        in Exhibit
        “A”,
        attached hereto and by reference, made a part hereof, or at such other location
        as approved by Licensor in writing.

       

      III.    Licensee
        shall not be required to pay rent or a fee to Licensor as consideration for
        this
        Agreement. Licensee shall pay for all gas, electricity and other utilities
        required in order to operate said Roof Equipment

       

      IV.    With
        respect to the installation of the Roof Equipment on the Roof portion of
        the
        Building, Licensee agrees to contract with Licensor's roofing contractor
        in
        order to determine if any additional support to the Roof is required in order
        to
        install the Roof Equipment. If any such support is required, Licensee shall
        retain the services of Licensor's roofing contractor at Licensee's sole cost
        and
        expense to install such support, and Licensee agrees to comply with any
        suggestions or recommendations of Licensor's roofing contractor so that the
        installation, maintenance and repair of the Roof Equipment will not affect
        any
        warranties which Licensor has on said Roof. Licensee shall further have the
        right to access such conduits or other access ways within the Building from
        the
        Premises to the Roof to allow Licensee to install such cabling as is necessary
        in connection with the installation of the Roof Equipment, provided that
        Licensee shall install cabling or other equipment only is such locations
        as are
        approved by Licensor in writing, such approval not to be unreasonably withheld,
        conditioned or delayed. The location of all such cabling shall be included
        in
        the plans and specifications provided in Section VI as hereinafter set
        forth.

       

      No
        Roof
        penetrations shall be made without the prior written consent of Licensor.
        Licensor may require that Licensee hire Licensor's roofing contractor to
        make
        all such Roof penetrations. All such Roof penetrations shall only be made
        in
        compliance with all requirements of Licensor's roofing contractor.

       

      Licensee
        shall notify Licensor when installation is completed and within thirty (30)
        days
        after such notification, Licensor shall cause the Roof or other affected
        portions of the Building and Premises to be inspected and shall, within such
        time period, notify Licensee if there is any damage resulting from the
        installation. If Licensor so notifies Licensee, Licensee shall cause such
        damage
        to be repaired at its expense provided such damage was not caused by Licensor,
        its employees or agents. In the event of such damage, and Licensee shall
        incur
        such expense, Licensee may seek reimbursement from any third party responsible
        for such damage, and Licensor shall cooperate with Licensee in such
        endeavor.

       

      Licensee
        shall have the right to terminate this Agreement forthwith and without further
        obligation in the event modifications to the structure required by Licensor's
        Roofing contractor are determined in the sole discretion of Licensee to make
        the
        use of Licensor's facilities uneconomical.

       

      V.    Licensee
        shall bear the sole cost and responsibility for the installation, maintenance,
        repair and removal of the Roof Equipment, including all necessary gas and
        electrical service and any and all other costs associated therewith. All
        such
        items shall be done in a good and workmanlike manner. Licensee shall maintain
        all of said items in a good and safe condition through-out the remainder
        of the
        term of this Agreement at Licensee's sole cost and expense. It is understood
        and
        agreed that Licensor shall have no responsibility nor obligation for the
        maintenance and repair of the Roof Equipment, and any equipment or other
        items
        installed by Licensee in connection therewith and shall have no liability
        for
        any damage done to same or caused by same except to the extent same was caused
        by Licensor, its employees or agents.

       

      Without
        limiting the preceding paragraph, Licensor is not bringing any utility services
        to the Roof or making any other improvements of any kind on the Roof. Licensee
        at Licensee's sole cost and expense is responsible for bringing to the Roof
        any
        electrical, gas, water, drainage or other service lines needed to operate
        the
        Roof Equipment, and for providing and installing anything needed on the Roof
        in
        connection with such Roof Equipment, all of which must be approved in writing
        by
        Licensor.

       

      VI.    Licensee
        shall submit plans and specifications for the construction and installation
        of
        all the items to be in-stalled by Licensee hereunder for Licensor's prior
        approval. The manner and method of installation and removal of all such
        equip-ment shall be subject to the written approval of Licensor, which approval
        shall not be unreasonably withheld or delayed.

       

      VII.    Licensee,
        at its own expense, shall, prior to the installation of its equipment, secure
        and at all times thereafter maintain all required approvals and permits of
        the
        Federal Communications Commission and all other governmental bodies having
        jurisdiction over its business, including its communica-tions, operations
        and
        facilities. Licensee shall at all times comply with all applicable laws in
        connection with installation, operation and removal of the Roof
        Equipment.

       

      VIII.    Licensee,
        at its expense, shall be solely responsible for and shall maintain its equipment
        in a safe, structural, sound, clean and sightly condition and shall indemnify
        and hold harmless Licensor against all liens and claims of mechanics and
        materialmen furnishing labor and materials in the construction and maintenance
        of its equipment.

       

      IX.    Licensor
        hereby grants unto Licensee the right to enter upon the Roof of the Building
        or
        other such areas of the Building where Licensee’s improvements in connection
        herewith may be installed for the sole purpose of gaining access to Licensee's
        installation. Licensor further grants right of access at all times to the
        areas
        where such connecting equipment is located for the purposes of maintaining,
        repairing, testing and replacing the connecting equipment; provided, however,
        if
        Licensee is not the sole tenant in the Building, then Licensee shall notify
        Licensor each time Licensee requires such access other than in the event
        of an
        emergency and provided further that such access and installations do not
        cause
        damage to or interfere with the operations or maintenance of any part of
        the
        Building or with any other tenants located in the Building. All such entries
        on
        the Roof and work performed thereon shall be done in accordance with Licensor’s
        guidelines established to prevent any Roof warrantees from being voided.
        Any
        damages done to the Roof shall be repaired at Licensee’s sole cost and expense
        and Licensee shall remain responsible to maintain any portion of the Roof
        for
        which the warranty therefore has been voided due to the activities of Licensee,
        its employees, agents and contractors on the Roof. Licensee shall be given
        all
        necessary keys for the purpose of gaining such access.

       

      During
        any period in which Licensee is not the sole tenant in the Building, Licensee
        shall attempt to notify Licensor each time Licensee desires to enter upon
        the
        Roof of the Building other than in the event of an emergency, and Licensee
        shall
        enter upon the Roof only at such times and under such circumstances which
        shall
        not cause endangerment of life or limb. Licensee shall promptly reimburse
        Licensor for the costs or repairs of any damage to the Building directly
        or
        indirectly caused by Licensee's installations or the maintenance
        thereof.

       

      X.    The
        license hereby granted to Licensee shall give to Licensee the exclusive right
        to
        use the Roof or tower of the Building and Licensor shall not grant a license
        or
        licenses to any party to use space on the Roof. Notwithstanding the foregoing,
        during any period in which there are other tenants in the Building, Licensor
        may
        grant a license or licenses to other tenants to use space of the Roof; provided,
        however, the rights of other licensees shall be exercised without causing
        objectionable interference with the activities being carried on at the same
        time
        by Licensee in accordance with its license. Similarly, the license of Licensee
        shall be exercised without causing objectionable interference with the
        activities being carried on at the same time by other licensees in accordance
        with their respective licenses. Notwithstanding the provisions of the preceding
        sentence to the contrary, in the event that action cannot be taken to eliminate
        any objectionable interference between installations after reasonable efforts
        to
        eliminate such interference have been taken by Licensee and any other
        licensee(s), then in such event Licensee’s right to install and operate its Roof
        Equipment shall be superior to the rights of any other licensee(s) or tenant(s),
        and Licensor shall take such actions as are necessary to remove or modify
        any
        other installation which causes objectionable interference with Licensee’s
        installation. Licensee shall not change or materially alter the installation
        agreed to herein without the prior written approval of Licensor, which approval
        shall not be unreasonably conditioned, delayed or withheld.

       

      XI.    Licensee
        agrees to indemnify and hold harmless Licensor and to assume all liability
        for
        death of or injury to any persons and all liability for loss, damage or injury
        to any property incurred or sustained by Licensor or Licensee arising from,
        growing out of or resulting from Licensee's use of the Roof of the Building,
        or
        any other areas in the Building where Licensee's connecting equipment is
        located, including costs, attorneys' fees and other expenses incurred by
        Licensor in defending any such claim, unless and to the extent such loss,
        damage
        or injury is due to the negligence or willful misconduct of Licensor, its
        employees, agents or invitees.

       

      XII.    Licensee
        hereby waives and releases all claims against Licensor, its officers, directors,
        agents, employees and servants and agrees that they shall not be liable for
        any
        injury to or death of persons, or damage to property sustained by Licensee
        or by
        any occupant of the Building, or any other person occurring in or about the
        Building resulting directly or indi-rectly from any existing or future
        condition, defect, matter or thing in the Building, or any part of it, or
        from
        equipment or appurtenance becoming out of repair, or from any occurrence,
        act or
        from the negligence or omission of any tenant or occupant of the Building,
        or of
        any other person, except for the gross negligence or omission by Licensor,
        its
        officers, directors, agents, employ-ees and servants.

       

      XIII.    Licensor
        shall have the right to terminate this Agreement upon written notice to Licensee
        in the event that: (a) the Lease is terminated or Licensee’s right to possession
        under the Lease is terminated; (b) Licensee shall default in the performance
        of
        any obligations imposed upon it hereunder and shall not, within thirty (30)
        days
        after being notified by Licensor of the existence of such default, immediately
        take all reasonable steps to cure same and diligently prosecute such work
        to
        completion; (c) it shall be determined that such installation does not comply
        with all building codes, ordinances and the Protective Covenants for the
        jurisdiction in which the Building is located; (d) it is found by a public
        authority having jurisdiction in the Building that such installation and
        use
        constitute a nuisance or hazard to the public or the occupants of the Building;
        or (e) the use of such Roof Equipment is changed from that originally approved
        in a manner which interferes with the use of any other tenant's equipment
        or
        data processing machines in the Building. Notwithstanding the foregoing,
        Licensor shall not have the right to terminate this Agreement pursuant to
        subclauses (c) or (d) above if Licensee is contesting any such determination
        or
        finding.

       

      Licensee
        shall have the right to terminate this Agreement upon written notice to Licensor
        in the event that: (a) the use of such installation by Licensee is deemed
        in
        violation of any ordinance, state statute, federal statute or governmental
        regulation and such violation cannot be reasonably cured; (b) the use of
        such
        installation by Licensee does not serve Licensee's intended purpose due to
        changes in environmental conditions outside the control of Licensee; or (c)
        Licensee desires to do so for any cause or for no cause.

       

      In
        the
        event of termination by either party, Licensee shall remove its equipment,
        provided said removal complies with the provisions of Section XV below. Any
        such
        termination shall have no impact on the rights and obligations of Licensee
        and
        Licensor under the Lease nor shall it cause a termination of the
        Lease.

       

      XIV.    No
        notice
        or demand related to or required by this Agreement shall be effective unless
        same is in writing and delivered pursuant to the Lease terms.

       

      XV.    At
        the
        termination of this Agreement by lapse of time or otherwise, the Roof Equipment
        and the connecting equipment installed under the terms of this Agreement
        shall
        be removed by Licensee upon the request of Licensor, and, subject
        to the provisions of Sections 11 of the Lease (regarding casualty) and 19
        (regarding condemnation),
        the
        area of the Building where they were installed shall be restored by Licensee
        in
        as good condition as existed immediately prior to installation of such
        installations and connecting equipment, ordinary wear and tear
        excepted.

       

      XVI.    This
        Agreement shall be binding upon the successors and assigns of the parties
        hereto
        provided that Licensee shall not assign or transfer this Agreement to anyone
        other than an assignee of Licensee’s interest under the Lease that has been
        approved or permitted under the Lease.

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
        day
        and year first above written.

       

      
        	
                LICENSEE:

                 

                EXPRESS
                  SCRIPTS, INC.

                 

                By_____________________________

                    Name:
                  __________________________

                    Title:
                  ___________________________

                 

              	
                LICENSOR:

                 

                NORTHPARK
                  PARTNERS ESI, LLC, a Missouri limited liability company

                 

                By
                  McEagle NorthPark Partners ESI, LLC, a Missouri limited liability
                  company,
                  its Manager

                 

                By_____________________________

                    Name:
                  __________________________

                    Title:
                  ___________________________

                 

              

      

      

       

      

       

      
        
          
            
               

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

       

      EXHIBIT G

       

      ALTERNATIVE
        DISPUTE RESOLUTION PROCEDURES

       

       

      The
        parties recognize that from time to time a dispute may arise relating to
        either
        party’s rights or obligations under this Agreement. The parties agree that any
        such dispute shall be resolved by the Alternative Dispute Resolution (“ADR”)
        provisions set forth in this Exhibit, the result of which shall be binding
        upon
        the parties.  

       

      To
        begin
        the ADR process, a party first must send written notice to the other party
        advising that the notifying party desires to initiate an ADR proceeding to
        resolve the subject dispute in the manner provided herein. The parties shall
        have the right to be represented by counsel in such a
        proceeding. 

       

      1.     To
        begin
        an ADR proceeding, a party shall provide written notice to the other party
        of
        the issues to be resolved by ADR. Within fourteen (14) days after its receipt
        of
        such notice, the other party may, by written notice to the party initiating
        the
        ADR, add additional issues to be resolved within the same
        ADR. 

       

      2.    Within
        twenty-one (21) days following the initiation of the ADR proceeding, the
        parties
        shall select a mutually acceptable neutral to preside in the resolution of
        any
        disputes in this ADR proceeding. If the parties are unable to agree on a
        mutually acceptable neutral within such period, either party may request
        the
        Director of ADR, United States Arbitration & Mediation, 720 Olive Street,
        Suite 2300, St. Louis, MO 63101 (“ADR Entity”), to select a neutral pursuant to
        the following procedures: 

       

      (a)    The
        ADR
        Entity shall submit to the parties a list of not less than five (5) candidates
        within fourteen (14) days after receipt of the request, along with a
Curriculum
        Vitae
        for each
        candidate. No candidate shall be an employee, director, or shareholder of
        either
        party or any of their subsidiaries or affiliates. 

       

      (b)    Such
        list
        shall include a statement of disclosure by each candidate of any circumstances
        likely to affect his or her impartiality. 

       

      (c)    Each
        party shall number the candidates in order of preference (with the number
        one
        (1) signifying the greatest preference) and shall deliver the list to the
        ADR
        Entity within seven (7) days following receipt of the list of candidates.
        If a
        party believes a conflict of interest exists regarding any of the candidates,
        that party shall provide a written explanation of the conflict to the ADR
        Entity
        along with its list showing its order of preference for the candidates. Any
        party failing to return a list of preferences on time shall be deemed to
        have no
        order of preference. 

       

      (d)    If
        the
        parties collectively have identified fewer than three (3) candidates deemed
        to
        have conflicts, the APR Entity immediately shall designate as the neutral
        the
        candidate for whom the parties collectively have indicated the greatest
        preference. If a tie should result between two candidates, the APR Entity
        may
        designate either candidate. If the parties collectively have identified three
        (3) or more candidates deemed to have conflicts, the APR Entity shall review
        the
        explanations regarding conflicts and, in its sole discretion, may either
        (i)
        immediately designate as the neutral the candidate for whom the parties
        collectively have indicated the greatest preference, or (ii) issue a new
        list of
        not less than five (5) candidates, in which case the procedures set forth
        in
        subparagraphs 2(a) - 2(d) shall be repeated. 

       

      3.    No
        earlier than twenty-eight (28) days or later than fifty-five (55) days after
        selection, the neutral shall hold a hearing to resolve each of the issues
        identified by the parties. The ADR proceeding shall take place at a location
        agreed upon by the parties. If the parties cannot agree, the neutral shall
        designate a location in the metropolitan St. Louis area.

       

      4.    At
        least
        seven (7) days prior to the hearing, each party shall submit the following
        to
        the other party and the neutral: 

       

      (a)    a
        copy of
        all exhibits on which such party intends to rely in any oral or written
        presentation to the neutral;  

       

      (b)    a
        list of
        any witnesses such party intends to call at the hearing, and a short summary
        of
        the anticipated testimony of each witness; 

       

      (c)    a
        proposed ruling on each issue to be resolved, together with a request for
        a
        specific damage award or other remedy for each issue. The proposed rulings
        and
        remedies shall not contain any recitation of the facts or any legal arguments
        and shall not exceed one (1) page per issue. The parties agree that neither
        side shall seek as part of its remedy any punitive damages.

       

      (d)    a
        brief
        in support of such party’s proposed rulings and remedies, provided that the
        brief shall not exceed twenty (20) pages. This page limitation shall apply
        regardless of the number of issues raised in the ADR
        proceeding. 

       

      Except
        as
        expressly set forth in subparagraphs 4(a) - 4(d), no discovery shall be required
        or permitted by any means, including depositions, interrogatories, requests
        for
        admissions, or production of documents. 

       

      5.    The
        hearing shall be conducted on two (2) consecutive days and shall be governed
        by
        the following rules: 

       

      (a)     Each
        party shall be entitled to five (5) hours of hearing time to present its
        case.
        The neutral shall determine whether each party has had the five (5) hours
        to
        which it is entitled. 

       

      (b)     Each
        party shall be entitled, but not required, to make an opening statement,
        to
        present regular and rebuttal testimony, documents or other evidence, to
        cross-examine witnesses, and to make a closing argument. Cross-examination
        of
        witnesses shall occur immediately after their direct testimony, and
        cross-examination time shall be charged against the party conducting the
        cross-examination. 

       

      (c)     The
        party
        initiating the ADR shall begin the hearing and, if it chooses to make an
        opening
        statement, shall address not only issues it raised but also any issues raised
        by
        the responding party. The responding party, if it chooses to make an opening
        statement, also shall address all issues raised in the ADR. Thereafter, the
        presentation of regular and rebuttal testimony and documents, other evidence,
        and closing arguments shall proceed in the same sequence. 

       

      (d)     Except
        when testifying, witnesses shall be excluded from the hearing until closing
        arguments. 

       

      (e)     Settlement
        negotiations, including any statements made therein, shall not be admissible
        under any circumstances. Affidavits prepared for purposes of the ADR hearing
        also shall not be admissible. As to all other matters, the neutral shall
        have
        sole discretion regarding the admissibility of any evidence. 

       

      6.    Within
        seven (7) days following completion of the hearing, each party may submit
        to the
        other party and the neutral a post-hearing brief in support of its proposed
        rulings and remedies, provided that such brief shall not contain or discuss
        any
        new evidence and shall not exceed ten (10) pages. This page limitation shall
        apply regardless of the number of issues raised in the ADR
        proceeding. 

       

      7.    The
        neutral shall rule on each disputed issue within fourteen (14) days following
        completion of the hearing. Such ruling shall adopt in its entirety the proposed
        ruling and remedy of one of the parties on each disputed issue but may adopt
        one
        party’s proposed rulings and remedies on some issues and the other party’s
        proposed rulings and remedies on other issues. The neutral shall not issue
        any
        written opinion or otherwise explain the basis of the ruling. 

       

      8.    The
        neutral shall be paid a reasonable fee plus expenses. These fees and expenses,
        along with the reasonable legal fees and expenses of the prevailing party
        (including all expert witness fees and expenses), the fees and expenses of
        a
        court reporter, and any expenses for a hearing room, shall be paid as
        follows: 

       

      (a)    If
        the
        neutral rules in favor of one party on all disputed issues in the ADR, the
        losing party shall pay 100% of such fees and expenses. 

       

      (b)    If
        the
        neutral rules in favor of one party on some issues and the other party on
        other
        issues, the neutral shall issue with the rulings a written determination
        as to
        how such fees and expenses shall be allocated between the parties. The neutral
        shall allocate fees and expenses in a way that bears a reasonable relationship
        to the outcome of the ADR, with the party prevailing on more issues, or on
        issues of greater value or gravity, recovering a relatively larger share
        of its
        legal fees and expenses. 

       

      9.    The
        rulings of the neutral and the allocation of fees and expenses shall be binding,
        non-reviewable, and non-appealable, and may be entered as a final judgment
        in
        any court having jurisdiction. 

       

      10.   Except
        as
        provided in paragraph 9 or as required by law, the existence of the dispute,
        any
        settlement negotiations, the ADR hearing, any submissions (including exhibits,
        testimony, proposed rulings, and briefs), and the rulings shall be deemed
        Confidential Information. The neutral shall have the authority to impose
        sanctions for unauthorized disclosure of Confidential Information.

       

      11.   All
        ADR
        hearings shall be conducted in the English language.

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