Document:

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                       ORIGEN RESIDENTIAL SECURITIES, INC.

                                  as Depositor

                            WILMINGTON TRUST COMPANY

                                as Owner Trustee

                                       and

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.

              as Certificate Registrar and Certificate Paying Agent

                                 TRUST AGREEMENT

                            Dated as of April 1, 2007

                               Trust Certificates,
                                  Series 2007-A

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                                Table of Contents

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                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.    Definitions.............................................     1
Section 1.02.    Other Definitional Provisions...........................     1

                                   ARTICLE II

                                  ORGANIZATION

Section 2.01.    Name....................................................     2
Section 2.02.    Office..................................................     2
Section 2.03.    Purposes and Powers.....................................     2
Section 2.04.    Appointment of Owner Trustee............................     3
Section 2.05.    Initial Capital Contribution of Owner Trust Estate......     3
Section 2.06.    Declaration of Trust....................................     3
Section 2.07.    Liability of the Holders of the Certificates............     4
Section 2.08.    Title to Trust Property.................................     4
Section 2.09.    Situs of Trust..........................................     4
Section 2.10.    Representations and Warranties of the Depositor.........     4
Section 2.11.    Payment of Trust Fees...................................     5
Section 2.12.    Investment Company......................................     5
Section 2.13.    Transfer of Trust Estate to Owner Trustee...............     5

                                   ARTICLE III

                    CONVEYANCE OF THE CONTRACTS; CERTIFICATES

Section 3.01.    Conveyance of the Contracts.............................     7
Section 3.02.    Initial Ownership.......................................     7
Section 3.03.    The Certificates........................................     7
Section 3.04.    Authentication of Certificates..........................     8
Section 3.05.    Registration of and Limitations on Transfer and Exchange
                    of Certificates......................................     8
Section 3.06.    Mutilated, Destroyed, Lost or Stolen Certificates.......    10
Section 3.07.    Persons Deemed Certificateholders.......................    10
Section 3.08.    Access to List of Certificateholders' Names and
                    Addresses............................................    10
Section 3.09.    Maintenance of Office or Agency.........................    11
Section 3.10.    Certificate Paying Agent................................    11
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                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 4.01.    General Authority.......................................    12
Section 4.02.    General Duties..........................................    12
Section 4.03.    Action upon Instruction.................................    13
Section 4.04.    No Duties Except as Specified under Specified Documents
                    or in Instructions...................................    13
Section 4.05.    Restrictions............................................    14
Section 4.06.    Prior Notice to Certificateholders with Respect to
                    Certain Matters......................................    14
Section 4.07.    Action by Certificateholders with Respect to Certain
                    Matters..............................................    15
Section 4.08.    Action by Certificateholders with Respect to
                 Bankruptcy..............................................    15
Section 4.09.    Restrictions on Certificateholders' Power...............    15
Section 4.10.    Majority Control........................................    15
Section 4.11.    Regulation AB Reporting Requirements....................    15
Section 4.12.    Rights of Note Insurer..................................    16

                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

Section 5.01.    Distributions...........................................    16
Section 5.02.    Method of Payment.......................................    16
Section 5.03.    Tax Returns.............................................    17
Section 5.04.    Statements to Certificateholders........................    17

                                   ARTICLE VI

                               CONCERNING THE BANK

Section 6.01.    Acceptance of Trusts and Duties.........................    17
Section 6.02.    Furnishing of Documents.................................    19
Section 6.03.    Representations and Warranties..........................    19
Section 6.04.    Reliance; Advice of Counsel.............................    20
Section 6.05.    Not Acting in Individual Capacity.......................    20
Section 6.06.    Bank Not Liable for Certificates or Related Documents...    20
Section 6.07.    Bank May Own Certificates and Notes.....................    21
Section 6.08.    Payments from Owner Trust Estate........................    21
Section 6.09.    Doing Business in Other Jurisdictions...................    21
Section 6.10.    Liability of Certificate Registrar and Certificate
                    Paying Agent.........................................    21
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                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

Section 7.01.    Owner Trustee Fees and Expenses.........................    21
Section 7.02.    Indemnification.........................................    22

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

Section 8.01.    Termination of Trust Agreement..........................    23

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 9.01.    Eligibility Requirements for Owner Trustee..............    24
Section 9.02.    Replacement of Owner Trustee............................    24
Section 9.03.    Successor Owner Trustee.................................    25
Section 9.04.    Merger or Consolidation of Owner Trustee................    25
Section 9.05.    Appointment of Co-Trustee or Separate Trustee...........    25

                                    ARTICLE X

                                  MISCELLANEOUS

Section 10.01.   Amendments..............................................    27
Section 10.02.   No Legal Title to Owner Trust Estate....................    28
Section 10.03.   Limitations on Rights of Others.........................    29
Section 10.04.   Notices.................................................    29
Section 10.05.   Severability............................................    29
Section 10.06.   Separate Counterparts...................................    30
Section 10.07.   Successors and Assigns..................................    30
Section 10.08.   No Petition.............................................    30
Section 10.09.   No Recourse.............................................    30
Section 10.10.   Headings................................................    30
Section 10.11.   GOVERNING LAW...........................................    30
Section 10.12.   Integration.............................................    30

                                   ARTICLE XI

                             MANAGEMENT OF THE TRUST

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                                    EXHIBITS

Exhibit A - Form of Certificate..........................................    A-1
Exhibit B - Certificate of Trust of Origen Manufactured Housing Contract
                Trust 2007-A.............................................    B-1
Exhibit C - [Reserved]...................................................    C-1
Exhibit D - Form of Certificate of Non-Foreign Status....................    D-1
Exhibit E - Form of Investment Letter....................................    E-1
Exhibit F - Form of Transferor Certificate...............................    F-1
Exhibit G - Form of ERISA Letter.........................................    G-1
Exhibit H - Form of Transferee Certificate...............................    H-1
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                                       iv
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     This Trust Agreement, dated as of April 1, 2007 (as amended from time to
time, this "Trust Agreement"), among Origen Residential Securities, Inc., a
Delaware corporation, as depositor (the "Depositor"), Wilmington Trust Company,
a Delaware banking corporation, as owner trustee (the "Owner Trustee" and in its
individual capacity, the "Bank"), and The Bank of New York Trust Company, N.A.,
as certificate registrar (in such capacity, the "Certificate Registrar") and
certificate paying agent (in such capacity, the "Certificate Paying Agent").

                                WITNESSETH THAT:

     In consideration of the mutual agreements herein contained, the Depositor,
the Owner Trustee, the Certificate Registrar and the Certificate Paying Agent
agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     Section 1.01. Definitions. For all purposes of this Trust Agreement, except
as otherwise expressly provided herein or unless the context otherwise requires,
capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in Appendix A to the Indenture, dated April 1, 2007, between
Origen Manufactured Housing Contract Trust 2007-A, as Issuing Entity, and The
Bank of New York Trust Company, N.A., as Indenture Trustee, which is
incorporated by reference herein. All other capitalized terms used herein shall
have the meanings specified herein.

     Section 1.02. Other Definitional Provisions.

     (a) All terms defined in this Trust Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

     (b) As used in this Trust Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Trust Agreement or in any such certificate or other document,
and accounting terms partly defined in this Trust Agreement or in any such
certificate or other document to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles, the
definitions contained in this Trust Agreement or in any such certificate or
other document shall control.

     (c) The words "hereof," "herein," "hereunder" and words of similar import
when used in this Trust Agreement shall refer to this Trust Agreement as a whole
and not to any particular provision of this Trust Agreement; Article, Section
and Exhibit references contained in this Trust Agreement are references to
Articles, Sections and Exhibits in or to this Trust Agreement unless otherwise
specified; and the term "including" shall mean "including without limitation".

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     (d) The definitions contained in this Trust Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

     (e) 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.

                                   ARTICLE II

                                  ORGANIZATION

     Section 2.01. Name. The trust created hereby (the "Trust") shall be known
as "Origen Manufactured Housing Contract Trust 2007-A", in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

     Section 2.02. Office. The office of the Trust shall be in care of the Owner
Trustee at the Corporate Trust Office or at such other address in Delaware as
the Owner Trustee may designate by written notice to the Certificateholders and
the Depositor.

     Section 2.03. Purposes and Powers. The purpose of the Trust is to engage in
the following activities and the Trust shall have the power and authority:

          (i) to issue the Notes pursuant to the Indenture and the Certificates
     pursuant to this Trust Agreement and to sell the Notes and the
     Certificates;

          (ii) to pay the organizational, start-up and transactional expenses of
     the Trust;

          (iii) to assign, grant, transfer, pledge and convey the Contracts
     pursuant to the Indenture and to hold, manage and distribute to the
     Certificateholder pursuant to Section 5.01 herein, any portion of the
     Contracts released from the Lien of, and remitted to the Trust pursuant to
     the Indenture;

          (iv) to enter into and perform its obligations under the Basic
     Documents to which it is to be a party;

          (v) if directed by holders of Certificates representing more than 50%
     of the beneficial interests in the Trust, sell the Trust Estate subsequent
     to the discharge of the Indenture, all for the benefit of the holders of
     the Certificates;

          (vi) to engage in those activities, including entering into
     agreements, that are necessary, suitable or convenient to accomplish the
     foregoing or are incidental thereto or connected therewith;

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          (vii) subject to compliance with the Basic Documents, to engage in
     such other activities as may be required in connection with conservation of
     the Owner Trust Estate and the making of distributions to the
     Certificateholder and the Noteholders; and

          (viii) as set forth in the Indenture, at any time on or after the
     Closing Date, the Issuing Entity shall have the right to convey to the
     Trust Estate, solely for the benefit of the Holder of the Certificates, a
     derivative contract or comparable instrument. Any such instrument shall
     constitute a fully prepaid agreement. All collections, proceeds and other
     amounts in respect of such an instrument shall be distributed to the
     Certificates on the Payment Date following receipt thereof by the Indenture
     Trustee.

     The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Trust
Agreement or the Basic Documents.

     Section 2.04. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to
have all the rights, powers and duties set forth herein.

     Section 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial corpus of the Trust and shall
be deposited in the Certificate Distribution Account. The Owner Trustee also
acknowledges on behalf of the Trust the receipt in trust pursuant to Section
3.01 of the Contracts and the rights with respect to the representations and
warranties made by the Seller and the Originator under the Asset Purchase
Agreement which shall constitute the Owner Trust Estate.

     Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that
it shall hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Certificateholders, subject to
the obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that the Trust constitute a "statutory trust" under the
Statutory Trust Statute and that this Trust Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto
that, for federal, state and local income and franchise tax purposes, the Trust
(A) shall, as of the Closing Date and for so long as any Notes are outstanding
be treated for federal income tax purposes as a qualified REIT subsidiary within
the meaning of Section 856(i) of the Code, and thereafter be disregarded as a
separate entity, and (B) that each Class of Notes shall be debt, and the
provisions of this Agreement shall be interpreted to further this intention. It
is the intention of the parties hereto that, for federal, state and local tax
purposes, the Depositor shall at no time be treated as an owner of the Contracts
or as the Issuing Entity of or obligor on indebtedness secured by the Contracts
and evidenced by the Notes, and the parties hereto mutually covenant to take all
pertinent tax reporting positions consistent with that intent. Except as
otherwise provided in this Trust Agreement, the rights of the Certificateholder
will be those of equity owners of the Trust. Effective as of the date hereof,
the Owner Trustee shall have all rights, powers and duties set forth herein and
in the Statutory Trust Statute with respect to accomplishing the purposes of the
Trust.

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     Section 2.07. Liability of the Holders of the Certificates. The Holders of
the Certificates shall be jointly and severally liable directly to and shall
indemnify any injured party for all losses, claims, damages, liabilities and
expenses of the Trust and the Owner Trustee (including Expenses, to the extent
not paid out of the Owner Trust Estate); provided, however, that the Holders of
the Certificates shall not be liable for payments required to be made on the
Notes or the Certificates, or for any losses incurred by a Certificateholder in
the capacity of an investor in the Certificates or a Noteholder in the capacity
of an investor in the Notes. The Holders of the Certificates shall be liable for
and shall promptly pay any entity level taxes imposed on the Trust. In addition,
any third party creditors of the Trust (other than in connection with the
obligations described in the second preceding sentence for which the Holders of
the Certificates shall not be liable) shall be deemed third party beneficiaries
of this paragraph. The obligations of the Holders of the Certificates under this
paragraph shall be evidenced by the Certificates.

     Section 2.08. Title to Trust Property. Except with respect to the
Contracts, which will be assigned of record to the Indenture Trustee pursuant to
the Indenture, legal title to the Owner Trust Estate shall be vested at all
times in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be vested
in a trustee or trustees, in which case title shall be deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

     Section 2.09. Situs of Trust. The Trust will be located and administered in
the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware. The Trust shall
not have any employees in any state other than Delaware; provided, however, that
nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware or taking actions outside the
State of Delaware in order to comply with Section 2.03. Payments will be
received by the Trust only in Delaware or New York, and payments will be made by
the Trust only from Delaware or New York. The only office of the Trust will be
at the Corporate Trust Office in Delaware.

     Section 2.10. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee and the Note
Insurer that:

          (i) The Depositor is duly organized and validly existing as a
     corporation in good standing under the laws of the State of Delaware, with
     power and authority to own its properties and to conduct its business as
     such properties are currently owned and such business is presently
     conducted.

          (ii) The Depositor is duly qualified to do business as a foreign
     corporation in good standing and has obtained all necessary licenses and
     approvals in all jurisdictions in which the ownership or lease of its
     property or the conduct of its business shall require such qualifications
     and in which the failure to so qualify would have a material adverse effect
     on the business, properties, assets or condition (financial or other) of
     the Depositor.

          (iii) The Depositor has the power and authority to execute and deliver
     this Trust Agreement and to carry out its terms; the Depositor has full
     power and authority to convey and assign the property to be conveyed and
     assigned to and deposited with the Trust as part of the Owner Trust Estate
     and the Depositor has duly authorized such

                                        4

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     conveyance and assignment and deposit to the Trust by all necessary
     corporate action; and the execution, delivery and performance of this Trust
     Agreement have been duly authorized by the Depositor by all necessary
     corporate action.

          (iv) The consummation of the transactions contemplated by this Trust
     Agreement and the fulfillment of the terms hereof do not conflict with,
     result in any breach of any of the terms and provisions of, or constitute
     (with or without notice or lapse of time) a default under, the articles of
     incorporation or bylaws of the Depositor, or any indenture, agreement or
     other instrument to which the Depositor is a party or by which it is bound;
     nor result in the creation or imposition of any Lien upon any of its
     properties pursuant to the terms of any such indenture, agreement or other
     instrument (other than pursuant to the Basic Documents); nor violate any
     law or, to the best of the Depositor's knowledge, any order, rule or
     regulation applicable to the Depositor of any court or of any federal or
     state regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Depositor or its properties.

          (v) The Trust is not required to register as an investment company
     under the Investment Company Act and is not under the control of a Person
     required to so register.

     Section 2.11. Payment of Trust Fees. Pursuant to the Section 8.02 of the
Indenture, on each Payment Date commencing on the 13th Payment Date, the
Indenture Trustee shall remit to the Owner Trustee the Owner Trustee Fee for
such Payment Date.

     Section 2.12. Investment Company. Neither the Depositor nor any holder of a
Certificate shall take any action which would cause the Trust to become an
"investment company" which would be required to register under the Investment
Company Act.

     Section 2.13. Transfer of Trust Estate to Owner Trustee.

     (a) Effective as of the date hereof, the Depositor does hereby assign,
transfer, and otherwise convey to, and deposit with, the Trust, until this
Agreement terminates pursuant to Section 8.01, the entire Trust Estate, such
conveyance to be made in exchange for the Notes and the Certificates. Such
assignment includes, without limitation, all amounts payable to and all rights
of the holder of the Collateral pursuant to this Agreement.

     (b) The conveyance of the Collateral and all other assets constituting the
Trust Estate by the Depositor as contemplated hereby is absolute and is intended
by the parties, other than for federal, state and local income and franchise tax
purposes, to constitute a sale of the Collateral and all other assets
constituting the Trust Estate by the Depositor to the Trust. It is, further, not
intended that such conveyance be deemed a pledge of security for a loan. If such
conveyance is deemed to be a pledge of security for a loan, however, the
Depositor intends that the rights and obligations of the parties to such loan
shall be established pursuant to the terms of this Agreement. The Depositor also
intends and agrees that, in such event:

          (i) this Agreement shall constitute a security agreement under
     applicable law and shall be deemed to create valid and continuing security
     interest (as defined in the applicable UCC) in the Trust Estate (including,
     without limitation, the Collateral, the Certificate Distribution Account
     and any proceeds thereof) in favor of the Trust, which

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     security interest is prior to all other Liens, and is enforceable as such
     as against creditors of and purchasers from the Depositor;

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

          (iii) the Depositor owns and has good and marketable title to the
     Trust Estate free and clear of any Lien, claim or encumbrance of any
     Person;

          (iv) the Certificate Distribution Account constitutes a "deposit
     account" within the meaning of the applicable UCC. The Depositor has
     directed the bank where the Certificate Distribution Account is held to
     take all steps necessary to cause the Certificate Paying Agent to become
     the account holder of the Certificate Distribution Account. The Certificate
     Distribution Account is not in the name of any Person other than as
     provided in Section 3.10 of this Agreement. The Depositor has not consented
     to the maintenance of the Certificate Distribution Account in compliance
     with instructions of any Person other than the Certificate Paying Agent;

          (v) the Trust Estate (excluding the Certificate Distribution Account
     and any proceeds thereof) constitutes "deposit accounts," "general
     intangibles" and "instruments" within the meaning of the applicable UCC).
     The Depositor has received all required consents and approvals to the
     pledge of the portions of the Trust Estate (excluding the Certificate
     Distribution Account and any proceeds thereof) constituting payment
     intangibles;

          (vi) the Depositor has caused or will have caused, within ten days,
     the filing of all appropriate financing statements in the appropriate
     filing offices under applicable law in order to perfect the security
     interest in the Trust Estate granted to the Trust hereunder. All financing
     statements filed or to be filed against the Depositor in favor of the Trust
     (or any subsequent assignee, including, without limitation, the Indenture
     Trustee) in connection herewith describing the Trust Estate contain a
     statement to the following effect, "A purchase of, or security interest in,
     any collateral described in this financing statement will violate the
     rights of the secured party;" and

          (vii) the Depositor shall, to the extent consistent with this
     Agreement, take such additional reasonable actions as may be necessary to
     ensure that, if this Agreement were deemed to create a security interest in
     the Collateral and the other assets of the Trust Estate, such security
     interest would be a perfected security interest of first priority under
     applicable law and will be maintained as such throughout the life of this
     Agreement. Notifications to, and acknowledgments, receipts or confirmations
     from, Persons holding such property, shall be deemed to be notifications
     to, or acknowledgments, receipts or confirmations from, financial
     intermediaries, bailees or agents (as applicable) of the

                                        6

<PAGE>

     Owner Trustee on behalf of the Trust (or any subsequent assignee,
     including, without limitation, the Indenture Trustee) for the purpose of
     perfecting such security interest under applicable law.

     (c) The Owner Trustee declares that it holds and will hold the Trust Estate
and such documents and instruments and that it holds and will hold all other
assets and documents to be included in the Trust Estate, in trust for the
exclusive use and benefit of all present and future Certificateholders.

     (d) Except as expressly provided in Section 8.01, neither the Depositor nor
any Certificateholder shall be able to revoke the Trust established hereunder.
Except as provided in Sections 4.01, 4.02, 4.03, 5.01 and 8.01 hereof, the Owner
Trustee or Certificate Paying Agent (as applicable) shall not assign, sell,
dispose of or transfer any interest in, nor may the Depositor or any
Certificateholder withdraw from the Trust, the Collateral or other asset
constituting the Trust Estate.

                                   ARTICLE III

                    CONVEYANCE OF THE CONTRACTS; CERTIFICATES

     Section 3.01. Conveyance of the Contracts. The Depositor, concurrently with
the execution and delivery hereof, does hereby contribute, transfer, convey and
assign to the Trust, on behalf of the Holders of the Notes and the Certificates
and the Note Insurer, without recourse, all its right, title and interest in and
to the Contracts, including all interest and principal received on or with
respect to the Contracts after the Cut-off Date (other than payments of
principal and interest due on the Contracts on or before the Cut-off Date). In
addition, the Depositor hereby assigns to the Trust all of its right, title, and
interest in, to, and under the Asset Purchase Agreement. Upon assignment to the
Depositor of any Eligible Substitute Contract under the Asset Purchase
Agreement, the Depositor shall, and hereby does, assign the same to the Issuing
Entity.

     Section 3.02. Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the conveyance
of the Contracts pursuant to Section 3.01 and the issuance of the Certificates,
and thereafter except as otherwise permitted hereunder, the Depositor shall be
the sole beneficial owner.

     Section 3.03. The Certificates. The Certificates shall be issued in the
form of a Certificate representing not less than a 100% Certificate Percentage
Interest. At initial issuance, 100% of the Certificates shall be issued to and
registered in the name of Origen CMO Residual Holding Company, LLC as designee
of the Depositor and the Seller. The Certificates shall be executed on behalf of
the Trust by manual or facsimile signature of an authorized officer of the Owner
Trustee and authenticated in the manner provided in Section 3.04. Certificates
bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on behalf of
the Trust, shall be validly issued and entitled to the benefit of this Trust
Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such

                                        7

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Certificates. A Person shall become a Certificateholder and shall be entitled to
the rights and subject to the obligations of a Certificateholder hereunder upon
such Person's acceptance of a Certificate duly registered in such Person's name,
pursuant to Section 3.05.

     A transferee of a Certificate shall become a Certificateholder and shall be
entitled to the rights and subject to the obligations of a Certificateholder
hereunder upon such transferee's acceptance of a Certificate duly registered in
such transferee's name pursuant to and upon satisfaction of the conditions set
forth in Section 3.05.

     Section 3.04. Authentication of Certificates. The Owner Trustee shall cause
all Certificates issued hereunder to be executed and authenticated on behalf of
the Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president or any vice
president, without further corporate action by the Depositor, in authorized
denominations. No Certificate shall entitle its holder to any benefit under this
Trust Agreement or be valid for any purpose unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A, executed by the Owner Trustee or the Certificate Registrar by
manual signature; such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

     Section 3.05. Registration of and Limitations on Transfer and Exchange of
Certificates. The Certificate Registrar shall keep or cause to be kept, a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Certificate Registrar shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.
The Bank of New York Trust Company, N.A., shall be the initial Certificate
Registrar. If the Certificate Registrar resigns or is removed, the Majority
Certificateholder, with the consent of the Owner Trustee, shall appoint a
successor Certificate Registrar.

     Subject to satisfaction of the conditions set forth below with respect to
the Certificate, upon surrender for registration of transfer of any Certificate
at the office or agency maintained pursuant to Section 3.09, the Owner Trustee
or the Certificate Registrar shall execute, authenticate and deliver in the name
of the designated transferee or transferees, one or more new Certificates in
authorized denominations of a like aggregate amount dated the date of
authentication by the Owner Trustee or the Certificate Registrar. At the option
of a Holder, Certificates may be exchanged for other Certificates of authorized
denominations of a like aggregate amount upon surrender of the Certificates to
be exchanged at the office or agency maintained pursuant to Section 3.09.

     Every Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Holder or such
Holder's attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Certificate Registrar in accordance with its customary
practice.

     No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Owner Trustee or the Certificate Registrar may
require payment of a sum

                                        8

<PAGE>

sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.

     No Person shall become a Certificateholder until it shall establish its
non-foreign status by submitting to the Certificate Paying Agent an IRS Form W-9
and the Certificate of Non-Foreign Status set forth in Exhibit D hereto.

     No person shall become a Certificateholder, so long as any Notes are
Outstanding, until it shall establish its status as a real estate investment
trust ("REIT") or as a "qualified REIT subsidiary" ("QRS") within the meaning of
Section 856(a) or Section 856(i) of the Code, respectively, or as an entity that
is disregarded for federal income tax purposes that is wholly owned by a single
REIT or a QRS, by submitting to the Certificate Registrar and the Owner Trustee,
the Transferee Certificate set forth in Exhibit H hereto.

     No transfer, sale, pledge or other disposition of a Certificate shall be
made unless such transfer, sale, pledge or other disposition is exempt from the
registration requirements of the Securities Act and any applicable state
securities laws or is made in accordance with said Act and laws. In the event of
any such transfer, the Certificate Registrar or the Depositor shall prior to
such transfer require the transferee to execute (A) either (i) (a) an investment
letter in substantially the form attached hereto as Exhibit C (or in such form
and substance reasonably satisfactory to the Certificate Registrar and the
Depositor) which investment letter shall not be an expense of the Trust, the
Owner Trustee, the Note Insurer, the Certificate Registrar, the Servicer or the
Depositor and which investment letter states that, among other things, such
transferee (1) is a "qualified institutional buyer" as defined under Rule 144A,
acting for its own account or the accounts of other "qualified institutional
buyers" as defined under Rule 144A, and (2) is aware that the proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A or (ii) (a) a
written Opinion of Counsel acceptable to and in form and substance satisfactory
to the Certificate Registrar, the Note Insurer, the Owner Trustee and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from said Act and laws or is
being made pursuant to said Act and laws, which Opinion of Counsel shall not be
an expense of the Trust, the Owner Trustee, the Note Insurer, the Certificate
Registrar, the Servicer or the Depositor and (b) the transferee executes a
representation letter, substantially in the form of Exhibit F to the Agreement,
and transferor executes a representation letter, substantially in the form of
Exhibit E hereto, each acceptable to and in form and substance satisfactory to
the Certificate Registrar, the Owner Trustee and the Depositor certifying the
facts surrounding such transfer, which representation letters shall not be an
expense of the Trust, the Owner Trustee, the Note Insurer, the Certificate
Registrar, the Servicer or the Depositor and (B) the Certificate of Non-Foreign
Status (in substantially the form attached hereto as Exhibit D) acceptable to
and in form and substance reasonably satisfactory to the Certificate Registrar,
the Note Insurer, the Owner Trustee and the Depositor, which certificate shall
not be an expense of the Trust, the Owner Trustee, the Note Insurer, the
Certificate Registrar or the Depositor. The Holder of a Certificate desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trust, the
Owner Trustee, the Certificate Registrar, the Note Insurer, the Servicer and the
Depositor 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.

                                        9

<PAGE>

     No transfer of Certificates or any interest therein shall be made to any
Person unless the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer are provided with a certification in the form of Exhibit G to this
Agreement, which the Depositor, the Owner Trustee, the Note Insurer, the
Certificate Registrar and the Servicer may rely upon without further inquiry or
investigation that such Person is not an employee benefit plan within the
meaning of section 3(3) of ERISA or a plan within the meaning of section
4975(e)(1) of the Code which employee benefit plan or plan is subject to Title I
of ERISA or section 4975 of the Code (each a "Plan") or a Person acting,
directly or indirectly, on behalf of a Plan or a Person acquiring a Certificate
or interest therein with assets of a Plan pursuant to 29 CFR Section 2510.3-101
(as modified by section 3(42) of ERISA) or otherwise. No such certification will
be required in connection with the initial transfer of any such Certificate by
the Depositor to an affiliate of the Depositor (in which case, the Depositor or
any affiliate thereof shall be deemed to have made the representations set forth
in Exhibit G to this Agreement and the Owner Trustee and the Certificate
Registrar shall be entitled to conclusively rely upon such representation
(which, upon the request of the Owner Trustee or the Certificate Registrar,
shall be a written representation) from the Depositor of the status of such
transferee as an affiliate of the Depositor.

     Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or if
the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice to the Certificate Registrar or the Owner Trustee that such Certificate
has been acquired by a bona fide purchaser, the Owner Trustee shall execute on
behalf of the Trust and the Owner Trustee or the Certificate Registrar, shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like tenor and
denomination. In connection with the issuance of any new Certificate under this
Section 3.06, the Owner Trustee or the Certificate Registrar may require the
payment of a sum sufficient to cover any expenses of the Owner Trustee or the
Certificate Registrar (including fees and expenses of counsel) and any tax or
other governmental charge that may be imposed in connection therewith. Any
duplicate Certificate issued pursuant to this Section 3.06 shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether
or not the lost, stolen or destroyed Certificate shall be found at any time.

     Section 3.07. Persons Deemed Certificateholders. Prior to due presentation
of a Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar, the Note Insurer or any Certificate Paying Agent may
treat the Person in whose name any Certificate is registered in the Certificate
Register as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 5.02 and for all other purposes whatsoever,
and none of the Trust, the Owner Trustee, the Note Insurer, the Certificate
Registrar or any Certificate Paying Agent shall be bound by any notice to the
contrary.

     Section 3.08. Access to List of Certificateholders' Names and Addresses.
The Certificate Registrar shall furnish or cause to be furnished to the
Depositor, the Note Insurer, the Certificate Paying Agent or the Owner Trustee,
within 15 days after receipt by the Certificate Registrar of a written request
therefor from the Depositor, the Certificate Paying Agent or the Owner Trustee,
a list, in such form as the Depositor, the Note Insurer, the Certificate Paying

                                       10

<PAGE>

Agent or the Owner Trustee, as the case may be, may reasonably require, of the
names and addresses of the Certificateholders as of the most recent Record Date.
Each Holder, by receiving and holding a Certificate, shall be deemed to have
agreed not to hold any of the Trust, the Note Insurer, the Depositor, the
Certificate Paying Agent, the Certificate Registrar or the Owner Trustee
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

     Section 3.09. Maintenance of Office or Agency. The Owner Trustee on behalf
of the Trust, shall maintain an office or offices or agency or agencies where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Owner Trustee in respect of the
Certificates may be served. The Owner Trustee initially designates the Corporate
Trust Office of the Certificate Registrar for purposes of such surrender and for
service of notices or demands. The Owner Trustee shall give prompt written
notice to the Depositor, the Note Insurer, the Certificate Paying Agent, the
Certificate Registrar and the Certificateholders of any change in the location
of the Certificate Register or any such office or agency.

     Section 3.10. Certificate Paying Agent.

     (a) The Certificate Paying Agent shall make distributions to
Certificateholders from the Certificate Distribution Account on behalf of the
Trust in accordance with the provisions of the Certificates and Section 5.01
hereof from payments remitted to the Certificate Paying Agent by the Indenture
Trustee pursuant to Section 3.05 of the Indenture. The Trust hereby appoints The
Bank of New York Trust Company, N.A., as Certificate Paying Agent, and The Bank
of New York Trust Company, N.A., hereby accepts such appointment and further
agrees that it will be bound by the provisions of this Trust Agreement relating
to the Certificate Paying Agent and shall:

          (i) hold all sums held by it for the payment of amounts due with
     respect to the Certificates 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;

          (ii) give the Owner Trustee notice of any default by the Trust of
     which a Responsible Officer of the Certificate Paying Agent has actual
     knowledge in the making of any payment required to be made with respect to
     the Certificates;

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

          (iv) not resign from its position as Certificate Paying Agent so long
     as it is Indenture Trustee except that it shall immediately resign as
     Certificate Paying Agent and forthwith pay to the Owner Trustee on behalf
     of the Trust all sums held by it in trust for the payment of Certificates
     if at any time it ceases to meet the standards under this Section 3.10
     required to be met by the Certificate Paying Agent at the time of its
     appointment;

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<PAGE>

          (v) comply with all requirements of the Code with respect to the
     withholding from any payments made by it on any Certificates of any
     applicable withholding taxes imposed thereon and with respect to any
     applicable reporting requirements in connection therewith; and

          (vi) not institute bankruptcy proceedings against the Issuing Entity
     in connection with this Trust Agreement.

     (b) The Trust may revoke such power and remove the Certificate Paying Agent
if it determines in its sole discretion that the Certificate Paying Agent shall
have failed to perform its obligations under this Trust Agreement in any
material respect. In the event that The Bank of New York Trust Company, N.A.,
shall no longer be the Certificate Paying Agent under this Trust Agreement and
Paying Agent under the Indenture, the Majority Certificateholder, with the
consent of the Owner Trustee, shall appoint a successor to act as Certificate
Paying Agent (which shall be a bank or trust company) and which shall also be
the successor Paying Agent under the Indenture. The Owner Trustee shall cause
such successor Certificate Paying Agent or any additional Certificate Paying
Agent hereunder to execute and deliver to the Owner Trustee an instrument to the
effect set forth in Section 3.10(a) as it relates to the Certificate Paying
Agent. The Certificate Paying Agent shall return all unclaimed funds to the
Trust and upon removal of a Certificate Paying Agent such Certificate Paying
Agent shall also return all funds in its possession to the Trust. The provisions
of Sections 6.01, 6.04, 6.05, 6.06, 6.07, 6.08 and 7.01 shall apply to the
Certificate Paying Agent to the extent applicable. Any reference in this
Agreement to the Certificate Paying Agent shall include any co-paying agent
unless the context requires otherwise.

     (c) The Certificate Paying Agent shall establish and maintain with itself a
trust account (the "Certificate Distribution Account") in which the Certificate
Paying Agent shall deposit, on the same day as it is received from the Indenture
Trustee, each remittance received by the Certificate Paying Agent with respect
to payments made pursuant to the Indenture. The Certificate Paying Agent shall
make all distributions to Certificates, from moneys on deposit in the
Certificate Distribution Account, in accordance with Section 5.01 hereof.

                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

     Section 4.01. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument described herein all as approved by
the Depositor, as evidenced conclusively by the Owner Trustee's execution
thereof. In addition to the foregoing, the Owner Trustee is authorized, but
shall not be obligated, except as otherwise provided in this Trust Agreement, to
take all actions required of the Trust pursuant to the Basic Documents.

     Section 4.02. General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Trust Agreement

                                       12

<PAGE>

and the Basic Documents to which the Trust is a party and to administer the
Trust in the interest of the Certificateholders and the Note Insurer, subject to
the Basic Documents and in accordance with the provisions of this Trust
Agreement.

     Section 4.03. Action upon Instruction.

     (a) Subject to Article IV and in accordance with the terms of the Basic
Documents, the Note Insurer or the Certificateholders may by written instruction
direct the Owner Trustee in the management of the Trust. Such direction may be
exercised at any time by written instruction of the Certificateholders or the
Note Insurer pursuant to Article IV.

     (b) Notwithstanding the foregoing, the Owner Trustee shall not be required
to take any action hereunder or under any Basic Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that
such action is likely to result in liability on the part of the Owner Trustee or
is contrary to the terms hereof or of any Basic Document or is otherwise
contrary to law.

     (c) Whenever the Owner Trustee is required to decide between alternative
courses of action permitted or required by the terms of this Trust Agreement or
under any Basic Document, or in the event that the Owner Trustee is unsure as to
the application of any provision of this Trust Agreement or any Basic Document
or any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this
Trust Agreement permits any determination by the Owner Trustee or is silent or
is incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholders, the Owner Trustee shall
not be liable on account of such action to any Person. If the Owner Trustee
shall not have received appropriate instruction within 10 days of such notice
(or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be under
no duty to, take or refrain from taking such action not inconsistent with this
Trust Agreement or the Basic Documents, as it shall deem to be in the best
interests of the Certificateholders, and the Owner Trustee shall have no
liability to any Person for such action or inaction.

     Section 4.04. No Duties Except as Specified under Specified Documents or in
Instructions. The Owner 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 Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Trust Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Trust Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at anytime or to otherwise

                                       13

<PAGE>

perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Trust Agreement or any Basic Document.
Notwithstanding any provision herein or in any other Basic Document, the Owner
Trustee shall not be obligated to prepare, file or execute any documents or
certifications required to be filed by the Trust pursuant to the Sarbanes-Oxley
Act of 2002, as amended. The Owner Trustee nevertheless 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 Owner Trust Estate that result from
actions by, or claims against, the Owner Trustee that are not related to the
ownership or the administration of the Owner Trust Estate.

     Section 4.05. Restrictions.

     (a) The Owner Trustee or the Depositor (or an Affiliate thereof) shall not
take any action (x) that is inconsistent with the purposes of the Trust set
forth in Section 2.03, (y) that, to the actual knowledge of the Owner Trustee
based on an Opinion of Counsel rendered by a law firm generally recognized to be
qualified to opine concerning the tax aspects of asset securitization, would
result in the Trust becoming taxable as a corporation for federal income tax
purposes or (z) would result in the amendment or modification of this Trust
Agreement. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 4.05.

     (b) The Owner Trustee shall not convey or transfer any of the Trust's
properties or assets, including those included in the Trust Estate, to any
person unless (a) it shall have received an Opinion of Counsel rendered by a law
firm generally recognized to be qualified to opine concerning the tax aspects of
asset securitization to the effect that such transaction will not have any
material adverse tax consequence to the Trust or any Certificateholder and (b)
such conveyance or transfer shall not violate the provisions of Section 3.16(b)
of the Indenture.

     Section 4.06. Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take
action unless at least 10 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders and the Note Insurers in
writing of the proposed action and the Certificateholders and the Note Insurer
shall not have notified the Owner Trustee in writing prior to the 10th day after
such notice is given that such Certificateholders or the Note Insurer have
withheld consent or provided alternative direction:

     (a) the initiation of any claim or lawsuit by the Trust (except claims or
lawsuits brought in connection with the collection of cash distributions due and
owing under the Contracts) and the compromise of any action, claim or lawsuit
brought by or against the Trust (except with respect to the aforementioned
claims or lawsuits for collection of cash distributions due and owing under the
Contracts);

     (b) the election by the Trust to file an amendment to the Certificate of
Trust (unless such amendment is required to be filed under the Statutory Trust
Statute);

     (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

                                       14

<PAGE>

     (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholders;
and

     (e) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Trust Agreement
of a successor Certificate Registrar or Certificate Paying Agent or the consent
to the assignment by the Note Registrar, Paying Agent, Indenture Trustee,
Certificate Registrar or Certificate Paying Agent of its obligations under the
Indenture or this Trust Agreement, as applicable.

     Section 4.07. Action by Certificateholders with Respect to Certain Matters.
The Owner Trustee shall not have the power, except upon the direction of the
Certificateholders or the Note Insurer to (a) remove the Servicer under the
Servicing Agreement pursuant to Sections 7.01 and 8.05 thereof or (b) except as
expressly provided in the Basic Documents, sell the Contracts after the
termination of the Indenture. The Owner Trustee shall take the actions referred
to in the preceding sentence only upon written instructions signed by the
Certificateholders or the Note Insurer.

     Section 4.08. Action by Certificateholders with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Certificateholders and the consent of the Noteholders, the Note Insurer and the
Owner Trustee and the delivery to the Owner Trustee and the Note Insurer by each
such Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent. This paragraph shall survive
for one year following termination of this Trust Agreement.

     Section 4.09. Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Trust Agreement or any of the Basic
Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

     Section 4.10. Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Trust Agreement
may be taken by the Holders of Certificates evidencing not less than a majority
Percentage Interest of the Certificates. Except as expressly provided herein,
any written notice of the Certificateholders delivered pursuant to this Trust
Agreement shall be effective if signed by Holders of Certificates evidencing not
less than a majority Percentage Interest of the Certificates at the time of the
delivery of such notice.

     Section 4.11. Regulation AB Reporting Requirements.

     (a) Within 5 days of each Payment Date, the Owner Trustee shall provide in
writing to the Depositor and the Indenture Trustee disclosure of any legal
proceedings pending against the Owner Trustee or its property that would be
material to Noteholders or the Note Insurer, that has not been previously
disclosed to the Depositor and the Indenture Trustee, including any such
proceedings against the Owner Trustee contemplated by governmental authorities,
in each case that are known by a Responsible Officer of the Owner Trustee.

                                       15

<PAGE>

     (b) The Owner Trustee shall provide in writing to the Depositor and the
Indenture Trustee disclosure of any affiliations and relationships between the
Owner Trustee and any of the transaction parties listed on Exhibit E to the
Indenture. The Owner Trustee shall provide such disclosure within 30 days of the
actual receipt by a Responsible Officer of the Owner Trustee of such Exhibit E.

     Section 4.12. Rights of Note Insurer

     Notwithstanding anything to the contrary in the Basic Documents, without
the prior written consent of the Note Insurer, the Owner Trustee will not (a)
initiate any claim, suit or proceeding brought by or against the Trust, other
than with respect to the enforcement of any Contract or any rights of the Trust
thereunder, (b) authorize the merger or consolidation of the Trust with or into
any other statutory trust or other entity or (c) amend the Certificate of Trust
(other than as may be required by the Statutory Trust Statute).

                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

     Section 5.01. Distributions.

     (a) On each Payment Date, the Certificate Paying Agent shall distribute to
the Certificateholders, on a pro rata basis based on the Certificate Percentage
Interests thereof, all funds remaining on deposit in the Certificate
Distribution Account and available therefor (as provided in Section 3.05 of the
Indenture) for such Payment Date after payment of any expense amounts owing to
the Owner Trustee hereunder and any Expenses of the Trust remaining unpaid.

     (b) In the event that any withholding tax is imposed on the distributions
(or allocations of income) to a Certificateholder, such tax shall reduce the
amount otherwise distributable to the Certificateholder in accordance with this
Section 5.01. The Certificate Paying Agent is hereby authorized and directed to
retain or cause to be retained from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings) upon
receipt of written notice by the Certificate Paying Agent of the amount and due
date of any such tax. The amount of any withholding tax imposed with respect to
a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Certificate Paying Agent and
remitted to the appropriate taxing authority. If there is a possibility that
withholding tax is payable with respect to a distribution (such as a
distribution to a non-U.S. Certificateholder), the Certificate Paying Agent may
in its sole discretion withhold such amounts in accordance with this paragraph
(b).

     (c) Distributions to Certificateholders shall be subordinated to the
creditors of the Trust, including the Noteholders.

     Section 5.02. Method of Payment. Subject to Section 8.01(c), distributions
required to be made to Certificateholders on any Payment Date as provided in
Section 5.01 shall be made to

                                       16

<PAGE>

each Certificateholder of record on the preceding Record Date by wire transfer,
in immediately available funds, to the account of such Holder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided to the Certificate Registrar appropriate written instructions at
least five Business Days prior to such Payment Date or, if not, by check mailed
to such Certificateholder at the address of such Holder appearing in the
Certificate Register.

     Section 5.03. Tax Returns. Pursuant to the Servicing Agreement, the
Servicer and the Administrator have agreed that they shall (a) maintain (or
cause to be maintained) the books of the Trust on a calendar year basis using
the accrual method of accounting, (b) prepare and file or cause to be prepared
and filed such tax returns relating to the Trust as may be required by the Code
and applicable Treasury Regulations (making such elections as may from time to
time be required or appropriate under any applicable state or federal statutes,
rules or regulations); provided, however, that the Administrator shall not be
required to prepare and file partnership tax returns on behalf of the Issuing
Entity unless the Administrator receives an opinion of counsel reasonably
satisfactory to it (which shall not be at the Indenture Trustee's expense, but
shall be at the expense of the Depositor or other party furnishing such opinion)
as to the necessity of such filings and provided further, that the neither the
Servicer nor the Administrator shall be required to compute the Issuing Entity's
gross income except to the extent it can do so without unreasonable effort or
expense based upon income statements furnished to it. Pursuant to the Indenture
and solely with respect to filing Form 1099 tax returns, the Indenture Trustee
has agreed that it shall (a) deliver (or cause to be delivered) to each
Noteholder and Certificateholder as may be required by the Code and applicable
Treasury Regulations, such information as may be required to enable the
Certificateholder to prepare its federal and state income tax returns and (b)
collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.01 of this Trust Agreement with respect to income or
distributions to the Certificateholder and prepare or cause to be prepared the
appropriate forms relating thereto. The Owner Trustee shall sign all tax and
information returns prepared or caused to be prepared by the Administrator and
the Indenture Trustee pursuant to this Section 5.03 at the request of the
Administrator or the Indenture Trustee, and in doing so shall rely entirely
upon, and shall have no liability for information or calculations provided by,
the Administrator or the Indenture Trustee.

     Section 5.04. Statements to Certificateholders. On each Payment Date, the
Certificate Paying Agent shall make available to each Certificateholder the
statement or statements provided to the Owner Trustee and the Certificate Paying
Agent by the Indenture Trustee pursuant to Section 7.05 of the Indenture with
respect to such Payment Date; provided, however, that in the event that any
monthly statement is no longer available, at the request of any
Certificateholder, the Indenture Trustee will deliver such monthly statement to
such Certificateholder.

                                   ARTICLE VI

                               CONCERNING THE BANK

     Section 6.01. Acceptance of Trusts and Duties. The Bank accepts the trusts
hereby created and agrees to perform its duties hereunder with respect to such
trusts but only upon the terms of this Trust Agreement. The Bank and the
Certificate Paying Agent also agree to disburse

                                       17

<PAGE>

all moneys actually received by it constituting part of the Owner Trust Estate
upon the terms of the Basic Documents and this Trust Agreement. The Bank shall
not be answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct, gross negligence or
bad faith or grossly negligent failure to act or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 6.03 expressly
made by the Bank. In particular, but not by way of limitation (and subject to
the exceptions set forth in the preceding sentence):

     (a) The Bank shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the
Certificateholders permitted under this Trust Agreement;

     (b) No provision of this Trust Agreement or any Basic Document shall
require the Bank to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights, duties or powers hereunder or
under any Basic Document if the Bank shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it;

     (c) Under no circumstances shall the Bank be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including the
principal of and interest on the Notes;

     (d) The Bank shall not be responsible for or in respect of the validity or
sufficiency of this Trust Agreement or for the due execution hereof by the
Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate, or for or in respect of the validity
or sufficiency of the Basic Documents, the Notes, the Certificates, other than
the certificate of authentication on the Certificates, if executed and
authenticated by the Bank and the Bank shall in no event assume or incur any
liability, duty, or obligation to any Noteholder or to any Certificateholder,
other than as expressly provided for herein or expressly agreed to in the Basic
Documents;

     (e) The Bank shall not be liable for the default or misconduct of the
Depositor, Indenture Trustee, Certificate Registrar or the Servicer under any of
the Basic Documents or otherwise and the Bank shall have no obligation or
liability to perform the obligations of the Trust under this Trust Agreement or
the Basic Documents that are required to be performed by the Indenture Trustee
under the Indenture, the Servicer under the Servicing Agreement or the Seller or
the Originator under the Asset Purchase Agreement.

     (f) The Bank shall be under no obligation to exercise any of the rights or
powers vested in it or duties imposed by this Trust Agreement, or to institute,
conduct or defend any litigation under this Trust Agreement or otherwise or in
relation to this Trust Agreement or any Basic Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have
offered to the Bank security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Bank therein or thereby.
The right of the Bank to perform any discretionary act enumerated in this Trust
Agreement or in any Basic Document shall not be construed as a duty, and the
Bank shall not be answerable for other than its gross negligence or willful
misconduct in the performance of any such act.

                                       18

<PAGE>

     Section 6.02. Furnishing of Documents. The Bank shall furnish to the
Noteholders, the Note Insurer and Certificateholders promptly upon receipt of a
written reasonable request therefor, duplicates or copies of all reports,
notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Bank under the Basic Documents.

     Section 6.03. Representations and Warranties. The Bank hereby represents
and warrants to the Note Insurer and the Depositor, for the benefit of the
Certificateholders, that:

     (a) It is a banking corporation duly organized and validly existing in good
standing under the laws of the State of Delaware. It has all requisite corporate
power and authority to execute, deliver and perform its obligations under this
Trust Agreement;

     (b) It has taken all corporate action necessary to authorize the execution
and delivery by it of this Trust Agreement, and this Trust Agreement will be
executed and delivered by one of its officers who is duly authorized to execute
and deliver this Trust Agreement on its behalf;

     (c) Neither the execution nor the delivery by it of this Trust Agreement,
nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any
federal or Delaware law, governmental rule or regulation governing the banking
or trust powers of the Bank or any judgment or order binding on it, or
constitute any default under its charter documents or bylaws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound;

     (d) This Trust Agreement assuming due authorization, execution and delivery
by the Depositor, constitutes a valid, legal and binding obligation of the Bank,
enforceable against it in accordance with the terms hereof subject to applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law;

     (e) The execution, delivery, authentication and performance by it of this
Trust Agreement will not require the authorization, consent or approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action with respect to, any governmental authority or agency;

     (f) The Bank is not in default with respect to any order or decree of any
court or any order, regulation or demand of any Federal, state, municipal or
governmental agency, which default might have consequences that would materially
and adversely affect the condition (financial or other) or operations of the
Bank or its properties or might have consequences that would materially
adversely affect its performance hereunder; and

     (g) No litigation is pending or, to the best of the Bank's knowledge,
threatened against the Bank which would prohibit its entering into this Trust
Agreement or performing its obligations under this Trust Agreement.

                                       19

<PAGE>

     Section 6.04. Reliance; Advice of Counsel.

     (a) The Bank shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, note, or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties. The Bank may
accept a certified copy of a resolution of the board of directors or other
governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Bank may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter
and such certificate shall constitute full protection to the Bank for any action
taken or omitted to be taken by it in good faith in reliance thereon.

     (b) In the exercise or administration of the Trust hereunder and in the
performance of its duties and obligations under this Trust Agreement or the
Basic Documents, the Bank (i) may act directly or through its agents, attorneys,
custodians or nominees (including persons acting under a power of attorney)
pursuant to agreements entered into with any of them, and the Bank shall not be
liable for the conduct or misconduct of such agents, attorneys, custodians or
nominees (including persons acting under a power of attorney) if such persons
have been selected by the Bank with reasonable care, and (ii) may consult with
counsel, accountants and other skilled persons to be selected with reasonable
care and employed by it. The Bank shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel, accountants or other such Persons and not contrary to this
Trust Agreement or any Basic Document.

     Section 6.05. Not Acting in Individual Capacity. Except as provided in this
Article VI, in accepting the trusts hereby created Wilmington Trust Company acts
solely as Owner Trustee hereunder and not in its individual capacity, and all
Persons having any claim against the Bank by reason of the transactions
contemplated by this Trust Agreement or any Basic Document shall look only to
the Owner Trust Estate for payment or satisfaction thereof.

     Section 6.06. Bank Not Liable for Certificates or Related Documents. The
recitals contained herein and in the Certificates (other than the signatures of
the Bank on the Certificates) shall be taken as the statements of the Depositor,
and the Bank assumes no responsibility for the correctness thereof. The Bank
makes no representations as to the validity or sufficiency of this Trust
Agreement, of any Basic Document or of the Certificates (other than the
signatures of the Bank on the Certificates) or the Notes, or of any Related
Documents. The Bank shall at no time have any responsibility or liability with
respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholders under this Trust Agreement
or the Noteholders under the Indenture, including compliance by the Depositor,
the Originator or the Seller with any warranty or representation made under any
Basic Document or in any related document or the accuracy of any such warranty
or representation, or any action of the Certificate Paying Agent, the
Certificate Registrar or the Indenture Trustee taken in the name of the Owner
Trustee.

                                       20

<PAGE>

     Section 6.07. Bank May Own Certificates and Notes. The Bank in its
individual or any other capacity may, subject to Section 3.05, become the owner
or pledgee of Certificates or Notes and may deal with the Depositor, the Seller,
the Certificate Paying Agent, the Certificate Registrar and the Indenture
Trustee in transactions with the same rights as it would have if it were not
Owner Trustee.

     Section 6.08. Payments from Owner Trust Estate. All payments to be made by
the Owner Trustee under this Trust Agreement or any of the Basic Documents to
which the Bank is a party shall be made only from the income and proceeds of the
Owner Trust Estate or from other amounts required to be provided by the
Certificateholders and only to the extent that the Owner Trust shall have
received income or proceeds from the Owner Trust Estate or the
Certificateholders to make such payments in accordance with the terms hereof.
Wilmington Trust Company in its individual capacity, shall not be liable for any
amounts payable under this Trust Agreement or any of the Basic Documents to
which the Owner Trustee is a party.

     Section 6.09. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, neither Wilmington Trust Company nor
the Owner Trustee shall be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will, even after the
appointment of a co-trustee or separate trustee in accordance with Section 9.05
hereof, (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration with or the taking of any other action
in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of the State of Delaware becoming
payable by Wilmington Trust Company or (iii) subject Wilmington Trust Company to
personal jurisdiction in any jurisdiction other than the State of Delaware for
causes of action arising from acts unrelated to the consummation of the
transactions by the Bank or the Owner Trustee, as the case may be, contemplated
hereby.

     Section 6.10. Liability of Certificate Registrar and Certificate Paying
Agent. All provisions affording protection or rights to or limiting the
liability of the Owner Trustee, including but not limited to the provisions of
this Agreement permitting the Owner Trustee to resign, merge or consolidate,
shall inure as well to the Certificate Registrar and Certificate Paying Agent.
In addition, The Bank of New York Trust Company, N.A., in its capacities as
Certificate Registrar and Certificate Paying Agent hereunder shall be afforded
all the rights, protections, immunities and indemnities afforded to it in its
capacity as Indenture Trustee under the Indenture as if specifically set forth
herein.

                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

     Section 7.01. Owner Trustee Fees and Expenses. The Bank shall receive as
compensation for its services hereunder the Owner Trustee Fee (which, beginning
on the 13th Payment Date, will be paid pursuant to Section 8.02(i)(B) of the
Indenture), and the Bank shall be reimbursed pursuant to Section 8.02(xii) of
the Indenture for its reasonable expenses hereunder and under the Basic
Documents, including the reasonable compensation, expenses and disbursements of
such agents, representatives, experts and counsel as the Owner Trustee may

                                       21

<PAGE>

reasonably employ in connection with the exercise and performance of its rights
and its duties hereunder and under the Basic Documents. Any amounts owing to the
Bank hereunder in excess of such amounts shall be paid pursuant to a separate
side agreement between the Owner Trustee and the Servicer.

     Section 7.02. Indemnification. The Depositor shall indemnify, defend and
hold harmless the Bank, the Note Insurer, the Certificate Registrar and the
Certificate Paying Agent, solely in its capacity as Certificate Paying Agent,
and their respective successors, assigns, agents and servants (collectively, the
"Indemnified Parties") from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and expenses)
of any kind and nature whatsoever (collectively, "Expenses") which may at any
time be imposed on, incurred by, or asserted against any Indemnified Party in
any way relating to or arising out of this Trust Agreement, the Basic Documents,
the Owner Trust Estate, the administration of the Owner Trust Estate or the
action or inaction of the Owner Trustee, the Certificate Registrar and the
Certificate Paying Agent, solely in its capacity as Certificate Paying Agent,
hereunder, provided, that:

          (i) the Depositor shall not be liable for or required to indemnify an
     Indemnified Party from and against Expenses arising or resulting from the
     Owner Trustee's, the Certificate Registrar's or the Certificate Paying
     Agent's willful misconduct, gross negligence or bad faith or as a result of
     any inaccuracy of a representation or warranty of the Owner Trustee
     contained in Section 6.03 expressly made by the Owner Trustee;

          (ii) with respect to any such claim, the Indemnified Party shall have
     given the Depositor written notice thereof promptly after the Indemnified
     Party shall have actual knowledge thereof,

          (iii) while maintaining control over its own defense, the Depositor
     shall consult with the Indemnified Party in preparing such defense; and

          (iv) notwithstanding anything in this Agreement to the contrary, the
     Depositor shall not be liable for settlement of any claim by an Indemnified
     Party entered into without the prior consent of the Depositor which consent
     shall not be unreasonably withheld.

     The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee, the Note Insurer, the Certificate Registrar or
the Certificate Paying Agent or the termination of this Trust Agreement. In the
event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section 7.02, the Owner Trustee's, the Note Insurer's, the
Certificate Registrar's or the Certificate Paying Agent's choice of legal
counsel, if other than the legal counsel retained by the Owner Trustee, the
Certificate Registrar or the Certificate Paying Agent in connection with the
execution and delivery of this Trust Agreement, shall be subject to the approval
of the Depositor, which approval shall not be unreasonably withheld. In
addition, upon written notice to the Owner Trustee, the Note Insurer, the
Certificate Registrar or the Certificate Paying Agent and with the consent of
the Owner Trustee, the Note Insurer, the Certificate Registrar or the
Certificate Paying Agent, as applicable, which consent

                                       22

<PAGE>

shall not be unreasonably withheld, the Depositor has the right to assume the
defense of any claim, action or proceeding against the Owner Trustee, the
Certificate Registrar or the Certificate Paying Agent.

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

     Section 8.01. Termination of Trust Agreement.

     (a) This Trust Agreement (other than Article VII) and the Trust shall
terminate and be of no further force or effect upon the earliest of (i) the
final distribution of all moneys or other property or proceeds of the Owner
Trust Estate in accordance with the terms of the Indenture and this Trust
Agreement, (ii) the distribution of all of the assets of the Owner Trust Estate,
in accordance with written instructions provided to the Owner Trustee by the
Majority Certificateholder, following the optional redemption of the Notes by
the Issuing Entity pursuant to Section 8.07 of the Indenture; provided in each
case that all amounts owing to the Noteholders to the extent payable from the
Owner Trust Estate or proceeds thereof have been paid in full and that all
obligations under the Indenture have been discharged and that all amounts owing
to the Note Insurer under the Insurance Agreement have been paid in full. The
bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder shall not (x) operate to terminate this Trust Agreement or the
Trust or (y) entitle such Certificateholder's legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or the Owner Trust
Estate or (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

     (b) Except as provided in Section 8.01(a), neither the Depositor nor any
Certificateholder shall be entitled to revoke or terminate the Trust.

     (c) Notice of any termination of the Trust, specifying the Payment Date
upon which Certificateholders shall surrender their Certificates to the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Certificate Paying Agent by letter to Certificateholders
and the Note Insurer mailed within five Business Days of receipt of notice of
the final payment on the Notes from the Indenture Trustee, stating (i) the
Payment Date upon or with respect to which final payment of the Certificates
shall be made upon presentation and surrender of the Certificates at the office
of the Certificate Paying Agent therein designated, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
Payment Date is not applicable, payments being made only upon presentation and
surrender of the Certificates at the office of the Certificate Payment Agent
therein specified. The Certificate Paying Agent shall give such notice to the
Owner Trustee and the Certificate Registrar at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Certificates, the
Certificate Paying Agent shall cause to be distributed to Certificateholders
amounts distributable on such Payment Date pursuant to Section 5.01.

     In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Certificate Paying Agent shall give a second
written notice to the remaining Certificateholders to

                                       23

<PAGE>

surrender their Certificates for cancellation and receive the final distribution
with respect thereto. Subject to applicable laws with respect to escheat of
funds, if within one year following the Payment Date on which final payment of
the Certificates was to have been made pursuant to Section 3.03 of the
Indenture, all the Certificates shall not have been surrendered for
cancellation, the Certificate Paying Agent may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that shall remain
subject to this Trust Agreement. Any funds remaining in the Certificate
Distribution Account after exhaustion of such remedies shall be distributed by
the Certificate Paying Agent to the Depositor.

     (d) Upon the winding up of the Trust and its termination, and notice
thereof by the Majority Certificateholder, the Owner Trustee shall cause the
Certificate of Trust to be cancelled by filing a certificate of cancellation
with the Secretary of State in accordance with the provisions of Section 3810(c)
of the Statutory Trust Statute.

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     Section 9.01. Eligibility Requirements for Owner Trustee. The Owner Trustee
shall at all times be a corporation satisfying the provisions of Section 3807(a)
of the Statutory Trust Statute; authorized to exercise corporate trust powers;
having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal or state authorities; and having (or
having a parent that has) a rating of at least Baa3 by Moody's or is otherwise
acceptable to the Rating Agencies and is acceptable to the Note Insurer in its
sole discretion. If such corporation shall publish reports of condition at least
annually pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section 9.01, the Owner Trustee shall resign immediately
in the manner and with the effect specified in Section 9.02.

     Section 9.02. Replacement of Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving 30 days
prior written notice thereof to the Depositor and the Note Insurer. Upon
receiving such notice of resignation, the Depositor shall promptly appoint a
successor Owner Trustee, by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and to the
successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee or the Note Insurer may
petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.01 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Owner Trustee shall be
legally unable to act, or shall be adjudged bankrupt

                                       24

<PAGE>

or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Depositor may remove the Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Servicer shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

     Section 9.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Indenture Trustee, the Note Insurer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Trust Agreement, and thereupon
the resignation or removal of the predecessor Owner Trustee shall become
effective, and such successor Owner Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Trust Agreement, with like effect as
if originally named as Owner Trustee. The predecessor Owner Trustee shall upon
payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Trust Agreement; and
the predecessor Owner Trustee shall execute and deliver such instruments and do
such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties
and obligations.

     No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, the Owner Trustee shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies.

     Section 9.04. Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such Person shall be eligible pursuant to Section 9.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies and the Note Insurer.

     Section 9.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Trust Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Owner Trustee
with the consent of the Note Insurer shall have the power and shall

                                       25

<PAGE>

execute and deliver all instruments to appoint one or more Persons to act as
co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees,
of all or any part of the Owner Trust Estate, and to vest in such Person, in
such capacity, such title to the Trust or any part thereof and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Owner Trustee may consider necessary or desirable. No co-trustee
or separate trustee under this Trust Agreement shall be required to meet the
terms of eligibility as a successor Owner Trustee pursuant to Section 9.01 and
no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 9.03.

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

     (a) All rights, powers, duties and obligations conferred or imposed upon
the Owner Trustee shall be conferred upon and exercised or performed by the
Owner 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 Owner 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 Owner 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 Owner Trust Estate 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 Owner Trustee;

     (b) No trustee under this Trust Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Trust Agreement;
and

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

     Any notice, request or other writing given to the Owner 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 Trust Agreement and the
conditions of this Article. 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 Owner
Trustee or separately, as may be provided therein, subject to all the provisions
of this Trust Agreement, specifically including every provision of this Trust
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee and a copy given to the Note Insurer.

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

                                       26

<PAGE>

                                    ARTICLE X

                                  MISCELLANEOUS

     Section 10.01. Amendments.

     (a) This Trust Agreement may be amended from time to time by the parties
hereto as specified in this Section with the prior written consent of the Note
Insurer, provided that any amendment, except as provided in subparagraph (e)
below, be accompanied by an Opinion of Counsel addressed to the Owner Trustee,
the Certificate Registrar and the Certificate Paying Agent and obtained by the
Servicer to the effect that such amendment (i) complies with the provisions of
this Section and (ii) if Origen CMO Residual Holding Company, LLC is not the
100% Certificateholder, would not cause the Trust to be subject to an entity
level tax for federal income tax purposes.

     (b) If the purpose of the amendment (as detailed therein) is to correct any
mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter
not covered (i.e. to give effect to the intent of the parties and, if
applicable, to the expectations of the Holders), it shall not be necessary to
obtain the consent of any Holders, but with the prior written consent of the
Note Insurer and the Owner Trustee, the Certificate Registrar and the
Certificate Paying Agent shall be furnished with (A) a letter from the Rating
Agencies that the amendment will not result in the downgrading or withdrawal of
the rating then assigned to any Note or the rating then assigned to any Note or
(B) an Opinion of Counsel obtained by the Servicer to the effect that such
action will not adversely affect in any material respect the interests of any
Holders.

     (c) If the purpose of the amendment is to prevent the imposition of any
federal or state taxes at any time that any Security is outstanding, it shall
not be necessary to obtain the consent of any Holder, but with the prior written
consent of the Note Insurer and the Owner Trustee, the Certificate Registrar and
the Certificate Paying Agent shall be furnished with an Opinion of Counsel
obtained by the Servicer that such amendment is necessary or helpful to prevent
the imposition of such taxes and is not materially adverse to any Holder.

     (d) If the purpose of the amendment is to add or eliminate or change any
provision of the Trust Agreement other than as contemplated in (b) and (c)
above, the amendment shall require (A) an Opinion of Counsel obtained by the
Servicer to the effect that such action will not adversely affect in any
material respect the interests of any Holders of the Notes and Certificates and
(B) either (a) a letter from the Rating Agency that the amendment will not
result in the downgrading or withdrawal of the rating then assigned to any Note
or the rating then assigned to any Note or (b) the consent of Holders of
Certificates evidencing a majority Percentage Interest of the Certificates and
the Indenture Trustee; and with the prior written consent of the Note Insurer,
provided, however, that no such amendment shall (i) reduce in any manner the
amount of, or delay the timing of, payments received that are required to be
distributed on any Certificate without the consent of the related
Certificateholder, or (ii) reduce the aforesaid percentage of Certificates the
Holders of which are required to consent to any such amendment, without the
consent of the Holders of all such Certificates then outstanding.

                                       27

<PAGE>

     (e) If the purpose of the amendment is to provide for the holding of any of
the Certificates in book-entry form, it shall require the consent of Holders of
all such Certificates then outstanding and the Note Insurer; provided, that the
Opinion of Counsel specified in subparagraph (a) above shall not be required.

     (f) If the purpose of the amendment is to provide for the issuance of
additional certificates representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Holder, but with the prior written
consent of the Note Insurer and the Owner Trustee and the Indenture Trustee
shall be furnished with (A) an Opinion of Counsel obtained by the Servicer to
the effect that such action will not adversely affect in any material respect
the interests of any Holders, (B) an Opinion of Counsel obtained by the Servicer
to the effect that such action will not cause the Trust to be (i) treated as an
association taxable as a corporation for federal income tax and relevant state
and local income and franchise tax purposes, (ii) taxable as a "publicly traded
partnership" as defined in Treasury Regulation section 1.7704-1 for federal
income tax purposes and relevant state and local income or franchise tax
purposes or (iii) otherwise subject to entity level taxation for federal income
tax purposes and (C) a letter from the Rating Agencies that the amendment will
not result in the downgrading or withdrawal of the rating then assigned to any
Notes or the rating then assigned to the Notes.

     (g) Promptly after the execution of any such amendment or consent, the
Servicer shall furnish written notification of the substance of such amendment
or consent to each Certificateholder, the Indenture Trustee and each of the
Rating Agencies. It shall not be necessary for the consent of Certificateholders
or the Indenture Trustee pursuant to this Section 10.01 to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Certificateholders provided for in this
Trust Agreement or in any other Basic Document) and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable requirements as the Owner Trustee may prescribe.

     (h) In connection with the execution of any amendment to any agreement to
which the Trust is a party, other than this Trust Agreement, the Owner Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel to
the effect that such amendment is authorized or permitted by the documents
subject to such amendment and that all conditions precedent in the Basic
Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

     (i) No amendment or agreement affecting the rights or duties of the Owner
Trustee, the Note Insurer, the Certificate Registrar or the Certificate Paying
Agent may be entered into without the consent of the affected party.

     Promptly after the execution of any amendment to the Certificate of Trust,
the Owner Trustee shall cause the filing of such amendment with the Secretary of
State of the State of Delaware.

     Section 10.02. No Legal Title to Owner Trust Estate. The Certificateholders
shall not have legal title to any part of the Owner Trust Estate solely by
virtue of their status as a

                                       28

<PAGE>

Certificateholder. The Certificateholders shall be entitled to receive
distributions with respect to their undivided beneficial interest therein only
in accordance with Articles V and VIII. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholders to and in
their ownership interest in the Owner Trust Estate shall operate to terminate
this Trust Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

     Section 10.03. Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Trust Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Certificateholders and, to the extent expressly
provided herein, the Indenture Trustee, the Note Insurer and the Noteholders,
and nothing in this Trust Agreement (other than Section 2.07), whether express
or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Trust Agreement or any covenants, conditions or provisions
contained herein.

     Section 10.04. Notices.

     (a) Unless otherwise expressly specified or permitted by the terms hereof,
all notices shall be in writing and shall be deemed given upon receipt, to the
Owner Trustee at: Wilmington Trust Company, Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890; Attention: Corporate Trust
Administration; to the Depositor at: Origen Residential Securities, Inc., 27777
South Franklin Road, Suite 1700, Southfield, Michigan 48034; to the Indenture
Trustee, the Certificate Registrar and the Certificate Paying Agent at the
Corporate Trust Office of the Indenture Trustee; to the Note Insurer at: Ambac
Assurance Corporation, One State Street Plaza, 19th Floor, New York, New York
10004, Attention: Risk Management, Consumer Asset-Backed Securities, Origen
2007-A; to Moody's at: 99 Church Street, New York, New York 10007, Attention:
Residential Mortgage Monitoring Unit; to Standard & Poor's via electronic
delivery at Servicer_reports@sandp.com (or if electronic delivery is not
available at: 55 Water Street, New York, New York 10041, Attn: ABS Surveillance
Group); or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party.

     (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Trust Agreement shall be conclusively presumed to have
been duly given, whether or not the Certificateholder receives such notice.

     (c) A copy of any notice delivered to the Owner Trustee or the Trust shall
also be delivered to the Depositor.

     Section 10.05. Severability. Any provision of this Trust Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

                                       29

<PAGE>

     Section 10.06. Separate Counterparts. This Trust Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     Section 10.07. Successors and Assigns. All representations, warranties,
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, each of the Depositor, the Owner Trustee and its successors, and
each Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or
action by a Certificateholder shall bind the successors and assigns of such
Certificateholder.

     Section 10.08. No Petition. The Owner Trustee, by entering into this Trust
Agreement and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations to the
Certificates, the Notes, this Trust Agreement or any of the Basic Documents.
This Section shall survive for one year following the termination of this Trust
Agreement.

     Section 10.09. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the Note Insurer, the Originator, the Seller, the
Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Certificate
Paying Agent or any Affiliate thereof and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated in
this Trust Agreement, the Certificates or the Basic Documents.

     Section 10.10. Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

     Section 10.11. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.12. Integration. This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understandings pertaining thereto.

                                   ARTICLE XI

                             MANAGEMENT OF THE TRUST

     Notwithstanding any other provision in this Trust Agreement and any other
provision of law to the contrary, the Trust at all times shall:

                                       30

<PAGE>

     (a) maintain its books, records, and bank accounts separate and apart from
those of all other Persons;

     (b) not commingle any of its assets with those of any other Person;

     (c) pay its own liabilities out of its own funds;

     (d) maintain financial statements separate and apart from those of all
other Persons;

     (e) observe all corporate formalities, organizational formalities, and
other applicable or customary formalities;

     (f) not guarantee or become obligated for the debts of any other Person or
hold out its credit as being available to satisfy the obligations of any other
Person;

     (g) not pledge its assets for the benefit of any other Person or make any
loans or advances to any other Person;

     (h) not acquire the direct obligations of, or securities issued by, its
shareholders or any Affiliate;

     (i) allocate fairly and reasonably any overhead for expenses that are
shared with an Affiliate, including paying for the office space and services
performed by any employee of any Affiliate;

     (j) conduct business in its own name, promptly correct any known
misunderstandings regarding its separate identity, hold all of its assets in its
own name, and not identify itself as a division of any other Person;

     (k) maintain adequate capital in light of its contemplated business
operations;

     (l) maintain an arm's length relationship with its Affiliates and to enter
into transactions with Affiliates only on a commercially reasonable basis;

     (m) use separate stationery, invoices, and checks bearing its own name;

     (n) not to hold out its credit as being available to satisfy the
obligations of others;

     (o) file separate tax returns from those of each Person and entity except
as may be required by law; and

     (p) maintain its assets in a manner that it will not be costly or difficult
to segregate ascertain, or identify from those of any other Person.

                                       31

<PAGE>

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

                                     ORIGEN RESIDENTIAL SECURITIES, INC.,
                                     as Depositor

                                     By: /s/ W. Anderson Geater, Jr.
                                         ---------------------------------------
                                     Name: W. Anderson Geater, Jr.
                                     Title: Chief Financial Officer

                                     WILMINGTON TRUST COMPANY
                                     as Owner Trustee

                                     By: /s/ Mary Kay Pupillo
                                         ---------------------------------------
                                     Name: Mary Kay Pupillo
                                     Title: Assistant Vice President

                                     THE BANK OF NEW YORK TRUST COMPANY, N.A.
                                     as Certificate Registrar
                                     and Certificate Paying Agent

                                     By: /s/ Keith Richardson
                                         ---------------------------------------
                                     Name: Keith Richardson
                                     Title: Vice President

                (Signature Page to Origen 2007-A Trust Agreement)
<PAGE>

                                    EXHIBIT A

                               Form of Certificate

                                     [Face]

     THIS CERTIFICATE IS SUBORDINATE TO THE NOTES AS DESCRIBED IN THE INDENTURE.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED AN INVESTMENT LETTER IN THE FORM OF EXHIBIT C TO
THE TRUST AGREEMENT, AN OPINION OF COUNSEL AND INVESTMENT LETTERS IN FORMS OF
EXHIBITS E AND F TO THE TRUST AGREEMENT, AS DESCRIBED IN THE TRUST AGREEMENT.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE, SO LONG AS ANY NOTES ARE
OUTSTANDING, UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE
OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE'S STATUS AS A U.S. PERSON
OR CORPORATION UNDER U.S. LAW.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR HAS RECEIVED PROOF OF THE TRANSFEREE'S STATUS AS A REIT OR AS A
QUALIFIED REIT SUBSIDIARY, WITHIN THE MEANING OF SECTION 856(A) OR SECTION
856(I) OF THE CODE, RESPECTIVELY OR AS AN ENTITY THAT IS DISREGARDED FOR FEDERAL
INCOME TAX PURPOSES THAT IS WHOLLY OWNED BY A REIT OR A QUALIFIED REIT
SUBSIDIARY.

     THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE TRUST AGREEMENT REFERRED
TO HEREIN.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED A CERTIFICATION SATISFACTORY THERETO TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT A PLAN (AS DEFINED IN SECTION 3.05 OF THE TRUST
AGREEMENT) OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
ANY SUCH PLAN PURSUANT TO 29 CFR SECTION 2510.3-101 (AS MODIFIED BY SECTION
3(42) OF ERISA) OR OTHERWISE.

                                      A-1

<PAGE>

     THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLER, THE CERTIFICATE REGISTRAR, THE CERTIFICATE PAYING AGENT, THE DEPOSITOR,
THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST AGREEMENT OR
THE BASIC DOCUMENTS.

                                      A-2

<PAGE>

Certificate No. __________               Certificate Percentage Interest of this
                                         Certificate: ________%

Cut-off Date: May 1, 2007

Date of Trust Agreement: April 1, 2007   First Payment Date: May 15, 2007

Servicer: Origen Servicing, Inc.         Certificate Interest Rate: Weighted
                                         Average Pass-Through Rate

                ORIGEN MANUFACTURED HOUSING CONTRACT TRUST 2007-A

     Evidencing a fractional undivided equity interest in the Owner Trust
Estate, the property of which consists primarily of the Contracts in Origen
Manufactured Housing Contract Trust 2007-A (the "Trust"), a Delaware statutory
trust formed by ORIGEN RESIDENTIAL SECURITIES, INC., as depositor, pursuant to
the Trust Agreement referred to below.

     This certifies that ________________ is the registered owner of the
Percentage Interest represented hereby.

     The Trust was created pursuant to a Trust Agreement, dated as of April 1,
2007, by and among the Depositor, Wilmington Trust Company, as owner trustee
(the "Owner Trustee", which term includes any successor entity under the Trust
Agreement) and The Bank of New York Trust Company, N.A., as certificate
registrar and certificate paying agent (as amended and supplemented from time to
time, the "Trust Agreement"), a summary of certain of the pertinent provisions
of which is set forth hereinafter. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.

     This Certificate is one of a duly authorized issue of Trust Certificates,
Series 2007-A (herein called the "Certificates") issued under the Trust
Agreement to which reference is hereby made for a statement of the respective
rights thereunder of the Depositor, the Owner Trustee and the Holders of the
Certificates and the terms upon which the Certificates are executed and
delivered. All terms used in this Certificate which are defined in the Trust
Agreement shall have the meanings assigned to them in the Trust Agreement. The
Owner Trust Estate consists of the Contracts in the Origen Manufactured Housing
Contract Trust 2007-A. The rights of the Holders of the Certificates are
subordinated to the rights of the Holders of the Notes, as set forth in the
Indenture.

     There will be distributed on the 15th day of each month or, if such 15th
day is not a Business Day, the next Business Day (each, a "Payment Date"),
commencing on May 15, 2007, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding such Payment Date (the "Record Date"), such

                                       3

<PAGE>

Certificateholder's Percentage Interest in the amount to be distributed to
Certificateholders on such Payment Date.

     The Certificateholder, by its acceptance of this Certificate, agrees that
it will look solely to the funds on deposit in the Payment Account that have
been released from the Lien of the Indenture for payment hereunder and that
neither the Owner Trustee in its individual capacity nor the Depositor is
personally liable to the Certificateholder for any amount payable under this
Certificate or the Trust Agreement or, except as expressly provided in the Trust
Agreement, subject to any liability under the Trust Agreement.

     The Holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Indenture, dated as of April 1,
2007, between the Trust and The Bank of New York Trust Company, N.A., as
Indenture Trustee (the "Indenture").

     The Depositor and the Certificateholder, by acceptance of the Certificate,
agree to treat, and to take no action inconsistent with the treatment of, the
Certificates for federal, state and local income tax purposes as an equity
interest in the Trust.

     The Certificateholder, by its acceptance of the Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Depositor, or join in any institution against the Depositor or the Trust of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificate, the
Notes, the Trust Agreement or any of the Basic Documents.

     Distributions on this Certificate will be made as provided in the Trust
Agreement by the Certificate Paying Agent by wire transfer or check mailed to
the Certificateholder of record in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon. Except as otherwise provided in the Trust Agreement and notwithstanding
the above, the final distribution on this Certificate will be made after due
notice by the Certificate Paying Agent of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained by the Certificate Registrar for that purpose by the Trust, as
provided in Section 3.09 of the Trust Agreement.

     Notwithstanding the above, the final distribution on this Certificate will
be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency specified
in such notice.

     No transfer, sale, pledge or other disposition of a Certificate shall be
made unless such transfer, sale, pledge or other disposition is exempt from the
registration requirements of the Securities Act and any applicable state
securities laws or is made in accordance with said Act and laws. In the event of
any such transfer, the Certificate Registrar or the Depositor shall prior to
such transfer require the transferee to execute (A) either (i) (a) an investment
letter in substantially the form attached to the Agreement as Exhibit C (or in
such form and substance reasonably satisfactory to the Certificate Registrar and
the Depositor) which investment letter shall not be an expense of the Trust, the
Owner Trustee, the Certificate Registrar, the Servicer or

                                       A-4

<PAGE>

the Depositor and which investment letter states that, among other things, such
transferee (1) is a "qualified institutional buyer" as defined under Rule 144A,
acting for its own account or the accounts of other "qualified institutional
buyers" as defined under Rule 144A, and (2) is aware that the proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A or (ii) (a) a
written Opinion of Counsel acceptable to and in form and substance satisfactory
to the Certificate Registrar and the Depositor that such transfer may be made
pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which Opinion of Counsel shall not be an expense of the Trust, the Owner
Trustee, the Certificate Registrar, the Servicer or the Depositor and (b) the
transferee executes a representation letter, substantially in the form of
Exhibit E to the Agreement, and the transferor executes a representation letter,
substantially in the form of Exhibit F to the Agreement, each acceptable to and
in form and substance satisfactory to the Certificate Registrar and the
Depositor certifying the facts surrounding such transfer, which representation
letters shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (B) the Certificate of Non-Foreign
Status (in substantially the form attached to the Agreement as Exhibit D)
acceptable to and in form and substance reasonably satisfactory to the
Certificate Registrar and the Depositor, which certificate shall not be an
expense of the Trust, the Owner Trustee, the Certificate Registrar or the
Depositor. The Holder of a Certificate desiring to effect such transfer shall,
and does hereby agree to, indemnify the Trust, the Owner Trustee, the Indenture
Trustee, the Certificate Paying Agent, the Certificate Registrar, the Servicer
and the Depositor against any liability that may result if the transfer is not
so exempt or is not made in accordance with such federal and state laws.

     No transfer of the Certificate or any interest therein shall be made to any
Person unless the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer are provided with a certification in the form of Exhibit G to the
Agreement, which the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer may rely upon without further inquiry or investigation. No
certification will be required in connection with the initial transfer of any
such Certificate by the Depositor to an affiliate of the Depositor (in which
case, the Depositor or any affiliate thereof shall have deemed to have made the
representations set forth in such certificate) and the Owner Trustee shall be
entitled to conclusively rely upon such representations (which, upon the request
of the Owner Trustee, shall be written representations) from the Depositor of
the status of such transferee as an affiliate of the Depositor.

     No transfer of this Certificate shall be made unless the Certificate
Registrar has received proof substantially in the form of Exhibit H of the Trust
Agreement of the Transferee's status as a "real estate investment trust" as
defined under Section 856(a) of the Code, a "qualified REIT subsidiary" under
Section 856(i) of the Code or an entity that is disregarded for federal income
tax purposes that is wholly owned by either a "real estate investment trust" or
a "qualified REIT subsidiary".

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

                                       A-5

<PAGE>

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee, or an authenticating agent by manual
signature, this Certificate shall not entitle the Holder hereof to any benefit
under the Trust Agreement or be valid for any purpose.

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                       A-6

<PAGE>

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

                                        ORIGEN MANUFACTURED HOUSING CONTRACT
                                        TRUST 2007-A

                                        BY: WILMINGTON TRUST COMPANY
                                            not in its individual capacity
                                            but solely as Owner Trustee

Dated: May __, 2007                     By:
                                            ------------------------------------
                                            Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within mentioned
Agreement.

WILMINGTON TRUST COMPANY
not in its individual capacity
but solely as Owner Trustee

By:
    ------------------------------------
    Authorized Signatory

or
   ------------------------------------,
   as Authenticating Agent of the Trust

By:
    ------------------------------------
    Authorized Signatory

                                       A-7

<PAGE>

                            [REVERSE OF CERTIFICATE]

     The Certificate does not represent an obligation of, or an interest in, the
Depositor, the Originator, the Seller, the Servicer, the Indenture Trustee, the
Certificate Paying Agent, the Certificate Registrar, the Note Insurer, the Owner
Trustee or any Affiliates of any of them and no recourse may be had against such
parties or their assets, except as expressly set forth or contemplated herein or
in the Trust Agreement or the Basic Documents. In addition, this Certificate is
not guaranteed by any governmental agency or instrumentality and is limited in
right of payment to certain collections and recoveries with respect to the
Contracts, all as more specifically set forth herein and in the Trust Agreement.
A copy of the Trust Agreement may be examined by any Certificateholder upon
written request during normal business hours at the principal office of the
Depositor and at such other places, if any, designated by the Depositor.

     The Trust Agreement permits the amendment thereof as specified below,
provided that any amendment be accompanied by an Opinion of Counsel to the Owner
Trustee and the Note Insurer to the effect that such amendment complies with the
provisions of the Trust Agreement and, if Origen CMO Residual Holding Company,
LLC was not the 100% Certificateholder, would not cause the Trust to be subject
to an entity level tax. If the purpose of the amendment is to correct any
mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter
not covered, it shall not be necessary to obtain the consent of any Holder, but
with the prior written consent of the Note Insurer and the Owner Trustee shall
be furnished with a letter from the Rating Agencies that the amendment will not
result in the downgrading or withdrawal of the rating then assigned to any Note
or the rating then assigned to any Note. If the purpose of the amendment is to
prevent the imposition of any federal or state taxes at any time that any
Security is outstanding, it shall not be necessary to obtain the consent of the
any Holder, but with the prior written consent of the Note Insurer and the Owner
Trustee shall be furnished with an Opinion of Counsel that such amendment is
necessary or helpful to prevent the imposition of such taxes and is not
materially adverse to any Holder. If the purpose of the amendment is to add or
eliminate or change any provision of the Trust Agreement, other than as
specified in the preceding two sentences, the amendment shall require either (a)
a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Note or the rating
then assigned to any Note or (b) the consent of Holders of the Certificates
evidencing a majority of the Percentage Interests of the Certificates and the
Indenture Trustee; with the prior written consent of the Note Insurer, provided,
however, that no such amendment shall (i) reduce in any manner the amount of, or
delay the time of, payments received that are required to be distributed on any
Certificate without the consent of the related Certificateholder, or (ii) reduce
the aforesaid percentage of Certificates the Holders of which are required to
consent to any such amendment without the consent of the Holders of all such
Certificates then outstanding.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Trust, as provided in the Trust Agreement, accompanied by a written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of authorized denominations
evidencing the same aggregate interest in the Trust

                                       A-8

<PAGE>

will be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is The Bank of New York Trust Company, N.A.

     Except as provided in the Trust Agreement, the Certificates are issuable
only in a minimum Certificate Percentage Interest of 100%. As provided in the
Trust Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Holder
surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

     The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar
and any agent of the Owner Trustee, the Certificate Paying Agent, or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee,
the Certificate Paying Agent, the Certificate Registrar or any such agent shall
be affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate as and when provided in accordance with
the terms of the Trust Agreement.

                                       A-9

<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing to transfer said Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises.

Dated:
       ------------------

                                                                              */
                                        --------------------------------------
                                        Signature Guaranteed:

                                                                              */
                                        --------------------------------------

----------
*/   NOTICE: The signature to this assignment must correspond with the name as
     it appears upon the face of the within Certificate in every particular,
     without alteration, enlargement or any change whatever. Such signature must
     be guaranteed by a member firm of the New York Stock Exchange or a
     commercial bank or trust company.

                                      A-10

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for the information of the
Certificate Paying Agent:

     Distribution shall be made by wire transfer in immediately available funds
to ____________________________________

____________________________________________________________
for the account of ________________________________________________, account

number ________________________, or, if mailed by check, to ___________________.

     Applicable statements should be mailed to _____________________.

                                        ----------------------------------------
                                        Signature of assignee or agent
                                        (for authorization of wire transfer
                                        only)

                                      A-11

<PAGE>

                                    EXHIBIT B

                             CERTIFICATE OF TRUST OF
                Origen Manufactured Housing Contract Trust 2007-A

     THIS Certificate of Trust of Origen Manufactured Housing Contract Trust
2007-A (the "Trust"), dated May __, 2007, is being duly executed and filed by
Wilmington Trust Company, a Delaware banking corporation, as trustee, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. Code, Section
3801 et seq.).

          1. Name. The name of the statutory trust formed hereby is Origen
Manufactured Housing Contract Trust 2007-A.

          2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

     IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust,
has executed this Certificate of Trust as of the date first above written.

                                        Wilmington Trust Company
                                        not in its individual capacity but
                                        solely as owner trustee under a Trust
                                        Agreement dated as of May __, 2007

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       B-1

<PAGE>

                                    EXHIBIT C

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

                  ____________________________________________

                  ____________________________________________

                  ____________________________________________

                  ____________________________________________

     The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").

     1. In connection with such transfer and in accordance with the agreements
pursuant to which the Rule 144A Securities were issued, the Seller hereby
certifies the following facts: Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.

     2. The Buyer warrants and represents to, and covenants with, the Owner
Trustee and the Depositor (as defined in the Trust Agreement (the "Agreement"),
dated as of April 1, 2007, among Origen Residential Securities, Inc., as
Depositor, Wilmington Trust Company, as Owner Trustee, and The Bank of New York
Trust Company, N.A., as Certificate Registrar and Certificate Paying Agent)
pursuant to Section 3.05 of the Agreement and The Bank of New York Trust
Company, N.A., as indenture trustee, as follows:

          a. The Buyer understands that the Rule 144A Securities have not been
     registered under the 1933 Act or the securities laws of any state.

          b. The Buyer considers itself a substantial, sophisticated
     institutional investor having such knowledge and experience in financial
     and business matters that it is capable of evaluating the merits and risks
     of investment in the Rule 144A Securities.

                                       C-1

<PAGE>

          c. The Buyer has been furnished with all information regarding the
     Rule 144A Securities that it has requested from the Seller, the Indenture
     Trustee, the Owner Trustee or the Servicer.

          d. Neither the Buyer nor anyone acting on its behalf has offered,
     transferred, pledged, sold or otherwise disposed of the Rule 144A
     Securities, any interest in the Rule 144A Securities or any other similar
     security to, or solicited any offer to buy or accept a transfer, pledge or
     other disposition of the Rule 144A Securities, any interest in the Rule
     144A Securities or any other similar security from, or otherwise approached
     or negotiated with respect to the Rule 144A Securities, any interest in the
     Rule 144A Securities or any other similar security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other manner, or taken any other action, that would constitute a
     distribution of the Rule 144A Securities under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration pursuant thereto, nor will it act,
     nor has it authorized or will it authorize any person to act, in such
     manner with respect to the Rule 144A Securities.

          e. The Buyer is a "qualified institutional buyer" as that term is
     defined in Rule 144A under the 1933 Act and has completed either of the
     forms of certification to that effect attached hereto as Annex 1 or Annex
     2. The Buyer is aware that the sale to it is being made in reliance on Rule
     144A. The Buyer is acquiring the Rule 144A Securities for its own account
     or the accounts of other qualified institutional buyers, understands that
     such Rule 144A Securities 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 1933 Act.

     3. The Buyer warrants and represents to, and covenants with, the Seller,
the Originator, the Indenture Trustee, the Owner Trustee, the Servicer, the
Subservicer and the Depositor that the Buyer is (A) not an employee benefit plan
(within the meaning of Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA")), or a plan (within the meaning of Section
4975(e)(1) of the Internal Revenue Code of 1986 ("Code")), which (in either
case) is subject to Title I of ERISA or Section 4975 of the Code, and (B) is not
directly or indirectly purchasing the Rule 144A Securities on behalf of or with
"assets" of a Plan pursuant to 29 CFR Section 2510.3-101 (as modified by Section
3(42) of ERISA) or otherwise.

     4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.

                                       C-2

<PAGE>

     IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

-------------------------------------   ----------------------------------------
Print Name of Seller                    Print Name of Buyer

By:                                     By:
    ---------------------------------       ------------------------------------
Name                                    Name
     --------------------------------        -----------------------------------
Title                                   Title
      -------------------------------         ----------------------------------

Taxpayer Identification:                Taxpayer Identification:

No.                                     No.
    -------------------                     -------------------
Date:                                   Date:
      ------------------                      ------------------

                                       C-3

<PAGE>

                                                            ANNEX 1 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

     The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

     1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

     2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $________________(1) in securities (except for the excluded
securities referred to below) as of the end of the Buyer's most recent fiscal
year (such amount being calculated in accordance with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

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

___  Bank. The Buyer (a) is a national bank or banking institution organized
     under the laws of any State, territory or the District of Columbia, the
     business of which is substantially confined to banking and is supervised by
     the State or territorial banking commission or similar official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at least $25,000,000 as demonstrated in its latest annual financial
     statements, a copy of which is attached hereto.

___  Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association, cooperative bank, homestead association or similar
     institution, which is supervised and examined by a State or Federal
     authority having supervision over any such institutions or is a foreign
     savings and loan association or equivalent institution and (b) has an
     audited net worth of at least $25,000,000 as demonstrated in its latest
     annual financial statements.

___  Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15 of
     the Securities Exchange Act of 1934.

___  Insurance Company. The Buyer is an insurance company whose primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks underwritten by insurance companies and which is subject to
     supervision by the

----------
(1)  Buyer must own and/or invest on a discretionary basis at least $100,000,000
     in securities unless Buyer is a dealer, and, in that case, Buyer must own
     and/or invest on a discretionary basis at least $10,000,000 in securities.

                                       C-4

<PAGE>

     insurance commissioner or a similar official or agency of a State or
     territory or the District of Columbia.

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

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

___  Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

___  SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small Business Administration under Section 301(c) or (d) of the Small
     Business Investment Act of 1958.

___  Business Development Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

___  Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
     company and whose participants are exclusively (a) plans 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, or (b) employee benefit plans within the meaning of Title
     I of the Employee Retirement Income Security Act of 1974, but is not a
     trust fund that includes as participants individual retirement accounts or
     H.R. 10 plans.

     3. The term "securities" as used herein does not include (i) securities of
issuing entities that are affiliated with the Buyer, (ii) securities that are
part of an unsold allotment to or subscription by the Buyer, if the Buyer is a
dealer, (iii) 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.

     4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

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

                                       C-5

<PAGE>

__________      ________   Will the Buyer be purchasing the Rule 144A Securities
    Yes            No      only for the Buyer's own account?

     6. If the answer to the foregoing question is "no", the Buyer agrees that,
in connection with any purchase of securities sold to the Buyer for the account
of a third party (including any separate account) in reliance on Rule 144A, the
Buyer will only purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase securities for a third party
unless the Buyer has obtained a current representation letter from such third
party or taken other appropriate steps contemplated by Rule 144A to conclude
that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

     7. The Buyer will notify each of the parties to which this certification is
made of any changes in the information and conclusions herein. Until such notice
is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                                        ----------------------------------------
                                        Print Name of Buyer

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        Date:
                                              ----------------------------------

                                       C-6

<PAGE>

                                                            ANNEX 2 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

     The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

     1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.

     2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

____ The Buyer owned $______________ in securities (other than the excluded
     securities referred to below) as of the end of the Buyer's most recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

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

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

     4. The term "securities" as used herein does not include (i) securities of
issuing entities that are affiliated with the Buyer or are part of the Buyer'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.

     5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.

                                       C-7

<PAGE>

     6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                        ----------------------------------------
                                        Print Name of Buyer

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        IF AN ADVISER:

                                        ----------------------------------------
                                        Print Name of Buyer

                                        Date:
                                              ----------------------------------

                                       C-8

<PAGE>

                                    EXHIBIT D

                        CERTIFICATE OF NON-FOREIGN STATUS

     This Certificate of Non-Foreign Status ("certificate") is delivered
pursuant to Section 3.03 of the Trust Agreement, dated as of April 1, 2007 (the
"Trust Agreement"), among Origen Residential Securities, Inc., as Depositor,
Wilmington Trust Company as Owner Trustee and The Bank of New York Trust
Company, N.A., as Certificate Registrar and Certificate Paying Agent, in
connection with the acquisition of, transfer to or possession by the
undersigned, whether as beneficial owner for U.S. federal income tax purposes
(the "Beneficial Owner"), or nominee on behalf of the Beneficial Owner of the
Certificates, Series 2007-A (the "Certificate"). Capitalized terms used but not
defined in this certificate have the respective meanings given them in the Trust
Agreement.

     Each holder must complete Part I, Part II (if the holder is a nominee), and
in all cases sign and otherwise complete Part III.

     In addition, each holder shall submit with the Certificate an IRS Form W-9
relating to such holder.

     To confirm to the Trust that the provisions of Sections 871, 881 or 1446 of
the Internal Revenue Code (relating to withholding tax on foreign partners) do
not apply in respect of the Certificate held by the undersigned, the undersigned
hereby certifies:

Part I - Complete Either A or B

          A.   Individual as Beneficial Owner

               1.   I am (The Beneficial Owner is ) not a non-resident alien for
                    purposes of U.S. income taxation;

               2.   My (The Beneficial Owner's) name and home address are:

                    ____________________

                    ____________________

                    ____________________; and

               3.   My (The Beneficial Owner's) U.S. taxpayer identification
                    number (Social Security Number) is

          B.   Corporate, Partnership or Other Entity as Beneficial Owner

               1.   _____________________________ (Name of the Beneficial Owner)
                    is not a foreign corporation, foreign partnership, foreign
                    trust or foreign estate (as those terms are defined in the
                    Code and Treasury Regulations;

                                       D-1

<PAGE>

               2.   The Beneficial Owner's office address and place of
                    incorporation (if applicable) is __________________; and

               3.   The Beneficial Owner's U.S. employer identification number
                    is _____________________

Part II - Nominees

     If the undersigned is the nominee for the Beneficial Owner, the undersigned
certifies that this certificate has been made in reliance upon information
contained in:

          ____ an IRS Form W-9

          ____ a form such as this or substantially similar

provided to the undersigned by an appropriate person and (i) the undersigned
agrees to notify the Trust at least thirty (30) days prior to the date that the
form relied upon becomes obsolete, and (ii) in connection with change in
Beneficial Owners, the undersigned agrees to submit a new Certificate of
Non-Foreign Status to the Trust promptly after such change.

Part III - Declaration

     The undersigned, as the Beneficial Owner or a nominee thereof, agrees to
notify the Trust within sixty (60) days of the date that the Beneficial Owner
becomes a foreign person. The undersigned understands that this certificate may
be disclosed to the Internal Revenue Service by the Trust and any false
statement contained therein could be punishable by fines, imprisonment or both.

     Under penalties of perjury, I declare that I have examined this certificate
and to the best of my knowledge and belief it is true, correct and complete and
will further declare that I will inform the Trust of any change in the
information provided above, and, if applicable, I further declare that I have
the authority* to sign this document.

-------------------------------------
Name

-------------------------------------
Title (if applicable)

-------------------------------------
Signature and Date

*    Note: If signed pursuant to a power of attorney, the power of attorney must
     accompany this certificate.

                                       D-2

<PAGE>

                                    EXHIBIT E

                    FORM OF INVESTMENT LETTER [NON-RULE 144A]

                                     [DATE]

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

The Bank of New York Trust Company, N.A.
2 LaSalle Street, Suite 1020
Chicago, IL 60602

     Re:  Origen Manufactured Housing Contract Trust 2007-A Trust Certificates,
          Series 2007-A (the "Certificates")

Ladies and Gentlemen:

     In connection with our acquisition of the above-captioned Certificates, we
certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the "Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we are an
"accredited investor," as defined in Regulation D under the Act, and have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) we are not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as
amended (the "Code"), nor are we acting on behalf of any such plan, (e) we are
acquiring the Certificates for investment for our own account and not with a
view to any distribution of such Certificates (but without prejudice to our
right at all times to sell or otherwise dispose of the Certificates in
accordance with clause (g) below), (f) we have not offered or sold any
Certificates to, or solicited offers to buy any Certificates from, any person,
or otherwise approached or negotiated with any person with respect thereto, or
taken any other action which would result in a violation of Section 5 of the
Act, and (g) we will not sell, transfer or otherwise dispose of any Certificates
unless (1) such sale, transfer or other disposition is made pursuant to an
effective registration statement under the Act or is exempt from such
registration requirements, and if requested, we will at our expense provide an
opinion of counsel satisfactory to the addressees of this certificate that such
sale, transfer or other disposition may be made pursuant to an exemption from
the Act, (2) the purchaser or transferee of such Certificate has

                                       E-1

<PAGE>

executed and delivered to you a certificate to substantially the same effect as
this certificate, and (3) the purchaser or transferee has otherwise complied
with any conditions for transfer set forth in the Trust Agreement.

                                        Very truly yours,

                                        [TRANSFEREE]

                                        By:
                                            ------------------------------------
                                            Authorized Officer

                                       E-2

<PAGE>

                                    EXHIBIT F

                             TRANSFEROR CERTIFICATE

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

The Bank of New York Trust Company, N.A.
2 LaSalle Street, Suite 1020
Chicago, IL 60602

     Re:  Proposed Transfer of Trust Certificates,
          Origen Manufactured Housing Contract Trust 2007-A

Gentlemen:

     This certification is being made by ____________________ (the "Transferor")
in connection with the proposed Transfer to _____________________ (the
"Transferee") of a trust certificate (the "Trust Certificate") representing a
100% undivided interest in Origen Manufactured Housing Contract Trust 2007-A
(the "Trust") created pursuant to a Trust Agreement, dated as of April 1, 2007
(the "Trust Agreement") among Origen Residential Securities, Inc. (the
"Company"), Wilmington Trust Company, as Owner Trustee (the "Owner Trustee") and
The Bank of New York Trust Company, N.A., as certificate registrar and
certificate paying agent (the "Certificate Registrar"). Initially capitalized
terms used but not defined herein have the meanings assigned to them in the
Trust Agreement. The Transferor hereby certifies, represents and warrants to,
and covenants with, the Company, the Owner Trustee and the Certificate Registrar
that:

     Neither the Transferor nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Trust Certificate, any
interest in any Trust Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Trust Certificate, any interest in any
Trust Certificate or any other similar security from any person in any manner,
(c) has otherwise approached or negotiated with respect to any Trust
Certificate, any interest in any Trust Certificate or any other similar security
with any person in any manner, (d) has made any general solicitation by means of
general advertising or in any other manner, or (e) has taken any other action,
that (as to any of (a) through (e) above) would constitute a distribution of the
Trust Certificates under the Securities Act of 1933 (the "Act"), that would
render the disposition of any Trust Certificate a violation of Section 5 of the
Act or any state securities law, or that would require registration or
qualification pursuant thereto. The Transferor will not act in any manner set
forth in the foregoing sentence with respect to any Trust Certificate. The
Transferor has not and will not sell or otherwise transfer any of the Trust
Certificates, except in compliance with the provisions of the Trust Agreement.

                                       F-1

<PAGE>

Date:
      -----------------                 ----------------------------------------
                                        Name of Transferor

                                        ----------------------------------------
                                        Signature

                                        ----------------------------------------
                                        Name

                                        ----------------------------------------
                                        Title

                                       F-2

<PAGE>

                                    EXHIBIT G

                                     [DATE]

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

The Bank of New York Trust Company, N.A.
2 LaSalle Street, Suite 1020
Chicago, IL 60602

     Re:  Proposed Transfer of Trust Certificates,
          Origen Manufactured Housing Contract Trust 2007-A (the "Certificates")

Gentlemen:

     This certification is being made by (the "Transferee") in connection with
the proposed Transfer by (the "Transferor") of a trust certificate (the "Trust
Certificate") representing a 100% undivided interest in Origen Manufactured
Housing Contract Trust 2007-A (the "Trust") created pursuant to a Trust
Agreement, dated as of April 1, 2007 (the "Trust Agreement"), among Origen
Residential Securities, Inc. (the "Company"), Wilmington Trust Company, as Owner
Trustee (the "Owner Trustee") and The Bank of New York Trust Company, N.A., as
certificate registrar and certificate paying agent (the "Certificate
Registrar"). Initially capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement. The Transferee hereby
certifies, represents and warrants to, and covenants with, the Company, the
Owner Trustee and the Certificate Registrar that:

          The Transferee is not an employee benefit plan within the meaning of
     Section 3(3) of the Employee Retirement Income Security Act of 1974, as
     amended ("ERISA"), or a plan within the meaning of Section 4975(e)(1) of
     the Internal Revenue Code of 1986 (the "Code"), which employee benefit plan
     or plan is subject to Title I of ERISA or Section 4975 of the Code (each a
     "Plan"), a Person acting, directly or indirectly, on behalf of any such
     Plan or any Person acquiring such Certificates with assets of a Plan
     pursuant to the Department of Labor regulation promulgated at 29 C.F.R.
     Section 2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise.

                                        Very truly yours,

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       G-1

<PAGE>

                                    EXHIBIT H

                         FORM OF TRANSFEREE CERTIFICATE

Wilmington Trust Company as Owner Trustee
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

The Bank of New York Trust Company, N.A.
2 LaSalle Street, Suite 1020
Chicago, IL 60602

     Re:  Proposed Transfer of Trust Certificates,
          Origen Manufactured Housing Contract Trust 2007-A

Gentlemen:

     This certification is being made by ____________________ (the "Transferee")
in connection with the proposed Transfer of a trust certificate (the "Trust
Certificate") representing a 100% undivided interest in Origen Manufactured
Housing Contract Trust 2007-A (the "Trust") created pursuant to a Trust
Agreement, dated as of April 1, 2007 (the "Trust Agreement") among Origen
Residential Securities, Inc. (the "Company"), Wilmington Trust Company, as Owner
Trustee (the "Owner Trustee") and The Bank of New York Trust Company, N.A., as
certificate registrar and certificate paying agent (the "Certificate
Registrar"). Initially capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement. The Transferee hereby
certifies, represents and warrants to, and covenants with, the Company, the
Owner Trustee and the Certificate Registrar that:

     The Transferee is a REIT or a Qualified REIT Subsidiary within the meaning
of Section 856(a) or Section 856(i) of the Code, respectively, or is an entity
that is disregarded for federal income tax purposes that is wholly owned by a
single REIT or qualified REIT subsidiary and the Transferee will not transfer
the Trust Certificate to any person that does not certify, substantially in the
form of this Transferee Certificate, that it is a REIT or Qualified REIT
Subsidiary within the meaning of Section 856(a) and Section 856(i) of the Code,
respectively, or is an entity that is disregarded for federal income tax
purposes that is wholly owned by a single REIT or qualified REIT subsidiary.

                                       H-1

<PAGE>

Date:
      -----------------                 ----------------------------------------
                                        Name of Transferor

                                        ----------------------------------------
                                        Signature

                                        ----------------------------------------
                                        Name

                                        ----------------------------------------
                                        Title

                                       H-2<PAGE>

                                                                     Exhibit 4.3

                 FINANCIAL GUARANTY INSURANCE POLICY ENDORSEMENT

Attached to and forming part of                   Effective Date of Endorsement:
Financial Guaranty Insurance Policy                                  May 2, 2007
#AB1077BE issued to:

The Bank of New York Trust Company, N.A.
as Indenture Trustee for the Holders of Origen
Manufactured Housing Contract Trust
Collateralized Notes, Series 2007-A, Class A

     For all purposes of the Policy, the following terms shall have the
following meanings:

     "Agreement" shall mean the Indenture.

     "Ambac Premium Letter" has the meaning set forth in the Insurance
Agreement.

     "Available Funds Cap Carry-Forward Amount" has the meaning set forth in the
Indenture.

     "Business Day" shall mean any day other than (i) a Saturday or Sunday or
(ii) a day on which banking institutions in the state of New York or the city in
which the Corporate Trust Office or the office of the Insurer is located are
required or authorized by law or executive order to be closed.

     "Class A Notes" shall mean any one of the Origen Manufactured Housing
Contract Trust Collateralized Notes, Series 2007-A, Class A-1 or Class A-2,
substantially in the form set forth as Exhibit A-1 or A-2 to the Indenture.

     "Closing Date" means May 2, 2007.

     "Due for Payment" shall mean, (i) with respect to an Insured Amount, the
Payment Date on which Insured Amounts are due and payable pursuant to the terms
of the Indenture and (ii) with respect to a Preference Amount, the Business Day
on which the documentation required by the Insurer has been received by the
Insurer.

     "First Payment Date" shall mean May 15, 2007.

     "Final Stated Maturity Date" shall mean the Payment Date occurring in April
2037.

     "Guaranteed Interest Payments" means, with respect to any Payment Date and
any Class of Class A Notes, the related Interest Payment Amount for such Class
calculated in accordance with the original terms of the Class A Notes and the
Indenture (including, without limitation, the determination of the Maximum
Auction Rate on the

<PAGE>

Class A-2 Notes) after giving effect to amendments or modifications to which the
Insurer has given its written consent; provided, however, that Guaranteed
Interest Payments will not include (i) any Available Funds Cap Carry-Forward
Amounts, (ii) interest shortfalls under the Relief Act or similar state
legislation, (iii) default interest or (iv) interest shortfalls with respect to
prepayments of Contracts.

     "Guaranteed Principal Payment Amount" for the Final Stated Maturity Date
for any Class of Class A Notes, is the amount needed to pay the outstanding Note
Balance of such Class of Class A Notes and (b) for any other Payment Date, the
excess, if any, of the aggregate Note Balance (after giving effect to all
allocations and payments of principal to be made on the Notes on such Payment
Date, without giving effect to payments under the Policy to be made on such
Payment Date) exceeds the Pool Principal Balance for such Payment Date (i.e., at
the end of the related Due Period).

     "Holder" shall mean the registered owner or beneficial owner of a Class A
Note, other than the Issuing Entity, the Seller, the Servicer, the Subservicer,
the Sponsor, the Depositor, the Indenture Trustee or any of their Affiliates, or
any person whose obligations constitute the underlying security or source of
payment for the Class A Notes who, at the time of Nonpayment, is the owner of a
Class A Note or of a coupon relating to a Class A Note.

     "Indenture" shall mean the Indenture, dated as of April 1, 2007 between
Origen Manufactured Housing Contract Trust 2007-A, as Issuer, and The Bank of
New York Trust Company, N.A., as Indenture Trustee, as amended, modified or
supplemented from time to time in accordance with the terms thereof.

     "Indenture Trustee" shall mean The Bank of New York Trust Company, N.A., or
its successor-in-interest, in its capacity as Indenture Trustee under the
Indenture, or if any successor indenture trustee shall be appointed as provided
therein, then "Indenture Trustee" shall also mean such successor indenture
trustee, subject to the provisions thereof.

     "Insurance Agreement" shall mean the Insurance and Indemnity Agreement,
dated as of May 2, 2007, among the Insurer, Origen Financial L.L.C., as Sponsor
and Servicer, Origen Residential Securities, Inc., as Depositor, Origen
Servicing, Inc., as Subservicer, Origen Securitization Company, LLC, as the
Seller, and the Indenture Trustee, as such agreement may be amended, modified or
supplemented from time to time, in accordance with the terms thereof.

     "Insured Amount" shall mean, for any Payment Date, an amount equal to the
sum of (x) the excess of the Guaranteed Interest Payments over the amount
available for distribution to the Holders after payment of the amounts due under
Section 8.02 (a)(i)-(iv) of the Indenture and (y) the Guaranteed Principal
Payment Amount.

     "Insured Payments" shall mean, the aggregate amount actually paid by the
Insurer to, or at the direction of, the Indenture Trustee (i) with respect to
any Payment

                                        2

<PAGE>

Date, in respect of Insured Amounts for a Payment Date and (ii) in respect of
Preference Amounts for any given Business Day.

     "Insurer" shall mean Ambac Assurance Corporation, or any successor thereto,
as issuer of the Policy.

     "Late Payment Rate" shall mean for any Payment Date, the lesser of (i) the
greater of (a) the per annum rate of interest, as it is publicly announced by
Citibank, N.A. at its principal office in New York, New York as its prime
lending rate (any change in such prime rate of interest to be effective on the
date such change is announced by Citibank, N.A.) plus 2% per annum and (b) the
then applicable highest rate of interest on the Class A Notes and (ii) the
maximum rate permissible under applicable usury or similar laws limiting
interest rates. The Late Payment Rate shall be computed on the basis of the
actual number of days elapsed over a year of 360 days.

     "Nonpayment" shall mean, with respect to any Payment Date, an Insured
Amount is Due for Payment but has not been paid pursuant to the Indenture.

     "Note Payment Account" shall mean the segregated non-interest bearing trust
account established by the Indenture Trustee pursuant to Section 3.01 of the
Indenture.

     "Notice" shall mean the telephonic or telegraphic notice, promptly
confirmed in writing by telecopy substantially in the form of Exhibit A to the
Policy, the original of which is subsequently delivered by registered or
certified mail, from the Indenture Trustee specifying the Insured Amount or
Preference Amount which shall be due and owing on the applicable Payment Date.

     "Payment Date" shall mean the 15th day of any month (or if such 15th day is
not a Business Day the first Business Day immediately following) beginning with
the First Payment Date.

     "Policy" shall mean the Financial Guaranty Insurance Policy No. AB1077BE
together with each and every endorsement hereto.

     "Preference Amount" shall mean any payment of principal or interest
previously distributed to a Holder of a Class A Note, which would have been
covered under the Policy as an Insured Amount, which has been deemed a
preferential transfer and was previously recovered from its owner pursuant to
the United States Bankruptcy Code, as amended from time to time, in accordance
with a final, non-appealable order a court of competent jurisdiction.

     "Premium" shall mean the premium payable in accordance with the Policy and
the Ambac Premium Letter.

     "Reimbursement Amount" shall mean, as to any Payment Date, the sum of (x)
(i) all Insured Payments paid by the Insurer, but for which the Insurer has not
been reimbursed prior to such Payment Date pursuant to Section 8.02(a)(vii) of
the Indenture, plus (ii) interest accrued on such Insured Payments not
previously repaid, calculated at

                                        3

<PAGE>

the Late Payment Rate from the date the Indenture Trustee, or any other Person
at its direction to the extent contemplated hereby received the related Insured
Payments, and (y) without duplication (i) any amounts then due and owing to the
Insurer under the Insurance Agreement, as certified to the Indenture Trustee by
the Insurer plus (ii) interest on such amounts at the Late Payment Rate from the
date any such amounts became due and owing to the date of reimbursement thereof
to the Insurer.

     "Relief Act Shortfalls" shall mean interest shortfalls resulting from the
application of the Servicemembers Civil Relief Act, as amended, or any similar
state law.

     Capitalized terms used herein as defined terms and not otherwise defined
herein shall have the meaning assigned to them in the Insurance Agreement and
the Indenture, as applicable, without regard to any amendment or modification
thereof, unless such amendment or modification has been approved in writing by
the Insurer.

     Notwithstanding any other provision of the Policy, the Insurer will pay any
Insured Amount payable hereunder no later than 12:00 noon, New York City time,
on the later of (i) the Payment Date on which the related Insured Amount is Due
for Payment and (ii) the second Business Day following receipt in New York, New
York on a Business Day by the Insurer of a Notice at the address and in the
manner provided in Section 6.02 of the Insurance Agreement; provided that, if
such Notice is received after 12:00 noon, New York City time, on such Business
Day, it shall be deemed to be received on the following Business Day. If any
such Notice is not in proper form or is otherwise insufficient for the purpose
of making a claim under the Policy, it shall be deemed not to have been received
for purposes of this paragraph, and the Insurer shall promptly so advise the
Indenture Trustee and the Indenture Trustee may submit an amended or corrected
Notice.

     The Insurer will pay any Preference Amount when due to be paid pursuant to
the Order (as defined below), but in any event no later than the second Business
Day following receipt by the Insurer of (i) a certified copy of a final,
non-appealable order of a court or other body exercising jurisdiction in such
insolvency proceeding to the effect that the Indenture Trustee, or Holder, as
applicable, is required to return such Preference Amount paid during the term of
the Policy because such payments were avoided as a preferential transfer or
otherwise rescinded or required to be restored by the Indenture Trustee or
Holder (the "Order"), (ii) an opinion of counsel satisfactory to the Insurer,
stating that such Order has been entered and is final and not subject to any
stay, (iii) an assignment, in form and substance satisfactory to the Insurer,
duly executed and delivered by the Indenture Trustee or Holder, irrevocably
assigning to the Insurer all rights and claims of the Indenture Trustee and/or
such Holder relating to or arising under the Indenture against the estate of the
Indenture Trustee or otherwise with respect to such Preference Amount, (iv)
appropriate instruments in form satisfactory to the Insurer to effect the
appointment of the Insurer as agent for the Indenture Trustee and such Holder in
any legal proceeding relating to such Preference Amount, and (v) a Notice (in
the form attached hereto as Exhibit A) appropriately completed and executed by
the Indenture Trustee; provided, that if such documents are received after 12:00
noon, New York City time, on such Business Day, they will be deemed to be
received on the following

                                        4

<PAGE>

Business Day; provided, further, that the Insurer shall not be obligated to make
any payment in respect of any Preference Amount representing a payment of
principal on the Class A Notes prior to the time the Insurer would have been
required to make a payment in respect of such principal pursuant to the first
paragraph of the face of the Policy. Such payment shall be disbursed to the
receiver, conservator, debtor-in-possession or Indenture Trustee in bankruptcy
named in the Order, and not to the Holder directly, unless the Holder has made a
payment of the Preference Amount to the court or such receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order, in which case
the Insurer will pay the Holder, subject to the delivery of (a) the items
referred to in clauses (i), (ii), (iii), (iv) and (v) above to the Insurer and
(b) evidence satisfactory to the Insurer that payment has been made to such
court or receiver, conservator, debtor-in-possession or trustee in bankruptcy
named in the Order.

     The Insurer shall be subrogated to the rights of each Holder to the extent
of any payment by the Insurer under the Policy.

     The Insurer hereby agrees that if it shall be subrogated to the rights of
Holders by virtue of any payment under the Policy, no recovery of such payment
will occur unless the full amount of the Holders' allocable distributions for
such Payment Date can be made. In so doing, the Insurer does not waive its
rights to seek full payment of all Reimbursement Amounts owed to it under the
Insurance Agreement and the Indenture.

     The Insurer's payment obligations hereunder with respect to particular
Insured Payments shall be discharged to the extent funds equal to the applicable
Insured Payments are paid by the Insurer to, or at the direction of, the
Indenture Trustee in accordance with the Indenture Trustee's requests, whether
or not such funds are properly applied by the Indenture Trustee.

     The Policy does not cover Available Funds Cap Carry-Forward Amounts, Relief
Act Shortfalls, default interest, interest shortfalls due to the partial or full
prepayment of the Contracts, in each case, if any, payable in respect of the
Class A Notes, nor does the Policy guarantee to the Holders any particular rate
of principal payment. The Policy does not insure against loss relating to
payments made in connection with the sale of the Class A-2 Notes at auctions or
losses suffered as a result of a Holder's inability to sell Class A Notes. In
addition, the Policy does not cover shortfalls, if any, attributable to the
liability of the Indenture Trustee or any Holder for withholding taxes, if any,
(including interest and penalties in respect of any liability for withholding
taxes), or any risk other than Nonpayment, including the failure of the
Indenture Trustee to make any payment required under the Indenture to the
Holders.

     The terms and provisions of the Indenture constitute the instrument of
assignment referred to in the second paragraph of the face of the Policy.

     A premium will be payable on the Policy on each Payment Date as provided in
Section 3.02 of the Insurance Agreement, beginning with the Closing Date, in an
amount equal to the Premium set forth in the Ambac Premium Letter. The premium
on the

                                        5

<PAGE>

Policy is not refundable for any reason, including the payment of any Class A
Notes prior to their maturities.

     Ambac's obligations to make payment under this Policy are irrevocable,
absolute and unconditional, irrespective of the value, genuineness, validity,
legality or enforceability of the Indenture or any other agreement or instrument
referred to herein or therein, or any substitution, release or exchange of any
other guarantee of or security for the amounts Due for Payment hereunder, and,
to the fullest extent permitted by applicable law, Ambac hereby waives any legal
or equitable defense to payment under this Policy, including fraud in the
inducement or fraud in the fact. Ambac hereby expressly waives diligence,
presentment, protest and any requirement that the Indenture Trustee exhaust any
right, power or remedy or proceed against the Trust Estate, or against any other
person under any other guarantee of, or security for, the Indenture, provided
that the Indenture Trustee shall be required to deliver a Notice as contemplated
by this Policy. None of the foregoing waivers shall prejudice any claim Ambac
may have, including without limitation for Reimbursement Amounts, whether
directly or as subrogee, subsequent to making such payment to the Indenture
Trustee in accordance with this Policy.

     THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND
SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.

     The Policy to which this endorsement is attached and of which it forms a
part is hereby amended to provide that there shall be no acceleration payment
due under the Policy unless such acceleration is at the sole option of the
Insurer.

     Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Policy other than as above stated.

     To the extent the provisions of this endorsement conflict with the
provisions in the above-mentioned Policy, the provisions of this endorsement
shall govern.

     The Policy and the obligations of the Insurer thereunder will terminate
without any action on the part of the Insurer or any other person on the date
that is one year and one day following the earlier to occur of (i) the date on
which all amounts required to be paid on the Class A Notes have been paid in
full and (ii) if any proceedings requisite to avoidance as a Preference Amount
have been commenced on or prior to the date specified in clause (i) above, the
30th day after the entry of a final and nonappealable order in resolution or
settlement of each such proceeding.

     Upon termination of the Policy, the Indenture Trustee shall deliver the
original of the Policy to the Insurer.

     No person other than the Indenture Trustee shall be entitled to present the
Notice.

                                        6

<PAGE>

     No waiver of any rights or powers of the Holders or the Indenture Trustee
or consent by any of them shall be valid unless signed by an authorized officer
or agent thereof.

     The Policy is issued under and pursuant to, and shall be construed in
accordance with, the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

                                        7

<PAGE>

     IN WITNESS WHEREOF, Ambac Assurance Corporation has caused this endorsement
to the Policy to be signed by its duly authorized officers

/s/ Kathleen Drennen                    /s/ Gary Gal
-------------------------------------   ----------------------------------------
Assistant Secretary                     First Vice President

                                        8

<PAGE>

                                    EXHIBIT A
                   TO THE FINANCIAL GUARANTY INSURANCE POLICY
                               Policy No. AB1077BE

                         NOTICE OF NONPAYMENT AND DEMAND
                         FOR PAYMENT OF INSURED AMOUNTS

                               Date: [__________]

Ambac Assurance Corporation
One State Street Plaza
New York, New York 10004
Attention: General Counsel
Telecopy No.: (212) 363-1459
Confirmation: (212) 668-0340

     Reference is made to Financial Guaranty Insurance Policy No. AB1077BE (the
"Policy") issued by Ambac Assurance Corporation ("Ambac"). Terms capitalized
herein and not otherwise defined shall have the meanings specified in the
Indenture, dated as of April 1, 2007 (the "Indenture") between Origen
Manufactured Housing Contract Trust 2007-A, as Issuer, and The Bank of New York
Trust Company, N.A., as Indenture Trustee, unless the context otherwise
requires.

     The Indenture Trustee hereby certifies as follows:

     1.   The Indenture Trustee is the Indenture Trustee under the Indenture for
          the Holders.

     2.   The relevant Payment Date is [date].

     3.   Payment on the Class A Notes in respect of the Payment Date is due to
          be received on _________________________ under the Indenture in an
          amount equal to $__________.

     4.   There is [an Insured Amount] [a Preference Amount] of $__________ in
          respect of the Class A Notes, which amount is Due for Payment pursuant
          to the terms of the Indenture.

     5.   The Indenture Trustee has not heretofore made a demand for the Insured
          Amount in respect of the Payment Date.

     6.   The Indenture Trustee hereby requests the payment of the [Insured
          Amount] [Preference Amount] that is Due For Payment be made by Ambac
          under the Policy and directs that payment under the Policy be made to
          the following account by bank wire transfer of federal or other
          immediately available funds in accordance with the terms of the Policy
          to:

                                       A-1

<PAGE>

          __________________________ (Indenture Trustee's account number).

     7.   The Indenture Trustee hereby agrees that, following receipt of the
          [Insured Amount] [Preference Amount] from Ambac, it shall (a) hold
          such amounts in trust and apply the same directly to the distribution
          of payment on the Class A Notes when due; (b) not apply such funds for
          any other purpose; (c) deposit such funds to the Note Payment Account
          and not commingle such funds with other funds held by Indenture
          Trustee and (d) maintain an accurate record of such payments with
          respect to each note and the corresponding claim on the Policy and
          proceeds thereof.

                                        By:
                                            ------------------------------------
                                            Indenture Trustee
                                        Title:
                                               ---------------------------------
                                               (Officer)

                                       A-2

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