Document:

Exhibit 4.1
                                                                     -----------

                                 TRUST AGREEMENT

                  TRUST AGREEMENT, between MS Structured Asset Corp. (the
"Depositor") and LaSalle Bank National Association (the "Trustee"), made as of
the date set forth in Schedule I attached hereto, which Schedule together with
Schedules II and III attached hereto, are made a part hereof. The terms of the
Standard Terms for Trust Agreements, dated March 5, 2003 (the "Standard Terms")
are, except to the extent otherwise expressly stated, hereby incorporated by
reference herein in their entirety with the same force and effect as though set
forth herein. Capitalized terms used herein and not defined shall have the
meanings defined in the Standard Terms. References to "herein", "hereunder",
"this Trust Agreement" and the like shall include the Schedule I attached hereto
and the Standard Terms so incorporated by reference.

                  WHEREAS, the Depositor and the Trustee desire to establish the
Trust identified in Schedule I attached hereto (the "Trust") for the primary
purposes of (i) holding the Underlying Securities, (ii) issuing the Warrants and
(iii) issuing the Units;

                  WHEREAS, the Depositor desires that the respective beneficial
interests in the Trust be divided into transferable fractional shares, such
shares to be represented by the Units;

                  WHEREAS, the Depositor desires to appoint the Trustee as
trustee of the Trust and the Trustee desires to accept such appointment;

                  WHEREAS, the Depositor shall transfer, convey and assign to
the Trust without recourse, and the Trust shall acquire, all of the Depositor's
right, title and interest in and under the Underlying Securities and other
property identified in Schedule II to the Trust Agreement (the "Trust
Property"); and

                  WHEREAS, the Trust agrees to acquire the Trust Property
specified herein in consideration for Units having an initial Unit Principal
Balance and an initial Notional Amount, as applicable, identified in Schedule I
attached hereto, subject to the terms and conditions specified in the Trust
Agreement;

                  NOW THEREFORE, the Depositor hereby appoints the Trustee as
trustee hereunder and hereby requests the Trustee to receive the Underlying
Securities from the Depositor and to issue in accordance with the instructions
of the Depositor Units having the terms specified in Schedule I attached hereto,
and the Trustee accepts such appointment and, for itself and its successors and
assigns, hereby declares that it shall hold all the estate, right, title and
interest in any property contributed to the trust account established hereunder
(except property to be applied to the payment or reimbursement of or by the
Trustee for any fees or expenses which under the terms hereof is to be so
applied) in trust for the benefit of all present and future Holders of the
fractional shares of beneficial interest issued hereunder, namely, the
Unitholders, and subject to the terms and provisions hereof.

<PAGE>

                  IN WITNESS WHEREOF, each of the undersigned has executed this
instrument as of the date set forth in the Schedule I attached hereto.

                         LASALLE BANK NATIONAL ASSOCIATION
                             as Trustee  on behalf of the Trust
                             identified in Schedule I hereto, and
                             not in its individual capacity

                         By:  /s/ Ann M. Kelly
                              ----------------------------
                              Name:  Ann M. Kelly
                              Title: Assistant Vice President

                         LASALLE BANK NATIONAL ASSOCIATION
                             as Warrant Agent

                         By:  /s/ Ann M. Kelly
                              ----------------------------
                              Name:  Ann M. Kelly
                              Title: Assistant Vice President

                         MS STRUCTURED ASSET CORP.

                         By:  /s/ John Kehoe
                              ----------------------------
                              Name:  John Kehoe
                              Title: Vice President

Attachments: Schedules I, II and III

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                                      SATURNS Trust No. 2003-13

Date of Trust Agreement:                    August 28, 2003

Trustee:                                    LaSalle Bank National Association

Units:                                      The Trust will issue two classes of
                                            Units: the Class A Units and the
                                            Class B Units. Only the Class A
                                            Units will be publicly offered.

Initial Unit Principal Balance
of the Class A Units:                       $30,000,000

Initial Notional Amount
of the Class B Units:                       $30,000,000

Issue Price of Units:                       Class A Units: 100%

                                            Class B Units:

                                            As specified by the Depositor from
                                            time to time

Number of Units:                            Class A Units:

                                            1,200,000 (Unit Principal Balance of
                                            $25 each)

                                            Class B Units:

                                            As specified by the Depositor from
                                            time to time

Swap Agreement:                             Except as provided in this
                                            paragraph, references to a Swap
                                            Agreement, a Swap Counterparty and
                                            related references in the Standard
                                            Terms shall be inapplicable. For
                                            purposes of Sections 2.02, 2.03,
                                            3.02(b), 3.02(c), 3.02(f), 3.04,
                                            3.05, 3.08, 4.02(b), 4.02(c), 7.02,
                                            9.03(b), 9.05, 10.02(a)(x), 10.07,
                                            10.12, 10.13, 11.01, and 12.01 of
                                            the Standard Terms as incorporated
                                            herein, use of the term Swap
                                            Counterparty shall be deemed to be
                                            use of the term Warrantholder, use
                                            of the term Swap Agreement shall be
                                            deemed to be use of the term
                                            Warrants and use of the term Swap
                                            Termination Payment shall be deemed
                                            to be use of the term Warrant
                                            Termination Payment. The list of
                                            sections in this paragraph shall not
                                            be construed as an exclusive list
                                            and where the context so requires,
                                            the preceding sentence may apply to
                                            additional sections of the Standard
                                            Terms.

Call Option / Call Rights:                  The Warrants. Each Warrant issued
                                            hereunder represents a Call Option
                                            and a Call Right to purchase $1,000
                                            of Unit Principal Balance of the
                                            Class A Units and $1,000 Notional
                                            Amount of the Class B Units as
                                            described in the Warrant Terms.

Callable Series:                            All Class A Units and Class B Units
                                            issued hereby are subject to Call
                                            Options and Call Rights granted in
                                            favor of Warrantholders. All Class A
                                            Units and the Class B Units are
                                            subject to redemption in the event
                                            of a redemption of the Underlying
                                            Securities.

                                            Any Unitholder who receives notice
                                            that its Units are being called or
                                            redeemed shall tender the applicable
                                            Units to the Trustee in accordance
                                            with such notice. Any Units subject
                                            to call or redemption shall be
                                            automatically canceled, and in the
                                            case of a call, shall be
                                            automatically re-issued to the
                                            applicable Warrantholder without
                                            further action by the applicable
                                            Unitholder, Warrantholder, Trustee
                                            or any other person or entity on the
                                            date of redemption or the Call Date,
                                            as applicable. Any failure to so
                                            tender any Unit shall have no force
                                            or effect.

                                            Upon exercise of Warrants, the Call
                                            Options and Call Rights represented
                                            by such Warrants shall be
                                            automatically canceled. The
                                            certificate representing such
                                            Warrants shall be deemed to
                                            represent the corresponding Class A
                                            Units and Class B Units called by
                                            the exercise thereof. The Trustee
                                            shall distribute the Trust Property
                                            to the Warrantholder as specified in
                                            Section 1.2 of Schedule III, and
                                            upon such distribution such Class A
                                            Units and Class B Units shall be
                                            canceled.

First Regular Call Date:                    As defined in Schedule III.

Minimum Denomination:                       Class A Units:

                                            $25 and $25 increments in excess
                                            thereof. Each $25 of Unit Principal
                                            Balance is a Unit.

                                            Class B Units:

                                            $1,000 Notional Amount and $1,000
                                            Notional Amount in excess thereof,
                                            provided however, that the Class B
                                            Units may only be transferred in
                                            minimum denominations of $250,000
                                            Notional Amount and $1,000 Notional
                                            Amount in excess thereof except in
                                            connection with (i) an exercise of
                                            the Warrants, (ii) a transfer to a
                                            transferee who will own, after
                                            giving effect to such transfer and
                                            any other simultaneous transfers, at
                                            least $250,000 Notional Amount of
                                            Class B Units, or (iii) in
                                            connection with a transfer of
                                            Warrants if the Notional Amount of
                                            Class B Units transferred to the
                                            Warrantholder equals the Notional
                                            Amount of Call Rights with respect
                                            to Class B Units acquired by such
                                            Warrantholder.

Cut-off Date:                               Closing Date

Closing Date:                               August 28, 2003

Specified Currency:                         United States dollars

Business Day:                               New York, New York and Chicago,
                                            Illinois

Interest Rate:                              Class A Units:

                                            6.250% per annum on the basis of a
                                            360 day year consisting of twelve 30
                                            day months.

                                            Class B Units:

                                            0.8383% per annum on the basis of a
                                            360 day year consisting of twelve 30
                                            day months.

                                            The right of the Class A Units to
                                            accrued interest is pari passu with
                                            the right of the Class B Units to
                                            accrued interest from accrued
                                            interest on the Underlying
                                            Securities.

Interest Reset Period:                      Not Applicable

Rating:                                     Class A Units:

                                            Aa3, negative outlook by Moody's

                                            A+ by S&P

                                            Class B Units:

                                            Aa3, negative outlook by Moody's

                                            A+ by S&P

Rating Agencies:                            Moody's and S&P

Scheduled Final Distribution Date:          July 15, 2032. The Units will have
                                            the same final maturity as the
                                            Underlying Securities.

Prepayment, Redemption and Call:            The Trust Property is subject to
                                            redemption in accordance with the
                                            terms of the Underlying Securities
                                            and as described in Schedule II. Any
                                            such redemption will cause a
                                            redemption of a corresponding
                                            portion of the Class A Units and the
                                            Class B Units.

                                            The Class A Units and the Class B
                                            Units are subject to call in
                                            accordance with the Warrant Terms.

                                            If the Warrants are partially
                                            exercised or if there is a partial
                                            redemption of the Underlying
                                            Securities, the Trustee will
                                            randomly select Class A Units to be
                                            redeemed in full from the proceeds
                                            of such partial redemption or called
                                            in full from the proceeds of such
                                            partial exercise. The Trustee will
                                            also select for call or redemption a
                                            Notional Amount of Class B Units, up
                                            to a Notional Amount equal to the
                                            Unit Principal Balance of Class A
                                            Units subject to such call or
                                            redemption, (i) first, from Class B
                                            Units held by any Warrantholder who
                                            has exercised its Warrants (provided
                                            that the Warrantholder as holder of
                                            such Class B Units can tender
                                            delivery of such Class B Units to
                                            the Trustee and identify such Class
                                            B Units to the satisfaction of the
                                            Trustee as owned by such
                                            Warrantholder), and (ii) then, from
                                            other Class B Units by random
                                            selection.

Additional Distribution:                    Class A Units:

                                            If a Warrantholder exercises
                                            Warrants in connection with a tender
                                            offer for settlement prior to the
                                            First Regular Call Date, each Class
                                            A Unit called in connection with
                                            such exercise shall receive, in
                                            addition to principal and accrued
                                            interest, $1.50 per Class A Unit
                                            from the proceeds of the Warrant
                                            exercise.

                                            Class B Units:

                                            If a Warrantholder exercises
                                            Warrants, then the Class B Units
                                            designated to be called in
                                            connection with such exercise shall
                                            receive the corresponding portion of
                                            the Class B Present Value Amount,
                                            adjusted for accrued interest on the
                                            Class B Units otherwise paid.

                                            If the Underlying Security Issuer
                                            redeems Underlying Securities and
                                            the previous paragraph does not
                                            apply, then the Class B Units
                                            designated for a redemption in
                                            connection with such redemption of
                                            Underlying Securities shall receive
                                            the amount with respect to the Class
                                            B Present Value Amount allocated for
                                            distribution in accordance with the
                                            applicable provisions of the
                                            Distribution Priorities below, paid
                                            as of the date of such redemption as
                                            an additional distribution.

Class B Present Value Amount:               With respect to a date, an amount
                                            equal to the present value of the
                                            Future Class B Unit Interest for
                                            such date in respect of the
                                            corresponding portion of the
                                            Notional Amount of the Class B
                                            Units, discounted at a rate of
                                            7.125% per annum on the basis of a
                                            360 day year consisting of twelve 30
                                            day months.

Future Class B Unit Interest:               With respect to any date, the
                                            interest on the applicable portion
                                            of the Notional Amount of the Class
                                            B Units, other than interest paid
                                            prior to such date, that would have
                                            been payable in the amount and at
                                            the times otherwise specified
                                            hereunder through and including the
                                            Scheduled Final Distribution Date
                                            without regard to any call,
                                            redemption or other early
                                            termination of the Class B Units.

Warrant Terms:                              The Warrants represent a Call
                                            Option and Call Rights for the Units
                                            pursuant to Section 5.13 of the
                                            Standard Terms. Schedule III
                                            provides additional Warrant Terms.

Call Date:                                  Specified in Schedule III

Call Price:                                 Specified in Schedule III

Warrant Agent:                              LaSalle Bank National Association

Warrantholder:                              A holder of Warrants.

Distribution Date:                          Each January 15 and July 15, or the
                                            next succeeding Business Day if such
                                            day is not a Business Day,
                                            commencing January 15, 2004, and any
                                            other date upon which funds are
                                            available (including without
                                            limitation funds available due to a
                                            Trust Wind-Up Event) for
                                            distribution in accordance with the
                                            terms hereof.

                                            If any payment with respect to the
                                            Underlying Securities held by the
                                            Trust is not received by the Trustee
                                            by 12 noon (New York City time) on a
                                            Distribution Date, the corresponding
                                            distribution on the Units will not
                                            occur until the next Business Day
                                            that the Trust is in receipt of
                                            proceeds of such payment prior to 12
                                            noon, with no adjustment to the
                                            amount distributed or the Record
                                            Date.

Distribution Priorities:                    Ordinary Distribution Date Priority:

                                            On any Distribution Date as to which
                                            only payments of interest on the
                                            Underlying Securities have been
                                            received, or to the extent such
                                            Distribution Date occurs due to
                                            receipt of payments of interest on
                                            the Underlying Securities, the
                                            Trustee shall apply amounts
                                            available:

                                            FIRST, to the payment of accrued and
                                            unpaid interest on the Class A Units
                                            and the Class B Units pro rata in
                                            proportion to the outstanding amount
                                            of accrued and unpaid interest on
                                            each, and

                                            SECOND, to the payment of any
                                            accrued and unpaid Expense
                                            Administrator's Fee.

                                            Exercise of Warrants Priority:

                                            On any Distribution Date occurring
                                            in connection with an exercise of
                                            the Warrants, or to the extent such
                                            Distribution Date occurs due to the
                                            exercise of Warrants, whether in
                                            whole or in part, whether or not
                                            such exercise results in a Trust
                                            Wind-Up Event, the Trustee shall
                                            apply amounts available in
                                            connection with such exercise
                                            (corresponding to the amounts
                                            allocable to the aggregate
                                            Corresponding Underlying Security
                                            Amount related to such exercise):

                                            FIRST, to the payment of any accrued
                                            and unpaid interest on the Class A
                                            Units and the Class B Units being
                                            called pro rata in proportion to the
                                            outstanding amount of accrued and
                                            unpaid interest on each,

                                            SECOND, to the payment of the
                                            outstanding principal on the Class A
                                            Units being called,

                                            THIRD, to the payment of $1.50 on
                                            each Class A Unit called as an
                                            Additional Distribution, if the
                                            related Call Date occurs prior to
                                            the First Regular Call Date and
                                            occurs in connection with a tender
                                            offer for the Underlying Securities,

                                            FOURTH, to the payment of the Class
                                            B Present Value Amount with respect
                                            to each Class B Unit called,
                                            adjusted for any accrued interest
                                            paid under Clause FIRST, as an
                                            Additional Distribution on the Class
                                            B Units called,

                                            FIFTH, to the payment of any accrued
                                            and unpaid Expense Administrator's
                                            Fee, including the Expense
                                            Administrator Make-Whole Amount, if
                                            any, and

                                            SIXTH, to the exercising
                                            Warrantholders, to the extent such
                                            Warrantholders specified or were
                                            deemed to specify that their
                                            exercise was in connection with a
                                            redemption of or a tender offer for
                                            the Underlying Securities.

                                            If any exercise of Warrants would
                                            result in the Trust not having
                                            sufficient funds to pay each of
                                            items FIRST through FIFTH in full,
                                            notwithstanding any other provision
                                            in this Trust Agreement (including
                                            the Additional Warrants Terms on
                                            Schedule III) or the Warrants, such
                                            exercise will be rescinded pursuant
                                            to Section 1.1(h) or Section 1.1(i)
                                            of Schedule III.

                                            Redemptions Priority:

                                            On any Distribution Date occurring
                                            in connection with a redemption of
                                            the Underlying Securities, to the
                                            extent such Distribution Date occurs
                                            due to a redemption of the
                                            Underlying Securities and only to
                                            the extent such Distribution Date
                                            does not relate to an exercise of
                                            Warrants, whether or not such
                                            redemption results in a Trust
                                            Wind-Up Event, the Trustee shall
                                            apply amounts available in
                                            connection with such redemption
                                            (excluding the amounts allocable to
                                            the aggregate Corresponding
                                            Underlying Security Amount related
                                            to any exercise of Warrants provided
                                            for above):

                                            FIRST, to the payment of any accrued
                                            and unpaid interest on the Class A
                                            Units and the Class B Units being
                                            redeemed pro rata in proportion to
                                            the outstanding amount of accrued
                                            and unpaid interest on each,

                                            SECOND, to the payment of the
                                            outstanding principal on the Class A
                                            Units being redeemed,

                                            THIRD, any remaining amounts, if
                                            any, to the payment of the Class B
                                            Present Value Amount with respect to
                                            Class B Units redeemed, adjusted for
                                            any accrued interest paid under
                                            Clause FIRST, as an Additional
                                            Distribution on the Class B Units
                                            redeemed,

                                            FOURTH, any remaining amounts, if
                                            any, to the payment of any accrued
                                            and unpaid Expense Administrator's
                                            Fee, and

                                            FIFTH, any remaining amounts, if
                                            any, to the Warrantholders, as
                                            payment of any Warrant Termination
                                            Payment.

                                            Any amortization or other payment by
                                            the Underlying Security Issuer on
                                            the Underlying Securities shall be
                                            treated as a redemption if not
                                            otherwise addressed herein.

                                            Other Trust Wind-Up Events Priority:

                                            On any Distribution Date occurring
                                            in connection with a Trust Wind-Up
                                            Event due to an event or events
                                            other than an exercise of Warrants
                                            or a redemption of Underlying
                                            Securities (or to the extent
                                            thereof), the Trustee shall apply
                                            amounts available (excluding the
                                            amounts allocable to the aggregate
                                            Corresponding Underlying Security
                                            Amount related to any exercise of
                                            Warrants provided for above or the
                                            amounts distributable in connection
                                            with a redemption as provided for
                                            above):

                                            FIRST, to the payment of the claims
                                            of the Class A Units and the Class B
                                            Units pro rata in proportion to the
                                            relative claim amounts of each, and
                                            for this purpose the Class A Units
                                            will have a claim equal to their
                                            Unit Principal Balance plus accrued
                                            and unpaid interest, if any and the
                                            Class B Units will have a claim
                                            equal to the Class B Present Value
                                            Amount determined as of the date of
                                            termination, in full satisfaction of
                                            the claims of the Class A Units and
                                            the Class B Units,

                                            SECOND, to the payment of any
                                            accrued and unpaid Expense
                                            Administrator's Fee, and

                                            THIRD, any remaining amounts are
                                            paid to the Warrantholders, as
                                            payment of any Warrant Termination
                                            Payment.

Record Date:                                The record date for each
                                            Distribution Date shall be the third
                                            Business Day prior to such
                                            Distribution Date, without
                                            adjustment for any change in the
                                            Distribution Date due to the receipt
                                            of funds for distribution after 12
                                            noon.

Form:                                       Global security; except Units
                                            re-issued in connection with an
                                            exercise of Warrants.

Depositary:                                 DTC

Trustee Fees and Expenses:                  As compensation for and in payment
                                            of trust expenses related to its
                                            services hereunder other than
                                            Extraordinary Trust Expenses, the
                                            Trustee will receive Trustee Fees on
                                            each Distribution Date in the amount
                                            equal to $2,000. The Trustee Fee
                                            shall cease to accrue after
                                            termination of the Trust. The
                                            "Trigger Amount" with respect to
                                            Extraordinary Trust Expenses for the
                                            Trust is $25,000 and the Maximum
                                            Reimbursable Amount is $100,000. The
                                            Trustee Fee will be paid by the
                                            Expense Administrator. Expenses will
                                            be reimbursed by the Expense
                                            Administrator in accordance with the
                                            Expense Administration Agreement.

Expense Administrator:                      The Trustee will act as Expense
                                            Administrator on behalf of the Trust
                                            pursuant to an Expense
                                            Administration Agreement, dated as
                                            of the date of the Trust Agreement
                                            (the "Expense Administration
                                            Agreement"), between the Trustee as
                                            Expense Administrator (the "Expense
                                            Administrator") and the Trust.

                                            The Expense Administrator will
                                            receive a fee equal to $5,500
                                            payable on each Distribution Date.
                                            The Expense Administrator Make-Whole
                                            Amount, if any, shall also be
                                            considered part of the Expense
                                            Administrator's fee hereunder and
                                            under the Expense Administration
                                            Agreement. The Amounts specified in
                                            this paragraph are also referred to
                                            as the "Expense Administrator's
                                            Fee".

                                            The Expense Administrator will be
                                            responsible for paying the Trustee
                                            Fee and reimbursing certain other
                                            expenses of the Trust in accordance
                                            with the Expense Administration
                                            Agreement.

Expense Administrator
Make-Whole Amount:                          Except to the extent such exercise
                                            is in connection with a redemption,
                                            if any exercise of Warrants,
                                            together with any other Warrants
                                            exercised on the same Call Date, is
                                            an exercise of less than all
                                            Warrants remaining unexercised, the
                                            applicable Call Price shall include
                                            an amount equal to the present value
                                            of a stream of payments equal to
                                            $5,500 payable on each scheduled
                                            Distribution Date discounted at a
                                            rate of 5.0% per annum on the basis
                                            of a 360 day year consisting of
                                            twelve 30 day months from but
                                            excluding the date of such exercise
                                            until and including the Scheduled
                                            Final Distribution Date, assuming
                                            for this purpose that the Trust is
                                            not terminated prior to the
                                            Scheduled Final Distribution Date,
                                            multiplied by the Unit Principal
                                            Balance of applicable Class A Units
                                            to be called and divided by the
                                            Initial Unit Principal Balance of
                                            the Class A Units.

Listing:                                    The Depositor has applied to list
                                            the Class A Units on the New York
                                            Stock Exchange.

ERISA Restrictions:                         With respect to the Class A Units,
                                            no ERISA Restrictions apply. With
                                            respect to the Class B Units, the No
                                            Plan Restriction applies.

QIB Restriction:                            Not applicable to the Class A Units.
                                            Applicable to the Class B Units.

Termination:                                If a Trust Wind-Up Event occurs, any
                                            Underlying Securities held by the
                                            Trust will be liquidated (by
                                            delivery to the Underlying Security
                                            Issuer in the event of a redemption,
                                            pursuant to the Warrant Terms in the
                                            event of an exercise of the Warrants
                                            or otherwise by sale thereof).

Warrant Termination Payment:                Any amounts available for payment
                                            pursuant to the Distribution
                                            Priorities above as a Warrant
                                            Termination Payment.

Tender Offers:                              The Trust will not participate in
                                            any tender offer for the Underlying
                                            Securities and the Trustee will not
                                            accept any instructions to the
                                            contrary from the Unitholders,
                                            except in connection with an
                                            exercise by a Warrantholder of
                                            Warrants. Any Warrantholder may
                                            exercise Warrants in connection with
                                            any tender offer for the Underlying
                                            Securities and the Trustee may
                                            participate in the tender offer by
                                            the Underlying Security Issuer on
                                            behalf of an exercising
                                            Warrantholder.

Depositor Optional Exchange:                Depositor Optional Exchange applies
                                            to this Series of Units.

                                            Section 5.12(c)(ii) of the Standard
                                            Terms shall be incorporated herein
                                            by replacing 5.12 (c)(ii) with the
                                            following: "(ii) such exchange is to
                                            be effected on any Distribution Date
                                            or any date that is 90 days before
                                            or after a Distribution Date (or the
                                            succeeding Business Day if such date
                                            is not a Business Day) with 45 days'
                                            notice".

                                            Pursuant to 5.12(c)(iii), a
                                            corresponding portion of the
                                            Warrants must consent to such an
                                            exchange. The Depositor may satisfy
                                            the consent requirement of the
                                            preceding sentence by tendering a
                                            corresponding portion of Warrants or
                                            by delivering consents from a
                                            corresponding portion of Warrants
                                            (including Warrants it owns) or any
                                            combination thereof. Pursuant to
                                            5.12(c)(iii), the Expense
                                            Administrator must consent to such
                                            an exchange.

Optional Exchange
Under Warrants:                             A Call Notice under Schedule III
                                            shall also constitute a notice of
                                            and a demand to exchange each of the
                                            Units acquired pursuant to the
                                            related exercise for a corresponding
                                            portion of Trust Property pursuant
                                            to Section 5.12(d) of the Standard
                                            Terms. Such notice and demand may
                                            only be revoked or rescinded to the
                                            extent that the related exercise is
                                            revoked or rescinded and the
                                            settlement of the Optional Exchange
                                            shall be the Exercise Date.

                                            Trust Property distributable to a
                                            Warrantholder who has acquired Units
                                            by exercise in connection with a
                                            tender offer or redemption as
                                            addressed in Section 1.1(i) of
                                            Schedule III, shall be the Trust
                                            Property specified in Section 1.1(i)
                                            of Schedule III payable in the
                                            manner specified in the Distribution
                                            Priority.

Terms of Retained Interest:                 Notwithstanding any other provision
                                            herein or in the Standard Terms, the
                                            Depositor retains the right to
                                            receive any and all interest that
                                            accrues on the Underlying Securities
                                            prior to the Closing Date. The
                                            Depositor will receive such accrued
                                            interest on the first Distribution
                                            Date (or redemption date or Call
                                            Date if earlier) for the Units and
                                            such amount shall be paid from the
                                            interest payment made with respect
                                            to the Underlying Securities on the
                                            first Distribution Date.

                                            The amount of the Retained Interest
                                            is $253,999.

                                            If an Underlying Security Default
                                            occurs on or prior to the first
                                            Distribution Date and the Depositor
                                            does not receive such Retained
                                            Interest amount in connection with
                                            such Distribution Date, the
                                            Depositor will have a claim for such
                                            Retained Interest, and will share
                                            pro rata with holders of the Units
                                            to the extent of such claim in the
                                            proceeds from the recovery on the
                                            Underlying Securities.

Sale of Underlying Securities:              In connection with any sale of the
                                            Underlying Securities by the Selling
                                            Agent pursuant to the terms hereof,
                                            if a Warrantholder is not an
                                            affiliate of the Selling Agent, the
                                            Selling Agent will extend a right of
                                            first refusal to each such
                                            Warrantholder to purchase the
                                            Underlying Securities at the highest
                                            bid received by the Selling Agent.

                                            If more than one Warrantholder
                                            exercises such right of first
                                            refusal, Underlying Securities will
                                            be sold to each exercising
                                            Warrantholder in proportion to the
                                            number of Warrants held by such
                                            Warrantholder; provided, that if
                                            only one Warrantholder exercises
                                            such right of first refusal, such
                                            Warrantholder shall be entitled to
                                            purchase any or all of the
                                            Underlying Securities to be sold by
                                            the Selling Agent.

Selling Agent:                              Morgan Stanley & Co. Incorporated.

Rating Agency Condition:                    The definition of Rating Agencies
                                            Condition in the Standard Terms
                                            shall not apply and the following
                                            shall apply instead:

                                            "Rating Agency Condition": With
                                            respect to any specified action or
                                            determination, means receipt of (i)
                                            written confirmation by Moody's (if
                                            the Units are rated by Moody's, for
                                            so long as the Units are outstanding
                                            and rated by Moody's) and (ii)
                                            written confirmation by S&P (if the
                                            Units are rated by S&P, for so long
                                            as the Units are outstanding and
                                            rated by S&P), that such specified
                                            action or determination will not
                                            result in the reduction or
                                            withdrawal of their then-current
                                            ratings on the Units. Such
                                            confirmation may relate either to a
                                            specified transaction or may be a
                                            confirmation with respect to any
                                            future transactions which comply
                                            with generally applicable conditions
                                            published by the applicable rating
                                            agency.

Voting:                                     With respect to any voting or other
                                            rights of any Unitholder or Class of
                                            Units based on the Unit Principal
                                            Balance or denomination of the
                                            applicable Units, each Class B
                                            Unitholder shall be treated as
                                            holding Units with a Unit Principal
                                            Balance or denomination equal to the
                                            Class B Present Value Amount of the
                                            Class B Units held by such Class B
                                            Unitholder as of the applicable
                                            Record Date or date of
                                            determination.

UnitPrincipal Balance:                      Except with respect to the "Voting"
                                            provision above, when the Unit
                                            Principal Balance is used with
                                            respect to the Class B Units, it
                                            shall be deemed to mean "Notional
                                            Amount".

Amendments:                                 Notwithstanding anything to the
                                            contrary in the Standard Terms,
                                            amendments to the Warrants and to
                                            Schedule III hereof shall be
                                            governed by Section 7.02 of the
                                            Standard Terms. For the avoidance of
                                            doubt, the terms of the Warrant and
                                            Schedule III may not be amended
                                            without consent of all
                                            Warrantholders.

Additional Terms                            Section 12.10 of the Standard Terms
                                            shall apply as modified below to
                                            include the Warrantholders:

                                            "Prior to the date that is one year
                                            and one day after all distributions
                                            in respect of the Units have been
                                            made, none of the Trustee, the
                                            Trust, the Depositor or the
                                            Warrantholders shall take any
                                            action, institute any proceeding,
                                            join in any action or proceeding or
                                            otherwise cause any action or
                                            proceeding against any of the others
                                            under the United States Bankruptcy
                                            Code or any other liquidations,
                                            insolvency, bankruptcy, moratorium,
                                            reorganization or similar law
                                            ("Insolvency Law") applicable to any
                                            of them, now or hereafter in effect,
                                            or which would be reasonably likely
                                            to cause any of the others to be
                                            subject to, or seek the protection
                                            of, any such Insolvency Law."

<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Underlying Securities:                      Credit Suisse First Boston (USA),
                                            Inc. 7.125% debentures due July 15,
                                            2032

Underlying Security Issuer:                 Credit Suisse First Boston
                                            (USA), Inc.

Principal Amount:                           $30,000,000

Underlying Security Rate:                   7.125%

Credit Ratings:                             Aa3 by Moody's, negative outlook

                                            A+ by S&P

Listing:                                    Luxembourg Stock Exchange

Underlying Security
Issuance Agreement:                         An indenture dated as of June 1,
                                            2001 between the Underlying Security
                                            Issuer and the Underlying Security
                                            Trustee as supplemented and amended
                                            from time to time.

Form:                                       Global

Currency of
Denomination:                               United States dollars

Acquisition Price by Trust:                 $31,941,000

Underlying Security
Payment Date:                               Each January 15 and July 15

Original Issue Date:                        The Underlying Securities were
                                            originally issued in a public
                                            offering on or about July 19, 2002
                                            in a principal amount of
                                            $1,000,000,000.

Maturity Date:                              July 15, 2032

Sinking Fund Terms:                         Not Applicable

Redemption Terms:                           The Underlying Securities are
                                            redeemable at any time, subject to a
                                            make-whole payment, if any,
                                            calculated at the time of
                                            redemption.

CUSIP No.:/ISIN No.                         22541LAE3

Underlying Security Trustee:                JPMorgan Chase Bank

<PAGE>

                                  Schedule III
                            ADDITIONAL WARRANT TERMS

                                    ARTICLE I
                              EXERCISE OF WARRANTS

         Section 1.1       Principal Terms.

         (a) Call Price.

         The Call Price per Warrant is the sum of (i)(a) $1,000 (corresponding
to 40 $25.00 Class A Units) or (b) if such exercise is in connection with a
tender offer for Underlying Securities held by the Trust for settlement prior to
the First Regular Call Date, $1,060 ($26.50 per Class A Unit), (ii) the
applicable Class B Present Value Amount (which will be adjusted for any accrued
interest on the Class B Units payable under (iii)), (iii) accrued and unpaid
interest on the applicable Class A Units and the applicable Class B Units being
called and (iv) the applicable Expense Administrator Make-Whole Amount.

         (b) Call Dates.

         A Warrantholder may designate as a Call Date (i) any Business Day from
and including 9:00 a.m. New York time on the First Regular Call Date, to and
including 4:00 p.m. New York time on the Expiration Date and (ii) any Business
Day prior to the First Regular Call Date as a Call Date, but only if notice of
redemption or tender offer has been delivered by the Underlying Security Issuer
with regard to the Underlying Securities held by the Trust.

         Except as otherwise provided in this paragraph, a Warrantholder shall
give notice of its intention to exercise Warrants and related designation of a
Call Date on not less than 15 or more than 60-calendar days' notice. If the
Underlying Security Issuer has given notice of redemption with respect to the
Underlying Securities or if a tender offer is outstanding for the Underlying
Securities, a Warrantholder may give notice of its intention to exercise
Warrants and related designation of a Call Date with two Business Days notice
prior to the Call Date but no later than 4:00 p.m. New York City time on the
second Business Day immediately preceding the then-scheduled settlement of the
tender offer or redemption.

         (c) Expiration Date. The Scheduled Final Distribution Date.

         (d) First Regular Call Date. August 28, 2008.

         (e) Corresponding Underlying Security Amount. The product of (x) the
applicable number of Warrants, (y) $1,000 and (z) the Security Factor.

         (f) Security Factor. The aggregate principal amount of Underlying
Securities initially held by the Trust divided by the Initial Unit Principal
Balance of the Class A Units.

         (g) Call Notice.

         Each exercising Warrantholder shall deliver a notice in the form of
Exhibit B to the Trustee and the Warrant Agent, including the certification of
solvency specified therein, prior to the Call Date. Each such Call Notice must
specify exercise of either (i) all Warrants the notifying Warrantholder owns or
(ii) Warrants sufficient to call at least $250,000 Unit Principal Balance of
Class A Units and $250,000 Notional Amount of Class B Units.

         A Call Notice also constitutes a notice of exchange of the Class A
Units and the Class B Units to be obtained by a Warrantholder as a result of
such exercise for Trust Property pursuant to Section 5.12(d) of the Standard
Terms.

         (h) Automatic Rescission of Exercise.

         Delivery of a Call Notice does not give rise to an obligation on the
part of the Warrantholder to pay the Call Price. With respect to each Warrant
exercised, if by 4 p.m. New York time on the Business Day prior to the Call Date
the applicable Warrantholder has not paid the applicable Call Price for a
Warrant to the Warrant Agent, except to the extent the Call Notice relates to a
tender offer or redemption of Underlying Securities addressed in Section 1.1(i)
below, then the exercise of the applicable Warrant shall be automatically
rescinded, the applicable Warrant shall be reinstated, no Call Date with respect
thereto shall be deemed to have occurred and no Call Notice deemed given, and
the applicable Warrantholder shall be entitled to exercise such reinstated
Warrants in the future.

         (i) Tender Offer and Redemption.

         Each Warrantholder shall specify in its Call Notice if its exercise is
in connection with a redemption or tender offer if the specified Call Date will
occur on or after the First Regular Call Date. Any Warrantholder giving a Call
Notice with respect to a Call Date prior to the First Regular Call Date shall be
deemed to specify that it is exercising its Warrants in connection with a tender
offer or redemption.

         A Warrantholder specifying or deemed to specify that it is exercising
its Warrants in connection with a tender offer for or a redemption of the
Underlying Securities shall be deemed to instruct the Trustee to tender the
applicable Corresponding Underlying Security Amount in connection with such
redemption or tender offer.

         To the extent Underlying Securities corresponding to such a deemed
instruction to tender are not accepted by the tender offeror or Underlying
Security Issuer and paid for in accordance with the terms of the tender offer or
redemption, a corresponding number of Warrants shall be reinstated, with
exercise thereof rescinded, no Call Date with respect thereto shall be deemed to
have occurred and no Call Notice deemed given, with the number of such
reinstated Warrants to be allocated among the Warrantholders specifying or
deemed to specify exercise in connection with such tender offer or redemption in
proportion to the number of Warrants initially so exercised by each, and each
such Warrantholder shall be entitled to exercise such reinstated Warrants in the
future. The Warrant Agent shall determine such allocation by notice to the
applicable Warrantholders.

         A Warrantholder specifying or deemed to specify that it is exercising
its Warrants in connection with a tender offer for or a redemption of the
Underlying Securities, to the extent such exercise is not rescinded, shall be
entitled to Trust Property in an amount equal to the proceeds of the tender
offer or redemption allocable to the applicable Corresponding Underlying
Security Amount in excess of the aggregate Call Price for the applicable number
of Warrants.

         If the Warrant Agent receives a Call Notice or Call Notices with
respect to Warrants with an aggregate Corresponding Underlying Security Amount
that is less than the aggregate principal amount of Underlying Securities held
by the Trust subject to redemption, the Warrant Agent shall determine by notice
to the applicable Warrantholders which Warrants are to be terminated in
connection with such redemption by allocating the termination of Warrants pro
rata among remaining Warrantholders (including exercising Warrantholders holding
unexercised Warrants) in proportion to their holdings of unexercised Warrants.
Warrants so terminated shall be entitled to the applicable Warrant Termination
Payment.

         If the Warrant Agent receives no Call Notices with respect to a
redemption of Underlying Securities, a number of Warrants equal to the aggregate
principal amount of Underlying Securities held by the Trust that are redeemed
divided by the product of (x) the Security Factor and (y) $1,000, shall be
terminated. The Warrant Agent shall determine by notice to the applicable
Warrantholders which Warrants are to be terminated by allocating such
termination among Warrantholders in proportion to the number of Warrants held by
each. Warrants so terminated shall be entitled to the applicable Warrant
Termination Payment.

         Whenever the Warrant Agent is obligated to allocate the termination of
Warrants pro rata, and this allocation would result in some Warrants being
partially terminated, the Warrant Agent shall randomly re-allocate terminations
to the extent necessary to ensure that only whole Warrants are terminated or
such that only one Warrant is partially terminated.

         (j) Payment of Call Price.

         Except with respect to Warrants exercised or deemed exercised in
connection with a redemption of or tender offer for the Underlying Securities,
each exercising Warrantholder shall deposit the applicable Call Price for all
Warrants exercised by it with the Warrant Agent no later than the Business Day
prior to settlement of exercise.

         The Warrant Agent shall notify the Trustee immediately upon its receipt
of payment of the applicable Call Price. The Warrant Agent shall transfer the
amount of any paid Call Price to the Trustee in immediately available funds, for
deposit in the Unit Account and application pursuant to the other terms of this
Trust Agreement no later than 4 p.m. New York time on the Business Day preceding
the Call Date and, pending such transfer, shall hold such amount for the benefit
of the Warrantholder in a segregated trust account.

         (k) Appointment of Warrant Agent.

         The Depositor hereby appoints the Warrant Agent as agent to (i) receive
for the benefit of the Warrantholders pending payment to the Trust in connection
with exercise of the Warrants from time to time, the Call Price amounts paid to
the Warrant Agent, (ii) receive for the benefit of the Warrantholders, in
connection with exercise of the Warrants from time to time, the Units deemed
tendered to the Trust pursuant to Section 1.2, and the Trust Property received
pursuant to the related Optional Exchange pending delivery thereof to the
relevant Warrantholders and (iii) otherwise act on behalf of and for the benefit
of the Trust, the Unitholders and the Warrantholders for purposes of this
Agreement, and the Warrant Agent accepts such appointment for itself and its
successors and assigns, subject to the terms and provisions hereof.

         Section 1.2 Delivery of Units. As soon as practicable after each
surrender of Warrants in whole or in part on the Call Date and upon satisfaction
of all other requirements described in the Warrants and in Section 1.1 hereof,
the Warrant Agent shall instruct the Trustee to confirm that the transfer
specified under the "Callable Series" provisions of Schedule I has occurred and
to cause a distribution of Trust Property to the Warrantholder as an Optional
Exchange taking into account Section 1.1(i) above, if applicable. A surrender of
the Warrants shall be deemed to be a simultaneous surrender of the Class A Units
and Class B Units acquired in exchange therefor.

         If such exercise is in part only, the Warrant Agent shall instruct the
Trustee to authenticate new Warrants of like tenor, representing the outstanding
Warrants of the Warrantholder and the Warrant Agent shall deliver such Warrants
to the Warrantholder.

         In each case, the Trustee shall act in accordance with such
instructions.

         Section 1.3 Cancellation and Destruction of Warrants. All Warrants
surrendered to the Warrant Agent for the purpose of exercise (in whole or in
part) pursuant to Section 1.1 and actually exercised, or for the purpose of
transfer or exchange pursuant to Article III, shall be cancelled by the Warrant
Agent, and no Warrant (other than that reflecting any such transfer or exchange)
shall be issued in lieu thereof. The Warrant Agent shall destroy all cancelled
Warrants.

         Section 1.4 No Rights as Holder of Units Conferred by Warrants. Each
Warrantholder agrees that the Warrants do not represent an ownership interest in
the Trust or its assets and that none of them shall treat the Warrants as an
ownership interest in the Trust for any purpose.

                                   ARTICLE II
                            RESTRICTIONS ON TRANSFER

         Section 2.1 Restrictive Legends. Each Warrant (including each Warrant
issued upon the transfer of any Warrant) shall be issued with a legend in
substantially the form contained in Exhibit A hereto.

         Section 2.2 Notice of Proposed Transfer. Prior to any transfer of any
Warrant or portion thereof, the Warrantholder will give 5 Business Days (or such
lesser period acceptable to the Warrant Agent) prior written notice to the
Warrant Agent and the Depositor of such Warrantholder's intention to effect such
transfer.

                                   ARTICLE III
                   REGISTRATION AND TRANSFER OF WARRANTS, ETC.

         Section 3.1 Warrant Register; Ownership of Warrants. The Warrant Agent
will keep a register in which the Warrant Agent will provide for the
registration of Warrants and the registration of transfers of Warrants
representing numbers of Warrants. The Trustee and the Warrant Agent may treat
the Person in whose name any Warrant is registered on such register as the owner
thereof for all purposes, and the Trustee and the Warrant Agent shall not be
affected by any notice to the contrary. The Warrant Agent shall make such
adjustments to its records and the register as shall be necessary to reflect
terminations and exercise of Warrants.

         Section 3.2 Transfer and Exchange of Warrants. (a) No Warrant may be
offered, resold, assigned or otherwise transferred (including by pledge or
hypothecation) at any time except in accordance with this Section 3.2.

         (1) Any purchaser or transferee of the Warrants shall represent that it
is (A) a "qualified institutional buyer" as defined in Rule 144A under the
Securities Act that (1) is not a broker-dealer that owns and invests on a
discretionary basis less than $25 million in securities of issuers that are not
affiliated persons of the dealer and (2) is not a plan referred to in paragraph
(a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust fund referred to in
paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, if
investment decisions with respect to the plan are made by the beneficiaries of
the plan, (B) aware that the sale or transfer of the Warrants to it may be made
to it in reliance on the exemption from registration provided by Rule 144A under
the Securities Act and (C) acquiring the Warrants for its own account or for one
or more accounts, each of which is a qualified institutional buyer, and as to
each of which the purchaser or transferee exercises sole investment discretion,
and in each case in accordance with any applicable securities laws of any state
of the United States and other jurisdictions.

         (2) Warrants may not be purchased, held by or transferred to any Person
unless that Person is not a Plan, is not a governmental or other plan subject to
restrictions substantially similar to Title I of ERISA or Section 4975 of the
Code, and is not acquiring the Warrants with the assets of any such Plan or
other plan. Each Person who acquires any Warrant, and each fiduciary which
causes any such Person to acquire any Warrant, in its individual as well as its
fiduciary capacity, will be deemed by such purchase, holding or acquisition, on
each date on which the Warrant is held by such person, to have represented that
it is not a Plan or any governmental or other plan subject to requirements
substantially similar to Title I of ERISA or Section 4975 of the Code and is not
using the assets of any such Plan to purchase those Warrants. Each Person that
acquires a Warrant, and each fiduciary who causes a person to acquire a Warrant,
in its individual as well as its fiduciary capacity, agrees to indemnify and
hold harmless the Depositor, the Trustee, the Warrant Agent, MS&Co., each
Distribution Participant and their respective affiliates from any cost, damages,
loss or expense, incurred by them as a result of the representations contained
in this Section 3.2(a)(2) not being true.

         (b) Upon surrender of any Warrant for registration of transfer or for
exchange to the Warrant Agent, the Warrant Agent shall (subject to compliance
with Section 3.2(a)) promptly execute and deliver, and cause the Trustee, on
behalf of the Trust, to execute and deliver, in exchange therefor, a new Warrant
of like tenor and evidencing a like number of Warrants, in the name of such
Warrantholder or as such Warrantholder (upon payment by such Warrantholder of
any applicable transfer taxes or government charges) may direct; provided that
as a condition precedent for transferring the Warrants, the prospective
transferee shall deliver to the Trustee and the Depositor an executed copy of
the Transfer Letter in the form of Exhibit C hereto.

         (c) Any purported transfer of the Warrants (or any interest therein) in
violation of Section 3.2(a)(1) or Section 3.2(a)(2) hereof shall be void ab
initio and the purported transferee in such transfer shall not be recognized by
any Person as a holder of such Warrants for any purpose. The Depositor and the
Trustee shall each have the power to sell the Warrants (or any interest therein)
of a purported Warrantholder (or owner of any interest therein) who acquired its
interest in violation of Section 3.2(a)(1) or Section 3.2(a)(2) or who continues
to hold Warrants in violation of Section 3.2(a)(2).

         Section 3.3 Replacement of Warrants. Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction or
mutilation of any Warrant and, in the case of any such loss, theft or
destruction of any Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Warrant for cancellation to the
Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a new
Warrant of like tenor bearing a number not contemporaneously outstanding.

         Section 3.4 Execution and Delivery of Warrants by Trustee;
Authentication.

         The Trustee agrees and acknowledges that it will, concurrently with the
receipt by it of the Underlying Securities and the execution, authentication and
delivery of Units, cause to be executed, authenticated and delivered to or upon
the order of the Depositor, Warrants duly executed and authenticated by or on
behalf of the Trustee.

         The Trustee, on behalf of the Trust, hereby agrees (subject to
compliance with Article II) to execute and deliver such new Warrants issued in
accordance with Section 1.2 or this Article III as the Warrant Agent shall
request in accordance herewith.

         Upon surrender for registration of transfer of any Warrant at the
office or agency of the Trustee, if the requirements of Section 8-401 of the
Uniform Commercial Code are met to the Trustee's satisfaction, and subject to
the transfer restrictions set forth in this Schedule III, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Warrants. All transfers of Warrants are subject to
the approval of the Trustee and the Trustee shall not register any transfer of
Warrants if such transfer would violate any provision of the Trust Agreement.

         Section 3.5 Federal Income Tax Matters. Each Warrantholder agrees to
treat each Warrant as a call option for federal income tax purposes.

                                   ARTICLE IV
                                  WARRANT AGENT

         Section 4.1 Limitation on Liability. The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of the Warrants
in reliance upon any instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate,
statement or other paper or document in good faith believed by it to be genuine
and to be signed, executed and, where necessary, verified and acknowledged, by
the proper Person or Persons. The Warrant Agent and any director, officer,
employee or agent of the Warrant Agent shall be indemnified by the Depositor to
the same extent that the Trustee is indemnified by the Depositor pursuant to
Section 10.05(b) of the Standard Terms.

         Section 4.2 Duties of Warrant Agent. The Warrant Agent undertakes only
the specific duties and obligations imposed hereunder upon the following terms
and conditions, by all of which the Depositor, the Trust, the Trustee and each
Warrantholder shall be bound:

         (a) The Warrant Agent may consult with legal counsel (who may be legal
counsel for the Depositor), and the opinion of such counsel shall be full and
complete authorization and protection to the Warrant Agent as to any action
taken or omitted by it in good faith and in accordance with such opinion,
provided the Warrant Agent shall have exercised reasonable care in the selection
by it of such counsel.

         (b) Whenever in the performance of its duties hereunder, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or
established by the Depositor or the Trustee prior to taking or suffering any
action hereunder, such fact or matter may be deemed to be conclusively proved
and established by a Depositor Order or a certificate signed by a Responsible
Officer of the Trustee and delivered to the Warrant Agent; and such certificate
shall be full authorization to the Warrant Agent for any action taken or
suffered in good faith by it hereunder in reliance upon such certificate.

         (c) The Warrant Agent shall be liable hereunder only for its own
negligence, willful misconduct or bad faith.

         (d) The Warrant Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained herein or be required to verify the
same, but all such statements and recitals are and shall be deemed to have been
made by the Trust and the Depositor only.

         (e) The Warrant Agent shall not have any responsibility in respect of
and makes no representation as to the validity of the Warrants or the execution
and delivery thereof (except the due execution hereof by the Warrant Agent); nor
shall it be responsible for any breach by the Trust of any covenant or condition
contained in the Warrants; nor shall it by any act thereunder be deemed to make
any representation or warranty as to the Units to be purchased thereunder.

         (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President, a
Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such
officer.

         (g) The Warrant Agent and any shareholder, director, officer or
employee of the Warrant Agent may buy, sell or deal in any of the Warrants or
other securities of the Trust or otherwise act as fully and freely as though it
were not Warrant Agent hereunder, so long as such persons do so in full
compliance with all applicable laws. Nothing herein shall preclude the Warrant
Agent from acting in any other capacity for the Trust, the Depositor or for any
other legal entity.

         (h) The Warrant Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents.

         (i) The Warrant Agent shall act solely as the agent of the Trust, the
Unitholders and the Warrantholders hereunder as respectively set forth herein.
The Warrant Agent shall not be liable except for the failure to perform such
duties as are specifically set forth herein, and no implied covenants or
obligations shall be read into the Warrants against the Warrant Agent, whose
duties shall be determined solely by the express provisions thereof. The Warrant
Agent shall not be deemed to be a fiduciary.

         (j) The Warrant Agent shall not be responsible for any failure on the
part of the Trustee to comply with any of its covenants and obligations
contained herein.

         (k) The Warrant Agent shall not be required to expend or risk its own
funds or otherwise incur financial liability in the performance of its duties
hereunder and shall not be under any obligation or duty to institute, appear in
or defend any action, suit or legal proceeding in respect hereof, in each case
unless first indemnified to its satisfaction, but this provision shall not
affect the power of the Warrant Agent to take such action as the Warrant Agent
may consider proper, whether with or without such indemnity. The Warrant Agent
shall promptly notify the Depositor and the Trustee in writing of any claim made
or action, suit or proceeding instituted against it arising out of or in
connection with the Warrants.

         (l) The Trustee will perform, execute, acknowledge and deliver or cause
to be performed, executed, acknowledged and delivered all such further acts,
instruments and assurances as may be required by the Warrant Agent in order to
enable it to carry out or perform its duties hereunder.

         Section 4.3 Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties hereunder upon thirty (30) days' notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and to
the Warrantholders by first-class mail at the expense of the Depositor; provided
that no such resignation or discharge shall become effective until a successor
Warrant Agent shall have been appointed hereunder. The Depositor may remove the
Warrant Agent or any successor Warrant Agent upon thirty (30) days' notice in
writing, mailed to the Warrant Agent or successor Warrant Agent, as the case may
be, and to the Warrantholders by first-class mail; provided further that no such
removal shall become effective until a successor Warrant Agent shall have been
appointed hereunder. If the Warrant Agent shall resign or be removed or shall
otherwise become incapable of acting, the Depositor shall promptly appoint a
successor to the Warrant Agent, which may be designated as an interim Warrant
Agent. If an interim Warrant Agent is designated, the Depositor shall then
appoint a permanent successor to the Warrant Agent, which may be the interim
Warrant Agent. If the Depositor shall fail to make such appointment of a
permanent successor within a period of thirty (30) days after such removal or
within sixty (60) days after notification in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the
Warrantholder, then the Warrant Agent or registered Warrantholder may apply to
any court of competent jurisdiction for the appointment of such a successor.

         Any successor to the Warrant Agent appointed hereunder must be rated in
one of the four highest rating categories by the Rating Agencies. Any entity
which may be merged or consolidated with or which shall otherwise succeed to
substantially all of the trust or agency business of the Warrant Agent shall be
deemed to be the successor Warrant Agent without any further action.

         Section 4.4 Warrant Agent Transfer Fee. The Warrant Agent will assess a
fee of $50.00 upon the issue of any new Warrant, such fee to be assessed upon
the new Warrantholder.

<PAGE>

                                                       EXHIBIT A TO SCHEDULE III

                           FORM OF WARRANT CERTIFICATE

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                 SERIES 2003-13
                                    WARRANTS

         EACH PURCHASER OR OTHER TRANSFEREE OF THIS WARRANT OR ANY INTEREST
HEREIN OF THIS WARRANT, BY ITS ACCEPTANCE HEREOF, IS DEEMED TO REPRESENT AND
WARRANT FOR THE BENEFIT OF THE TRUSTEE AND THE DEPOSITOR OF THE TRUST, AND EACH
DISTRIBUTION PARTICIPANT AS DEFINED IN THE TRUST AGREEMENT THAT SUCH PURCHASER
OR OTHER TRANSFEREE IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT AND OF THE TYPE SET FORTH IN THE WARRANT TRANSFER
LETTER.

         THE HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY PERSON TO ACQUIRE ANY
WARRANT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL BE DEEMED BY
SUCH PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE WARRANT IS HELD
BY SUCH PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN"
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE
CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL OR OTHER PLAN
SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE INTERNAL REVENUE CODE. EACH PERSON THAT ACQUIRES A WARRANT, AND EACH
FIDUCIARY WHO CAUSES A PERSON TO ACQUIRE A WARRANT, IN ITS INDIVIDUAL AS WELL AS
ITS FIDUCIARY CAPACITY, AGREES TO INDEMNIFY AND HOLD HARMLESS THE DEPOSITOR, THE
WARRANT AGENT, THE TRUSTEE, MS&CO. AND THEIR RESPECTIVE AFFILIATES FROM ANY
COST, DAMAGES, LOSS OR EXPENSE, INCURRED BY THEM AS A RESULT OF THE
REPRESENTATIONS MADE BY SUCH PERSON OR FIDUCIARY IN THIS PARAGRAPH NOT BEING
TRUE.

         THIS WARRANT MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS
PROVIDED IN THE TRUST AGREEMENT FOR THE TRUST TO WHICH THIS WARRANT RELATES.

         ANY PURPORTED TRANSFER OF THIS WARRANT CERTIFICATE (OR ANY INTEREST
HEREIN) IN VIOLATION OF SECTION 3.2(A)(1) OR SECTION 3.2(A)(2) OF SCHEDULE III
TO THE TRUST AGREEMENT SHALL BE VOID AB INITIO AND THE PURPORTED TRANSFEREE IN
SUCH TRANSFER SHALL NOT BE RECOGNIZED BY ANY PERSON AS A HOLDER OF SUCH WARRANTS
FOR ANY PURPOSE. THE DEPOSITOR AND THE TRUSTEE SHALL EACH HAVE THE POWER TO SELL
THE WARRANTS (OR ANY INTEREST HEREIN) OF A PURPORTED WARRANTHOLDER (OR OWNER OF
ANY INTEREST HEREIN) WHO ACQUIRED ITS INTEREST IN VIOLATION OF SECTION 3.2(A)(1)
OR SECTION 3.2(A)(2) OF SCHEDULE III TO THE TRUST AGREEMENT OR WHO CONTINUES TO
HOLD WARRANTS IN VIOLATION OF SECTION 3.2(A)(2) OF SCHEDULE III OF THE TRUST
AGREEMENT.

         THIS WARRANT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Warrant No. 1                                                CUSIP No. 804108116

REGISTERED INITIAL NUMBER: [          ]

AGGREGATE INITIAL NUMBER
OF ALL WARRANTS:  30,000

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                 SERIES 2003-13
                                    WARRANTS

         This certifies that [               ] is the registered owner of
Warrants in the number specified above.

         The Trust Property will be held in trust by the Trustee identified in
the Trust Agreement (the "Trust"). The Trust has been created pursuant to a
Trust Agreement, dated as of August 28, 2003 (the "Trust Agreement"), between
LaSalle Bank National Association, as Trustee of the Trust (the "Trustee"), and
MS Structured Asset Corp.

         To the extent not defined herein, all capitalized terms shall have the
meanings assigned to such terms in the Trust Agreement and the Terms Schedule
attached thereto. This Warrant is one of the Warrants described in the Trust
Agreement and is issued under and subject to the terms, provisions and
conditions of the Trust Agreement. By acceptance of this Warrant, the
Warrantholder assents to and becomes bound by the Trust Agreement.

         Each Warrant issued by the Trust represents a Call Option and Call
Right to purchase $1,000 Unit Principal Balance of Class A Units and $1,000
Notional Amount of Class B Units. Exercises on this Certificate will be made in
accordance with a written notice to the Warrant Agent specified in the Trust
Agreement.

         This Certificate does not purport to summarize the Trust Agreement and
reference is hereby made to the Trust Agreement for information with respect to
the rights, benefits, obligations and duties evidenced thereby. A copy of the
Trust Agreement may be examined during normal business hours at the Corporate
Trust Office of the Trustee, located at 135 South LaSalle Street, Suite 1625,
Chicago, Illinois 60603 and at such other places, if any, designated by the
Trustee, by any Warrantholder upon request.

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

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

         IN WITNESS WHEREOF, the Trustee, on behalf of the Trust, and not in its
individual capacity, has caused this Certificate to be duly executed.

                            SATURNS TRUST NO. 2003-13

                            BY: LASALLE BANK NATIONAL
                                  ASSOCIATION,
                                   as Trustee

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

DATED:

[SEAL]

Trustee's Certificate of
Authentication:

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

                            LASALLE BANK NATIONAL ASSOCIATION,
                            as Authenticating Agent

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

<PAGE>

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")

                                 SERIES 2003-13

         The Trust Agreement permits the amendment thereof, in certain
circumstances, without the consent of the Warrantholders of any of the
Certificates.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Warrant Register upon surrender of this Certificate for registration of transfer
at the office or agency maintained by the Trustee in Chicago, Illinois,
accompanied by a written instrument of transfer and, if applicable, a transfer
letter in form and substance satisfactory to the Trustee duly completed and
executed by the Warrantholder hereof or such Warrantholder's attorney duly
authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate interest in the Trust will be issued
to the designated transferee.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates
representing different numbers of Warrants which evidence the same aggregate
Warrants, as requested by the Warrantholder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the
Trustee may require payment of a sum sufficient to cover any tax or governmental
charges payable in connection therewith.

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

         Notwithstanding anything contained in the Trust Agreement to the
contrary the Trust Agreement has been accepted by LaSalle Bank National
Association not in its individual capacity but solely as Trustee and in no event
shall LaSalle Bank National Association have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Depositor thereunder or in any of the certificates, notices or agreements
delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Depositor, and under no circumstances shall LaSalle Bank
National Association be personally liable for the payment of any indebtedness or
expenses of the Trust. The Warrants do not represent interests in or obligations
of the Trustee and the Trustee shall not be responsible or accountable for any
tax, accounting or other treatment proposed to be applied to the Warrants or any
interest therein except as expressly provided in the Trust Agreement.

<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 typewrite name and address, including postal zip code, of
assignee)

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

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

Attorney to transfer said Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated:

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

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

         */ 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 of the New York Stock Exchange or a commercial bank or
trust company.

<PAGE>

                                                       EXHIBIT B TO SCHEDULE III

             FORM OF EXCERCISE NOTICE AND CERTIFICATION OF SOLVENCY

                                                                          [DATE]

LaSalle Bank National Association
135 S. LaSalle Street
Chicago, Illinois 60603

MS Structured Asset Corp.
1585 Broadway
New York, New York 10036

Re:      Structured Asset Trust Unit Repackagings ("SATURNS"), Series 2003-13

Ladies and Gentlemen:

         We hereby give notice of our intend to acquire __________ Unit
Principal Balance of Class A Units and the equivalent Notional Amount of Class B
Units for settlement on _________ (the "Call Date"). [We hereby direct the
Trustee and the Warrant Agent to treat this exercise [up to] __________ Unit
Principal Balance of Class A Units and the equivalent Notional Amount of Class B
Units as an exercise in connection with a [redemption][tender offer] up to the
maximum amount allocable to us in connection with this exercise.]

         We certify that our assets exceed our liabilities, that we are able to
meet our obligations as they come due, and that we are not subject to any
bankruptcy or insolvency proceeding.

                                                     [WARRANTHOLDER]

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

<PAGE>

                                                       EXHIBIT C TO SCHEDULE III

                         FORM OF WARRANT TRANSFER LETTER

                                     [DATE]

LaSalle Bank National Association
135 S. LaSalle Street
Chicago, Illinois 60603

MS Structured Asset Corp.
1585 Broadway
New York, New York 10036

Re: Structured Asset Trust Unit Repackagings ("SATURNS"), Series 2003-13

Ladies and Gentlemen:

         In connection with its proposed purchase of Warrants (the "Warrants")
which represent the right to call $______________ aggregate Unit Principal
Balance of SATURNS 2003-13 Credit Suisse First Boston (USA) Inc.
Debenture-Backed Class A Units and $_______________ aggregate Notional Amount of
SATURNS 2003-13 Credit Suisse First Boston (USA) Inc. Debenture-Backed Class B
Units, the undersigned transferee (the "Transferee") confirms that:

         1. The Transferee understands that substantial risks are involved in an
investment in the Warrants. The Transferee represents that in making its
investment decision to acquire the Warrants, the Transferee has not relied on
representations, warranties, opinions, projections, financial or other
information or analysis, if any, supplied to it by any person, including MS&Co.,
MS Structured Asset Corp., as depositor (the "Depositor"), or LaSalle Bank
National Association, as trustee (the "Trustee"), or any of your or their
affiliates, except as expressly contained in written information, if any. The
Transferee has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the
Warrants, and the Transferee is able to bear the substantial economic risks of
such an investment. The Transferee has relied upon its own tax, legal and
financial advisors in connection with its decision to purchase the Warrants.

         2. Such Transferee (A) is a "qualified institutional buyer" (as defined
in Rule 144A of the Securities Act) that (1) is not a broker-dealer that owns
and invests on a discretionary basis less than $25 million in securities of
issuers that are not affiliated persons of the dealer and (2) is not a plan
referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust
fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of
such a plan, if investment decisions with respect to the plan are made by the
beneficiaries of the plan, (B) is aware that the sale or transfer of the
Warrants to it may be made to it in reliance on the exemption from registration
provided by Rule 144A under the Securities Act and (C) is acquiring the Warrants
for its own account or for one or more accounts, each of which is a qualified
institutional buyer, and as to each of which the Transferee exercises sole
investment discretion, and in each case in accordance with any applicable
securities laws of any state of the United States and other jurisdictions.

         3. The Transferee understands that the Warrants have not been and will
not be registered under the 1933 Act or under the securities or blue sky laws of
any state, and that (i) if it decides to resell, pledge or otherwise transfer
any Security, such resale, pledge or other transfer must comply with the
provisions of the Trust Agreement relating to the Warrants and (ii) it will, and
each subsequent holder will be required to, notify any purchaser of any Warrant
from it of the resale restrictions in the Trust Agreement.

         4. The Transferee understands that each of the Warrants will bear a
legend substantially to the following effect, unless otherwise agreed by the
Depositor and the Trustee:

            EACH PURCHASER OR OTHER TRANSFEREE OF THIS WARRANT OR ANY
INTEREST HEREIN OF THIS WARRANT, BY ITS ACCEPTANCE HEREOF, IS DEEMED TO
REPRESENT AND WARRANT FOR THE BENEFIT OF THE TRUSTEE AND THE DEPOSITOR OF THE
TRUST, AND EACH DISTRIBUTION PARTICIPANT AS DEFINED IN THE TRUST AGREEMENT THAT
SUCH PURCHASER OR OTHER TRANSFEREE IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT.

            THE HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY PERSON TO
ACQUIRE ANY WARRANT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL
BE DEEMED BY SUCH PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE
WARRANT IS HELD BY SUCH PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I)
"EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION
4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT
TO SECTION 4975 OF THE CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV)
GOVERNMENTAL OR OTHER PLAN SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO
TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH PERSON THAT
ACQUIRES A WARRANT, AND EACH FIDUCIARY WHO CAUSES A PERSON TO ACQUIRE A WARRANT,
IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, AGREES TO INDEMNIFY AND
HOLD HARMLESS THE DEPOSITOR, THE TRUSTEE, THE WARRANT AGENT, MS&CO. AND THEIR
RESPECTIVE AFFILIATES FROM ANY COST, DAMAGES, LOSS OR EXPENSE, INCURRED BY THEM
AS A RESULT OF THE REPRESENTATIONS MADE BY SUCH PERSON OR FIDUCIARY IN THIS
PARAGRAPH NOT BEING TRUE.

            THIS WARRANT MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON
TRANSFER AS PROVIDED IN THE TRUST AGREEMENT FOR THE TRUST TO WHICH THIS WARRANT
RELATES.

            ANY PURPORTED TRANSFER OF THIS WARRANT CERTIFICATE (OR ANY
INTEREST HEREIN) IN VIOLATION OF SECTION 3.2(A)(1) OR SECTION 3.2(A)(2) OF
SCHEDULE III TO THE TRUST AGREEMENT SHALL BE VOID AB INITIO AND THE PURPORTED
TRANSFEREE IN SUCH TRANSFER SHALL NOT BE RECOGNIZED BY ANY PERSON AS A HOLDER OF
SUCH WARRANTS FOR ANY PURPOSE. THE DEPOSITOR AND THE TRUSTEE SHALL EACH HAVE THE
POWER TO SELL THE WARRANTS (OR ANY INTEREST HEREIN) OF A PURPORTED WARRANTHOLDER
(OR OWNER OF ANY INTEREST HEREIN) WHO ACQUIRED ITS INTEREST IN VIOLATION OF
SECTION 3.2(A)(1) OR SECTION 3.2(A)(2) OF SCHEDULE III TO THE TRUST AGREEMENT OR
WHO CONTINUES TO HOLD WARRANTS IN VIOLATION OF SECTION 3.2(A)(2) OF SCHEDULE III
OF THE TRUST AGREEMENT.

            THIS WARRANT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         5. The Transferee and each fiduciary which causes the Transferee to
acquire any Warrant, in its individual as well as its fiduciary capacity,
represents and agrees that the Transferee is NOT a Plan, is NOT a governmental
or other plan subject to restrictions substantially similar to Title I of ERISA
or Section 4975 of the Code, and is NOT acquiring the Warrants with the assets
of any such Plan or other plan. The Transferee and each such fiduciary
understands that the representations made in this section 5 will be deemed made
on each day from the date hereof through and including the date on which the
Transferee disposes of the Warrants. The Transferee and each fiduciary who
causes the Transferee to acquire a Warrant, in its individual as well as its
fiduciary capacity, agrees to indemnify and hold harmless the Depositor, the
Trustee, the Warrant Agent, MS&Co., each Distribution Participant and their
respective affiliates from any cost, damages, loss or expense, incurred by them
as a result of the representations made in this paragraph not being true.

         6. The Transferee understands that no subsequent transfer of the
Warrants is permitted unless such transfer is to a transferee who will own,
after giving effect to such transfer and any other simultaneous transfers,
Warrants sufficient to call at least $250,000 of Class A Units (by Unit
Principal Balance) and $250,000 of Class B Units (by Notional Amount) and the
Transferee causes the proposed transferee to provide to the Depositor and the
Trustee such documentation as may be required pursuant to Section 3.2 of the
Warrant Agent Agreement, including, if required, a letter substantially in the
form hereof, or such other written statement as the Depositor shall reasonably
prescribe.

         7. The Transferee is a Person who is either:

         A. (1) a citizen or resident of the United States, (2) a corporation,
partnership or other entity organized in or under the laws of the United States
or any political subdivision thereof, or (3) an estate the income of which is
includible in gross income for federal income tax purposes regardless of source,
or (4) a trust if a court within the United States is able to exercise primary
supervision of the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust, or

         B. a Person not described in (A), whose ownership of such Warrant is
effectively connected with such Person's conduct of a trade or business within
the United States within the meaning of the Internal Revenue Code of 1986, as
amended (the "Code"), and its ownership of any interest in such Warrant will not
result in any withholding obligation with respect to any payments with respect
to the Warrants by any Person (other than withholding, if any, under Section
1446 of the Code), or

         C. a Person not described in (A) or (B) above, who is not a Person: (1)
that owns, directly or indirectly, 10% or more of the total combined voting
power of all classes of stock in the Underlying Securities Issuer (as defined in
Schedule II to the Trust Agreement) entitled to vote, (2) that is a controlled
foreign corporation related to the Underlying Securities Issuer within the
meaning of Section 864(d)(4) of the Code, or (3) that is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or
business.

         8. The Transferee agrees that (i) if it is a Person described in clause
(A) above, it will furnish to the Depositor and the Trustee a properly executed
IRS Form W-9, and (ii) if it is a Person described in clause (B) above, it will
furnish to the Depositor and the Trustee a properly executed IRS Form W-8ECI,
and (iii) if it is a Person described in clause (C) above, it will furnish to
the Depositor and the Trustee a properly executed IRS Form W-8BEN (or, if the
Transferee is treated as a partnership for federal income tax purposes, a
properly executed IRS Form W-8IMY with appropriate certification for all
partners or members attached). The Transferee also agrees that it will provide a
new IRS form upon the expiration or obsolescence of any previously delivered
form, and that it will provide such other certifications, representations or
Opinions of Counsel as may be requested by the Depositor and the Trustee.

         9. The Transferee understands that any acquisition of Warrants (or any
interest therein) in violation of Section 3.2(a)(1) (addressed in paragraph 2
hereof) or Section 3.2(a)(2) (addressed in paragraph 5 hereof) of Schedule III
to the Trust Agreement shall be void ab initio and the purported transferee in
such transfer shall not be recognized by any Person as a holder of such Warrants
for any purpose. The Transferee understands that the Depositor and the Trustee
shall each have the power to sell the Warrants (or any interest therein) of a
purported Warrantholder (or owner of any interest therein) who acquired its
interest in violation of Section 3.2(a)(1) or Section 3.2(a)(2) of Schedule III
to the Trust Agreement or who continues to hold Warrants in violation of Section
3.2(a)(2) of Schedule III to the Trust Agreement.

         You and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

                                                     Very truly yours,

                                                     [Name of Transferee]

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

Registered Name:
                           -------------------

Address:                   -------------------
                           -------------------

Payment Instructions:
                           -------------------Exhibit 4.1

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

                         POOLING AND SERVICING AGREEMENT

                          Dated as of __________, 200_

                                  by and among

                    Securitized Asset Backed Receivables LLC

                                   (Depositor)

                                       and

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

                    ----------------------------------------
                                (Master Servicer)

                                       and

                    ----------------------------------------
                                    (Trustee)

                       _______ Home Equity Trust 200_ - _

                 _______ Home Equity Asset Backed Certificates,
                                 Series 200_ - _

                               Class _ and Class _

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                    ARTICLE I

                                   DEFINITIONS

Section 1.1   Certain Defined Terms..........................................1
Section 1.2   Provisions Of General Application.............................27

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST;

                        SALE AND CONVEYANCE OF TRUST FUND

Section 2.1   Sale And Conveyance Of Trust Fund; Priority And
               Subordination Of Ownership Interests; Establishment Of
               The Trust....................................................29
Section 2.2   Possession Of Mortgage Files; Access To Mortgage Files........29
Section 2.3   Delivery Of Mortgage Loan Documents...........................30
Section 2.4   Acceptance By Trustee Of The Trust Fund; Certain
               Substitutions; Certification By Trustee......................32
Section 2.5   Designations Under Remic Provisions; Designation Of
               Startup Date.................................................34
Section 2.6   Execution Of Certificates.....................................34
Section 2.7   Application Of Principal And Interest.........................35
Section 2.8   Grant Of Security Interest....................................35
Section 2.9   Further Assurances; Powers Of Attorney........................35

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

Section 3.1   Representations Of The Master Servicer........................37
Section 3.2   Representations, Warranties And Covenants Of The Depositor....38
Section 3.3   Purchase And Substitution.....................................39
Section 3.4   Master Servicer Covenants.....................................40

                                   ARTICLE IV

                                THE CERTIFICATES

Section 4.1   The Certificates..............................................42
Section 4.2   Registration Of Transfer And Exchange Of Certificates.........42
Section 4.3   Mutilated, Destroyed, Lost Or Stolen Certificates.............48
Section 4.4   Persons Deemed Owners.........................................48

                                       -i-
<PAGE>

                                    ARTICLE V

               ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

Section 5.1   Appointment Of The Master Servicer............................49
Section 5.2   Subservicing Agreements Between The Master Servicer And
               Subservicers.................................................51
Section 5.3   Collection Of Certain Mortgage Loan Payments; Collection
               Account......................................................52
Section 5.4   Permitted Withdrawals From The Collection Account And
               Trustee Collection Account...................................54
Section 5.5   Payment Of Taxes, Insurance And Other Charges.................55
Section 5.6   Maintenance Of Casualty Insurance.............................56
Section 5.7   Master Servicer Account.......................................57
Section 5.8   Fidelity Bond; Errors And Omissions Policy....................57
Section 5.9   Collection Of Taxes, Assessments And Other Items..............58
Section 5.10  Periodic Filings With The Securities And Exchange
               Commission; Additional Information...........................58
Section 5.11  Enforcement Of Due-On-Sale Clauses; Assumption Agreements.....58
Section 5.12  Realization Upon Defaulted Mortgage Loans.....................59
Section 5.13  Trustee To Cooperate; Release Of Mortgage Files...............61
Section 5.14  Servicing Fee; Servicing Compensation.........................62
Section 5.15  Reports To The Trustee; Collection Account Statements.........63
Section 5.16  Annual Statement As To Compliance.............................63
Section 5.17  Annual Independent Public Accountants' Servicing Report.......63
Section 5.18  Reports To Be Provided By The Master Servicer.................64
Section 5.19  Adjustment Of Servicing Compensation In Respect Of
               Prepaid Mortgage Loans.......................................65
Section 5.20  Periodic Advances.............................................65
Section 5.21  Indemnification; Third Party Claims...........................66
Section 5.22  Maintenance Of Corporate Existence And Licenses; Merger
               Or Consolidation Of The Master Servicer......................66
Section 5.23  Assignment Of Agreement By Master Servicer; Master
               Servicer Not To Resign.......................................67

                                   ARTICLE VI

                           DISTRIBUTIONS AND PAYMENTS

Section 6.1   Establishment Of Certificate Account, Deposits To The
               Certificate Account..........................................68
Section 6.2   Permitted Withdrawals From The Certificate Account............68
Section 6.3   Collection Of Money...........................................69
[Section 6.4  The certificate insurance policy..............................69
Section 6.5   Distributions.................................................70
Section 6.6   Investment Of Accounts........................................72
Section 6.7   Reports By Trustee............................................73

                                      -ii-
<PAGE>

Section 6.8   Additional Reports By Trustee And By Master Servicer..........75
Section 6.9   Compensating Interest.........................................76
[Section 6.10 10 Effect Of Payments By The Certificate Insurer;
               Subrogation..................................................76

                                   ARTICLE VII

                                     DEFAULT

Section 7.1   Events Of Default.............................................77
Section 7.2   Trustee To Act; Appointment Of Successor......................78
Section 7.3   Waiver Of Defaults............................................80
Section 7.4   Mortgage Loans, Trust Fund and Accounts Held For Benefit
               Of The Certificate Insurer...................................80

                                  ARTICLE VIII

                                   TERMINATION

Section 8.1   Termination...................................................81
Section 8.2   Additional Termination Requirements...........................82
Section 8.3   Accounting Upon Termination Of Master Servicer................83

                                   ARTICLE IX

                                   THE TRUSTEE

Section 9.1   Duties Of Trustee.............................................83
Section 9.2   Certain Matters Affecting The Trustee.........................88
Section 9.3   Not Liable For Certificates Or Mortgage Loans.................90
Section 9.4   Trustee May Own Certificates..................................90
Section 9.5   Trustee's Fees And Expenses; Indemnity........................90
Section 9.6   Eligibility Requirements For Trustee..........................90
Section 9.7   Resignation And Removal Of The Trustee........................91
Section 9.8   Successor Trustee.............................................91
Section 9.9   Merger Or Consolidation Of Trustee............................92
Section 9.10  Appointment Of Co-Trustee Or Separate Trustee.................92
Section 9.11  Tax Returns; Oid Interest Reporting...........................93
[Section 9.12 12 Retirement Of Certificates.................................93

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

Section 10.1  Limitation On Liability Of The Depositor And The Master
               Servicer.....................................................94
Section 10.2  Acts Of Certificateholders; Certificateholders' Rights........94
Section 10.3  Amendment Or Supplement.......................................95

                                      -iii-
<PAGE>

Section 10.4  Recordation Of Agreement......................................96
Section 10.5  Duration Of Agreement.........................................96
Section 10.6  Notices.......................................................96
Section 10.7  Severability Of Provisions....................................96
Section 10.8  No Partnership................................................97
Section 10.9  Counterparts..................................................97
Section 10.10 Successors And Assigns........................................97
Section 10.11 Headings......................................................97
[Section 10.12 12 The Certificate Insurer Default...........................97
Section 10.13 Third Party Beneficiary.......................................97
Section 10.14 Intent Of The Parties.........................................97
Section 10.15 Appointment Of Tax Matters Person.............................97
Section 10.16 GOVERNING LAW CONSENT TO JURISDICTION; WAIVER OF JURY
               TRIAL........................................................97

EXHIBITS

[EXHIBIT A Specimen Certificate Insurance Policy]

EXHIBIT B-1 Specimen Class A-1 Certificate

EXHIBIT B-2 Specimen Class A-2 Certificate

EXHIBIT B-3 Specimen Class A-3 Certificate

EXHIBIT B-4 Specimen Class A-4 Certificate

EXHIBIT B-5 Specimen Class A-5 Certificate

EXHIBIT B-6 Specimen Class R Certificate

EXHIBIT C Contents of Mortgage File

EXHIBIT D Mortgage Loan Schedule

EXHIBIT E Trustee's Certificate as to Mortgage Files

EXHIBIT F Form of Initial Certification of Trustee

EXHIBIT G Form of Final Certification of Trustee

EXHIBIT H Form of Request for Release of Mortgage Files

EXHIBIT I Form of Transfer Affidavit and Agreement

EXHIBIT J Form of Certificate to Be Delivered by Transferring Holder

                                      -iv-
<PAGE>

EXHIBIT K Form of ERISA Investment Representation Letter

EXHIBIT L Form of Officer's Certificate of the Transferor: Prepaid Loans

EXHIBIT M Form of Transferee's Letter

                                       -v-
<PAGE>

            This  Pooling and  Servicing  Agreement,  relating to _______ Home
Equity  Trust  200_ - _ (the  "Trust"),  dated as of  __________,  200_ by and
among  Securitized  Asset  Backed  Receivables  LLC, as depositor of the Trust
(the  "Depositor"),  __________________,  as  Transferor  (the  "Transferor"),
____________________,   as  Master  Servicer,  (the  "Master  Servicer"),  and
____________________, in its capacity as trustee (the "Trustee").

                             W I T N E S S E T H:
                             -------------------

            WHEREAS, the Depositor wishes to establish a trust which provides
for the allocation and sale of the beneficial interests therein and the
maintenance and distribution of the trust estate;

            WHEREAS, the Master Servicer has agreed to service the Mortgage
Loans, which constitute the principal assets of the trust estate;

            WHEREAS, ____________________, is willing to serve in the capacity
of Trustee hereunder; and

            [WHEREAS, ____________________ (the "Certificate Insurer") is
intended to be a third-party beneficiary of this Agreement and is hereby
recognized by the parties hereto to be a third-party beneficiary of this
Agreement.]

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the Depositor, the Transferor, the Master Servicer
and the Trustee hereby agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

            Section 1.1 Certain Defined Terms. Whenever used herein the
following words and phrases, unless the context otherwise requires, shall have
the following meanings.

            "Accepted Servicing Practices" shall mean the Master Servicer's
normal servicing practices in servicing and administering mortgage loans for its
own account, which in general will conform to the mortgage servicing practices
of prudent mortgage lending institutions which service for their own account
mortgage loans of the same type as the Mortgage Loans in the jurisdictions in
which the related Mortgaged Properties are located and will give due
consideration to [the Certificate Insurer's and] the Certificateholders'
reliance on the Master Servicer.

            "Account" shall mean any Eligible Account established hereunder.

            "Accrual Period" shall mean (i) with respect to the Class A-1
Certificates and any Remittance Date, the period commencing on the immediately
preceding Remittance Date or, in the case of the first Remittance Date, the
Closing Date, and ending on the day preceding such Remittance Date and (ii) with
respect to the Certificates other than the Class A-1 Certificates and

<PAGE>

any Remittance Date, the period commencing on the ___ day of the month
immediately preceding the month in which such Remittance Date occurs and ending
on the last day of the month immediately preceding the month in which such
Remittance Date occurs.

            "Adverse Remic Event" shall have the meaning set forth in Section
5.1(c).

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

            "Agreement" shall mean this Pooling and Servicing Agreement,
including the Exhibits hereto, as amended or supplemented from time to time in
accordance herewith.

            "Aggregate Principal Balance" shall mean the aggregated sum of the
Principal Balances of each of the Mortgage Loans as of any date of
determination.

            "Appraised Value" shall mean the appraised value of any Mortgaged
Property, based upon the appraisal or other property valuation made at the time
the related Mortgage Loan is originated; provided that if no such appraisal was
required to be made in accordance with the Underwriting Guidelines, Appraised
Value shall mean the stated value of the Mortgaged Property as set forth in the
loan application submitted by the related Mortgagor.

            "Assignment Of Mortgage" shall mean, with respect to each Mortgage
Loan, an assignment of the Mortgage, notice of transfer or equivalent instrument
(which may be in blank) sufficient under the laws of the jurisdiction wherein
the related Mortgaged Property is located to reflect of record the sale of the
Mortgage to the Trustee for the benefit of the Certificateholders and the
Certificate Insurer.

            "Authorized Denominations" shall mean, in the case of the Class A
Certificates, $1,000 or integral multiples of $1,000 in excess thereof;
provided, however, that one Class A-1 Certificate, one Class A-2 Certificate,
one Class A-3 Certificate, one Class A-4 Certificate and one Class A-5
Certificate each is issuable in a denomination equal to an amount less than
$1,000 such that the aggregate denomination of all Class A-1 Certificates, Class
A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates or Class A-5
Certificates, as the case may be, shall be equal to the applicable Original
Class A-1 Principal Balance, Original Class A-2 Principal Balance, Original
Class A-3 Principal Balance, Original Class A-4 Principal Balance or Original
Class A-5 Principal Balance.

            "Available Amount" shall mean for any Remittance Date, the (i) the
Master Servicer Remittance Amount for such Remittance Date minus (ii) the
Proportional Share of the Trustee Fee [and the Certificate Insurance Premium
Amount].

            "Base Principal Distribution Amount" shall mean, with respect to the
Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates
and the Class A-4 Certificates for any Remittance Date, (A) the sum of the
amounts referred to in clauses (i), (ii), (iii), (iv), (vi)

                                       -2-
<PAGE>

and (vii) of clause (b) of the definition of Principal Distribution Amount for
such Remittance Date minus (B) any Overcollateralization Release Amount and such
Remittance Date.

            "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 are
authorized or obligated by law or executive order to be closed.

            "Cercla" shall mean the Comprehensive Environmental Response,
Compensation and Liability Act of 1980.

            "Certificate" shall mean any Series 200_ - _ Class A Certificate or
Series 200_ - _ Class R Certificate executed by the Trustee on behalf of the
Trust Fund and authenticated by the Trustee.

            "Certificate Account" shall mean the Certificate Account established
in accordance with Section 6.1(a) hereof and maintained by the Trustee.

            "Certificateholder" shall mean, except as provided in Article X,
each Person in whose name a Certificate is registered in the Certificate
Register, except that, solely for the purposes of giving any consent (except any
consent required to be obtained pursuant to Section 10.2), waiver, requestor
demand pursuant to this Agreement, any Certificate registered in the name of the
Master Servicer or any Subservicer or the Transferor, or any Affiliate of any of
them, shall be deemed not to be outstanding and the undivided interest in the
Trust Fund evidenced thereby shall not be taken into account in determining
whether the requisite percentage of Certificates necessary to effect any such
consent, waiver, request or demand has been obtained. For purposes of any
consent, waiver, request or demand of Certificateholders pursuant to this
Agreement, upon the Trustee's request, the Master Servicer and the Transferor
shall provide to the Trustee a notice identifying any of their respective
Affiliates or the Affiliates of any Subservicer that is a Certificateholder as
of the date(s) specified by the Trustee in such request. [Any Certificates on
which payments are made under the Certificate Insurance Policy shall be deemed
to be outstanding and held by the Certificate Insurer to the extent of such
payment.]

            ["Certificate Insurance Policy" shall mean the certificate guaranty
insurance policy no. _________, and all endorsements thereto dated the Closing
Date, issued by the Certificate Insurer for the benefit of the Class A
Certificateholders, a copy of which is attached hereto as Exhibit A.]

            ["Certificate Insurance Premium Amount" shall mean the product of
the Premium Percentage and the Certificate Principal Balance for the related
Remittance Date.]

            ["Certificate Insurer" shall mean ____________________, a
_______________ organized and created under the laws of the State of __________,
and any successors thereto.

            ["Certificate Insurer Default" shall mean the existence and
continuance of any of the following: (i) a failure by the Certificate Insurer to
make a payment required under a Certificate Insurance Policy in accordance with
its terms; (ii) the entry of a decree or order of a court or agency having
jurisdiction in respect of the Certificate Insurer in an involuntary case

                                      -3-
<PAGE>

under any present or future federal or state bankruptcy, insolvency or similar
law appointing a conservator or receiver or liquidator or other similar official
of the Certificate Insurer or of any substantial part of its property, or the
entering of an order for the winding up or liquidation of the affairs of the
Certificate Insurer and the continuance of any such decree or order undischarged
or unstayed and in force for a period of 90 consecutive days; (iii) the
Certificate Insurer shall consent to the appointment of a conservator or
receiver or liquidator or other similar proceedings or of relating to the
Certificate Insurer or of or relating to all or substantially all of its
property; or (iv) the Certificate Insurer shall admit in writing its inability
to pay its debts generally as they become due, file a petition to take advantage
of or otherwise voluntarily commence a case or proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar statute, make an
assignment for the benefit of its creditors, or voluntarily suspend payment of
its obligations.]

            "Certificate Principal Balance" shall mean the sum of the Class A-1
Principal Balance, the Class A-2 Principal Balance, the Class A-3 Principal
Balance, the Class A-4 Principal Balance and the Class A-5 Principal Balance.

            "Certificate Register" shall have the meaning described in Section
4.2(a).

            "Civil Relief Act" shall mean the Soldiers' and Sailors' Civil
Relief Act of 1940, as amended.

            "Class" shall mean any designated Class of Certificates of this
Series or of any new Series issued hereunder.

            "Class A Certificate" shall mean any Class A-1 Certificate, any
Class A-2 Certificate, any Class A-3 Certificate, any Class A-4 Certificate or
any Class A-5 Certificate.

            "Class A Certificateholder" shall mean a Holder of a Class A-1
Certificate, a Class A-2 Certificate, a Class A-3 Certificate, a Class A-4
Certificate or a Class A-5 Certificate.

            "Class A-1 Certificate" shall mean any Certificate designated as a
"Class A-1 Certificate" on the face thereof, in the form of Exhibit B-1 hereto,
and authenticated by the Trustee in accordance with the procedures set forth
herein.

            "Class A-1 Certificateholder" shall mean a Holder of a Class A-1
Certificate.

            "Class A-1 Distribution Amount" shall mean, with respect to the
Class A-1 Certificates for any Remittance Date, the amount distributed to the
Holders of the Class A-1 Certificates on such Remittance Date pursuant to
Sections 6.5(a)(iv), (v), (vi) and (viii) and 6.5(b)(vi) hereof.

            "Class A-1 Final Scheduled Maturity Date" shall mean the ________,
20__ Remittance Date.

            "Class A-1 Interest Distribution Amount" shall mean, with respect to
the Class A-1 Certificates for any Remittance Date an amount equal to the
aggregate of interest accrued at the Class A-1 Pass-Through Rate during the
Accrual Period on the Class A-1 Principal Balance

                                      -4-
<PAGE>

excluding (i) any Mortgage Loan Interest Shortfall and (ii) any reductions in
interest resulting from the application of the Civil Relief Act, in each case
allocable to the Class A-1 Certificates and as of such Remittance Date.

            "Class A-1 Pass-Through Rate" with respect to any Remittance Date,
will be equal to a per annum rate (calculated on the basis of actual days
elapsed divided by 360) equal to the lesser of (i) the sum of (a) LIBOR on the
Interest Determination Date plus (b) ____% per annum and (ii) the Weighted
Average Rate Cap.

            "Class A-1 Principal Balance" shall mean, as of any date of
determination, the Original Class A-1 Principal Balance less any Principal
Distribution Amount distributed on the Class A-1 Certificates on all prior
Remittance Dates.

            "Class A-2 Certificate" shall mean any Certificate designated as a
"Class A-2 Certificate" on the face thereof, in the form of Exhibit B-2 hereto,
and authenticated by the Trustee in accordance with the procedures set forth
herein.

            "Class A-2 Certificateholder" shall mean a Holder of a Class A-2
Certificate.

            "Class A-2 Distribution Amount" shall mean, with respect to the
Class A-2 Certificates for any Remittance Date, the amount distributed to the
Holders of the Class A-2 Certificates on such Remittance Date pursuant Sections
6.5(a)(iv), (v), (vi) and (viii) and 6.5(b)(vi) hereof.

            "Class  A-2  Final   Scheduled   Maturity  Date"  shall  mean  the
__________, 20__ Remittance Date.

            "Class A-2 Interest Distribution Amount" shall mean, with respect to
the Class A-2 Certificates for any Remittance Date an amount equal to the
aggregate of interest accrued at the Class A-2 Pass-Through Rate during the
Accrual Period on the Class A-2 Principal Balance excluding (i) any Mortgage
Loan Interest Shortfall and (ii) any reductions in interest resulting from the
application of the Civil Relief Act, in each case allocable to the Class A-2
Certificates and as of such Remittance Date.

            "Class A-2 Pass-Through Rate" with respect to any Remittance Date,
will be equal to a ____% per annum rate (calculated on the basis of an assumed
month of 30 days and an assumed year of 360 days).

            "Class A-2 Principal Balance" shall mean, as of any date of
determination, the Original Class A-2 Principal Balance less any Principal
Distribution Amount distributed on the Class A-2 Certificates on all prior
Remittance Dates.

            "Class A-3 Certificate" shall mean any Certificate designated as a
"Class A-3 Certificate" on the face thereof, in the form of Exhibit B-3 hereto,
and authenticated by the Trustee in accordance with the procedures set forth
herein.

            "Class A-3 Certificateholder" shall mean a Holder of a Class A-3
Certificate.

                                      -5-
<PAGE>

            "Class A-3 Distribution Amount" shall mean, with respect to the
Class A-3 Certificates for any Remittance Date, the amount distributed to the
Holders of the Class A-3 Certificates on such Remittance Date pursuant to
Sections 6.5(a)(iv), (v), (vi) and (viii) and 6.5(b)(vi) hereof.

            "Class A-3 Final Scheduled Maturity Date" shall mean the __________,
20__ Remittance Date.

            "Class A-3 Interest Distribution Amount" shall mean, with respect to
the Class A-3 Certificates for any Remittance Date an amount equal to the
aggregate of interest accrued at the Class A-3 Pass-Through Rate during the
Accrual Period on the Class A-3 Principal Balance excluding (i) any Mortgage
Loan Interest Shortfall and (ii) any reductions in interest resulting from the
application of the Civil Relief Act, in each case allocable to the Class A-3
Certificates and as of such Remittance Date.

            "Class A-3 Pass-Through Rate" with respect to any Remittance Date,
will be equal to a ____% per annum rate (calculated on the basis of an assumed
month of 30 days and an assumed year of 360 days).

            "Class A-3 Principal Balance" shall mean, as of any date of
determination, the Original Class A-3 Principal Balance less any Principal
Distribution Amounts distributed on the Class A-3 Certificates on all prior
Remittance Dates.

            "Class A-4 Certificate" shall mean any Certificate designated as a
"Class A-4 Certificate" on the face thereof, in the form of Exhibit B-4 hereto,
and authenticated by the Trustee in accordance with the procedures set forth
herein.

            "Class A-4 Certificateholder" shall mean a Holder of a Class A-4
Certificate.

            "Class A-4 Distribution Amount" shall mean, with respect to the
Class A-4 Certificates for any Remittance Date, the amount distributed to the
Holders of the Class A-4 Certificates on such Remittance Date pursuant Sections
6.5(a)(iv), (v), (vi) and (viii) and 6.5(b)(vi) hereof.

            "Class A-4 Final Scheduled Maturity Date" shall mean the ________,
20__ Remittance Date.

            "Class A-4 Interest Distribution Amount" shall mean, with respect to
the Class A-4 Certificates for any Remittance Date an amount equal to the
aggregate of interest accrued at the Class A-4 Pass-Through Rate during the
Accrual Period on the Class A-4 Principal Balance excluding (i) any Mortgage
Loan Interest Shortfall and (ii) any reductions in interest resulting from the
application of the Civil Relief Act, in each case allocable to the Class A-4
Certificates and as of such Remittance Date.

            "Class A-4 Pass-Through Rate" with respect to any Remittance Date
prior to the Optional Termination Date, will be equal to a ____% per annum rate
and with respect to any other Remittance Date, will be equal to a ____% per
annum rate (in each case calculated on the basis of an assumed month of 30 days
and an assumed year of 360 days).

                                      -6-
<PAGE>

            "Class A-4 Principal Balance" shall mean, as of any date of
determination, the Original Class A-4 Principal Balance less any Principal
Distribution Amounts distributed on the Class A-4 Certificates on all prior
Remittance Dates.

            "Class A-5 Base Principal Distribution Amount" shall mean, with
respect to the Class A-5 Certificates for any Remittance Date, (A) the sum of
the amounts referred to in clauses (i), (ii), (iii), (iv), (vi) and (vii) of
clause (b) of the definition of Class A-5 Principal Distribution Amount for such
Remittance Date minus (B) any Overcollateralization Release Amount for such
Remittance Date.

            "Class A-5 Certificate" shall mean any Certificate designated as a
"Class A-5 Certificate" on the face thereof, in the form of Exhibit B-5 hereto,
and authenticated by the Trustee in accordance with the procedures set forth
herein.

            "Class A-5 Certificateholder" shall mean a Holder of a Class A-5
Certificate.

            "Class A-5 Distribution Amount" shall mean, with respect to the
Class A-5 Certificates for any Remittance Date, the amount distributed to the
Holders of the Class A-5 Certificates on such Remittance Date pursuant to
Sections 6.5(a)(vi) and 6.5(b)(iv), (v), (vi) and (viii) hereof.

            "Class A-5 Final Scheduled Maturity Date" shall mean the ________,
20__ Remittance Date.

            "Class A-5 Interest Distribution Amount" shall mean, with respect to
the Class A-5 Certificates for any Remittance Date an amount equal to the
aggregate of interest accrued at the Class A-5 Pass-Through Rate during the
Accrual Period on the Class A-5 Principal Balance excluding (i) any Mortgage
Loan Interest Shortfall and (ii) any reductions in interest resulting from the
application of the Civil Relief Act, in each case allocable to the Class A-5
Certificates and as of such Remittance Date.

            "Class A-5 Pass-Through Rate" with respect to any Remittance Date
prior to the Optional Termination Date, will be equal to a ____% per annum rate
and with respect to any other Remittance Date, will be equal to a ____% per
annum rate (in each case calculated on the basis of an assumed month of 30 days
and an assumed year of 360 days).

            "Class A-5 Principal Balance" shall mean, as of any date of
determination, the Original Class A-5 Principal Balance less any Class A-5
Principal Distribution Amounts distributed on the Class A-5 Certificates on all
prior Remittance Dates.

            "Class A-5 Principal Distribution Amount" shall mean, with respect
to the Class A-5 Certificates for any Remittance Date, the lesser of:

            (a) the excess of (1) the sum of the Available Amount, any Excess
Spread and the applicable portion of any Insured Payment over (2) the Class A-5
Interest Distribution Amount; and

            (b) the sum, without duplication, of:

                                      -7-
<PAGE>

            (i) that portion of all scheduled installments of principal in
respect of the Mortgage Loans which is received (or advanced) during the related
Due Period together with all unscheduled recoveries of principal (including
Principal Prepayments, Curtailments and Deficient Valuations) on such Mortgage
Loans actually collected by the Master Servicer during the prior calendar month;

            (ii) the Principal Balance of each Mortgage Loan that either was,
effective on such Remittance Date, repurchased by the Transferor or by the
Depositor or purchased by the Master Servicer during the preceding Due Period,
but only to the extent the amount equal to such Principal Balance is actually
received by the Trustee;

            (iii) any Substitution Adjustment amounts delivered by the Depositor
on the related Remittance Date in connection with a substitution of a Mortgage
Loan, to the extent such Substitution Adjustments are actually received by the
Trustee;

            (iv) with respect to each Mortgage Loan that became a Liquidated
Mortgage Loan during the prior calendar month, the Principal Balance of such
Mortgage Loan immediately prior to the time when such Mortgage Loan became a
Liquidated Mortgage Loan;

            (v) any Overcollateralization Increase Amount;

            (vi) to the extent of any Subordination Deficit the excess, if any
of the Class A-5 Principal Balance over the aggregate Principal Balance of the
Mortgage Loans;

            (vii) the portion of the proceeds relating to the Mortgage Loans
received by the Trust Fund following any termination of the 200_ - _ REMIC
carried out in accordance with a plan of complete liquidation pursuant to
Section 8.2 hereof or pursuant to the optional termination of either of the
Trust Fund or the 200_ - _ REMIC by either the Master Servicer [or Certificate
Insurer] in accordance with Section 8.1 hereof, up to the then outstanding Class
A-5 Principal Balance; minus

            (viii) any Overcollateralization Release Amount.

            "Class R Certificate" shall mean any Certificate denominated as a
Class R Certificate and subordinate to the Class A Certificates in right of
payment to the extent set forth herein, which Certificate shall be in the form
of Exhibit B-6 hereto.

            "Class R Certificateholder" shall mean a Holder of a Class R
Certificate.

            "Closing Date" shall mean __________, 200_.

            "Code" shall mean the Internal Revenue Code of 1986, as amended.

            "Collection Account" shall mean the Eligible Account established and
maintained by the Master Servicer for the benefit of the Certificateholders [and
the Certificate Insurer] pursuant to Section 5.3(a) hereof.

                                      -8-
<PAGE>

            "Combined Loan-To-Value Ratio" shall mean with respect to any
Mortgage Loan, (i) the sum of (x) the outstanding principal balance of any
mortgage loan senior to such Mortgage Loan and secured by the related Mortgaged
Property as of the date of origination of the related Mortgage Loan, plus (y)
the Principal Balance of the related Mortgage Loan as of the Cut-Off Date,
divided by (ii) the Appraised Value of such Mortgaged Property.

            "Commission" shall mean the Securities and Exchange Commission.

            "Compensating Interest" shall have the meaning defined in Section
6.9 hereof.

            "Curtailment" shall mean, with respect to a Mortgage Loan, any
payment of principal received during a Due Period as part of a payment that is
in excess of the amount of the Monthly Payment due for such Due Period and which
is neither intended to satisfy the Mortgage Loan in full, intended as an advance
payment of an amount due in a subsequent Due Period, nor intended to cure a
delinquency.

            "Custodian" shall have the meaning defined in Section 2.2(c).

            "Cut-Off Date" shall mean the close of business on __________, 200_.

            "Debt Service Reduction" shall mean, with respect to any Mortgage
Loan, a reduction by a court of competent jurisdiction of the Monthly Payment
due on such Mortgage Loan in a proceeding under the Bankruptcy Code, except such
a reduction that constitutes a Deficient Valuation or a permanent forgiveness of
principal.

            "Deficient Valuation" shall mean, with respect to any Mortgage Loan,
a valuation of the related Mortgaged Property by a court of competent
jurisdiction in an amount less than the then outstanding principal balance of
the Mortgage Loan, which valuation results from a proceeding initiated under the
United States Bankruptcy Code.

            "Deleted Mortgage Loan" shall mean a Mortgage Loan replaced by a
Qualified Substitute Mortgage Loan or repurchased pursuant to Sections 2.4(c) or
3.3 hereof.

            "Delinquent," a Mortgage Loan is "Delinquent" if any payment due
thereon is not made by the close of business on the day such payment is
scheduled to be due. A Mortgage Loan is "30 days delinquent" if such payment has
not been received by the close of business on the corresponding day of the month
immediately succeeding the month in which such payment was due, or, if there is
no such corresponding day (e.g., as when a 30-day month follows a 31-day month
in which a payment was due on the 31st day of such month) then on the last day
of such immediately succeeding month. Similarly for "60 days delinquent," "90
days delinquent" and so on.

            "Depositor" shall mean Securitized Asset Backed Receivables LLC and
any successor thereto.

            "Depository" shall mean the Depository Trust Company, 7 Hanover
Square, New York, New York 10004 and any successor Depository hereafter named.

                                      -9-
<PAGE>

            "Determination Date" shall mean the third Business Day prior to the
Remittance Date.

            "Direct Participant" shall mean any broker-dealer, bank or other
financial institution for which the Depository holds Class A Certificates from
time to time as a securities depositary.

            "Disqualified Organization" shall mean any of (i) the United States,
any State or political subdivision thereof, or any agency or instrumentality of
any of the foregoing (other than an instrumentality which is a corporation if
all of its activities are subject to tax and, except for the FHLMC, a majority
of its board of directors is not selected by such governmental unit), (ii) any
foreign government, any international organization, or any agency or
instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers' cooperatives described in Section 521 of the Code) which is
exempt from the tax imposed by Chapter 1 of the Code (unless such organization
is subject to the tax imposed by Section 511 of the Code on unrelated business
taxable income), or cooperatives engaged in furnishing electric energy, or
providing telephone service, to persons in rural areas as described in Section
1381(a)(2)(C) of the Code and (iv) any other Person so designated by the Trustee
based upon an Opinion of Counsel provided to the Trustee that the holding of an
ownership interest in a Class R Certificate by such Person may cause the 200_ -
_ REMIC or any Person having an ownership interest in any Class of Certificates
(other than such Person) to incur liability for any federal tax imposed under
the Code that would not otherwise be imposed but for the transfer of an
ownership interest in the Class R Certificate to such Person. The terms "United
States", "State" and "International Organization" shall have the meanings set
forth in Section 7701 of the Code.

            "Due Date" shall mean, with respect to any Mortgage Loan, the day of
the month upon which payment is due from the related Mortgagor under the terms
of the related Mortgage Note.

            "Due Period" shall mean, with respect to each Remittance Date, the
period beginning on the opening of business on the first day of the calendar
month preceding the calendar month in which such Remittance Date occurs, and
ending at the close of business on the last day of the calendar month preceding
the calendar month in which such Remittance Date occurs.

            "Eligible Account" shall mean either (i) a segregated trust account
or accounts maintained with a depositary institution which is acceptable to the
Certificate Insurer and to each Rating Agency, which institution shall be the
Bank of the West until notice to the contrary is given to the Master Servicer by
the Certificate Insurer and such trust account shall be held in (a) the
corporate trust account department of such depositary institution or (b) an
institution with capital and surplus of not less than $50,000,000, and a minimum
unsecured debt rating of ___ by ____ or ____ by __________; or (ii) an account
or accounts maintained with an institution acceptable to the Certificate Insurer
and whose deposits are insured by the FDIC, the unsecured and uncollateralized
debt obligations of which institution shall be rated ___ or better by ___ and
___ or better by _______ and the highest short-term rating by _______ and
_______, and which is (a) a federal savings and loan association duly organized,
validly existing and in good standing under the federal banking laws, (b) an
institution duly organized, validly existing and in good

                                      -10-
<PAGE>

standing under the applicable banking laws of any state, (c) a national banking
association duly organized, validly existing and in good standing under the
federal banking laws institution (including the Trustee), (d) a principal
subsidiary of a bank holding company, or (e) approved in writing by [the
Certificate Insurer,] _____ and _____, having capital and surplus of not less
than $50,000,000, acting in its fiduciary capacity.

            "ERISA" shall have the meaning defined in Section 4.2(i)(x) hereof.

            "Event Of Default" shall have the meaning described in Section 7.1.

            "Excess Spread" shall mean the excess, if any, of the Available
Amount over the sum of the Class A-1 Interest Distribution Amount, the Class A-2
Interest Distribution Amount, the Class A-3 Interest Distribution Amount, the
Class A-4 Interest Distribution Amount, the Class A-5 Interest Distribution
Amount and the Base Principal Distribution Amount.

            "FDIC" shall mean the Federal Deposit Insurance Corporation and any
successor thereto.

            "FHLMC" shall mean the Federal Home Loan Mortgage Corporation and
any successor thereto.

            "FNMA" shall mean the Federal National Mortgage Association and any
successor thereto.

            "Foreclosure Profits" shall mean, as to any Remittance Date, the
excess, if any, of (i) Net Liquidation Proceeds in respect of each Mortgage Loan
that became a Liquidated Mortgage Loan during the month immediately preceding
the month of such Remittance Date over (ii) the sum of the unpaid principal
balance of each such Liquidated Mortgage Loan plus accrued and unpaid interest
at the applicable Mortgage Interest Rate on the unpaid principal balance thereof
from the Due Date to which interest was last paid by the Mortgagor (or, in the
case of a Liquidated Mortgage Loan that had been an REO Mortgage Loan, from the
Due Date to which interest was last deemed to have been paid pursuant to Section
5.12) to the first day of the month following the month in which such Mortgage
Loan became a Liquidated Mortgage Loan.

            "Hazardous Materials" shall mean any dangerous, toxic or hazardous
pollutants, chemical wastes or substances, including, without limitation, those
identified pursuant to CERCLA or any other federal, state or local environmental
related laws now existing or hereafter enacted.

            "Holder" shall mean each Person in whose name a Certificate is
registered in the Certificate Register, except that solely for the purposes of
giving any consent (except any consent required to be obtained pursuant to
Section 10.2), waiver, request or demand pursuant to this Agreement, any
Certificate registered in the name of the Master Servicer or any Subservicer or
the Transferor, or any Affiliate of any of them, shall be deemed not to be
outstanding and in the case of any Certificate, the undivided interest in the
Trust Fund evidenced thereby shall not be taken into account in determining
whether the requisite percentage of Certificates necessary to effect any such
consent, waiver, request or demand has been obtained.

                                      -11-
<PAGE>

            "Indirect Participant" shall mean any financial institution for who
many Direct Participant holds an interest in a Class A Certificate.

            "Insurance Agreement" shall mean that certain agreement between [the
Certificate Insurer], the Depositor, the Transferor, the Master Servicer,
____________________, as Originator and the Trustee dated as of ___________,
200_.

            "Insurance Proceeds" shall mean proceeds paid by any insurer
pursuant to any insurance policy covering a Mortgage Loan to the extent such
proceeds are not applied to the restoration of the related Mortgaged Property or
released to the related Mortgagor in accordance with Accepted Servicing
Practices. "Insurance Proceeds" do not include "Insured Payments."

            ["Insured Payment" shall have the meaning assigned thereto in the
Certificate Insurance Policy.]

            "Interest Collections" shall mean all amounts (including, without
limitation, Monthly Payments (or Periodic Advances in respect thereof) and
Liquidation Proceeds) collected on any Mortgage Loan allocable to interest
pursuant to the terms of the related Mortgage Note, or if no provision for
allocation is made therein, pursuant to the terms hereof.

            "Interest Determination Date" shall mean, with respect to any
Accrual Period applicable to the Class A-1 Certificates, the second LIBOR
Business Day preceding the first day of such Accrual Period.

            "Interest Distribution Amount" shall mean for any Remittance Date,
the sum of the Class A-1 Interest Distribution Amount, the Class A-2 Interest
Distribution Amount, the Class A-3 Interest Distribution Amount and the Class
A-4 Interest Distribution Amount.

            "Late Payment Rate" shall have the meaning assigned thereto in the
Certificate Insurance Agreement.

            "LIBOR" shall mean, for any Interest Period other than the first
Interest Period, the rate for United States dollar deposits for one month that
appears on the Telerate Screen Page 3750 as of 11:00 a.m., London, England time,
on the second LIBOR Business Day prior to the first day of such Interest Period.
With respect to the first Interest Period, "LIBOR" shall mean the rate for
United States dollar deposits for one month that appears on the Telerate Screen
Page 3750 as of 11:00 a.m., London, England time, two LIBOR Business Days prior
to the Closing Date. If such rate does not appear on such page (or such other
page as may replace such page on such service, or if such service is no longer
offered, such other service for displaying LIBOR or comparable rates as may be
reasonably selected by the Trustee after consultation with the Master Servicer),
the rate will be the Reference Bank Rate. If no such quotations can be obtained
and no Reference Bank Rate is available, LIBOR will be LIBOR applicable to the
preceding Remittance Date.

            The establishment of LIBOR on each Interest Determination Date by
the Trustee and the Trustee's calculation of the rate of interest applicable to
the Class A-1 Certificates for the related Accrual Period shall (in the absence
of manifest error) be final and binding. Each such rate of interest may be
obtained by telephoning the Trustee.

                                      -12-
<PAGE>

            "LIBOR Business Day" shall mean any day other than (i) a Saturday or
a Sunday or (ii) a day on which banking institutions in the city of London,
England are required or authorized by law to be closed.

            "Lien" means any mortgage, deed of trust, pledge, conveyance,
hypothecation, assignment, participation, deposit arrangement, encumbrance, lien
(statutory or other), claim, charge, preference, priority, right, interest or
other security agreement or preferential arrangement of any kind or nature
whatsoever, including any conditional sale or other title retention agreement,
any financing lease having substantially the same economic effect as any of the
foregoing and the filing of any financing statement under the UCC (other than
any such financial statement filed for informational purposes only) or
comparable law of any jurisdiction to evidence any of the foregoing.

            "Liquidated Loan Loss" shall mean, with respect to any Remittance
Date, the aggregate of the amount of losses with respect to each Mortgage Loan
which became a Liquidated Mortgage Loan in the Due Period prior to such
Remittance Date, equal to the excess of (i) the unpaid principal balance of each
such Liquidated Mortgage Loan, plus accrued interest thereon in accordance with
the amortization schedule at the time applicable thereto at the applicable
Mortgage Interest Rate from the Due Date as to which interest was last paid with
respect thereto through the last day of the month in which such Mortgage Loan
became a Liquidated Mortgage Loan, over (ii) Net Liquidation Proceeds with
respect to such Liquidated Mortgage Loan.

            "Liquidated Mortgage Loan" shall mean a Mortgage Loan (i) with
respect to which the related Mortgaged Property has been acquired, liquidated
and/or foreclosed upon by the Master Servicer or (ii) which the Master Servicer
has elected to write down the outstanding Principal Balance of such Mortgage
Loan that has been delinquent for a period equal to or greater than 270 days to
zero and, in either case, with respect to which the Master Servicer determines
that all Liquidation Proceeds which it expects to recover have been recovered.

            "Liquidation Expenses" shall mean expenses incurred by the Master
Servicer in connection with the liquidation of any defaulted Mortgage Loan, REO
Mortgage Loan or REO Property (including, without limitation, legal fees and
expenses, committee or referee fees, and, if applicable, brokerage commissions
and conveyance taxes), any unreimbursed amount expended by the Master Servicer
pursuant to Sections 5.5, 5.6 and 5.12 respecting the related Mortgage Loan and
any unreimbursed expenditures for real property taxes or for property
restoration or preservation of the related Mortgaged Property. Liquidation
Expenses shall not include any previously incurred expenses in respect of an REO
Mortgage Loan which have been netted against related REO Proceeds.

            "Liquidation Proceeds" shall mean amounts received (or, in the case
of Liquidated Mortgage Loans written-down by the Master Servicer, amounts
deposited) by the Master Servicer (including Insurance Proceeds) in connection
with the liquidation of defaulted or written-down Mortgage Loans or property
acquired in respect thereof, whether through foreclosure, sale or otherwise,
including payments in connection with such Mortgage Loans received from the
Mortgagor, other than amounts required to be paid to the Mortgagor pursuant to
the terms of the applicable Mortgage or to be applied otherwise pursuant to law.

                                      -13-
<PAGE>

            "Loan Repurchase Price" shall have the meaning defined in Section
2.4(c).

            "Majority Certificateholders" shall mean the Holder or Holders of
Class A Certificates evidencing an undivided beneficial ownership interest in
the Class A Certificates in excess of 50% in the aggregate.

            "Master Servicer" shall mean ___________________, an
___________________, or any successor appointed as herein provided.

            "Master Servicer Account" shall mean the account created and
maintained pursuant to Section 5.7.

            "Master Servicer Employees" shall have the meaning as defined in
Section 5.8 hereof.

            "Master Servicer Remittance Amount" shall mean, with respect to any
Determination Date, an amount equal to the sum of (i) all unscheduled
collections of principal and interest on the Mortgage Loans (including Principal
Prepayments and any prepayment penalties received in connection with such
Principal Prepayments or Curtailments, Net REO Proceeds and Net Liquidation
Proceeds, if any, and any amounts deposited in the Collection Account or
Certificate Account in connection with are purchase of the Mortgage Loans)
collected by the Master Servicer during the Due Period and all scheduled Monthly
Payments due on the Mortgage Loans on the Due Date and received by the Master
Servicer on or prior to the _____ Business Day preceding the related
Determination Date, plus (ii) all Periodic Advances made by the Master Servicer
with respect to payments due to be received on the Mortgage Loans on the related
Due Date plus (iii) the amount of Compensating Interest due with respect to
Mortgage Loans with respect to the related Due Period, plus (iv) any other
amounts required to be placed in the Collection Account with respect to Mortgage
Loans by the Master Servicer pursuant to this Pooling and Servicing Agreement
but excluding, without duplication, the following:

            (a) amounts received on a particular Mortgage as late payments of
principal or interest and respecting which the Master Servicer has previously
made an unreimbursed Periodic Advance;

            (b) the portion of Liquidation Proceeds used to reimburse any
unreimbursed Periodic Advances by the Master Servicer;

            (c) those portions of each payment of interest on a particular
Mortgage Loan which represent the Servicing Fee;

            (d) that portion of Liquidation Proceeds and REO Proceeds which
represents any unpaid Servicing Fee;

            (e) all income from Permitted Investments that is held in the
Collection Account for the account of the Master Servicer;

                                      -14-
<PAGE>

            (f) all amounts in respect of late fees, assumption fees, fees
associated with prepayments other than prepayment penalties, demand statement
fees, reconveyance and recording fees and other service related fees;

            (g) all other amounts which are explicitly reimbursable to the
Master Servicer hereunder with respect to the Mortgage Loans, including (1) as
provided in Section 5.4 hereof; and (2) any unreimbursed and accrued Liquidation
Expenses; and

            (h) the portion of Net Foreclosure Profits representing any unpaid
Servicing Fee.

            "Master Servicer Termination Delinquency Rate Trigger" shall have
the meaning assigned thereto in the Insurance Agreement.

            "Master Servicer Termination Loss Trigger" shall have the meaning
assigned thereto in the [Insurance Agreement.]

            "Maturity Date" shall mean the latest possible maturity date as
defined in Section 1.860G-1(a)(4)(iii) of the proposed Treasury regulations, by
which the Certificates representing a regular interest in the 200_ - _ REMIC
would be reduced to zero as determined under a hypothetical scenario that
assumes, among other things, that (i) scheduled interest and principal payments
on the Mortgage Loans are received in a timely manner, with no delinquencies or
losses, (ii) there are no principal prepayments on the Mortgage Loans, (iii) the
Transferor and the Master Servicer will not repurchase any Mortgage Loan and
neither the Transferor, the Master Servicer [nor the Certificate Insurer] will
exercise its option to purchase the Mortgage Loans and thereby cause a
termination of the 200_ - _ REMIC, and (iv) certain of the Mortgage Loans have
an original term to maturity of up to 360 months and, on a latest maturing loan
basis, a remaining term to maturity of up to 360 months.

            "Monthly Payment" shall mean, as to any Mortgage Loan (including any
REO Mortgage Loan) and any Due Date, the scheduled payment of principal and
interest due thereon by such Due Date (after adjustment for any Curtailments and
Deficient Valuations occurring prior to such Due Date but before any adjustment
to such amortization schedule by reason of any bankruptcy, other than Deficient
Valuations or similar proceeding or any moratorium or similar waiver or grace
period).

            "Mortgage" shall mean the mortgage, deed of trust or other
instrument creating a lien on the Mortgaged Property to secure the Mortgage
Loan.

            "Mortgage Documents" shall mean the documents described in Section
2.3 hereof or on Exhibit C required to be contained in a Mortgage File.

            "Mortgage File" shall include the Mortgage Loan documents described
in Section 2.3 hereof and such documents as are applicable from those listed on
Exhibit C attached hereto.

            "Mortgage Interest Rate" shall mean, as to any Mortgage Loan, the
per annum rate at which interest accrues on the unpaid principal balance thereof
as set forth in the related Mortgage Note.

                                      -15-
<PAGE>

            "Mortgage Loan" shall mean (i) each fixed rate, closed end mortgage
loan identified on the Mortgage Loan Schedule on the Closing Date secured by
alien on the related Mortgaged Property, (ii) any additional fixed rate, closed
end mortgage loans identified on the Mortgage Loan Schedule after the Closing
Date, as such schedule is amended and supplemented from time to time to reflect
the deletion of the Deleted Mortgage Loans and the substitution of Qualified
Substitute Mortgage Loans for Deleted Mortgage Loans, (iii) each Mortgage Note
evidencing any loan referred to in (i) or (ii) above, including all amounts now
or hereafter due under such Mortgage Notes, whether relating to such loans or
other loans which may be made from time to time, and (iv) the related Mortgage.
Unless otherwise clearly indicated by the context, Mortgage Loan shall be deemed
to refer to the related REO Mortgage Loan and REO Property.

            "Mortgage Loan Interest Shortfall" shall mean, with respect to any
Remittance Date, as to any Mortgage Loan, any Prepayment Interest Shortfall for
which no payment of Compensating Interest is paid.

            "Mortgage Loan Sale Agreement" shall mean the Mortgage Loan Sale
Agreement dated as of __________, 200_, between ____________________, as seller
thereunder, and ____________________, as purchaser thereunder, as such agreement
may be amended, modified or supplemented from time to time.

            "Mortgage Loan Schedule" shall mean the list of the Mortgage Loans
transferred to the Trustee on the Closing Date as part of the Trust Fund and
attached hereto as Exhibit D (and also provided to the Certificate Insurer and
the Trustee on a computer readable magnetic tape or disk). The Mortgage Loan
Schedule shall set forth at a minimum the following information as to each
Mortgage Loan:

            (a) the Mortgage Loan identifying number;

            (b) the Principal Balance of the Mortgage Loan;

            (c) the city, state and ZIP code of the Mortgaged Property;

            (d) the type of property;

            (e) the current Monthly Payment as of the Cut-Off Date;

            (f) the original number of months to maturity;

            (g) the scheduled maturity date;

            (h) the Combined Loan-to-Value Ratio as of the Cut-Off Date;

            (i) the Mortgage Interest Rate as of the Cut-Off Date;

            (j) the Appraised Value;

            (k) the documentation type (as described in the Underwriting

                                      -16-
<PAGE>

            Guidelines); and

            (l) the loan classification (as described in the Underwriting
            Guidelines).

            Such "Mortgage Loan Schedule" may consist of multiple reports that
collectively set forth all of the information required, including the aggregate
number of Mortgage Loans and the Aggregate Principal Balance as of the Cut-Off
Date. In addition, a summary of the information regarding the Mortgage Loans
shall be included as a part of the Mortgage Loan Schedule which summary shall
include such consolidated and aggregated information as may be requested by the
Trustee [or the Certificate Insurer] from time to time.

            "Mortgage Note" shall mean the original, executed note, loan
agreement or other evidence of indebtedness evidencing the indebtedness of a
Mortgagor under a Mortgage Loan.

            "Mortgaged Property" shall mean the underlying property securing a
Mortgage Loan, consisting of a fee simple estate in a single parcel of land
improved by a Residential Dwelling.

            "Mortgaged Property State" shall mean any state in which any
Mortgaged Property is located.

            "Mortgagor" shall mean the obligor on a Mortgage Note.

            "Net Foreclosure Profits" shall mean, as to any Remittance Date, the
excess, if any, of (i) the aggregate Foreclosure Profits for such Remittance
Date, over (ii) the Liquidated Loan Loss for such Remittance Date.

            "Net Liquidation Proceeds" shall mean, as to any Liquidated Mortgage
Loan, Liquidation Proceeds net of Liquidation Expenses and net of any
unreimbursed Periodic Advances made by the Master Servicer. For all purposes of
this Agreement, Net Liquidation Proceeds shall be allocated first to accrued and
unpaid interest on the related Mortgage Loan and then to the unpaid principal
balance thereof.

            "Net Reo Proceeds" shall mean, as to any REO Mortgage Loan, REO
Proceeds net of any related expenses of the Master Servicer.

            "200_ - _Remic" shall mean the segregated pool of assets in the
Trust Fund, consisting of: (i) the Mortgage Loans which are from time to time
subject to this Agreement, together with the Mortgage Files relating thereto and
all collections thereon and proceeds thereof, (ii) such assets as from time to
time are identified as REO Property of the 200_ - _ REMIC and collections
thereon and proceeds thereof, (iii) assets deposited in the Certificate Account
including any such amounts on deposit in the Certificate Account invested in
Permitted Investments, (iv) the Trustee's rights with respect to the Mortgage
Loans under all insurance policies [(other than the Certificate Insurance
Policy)] required to be maintained pursuant to this Agreement and any Insurance
Proceeds, (v) Liquidation Proceeds, and (vi) Released Mortgaged Property
Proceeds.

                                      -17-
<PAGE>

            "Nonrecoverable Advance" shall mean, with respect to any Mortgage
Loan, (i) any Periodic Advance previously made and not reimbursed from late
collections pursuant to Section 5.4(b), or (ii) a Periodic Advance proposed to
be made in respect of a Mortgage Loan or REO Property either of which, in the
good faith business judgment of the Master Servicer, as evidenced by an
Officer's Certificate delivered to [the Certificate Insurer and] the Trustee no
later than the Business Day following such determination, would not be
ultimately recoverable pursuant to Section 5.4.

            "Non-United States Person" shall mean any Person other than a United
States Person.

            "Officer's Certificate" shall mean a certificate signed by the
Chairman of the Board, the President or a Vice President and the Treasurer, the
Secretary or one of the Assistant Treasurers or Assistant Secretaries of the
Transferor and/or the Master Servicer, or the Depositor, as required by this
Agreement.

            "Opinion Of Counsel" shall mean a written opinion of counsel, who
may, without limitation, be counsel for the Transferor, the Master Servicer, the
Trustee, a Certificateholder or a Certificateholder's prospective transferee [or
the Certificate Insurer] (including, except as otherwise provided herein,
in-house counsel) reasonably acceptable to each addressee of such opinion and
experienced in matters relating to the subject of such opinion; except that any
opinion of counsel relating to (i) the qualification of the 200_ - _ REMIC as a
REMIC, or (ii) compliance with the REMIC Provisions must bean opinion of counsel
who (a) is in fact independent of the Transferor, the Master Servicer and the
Trustee, (b) does not have any direct financial interest or any material
indirect financial interest in the Transferor or the Master Servicer or the
Trustee or in an Affiliate thereof, (c) is not connected with the Transferor or
the Master Servicer or the Trustee as an officer, employee, director or person
performing similar functions, [and (d) is reasonably acceptable to the
Certificate Insurer.] [The Certificate Insurer shall be an addressee on each
Opinion of Counsel relating to, or otherwise affecting, the Series 200_ - _
Certificates].

            "Optional Termination Date" shall mean the first date upon which the
Aggregate Principal Balance is less than __% of the Aggregate Principal Balance
as of the Cut-Off Date.

            "Original Class A-1 Principal Balance" shall mean, as of the Startup
Date and as to the Class A-1 Certificates, $__________.

            "Original Class A-2 Principal Balance" shall mean, as of the Startup
Date and as to the Class A-2 Certificates, $__________.

            "Original Class A-3 Principal Balance" shall mean, as of the Startup
Date and as to the Class A-3 Certificates, $__________.

            "Original Class A-4 Principal Balance" shall mean, as of the Startup
Date and as to the Class A-4 Certificates, $__________.

            "Original Class A-5 Principal Balance" shall mean, as of the Startup
Date and as to the Class A-1 Certificates, $__________.

                                      -18-
<PAGE>

            "Originator" shall mean _____________________, a __________________.

            "Outstanding Mortgage Loan" shall mean, as to any Due Date, a
Mortgage Loan (including an REO Mortgage Loan) which has not been paid in full
prior to such Due Date, which did not become a Liquidated Mortgage Loan prior to
such Due Date and which was not repurchased by the Transferor prior to such Due
Date pursuant to Sections 2.4 or 3.3.

            "Overcollateralization Amount" shall mean, with respect to any
Remittance Date, the excess, if any, of (i) the aggregate Principal Balance of
all Mortgage Loans as of the close of business on the last day of the related
Due Period over (ii) (a) the sum of the Class A-1 Principal Balance, Class A-2
Principal Balance, Class A-3 Principal Balance, Class A-4 Principal Balance and
the Class A-5 Principal Balance as of such Remittance Date (after taking into
account Class A-5 Principal Distribution Amount, other than the
Overcollateralization Increase Amount, for such Remittance Date).

            ["Overcollateralization Deficiency Amount" shall mean, with respect
to any date of determination, the excess, if any, of the Overcollateralization
Target Amount over the Overcollateralization Amount.

            "Overcollateralization Increase Amount" shall mean the lesser of (i)
the related Excess Spread and (ii) the related Overcollateralization Deficiency
Amount.

            "Overcollateralization Target Amount" shall have the meaning
assigned thereto in the Insurance Agreement.

            Notwithstanding the above, the Certificate Insurer may, in its sole
discretion, modify the definition of Overcollateralization Target Amount. The
Trustee and the Rating Agencies shall be notified in writing of such
modification prior to the related Remittance Date and any such modification
shall not result in a downgrading of the then-current ratings of any Class A
Certificate without regard to the Certificate Insurance Policy.]

            "Owner-Occupied Mortgaged Property" shall mean a Residential
Dwelling as to which (i) the related Mortgagor represented an intent to occupy
as such Mortgagor's primary, secondary or vacation residence at the origination
of the Mortgage Loan, and (ii) the Transferor has no actual knowledge that such
Residential Dwelling is not so occupied.

            "Ownership Interest" shall mean, as to any Certificate, any
ownership or security interest in such Certificate, including any interest in
such Certificate as the Holder thereof and any other interest therein, whether
direct or indirect, legal or beneficial, as owner or as pledgee.

            "Percentage Interest" shall mean, with respect to a Class A-1
Certificate, Class A-2 Certificate, Class A-3 Certificate, Class A-4 Certificate
or Class A-5 Certificate, the portion of the total beneficial ownership interest
in the Mortgage Loans evidenced by such Certificate, expressed as a percentage
rounded to four decimal places, equal to a fraction the numerator of which is
the original denomination of such Certificate and the denominator of which is
the Original Class A-1 Principal Balance, the Original Class A-2 Principal
Balance, the Original Class A-3 Principal Balance or the Original Class A-4
Principal Balance as applicable. With

                                      -19-
<PAGE>

respect to a Class R Certificate, the portion evidenced thereby as stated on the
face of such Certificate.

            "Periodic Advance" shall mean the aggregate of the advances required
to be made by the Master Servicer on any Determination Date pursuant to Section
5.20 hereof, the amount of any such advances being equal to the sum of: (i) all
Monthly Payments (net of the related Servicing Fee and any amount excluded from
the Master Servicer Remittance Amount pursuant to clauses (a) -(h) of the
definition of "master servicer remittance amount") on the Mortgage Loans that
are not received by the Master Servicer as of the close of business on the
second Business Day preceding the related Determination Date and have not been
determined by the Master Servicer to be Nonrecoverable Advances, plus (ii) with
respect to each REO Property which was acquired during or prior to the related
Due Period and as to which an REO Disposition did not occur during the related
Due Period, an amount equal to the excess, if any, of (a) interest on the
Principal Balance of the related REO Mortgage Loan at the related Mortgage
Interest Rate, net of the Servicing Fee, for the most recently ended Due Period
for the related Mortgage Loan over (b) the net income from the REO Property
transferred to the Certificate Account for such Remittance Date.

            "Principal Distribution Amount" shall mean, with respect to the
Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates
and the Class A-4 Certificates, for any Remittance Date, the lesser of:

            (a) the excess of (1) the sum of the Available Amount, any Excess
Spread and the applicable portion of any Insured Payment over (2) the Interest
Distribution Amount; and

            (b) the sum, without duplication, of:

            (i) that portion of all scheduled installments of principal in
respect of the Mortgage Loans which is received (or advanced) during the related
Due Period together with all unscheduled recoveries of principal (including
Principal Prepayments, Curtailments and Deficient Valuations) on such Mortgage
Loans actually collected by the Master Servicer during the prior calendar month,

            (ii) the Principal Balance of each Mortgage Loan that either was,
effective on such Remittance Date, repurchased by the Transferor or by the
Depositor or purchased by the Master Servicer during the preceding Due Period,
but only to the extent the amount equal to such Principal Balance is actually
received by the Trustee,

            (iii) any Substitution Adjustment amounts delivered by the Depositor
on the related Remittance Date in connection with a substitution of a Mortgage
Loan, to the extent such Substitution Adjustments are actually received by the
Trustee,

            (iv) with respect to each Mortgage Loan that became a Liquidated
Mortgage Loan during the prior calendar month, the Principal Balance of such
Mortgage Loan immediately prior to the time when such Mortgage Loan became a
Liquidated Mortgage Loan,

            (v) any Overcollateralization Increase Amount,

                                      -20-
<PAGE>

            (vi) to the extent of any Subordination Deficit the excess, if any
of the sum of the Class A-1 Principal Balance, Class A-2 Principal Balance,
Class A-3 Principal Balance, Class A-4 Principal Balance and Class A-5 Principal
Balance over the aggregate Principal Balance of the Mortgage Loans,

            (vii) the portion of the proceeds relating to the Mortgage Loans
received by the Trust Fund following any termination of the 200_ - _ REMIC
carried out in accordance with a plan of complete liquidation pursuant to
Section 8.2 hereof or pursuant to the optional termination of any of the Trust
Fund, the 200_ - _ REMIC Trust Fund by either the Master Servicer [or
Certificate Insurer] in accordance with Section 8.1 hereof, up to the then
outstanding Class A-1 Principal Balance, Class A-2 Principal Balance, Class A-3
Principal Balance and/or Class A-4 Principal Balance, as applicable minus

            (viii) any Overcollateralization Release Amount.

            "Principal Prepayment" shall mean any payment or other recovery of
principal on a Mortgage Loan equal to the outstanding Principal Balance thereof,
received in advance of the final scheduled Due Date which is not intended as an
advance payment of a Scheduled Monthly Payment.

            "Proportional Share" shall mean, (a) the sum of the Class A-1
Principal Balance, Class A-2 Principal Balance, Class A-3 Principal Balance,
Class A-4 Principal Balance and the Class A-5 Principal Balance divided by (b)
the Certificate Principal Balance.

            "Prospectus Supplement" shall mean the Prospectus Supplement dated
__________, 200_, as amended and supplemented, relating to the Class A
Certificates and filed with the Commission in connection with the Registration
Statement heretofore filed or to be filed with the Commission pursuant to Rule
424(b)(2) or 424(b)(5).

            "Purchase and Sale Agreement" shall mean the Purchase and Sale
Agreement, dated as of the date hereof, between the Transferor and the Depositor
and relating to the sale of the Mortgage Loans to the Depositor.

            "Qualified Appraiser" shall mean an appraiser, duly appointed by the
Master Servicer, who had no interest, direct or indirect, in the Mortgaged
Property or in any loan made on the security thereof, and whose compensation is
not affected by the approval or disapproval of the Mortgage Loan, and such
appraiser and the appraisal made by such appraiser both satisfy the requirements
of Title XI of the Federal Institutions Reform, Recovery and Enforcement Act of
1989 and the regulations promulgated thereunder, all as in effect on the date
the Mortgage Loan was originated.

            "Qualified Mortgage" shall have the meaning set forth from time to
time in the definition of "Qualified Mortgage" at Section 860G(a)(3) of the Code
(or any successor statute thereto).

            "Qualified Substitute Mortgage Loan" shall mean a mortgage loan or
mortgage loans which (i) has an interest rate at least equal to the Deleted
Mortgage Loan for which it is to be substituted (ii) relates or relate to a
detached one-family residence or to the same type of

                                      -21-
<PAGE>

Residential Dwelling as the Deleted Mortgage Loan for which it is to be
substituted and in each case has or have the same occupancy status or is an
Owner-Occupied Mortgaged Property, (iii) matures or mature no later than (and
not more than one year earlier than) the Deleted Mortgage Loan for which it is
to be substituted, (iv) has or have a Combined Loan-to-Value Ratio or Combined
Loan-to-Value Ratios at the time of such substitution no higher than the
Combined Loan-to-Value Ratio of the Deleted Mortgage Loan for which it is to be
substituted, (v) has or have a principal balance or principal balances (after
application of all payments received on or prior to the date of substitution)
not substantially less and not more than the Principal Balance of the Deleted
Mortgage Loan for which it is to be substituted as of such date, (vi) satisfies
or satisfy the criteria set forth from time to time in the definition of
"qualified replacement mortgage" at Section 860G(a)(4) of the Code (or any
successor statute thereto), (vii) has or have an applicable borrower or
borrowers with the same or better traditionally ranked credit status as the
borrower or borrowers under the Deleted Mortgage Loan for which it is to be
substituted, and (viii) complies or comply as of the date of substitution with
each representation and warranty set forth in Sections 3.1 and 3.2 of the
Purchase and Sale Agreement.

            "Rating Agency" shall mean _______ or _______.

            "Record Date" shall mean, with respect to any Remittance Date other
than the initial Remittance Date, the close of business on the ____ day of the
calendar month immediately preceding the month in which such Remittance Date
occurs and with respect to the initial Remittance Date, the Closing Date.

            "Reference Bank Rate" shall mean, with respect to any Interest
Period, as follows: the arithmetic mean (rounded upwards, if necessary, to the
nearest one sixteenth of one percent) of the offered rates for United States
dollar deposits for one month which are offered by the Reference Banks as of
11:00 a.m., London, England time, on the second LIBOR Business Day prior to the
first day of such Interest Period to prime banks in the London interbank market
for a period of one month in amounts approximately equal to the then outstanding
Certificate Principal Balance; provided, that at least two such Reference Banks
provide such rate. If fewer than two offered rates appear, the Reference Bank
Rate will be the arithmetic mean of the rates quoted by one or more major banks
in New York City, selected by the Trustee after consultation with the Master
Servicer, as of 11:00 a.m., New York time, on such date for loans in U.S.
Dollars to leading European Banks for a period of one month in amounts
approximately equal to the then outstanding Certificate Principal Balance. If no
such quotations can be obtained, the Reference Bank Rate will be the Reference
Bank Rate applicable to the preceding Interest Period.

            "Reference Banks" shall mean Bankers Trust Company, Barclay's Bank
PLC, The Bank of Tokyo and National Westminster Bank PLC; provided that if any
of the foregoing banks are not suitable to serve as a Reference Bank, then any
leading banks selected by the Trustee which are engaged in transactions in
Eurodollar deposits in the international Eurocurrency market (i) with an
established place of business in London, (ii) not controlling, under the control
of or under common control with the Depositor or any affiliate thereof, (iii)
whose quotations appear on the Reuters Screen LIBO Page on the relevant Interest
Determination Date and (iv) which have been designated as such by the Trustee
after consultation with the Master Servicer.

                                      -22-
<PAGE>

            ["Reimbursement Amount" shall mean, as of any Remittance Date, the
sum of (i) all Insured Payments previously paid by the Certificate Insurer and
in each case not previously repaid to the Certificate Insurer pursuant to
Section 6.5(a)(vii) or 6.5(b)(vii) hereof plus (ii) interest accrued on such
Insured Payments not previously repaid calculated at the Late Payment Rate from
the date such Insured Payment was paid, plus (iii) any amounts then due and
owing to the Certificate Insurer under the Certificate Insurance Agreement, as
certified to the Trustee by the Certificate Insurer, plus (iv) interest on such
amounts at the Late Payment Rate. The Certificate Insurer shall notify the
Trustee and the Depositor of the amount of any Reimbursement Amount.]

            "Released Mortgaged Property Proceeds" shall mean, as to any
Mortgage Loan, proceeds received by the Master Servicer in connection with (i) a
taking of an entire Mortgaged Property by exercise of the power of eminent
domain or condemnation or (ii) any release of part of the Mortgaged Property
from the lien of the related Mortgage, whether by partial condemnation, sale or
otherwise; which are not released to the Mortgagor in accordance with applicable
law, Accepted Servicing Practices and this Agreement.

            "REMIC" shall mean a "real estate mortgage investment conduit
"within the meaning of Section 860D of the Code.

            "Remic Change Of Law" shall mean any proposed, temporary or final
regulation, revenue ruling, revenue procedure or other official announcement or
interpretation relating to the REMIC and the REMIC Provisions issued after the
Closing Date.

            "REMIC PROVISIONS" shall mean provisions of the federal income tax
law relating to real estate mortgage investment conduits, which appear at
Sections 860A through 860G of Subchapter M of Chapter I of the Code, and related
provisions, and temporary and final regulations promulgated thereunder and
published rulings, notices and announcements, as the foregoing may be in effect
from time to time.

            "Remittance Date" shall mean the ____ day of any month or if such
____ day is not a Business Day, the first Business Day immediately following,
commencing on ________, 200_

            "Reo Disposition" shall mean the final sale by the Master Servicer
of a Mortgaged Property acquired by the Master Servicer in foreclosure or by
deed in lieu of foreclosure.

            "Reo Mortgage Loan" shall mean any Mortgage Loan that is not a
Liquidated Mortgage Loan and as to which the indebtedness evidenced by the
related Mortgage Note is discharged and the related Mortgaged Property is held
as part of the Trust Fund.

            "Reo Proceeds" shall mean proceeds received in respect of any REO
Mortgage Loan (including, without limitation, proceeds from the rental of the
related Mortgaged Property).

            "Reo Property" shall have the meaning described in Section 5.12.

                                      -23-
<PAGE>

            "Representation Letter" shall mean letters to, or agreements with,
the Depository to effectuate a book entry system with respect to the Class A
Certificates registered in the Certificate Register under the nominee name of
the Depository.

            "Request For Release" shall mean a request for release in
substantially the form attached as Exhibit H hereto.

            "Reserve Interest Rate" shall mean, with respect to any Interest
Determination Date, the rate per annum that the Trustee determines to be either
(i) the arithmetic mean (rounded upwards if necessary to the nearest whole
multiple of 0.0625%) of the one-month U.S. dollar lending rates which New York
City banks selected by the Trustee are quoting on the relevant Interest
Determination Date to the principal London offices of leading banks in the
London interbank market or (ii) in the event that the Trustee can determine no
such arithmetic mean, the lowest one-month U.S. dollar lending rate which New
York City banks selected by the Trustee are quoting on such Interest
Determination Date to leading European banks.

            "Residential Dwelling" shall mean a one- to four-family dwelling, a
unit in a planned unit development, a unit in a condominium development, a
townhouse or a manufactured housing unit.

            "Responsible Officer" shall mean, when used with respect to the
Trustee, any officer assigned to the Corporate Trust Division (or any successor
thereto), including any Vice President, Senior Trust Officer, Trust Officer,
Assistant Trust Officer, any Assistant Secretary, any trust officer or any other
officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and to whom, with respect to a
particular matter, such matter is referred because of such officer's knowledge
of and familiarity with the particular subject. When used with respect to the
Transferor or the Master Servicer, the President or any Vice President,
Assistant Vice President, or any Secretary or Assistant Secretary.

            "Series" shall mean any designated Series of certificates issued
hereunder and governed by this Agreement. When used herein, "this Series" shall
refer to the _______ Home Equity Asset Backed Certificates, Series 200_ - _.

            "Servicing Advances" shall mean all reasonable and customary
"out-of-pocket" costs and expenses incurred in the performance by the Master
Servicer of its servicing obligations, including, but not limited to, the cost
of (i) the preservation, restoration and protection of the Mortgaged Property,
(ii) any enforcement proceedings, including foreclosures, (iii) expenditures
relating to the purchase or maintenance of a first or second lien not included
in the Trust Fund on the Mortgaged Property, (iv) the management and liquidation
of the REO Property, including reasonable fees paid to any independent
contractor in connection therewith, (v) compliance with the obligations
(including indemnification obligations) under Sections 5.2 (limited solely to
the reasonable and customary out-of-pocket expenses of the Subservicer), 5.5,
5.6 or 5.9, all of which reasonable and customary out-of-pocket costs and
expenses are reimbursable to the Master Servicer to the extent provided in
Section 5.4(a).

                                      -24-
<PAGE>

            "Servicing Compensation" shall mean the Servicing Fee and other
amounts to which the Master Servicer is entitled pursuant to Section 5.14.

            "Servicing Fee" shall mean, as to each Mortgage Loan, the annual fee
payable to the Master Servicer, which is calculated as an amount equal to the
product of (i) 0.50% per annum in the case of any Mortgage Loan that is first
priority Mortgage Loan as of the Cut-Off Date and ____% in the case of any other
Mortgage Loan, or up to ____% or ____% respectively in the event that
____________________ is succeeded by the Trustee or any other successor Master
Servicer appointed as herein provided, and (ii) the Principal Balance thereof.
Such fee shall be calculated and payable monthly only on amounts actually
received in respect of interest on such Mortgage Loan and shall be computed on
the basis of the same principal amount and for the period respecting which any
related interest payment on a Mortgage Loan is computed. The Servicing Fee
includes any servicing fees owed or payable to any Subservicer.

            "Servicing Officer" shall mean any officer of the Master Servicer or
the Originator involved in, or responsible for, the administration and servicing
of the Mortgage Loans whose name and specimen signature appear on a list of
servicing officers furnished to the Trustee [and the Certificate Insurer] by the
Master Servicer, as such list may from time to time be amended.

            "Startup Date" shall mean the day designated as such pursuant to
Section 2.5 hereof.

            "Subordination Deficit" shall mean, with respect to any Remittance
Date, the excess, if any, of (i) the aggregate of the Certificate Principal
Balance on such Remittance Date, after taking into account the payment of the
Principal Distribution Amount on such Remittance Date [(except for amounts
payable under the Certificate Insurance Policy)] over (ii) the Aggregate
Principal Balance as of the end of the related Due Period.

            "Subservicer" shall mean any Person with whom the Master Servicer
has entered into a Subservicing Agreement and who satisfies the requirements set
forth in Section 5.2(a) hereof in respect of the qualification of a Subservicer.

            "Subservicing Agreement" shall mean any agreement between the Master
Servicer and any Subservicer relating to subservicing and/or administration of
certain Mortgage Loans as provided in Section 5.2(b), a copy of which shall be
delivered, along with any modifications thereto, to the Trustee and the
Certificate Insurer.

            "Substitution Adjustment" shall mean, as to any date on which a
substitution occurs pursuant to Section 2.4 or 3.3, the amount (if any) by which
the aggregate principal balances (after application of principal payments
received on or before the date of substitution of any Qualified Substitute
Mortgage Loans as of the date of substitution) are less than the aggregate of
the Principal Balances of the related Deleted Mortgage Loans together with 30
days' interest thereon at the Mortgage Interest Rate.

            "Tax Matters Person" shall mean the Person or Persons appointed
pursuant to Section 10.15 from time to time to act as the "tax matters person"
(within the meaning of the REMIC Provisions) of the 200_ - _ REMIC.

                                      -25-
<PAGE>

            "Tax Return" shall mean the federal income tax return on Internal
Revenue Service Form 1066, "U.S. Real Estate Mortgage Investment Conduit Income
Tax Return," including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of the Trust Fund due to its classification as a REMIC
under the REMIC Provisions, together with any and all other information reports
or returns that may be required to be furnished to the Certificateholders or
filed with the Internal Revenue Service or any other governmental taxing
authority under any applicable provision of federal, state or local tax laws.

            "Telerate Page 3750" shall mean the display page so designated on
the Bridge Telerate Service (or such other page as may replace page 3750 on such
service for the purpose of displaying London interbank offered rates of major
banks). If such rate does not appear on such page (or such other page as may
replace such page on such service, or if such service is no longer offered, such
other service for displaying LIBOR or comparable rates as may be selected by the
Issuer after consultation with the Trustee), the rate will be the Reference Bank
Rate.

            "Transfer" shall mean any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership Interest in a
Certificate.

            "Transfer Affidavit And Agreement" shall have the meaning as defined
in Section 4.2(i)(ii).

            "Transferee" shall mean any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.

            "Transferor" shall mean ____________________, a Delaware
corporation.

            "Trust" shall mean _______ Home Equity Trust 200_ - _, the trust
created hereunder.

            "Trust Fund" shall mean (i) each Mortgage transferred to the Trust
pursuant to the provisions hereof, (ii) all rights of or assigned to the
Depositor under the Purchase and Sale Agreement (and exclusive of any of its
obligations), (iii) such assets as from time to time are identified as REO
Property and collections thereon and proceeds thereof, (iv) all assets deposited
in the Accounts, including any amounts on deposit in the Collection Account, the
Trustee Collection Account, and the Certificate Account and all amounts in the
Accounts invested in Permitted Investments, (v) the Trustee's rights with
respect to the Mortgage Loans under all insurance policies (other than the
Certificate Insurance Policy) required to be maintained pursuant to this
Agreement and any Insurance Proceeds, (vi) all Liquidation Proceeds and (vii)
all Released Mortgaged Property Proceeds and (viii) all rights against the
Transferor arising under the Purchase and Sale Agreement.

            "Trustee" shall mean _____________________, or its successor in
interest, or any successor trustee appointed as herein provided.

            "Trustee Collection Account" shall mean any Eligible Account
established and maintained by the Trustee for the benefit of the
Certificateholders pursuant to Section 5.3(a) hereof.

                                      -26-
<PAGE>

            "Trustee Fee" shall mean, as to any Remittance Date, the fee payable
to the Trustee in respect of its services as Trustee that accrues at a monthly
rate equal to 1/12 of _____% of the Certificate Principal Balance as of such
Remittance Date together with its out-of-pocket expenses, including, without
limitation, any costs or expenses associated with the complete transfer of all
servicing data and the completion, correction or manipulation of such servicing
data as may be required by the Trustee to correct any errors or insufficiencies
in the servicing data or otherwise enable the Trustee to service the Mortgage
Loans properly and effectively.

            "Trustee's Mortgage File" shall mean the documents delivered to the
Trustee or its designated agent pursuant to Section 2.3.

            "Trustee's Remittance Report" shall have the meaning as defined in
Section 6.7.

            "Underwriter" shall mean Barclays Capital and ____________________.

            "Underwriting Guidelines" shall mean the underwriting guidelines of
the Transferor, ____________________ and of the Originator, a copy of which is
attached as an exhibit to the Purchase and Sale Agreement.

            "United States Person" shall mean a beneficial owner of a
Certificate that is for United States federal income tax purposes (i) a citizen
or resident of the United States, (ii) a corporation, partnership or other
entity created or organized in or under the laws of the United States or of any
political subdivision thereof (other than a partnership that is not treated as a
United States person under any applicable Treasury regulations), (iii) an estate
whose income is subject to United States federal income tax regardless of its
source or (iv) a trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust.

            "Unpaid Reo Amortization" shall mean, as to any REO Mortgage Loan
and any month, the aggregate of the installments of principal and accrued
interest deemed to be due in such month and in any prior months that remain
unpaid, calculated in accordance with Section 5.12.

            "Weighted Average Rate Cap" shall mean with respect to the Class A-1
Certificates, on any Remittance Date, that maximum interest rate computed to
equal one-twelfth the weighted average Mortgage Interest Rate for the Mortgage
Loans, net of the [Premium Percentage and] the rates at which the Servicing Fee
and the Trustee's Fee are calculated.

            Section 1.2 Provisions Of General Application.

            (a) All accounting terms not specifically defined herein shall be
construed in accordance with generally accepted accounting principles.

            (b) The terms defined in this Article include the plural as well as
the singular.

                                      -27-
<PAGE>

            (c) The words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole. All references to Articles
and Sections shall be deemed to refer to Articles and Sections of this
Agreement.

            (d) Reference to statutes are to be construed as including all
statutory provisions consolidating, amending or replacing the statute to which
reference is made and all regulations promulgated pursuant to such statutes.

            (e) All calculations of interest relating to the Class A-1
Certificates (other than with respect to the Mortgage Loans, or as otherwise
specifically set forth herein) provided for herein shall be made on the basis of
actual days elapsed divided by a year comprised of 360 days. All calculations of
interest relating to the Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates or Class A-5 Certificates (other than with respect to the
Mortgage Loans, or as otherwise specifically set forth herein) provided for
herein, shall be made on the basis of an assumed year of 360 days consisting of
twelve 30 day months. All calculations of interest with respect to any Mortgage
Loan provided for herein shall be made in accordance with the terms of the
related Mortgage Note and Mortgage or, if such documents do not specify the
basis upon which interest accrues thereon, on the basis of dividing actual days
elapsed by a 365-day year.

            (f) Any Mortgage Loan payment is deemed to be received on the date
such payment is actually received by the Master Servicer; provided, however,
that for purposes of calculating distributions on the Certificates prepayments
with respect to any Mortgage Loan are deemed to be received on the date they are
applied in accordance with customary servicing practices consistent with the
terms of the related Mortgage Note and Mortgage to reduce the outstanding
principal balance of such Mortgage Loan on which interest accrues.

              [Remainder of this page intentionally left blank]

                                      -28-
<PAGE>

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST;
                        SALE AND CONVEYANCE OF TRUST FUND

            Section 2.1 Sale And Conveyance Of Trust Fund; Priority And
Subordination Of Ownership Interests; Establishment Of The Trust.

            (a) The Depositor does hereby sell, transfer, assign, set over and
convey to the Trust for the benefit of the Certificateholders [and the
Certificate Insurer] without recourse but subject to the provisions in this
Section 2.1 and the other terms and provisions of this Agreement, all of the
right, title and interest of the Depositor in and to the Trust Fund, exclusive
of the obligations of the Depositor, Transferor or any other party with respect
to the Mortgage Loans. In connection with such transfer and assignment, and
pursuant to Section 2.5 of the Purchase and Sale Agreement, the Depositor does
hereby also irrevocably transfer, assign, set over and otherwise convey to the
Trustee all of its rights (exclusive of its obligations) under the Purchase and
Sale Agreement, including, without limitation, its right to exercise the
remedies created by Section 3.4 of the Purchase and Sale Agreement for breaches
of representations and warranties, agreements and covenants of the Transferor
contained in Sections 3.1 and 3.2 of the Purchase and Sale Agreement.

            (b) The rights of the Certificateholders to receive payments with
respect to the Mortgage Loans in respect of the Certificates and all ownership
interests of the Certificateholders, shall be as set forth in this Agreement. In
this regard, all rights of the Class R Certificateholders to receive payments in
respect of the Class R Certificates, are subject and subordinate to the
preferential rights of the Class A Certificateholders to receive payments in
respect of the Class A Certificates and to the Certificate Insurer's rights to
receive the Reimbursement Amount.

            (c) The Depositor does hereby establish, pursuant to the further
provisions of this Agreement and the laws of the State of New York, an express
trust to be known, for convenience, as "_______ HOME EQUITY TRUST 200_ - _" and
does hereby appoint ____________________ as Trustee in accordance with the
provisions of this Agreement.

            Section 2.2 Possession Of Mortgage Files; Access To Mortgage Files.

            (a) Upon the issuance of the Certificates, the ownership of each
Mortgage Note, the Mortgage and the contents of the related Mortgage File
related to each Mortgage Loan shall be vested in the Trustee for the benefit of
the Certificateholders [and the Certificate Insurer, as their respective
interests may appear].

            (b) Pursuant to Section 2.4 of the Mortgage Loan Sale Agreement,
____________________ has delivered or caused to be delivered the Trustee's
Mortgage File related to each Mortgage Loan to the Trustee.

                                      -29-
<PAGE>

            (c) The Trustee may enter into a custodial agreement pursuant to
which the Trustee will appoint a custodian (a "Custodian") to hold the Mortgage
Files in trust for the benefit of the Trustee; provided, however, that the
custodian so appointed shall in no event be the Depositor, the Transferor or the
Master Servicer or any Person known to a Responsible Officer of the Trustee to
be an Affiliate of any of them.

            (d) The Custodian shall afford the Depositor[, the Certificate
Insurer and] the Master Servicer reasonable access to all records and
documentation regarding the Mortgage Loans relating to this Agreement, such
access being afforded at customary charges, upon reasonable request and during
normal business hours at the offices of the Custodian.

            Section 2.3 Delivery Of Mortgage Loan Documents.

            (a) In connection with each conveyance pursuant to Section 2.1 or
2.2 hereof, the Depositor has delivered or does hereby agree to deliver or cause
to be delivered to the Trustee [the Certificate Insurance Policy and] each of
the following documents for each Mortgage Loan sold by the Transferor to the
Depositor and sold by the Depositor to the Trust Fund:

            (i) The original Mortgage Note, endorsed by the holder of record
      without recourse in the following form: "Pay to the order of ___________,
      without recourse" and signed by manual or facsimile signature in the name
      of an authorized officer of the holder of record, ____________________,
      and if by the Transferor, by an authorized officer;

            (ii) The original Mortgage with evidence of recording indicated
      thereon; provided, however, that if such Mortgage has not been returned
      from the applicable recording office, then such recorded Mortgage shall be
      delivered when so returned;

            (iii) An assignment of the original Mortgage, in suitable form for
      recordation in the jurisdiction in which the related Mortgaged Property is
      located, in the name of the holder of record of the Mortgage Loan by an
      authorized officer (with evidence of submission for recordation of such
      assignment in the appropriate real estate recording office for such
      Mortgaged Property to be received by the Trustee within 60 days of the
      Closing Date); provided, however, that Assignments of Mortgages shall not
      be required to be submitted for recording with respect to any Mortgage
      Loan which relates to the Trustee's Mortgage File if the Trustee, each of
      the Rating Agencies [and the Certificate Insurer] shall have received an
      opinion of counsel satisfactory to the Trustee, each of the Rating
      Agencies [and the Certificate Insurer] stating that, in such counsel's
      opinion, the failure to record such Assignment of Mortgage shall not have
      a materially adverse effect on the security interest of the Trustee in the
      Mortgage); provided, further, that any Assignment of Mortgage for which an
      opinion has been delivered shall be recorded by the Master Servicer upon
      the earlier to occur of (a) receipt by the Trustee of the Certificate
      Insurer's written direction to record such Mortgage, (b) the occurrence of
      any Event of Default, as such term is defined in this Agreement, or (c) a
      bankruptcy or insolvency proceeding involving the Mortgagor is initiated
      or foreclosure proceedings are initiated against the Mortgaged Property as
      a consequence of an event of default under the Mortgage Loan; provided,
      however, that if the related Mortgage has not been returned

                                      -30-
<PAGE>

      from the applicable recording office within 120 days of the Closing Date,
      then such assignment shall be delivered when so returned (and a blanket
      assignment with respect to each unrecorded Mortgage shall be delivered on
      the Closing Date);

            (iv) Any recorded intervening Assignments of the Mortgage with
      evidence of recording thereon; and

            (v) Any assumption, modification, consolidation or extension
      agreements;

provided, however, that in the case of any Mortgage Loans which have been
prepaid in full after the Cut-Off Date and prior to the date of the execution of
this Agreement, the Depositor, in lieu of delivering the above documents, hereby
delivers to the Trustee a certification of an officer of the Transferor of the
nature set forth in Exhibit M attached hereto; and provided, further, however,
that as to certain Mortgages or assignments thereof which have been delivered or
are being delivered to recording offices for recording and have not been
returned to the Transferor in time to permit their delivery hereunder at the
time of such transfer, in lieu of delivering such original documents, the
Depositor is delivering to the Trustee a true copy thereof with a certification
by the Transferor on the face of such copy substantially as follows: "certified
true and correct copy of original which has been transmitted for recordation."
The Transferor has agreed pursuant to the Purchase and Sale Agreement that it
will deliver such original documents on behalf of the Depositor to the Trustee
promptly after they are received, and no later than 90 days after the Closing
Date; provided, however, that in those instances where the public recording
office retains the original Mortgage or Assignment of Mortgage after it has been
recorded or such original document has been lost by the recording office, the
Transferor shall be deemed to have satisfied its obligations hereunder if it
shall have delivered to the Trustee a copy of such original Mortgage or
Assignment of Mortgage certified by the public recording office to be a true
copy of the recorded original thereof. The Transferor has agreed pursuant to the
Purchase and Sale Agreement, at its own expense, to record (or to provide the
Trustee with evidence of recordation thereof) each assignment within 60 days of
the Closing Date in the appropriate public office for real property records,
provided that such assignments are redelivered by the Trustee to the Transferor
upon the Transferor's written request and at the Transferor's expense, unless
the Transferor (at its expense) furnishes to the Trustee[, [the Certificate
Insurer] and the Rating Agencies an unqualified Opinion of Counsel reasonably
acceptable to the Trustee to the effect that recordation of such assignment is
not necessary under applicable state law to preserve the Trustee's interest in
the related Mortgage Loan against the claim of any subsequent transferee of such
Mortgage Loan or any successor to, or creditor of, the Transferor.

            On or prior to the Closing Date the Master Servicer, at its own
expense shall complete the endorsement of each Mortgage Note such that the final
endorsement appears in the following form:

            "Pay to the order of _________, without recourse,
______________________."

            The Master Servicer, at its own expense shall also complete each
Assignment of Mortgage either in blank or such that the final Assignment of
Mortgage appears in the following form:

                                      -31-
<PAGE>

            "____________________, as Trustee for _______ Home Equity Trust 200_
- _ formed pursuant to the Pooling and Servicing Agreement dated as of
__________, 200_, among Securitized Asset Backed Receivables LLC as Depositor,
____________________, as Transferor, ____________________, as Master Servicer
and ____________________, as Trustee"

            (b) Without diminution of the requirements of Sections 2.2(c) and
this Section 2.3, all original documents relating to the Mortgage Loans that are
not delivered to the Trustee are and shall be delivered to the Master Servicer
by the Transferor on behalf of the Depositor pursuant to the Purchase and Sale
Agreement, and shall be held by the Master Servicer in trust for the benefit of
the Trustee on behalf of the Certificateholders and the Certificate Insurer. In
the event that any such original document is required pursuant to the terms of
this Section 2.3 to be a part of a Mortgage File, the Master Servicer shall
promptly deliver such original document to the Trustee. In acting as custodian
of any such original document, the Master Servicer agrees further that it does
not and will not have or assert any beneficial ownership interest in the
Mortgage Loans or the Mortgage Files. Promptly upon the Depositor's and the
Trust's acquisition thereof and the Master Servicer's receipt thereof, the
Master Servicer on behalf of the Trust shall mark conspicuously each original
document not delivered to the Trustee, and the Transferor's master data
processing records evidencing each Mortgage Loan with a legend, acceptable to
the Trustee [and the Certificate Insurer], evidencing that the Trust has
purchased the Mortgage Loans and all right and title thereto and interest
therein pursuant to the Purchase and Sale Agreement and this Agreement.

            (c) In the event that any Mortgage Note required to be delivered
pursuant to this Section 2.3 is conclusively determined by any of the
Transferor, the Master Servicer, the Custodian or the Trustee to be lost, stolen
or destroyed, the Transferor shall, within 14 days of the Closing Date or the
later date upon which such Mortgage Note has been conclusively determined to be
lost, deliver to the Trustee a "lost note affidavit" in form and substance
acceptable to the Trustee, and shall simultaneously therewith request the
obligor on such Mortgage Note to execute and return a replacement Mortgage Note,
and shall further agree to hold the Trustee [and the Certificate Insurer]
harmless from any loss or damage resulting from any action taken in reliance on
the delivery and possession by the Trustee of such lost note affidavit. Upon the
receipt of such replacement Mortgage Note, the Trustee shall return the lost
note affidavit. Delivery by the Transferor of such lost note affidavit shall not
affect the obligations of the Transferor under the Purchase and Sale Agreement
with respect to the related Mortgage Loan.

            Section 2.4 Acceptance By Trustee Of The Trust Fund; Certain
Substitutions; Certification By Trustee.

            (a) The Trustee agrees to execute and deliver to the Depositor[, the
Certificate Insurer], the Master Servicer and the Transferor on or prior to the
Closing Date [an acknowledgment of receipt of the Certificate Insurance Policy
and,] with respect to each initial Mortgage Loan, the original Mortgage Note
(with any exceptions noted), in the form attached as Exhibit E hereto and
declares that it will hold such documents and any amendments, replacements or
supplements thereto, as well as any other assets included in the definition of

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<PAGE>

Trust Fund and delivered to the Trustee, as Trustee in trust upon and subject to
the conditions set forth herein for the benefit of the Certificateholders [and
the Certificate Insurer].

            (b) The Trustee agrees, for the benefit of the Certificateholders
[and the Certificate Insurer], to review (or cause to be reviewed) each
Trustee's Mortgage File within 45 Business Days after the Closing Date and to
deliver to the Transferor, the Master Servicer, the Depositor [and the
Certificate Insurer] a certification in the form attached hereto as Exhibit F to
the effect that, as to each Mortgage Loan listed in Mortgage Loan Schedule
(other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), (1) all
documents required to be delivered to it pursuant to Section 2.3 hereof and the
Purchase and Sale Agreement are in its possession, (2) each such document has
been reviewed by it, has been, to the extent required, executed and has not been
mutilated, damaged, torn or otherwise physically altered (handwritten additions,
changes or corrections shall not constitute physical alteration if initialed by
the Mortgagor), appears regular on its face and relates to such Mortgage Loan.
The Trustee shall be under no duty or obligation to (1) inspect, review or
examine any such documents, instruments, certificates or other papers to
determine that they are genuine, enforceable, or appropriate for the represented
purpose or that they are other than what they purport to be on their face or (2)
determine whether any Trustee's Mortgage File should contain any of the
documents referred to in Section 2.3(a)(v).

            On or prior to the first anniversary of the Closing Date, the
Trustee shall deliver (or cause to be delivered) to the Master Servicer, the
Transferor, the Depositor [and the Certificate Insurer] a final certification in
the form attached hereto as Exhibit G to the effect that, as to each Mortgage
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or any Mortgage Loan specifically identified in such certification as not
covered by such certification), and as to any document noted in an exception
included in the Trustee's initial certification, (i) all documents required to
be delivered to it pursuant to Section 2.3 hereof and the Purchase and Sale
Agreement are in its possession, (ii) each such document has been reviewed by
it, has been, to the extent required, executed and has not been mutilated,
damaged, torn or otherwise physically altered (handwritten additions, changes or
corrections shall not constitute physical alteration if initialed by the
Mortgagor), appears regular on its face and relates to such Mortgage Loan.

            (c) If [the Certificate Insurer or] the Trustee during the process
of reviewing the Trustee's Mortgage Files finds any document constituting a part
of a Trustee's Mortgage File which is not executed, has not been received, is
unrelated to the Mortgage Loan identified in the related Mortgage Loan Schedule,
or does not conform to the requirements of Section 2.3 or the description
thereof as set forth in the related Mortgage Loan Schedule, the Trustee [or the
Certificate Insurer, as applicable,] shall promptly so notify the Master
Servicer, the Transferor, [the Certificate Insurer] and the Trustee. In
performing any such review, the Trustee may conclusively rely on the Transferor
as to the purported genuineness of any such document and any signature thereon.
It is understood that the scope of the Trustee's review of the Mortgage Files is
limited solely to confirming that the documents listed in Section 2.3 have been
executed and received and relate to the Mortgage Files identified in the related
Mortgage Loan Schedule. Pursuant to the Purchase and Sale Agreement, the
Transferor has agreed to use reasonable efforts to cause to be remedied a
material defect in a document constituting part of a Mortgage File of which it
is so notified by the Trustee. If, however, within 120 days after the Trustee's
notice to it

                                      -33-
<PAGE>

respecting such defect the Transferor has not caused to be remedied
the defect and the defect materially and adversely affects the interest of the
Certificateholders in the related Mortgage Loan [or the interests of the
Certificate Insurer (in either case in the reasonable determination of the
Certificate Insurer)], the Trustee shall enforce the Transferor's obligation
pursuant to the Purchase and Sale Agreement to either (1) substitute in lieu of
such Mortgage Loan a Qualified Substitute Mortgage Loan in the manner and
subject to the conditions set forth in Section 3.3 hereof or (2) purchase such
Mortgage Loan at a purchase price equal to the outstanding Principal Balance of
such Mortgage Loan as of the date of purchase, plus the greater of (x) all
accrued and unpaid interest thereon and (y) 30 days' interest thereon, computed
at the related Mortgage Interest Rate, plus the amount of any unreimbursed
Servicing Advances made by the Master Servicer with respect to such Mortgage
Loan, which purchase price shall be deposited in the Certificate Account prior
to the next succeeding Determination Date, after deducting therefrom any amounts
received in respect of such repurchased Mortgage Loan or Loans and being held in
the Collection Account or Trustee Collection Account for future distribution to
the extent such amounts have not yet been applied to principal or interest on
such Mortgage Loan (the "Loan Repurchase Price"); provided, however, that the
Transferor may not, pursuant to clause (ii) preceding, purchase the Principal
Balance of any Mortgage Loan that is not in default or as to which no default is
imminent unless the Transferor has theretofore delivered an Opinion of Counsel
knowledgeable in federal income tax matters which states that such a purchase
would not constitute a prohibited transaction under the Code.

            (d) Upon receipt by the Trustee of a certification of a Servicing
Officer of such substitution or purchase and, in the case of a substitution,
upon receipt of the related Trustee's Mortgage File, and the deposit of the
amounts described above into the Certificate Account (which certification shall
be in the form of Exhibit H hereto), the Trustee shall release to the Master
Servicer for release to the Transferor the related Trustee's Mortgage File and
shall execute, without recourse, and deliver such instruments of transfer
furnished by the Transferor as may be necessary to transfer such Mortgage Loan
to the Transferor. [The Trustee shall notify the Certificate Insurer if the
Transferor fails to repurchase or substitute for a Mortgage Loan in accordance
with the foregoing.]

            Section 2.5 Designations Under Remic Provisions; Designation Of
Startup Date.

            (a) The Class A Certificates are hereby designated as the "regular
interests", and the Class R Certificates are designated the single Class of
"residual interests" in the 200_ - _ REMIC for the purposes of the REMIC
Provisions. The 200_ - _ REMIC shall be designated as the "_______ HOME EQUITY
TRUST 200_ - _ REMIC."

            (b) The Closing Date will be the "startup day" of the 200_ - _ REMIC
within the meaning of Section 860G(a)(9) of the Code (the "STARTUP DATE").

            Section 2.6 Execution Of Certificates. The Trustee acknowledges the
assignment to it of the Mortgage Loans and the delivery to it of the Trustee's
Mortgage Files relating thereto and, concurrently with such delivery, has
executed, authenticated and delivered to or upon the order of the Depositor, in
exchange for the Mortgage Loans, the Trustee's Mortgage Files and the other
assets included in the definition of Trust Fund, Certificates duly

                                      -34-
<PAGE>

authenticated by the Trustee, and, in the case of the Class A Certificates, in
Authorized Denominations, evidencing the entire beneficial ownership interest in
the Trust Fund.

            Section 2.7 Application Of Principal And Interest. In the event that
Net Liquidation Proceeds on a Liquidated Mortgage Loan are less than the
outstanding Principal Balance of the related Mortgage Loan plus accrued interest
thereon, or any Mortgagor makes a partial payment of any Monthly Payment due on
a Mortgage Loan, such Net Liquidation Proceeds or partial payment shall be
applied to payment of the related Mortgage Note as provided therein, and if not
so provided, first to interest accrued at the Mortgage Interest Rate, then to
the principal owed on such Mortgage Loan.

            Section 2.8 Grant Of Security Interest.

            (a) It is the intention of the parties hereto that the conveyance by
the Depositor of the Trust Fund to the Trustee on behalf of the Trust shall
constitute a purchase and sale of such Trust Fund and not a loan. In the event,
however, that a court of competent jurisdiction were to hold that the
transaction evidenced hereby constitutes a loan and not a purchase and sale, it
is the intention of the parties hereto that this Agreement shall constitute a
security agreement under applicable law, and that the Depositor shall be deemed
to have granted and hereby grants to the Trustee, on behalf of the Trust, a
first priority perfected security interest in all of the Depositor's right,
title and interest in, to and under the Trust Fund to secure a loan in an amount
equal to the purchase price of the Mortgage Loans. The conveyance by the
Depositor of the Trust Fund to the Trustee on behalf of the Trust shall not
constitute and are not intended to result in an assumption by the Trustee[, the
Certificate Insurer] or any Certificateholder of any obligation of the
Transferor, _______________________ or any other Person in connection with the
Trust Fund.

            (b) The Depositor and the Master Servicer shall take no action
inconsistent with the Trust's ownership of the Trust Fund and shall indicate or
shall cause to be indicated in its records and records held on its behalf that
ownership of each Mortgage Loan and the assets in the Trust Fund are held by the
Trustee on behalf of the Trust. In addition, the Depositor and the Master
Servicer shall respond to any inquiries from third parties with respect to
ownership of a Mortgage Loan or any other asset in the Trust Fund by stating
that it is not the owner of such asset and that ownership of such Mortgage Loan
or other Trust Fund asset is held by the Trustee on behalf of the Trust.

            Section 2.9 Further Assurances; Powers Of Attorney.

            (a) The Master Servicer agrees that, from time to time, at its
expense, it shall cause the Transferor (and the Depositor also agrees that it
shall), promptly to execute and deliver all further instruments and documents,
and take all further action, that may be necessary or appropriate, or that the
Master Servicer or the Trustee may reasonably request, in order to perfect,
protect or more fully evidence the transfer of ownership of the Trust Fund or to
enable the Trustee to exercise or enforce any of its rights hereunder. Without
limiting the generality of the foregoing, the Master Servicer and the Depositor
will, upon the request of the Master Servicer or of the Trustee execute and file
(or cause to be executed and filed) such real estate

                                      -35-
<PAGE>

filings, financing or continuation statements, or amendments thereto or
assignments thereof, and such other instruments or notices, as may be necessary
or appropriate.

            (b) In the event that the Depositor in unable to fulfill its
obligations in subsection (a) above, the Depositor hereby grants to the Master
Servicer and the Trustee powers of attorney to execute all documents on its
behalf under this Agreement and the Purchase and Sale Agreement as may be
necessary or desirable to effectuate the foregoing.

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                                      -36-
<PAGE>

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

            Section 3.1 Representations Of The Master Servicer. The Master
Servicer hereby represents and warrants to the Trustee, the Depositor[, the
Certificate Insurer] and the Certificateholders as of the Closing Date and
during the term of this Agreement:

            (a) the Master Servicer is a ______ duly organized, validly existing
and in good standing under the laws of the State of _______, and has full power
and authority to own its assets and to transact the business in which it is
currently engaged. The Master Servicer is duly qualified to do business and is
in good standing in each jurisdiction in which the character of the business
transacted by it or properties owned or leased by it requires such qualification
and in which the failure to so qualify would have a material adverse effect on
the business, properties, assets or condition (financial or otherwise) of the
Master Servicer;

            (b) the Master Servicer has full power and authority to make,
execute, deliver and perform this Agreement and all of the transactions
contemplated hereunder, and has taken all necessary corporate action to
authorize the execution, delivery and performance of this Agreement;

            (c) the Master Servicer is not required to obtain the consent of any
other Person or any consent, license, approval or authorization from, or
registration or declaration with, any governmental authority, bureau or agency
in connection with the execution, delivery, performance, validity or
enforceability of this Agreement, except for such consent, license, approval or
authorization or registration or declaration as shall have been obtained or
filed, as the case may be;

            (d) the execution and delivery of this Agreement and the performance
of the transactions contemplated hereby by the Master Servicer will not violate
any material provision of any existing law or regulation or any order or decree
of any court applicable to the Master Servicer or any provision of the articles
or bylaws of the Master Servicer, or constitute a material breach of any
mortgage, indenture, contract or other agreement to which the Master Servicer is
a party or by which it may be bound; and

            (e) no suit in equity, action at law or other judicial or
administrative proceeding of or before any court, tribunal or governmental body
is currently pending or, to the knowledge of the Master Servicer, threatened
against the Master Servicer or any of its properties or with respect to this
Agreement or the Securities that in the opinion of the Master Servicer has a
reasonable likelihood of resulting in a material adverse effect on the
transactions contemplated by this Agreement.

It is understood and agreed that the representations, warranties and covenants
set forth in this Section 3.1 shall survive the delivery of the respective
Mortgage Files to the Trustee or to a custodian, as the case may be, and inure
to the benefit of the Trustee [and the Certificate Insurer].

                                      -37-
<PAGE>

            Section 3.2 Representations, Warranties And Covenants Of The
Depositor. The Depositor hereby represents, warrants and covenants to the
Trustee that as of the date of this Agreement or as of such date specifically
provided herein:

            (a) The Depositor is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware;

            (b) The Depositor has the power and authority to convey the Mortgage
Loans and to execute, deliver and perform, and to enter into and consummate
transactions contemplated by, this Agreement;

            (c) This Agreement has been duly and validly authorized, executed
and delivered by the Depositor, all requisite company action having been taken,
and, assuming the due authorization, execution and delivery hereof by the Master
Servicer and the Trustee, constitutes or will constitute the legal, valid and
binding agreement of the Depositor, enforceable against the Depositor in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to or affecting the rights of creditors generally, and by general
equity principles (regardless of whether such enforcement is considered in a
proceeding in equity or at law);

            (d) No consent, approval, authorization or order of, or registration
or filing with, or notice to, any governmental authority or court is required
for the execution, delivery and performance of or compliance by the Depositor
with this Agreement or the consummation by the Depositor of any of the
transactions contemplated hereby, except as have been received or obtained on or
prior to the Closing Date;

            (e) None of the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby or thereby, or the
fulfillment of or compliance with the terms and conditions of this Agreement,
(1) conflicts or will conflict with or results or will result in a breach of, or
constitutes or will constitute a default or results or will result in an
acceleration under (i) the articles of formation or limited liability company
agreement of the Depositor, or (ii) of any term, condition or provision of any
material indenture, deed of trust, contract or other agreement or instrument to
which the Depositor or any of its subsidiaries is a party or by which it or any
of its subsidiaries is bound; (2) results or will result in a violation of any
law, rule, regulation, order, judgment or decree applicable to the Depositor of
any court or governmental authority having jurisdiction over the Depositor or
its subsidiaries; or (3) results in the creation or imposition of any lien,
charge or encumbrance which would have a material adverse effect upon the
Mortgage Loans or any documents or instruments evidencing or securing the
Mortgage Loans;

            (f) There are no actions, suits or proceedings before or against or
investigations of, the Depositor pending, or to the knowledge of the Depositor,
threatened, before any court, administrative agency or other tribunal, and no
notice of any such action, which, in the Depositor's reasonable judgment, might
materially and adversely affect the performance by the Depositor of its
obligations under this Agreement, or the validity or enforceability of this
Agreement; and

                                      -38-
<PAGE>

            (g) The Depositor 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 that would materially and adversely affect its
performance hereunder.

            It is understood and agreed that the representations, warranties and
covenants set forth in this Section 3.2 shall survive delivery of the respective
Mortgage Files to the Trustee or to a custodian, as the case maybe, and shall
inure to the benefit of the Trustee and the Certificate Insurer.

            Section 3.3 Purchase And Substitution.

            (a) It is understood and agreed that the representations and
warranties set forth in Sections 3.1 and 3.2 of the Purchase and Sale Agreement
shall survive delivery of the Certificates to the Certificateholders. Pursuant
to the Purchase and Sale Agreement, with respect to any representation or
warranty contained in Sections 3.1 or 3.2 of the Purchase and Sale Agreement
that is made to the best of the Transferor's knowledge, if it is discovered by
the Master Servicer, any Subservicer, the Trustee[, [the Certificate Insurer] or
any Certificateholder that the substance of such representation and warranty was
inaccurate as of the Closing Date and such inaccuracy materially and adversely
affects the value of the related Mortgage Loan, then notwithstanding the
Transferor's lack of knowledge with respect to the inaccuracy at the time the
representation or warranty was made, such inaccuracy shall be deemed a breach of
the applicable representation or warranty. Upon discovery by the Transferor, the
Master Servicer, any Subservicer, the Trustee [or the Certificate Insurer] of a
breach of any of such representations and warranties which materially and
adversely affects the value of the Mortgage Loans or the interest of the
Certificateholders, or which materially and adversely affects the interests of
the [Certificate Insurer or the] Certificateholders in the related Mortgage Loan
in the case of a representation and warranty relating to a particular Mortgage
Loan (notwithstanding that such representation and warranty was made to the
Transferor's best knowledge), the party discovering such breach shall give
prompt written notice to the others. Subject to the last paragraph of this
Section 3.3, within 60 days of the earlier of its discovery or its receipt of
notice of any breach of a representation or warranty, pursuant to the Purchase
and Sale Agreement, the Transferor shall be required to (1) promptly cure such
breach in all material respects, (2) purchase such Mortgage Loan in the manner
and at the price specified in Section 2.4(c) (in which case the Mortgage Loan
shall become a Deleted Mortgage Loan), (3) remove such Mortgage Loan from the
Trust Fund (in which case the Mortgage Loan shall become a Deleted Mortgage
Loan) and substitute one or more Qualified Substitute Mortgage Loans; provided,
that, such substitution is effected not later than the date which is two years
after the Startup Date or at such later date, if the Trustee [and the
Certificate Insurer] receive an Opinion of Counsel to the effect that such
substitution will not constitute a prohibited transaction for the purposes of
the REMIC provisions of the Code or cause the 200_ - _ REMIC to fail to qualify
as a REMIC at any time any Certificates are outstanding. Pursuant to the
Purchase and Sale Agreement, any such substitution shall be accompanied by
payment by the Transferor of the Substitution Adjustment, if any, to the Master
Servicer to be deposited in the Certificate Account.

            (b) As to any Deleted Mortgage Loan for which the Transferor
substitutes a Qualified Substitute Mortgage Loan or Loans, the Transferor shall
be required pursuant to the Purchase and Sale Agreement to effect such
substitution by delivering to the Trustee a

                                      -39-
<PAGE>

certification in the form attached hereto as Exhibit H, executed by a Servicing
Officer and the documents described in Sections 2.3(a)(i)-(v) for such Qualified
Substitute Mortgage Loan or Loans.

            (c) The Master Servicer shall deposit in the Collection Account all
payments received in connection with such Qualified Substitute Mortgage Loan or
Loans after the date of such substitution. Monthly Payments received with
respect to Qualified Substitute Mortgage Loans on or before the date of
substitution will be retained by the Transferor. The Trust Fund will own all
payments received on the Deleted Mortgage Loan on or before the date of
substitution, and the Transferor shall thereafter be entitled to retain all
amounts subsequently received in respect of such Deleted Mortgage Loan. The
Master Servicer shall give written notice to the Trustee and the Certificate
Insurer that such substitution has taken place and shall amend the Mortgage Loan
Schedule to reflect the removal of such Deleted Mortgage Loan from the terms of
this Agreement and the substitution of the Qualified Substitute Mortgage Loan.
Upon such substitution, such Qualified Substitute Mortgage Loan or Loans shall
be subject to the terms of this Agreement in all respects.

            (d) It is understood and agreed that the obligation of the
Transferor set forth in Section 3.4 of the Purchase and Sale Agreement to cure,
purchase, substitute or otherwise pay amounts to the Trust [or the Certificate
Insurer] for a defective Mortgage Loan as provided in such Section 3.4
constitutes the sole remedies of the Trustee[, [the Certificate Insurer] and the
Certificateholders with respect to a breach of the representations and
warranties of the Transferor set forth in Sections 3.1 and 3.2 of the Purchase
and Sale Agreement. The Trustee shall give prompt written notice to the
[Certificate Insurer,] _______ and _______ of any repurchase or substitution
made pursuant to Section 3.3 or Section 2.4(b) hereof.

            (e) Upon discovery by the Master Servicer, the Trustee[, [the
Certificate Insurer] or any Certificateholder that any Mortgage Loan does not
constitute a Qualified Mortgage, the Person discovering such fact shall promptly
(and in any event within 5 days of the discovery) give written notice thereof to
the others of such Persons. In connection therewith, pursuant to the Purchase
and Sale Agreement, the Transferor shall be required to repurchase or substitute
a Qualified Substitute Mortgage Loan for the affected Mortgage Loan within 60
days of the earlier of such discovery by any of the foregoing parties, or the
Trustee's or the Transferor's receipt of notice, in the same manner as it would
a Mortgage Loan for a breach of representation or warranty contained in Section
3.1 or 3.2 of the Purchase and Sale Agreement. The Trustee shall reconvey to the
Transferor the Mortgage Loan to be released pursuant hereto in the same manner,
and on the same terms and conditions, as it would a Mortgage Loan repurchased
for breach of a representation or warranty contained in Section 3.1 or 3.2 of
the Purchase and Sale Agreement.

            Section 3.4 Master Servicer Covenants. The Master Servicer hereby
covenants to the Trustee, the Depositor [and the Certificate Insurer] and the
Certificateholders that as of the Closing Date and during the term of this
Agreement:

            (a) The Master Servicer shall deliver on the Closing Date an opinion
from the general counsel or the corporate counsel of the Master Servicer as to
general corporate matters in

                                      -40-
<PAGE>

form and substance reasonably satisfactory to Underwriter's counsel [and counsel
to the Certificate Insurer]; and

            (b) The Master Servicer may in its discretion (1) waive any
prepayment penalty or other charge, assumption fee, late payment charge or other
charge in connection with a Mortgage Loan, and (2) arrange a schedule, running
for no more than 180 days after the Due Date for payment of any installment on
any Mortgage Note, for the liquidation of delinquent items; provided, that the
Master Servicer shall not agree to the modification or waiver of any provision
of a Mortgage Loan at a time when such Mortgage Loan is not in default or such
default is not imminent, if such modification or waiver would be treated as a
taxable exchange under Code Section 1001, unless such exchange would not be
considered a "prohibited transaction" under the REMIC Provisions.

It is understood and agreed that the covenants set forth in this Section 3.4
shall survive the delivery of the respective Mortgage Files to the Trustee or to
a custodian, as the case may be, and inure to the benefit of the Trustee [and
the Certificate Insurer].

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                                      -41-
<PAGE>

                                   ARTICLE IV

                                THE CERTIFICATES

            Section 4.1 The Certificates. The Certificates shall be
substantially in the forms annexed hereto as, in the case of the Class A-1
Certificate, Exhibit B-1, in the case of the Class A-2 Certificate, Exhibit B-2,
in the case of the Class A-3 Certificate, Exhibit B-3, in the case of the Class
A-4 Certificate, Exhibit B-4, in the case of the Class A-5 Certificate, Exhibit
B-5 and in the case of the Class R Certificate, Exhibit B-6. All Certificates
shall be executed by manual or facsimile signature on behalf of the Trustee by
an authorized officer and authenticated by the manual or facsimile signature of
an authorized officer. Any Certificates bearing the signatures of individuals
who were at the time of the execution thereof the authorized officers of the
Trustee shall bind the Trustee, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the delivery of such Certificates
or did not hold such offices at the date of such Certificates. All Certificates
issued hereunder shall be dated the date of their authentication.

            Section 4.2 Registration Of Transfer And Exchange Of Certificates.

            (a) The Trustee, as registrar, shall cause to be kept a register
(the "Certificate Register") in which, subject to such reasonable regulations as
it may prescribe, the Trustee shall provide for the registration of Certificates
and the registration of transfer of Certificates. The Trustee is hereby
appointed registrar for the purpose of registering and transferring
Certificates, as herein provided. The [Certificate Insurer and the] Master
Servicer shall be entitled to inspect and copy the Certificate Register and the
records of the Trustee relating to the Certificates during normal business hours
upon reasonable notice.

            (b) All Certificates issued upon any registration of transfer or
exchange of Certificates shall be valid evidence of the same ownership interests
in the Trust and entitled to the same benefits under this Agreement as the
Certificates surrendered upon such registration of transfer or exchange.

            (c) Every Certificate presented or surrendered for registration of
transfer or exchange shall be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by the
Holder or holder thereof or his attorney duly authorized in writing. [Every
Certificate shall include a statement of insurance provided by the Certificate
Insurer.]

            (d) No service charge shall be made to a Holder or holder for any
registration of transfer or exchange of Certificates, but the Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates; any other expenses in connection with such transferor
exchange shall be an expense of the Trust.

            (e) It is intended that the Class A Certificates be registered so as
to participate in a global book-entry system with the Depository, as set forth
herein. The Class A-1

                                      -42-
<PAGE>

Certificates shall, except as otherwise provided in the next paragraph, be
initially issued in the form of a single fully registered Class A-1 Certificate
with a denomination equal to the Original Class A-1 Principal Balance. The Class
A-2 Certificates shall, except as otherwise provided in the next paragraph, be
initially issued in the form of a single fully registered Class A-2 Certificate
with a denomination equal to the Original Class A-2 Principal Balance. The Class
A-3 Certificates shall, except as otherwise provided in the next paragraph, be
initially issued in the form of a single fully registered Class A-3 Certificate
with a denomination equal to the Original Class A-3 Principal Balance. The Class
A-4 Certificates shall, except as otherwise provided in the next paragraph, be
initially issued in the form of a single fully registered Class A-4 Certificate
with a denomination equal to the Original Class A-4 Principal Balance. The Class
A-5 Certificates shall, except as otherwise provided in the next paragraph, be
initially issued in the form of a single fully registered Class A-5 Certificate
with a denomination equal to the Original Class A-5 Principal Balance. Upon
initial issuance, the ownership of each such Class A Certificate shall be
registered in the Certificate Register in the name of Cede & Co., or any
successor thereto, as nominee for the Depository. The Depositor and the Trustee
are hereby authorized to execute and deliver the Representation Letter with the
Depository. With respect to Class A Certificates registered in the Certificate
Register in the name of Cede & Co., as nominee of the Depository, the Depositor,
the Transferor, the Master Servicer, the Trustee [and the Certificate Insurer]
shall have no responsibility or obligation to Direct or Indirect Participants or
beneficial owners for which the Depository holds Class A Certificates from time
to time as a Depository. Without limiting the immediately preceding sentence,
the Depositor, the Transferor, the Master Servicer, the Trustee [and the
Certificate Insurer] shall have no responsibility or obligation with respect to
(1) the accuracy of the records of the Depository, Cede & Co., or any Direct or
Indirect Participant with respect to any Ownership Interest, (2) the delivery to
any Direct or Indirect Participant or any other Person, other than a
Certificateholder, of any notice with respect to the Class A Certificates or (3)
the payment to any Direct or Indirect Participant or any other Person, other
than a Certificateholder, of any amount with respect to any distribution of
principal or interest on the Class A Certificates. No Person other than a
Certificateholder shall receive a certificate evidencing such Class A
Certificate. Upon delivery by the Depository to the Trustee of written notice to
the effect that the Depository has determined to substitute a new nominee in
place of Cede & Co., and subject to the provisions hereof with respect to the
payment of interest by the mailing of checks or drafts to the Certificateholders
appearing as Certificateholders at the close of business on a Record Date, the
name "Cede &Co." in this Agreement shall refer to such new nominee of the
Depository.

            (f) In the event that (1) the Depository or the Master Servicer
advises the Trustee in writing that the Depository is no longer willing or able
to discharge properly its responsibilities as nominee and depository with
respect to the Class A Certificates and the Master Servicer or the Depository is
unable to locate a qualified successor or (2) the Master Servicer at its sole
option elects to terminate the book-entry system through the Depository, the
Class A Certificates shall no longer be restricted to being registered in the
Certificate Register in the name of Cede & Co. (or a successor nominee) as
nominee of the Depository. At that time, the Master Servicer may determine that
the Class A Certificates shall be registered in the name of and deposited with a
successor depository operating a global book-entry system, as may be acceptable
to the Master Servicer, or such depository's agent or designee but, if the
Master Servicer does not select such alternative global book-entry system, then
the Class A Certificates may be registered in whatever name or names
Certificateholders transferring Class A Certificates

                                      -43-
<PAGE>

shall designate, in accordance with the provisions hereof; provided, however,
that any such reregistration shall be at the expense of the Master Servicer.

            (g) Notwithstanding any other provision of this Agreement to the
contrary, so long as any Class A Certificate is registered in the name of Cede &
Co., as nominee of the Depository, all distributions of principal or interest on
such Class A Certificates as the case may be and all notices with respect to
such Class A Certificates as the case may be shall be made and given,
respectively, in the manner provided in the Representation Letter.

            (h) No transfer, sale, pledge or other disposition of any Class R
Certificate shall be made unless such disposition is made pursuant to an
effective registration statement under the Securities Act of 1933 and effective
registration or qualification under applicable state securities laws or "Blue
Sky" laws, or is made in a transaction that does not require such registration
or qualification. None of the Master Servicer, the Depositor, the Transferor or
the Trustee is obligated under this Agreement to register the Certificates under
the Securities Act of 1933, as amended or any other securities law or to take
any action not otherwise required under this Agreement to permit the transfer of
the Class R Certificates without such registration or qualification. Any such
Certificateholder desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Depositor, the Transferor, the Master Servicer
[and the Certificate Insurer] against any liability that may result if the
transfer is not exempt or is not made in accordance with such applicable federal
and state laws. Promptly after receipt by an indemnified party under this
paragraph of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party
under this paragraph, notify the indemnifying party in writing of the
commencement thereof; but the omission so to notify the indemnifying party will
not relieve it from any liability which it may have to any indemnified party
otherwise than under this paragraph. In case any such action is brought against
any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to appoint counsel
reasonably satisfactory to such indemnified party to represent the indemnified
party in such action; provided, however, that if the defendants in any such
action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are in conflict
with or contrary to the interests of the indemnifying party, the indemnified
party or parties shall have the right to select separate counsel to defend such
action on behalf of such indemnified party or parties. Upon receipt of notice
from the indemnifying party to such indemnified party of its election so to
appoint counsel to defend such action and approval by the indemnified party of
such counsel, the indemnifying party will not be liable to such indemnified
party under this paragraph for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof unless (1) the
indemnified party shall have employed separate counsel in accordance with the
proviso of the next preceding sentence (it being understood, however, that the
indemnifying party shall not be liable for the expenses of more than one
separate counsel for any indemnified party), (2) the indemnifying party shall
not have employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of commencement of the
action or (3) the indemnifying party has authorized the employment of counsel
for the indemnified party at the expense of the indemnifying party. Under no
circumstances shall the indemnified party enter into a settlement

                                      -44-
<PAGE>

agreement with respect to any lawsuit, claim or other proceeding without the
prior written consent of the indemnifying party.

            (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions and to
have irrevocably appointed the Master Servicer or its designee as its
attorney-in-fact to negotiate the terms of any mandatory sale under subclause
(vii) below and to execute all instruments of transfer and to do all other
things necessary in connection with any such sale, and the rights of each Person
acquiring any Ownership Interest in a Class R Certificate are expressly subject
to the following provisions:

            (i) Each Person holding or acquiring any Ownership Interest in a
      Class R Certificate shall be a Permitted Transferee and a United States
      Person and shall promptly notify the Trustee of any change or impending
      change in its status as either a United States Person or a Permitted
      Transferee;

            (ii) In connection with any proposed Transfer of any Ownership
      Interest in a Class R Certificate, the Trustee shall require delivery to
      it, and shall not register the Transfer of any Class R Certificate until
      its receipt of, an affidavit and agreement (a "Transfer Affidavit and
      Agreement") attached hereto as Exhibit I from the proposed Transferee,
      representing and warranting, among other things, that such Transferee is a
      Permitted Transferee, that it is not acquiring its Ownership Interest in
      the Class R Certificate that is the subject of the proposed Transfer as a
      nominee, trustee or agent for any Person that is not a Permitted
      Transferee, that for so long as it retains its Ownership Interest in a
      Class R Certificate, it will endeavor to remain a Permitted Transferee,
      and that it has reviewed the provisions of this Section 4.2(i) and agrees
      to be bound by them;

            (iii) Notwithstanding the delivery of a Transfer Affidavit and
      Agreement by a proposed Transferee under clause (ii) above, if a
      Responsible Officer of the Trustee has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership
      Interest in a Class R Certificate to such proposed Transferee shall be
      effected;

            (iv) Each Person holding or acquiring any Ownership Interest in a
      Class R Certificate shall agree (x) to require a Transfer Affidavit and
      Agreement from any other Person to whom such Person attempts to transfer
      its Ownership Interest in a Class R Certificate and (y) not to transfer
      its Ownership Interest unless it provides a certificate (attached hereto
      as Exhibit J) to the Trustee stating that, among other things, it has no
      actual knowledge that such other Person is not a Permitted Transferee;

            (v) Each Person holding or acquiring an Ownership Interest in a
      Class R Certificate, by purchasing an Ownership Interest in such
      Certificate, agrees to give the Trustee written notice that it is a
      "pass-through interest holder" within the meaning of temporary Treasury
      Regulation Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an
      Ownership Interest in a Class R Certificate, if it is, or is holding an
      Ownership Interest in a Class R Certificate on behalf of, a "pass-through
      interest holder";

                                      -45-
<PAGE>

            (vi) The Trustee will register the Transfer of any Class R
      Certificate only if it shall have received the Transfer Affidavit and
      Agreement. In addition, no Transfer of a Class R Certificate shall be made
      unless the Trustee shall have received a representation letter, the form
      of which is attached hereto as Exhibit N from the Transferee of such
      Certificate to the effect that such Transferee is a United States Person
      and is not a "disqualified organization" (as defined in Section 860E(e)(5)
      of the Code)(such Person, a "Permitted Transferee");

            (vii) Any attempted or purported transfer of any Ownership Interest
      in a Class R Certificate in violation of the provisions of this Section
      4.2 shall be absolutely null and void and shall vest no rights in the
      purported transferee. If any purported transferee shall become a Holder of
      a Class R Certificate in violation of the provisions of this Section 4.2,
      then the last preceding Permitted Transferee shall be restored to all
      rights as Holder thereof retroactive to the date of registration of
      transfer of such Class R Certificate. The Trustee shall notify the Master
      Servicer upon receipt of written notice or discovery by a Responsible
      Officer that the registration of transfer of a Class R Certificate was not
      in fact permitted by this Section 4.2. Knowledge shall not be imputed to
      the Trustee with respect to an impermissible transfer in the absence of
      such a written notice or discovery by a Responsible Officer. The Trustee
      shall be under no liability to any Person for any registration of transfer
      of a Class R Certificate that is in fact not permitted by this Section 4.2
      or for making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under the
      provisions of this Agreement so long as the transfer was registered after
      receipt of the related Transfer Affidavit and Transfer Certificate. The
      Trustee shall be entitled, but not obligated to recover from any Holder of
      a Class R Certificate that was in fact not a Permitted Transferee at the
      time it became a Holder or, at such subsequent time as it became other
      than a Permitted Transferee, all payments made on such Class R Certificate
      at and after either such time. Any such payments so recovered by the
      Trustee shall be paid and delivered by the Trustee to the last preceding
      Holder of such Certificate;

            (viii)If any purported transferee shall become a Holder of a Class R
      Certificate in violation of the restrictions in this Section 4.2, then the
      Master Servicer or its designee shall have the right, without notice to
      the Holder or any prior Holder of such Class R Certificate, to sell such
      Class R Certificate to a purchaser selected by the Master Servicer or its
      designee on such reasonable terms as the Master Servicer or its designee
      may choose. Such purchaser may be the Master Servicer itself or any
      Affiliate of the Master Servicer. The proceeds of such sale, net of
      commissions, expenses and taxes due, if any, will be remitted by the
      Master Servicer to the last preceding purported transferee of such Class R
      Certificate, except that in the event that the Master Servicer determines
      that the Holder or any prior Holder of such Class R Certificate may be
      liable for any amount due under this Section 4.2 or any other provision of
      this Agreement, the Master Servicer may withhold a corresponding amount
      from such remittance as security for such claim. The terms and conditions
      of any sale under this subclause (viii) shall be determined in the sole
      discretion of the Master Servicer or its designee, and it shall not be
      liable to any Person having an Ownership Interest in a Class R Certificate
      as a result of its exercise of such discretion;

                                      -46-
<PAGE>

            (ix) The provisions of Section 4.2(i) may be modified, added to or
      eliminated (solely to amend the transfer restrictions contained in this
      Section), provided that there shall have been delivered to the Trustee and
      the Certificate Insurer an Opinion of Counsel to the effect that such
      modification of, addition to or elimination of such provisions will not
      cause the 200_ - _ REMIC to cease to qualify as a REMIC and will not cause

            (x) the 200_ - _ REMIC to be subject to an entity-level tax caused
      by the Transfer of any Ownership Interest in a Class R Certificate to a
      Person that is not a Permitted Transferee or (y) a Person other than the
      prospective transferee to be subject to a REMIC-related tax caused by the
      Transfer of an Ownership Interest in a Class R Certificate to a Percentage
      that is not a Permitted Transferee;

            (xi) No transfer of a Class R Certificate or any interest therein
      shall be made to any employee benefit plan or other retirement
      arrangement, including individual retirement accounts and annuities, Keogh
      plans and collective investment funds and separate accounts in which such
      plans, accounts or arrangements are invested, that is subject to the
      Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
      the Code (each, a "Plan"), unless the prospective transferee of such Class
      R Certificate provides the Master Servicer and the Trustee with a
      certification of facts and, at the prospective transferee's expense, an
      Opinion of Counsel which establish to the satisfaction of the Master
      Servicer and the Trustee that such transfer will not result in a violation
      of Section 406 of ERISA or Section 4975 of the Code or cause the Master
      Servicer or the Trustee to be deemed a fiduciary of such Plan or result in
      the imposition of an excise tax under Section 4975 of the Code. In the
      absence of their having received the certification of facts or Opinion of
      Counsel contemplated by the preceding sentence, the Trustee and the Master
      Servicer shall require the prospective transferee of any Class R
      Certificate to certify (in the form of Exhibit K hereto) that (A) it is
      neither (i) a Plan nor (ii) a Person who is directly or indirectly
      purchasing a Class R Certificate on behalf of, as named fiduciary of, as
      trustee of, or with assets, of a Plan and (B) all funds used by such
      transferee to purchase such Certificates will be funds held by it in its
      general account which it reasonably believes do not constitute "plan
      assets" of any Plan; and

            (xii) Subject to the restrictions set forth in this Agreement, upon
      surrender for registration of transfer of any Certificate at the Corporate
      Trust Office of the Trustee, the Trustee shall execute, authenticate and
      deliver in the name of the designated transferee or transferees, a new
      Certificate of the same Class and evidencing, in the case of a Class A-1
      Certificate, Class A-2 Certificate, Class A-3 Certificate, Class A-4
      Certificate or Class A-5 Certificate, the same Percentage Interest, and in
      any other case, the equivalent undivided beneficial ownership interest in
      the 200_ - _ REMIC and dated the date of authentication by the Trustee. At
      the option of the Certificateholders, Certificates may be exchanged for
      other Certificates of Authorized Denominations of a like aggregate
      undivided beneficial ownership interest, upon surrender of the
      Certificates to be exchanged at such office.

            Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute, authenticate and deliver the Certificates which the
      Certificateholder making the exchange is entitled to receive. No service
      charge shall be made for any transfer or

                                      -47-
<PAGE>

      exchange of Certificates, but the Trustee may require payment of a sum
      sufficient to cover any tax or governmental charge that may be imposed in
      connection with any transfer or exchange of Certificates. All Certificates
      surrendered for transfer and exchange shall be canceled by the Trustee.

            Section 4.3   Mutilated, Destroyed, Lost Or Stolen Certificates.
(i) If any mutilated Certificate is surrendered to the Trustee, or the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (ii) there is delivered to the Master Servicer[, the
Certificate Insurer] and the Trustee such security or indemnity as may
reasonably be required by each of them to save each of them harmless, then, in
the absence of notice to the Master Servicer[, the Certificate Insurer] and the
Trustee that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute, 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 representing an equivalent beneficial ownership interest, but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section 4.3, the Master Servicer and the Trustee may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and their fees and expenses
connected therewith. Any duplicate Certificate issued pursuant to this Section
4.3 shall constitute complete and indefeasible evidence of ownership in the
Trust Fund, as if originally issued, whether or not the mutilated, destroyed,
lost or stolen Certificate shall be found at any time.

            Section 4.4   Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer and subject to the provisions of
Section 4.2 and Article X, the Master Servicer, the Depositor, the Transferor[,
the Certificate Insurer] and the Trustee may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of
receiving remittances pursuant to Section 6.5 and for all other purposes
whatsoever, and the Master Servicer, the Depositor, the Transferor[, the
Certificate Insurer] and the Trustee shall not be affected by notice to the
contrary.

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                                      -48-
<PAGE>

                                   ARTICLE V

               ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

            Section 5.1 Appointment Of The Master Servicer.

            (a) _______________________ agrees to act as the Master Servicer and
to perform all servicing duties under this Agreement subject to the terms
hereof.

            (b) The Master Servicer shall service and administer the Mortgage
Loans on behalf of the Trustee [and the Certificate Insurer] and shall have full
power and authority, acting alone or through one or more Subservicers, to do any
and all things in connection with such servicing and administration which it may
deem necessary or desirable. Without limiting the generality of the foregoing,
the Master Servicer, in its own name or the name of a Subservicer, may, and is
hereby authorized and empowered by the Trustee to, execute and deliver, on
behalf of itself, the Certificateholders[, the Certificate Insurer] and the
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge and all other comparable instruments,
with respect to the Mortgage Loans, the insurance policies and accounts related
thereto and the properties subject to the Mortgages. Upon the execution and
delivery of this Agreement, and from time to time as may be required thereafter,
the Trustee shall furnish the Master Servicer or its Subservicers with any
powers of attorney and such other documents (that have been prepared by the
Master Servicer for execution by the Trustee) as may be necessary or appropriate
to enable the Master Servicer to carry out its servicing and administrative
duties hereunder.

            In servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures consistent with Accepted Servicing Practices
and in a manner consistent with recovery under any insurance policy required to
be maintained by the Master Servicer pursuant to this Agreement.

            Costs incurred by the Master Servicer in effectuating the timely
payment of taxes and assessments on the property securing a Mortgage Note and
foreclosure costs may be added by the Master Servicer to the amount owing under
such Mortgage Note where the terms of such Mortgage Note so permit; provided,
however, that the addition of any such cost shall not be taken into account for
purposes of calculating the principal amount of the Mortgage Note and the
Mortgage Loan secured by the Mortgage Note or distributions to be made to
Certificateholders. Such costs shall be recoverable by the Master Servicer
pursuant to Section 5.4. Notwithstanding any other provision of this Agreement,
the Master Servicer shall at all times service the Mortgage Loans in a manner
consistent with the provisions of Sections 5.1(b) and 5.1(c).

            (c) It is intended that the 200_ - _ REMIC formed hereunder shall
constitute, and that the affairs of the 200_ - _ REMIC shall be conducted so as
to qualify it as, a "real estate mortgage investment conduit" ("REMIC") as
defined in and in accordance with the REMIC Provisions. In furtherance of such
intentions, the Master Servicer covenants and agrees that it shall not take any
action or omit to take any action reasonably within the Master Servicer's
control and the scope of its duties more specifically set forth herein that
would (1) result in a

                                      -49-
<PAGE>

taxable event to the Holders of the Certificates or endanger the REMIC status of
the 200_ - _ REMIC or (2) result in the imposition on the 200_ - _ REMIC or the
Trust Fund of a tax on "prohibited transactions" (either clause (1) or (2) shall
be an "Adverse REMIC Event"); provided, however, that the Master Servicer may
allow reductions in the rate of interest on any Mortgage Loan so long as the
amount of any such reduction does not exceed the greater of (i) ____% and (ii)
__% of the total coupon on such Mortgage Loan. The Master Servicer shall not
take any action or fail to take any action (whether or not authorized hereunder)
as to which the Trustee has advised it in writing that it has received an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action, and the Master Servicer shall have no liability
hereunder for any action taken by it in accordance with the written instructions
of the Trustee. In addition, prior to taking any action with respect to the
Trust Fund that is not expressly permitted under the terms of this Agreement
(other than interest rate modifications referred to in the provision to the
second preceding sentence),the Master Servicer will consult with the Trustee or
its designee [and the Certificate Insurer], in writing, with respect to whether
such action could cause an Adverse REMIC Event to occur. The Trustee may consult
with counsel to make such written advice, and the cost of same shall be borne by
the party seeking to take the action not permitted by this Agreement. At all
times as may be required by the Code, the Master Servicer shall use its best
efforts to ensure that substantially all of the assets of the Trust will consist
of "qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code. In the
event any specified time period or other requirement set forth in this Agreement
in respect of compliance with the REMIC Provisions becomes inconsistent with the
REMIC Provisions as the same may be amended, such specified time period or other
requirement shall also be deemed amended to comply with the requirements of this
Section, unless such amended time period or other requirements shall be less
protective of the interests of the Certificateholders and the Certificate
Insurer, in which case, to the extent consistent with the REMIC Provisions, the
former time period or requirement shall continue in force.

            (d) Subject to Section 5.12, the Master Servicer is hereby
authorized and empowered to execute and deliver on behalf of the Trustee and
each Certificateholder, all instruments of satisfaction or cancellation, or of
partial or full release, discharge and all other comparable instruments, with
respect to the Mortgage Loans and with respect to the Mortgaged Properties. If
reasonably required by the Master Servicer, each Certificateholder and the
Trustee shall execute any powers of attorney furnished to the Trustee by the
Master Servicer and other documents necessary or appropriate to enable the
Master Servicer to carry out its servicing and administrative duties under this
Agreement.

            (e) On and after such time as the Trustee receives the resignation
of, or notice of the removal of, the Master Servicer from its rights and
obligations under this Agreement, and with respect to resignation pursuant to
Section 5.23, after receipt by the Trustee [and the Certificate Insurer] of the
Opinion of Counsel required pursuant to Section 5.23, the Trustee or its
designee approved by the Certificate Insurer shall, within a period not to
exceed 90 days, assume all of the rights and obligations of the Master Servicer,
subject to Section 7.2 hereof. The Master Servicer shall, upon request of the
Trustee but at the expense of the Master Servicer, deliver to the Trustee all
documents and records relating to the Mortgage Loans and an accounting of
amounts collected and held by the Master Servicer and otherwise use its best

                                      -50-
<PAGE>

efforts to effect the orderly and efficient transfer of servicing rights and
obligations to the assuming party.

            (f) The Master Servicer shall deliver a list of Servicing Officers
to the Trustee [and the Certificate Insurer] by the Closing Date, which list
may, from time to time, be amended, modified or supplemented by the subsequent
delivery to the Trustee [and the Certificate Insurer] of any superseding list of
Servicing Officers.

            Section 5.2 Subservicing Agreements Between The Master Servicer And
Subservicers.

            (a) The Master Servicer may[, subject to the prior written approval
of the Certificate Insurer,] enter into Subservicing Agreements with
Subservicers for the servicing and administration of the Mortgage Loans and for
the performance of any and all other activities of the Master Servicer
hereunder. The [Certificate Insurer,] Trustee and Depositor acknowledge that the
Master Servicer has the authority to appoint the Originator as Subservicer. Each
Subservicer shall be either (1) a depository institution the accounts of which
are insured by the FDIC or (2) another entity that engages in the business of
originating, acquiring or servicing loans, and in either case shall be
authorized to transact business in the state or states where the related
Mortgaged Properties it is to service are situated if state law requires such
authorization. In addition, each Subservicer will obtain and preserve its
qualifications to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates and any of the Mortgage Loans
and to perform or cause to be performed its duties under the related
Subservicing Agreement which shall provide that the Subservicer's rights shall
automatically terminate upon the termination, resignation or other removal of
the Master Servicer under this Agreement. Each account used by any Subservicer
for the deposit of payments on any of the Mortgage Loans shall be an Eligible
Account.

            (b) Notwithstanding any Subservicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the
Master Servicer and a Subservicer or reference to actions taken through a
Subservicer or otherwise, the Master Servicer shall remain obligated and
primarily liable to the Trustee[, the Certificate Insurer] and the
Certificateholders for the servicing and administering of the Mortgage Loans in
accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer and to the
same extent and under the same terms and conditions as if the Master Servicer
alone were servicing and administering the Mortgage Loans. For purposes of this
Agreement, the Master Servicer shall be deemed to have received payments on
Mortgage Loans when the Subservicer has received such payments.

            In the event the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of an Event of Default), the Trustee or
its designee may[, with the prior written consent of the Certificate Insurer, or
shall, at the direction of the Certificate Insurer,] either (i) assume all of
the rights and obligations of the Master Servicer under each Subservicing
Agreement that the Master Servicer may have entered into or (ii) notwithstanding

                                      -51-
<PAGE>

anything to the contrary contained in each such Subservicing Agreement,
terminate the related Subservicer without being required to pay any fee in
connection therewith.

            Section 5.3 Collection Of Certain Mortgage Loan Payments; Collection
Account.

            (a) The Master Servicer shall use its best efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans, and
shall, to the extent such procedures shall be consistent with this Agreement and
any applicable primary mortgage insurance policy, follow such collection
procedures as shall constitute Accepted Servicing Practices.

            The Master Servicer shall establish and maintain in the name of the
Trustee one or more Collection Accounts (collectively, the "Collection
Account"), in trust for the benefit of the Holders of the Certificates and the
Certificate Insurer, one of which may be established and maintained with the
Trustee (the "Trustee Collection Account"). The Master Servicer shall promptly
provide notice to the Certificate Insurer, the Trustee and each Rating Agency of
any creation and establishment of a Collection Account hereunder. Each
Collection Account shall be established and maintained as an Eligible Account,
and one Collection Account may be maintained at the _______________. The
Certificate Insurer, in its sole discretion, may direct the Master Servicer to
close such Collection Account and to establish and maintain a replacement
Collection Account that is an Eligible Account.

            (b) On the Closing Date, the Master Servicer shall deposit in the
Collection Account any amounts representing the principal portion of Monthly
Payments on the Mortgage Loans made in respect of any Due Date occurring in
_________, 200_ that are received on or prior to the Cut-Off Date and were not
reflected in the Cut-Off Date Principal Balance of the related Mortgage Loan. On
the third Business Day prior to the first Remittance Date, the Master Servicer
shall have deposited into the Certificate Account all of the following
collections and payments received or made by the Master Servicer in respect of
monies due under the Mortgage Loans (other than in respect of interest on the
Mortgage Loans accrued on or before the Due Date immediately preceding the
Cut-Off Date), and shall, on a daily basis thereafter (except as otherwise
provided herein), deposit such collections and payments into the Collection
Account:

            (i) all payments received after the Cut-Off Date on account of
      principal on the Mortgage Loans and all Principal Prepayments,
      Curtailments, associated prepayment penalties and all Net REO Proceeds
      collected after the Cut-Off Date;

            (ii) all payments received after the Cut-Off Date on account of
      interest on the Mortgage Loans (other than payments of interest that
      accrued on each Mortgage Loan up to and including the Due Date immediately
      preceding the Cut-Off Date);

            (iii) all Net Liquidation Proceeds;

            (iv) all Insurance Proceeds;

            (v) all Released Mortgaged Property Proceeds;

                                      -52-
<PAGE>

            (vi) any amounts payable in connection with the repurchase of any
      Mortgage Loan and the amount of any Substitution Adjustment pursuant to
      Sections 2.4 and 3.3 hereof; and

            (vii) any amount expressly required to be deposited in the
      Collection Account or Certificate Account in accordance with certain
      provisions of this Agreement, including, without limitation amounts in
      respect of the termination of the Trust Fund (which shall be deposited in
      the Certificate Account), and amounts referenced in Sections 2.4(c),
      3.3(a), 3.3(c), 5.6, and 6.6(b) of this Agreement;

provided, however, that the Master Servicer shall be entitled, at its election,
either (a) to withhold and to pay to itself the applicable Servicing Fee from
any payment on account of interest or other recovery (including Net REO
Proceeds) as received and prior to deposit of such payments in the Collection
Account or (b) to withdraw the applicable Servicing Fee from the Collection
Account after the entire payment or recovery has been deposited therein;
provided, further, that with respect to any payment of interest received by the
Master Servicer in respect of a Mortgage Loan (whether paid by the Mortgagor or
received as Liquidation Proceeds, Insurance Proceeds or otherwise) which is less
than the full amount of interest then due with respect to such Mortgage Loan,
only that portion of such payment that bears the same relationship to the total
amount of such payment of interest as the rate used to determine the Servicing
Fee bears to the Mortgage Interest Rate borne by such Mortgage Loan shall be
allocated to the Servicing Fee with respect to such Mortgage Loan. All other
amounts shall be deposited in the Collection Account not later than the Business
Day following the day of receipt and posting by the Master Servicer.
Notwithstanding any regularly scheduled transfer of funds to the Certificate
Account, the Master Servicer shall, not later than 3 Business Days prior to each
Remittance Date transfer to the Certificate Account all funds in each Collection
Account that are to be included in the Master Servicer Remittance Amount on the
Determination Date immediately preceding the Remittance Date.

            The Master Servicer shall direct, in writing, the institution
maintaining each Collection Account to invest the funds in the Collection
Account only in Permitted Investments. No Permitted Investment shall be sold or
disposed of at a gain prior to maturity unless the Master Servicer has obtained
an Opinion of Counsel (at the Master Servicer's expense) that such sale or
disposition will not cause the Trust Fund to be subject to the tax on income
from prohibited transactions imposed by Code Section 860F(a)(1),otherwise
subject the Trust Fund to tax or cause the 200_ - _ REMIC to fail to qualify as
a REMIC. All income (other than any gain from a sale or disposition of the type
referred to in the preceding sentence) realized from any such Permitted
Investment shall be for the benefit of the Master Servicer as additional
servicing compensation. The amount of any losses incurred in respect of any such
investments shall be deposited in the Collection Account by the Master Servicer
out of its own funds immediately as realized.

            The foregoing requirements for deposit in the Collection Account
shall be exclusive, it being understood and agreed that, without limiting the
generality of the foregoing, payments in the nature of those described in the
last paragraph of Section 5.14 and payments in the nature of prepayment charges
other than prepayment penalties, late payment charges or assumption fees need
not be deposited by the Master Servicer in the Collection Account.

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<PAGE>

Notwithstanding any provision herein to the contrary, the Master Servicer shall
not deposit in any Collection Account any amount other than amounts required to
be deposited therein in accordance with the terms of this Agreement, and the
Master Servicer shall have the right at all times to transfer funds from the
Collection Account to the Certificate Account. All funds deposited by the Master
Servicer in the Collection Account and the Certificate Account shall be held
therein for the account of the Trustee in trust for the Certificateholders [and
the Certificate Insurer] until disbursed in accordance with Section 6.1 or
withdrawn in accordance with Section 5.4.

            (c) Prior to the time of their required deposit in the Collection
Account, all amounts required to be deposited therein may be deposited in an
account in the name of Master Servicer, provided that such account is an
Eligible Account. All such funds shall be held by the Master Servicer in trust
for the benefit of the Certificateholders and the Certificate Insurer pursuant
to the terms hereof.

            (d) The Collection Account may[, upon written notice by the Trustee
to the Certificate Insurer,] be transferred to a different depository so long as
such transfer is to an Eligible Account.

            Section 5.4 Permitted Withdrawals From The Collection Account And
Trustee Collection Account. The Master Servicer is hereby authorized by the
Trustee (such authorization to be revocable by the Trustee at any time), from
time to time, to make withdrawals from the Collection Account or, as applicable,
the Trustee Collection Account but only for the following purposes:

            (a) to reimburse itself from any funds in the Collection Account and
the Trustee Collection Account for any accrued unpaid Servicing Fees and for
unreimbursed Periodic Advances and Servicing Advances. The Master Servicer's
right to reimbursement for unpaid Servicing Fees and unreimbursed Servicing
Advances shall be limited to late collections on the related Mortgage Loan,
including Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance
Proceeds and such other amounts on deposit in the Collection Account as may be
collected by the Master Servicer from the related Mortgagor or otherwise
relating to the Mortgage Loan in respect of which such unreimbursed amounts are
owed. The Master Servicer's right to reimbursement for unreimbursed Periodic
Advances shall be limited to late collections of interest on any Mortgage Loan
and to Liquidation Proceeds and Insurance Proceeds on related Mortgage Loans;

            (b) to reimburse itself for any Periodic Advances determined in good
faith to have become Nonrecoverable Advances, such reimbursement to be made from
any funds in the Collection Account and the Trustee Collection Account;

            (c) to withdraw from the Collection Account or the Trustee
Collection Account any Preference Amount received from a Mortgagor;

            (d) to withdraw any funds deposited in the Collection Account or
Trustee Collection Account that were mistakenly deposited therein;

                                      -54-
<PAGE>

            (e) to withdraw from the Collection Account or the Trustee
Collection Account any funds needed to pay itself Servicing Compensation
pursuant to Section 5.14 hereof to the extent not retained or paid pursuant to
Section 5.3, 5.4 or 5.14;

            (f) to withdraw from the Collection Account or the Trustee
Collection Account to pay to the Transferor with respect to each Mortgage Loan
or property acquired in respect thereof that has been repurchased or replaced
pursuant to Section 2.4 or 3.3 or to pay to itself with respect to each Mortgage
Loan or property acquired in respect thereof that has been purchased pursuant to
Section 8.1 all amounts received thereon and not required to be deposited into
the Collection Account or the Trustee Collection Account as a result of such
repurchase or replacement;

            (g) subject to the provisions of Section 5.20, to reimburse itself
from the Collection Account or the Trustee Collection Account for (1)
Nonrecoverable Advances that are not, with respect to aggregate Servicing
Advances on any single Mortgage Loan or REO Property, in excess of the Principal
Balance thereof and (2) for amounts to be reimbursed to the Master Servicer
pursuant to Section 5.21;

            (h) to withdraw from the Collection Account or the Trustee
Collection Account to pay to the Transferor with respect to each Mortgage Loan
the excess, if any, of (1) interest accrued and unpaid on such Mortgage Loan on
the Cut-Off Date, over (2) interest on such Mortgage Loan from the Due Date for
such Mortgage Loan immediately preceding the Cut-Off Date to the Cut-Off Date;

            (i) to transfer funds from the Collection Account into the Trustee
Collection Account and to withdraw funds from the Collection Account and the
Trustee Collection Account necessary to make deposits to the Certificate Account
(which shall include the Trustee Fee) in the amounts and in the manner provided
for in Section 6.1 hereof;

            (j) to pay itself any interest earned on or investment income earned
with respect to funds in the Collection Account or Trustee Collection Account;
or

            (k) to clear and terminate the Collection Account and Trustee
Collection Account upon the termination of this Agreement.

            The Master Servicer shall keep and maintain a separate accounting
for each Mortgage Loan for the purpose of accounting for withdrawals from the
Collection Account pursuant to subclause (a).

            Section 5.5 Payment Of Taxes, Insurance And Other Charges. With
respect to each Mortgage Loan, the Master Servicer shall maintain accurate
records reflecting casualty insurance coverage.

            With respect to each Mortgage Loan as to which the Master Servicer
maintains escrow accounts, the Master Servicer shall maintain accurate records
reflecting the status of ground rents, taxes, assessments, water rates and other
charges which are or may become a lien upon the Mortgaged Property and the
status of primary mortgage guaranty insurance premiums, if any, and casualty
insurance coverage and shall obtain, from time to time, all bills for the

                                      -55-
<PAGE>

payment of such charges (including renewal premiums) and shall effect payment
thereof prior to the applicable penalty or termination date and at a time
appropriate for securing maximum discounts allowable, employing for such purpose
deposits of the Mortgagor in any escrow account which shall have been estimated
and accumulated by the Master Servicer in amounts sufficient for such purposes,
as allowed under the terms of the Mortgage. To the extent that a Mortgage does
not provide for escrow payments, the Master Servicer shall, if it has received
notice of a default or deficiency, monitor such payments to determine if they
are made by the Mortgagor.

            Section 5.6 Maintenance Of Casualty Insurance. For each Mortgage
Loan, the Master Servicer shall maintain or cause to be maintained in accordance
with the Master Servicer's loan servicing policies and procedures and to the
extent required by the related Mortgage Loan to be maintained by the Mortgagor,
fire and casualty insurance with a standard mortgagee clause and extended
coverage in an amount which is not less than the replacement value of the
improvements securing such Mortgage Loan or the unpaid principal balance of such
Mortgage Loan, whichever is less. If, upon origination of the Mortgage Loan, the
Mortgaged Property was in an area identified in the Federal Register by the
Federal Emergency Management Agency as having special flood hazards (and flood
insurance has been made available) the Master Servicer will cause to be
maintained in accordance with the Master Servicer's loan servicing policies and
procedures and to the extent required by the related Mortgage Loan to be
maintained by the Mortgagor, a flood insurance policy meeting the requirements
of the current guidelines of the Federal Insurance Administration with a
generally acceptable insurance carrier, in an amount representing coverage not
less than the least of (i) the unpaid principal balance of the Mortgage Loan,
(ii) the full insurable value of the Mortgaged Property or (iii) the maximum
amount of insurance available under the Flood Disaster Protection Act of 1973.
With respect to each Mortgage Loan, the Master Servicer shall in accordance with
the Master Servicer's loan servicing policies and procedures also maintain fire
insurance with extended coverage and, if applicable, flood insurance on REO
Property in an amount which is at least equal to the lesser of (i) the maximum
insurable value of the improvements which are a part of such property and (ii)
the principal balance owing on such Mortgage Loan at the time of such
foreclosure or grant of deed in lieu of foreclosure plus accrued interest and
related Liquidation Expenses. It is understood and agreed that such insurance
shall be with insurers approved by the Master Servicer and that no earthquake or
other additional insurance is to be required of any Mortgagor or to be
maintained on property acquired in respect of a defaulted loan, other than
pursuant to such applicable laws and regulations as shall at any time be in
force and as shall require such additional insurance. The parties acknowledge
that the Master Servicer does not monitor maintenance of insurance with respect
to every Mortgage Loan. Pursuant to Section 5.3, any amounts collected by the
Master Servicer under any insurance policies maintained pursuant to this Section
5.6 (other than amounts to be applied to the restoration or repair of the
related Mortgaged Property or released to the Mortgagor in accordance with
Accepted Servicing Practices) shall be deposited into the Collection Account,
subject to withdrawal pursuant to Section 5.4. Any cost incurred by the Master
Servicer in maintaining any such insurance shall be added to the amount owing
under the Mortgage Loan where the terms of the Mortgage Loan so permit;
provided, however, that the addition of any such cost shall not be taken into
account for purposes of calculating the principal amount of the Mortgage Note or
the Mortgage Loan secured by the Mortgage Note or the distributions to be made
to the Certificateholders. Such costs shall be recoverable by the Master
Servicer pursuant to Section 5.4. In the event that the Master

                                      -56-
<PAGE>

Servicer shall obtain and maintain a blanket policy issued by an insurer that is
acceptable to FNMA or FHLMC, insuring against hazard losses on all of the
Mortgage Loans, it shall conclusively be deemed to have satisfied its obligation
as set forth in the first sentence of this Section 5.6, it being understood and
agreed that such policy may contain a deductible clause, in which case the
Master Servicer shall, in the event that there shall not have been maintained on
the related mortgaged or acquired property an insurance policy complying with
the first sentence of this Section 5.6 and there shall have been a loss which
would have been covered by such a policy had it been maintained, be required to
deposit from its own funds into the Collection Account the amount not otherwise
payable under the blanket policy because of such deductible clause.

            Section 5.7   Master Servicer Account. In addition to the
Collection Account, the Master Servicer shall be permitted to establish and
maintain one or more Master Servicer Accounts (collectively, the "Master
Servicer Account"), each of which shall be an Eligible Account, in which the
Master Servicer may deposit all payments by, and collections from, the
Mortgagors received in connection with the Mortgage Loans prior to the Master
Servicer's deposit of all such funds required to be deposited into the
Collection Account. Withdrawals may be made out of such collections in the
Master Servicer Account to reimburse the Master Servicer for any advances not
otherwise required to be made from the Collection Account or for any refunds
made by the Master Servicer of any sums determined to be overages, or to pay any
interest owed to Mortgagors on such account to the extent required by law, and
in order to terminate and clear the Master Servicer Account upon the termination
of this Agreement upon the termination of the Trust Fund.

            Section 5.8 Fidelity Bond; Errors And Omissions Policy.

            (a) The Master Servicer shall maintain with a responsible company,
and at its own expense, a blanket fidelity bond (a "Fidelity Bond") and an
errors and omissions insurance policy (an "Errors and Omissions Policy"), in a
minimum amount acceptable to FNMA or otherwise in an amount as is commercially
available at a cost that is not generally regarded as excessive by industry
standards, with broad coverage on all officers, employees or other persons
acting in any capacity requiring such persons to handle funds, money, documents
or papers relating to the Mortgage Loans ("Master Servicer Employees"). Any such
fidelity bond and errors and omissions insurance shall protect and insure the
Master Servicer against losses, including losses resulting from forgery, theft,
embezzlement, fraud, errors and omissions and negligent acts of such Master
Servicer Employees. Such fidelity bond shall also protect and insure the Master
Servicer against losses in connection with the release or satisfaction of a
Mortgage Loan without having obtained payment in full of the indebtedness
secured thereby. No provision of this Section 5.8 requiring such fidelity bond
and errors and omissions insurance shall diminish or relieve the Master Servicer
from its duties and obligations as set forth in this Agreement. Upon the request
of the Trustee[, the Certificate Insurer] or any Certificateholder, the Master
Servicer shall cause to be delivered to the Trustee, such Certificateholder [or
the Certificate Insurer] a certified true copy of such fidelity bond and
insurance policy. On the Closing Date, such bond and insurance is maintained
with certain underwriters as may be specified in writing to [the Certificate
Insurer and] the Trustee, from time to time. Any such fidelity bond or insurance
policy shall not be canceled or modified in a materially adverse manner without
written notice to the Trustee [and the Certificate Insurer].

                                      -57-
<PAGE>

            (b) The Master Servicer shall be deemed to have complied with this
provision if one of its respective Affiliates has such a Fidelity Bond and
Errors and Omissions Policy and, by the terms of such fidelity bond and errors
and omission policy, the coverage afforded thereunder extends to the Master
Servicer. The Master Servicer shall cause each and every Subservicer for it to
maintain a policy of insurance covering errors and omissions and a fidelity bond
which would meet the requirements of Section 5.8(a) hereof. Any such Fidelity
Bond and Errors and Omissions Policy shall not be canceled or modified in a
materially adverse manner without written notice to the Certificate Insurer.

            Section 5.9 Collection Of Taxes, Assessments And Other Items. The
Master Servicer shall deposit all payments by Mortgagors for taxes, assessments,
primary mortgage or hazard insurance premiums or comparable items in the
Collection Account. Withdrawals from the Collection Account may be made to
effect payment of taxes, assessments, primary mortgage or hazard insurance
premiums or comparable items, to reimburse the Master Servicer out of related
collections for any advances made in the nature of any of the foregoing, to
refund to any Mortgagors any sums determined to be overages, or to pay any
interest owed to Mortgagors on such account to the extent required by law. The
Master Servicer shall advance the payments referred to in the first sentence of
this Section 5.9 that are not timely paid by the Mortgagors on the date when the
tax, premium or other cost for which such payment is intended is due, but the
Master Servicer shall be required to so advance only to the extent that such
advances, in the good faith judgment of the Master Servicer, will be recoverable
by the Master Servicer pursuant to Section 5.3 out of Liquidation Proceeds,
Insurance Proceeds or otherwise.

            Section 5.10   Periodic Filings With The Securities And Exchange
Commission; Additional Information. The Trustee shall prepare or cause to be
prepared for filing with the Commission (other than the Current Report on Form
8-K to be filed by the Depositor in connection with computational materials and
the initial Current Report on Form 8-K to be filed by the Depositor in
connection with the issuance of the Certificates) any and all reports,
statements and information respecting the Trust Fund and/or the Certificates
required to be filed with the Commission pursuant to the Securities Exchange Act
of 1934, and shall solicit any and all proxies of the Certificateholders
whenever such proxies are required to be solicited pursuant to the Securities
Exchange Act of 1934. The Depositor shall promptly file, and exercise its
reasonable best efforts to obtain a favorable response to, no-action requests
with, or other appropriate exemptive relief from, the Commission seeking the
usual and customary exemption from such reporting requirements granted to
issuers of securities similar to the Certificates. Fees and expenses incurred by
the Depositor in connection with this Section shall not be reimbursable from the
Trust Fund.

            The Master Servicer and the Depositor each agree to promptly furnish
the Trustee, from time to time upon request, such further information, reports
and financial statements within their respective control related to this
Agreement and the Mortgage Loans as the Trustee reasonably deems appropriate to
prepare and file all necessary reports with the Commission.

            Section 5.11   Enforcement Of Due-On-Sale Clauses; Assumption
Agreements. In any case in which a Mortgaged Property is about to be conveyed by
the Mortgagor (whether

                                      -58-
<PAGE>

by absolute conveyance or by contract of sale, and whether or not the Mortgagor
remains liable thereon) and the Master Servicer has knowledge of such
prospective conveyance, the Master Servicer shall effect assumptions in
accordance with the terms of any due-on-sale provision contained in the related
Mortgage Note or Mortgage. The Master Servicer shall enforce any due-on-sale
provision contained in such Mortgage Note or Mortgage to the extent the
requirements thereunder for an assumption of the Mortgage Loan have not been
satisfied to the extent permitted under the terms of the related Mortgage Note,
unless such provision is not exercisable under applicable law and governmental
regulations or in the Master Servicer's judgment, such exercise is reasonably
likely to result in legal action by the Mortgagor, or such conveyance is in
connection with a permitted assumption of the related Mortgage Loan. Subject to
the foregoing, the Master Servicer is authorized to take or enter into an
assumption agreement from or with the Person to whom such property is about to
be conveyed, pursuant to which such person becomes liable under the related
Mortgage Note and, unless prohibited by applicable state law, the Mortgagor
remains liable thereon, provided that the Mortgage Interest Rate with respect to
such Mortgage Loan shall remain unchanged. The Master Servicer is also
authorized to release the original Mortgagor from liability upon the Mortgage
Loan and substitute the new Mortgagor as obligor thereon. In connection with
such assumption or substitution, the Master Servicer shall apply such
underwriting standards and follow such practices and procedures as shall be
normal and usual for mortgage loans similar to the Mortgage Loans and as it
applies to mortgage loans owned solely by it. The Master Servicer shall notify
the Trustee that any such assumption or substitution agreement has been
completed by forwarding to the Trustee the original copy of such assumption or
substitution agreement, which copy shall be added by the Trustee to the related
Mortgage File and shall, for all purposes, be considered a part of such Mortgage
File to the same extent as all other documents and instruments constituting a
part thereof. In connection with any such assumption or substitution agreement,
the Mortgage Interest Rate of the related Mortgage Note and the payment terms
shall not be changed. Any fee collected by the Master Servicer for entering into
an assumption or substitution of liability agreement will be retained by the
Master Servicer as servicing compensation.

            Notwithstanding the foregoing paragraph or any other provision of
this Agreement, the Master Servicer shall not be deemed to be in default, breach
or any other violation of its obligations hereunder by reason of any conveyance
by the Mortgagor of the property subject to the Mortgage or any assumption of a
Mortgage Loan by operation of law which the Master Servicer in good faith
determines it may be restricted by law from preventing, for any reason
whatsoever, or if the exercise of such right would impair or threaten to impair
any recovery under any applicable insurance policy or, in the Master Servicer's
judgment, be reasonably likely to result in legal action by the Mortgagor.

            Section 5.12   Realization Upon Defaulted Mortgage Loans. Except as
provided in the last two paragraphs of this Section 5.12, the Master Servicer
shall, on behalf of the Trust, foreclose upon or otherwise comparably convert
the ownership of properties securing such of the Mortgage Loans as come into and
continue in default and as to which no satisfactory arrangements can be made for
collection of delinquent payments pursuant to Section 5.1. In connection with
such foreclosure or other conversion, the Master Servicer shall follow Accepted
Servicing Practices. The foregoing is subject to the proviso that the Master
Servicer shall not be required to expend its own funds in connection with any
foreclosure or to restore any damaged property unless it shall determine that
(i) such foreclosure and/or restoration will increase the

                                      -59-
<PAGE>

proceeds of liquidation of the Mortgage Loan to Certificateholders after
reimbursement to itself for such expenses and (ii) such expenses will be
recoverable to it through Liquidation Proceeds (respecting which it shall
reimburse itself for such expense prior to the deposit in the Collection Account
of such proceeds). The Master Servicer shall be entitled to reimbursement of the
Servicing Fee and other amounts due it, if any, to the extent, but only to the
extent, that withdrawals from the Collection Account and the Trustee Collection
Account with respect thereto are permitted under Section 5.3.

            The Master Servicer may foreclose against the Mortgaged Property
securing a defaulted Mortgage Loan either by foreclosure, by sale or by strict
foreclosure, and in the event a deficiency judgment is available against the
Mortgagor or any other person, may proceed for the deficiency.

            In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure (an "REO Property"), the deed or
certificate of sale shall be issued to the Trustee, or to the Master Servicer on
behalf of the Trustee and the Certificateholders. Notwithstanding any such
acquisition of title and cancellation of the related Mortgage Loan, such REO
Mortgage Loan shall be considered to be a Mortgage Loan held in the applicable
REMIC of the Trust Fund until such time as the related Mortgaged Property shall
be sold and such REO Mortgage Loan becomes a Liquidated Mortgage Loan.
Consistent with the foregoing, for purposes of all calculations hereunder, so
long as such REO Mortgage Loan shall be considered to be an Outstanding Mortgage
Loan:

            (a) Notwithstanding that the indebtedness evidenced by the related
Mortgage Note shall have been discharged, such Mortgage Note and the related
amortization schedule in effect at the time of any such acquisition of title
(after giving effect to any previous Curtailments and before any adjustment
thereto by reason of any bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period) shall be assumed to remain in effect, except
that such schedule shall be adjusted to reflect the application of Net REO
Proceeds received in any month pursuant to the succeeding clause.

            (b) Net REO Proceeds received in any month shall be deemed to have
been received first in payment of the accrued interest that remained unpaid on
the date that such Mortgage Loan became an REO Mortgage Loan of the applicable
REMIC of the Trust Fund, with the excess thereof, if any, being deemed to have
been received in respect of the delinquent principal installments that remained
unpaid on such date. Thereafter, Net REO Proceeds received in any month shall be
applied to the payment of installments of principal and accrued interest on such
Mortgage Loan deemed to be due and payable in accordance with the terms of such
Mortgage Note and such amortization schedule. If such Net REO Proceeds exceed
the then Unpaid REO Amortization, the excess shall be treated as a Curtailment
received in respect of such Mortgage Loan.

            (c) The Net REO Proceeds allocated to the payment of a related
Servicing Fee shall be limited to an amount equal to the product of (x) the
total amount of Net REO Proceeds allocable to interest multiplied by (y) the
fraction, the numerator of which is the interest rate at which the Servicing Fee
is determined and the denominator of which is the Mortgage Interest Rate borne
by such Mortgage Loan.

                                      -60-
<PAGE>

            In the event that the 200_ - _ REMIC acquires any Mortgaged Property
as aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, such Mortgaged Property shall be disposed of by or on behalf of
such 200_ - _ REMIC within three years after its acquisition thereby unless (i)
the Master Servicer shall have provided to the Trustee an Opinion of Counsel to
the effect that the holding by such 200_ - _ REMIC of the Trust Fund of such
Mortgaged Property subsequent to three years after its acquisition (and
specifying the period beyond such three-year period for which the Mortgaged
Property may be held) will not cause such 200_ - _ REMIC to be subject to the
tax on prohibited transactions imposed by Code Section 860F(a)(1), otherwise
subject such 200_ - _ REMIC or the Trust Fund to tax or cause the 200_ - _ REMIC
to fail to qualify as a REMIC at any time that any Certificates are outstanding,
or (ii) the Master Servicer or the Trustee (at the Master Servicer's expense)
shall have applied for, at least 60 days prior to the expiration of such
three-year period, an extension of such three-year period in the manner
contemplated by Code Section 856(e)(3), in which case the three-year period
shall be extended by the applicable period. The Master Servicer shall further
ensure that the Mortgaged Property is administered so that it constitutes
"foreclosure property" within the meaning of Code Section 860G(a)(8) at all
times, that the sale of such property does not result in the receipt by the 200_
- _ REMIC of any income from non-permitted assets as described in Code Section
860F(a)(2)(B), and that the 200_ - _ REMIC does not derive any "net income from
foreclosure property" within the meaning of Code Section 860G(c)(2) with respect
to such property.

            In lieu of foreclosing upon any defaulted Mortgage Loan, the Master
Servicer may, in its discretion, permit the assumption of such Mortgage Loan if,
in the Master Servicer's judgment, such default is unlikely to be cured and if
the assuming borrower satisfies the Master Servicer's underwriting guidelines
with respect to mortgage loans owned by the Master Servicer. In connection with
any such assumption, the Mortgage Interest Rate of the related Mortgage Note and
the payment terms shall not be changed. Any fee collected by the Master Servicer
for entering into an assumption agreement will be retained by the Master
Servicer as servicing compensation. Alternatively, the Master Servicer may
encourage the refinancing of any defaulted Mortgage Loan by the Mortgagor.

            Notwithstanding the foregoing, prior to instituting foreclosure
proceedings or accepting a deed-in-lieu of foreclosure with respect to any
Mortgaged Property, the Master Servicer shall make, or cause to be made,
inspection of the Mortgaged Property in accordance with the Accepted Servicing
Practices and, with respect to environmental hazards, such procedures as are
required by the provisions of the FNMA's selling and servicing guide applicable
to single-family homes and in effect on the date hereof. The Master Servicer
shall be entitled to rely upon the results of any such inspection made by
others. In cases where the inspection reveals that such Mortgaged Property is
potentially contaminated with or affected by hazardous wastes or hazardous
substances, the Master Servicer shall promptly give written notice of such fact
to [the Certificate Insurer,] the Trustee and each Class A Certificateholder.
The Master Servicer shall not commence foreclosure proceedings or accept a
deed-in-lieu of foreclosure for such Mortgaged Property [without obtaining the
consent of the Certificate Insurer].

            Section 5.13 Trustee To Cooperate; Release Of Mortgage Files. Upon
the payment in full of any Mortgage Loan, or the receipt by the Master Servicer
of a notification that

                                      -61-
<PAGE>

payment in full will be escrowed in a manner customary for such purposes, the
Master Servicer shall (i) immediately deliver to the Trustee two copies of a
notice substantially in the form of the Request for Release attached hereto as
Exhibit H (which request shall include a statement to the effect that all
amounts received in connection with such payment which are required to be
deposited in the Collection Account pursuant to Section 5.3 have been or shall
be so deposited) and executed by a Servicing Officer and (ii) request delivery
to it of the Mortgage File. Upon receipt of such Request for Release, or in a
mutually agreeable electronic format which will, in lieu of a signature on its
face, originate from an Authorized Officer, the Trustee, or the Custodian on its
behalf, shall promptly release the related Mortgage File to the Master Servicer.
Upon any such payment in full, the Master Servicer is authorized to give, as
agent for the Trustee and the mortgagee under the Mortgage which secured the
Mortgage Loan, an instrument of satisfaction (or assignment of mortgage without
recourse) regarding the property subject to such Mortgage, which instrument of
satisfaction or assignment, as the case may be, shall be delivered to the Person
or Persons entitled thereto against receipt therefor of such payment, it being
understood and agreed that no expenses incurred in connection with such
instrument of satisfaction or assignment, as the case may be, shall be
chargeable to the Collection Account. In connection therewith, the Trustee shall
execute and return to the Master Servicer any required power of attorney
provided to the Trustee by the Master Servicer and other required documentation
in accordance with Section 5.1(d). From time to time and as appropriate for the
servicing or foreclosure of any Mortgage Loan and in accordance with Accepted
Servicing Practices, the Trustee shall, upon request of the Master Servicer and
delivery to the Trustee of a Request for Release signed by a Servicing Officer,
release, or cause the Custodian to release, the related Mortgage File to the
Master Servicer and shall execute such documents as shall be necessary to the
prosecution of any such proceedings. Such Request for Release shall obligate the
Master Servicer to return the Mortgage File to the Trustee when the need
therefor by the Master Servicer no longer exists unless the Mortgage Loan shall
be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to the Request for Release herein above specified, the Mortgage
File shall be delivered by the Trustee to the Master Servicer.

            Section 5.14 Servicing Fee; Servicing Compensation.

            (a) The Master Servicer shall be entitled, at its election, either
(1) to pay itself the Servicing Fee out of any Mortgagor payment on account of
interest or Net REO Proceeds actually collected prior to the deposit of such
payment in the Collection Account or (2) to withdraw from the Collection Account
or Trustee Collection Account such Servicing Fee pursuant to Section 5.4. The
Master Servicer shall also be entitled, at its election, either (i) to pay
itself the Servicing Fee in respect of each delinquent Mortgage Loanout of
Liquidation Proceeds in respect of such Mortgage Loan or other recoveries with
respect thereto to the extent permitted in Section 5.3(a) or (ii) to withdraw
from the Collection Account the Servicing Fee in respect of each such Mortgage
Loan to the extent of such Liquidation Proceeds or other recoveries, to the
extent permitted by Section 5.4(a).

            The aggregate Servicing Fee is reserved for the administration of
the Trust Fund and, in the event of replacement of the Master Servicer as Master
Servicer of the Mortgage Loans, for the payment of other expenses related to
such replacement. The aggregate Servicing Fee shall be offset as provided in
Section 5.19. The Master Servicer shall be required to pay all expenses incurred
by it in connection with its servicing activities hereunder (including

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maintenance of the hazard insurance required by Section 5.5) and shall not be
entitled to reimbursement therefor except as specifically provided herein.

            (b) Servicing compensation in the form of assumption fees, late
payment charges, tax service fees, fees for statement of account or payoff of
the Mortgage Loan (to the extent permitted by applicable law) or otherwise shall
be retained by the Master Servicer and are not required to be deposited in the
Collection Account.

            Section 5.15   Reports To The Trustee; Collection Account
Statements. Not later than 15 days after each Remittance Date, the Master
Servicer shall provide to the Trustee and the Certificate Insurer a statement,
certified by a Servicing Officer, setting forth the status of the Collection
Account as of the close of business on the related Determination Date, stating
that all distributions required by this Agreement to be made by the Master
Servicer on behalf of the Trustee have been made (or if any required
distribution has not been made by the Master Servicer, specifying the nature and
status thereof) and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Collection Account for each
category of deposit specified in Section 5.3 and each category of withdrawal
specified in Section 5.4, the allocation of such amounts between principal and
interest collected on the Mortgage Loans and the aggregate of deposits into the
Certificate Account as specified in Section 6.1(c). Such statement shall also
state the aggregate unpaid Principal Balance of all the Mortgage Loans as of the
close of business on the last day of the month preceding the month in which such
Remittance Date occurs. Copies of such statement shall be provided by the
Trustee to any Certificateholder upon request.

            Section 5.16   Annual Statement As To Compliance. The Master
Servicer will deliver to the Trustee, [the Certificate Insurer,] _______ and
_______ not later than the last day of the fifth month (as of the Closing Date,
May 31st) subsequent to the end of the Master Servicer's fiscal year, an
Officers' Certificate stating as to each signer thereof, that (i) a review of
the activities of the Master Servicer during the preceding calendar year and of
its performance under this Agreement has been made under such officer's
supervision, and (ii) to the best of such officer's knowledge, based on such
review, the Master Servicer has fulfilled all its obligations under this
Agreement throughout such year, or if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof. The first such Officers' Certificate
shall be delivered in _______ 20__. Such Officers' Certificate shall be
accompanied by the statement described in Section 5.17 of this Agreement. Copies
of such statement shall, upon request, be provided to any Certificateholder by
the Master Servicer, or by the Trustee at the Master Servicer's expense if the
Master Servicer shall fail to provide such copies.

            Section 5.17 Annual Independent Public Accountants' Servicing
Report. Not later than the last day of the fifth month (as of the Closing Date,
__________) subsequent to the end of the Master Servicer's fiscal year, the
Master Servicer, at its expense, shall cause a firm of nationally recognized
independent public accountants to furnish a statement to the Trustee, [the
Certificate Insurer,] _______ and _______ to the effect that, on the basis of an
examination of certain documents and records relating to the servicing of the
mortgage loans being serviced by the Master Servicer under pooling and servicing
agreements similar to this Agreement (which agreements shall be described in a
schedule to such statement), conducted substantially in

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compliance with the Uniform Single Attestation Program for Mortgage Bankers,
such firm is of the opinion that such servicing has been conducted in compliance
with the Uniform Single Attestation Program for Mortgage Bankers and that such
examination has disclosed no exceptions or errors relating to the servicing
activities of the Master Servicer (including servicing of Mortgage Loans subject
to this Agreement) that, in the opinion of such firm, are material, except for
such exceptions as shall be set forth in such statement. The first such
statement shall be delivered in _______ 20__. Copies of such statement shall,
upon request, be provided to Certificateholders by the Master Servicer, or by
the Trustee at the Master Servicer's expense if the Master Servicer shall fail
to provide such copies. For purposes of such statement, such firm may
conclusively presume that any pooling and servicing agreement which governs
mortgage pass-through certificates offered by the Depositor (or any predecessor
or successor thereto) in a registration statement under the Securities Act of
1933, as amended, is similar to this Agreement, unless such other pooling and
servicing agreement expressly states otherwise. In the event such firm requires
the Trustee to agree to the procedures performed by such firm, the Master
Servicer shall direct the Trustee in writing to agree; it being understood and
agreed that the Trustee will deliver such letter of agreement in conclusive
reliance upon the direction of the Master Servicer, and the Trustee shall not
make any independent inquiry or investigation as to, and shall have no
obligation or liability in respect of, the sufficiency, validity or correctness
of such procedures. Delivery of such reports, information and documents to the
Trustee is for informational purposes only, and the Trustee's receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from the information contained therein, including the Master
Servicer's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on the Officer's Certificates).

            Section 5.18 Reports To Be Provided By The Master Servicer.

            (a) In connection with the transfer of the Certificates, the Trustee
on behalf of any Certificateholder may request that the Master Servicer make
available to any prospective Certificateholder annual unaudited financial
statements of the Master Servicer (or, upon request, audited annual financial
statements of the Master Servicer's ultimate parent corporation) for one or more
of the most recently completed fiscal years for which such statements are
available, which request shall not be unreasonably denied or unreasonably
delayed. [Such annual unaudited financial statements also shall be made
available to the Certificate Insurer upon request.] In the event such firm
requires the Trustee to agree to the procedures performed by such firm, the
Master Servicer shall direct the Trustee in writing to agree; it being
understood and agreed that the Trustee will deliver such letter of agreement in
conclusive reliance upon the direction of the Master Servicer, and the Trustee
shall not make any independent inquiry or investigation as to, and shall have no
obligation or liability in respect of, the sufficiency, validity or correctness
of such procedures. Delivery of such reports, information and documents to the
Trustee is for informational purposes only, and the Trustee's receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from the information contained therein, including the Master
Servicer's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on the Officer's Certificates).

            (b) The Master Servicer also agrees to make available on a
reasonable basis to [the Certificate Insurer,] the Trustee or any prospective
Certificateholder a knowledgeable financial or accounting officer for the
purpose of answering reasonable questions respecting

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recent developments affecting the Master Servicer or the financial statements of
the Master Servicer and to permit [the Certificate Insurer or] any prospective
Certificateholder to inspect the Master Servicer's servicing facilities during
normal business hours for the purpose of satisfying [the Certificate Insurer,]
the Trustee or such prospective Certificateholder that the Master Servicer has
the ability to service the Mortgage Loans in accordance with this Agreement.

            Section 5.19   Adjustment Of Servicing Compensation In Respect Of
Prepaid Mortgage Loans. The aggregate amount of the Servicing Fees that the
Master Servicer shall be entitled to receive with respect to all of the Mortgage
Loans and each Remittance Date shall be offset on such Remittance Date by an
amount equal to the aggregate Prepayment Interest Shortfall with respect to all
Mortgage Loans which were subjects of Principal Prepayments during the Due
Period applicable to such Remittance Date. The amount of any offset against the
aggregate Servicing Fee with respect to any Remittance Date under this Section
5.19 shall be limited to the aggregate amount of the Servicing Fees otherwise
payable to the Master Servicer (without adjustment on account of Prepayment
Interest Shortfalls) with respect to (i) scheduled payments having the Due Date
occurring in the Due Period applicable to such Remittance Date received by the
Master Servicer prior to the Determination Date, and (ii) Principal Prepayments,
Curtailments and Liquidation Proceeds received in the Due Period applicable to
such Remittance Date, and the rights of the Certificateholders to the offset of
the aggregate Prepayment Interest Shortfalls shall not be cumulative.

            Section 5.20   Periodic Advances. If, on the Business Day prior to
any Determination Date, the Master Servicer determines that any Monthly Payments
due on the Due Date immediately preceding such Determination Date have not been
received as of the close of business on the second Business Day preceding such
Determination Date, the Master Servicer shall determine the amount of any
Periodic Advance required to be made with respect to such unpaid Monthly
Payments on the related Determination Date. The Master Servicer shall, on the
Business Day preceding such Determination Date, certify and deliver a magnetic
tape or diskette to the Trustee indicating the payment status of each Mortgage
Loan as of the second Business Day preceding such Determination Date and shall
cause to be deposited in the Collection Account an amount equal to the Periodic
Advance for the related Determination Date, which deposit may be made in whole
or in part from funds in the Collection Account being held for future
distribution or withdrawal on or in connection with Remittance Dates in
subsequent months. Any funds being held for future distribution to
Certificateholders and so used shall be replaced by the Master Servicer from its
own funds by deposit into the Collection Account on or before the Determination
Date corresponding to any such future Determination Date to the extent that
funds in the Collection Account for such future Determination Date shall
otherwise be less than the amount required to be transferred to the Certificate
Account in respect of payments to Certificateholders required to be made on the
Remittance Date related to such future Determination Date.

            The Master Servicer shall designate on its records the specific
Mortgage Loans and related installments (or portions thereof) as to which such
Periodic Advance shall be deemed to have been made, such designation, except in
cases of manifest error, being conclusive for purposes of withdrawals from the
Collection Account or Trustee Collection Account pursuant to Section 5.4.

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            Section 5.21   Indemnification; Third Party Claims.

            (a) Each of the Master Servicer, the Depositor, and the Transferor
(solely for the purpose of this Section 5.21, the "Indemnifying Parties") agrees
to indemnify and to hold each of the Master Servicer, the Depositor, the
Trustee, the Transferor[, the Certificate Insurer] and each Certificateholder
(solely for the purpose of this Section 5.21, the "Indemnified Parties")
harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, fees and expenses
that the Indemnified Parties may, respectively, sustain in any way related to
the failure of any one or more of the Indemnifying Parties to perform its
respective duties in compliance with the terms of this Agreement. Each
Indemnified Party and the Master Servicer shall promptly notify the other
Indemnified Parties if a claim is made by a third party with respect to this
Agreement, and the Master Servicer shall [with the consent of the Certificate
Insurer, such consent not to be unreasonably withheld,] assume the defense of
any such claim and pay all expenses in connection therewith, including
reasonable counsel fees [approved by the Certificate Insurer], and promptly pay,
discharge and satisfy any judgment or decree which may be entered against the
Indemnified Parties in respect of such claim. The Trustee shall, out of the
assets of the Trust Fund, reimburse the Master Servicer in accordance with
Section 5.14 hereof for all amounts advanced by it pursuant to the preceding
sentence except when the claim relates directly to the failure of the Master
Servicer to service and administer the Mortgages in compliance with the terms of
this Agreement; provided, that the Master Servicer's indemnity hereunder shall
not be in any manner conditioned on the availability of funds for such
reimbursement.

            (b) The Trustee, at the written request of the Master Servicer
(which the Trustee may conclusively rely on) shall reimburse the Transferor from
amounts otherwise distributable on the Class R Certificates for all amounts
advanced by the Transferor pursuant to the second sentence of Section 4.3 of the
Purchase and Sale Agreement except when the relevant claim relates directly to
the failure of the Transferor to perform its duties in compliance with the terms
of the Purchase and Sale Agreement.

            Section 5.22 Maintenance Of Corporate Existence And Licenses; Merger
Or Consolidation Of The Master Servicer.

            (a) The Master Servicer will keep in full effect its existence,
rights and franchises as a corporation, will obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction
necessary to protect the validity and enforceability of this Agreement or any of
the Mortgage Loans and to perform its duties under this Agreement and will
otherwise operate its business so as to cause the representations and warranties
under Section 3.1 to be true and correct at all times under this Agreement.

            (b) Any Person into which the Master Servicer may be merged or
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Master Servicer shall be a party, or any Person
succeeding to the business of the Master Servicer, shall be an established
mortgage loan servicing institution [acceptable to the Certificate Insurer] that
has a net worth of at least $15,000,000 and is a Permitted Transferee, and in
all events shall be the successor of the Master Servicer without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary

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<PAGE>

notwithstanding. The Master Servicer shall send notice of any such merger or
consolidation to the Trustee [and the Certificate Insurer].

            Section 5.23 Assignment Of Agreement By Master Servicer; Master
Servicer Not To Resign. The Master Servicer shall not assign this Agreement nor
resign from the obligations and duties hereby imposed on it except by mutual
written consent of the Master Servicer, the Transferor[, the Certificate
Insurer] and the Trustee or upon the determination that the Master Servicer's
duties hereunder are no longer permissible under applicable law and that such
incapacity cannot be cured by the Master Servicer without the incurrence [, in
the reasonable judgment of the Certificate Insurer,] of unreasonable expense.
Any such determination that the Master Servicer's duties hereunder are no longer
permissible under applicable law permitting the resignation of the Master
Servicer shall be evidenced by a written Opinion of Counsel (who may be counsel
for the Master Servicer) to such effect delivered to the Trustee, the
Transferor, the Depositor [and the Certificate Insurer]. No such resignation
shall become effective until the Trustee or another successor appointed in
accordance with the terms of this Agreement has assumed the Master Servicer's
responsibilities and obligations hereunder in accordance with Section 7.2. The
Master Servicer shall provide the Trustee, _______ and _______ [and the
Certificate Insurer] with 30 days prior written notice of its intention to
resign pursuant to this Section 5.23.

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                                   ARTICLE VI

                           DISTRIBUTIONS AND PAYMENTS

            Section 6.1 Establishment Of Certificate Account, Deposits To The
Certificate Account.

            (a) The Trustee shall establish and maintain the Certificate Account
which shall be titled "Certificate Account, ____________________, as trustee for
the registered holders of _______ Home Equity Asset Backed Certificates, Series
200_ - _, Class A and Class R" and which shall be an Eligible Account. Notice of
the establishment of the Certificate Account shall be promptly provided in
writing to each of the Master Servicer, the Rating Agencies [and the Certificate
Insurer].

            (b) The Trustee shall control and receive the income from the
investment of funds in the Certificate Account. The Trustee shall deposit the
amount of any losses incurred in respect of any such investments in the
Certificate Account out of its own funds immediately as realized.

            (c) On each Determination Date, the Master Servicer shall cause to
be deposited in the Certificate Account from funds on deposit in the Collection
Account, an amount equal to the Master Servicer Remittance Amount (net of the
amount to be deposited pursuant to clause (ii) below) and (ii) from funds on
deposit in the Collection Account or the Trustee Collection Account, the Net
Foreclosure Profits, if any with respect to the related Remittance Date, minus
any portion thereof payable to the Master Servicer pursuant to Section 5.3.

            Section 6.2 Permitted Withdrawals From The Certificate Account. The
Trustee shall, in accordance with the Master Servicer's written directions (in
the case of (a), (b), (d) or (e) below) to the Trustee as described in Section
6.5, withdraw or cause to be withdrawn funds from the Certificate Account for
the following purposes:

            (a) to effect the distributions described in Section 6.5(a) and
6.5(b);

            (b) to pay to or upon the direction of the Transferor with respect
to each Mortgage Loan or property acquired in respect thereof that has been
repurchased or replaced pursuant to Section 2.4 or 3.3 or to pay to the Master
Servicer with respect to each Mortgage Loan or property acquired in respect
thereof that has been purchased all amounts received thereon deposited in the
Certificate Account that do not constitute property of the Trust Fund;

            (c) to pay the Trustee any interest earned on or investment income
earned with respect to funds in the Certificate Account;

            (d) to return to the Collection Account any amount deposited in the
Certificate Account that was not required to be deposited therein; and

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<PAGE>

            (e) to clear and terminate the Certificate Account upon termination
of the Trust Fund pursuant to Article VIII.

            The Trustee shall keep and maintain a separate accounting for
withdrawals from the Certificate Account pursuant to each of subclauses (a)
through (e) listed above.

            Section 6.3   Collection Of Money. Except as otherwise expressly
provided herein, the Trustee may demand payment or delivery of all money and
other property payable to or receivable by the Trustee pursuant to this
Agreement, including, but not limited to, (i) all payments due from the Master
Servicer or any Subservicer on the Mortgage Loans in accordance with the
respective terms and conditions of such Mortgage Loans and required to be paid
over to the Trustee by the Master Servicer or by any Subservicer [and (ii)
Insured Payments from the Certificate Insurer]. The Trustee shall hold all such
money and property received by it as part of the Trust Fund and shall apply it
as provided in this Agreement.

            [Section 6.4 The certificate insurance policy.

            (a) Not later than two Business Days prior to the Remittance Date,
the Trustee, based on the information provided to it by the Master Servicer
pursuant to Section 6.5 hereof, shall determine with respect to the immediately
following Remittance Date the amount to be on deposit in the Certificate Account
reduced by (x) the sum of the amounts described in clauses (i) and (ii) of
Section 6.5(a) and the amounts described in clauses (i) and (ii) of Section
6.5(b) for the related Remittance Date, and further not including (y) any
Insured Payment.

            (b) Not later than 12:00 noon New York City time on the second
Business Day preceding each Remittance Date, the Trustee shall, if the Trustee,
based solely on information provided by the Master Servicer, determines that the
Available Amount for the related Remittance Date is less than the sum of the
Class A-1 Interest Distribution Amount, Class A-2 Interest Distribution Amount,
Class A-3 Interest Distribution Amount, Class A-4 Interest Distribution Amount
and Class A-5 Interest Distribution Amount and any Subordination Deficit for
such Remittance Date, complete a Notice in the form of Exhibit A to the Class A
Certificate Insurance Policy, and submit such notice to the Certificate Insurer
and such notice shall serve as a claim for an Insured Payment in an amount equal
to the Insured Payment due with respect to the Class A Certificates for and on
such Remittance Date. The Insured Payment shall be deposited directly into the
Certificate Account in accordance with the Notice and the Certificate Insurance
Policy.

            (c) The Trustee shall keep a complete and accurate record of the
amount of interest and principal paid in respect of any Certificate from moneys
received under the Certificate Insurance Policy. The Certificate Insurer shall
have the right to inspect such records at reasonable times during normal
business hours upon one Business Day's prior notice to the Trustee.

            (d) In the event that the Trustee has received a certified copy of
an order of the appropriate court that any amount distributed on the Class A
Certificates, including any amounts represented by an Insured Payment, has been
voided in whole or in part as a preference payment under applicable bankruptcy
law, the Trustee shall so notify the Certificate Insurer,

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<PAGE>

shall comply with the provisions of the Certificate Insurance Policy to obtain
payment by the Certificate Insurer of such voided amount distributed, and shall,
at the time it provides notice to the Certificate Insurer, notify, by mail to
Certificateholders of the affected Certificates that, in the event any
Certificateholder's amount distributed is so recovered, such Certificateholder
will be entitled to payment pursuant to the Certificate Insurance Policy, a copy
of which shall be made available through the Trustee, the Certificate Insurer or
the Certificate Insurer's fiscal agent, if any, and the Trustee shall furnish to
the Certificate Insurer or its fiscal agent, if any, its records evidencing the
payments which have been made by the Trustee and subsequently recovered from
Certificateholders, and dates on which such payments were made.

            (e) The Trustee shall promptly notify the Certificate Insurer of any
proceeding or the institution of any action, of which a Responsible Officer of
the Trustee has actual knowledge, seeking the avoidance as a preferential
transfer under applicable bankruptcy, insolvency, receivership or similar law (a
"Preference Claim") of any distribution made with respect to the Certificates.
Each Certificateholder, by its purchase of Certificates, the Master Servicer and
the Trustee agree that, the Certificate Insurer (so long as no Certificate
Insurer Default exists) may at any time during the continuation of any
proceeding relating to a Preference Claim direct all matters relating to such
Preference Claim, including, without limitation, (1) the direction of any appeal
of any order relating to such Preference Claim and (2) the posting of any
surety, supersedes or performance bond pending any such appeal. In addition and
without limitation of the foregoing, the Certificate Insurer shall be subrogated
to, and each Certificateholder, the Master Servicer and the Trustee hereby
delegate and assign to the Certificate Insurer, to the fullest extent permitted
by law, the rights of the Master Servicer, the Trustee and each
Certificateholder in the conduct of any such Preference Claim, including,
without limitation, all rights of any party to any adversary proceeding or
action with respect to any court order issued in connection with any such
Preference Claim.]

            Section 6.5 Distributions. No later than 12:00 noon California time
on the Business Day preceding each Determination Date, the Master Servicer shall
deliver to the Trustee and to the Certificate Insurer a report in a mutually
agreed upon format specifying (x) the outstanding Principal Balances of each of
the Mortgage Loans as of the last day of the calendar month immediately
preceding the Due Period applicable to such Determination Date, (y) such of the
information included in Section 6.7(c) as to the Mortgage Loans as the Trustee
may reasonably require [or the Certificate Insurer may reasonably request] and
(z) such information as to each Mortgage Loan as of the Record Date immediately
preceding such Determination Date and such other information as the Trustee
shall reasonably require [or the Certificate Insurer may reasonably request].
The Master Servicer shall include written direction to the Trustee [(with a copy
delivered to the Certificate Insurer)] specifying the following information
(which need not be in computer-readable form): (i) each amount to be transferred
from the Collection Account to the Certificate Account, including (a) the Master
Servicer Remittance Amount, (b) the Net Foreclosure Profits (net of any portion
payable to the Master Servicer) and (c) the Periodic Advances for the related
Remittance Date; and (ii) instructions to the Trustee specifying the amounts to
be withdrawn from the Certificate Account pursuant to Section 6.2(a) (including
therein an itemization of the amounts to be distributed pursuant to Section
6.2(a)(i) as specified in Sections 6.5(a)(i)-(ix) and 6.5(b)(i)-(ix)). The
information with respect to the Remittance Date provided by the Master Servicer
to the Trustee [and the Certificate Insurer] on the Business Day preceding each
Determination Date shall also include the Class A-1 Pass-Through Rate, the

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Premium Percentage, the Class A-1 Principal Balance, the Class A-2 Principal
Balance, the Class A-3 Principal Balance, the Class A-4 Principal Balance, the
Class A-5 Principal Balance, the aggregate Principal Balance of the Mortgage
Loans, the Overcollateralization Deficit; the Overcollateralization Increase
Amount, the Overcollateralization Amount; the Overcollateralization Target
Amount; and any Subordinate Deficit. The Master Servicer shall also calculate
and provide the Available Amount, the Excess Spread, and the amount of any
Insured Payment. Simultaneous with the delivery of the foregoing information to
the Trustee, the Master Servicer shall provide the Trustee [and the Certificate
Insurer] with a report including information specified in each of Sections
6.7(a)(i)-(xi) and in Section 6.7(c)(i)-(vii).

            (a) With respect to the Certificate Account (including, if deposited
into such Certificate Account, any Insured Payments), on each Remittance Date,
the Trustee shall make the following allocations, disbursements and transfers in
the following order of priority, in accordance with the information received
pursuant to the immediately preceding paragraph and each such allocation,
transfer and disbursement shall be treated as having occurred only after all
preceding allocations, transfers and disbursements have occurred:

            (i) from the Master Servicer Remittance Amount, to the Holders of
      the Class R Certificates, any prepayment penalties collected during the
      related Due Period with respect to a Mortgage Loan;

            (ii) from the Master Servicer Remittance Amount, to the Certificate
      Insurer, a Proportional Share of the [Certificate Insurance Premium
      Amount];

            (iii) from the Master Servicer Remittance Amount Available Amount,
      to the Trustee, a Proportional Share of the Trustee Fees then due to it;

            (iv) from the Available Amount plus any Excess Spread plus the
      applicable portion of any Insured Payment, to the Class A-1
      Certificateholders an amount equal to the Class A-1 Interest Distribution
      Amount, to the Class A-2 Certificateholders an amount equal to the Class
      A-2 Interest Distribution Amount, to the Class A-3 Certificateholders an
      amount equal to the Class A-3 Interest Distribution Amount, to the Class
      A-4 Certificateholders an amount equal to the Class A-4 Interest
      Distribution Amount and to the Class A-5 Certificateholders and amount
      equal to the Class A-5 Interest Distribution Amount, PRO RATA;

            (v) from the Available Amount plus any Excess Spread plus the
      applicable portion of any Insured Payment, to the Class A-1
      Certificateholders an amount equal to the Principal Distribution Amount
      net of any Overcollateralization Increase Amount included therein until
      the Class A-1 Principal Balance has been reduced to zero, then to the
      Class A-2 Certificateholders an amount equal to the Principal Distribution
      Amount net of any Overcollateralization Increase Amount included therein
      until the Class A-2 Principal Balance has been reduced to zero, then to
      the Class A-3 Certificateholders an amount equal to the remaining
      Principal Distribution Amount net of any Overcollateralization Increase
      Amount included therein until the Class A-3 Principal Balance has been
      reduced to zero, to the Class A-4 Certificateholders an amount equal to
      the remaining Principal Distribution Amount net of any
      Overcollateralization Increase Amount included therein until the Class A-4
      Principal Balance has been reduced to zero and finally to the Class A-5
      Certificateholders an amount equal to the remaining Principal Distribution
      Amount net of any Overcollateralization Increase

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<PAGE>

      Amount included therein until the Class A-4 Principal Balance has been
      reduced to zero and finally to the Class A-5 Certificateholders an amount
      equal to the remaining Principal Distribution Amount net of any
      Overcollateralization Increase Amount included therein until the Class A-5
      Principal Balance has been reduced to zero;

            (vi) from the Excess Spread to the Class A-1 Certificateholders,
      Class A-2 Certificateholders, Class A-3 Certificateholders, Class A-4
      Certificateholders or Class A-5 Certificateholders, as applicable, an
      amount equal to the excess of (a) the sum of the Class A-1 Interest
      Distribution Amount, the Class A-2 Interest Distribution Amount, the Class
      A-3 Interest Distribution Amount, the Class A-4 Interest Distribution
      Amount, the Class A-5 Interest Distribution Amount and any Principal
      Distribution Amount net of any Overcollateralization Increase Amount
      included therein over (b) the Available Amount until the Class A-1
      Principal Balance, Class A-2 Principal Balance, Class A-3 Principal
      Balance, Class A-4 Principal Balance or the Class A-5 Principal Balance,
      as applicable, has been reduced to zero;

            [(vii)  to the Certificate Insurer the lesser of (x) the excess of
      (a) the amount in the Certificate Account (excluding Insured Payments)
      over (b) the amount of Insured Payments for such Remittance Date and (y)
      the outstanding Reimbursement Amount, if any, as of such Remittance Date;]

            (viii)  from the Excess Spread, first to the Class A-1
      Certificateholders an amount equal to any outstanding
      Overcollateralization Increase Amount until the Class A-1 Principal
      Balance has been reduced to zero, next to the Class A-2 Certificateholders
      an amount equal to any outstanding Overcollateralization Increase Amount
      until the Class A-2 Principal Balance has been reduced to zero, next to
      the Class A-3 Certificateholders an amount equal to any outstanding
      Overcollateralization Increase Amount until the Class A-3 Principal
      Balance has been reduced to zero, next to the Class A-4 Certificateholders
      an amount equal to any outstanding Overcollateralization Increase Amount
      until the Class A-4 Principal Balance has been reduced to zero and then to
      the Class A-5 Certificateholders an amount equal to any outstanding
      Overcollateralization Increase Amount until the Class A-5 Principal
      Balance has been reduced to zero; and

            (ix) to the Holders of the Class R Certificates, the remaining
      Available Amount on deposit in the Certificate Account on such Remittance
      Date, if any.

            Notwithstanding the foregoing, the aggregate amounts distributed on
all Remittance Dates to the Holders of the Class A-1 Certificates, the Holders
of the Class A-2 Certificates, the Holders of the Class A-3 Certificates, the
Holders of the Class A-4 Certificates and the Holders of the Class A-5
Certificates on account of principal shall not exceed the Original Class A-1
Principal Balance, Original Class A-2 Principal Balance, Original Class A-3
Principal Balance, Original Class A-4 Principal Balance or Original Class A-5
Principal Balance, as applicable.

            Section 6.6 Investment Of Accounts.

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            (a) So long as no Event of Default shall have occurred and be
continuing, and consistent with any requirements of the Code, all or a portion
of any Account held by the Trustee may be invested and reinvested by the
Trustee, in one or more Permitted Investments bearing interest or sold at a
discount and maturing not later than the next Remittance Date. [Notwithstanding
anything to the contrary in this Section 6.6(a), all amounts received under the
Certificate Insurance Policy shall remain uninvested.]

            If any amounts are needed for disbursement from any Account held by
the Trustee and sufficient uninvested funds are not available to make such
disbursement, the Trustee shall cause to be sold or otherwise converted to cash
a sufficient amount of the investments in such Account. The Trustee shall be
liable for any investment loss or other charge resulting therefrom.

            (b) So long as no Event of Default shall have occurred and be
continuing, all net income and gain realized from investment of, and all
earnings on, funds deposited in any Collection Account shall be for the benefit
of the Master Servicer as servicing compensation (in addition to the Servicing
Fee). The Master Servicer shall deposit in the related Account the amount of any
loss incurred in respect of any Permitted Investment held therein which is in
excess of the income and gain thereon immediately upon realization of such loss,
without any right to reimbursement therefor from its own funds.

            Section 6.7 Reports By Trustee.

            (a) On each Remittance Date the Trustee shall forward a report
delivered to it by the Master Servicer on the Business Day preceding each
Determination Date, as described in Section 6.5 hereof, to each Holder, [to the
Certificate Insurer,] to the Depositor, to the Master Servicer, to _______ and
to _______ (the "Trustee Remittance Report"). Such report shall set forth the
following information:

            (i) the amount of the distributions made on such Remittance Date
      with respect to the Class A-1 Certificates, the Class A-2 Certificates,
      the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5
      Certificates and the Class R Certificates;

            (ii) the amount of such distributions allocable to principal,
      separately identifying the aggregate amount of any Principal Prepayments
      or other unscheduled recoveries of principal included therein;

            (iii) the amount of such distributions allocable to interest and the
      calculation thereof;

            (iv) the amount of any Net Liquidation Proceeds included in such
      distributions and the calculation thereof;

            (v) the principal amount of the Class A-1 Certificates (based on a
      Certificate in an original principal amount of $1,000), the principal
      amount of the Class A-2 Certificates (based on a Certificate in an
      original

                                      -73-
<PAGE>

      principal amount of $1,000), the principal amount of the Class A-3
      Certificates (based on a Certificate in an original principal amount of
      $1,000), the principal amount of the Class A-4 Certificates (based on a
      Certificate in an original principal amount of $1,000) and the principal
      amount of the Class A-5 Certificates (based on a Certificate in an
      original principal amount of $1,000) then outstanding, and the outstanding
      amount of the Principal Balances, after giving effect to any principal
      payments made on such Remittance Date;

            (vi) the amount of any Insured Payment included in the amounts
      distributed to the Class A Certificateholders on such Remittance Date;

            (vii) (a) the amount of the Overcollateralization Amount, the
      Overcollateralization Target Amount, the Overcollateralization Increase
      Amount and (b) any Subordination Deficit on such Remittance Date;

            (viii)the total of any Substitution Adjustments and any Loan
      Repurchase Price amounts included in each such distribution; and

            (ix) the amounts, if any, of any related Liquidation Loan Losses for
      the related Due Period.

Items (i), (ii) and (iii) above shall, with respect to the Class A Certificates,
be presented on the basis of a Certificate having a $1,000 denomination. In
addition, by __________ of each calendar year following any year during which
the Certificates are outstanding, the Trustee shall furnish a report to each
Holder of record if so requested in writing at any time during each calendar
year as to the aggregate of amounts reported pursuant to (i), (ii) and (iii)
with respect to the Certificates for such calendar year.

            (b) All distributions made to the Certificateholders according to
Class or type of Certificate on each Remittance Date will be made on a PRO RATA
basis among the Certificateholders as of the next preceding Record Date based on
the proportional beneficial ownership interest in the 200_ - _ REMIC as are
represented by their respective Certificates, and shall be made by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor, if, in the case of
a Class A Certificateholder, such Certificateholder shall own of record
Certificates of the same Class which have denominations aggregating at least
$5,000,000 appearing in the Certificate Register and shall have provided
complete wiring instructions at least five Business Days prior to the Record
Date, and otherwise by check mailed to the address of such Certificateholder
appearing in the Certificate Register.

            (c) In addition, on each Remittance Date the Trustee will distribute
to each Holder, [to the Certificate Insurer,] to the Underwriter, to the
Depositor, to _______ and to _______, together with the information described in
subsection (a) preceding, the following information with respect to the Mortgage
Loans as of the close of business on the last Business Day of the prior calendar
month (except as otherwise provided in clause (v) below), which is hereby
required to be prepared by the Master Servicer and furnished to the Trustee for
such purpose on or prior to the related Determination Date:

            (i) the total number of Mortgage Loans and the aggregate Principal
      Balances thereof, together with the number, aggregate principal balances
      of such Mortgage Loans

                                      -74-
<PAGE>

      and the percentage (based on the aggregate Principal Balances of the
      Mortgage Loans) of the aggregate Principal Balances of such Mortgage Loans
      to the aggregate Principal Balance of all Mortgage Loans (A) 30-59 days
      Delinquent, (B) 60-89 days Delinquent and (C) 90 or more days Delinquent;

            (ii) the number, aggregate Principal Balances of all Mortgage Loans
      and percentage (based on the aggregate Principal Balances of the Mortgage
      Loans) of the aggregate Principal Balances of such Mortgage Loans to the
      aggregate Principal Balance of all Mortgage Loans in foreclosure
      proceedings and the number, aggregate Principal Balances of all Mortgage
      Loans and percentage (based on the aggregate Principal Balances of the
      Mortgage Loans) of any such Mortgage Loans also included in any of the
      statistics described in the foregoing clause (i);

            (iii) the number, aggregate Principal Balances of all Mortgage Loans
      and percentage (based on the aggregate Principal Balances of the Mortgage
      Loans) of the aggregate Principal Balances of such Mortgage Loans to the
      aggregate Principal Balance of all Mortgage Loans relating to Mortgagors
      in bankruptcy proceedings and the number, aggregate Principal Balances of
      all Mortgage Loans and percentage (based on the aggregate Principal
      Balances of the Mortgage Loans) of any such Mortgage Loans are also
      included in any of the statistics described in the foregoing clause (i);

            (iv) the number, aggregate Principal Balances of all Mortgage Loans
      and percentage (based on the aggregate Principal Balances of the Mortgage
      Loans) of the aggregate Principal Balances of such Mortgage Loans to the
      aggregate Principal Balance of all Mortgage Loans relating to REO Mortgage
      Loans and the number, aggregate Principal Balances of all Mortgage Loans
      and percentage (based on the aggregate Principal Balances of the Mortgage
      Loans) of any such Mortgage Loans that are also included in any of the
      statistics described in the foregoing clause (i);

            (v) the weighted average of the Mortgage Interest Rate for the
      Mortgage Loans on the Due Date occurring in the Due Period related to such
      Remittance Date;

            (vi) the weighted average remaining term to stated maturity of all
      Mortgage Loans; and

            (vii) the book value of any REO Property.

            Section 6.8   Additional Reports By Trustee And By Master Servicer.

            (a) The Trustee shall report to the Depositor, the Master Servicer
[and the Certificate Insurer] with respect to the amount then held in the
Certificate Account (including investment earnings accrued or scheduled to
accrue) held by the Trustee and the identity of the investments included
therein, as the Depositor, the Master Servicer [or the Certificate Insurer] may
from time to time request in writing.

            [(b) From time to time, at the request of the Certificate Insurer,
the Trustee shall report to the Certificate Insurer with respect to its actual
knowledge, without independent investigation, of any breach of any of the
representations or warranties relating to individual

                                      -75-
<PAGE>

Mortgage Loans set forth in the Purchase and Sale Agreement, the Mortgage Loan
Sale Agreement or in Section 3.1 or 3.2 hereof.]

            (c) On each Remittance Date, the Trustee shall forward to Bloomberg
Financial Markets, L.P. ("BLOOMBERG") and the Underwriter information prepared
by the Master Servicer with respect to the Mortgage Loan and the Certificates as
of such Remittance Date, using a format and media mutually acceptable to the
Trustee, the Underwriter and Bloomberg.

            Section 6.9 Compensating Interest. Not later than the close of
business on the third Business Day prior to the Remittance Date, the Master
Servicer shall remit to the Trustee (without right or reimbursement therefor)
for deposit into the Certificate Account an amount equal to the lesser of (i)
the aggregate of the Prepayment Interest Shortfalls for the related Remittance
Date resulting from Principal Prepayments during the related Due Period and (ii)
its aggregate Servicing Fees received in the related Due Period (the
"COMPENSATING INTEREST").

            [Section 6.10 Effect Of Payments By The Certificate Insurer;
Subrogation. Anything herein to the contrary notwithstanding, any payment with
respect to principal of or interest on the Certificates which is made with
moneys received pursuant to the terms of the Certificate Insurance Policy shall
not be considered payment of the Certificates from the Trust. The Depositor, the
Master Servicer and the Trustee acknowledge, and each Holder by its acceptance
of a Certificate agrees, that without the need for any further action on the
part of the Certificate Insurer, the Depositor, the Master Servicer, the Trustee
or the Certificate Registrar (i) to the extent the Certificate Insurer makes
payments, directly or indirectly, on account of principal of or interest on the
Certificates to the Holders of such Certificates, the Certificate Insurer will
be fully subrogated to, and each Certificateholder, the Master Servicer and the
Trustee hereby delegate and assign to the Certificate Insurer, to the fullest
extent permitted by law, the rights of such Holders to receive such principal
and interest from the Trust Fund, including, without limitation, any amounts due
to the Certificateholders in respect of securities law violations arising from
the offer and sale of the Certificates, and (ii) the Certificate Insurer shall
be paid such amounts but only from the sources and in the manner provided herein
for the payment of such amounts. The Trustee and the Master Servicer shall
cooperate in all respects with any reasonable request by the Certificate Insurer
for action to preserve or enforce the Certificate Insurer's rights or interests
under this Agreement without limiting the rights or affecting the interests of
the Holders as otherwise set forth herein.]

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                                      -76-
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

            Section 7.1   Events Of Default.

            (a) In case one or more of the following Events of Default by the
Master Servicer shall occur and be continuing, that is to say:

            (i) any failure by the Master Servicer to remit to the Trustee any
      payment required to be made by the Master Servicer under the terms of this
      Agreement or to deliver the report required by Section 6.5 of this
      Agreement;

            (ii) the failure by the Master Servicer to make any required
      Servicing Advance or Periodic Advance;

            (iii) any failure on the part of the Master Servicer duly to observe
      or perform in any material respect any other of the covenants or
      agreements on the part of the Master Servicer contained in this Agreement,
      or the breach of any representation and warranty made pursuant to Section
      3.1 to be true and correct which continues unremedied for a period of 30
      days after the date on which written notice of such failure or breach,
      requiring the same to be remedied, shall have been given to the Master
      Servicer, as the case maybe, by the Depositor or the Trustee or to the
      Master Servicer and the Trustee by any Certificateholder [or the
      Certificate Insurer];

            (iv) a decree or order of a court or agency or supervisory authority
      having jurisdiction in an involuntary case under any present or future
      federal or state bankruptcy, insolvency or similar law or for the
      appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall
      have been entered against the Master Servicer and such decree or order
      shall have remained in force, undischarged or unstayed for a period of 60
      days;

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

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

            (vii) the continuation of a Master Servicer Termination Delinquency
      Rate Trigger or a Master Servicer Termination Loss Trigger;

                                      -77-
<PAGE>

then, and in each and every such case, so long as an Event of Default shall not
have been remedied with respect to (i) - (viii) above, the Trustee shall, but
only at the direction of the Certificate Insurer or the Majority
Certificateholders with the consent of the Certificate Insurer, by notice in
writing to the Master Servicer and a Responsible Officer of the Trustee, (x)
remove the Master Servicer, (y) terminate all the rights and obligations of the
Master Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof, as Master Servicer; and (z) with respect to clauses (vii) and
(viii) above, the Trustee shall[, but only at the direction of the Certificate
Insurer,] after notice in writing to the Master Servicer and a Responsible
Officer of the Trustee, terminate all the rights and obligations of the Master
Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, as Master Servicer. Upon receipt by the Master Servicer and the Trustee
of such written notice, all authority and power of the Master Servicer under
this Agreement, whether with respect to the Mortgage Loans or otherwise, shall,
subject to Section 7.2, pass to and be vested in the Trustee or its designee
[approved by the Certificate Insurer] and the Trustee is hereby authorized and
empowered to execute and deliver, on behalf of the Master Servicer, as
attorney-in-fact or otherwise, at the expense of the Master Servicer, any and
all documents and other instruments and do or cause to be done all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, including, but not limited to, the transfer and endorsement or
assignment of the Mortgage Loans and related documents. The Master Servicer
agrees to cooperate (and pay any related costs and expenses) with the Trustee in
effecting the termination of the Master Servicer's responsibilities and rights
hereunder, including, without limitation, the transfer to the Trustee or its
designee for administration by it of all amounts which shall at the time be
credited by the Master Servicer to the Collection Account or thereafter received
with respect to the Mortgage Loans. The Trustee shall promptly notify [the
Certificate Insurer,] _______ and _______ upon receiving notice of, or its
discovery of, the occurrence of an Event of Default.

            Section 7.2   Trustee To Act; Appointment Of Successor.

            (a) On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.1, or the Trustee [and the Certificate
Insurer] receive the resignation of the Master Servicer evidenced by an Opinion
of Counsel pursuant to Section 5.23, or the Master Servicer is removed as Master
Servicer pursuant to Article VII, in which event the Trustee shall promptly
notify [the Certificate Insurer] and _______ and _______, except as otherwise
provided in Section 7.1, the Trustee or its designee shall be the successor in
all respects to the Master Servicer in its capacity as Master Servicer under
this Agreement and the transactions set forth or provided for herein and shall
be subject to all the responsibilities, duties and liabilities relating thereto
placed on the Master Servicer by the terms and provisions hereof arising on or
after the date of succession; provided, however, that the Trustee shall not be
liable for any actions or the representations and warranties of any Master
Servicer prior to it and including, without limitation, the obligations of the
Master Servicer set forth in Sections 2.4 and 3.3. The parties hereto
acknowledge that during a period not to exceed 90 days, the successor Master
Servicer will not be able to fully service the Mortgage Loans until the
transition of servicing is complete. Such 90-day period shall be extended as
necessary in the event that the Master Servicer does not cooperate with such
successor or the data provided by the Master Servicer is incomplete or faulty.
The Trustee, as Successor Master Servicer, or any other successor Master
Servicer shall be obligated to pay Compensating Interest pursuant to Section 6.9
hereof; the Trustee, as Successor Master Servicer is obligated to make advances
pursuant to Section 5.20

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<PAGE>

unless, and only to the extent the Trustee, as Successor Master Servicer
determines reasonably and in good faith that such advances would not be
recoverable pursuant to Sections 5.4(b), 5.4(g) or 5.4(j), such determination to
be evidenced by a certification of a Responsible Officer of the Trustee, as
Successor Master Servicer [delivered to the Certificate Insurer].

            (b) Notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act or if the Majority
Certificateholders [with the consent of the Certificate Insurer or the
Certificate Insurer] so requests in writing to the Trustee, appoint, pursuant to
the provisions set forth in paragraph (c) below, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing
institution [acceptable to the Certificate Insurer] that has a net worth of not
less than $15,000,000 as the successor to the Master Servicer hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of
the Master Servicer hereunder.

            (c) Any Successor Master Servicer shall be entitled to the Servicing
Compensation (including a fee not to exceed the Servicing Fee) and other funds
pursuant to Section 5.14 hereof as the Master Servicer if the Master Servicer
had continued to act as Master Servicer hereunder.

            (d) The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. The Master Servicer agrees to cooperate with the Trustee and any
successor Master Servicer in effecting the termination of the Master Servicer's
servicing responsibilities and rights hereunder and shall promptly provide the
Trustee or such successor Master Servicer, as applicable, at the Master
Servicer's cost and expense, all documents and records reasonably requested by
it to enable it to assume the Master Servicer's functions hereunder and shall
promptly also transfer to the Trustee or such successor Master Servicer, as
applicable, all amounts that then have been or should have been deposited in the
Collection Account by the Master Servicer or that are thereafter received with
respect to the Mortgage Loans. Any collections received by the Master Servicer
after such removal or resignation shall be endorsed by it to the Trustee and
remitted directly to the Trustee or, at the direction of the Trustee, to the
successor Master Servicer. Neither the Trustee nor any other successor Master
Servicer shall be held liable by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (1) the
failure of the Master Servicer to deliver, or any delay in delivering, cash,
documents or records to it, or (2) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer hereunder. No appointment
of a successor to the Master Servicer hereunder shall be effective until the
Trustee [and the Certificate Insurer] shall have consented thereto, and written
notice of such proposed appointment shall have been provided by the Trustee [to
the Certificate Insurer and] to each Certificateholder. The Trustee shall not
resign as Master Servicer until a successor Master Servicer [reasonably
acceptable to the Certificate Insurer] has been appointed.

            (e) Pending appointment of a successor to the Master Servicer
hereunder, the Trustee shall act in such capacity as herein above provided. In
connection with such appointment and assumption, the Trustee may make such
arrangements for the compensation of such successor out of payments on Mortgage
Loans as it and such successor shall agree; provided, however, that no such
compensation shall be in excess of that permitted the Master Servicer pursuant
to Section 5.14, together with other Servicing Compensation. The Master

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<PAGE>

Servicer, the Trustee and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession.

            Section 7.3   Waiver Of Defaults. The [Certificate Insurer or the]
Majority Certificateholders may, on behalf of all Certificateholders, [and
subject to the consent of the Certificate Insurer,] waive any events permitting
removal of the Master Servicer as Master Servicer pursuant to this Article VII;
provided, however, that the Majority Certificateholders may not waive a default
in making a required distribution on a Certificate without the consent of the
holder of such Certificate. Upon any waiver of a past default, such default
shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereto
except to the extent expressly so waived. Notice of any such waiver shall be
given by the Trustee to _______ and _______.

            Section 7.4   MORTGAGE LOANS, TRUST FUND AND ACCOUNTS HELD FOR
BENEFIT OF THE CERTIFICATE INSURER.

            [(a) The Trustee shall hold the Trust Fund and the Mortgage Files
for the benefit of the Certificateholders and the Certificate Insurer and all
references in this Agreement and in the Certificates to the benefit of Holders
of the Certificates shall be deemed to include the Certificate Insurer. The
Trustee shall cooperate in all reasonable respects with any reasonable request
by the Certificate Insurer for action to preserve or enforce the Certificate
Insurer's rights or interests under this Agreement and the Certificates unless,
as stated in an Opinion of Counsel addressed to the Trustee and the Certificate
Insurer, such action is adverse to the interests of the Certificateholders or
diminishes the rights of the Certificateholders or imposes additional burdens or
restrictions on the Certificateholders.

            (b) The Master Servicer hereby acknowledges and agrees that it shall
service the Mortgage Loans for the benefit of the Certificateholders and for the
benefit of the Certificate Insurer, and all references in this Agreement to the
benefit of or actions on behalf of the Certificateholders shall be deemed to
include the Certificate Insurer.]

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<PAGE>

                                  ARTICLE VIII

                                   TERMINATION

            Section 8.1   Termination.

            (a) This Agreement shall terminate upon written notice to the
Trustee of either: (1) the later of the distribution to Certificateholders of
the final payment or collection with respect to the last Mortgage Loan (or
Periodic Advances of same by the Master Servicer), or the disposition of all
funds with respect to the last Mortgage Loan and the remittance of all funds due
hereunder and the payment of all amounts due and payable to [the Certificate
Insurer and] the Trustee or (2) mutual consent of the Master Servicer[, the
Certificate Insurer] and all Certificateholders in writing; provided, however,
that in no event shall the Trust established by this Agreement terminate later
than twenty-one years after the death of the last survivor of the descendants of
John D. Rockefeller, alive as of the date hereof.

            (b) In addition, the Master Servicer may, at its option and at its
sole cost and expense [(or, if the Master Servicer does not exercise this
option, the Certificate Insurer may, at its sole cost and expense)], repurchase
all of the Mortgage Loans on the Optional Termination Date, on the next
succeeding Remittance Date, at a price equal to the sum of (1) the greater of
(i) 100% of the Principal Balance of each outstanding Mortgage Loan and each REO
Mortgage Loan, and (ii) the fair market value (disregarding accrued interest) of
the Mortgage Loans and REO Properties, determined as the average of three
written bids (copies of which shall be delivered to the Trustee [and the
Certificate Insurer] by the Master Servicer and the reasonable cost of which may
be deducted from the final purchase price) made by nationally recognized dealers
and based on a valuation process which would be used to value comparable
mortgage loans and REO property, plus (2) the aggregate amount of accrued and
unpaid interest on the Mortgage Loans through the related Due Period and 30
days' interest thereon at a rate equal to the weighted average of the Mortgage
Interest Rates for the Mortgage Loans, net of the Servicing Fee, plus (3) [any
unreimbursed amounts due to the Certificate Insurer under this Agreement or the
Certificate Insurer Agreement or] any Trustee Fee then due (the "Termination
Price"). Any such purchase shall be accomplished by deposit into the Certificate
Account the Termination Price. [No such termination is permitted without the
prior written consent of the Certificate Insurer (i) if it would result in a
draw on the Certificate Insurance Policy, or (ii) unless the Master Servicer
shall have delivered to the Certificate Insurer an Opinion of Counsel reasonably
satisfactory to the Certificate Insurer stating that no amounts paid hereunder
are subject to recapture as preferential transfers under the United States
Bankruptcy Code, 11 U.S.C. Sections 101 ET SEQ., as amended.]

            (c) If on any Remittance Date, the Master Servicer determines that
there are no outstanding Mortgage Loans and no other funds or assets in the
Trust Fund other than funds in the Certificate Account, the Master Servicer
shall send a final distribution notice promptly to each such Certificateholder
in accordance with paragraph (d) below.

            (d) Notice of any termination, specifying the Remittance Date upon
which the Trust Fund and the 200_ - _ REMIC will terminate and the
Certificateholders shall surrender

                                      -81-
<PAGE>

their Certificates to the Trustee for payment of the final distribution and
cancellation, shall be given promptly by the Master Servicer by letter to each
of the Certificateholders identified to the Master Servicer by the Trustee as
the Certificateholders of record as of the most recent Record Date, and shall be
mailed during the month of such final distribution before the Determination Date
in such month, specifying (1) the Remittance Date upon which final payment of
such Certificates will be made upon presentation and surrender of Certificates
at the office of the Trustee therein designated, (2) the amount of any such
final payment and (3) that the Record Date otherwise applicable to such
Remittance Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the office of the Trustee therein
specified. The Master Servicer shall give such notice to the Trustee therein
specified. The Master Servicer shall give such notice to the Trustee at the time
such notice is given to Certificateholders. [The obligations of the Certificate
Insurer hereunder shall terminate upon the deposit by the Master Servicer with
the Trustee of a sum sufficient to purchase all of the Mortgage Loans and REO
Properties as set forth above and when the Class A-1 Principal Balance, Class
A-2 Principal Balance, Class A-3 Principal Balance, Class A-4 Principal Balance
and Class A-5 Principal Balance has been reduced to zero.]

            (e) In the event that all of the Certificateholders shall not
surrender their Certificates for cancellation within six months after the time
specified in the above-mentioned written notice, the Master Servicer shall give
a second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within six months after the second notice, all of the affected
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their
Certificates and the cost thereof shall be paid out of the funds and other
assets which remain subject hereto. If within nine months after the second
notice all the affected Certificates shall not have been surrendered for
cancellation, the Class R Certificateholders shall be entitled to all unclaimed
funds and other assets which remain subject hereto and the Trustee upon transfer
of such funds shall be discharged of any responsibility for such funds and the
Certificateholders shall look only to the Class R Certificateholders for
payment. Such funds shall remain uninvested.

            Section 8.2 Additional Termination Requirements.

            (a) In the event that the Master Servicer exercises its purchase
option as provided in Section 8.1, the 200_ - _ REMIC shall be terminated in
accordance with the following additional requirements, unless the Trustee has
been furnished with an Opinion of Counsel (which shall not be an expense of the
Trustee) to the effect that the failure of the 200_ - _ REMIC (or of any other
REMIC of the Trust Fund) to comply with the requirements of this Section 8.3
will not (1) result in the imposition of taxes on "prohibited transactions" of
such REMIC as defined in Section 860F of the Code or (2) cause such REMIC to
fail to qualify as a REMIC at any time that any Class A Certificates are
outstanding:

            (i) Within 90 days prior to the final Remittance Date the Master
      Servicer shall adopt and the Trustee shall sign, a plan of complete
      liquidation of the 200_ - _ REMIC (or the applicable REMIC of the Trust
      Fund) meeting the requirements of a "Qualified Liquidation" under Section
      860F of the Code and any regulations thereunder;

                                      -82-
<PAGE>

            (ii) At or after the time of adoption of such a plan of complete
      liquidation, which plan shall include a description of the method for such
      liquidation and the price to be conveyed for all of the assets of the 200_
      - _ REMIC at the time of such liquidation, and at or prior to the final
      Remittance Date, the Trustee shall sell all of the assets of the 200_ - _
      REMIC (or the applicable REMIC of the Trust Fund) to the Master Servicer
      for cash; and

            (iii) At the time of the making of the final payment on the
      Certificates, the Trustee shall distribute or credit, or cause to be
      distributed or credited (a) to the Class A Certificateholders the
      Certificate Principal Balance, plus one month's interest thereon at the
      related Class A Pass-Through Rate, and (b) to the Class R
      Certificateholders, all of such REMIC's cash on hand after such payment to
      the Class A Certificateholders (other than cash retained to meet claims)
      and the 200_ - _ REMIC shall terminate at such time.

            (b) By their acceptance of the Certificates, the Holders thereof
hereby agree to appoint the Master Servicer as their attorney in fact to: (1)
adopt such a plan of complete liquidation (and the Certificateholders hereby
appoint the Trustee as their attorney in fact to sign such plan) as appropriate
or upon the written request of the Certificate Insurer and (2) to take such
other action in connection therewith as may be reasonably required to carry out
such plan of complete liquidation all in accordance with the terms hereof.

            Section 8.3 Accounting Upon Termination Of Master Servicer. Upon
termination of the Master Servicer, the Master Servicer shall, at its expense:

            (a) deliver to its successor or, if none shall yet have been
appointed, to the Trustee, the funds in any Account;

            (b) deliver to its successor or, if none shall yet have been
appointed, to the Trustee all Mortgage Files and related documents and
statements held by it hereunder and a Mortgage Loan portfolio computer tape;

            (c) deliver to its successor or, if none shall yet have been
appointed, to the Trustee and, upon request, to the Certificateholders a full
accounting of all funds, including a statement showing the Monthly Payments
collected by it and a statement of monies held in trust by it for the payments
or charges with respect to the Mortgage Loans; and

            (d) execute and deliver such instruments and perform all acts
reasonably requested in order to effect the orderly and efficient transfer of
servicing of the Mortgage Loans to its successor and to more fully and
definitively vest in such successor all rights, powers, duties,
responsibilities, obligations and liabilities of the "MASTER SERVICER" under
this Agreement.

                                   ARTICLE IX

                                   THE TRUSTEE

Section 9.1 Duties Of Trustee.

                                      -83-
<PAGE>

            (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. If an Event of Default has occurred and has not been cured or waived,
the Trustee shall exercise such of the rights and power vested in it by this
Agreement, and use the same degree of care and skill in its exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs.

            (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform on their face to the requirements of this Agreement; provided, however,
that the Trustee shall not be responsible for the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Master Servicer or the Transferor hereunder. If any
such instrument is found not to conform on its face to the requirements of this
Agreement, the Trustee shall take action as it deems appropriate to have the
instrument corrected [and, if the instrument is not corrected to the Trustee's
satisfaction, the Trustee will, at the expense of the Master Servicer notify the
Certificate Insurer and request written instructions as to the action it deems
appropriate to have the instrument corrected, and if the instrument is not so
corrected, the Trustee will provide notice thereof to the Certificate Insurer
who shall then direct the Trustee as to the action, if any, to be taken.]

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

            (i) Prior to the occurrence of an Event of Default, and after the
      curing of all such Events of Default which may have occurred, the duties
      and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for
      the performance of such duties and obligations as are specifically set
      forth in this Agreement, no implied covenants or obligations shall be read
      into this Agreement against the Trustee and, in the absence of bad faith
      on the part of the Trustee, the Trustee may conclusively rely, as to the
      truth of the statements and the correctness of the opinions expressed
      therein, upon any certificates or opinions furnished to the Trustee and
      conforming to the requirements of this Agreement;

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

            (iii) The Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken by it in good faith [in
      accordance with the direction of the Certificate Insurer or with the
      consent of the Certificate Insurer,] any Class of the Class A
      Certificateholders holding Class A Certificates evidencing Percentage
      Interests of such Class of at least 25%, relating to the time, method and
      place of conducting any

                                      -84-
<PAGE>

      proceeding for any remedy available to the Trustee, or exercising any
      trust or power conferred upon the Trustee, under this Agreement;

            (iv) The Trustee shall not be required to take notice or be deemed
      to have notice or actual knowledge of any default or Event of Default
      (except an Event of Default with respect to the nonpayment of any amount
      described in Section 7.1(a)), unless a Responsible Officer of the Trustee
      shall have received written notice thereof. In the absence of receipt of
      such notice, the Trustee may conclusively assume that there is no default
      or Event of Default (except a failure to make a Periodic Advance);

            (v) The Trustee shall not be required to expend or risk its own
      funds or otherwise incur financial liability for the performance of any of
      its duties hereunder or the exercise of any of its rights or powers if
      there is reasonable ground for believing that the repayment of such funds
      or adequate indemnity against such risk or liability is not reasonably
      assured to it and none of the provisions contained in this Agreement shall
      in any event require the Trustee to perform, or be responsible for the
      manner of performance of, any of the obligations of the Master Servicer
      under this Agreement except during such time, if any, as the Trustee shall
      be the successor to, and be vested with the rights, duties powers and
      privileges of, the Master Servicer in accordance with the terms of this
      Agreement; and

            (vi) Subject to the other provisions of this Agreement and without
      limiting the generality of this Section, the Trustee shall have no duty
      (a) to see to any recording, filing, or depositing of this Agreement or
      any agreement referred to herein or any financing statement or
      continuation statement evidencing a security interest, or to see to the
      maintenance of any such recording or filing or depositing or to any
      rerecording, refiling or redepositing of any thereof, (b) to see to any
      insurance, (c) to see to the payment or discharge of any tax, assessment,
      or other governmental charge or any lien or encumbrance of any kind owing
      with respect to, assessed or levied against, any part of the Trust, the
      Trust Fund, the Certificateholders or the Mortgage Loans, (d) to confirm
      or verify the contents of any reports or certificates of the Master
      Servicer delivered to the Trustee pursuant to this Agreement believed by
      the Trustee to be genuine and to have been signed or presented by the
      proper party or parties.

            (d) It is intended that the 200_ - _ REMIC formed hereunder shall
constitute, and that the affairs of the 200_ - _ REMIC shall be conducted so as
to qualify it as, a REMIC as defined in and in accordance with the REMIC
Provisions. In furtherance of such intention, the Trustee covenants and agrees
that it shall act as agent (and the Trustee is hereby appointed to act as agent)
and as Tax Matters Person on behalf of the 200_ - _ REMIC, and that in such
capacities it shall:

            (i) prepare, sign and file, or cause to be prepared and filed, in a
      timely manner, a U.S. Real Estate Mortgage Investment Conduit Income Tax
      Return (Form 1066) and any other Tax Return required to be filed by the
      200_ - _ REMIC, using a calendar year as the taxable year for the 200_ - _
      REMIC;

                                      -85-
<PAGE>

            (ii) make, or cause to be made, an election, on behalf of the 200_ -
      _ REMIC, to be treated as a REMIC on the federal tax return of the 200_ -
      _ REMIC for its first taxable year;

            (iii) prepare and forward, or cause to be prepared and forwarded, to
      the Trustee, the Certificateholders and to the Internal Revenue Service
      and any other relevant governmental taxing authority all information
      returns or reports as and when required to be provided to them in
      accordance with the REMIC Provisions;

            (iv) to the extent that the affairs of the 200_ - _ REMIC are within
      its control, conduct such affairs of the 200_ - _ REMIC at all times that
      any Certificates are outstanding so as to maintain the status of the 200_
      - _ REMIC as a REMIC under the REMIC Provisions and any other applicable
      federal, state and local laws, including, without limitation, information
      reports relating to "original issue discount," as defined in the Code,
      based upon the Prepayment Assumption and calculated by using the issue
      price of the Certificates;

            (v) not knowingly or intentionally take any action or omit to take
      any action that would cause the termination of the REMIC status of the
      200_ - _ REMIC;

            (vi) pay the amount of any and all federal, state, and local taxes
      imposed on the Trust Fund, prohibited transaction taxes as defined in
      Section 860F of the Code, other than any amount due as a result of a
      transfer or attempted or purported transfer in violation of Section 4.2,
      imposed on the Trust Fund when and as the same shall be due and payable
      (but such obligation shall not prevent the Trustee or any other
      appropriate Person from contesting any such tax in appropriate proceedings
      and shall not prevent the Trustee from withholding payment of such tax, if
      permitted by law, pending the outcome of such proceedings). The Trustee
      shall be entitled to reimbursement in accordance with Sections 9.1(c) and
      9.5 hereof;

            (vii) ensure that any such returns or reports filed on behalf of the
      Trust Fund by the Trustee are properly executed by the appropriate person
      and submitted in a timely manner;

            (viii)represent the Trust Fund in any administrative or judicial
      proceedings relating to an examination or audit by any governmental taxing
      authority, request an administrative adjustment as to any taxable year of
      the Trust Fund, enter into settlement agreements with any governmental
      taxing agency, extend any statute of limitations relating to any item of
      the Trust Fund and otherwise act on behalf of the Trust Fund in relation
      to any tax matter involving the Trust Fund;

            (ix) as provided in Section 5.18 hereof, make available information
      necessary for the computation of any tax imposed (1) on transferors of
      residual interests to transferees that are not Permitted Transferees or
      (2) on pass-through entities, any interest in which is held by an entity
      which is not a Permitted Transferee. The Trustee covenants and agrees that
      it will cooperate with the Master Servicer in the foregoing matters and
      that it will sign, as Trustee, any and all Tax Returns required to be
      filed by the Trust

                                      -86-
<PAGE>

      Fund. Notwithstanding the foregoing, at such time as the Trustee becomes
      the successor Master Servicer, the holder of the largest percentage of the
      Class R Certificates shall serve as Tax Matters Person until such time as
      an entity is appointed to succeed the Trustee as Master Servicer;

            (x) make available to the Internal Revenue Service and those Persons
      specified by the REMIC Provisions all information necessary to compute any
      tax imposed (A) as a result of the Transfer of an Ownership Interest in a
      Class R Certificate to any Person who is not a Permitted Transferee,
      including the information described in Treasury regulations sections
      1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the "excess inclusions"
      of such Class R Certificate and (B) as a result of any regulated
      investment company, real estate investment trust, common trust fund,
      partnership, trust, estate or organization described in Section 1381 of
      the Code that holds an Ownership Interest in a Class R Certificate having
      as among its record holders at anytime any Person that is not a Permitted
      Transferee. Reasonable compensation for providing such information may be
      accepted by the Trustee;

            (xi) pay out of its own funds, without any right of reimbursement
      from the assets of the Trust Fund, any and all tax related expenses of the
      Trust Fund (including, but not limited to, tax return preparation and
      filing expenses and any professional fees or expenses related to audits or
      any administrative or judicial proceedings with respect to the Trust Fund
      that involve the Internal Revenue Service or state tax authorities), other
      than the expense of obtaining any Opinion of Counsel required pursuant to
      Sections 3.3, 5.12 and 8.2 and other than taxes except as specified
      herein;

            (xii) upon filing with the Internal Revenue Service, the Trustee
      shall furnish to the Holders of the Class R Certificates the Form 1066 and
      each Form 1066Q and shall respond promptly to written requests made not
      more frequently than quarterly by any Holder of Class R Certificates with
      respect to the following matters:

                        (1) the original projected principal and interest cash
                  flows on the Closing Date on the regular and residual
                  interests created hereunder and on the Mortgage Loans, based
                  on the Prepayment Assumption;

                        (2) the projected remaining principal and interest cash
                  flows as of the end of any calendar quarter with respect to
                  the regular and residual interests created hereunder and the
                  Mortgage Loans, based on the Prepayment Assumption;

                        (3) the Prepayment Assumption and any interest rate
                  assumptions used in determining the projected principal and
                  interest cash flows described above;

                        (4) the original issue discount (or, in the case of the
                  Mortgage Loans, market discount) or premium accrued or
                  amortized through the end of such calendar quarter with
                  respect to the regular or residual interests

                                      -87-
<PAGE>

                  created hereunder and with respect to the Mortgage Loans,
                  together with each constant yield to maturity used in
                  computing the same;

                        (5) the treatment of losses realized with respect to the
                  Mortgage Loans or the regular interests created hereunder,
                  including the timing and amount of any cancellation of
                  indebtedness income of the 200_ - _ REMIC with respect to such
                  regular interests or bad debt deductions claimed with respect
                  to the Mortgage Loans;

                        (6) the amount and timing of any non-interest expenses
                  of the 200_ - _ REMIC; and

                        (7) any taxes (including penalties and interest) imposed
                  on the 200_ - _ REMIC, including, without limitation, taxes on
                  "prohibited transactions," "contributions" or "net income from
                  foreclosure property" or state or local income or franchise
                  taxes; and

            (xiii)  make any other required reports in respect of interest
      payments in respect of the Mortgage Loans and acquisitions and
      abandonments or Mortgaged Property to the Internal Revenue Service and/or
      the borrowers, as applicable.

            In the event that any tax is imposed on "prohibited transactions" of
      the REMIC as defined in Section 860F(a)(2) of the Code, on the "net income
      from foreclosure property" of the REMIC as defined in Section 860G(c) of
      the Code, on any contribution to the REMIC after the Startup Date pursuant
      to Section 860G(d) of the Code, or any other tax is imposed, such tax
      shall be paid by (i) the Trustee, if such tax arises out of or results
      from a breach by the Trustee of any of its obligations under this
      Agreement, (ii) the Master Servicer, if such tax arises out of or results
      from a breach by the Master Servicer of any of its obligations under this
      Agreement, or otherwise (iii) the holders of the Class R Certificates in
      proportion to their undivided beneficial ownership interest in the related
      REMIC as are represented by such Class R Certificates. To the extent such
      tax is chargeable against the holders of the Class R Certificates,
      notwithstanding anything to the contrary contained herein, the Trustee is
      hereby authorized to retain from amounts otherwise distributable to the
      Holders of the Class R Certificates on any Remittance Date sufficient
      funds to reimburse the Trustee for the payment of such tax (to the extent
      that the Trustee has paid the tax and not been previously reimbursed or
      indemnified therefor).

            Section 9.2 Certain Matters Affecting The Trustee.

            (a) Except as otherwise provided in Section 9.1:

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

                                      -88-
<PAGE>

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

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

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

            (v) prior to the occurrence of an Event of Default hereunder and
      after the curing of all Events of Default which may have occurred, the
      Trustee shall not be bound to make any investigation into the facts or
      matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other
      paper or document, unless requested in writing to do so by [the
      Certificate Insurer or] Holders of any Class of Class A Certificates
      evidencing Percentage Interests aggregating not less than 25% of such
      class; provided, however, that if the payment within a reasonable time to
      the _______ ________ Trustee of the costs, expenses or liabilities likely
      to be incurred by it in the making of such investigation is, in the
      opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may
      require reasonable indemnity against such expense or liability as a
      condition to taking any such action. The reasonable expense of every such
      examination shall be paid by the Master Servicer or, if paid by the
      Trustee, shall be repaid by the Master Servicer upon demand from the
      Master Servicer's own funds;

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

            (vii) the Trustee shall not be required to give any bond or surety
      in respect of the execution of the Trust created hereby or the powers
      granted hereunder; and

            (viii) the Trustee may execute any of the trusts or powers hereunder
      or perform any duties hereunder either directly or by or through agents or
      attorneys.

            (b) Following the Startup Date, the Trustee shall not knowingly
accept any contribution of assets to the Trust Fund, unless the Trustee shall
have received an Opinion of Counsel (at the expense of the Master Servicer) to
the effect that the inclusion of such assets in the Trust Fund will not cause
the 200_ - _ REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the 200_ - _ REMIC to any tax under the
REMIC Provisions or other applicable provisions of federal, state and local law
or ordinances. The

                                      -89-
<PAGE>

Trustee agrees to indemnify the Trust Fund and the Master Servicer for any taxes
and costs, including any attorney's fees, imposed or incurred by the Trust Fund
or the Master Servicer as a result of the breach of the Trustee's covenants set
forth within this subsection (b).

            Section 9.3   Not Liable For Certificates Or Mortgage Loans. The
recitals contained herein (other than the certificate of authentication on the
Certificates) shall be taken as the statements of the Transferor or the Master
Servicer, as the case may be, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of any Mortgage Loan or related document. The
Trustee shall not be accountable for the use or application of any funds paid to
the Master Servicer in respect of the Mortgage Loans or deposited in or
withdrawn from the Collection Account by the Master Servicer. The Trustee shall
not be responsible for the legality or validity of the Agreement or the
validity, priority, perfection or sufficiency of the security for the
Certificates issued or intended to be issued hereunder.

            Section 9.4 Trustee May Own Certificates. The Trustee in its
individual or any other capacity may become the owner or pledgor of Certificates
with the same rights it would have if it were not Trustee, and may otherwise
deal with the parties hereto.

            Section 9.5 Trustee's Fees And Expenses; Indemnity.

            (a) The Trustee acknowledges that in consideration of the
performance of its duties hereunder it is entitled to receive the Trustee Fee in
accordance with the provision of Section 6.5(a) and Section 6.5(b). The Trustee
shall not be entitled to compensation for any expense, disbursement or advance
as may arise from its negligence or bad faith, and, prior to the occurrence of
an Event of Default, the Trustee shall have no lien on the Trust Fund for the
payment of its fees and expenses.

            (b) The Trust Fund, the Trustee and any director, officer, employee
or agent of the Trustee shall be indemnified by the Master Servicer and held
harmless against any loss, liability, claim, damage or expense arising out of,
or imposed upon the Trust or the Trustee, other than any loss, liability or
expense incurred by reason of (i) the acts of the Trustee not authorized or
required pursuant to this Agreement or taken pursuant to written instructions
received from the Master Servicer[, [the Certificate Insurer] or the Majority
Holders, or (ii) by reason of the Trustee's reckless disregard of obligations
and duties hereunder. The obligation of the Master Servicer under this Section
9.5 arising prior to any resignation or termination of the Master Servicer
hereunder shall survive termination of the Master Servicer and payment of the
Certificates, and shall extend to any co-trustee appointed pursuant to this
Article IX.

            Section 9.6 Eligibility Requirements For Trustee. The Trustee
hereunder shall at all times be (a) a banking association organized and doing
business under the laws of any state or the United States of America subject to
supervision or examination by federal or state authority, (b) authorized under
such laws to exercise corporate trust powers, including taking title to the
Trust Fund assets on behalf of the Certificateholders (c) having a combined
capital and surplus of at least $50,000,000, (d) whose long-term deposits, if
any, shall be rated at least ____ by _______ and ____ by _______ (except as
provided herein) or such lower long-term deposit [rating as may be approved in
writing by the Certificate Insurer,] [and (e) reasonably

                                      -90-
<PAGE>

acceptable to the Certificate Insurer.] If such banking association publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and with the effect
specified in Section 9.7.

            Section 9.7 Resignation And Removal Of The Trustee.

            (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Master Servicer[,
the Certificate Insurer] and to all Certificateholders. Upon receiving such
notice of resignation, the Master Servicer shall promptly appoint a successor
trustee by written instrument, in duplicate, which instrument shall be delivered
to the resigning Trustee and to the successor trustee. A copy of such instrument
shall be delivered to the Depositor, the Certificateholders[, the Certificate
Insurer] and the Transferor by the Master Servicer. Unless a successor trustee
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

            (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 9.6 and shall fail to resign after
written request therefor by the Master Servicer or the Certificate Insurer, or
if at any time the Trustee shall become incapable of acting, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Master Servicer [or the Certificate
Insurer] may remove the Trustee, and the Master Servicer shall, within 30 days
after such removal, appoint[, subject to the approval of the Certificate
Insurer, which approval shall not be unreasonably delayed,] a successor trustee
by written instrument, in duplicate, which instrument shall be delivered to the
Trustee so removed and to the successor trustee. A copy of such instrument shall
be delivered to the Depositor, the Certificateholders[, the Certificate Insurer]
and the Transferor by the Master Servicer.

            (c) If the Trustee fails to perform in accordance with the terms of
this Agreement, the Majority Certificateholders [or the Certificate Insurer] may
remove the Trustee and appoint a successor trustee [acceptable to the
Certificate Insurer] by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered to the Master Servicer, one complete set to
the Trustee so removed and one complete set to the successor Trustee so
appointed.

            (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 9.8.

            Section 9.8 Successor Trustee. Any successor trustee appointed as
provided in Section 9.7 shall execute, acknowledge and deliver to the
Depositor[, the Certificate Insurer], the Transferor, the Master Servicer and to
its predecessor trustee an instrument accepting such

                                      -91-
<PAGE>

appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The predecessor trustee
shall deliver to the successor trustee all Mortgage Files and related documents
and statements held by it hereunder, and the Master Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for more fully and certainly vesting and confirming
in the successor trustee all such rights, powers, duties and obligations. No
successor trustee shall accept appointment as provided in this Section unless at
the time of such acceptance such successor trustee shall be eligible under the
provisions of Section 9.6. Upon acceptance of appointment by a successor trustee
as provided in this Section, the Master Servicer shall mail notice of the
succession of such trustee hereunder to all Holders of Certificates at their
addresses as shown in the Certificate Register and to _______ and _______. If
the Master Servicer fails to mail such notice within 10 days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such
notice to be mailed at the expense of the Master Servicer.

            Section 9.9   Merger Or Consolidation Of Trustee. Any Person into
which the Trustee may be merged or converted or with which it may be
consolidated or any corporation or national banking association resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation or national banking association succeeding to the business of
the trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 9.6, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

            Section 9.10   Appointment Of Co-Trustee Or Separate Trustee.
Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the Master
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
9.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 9.6 hereunder, and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 9.8 hereof.

            (a) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 9.10, all rights, powers, duties and
obligations conferred or imposed upon the Trustee shall be conferred or imposed
upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly, except to the extent that under any law of any jurisdiction
in

                                      -92-
<PAGE>

which any particular act or acts are to be performed (whether as Trustee
hereunder or as successor to the Master Servicer hereunder), the Trustee shall
be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the
Trust Fund or any portion thereof in any such jurisdiction) shall be exercised
and performed by such separate trustee or co-trustee at the direction of the
Trustee.

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

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

            Section 9.11   Tax Returns; Oid Interest Reporting. The Master
Servicer and the Depositor, as applicable, upon request, will promptly furnish
the Trustee with all such information as may be reasonably required in
connection with the Trustee's preparation of all Tax Returns of the Trust Fund
(including all such loan level information as the Trustee may reasonably
request) or for the purpose of the Trustee responding to reasonable requests for
information made by Certificateholders in connection with tax matters, and, upon
request within seven (7) Business Days after its receipt thereof, the Master
Servicer shall (i) sign on behalf of the Trust Fund any Tax Return that the
Master Servicer is required to sign pursuant to applicable federal, state or
local tax laws, and (ii) cause such Tax Return to have been returned to the
Trustee for filing and for distribution to Certificateholders if required.

            [Section 9.12 12 Retirement Of Certificates. The Trustee shall, upon
the retirement of the Certificates pursuant hereto or otherwise, furnish to the
Certificate Insurer a notice of such retirement, and, upon retirement of the
Certificates and the expiration of the term of the Certificate Insurance Policy,
shall surrender the Certificate Insurance Policy to the Certificate Insurer for
cancellation.]

              [Remainder of this page intentionally left blank]

                                      -93-
<PAGE>

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

            Section 10.1   Limitation On Liability Of The Depositor And The
Master Servicer. Neither the Depositor nor the Master Servicer nor any of the
directors, officers, employees or agents of the Depositor or the Master Servicer
shall be under any liability to the Trust, the Certificateholders [or the
Certificate Insurer] for any action taken, or for refraining from the taking of
any action, in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Depositor or the
Master Servicer or any such Person against any breach of warranties or
representations made herein, or against any specific liability imposed on each
such party pursuant to this Agreement or against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
or duties hereunder. The Depositor or the Master Servicer and any director,
officer, employee or agent of the Depositor or the Master Servicer may rely in
good faith on any document of any kind which, prima facie, is properly executed
and submitted by any appropriate Person respecting any matters arising
hereunder.

            Section 10.2 Acts Of Certificateholders; Certificateholders' Rights.

            (a) Except as otherwise specifically provided herein, whenever
Certificateholder action, consent or approval is required under this Agreement,
such action, consent or approval shall be deemed to have been taken or given on
behalf of, and shall be binding upon, all Certificateholders if the Majority
Certificateholders [or the Certificate Insurer] agrees to take such action or
give such consent or approval.

            (b) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heir to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

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

            (d) The rights of the Certificateholders of Series 200_ - _ will be
determined pursuant to this Agreement. The rights of the Holders of any
certificates or other instruments which may be issued by the Trustee pursuant to
Section 4.2 of this Agreement shall be determined by a supplement with respect
thereto. Such supplement may provide for any other

                                      -94-
<PAGE>

agreements between the parties hereto as long as such agreements do not violate,
as to any Certificate, certificates or other instruments, Section 10.3.

            Section 10.3 Amendment Or Supplement.

            (a) This Agreement may be amended or supplemented from time to time
by the Master Servicer, the Depositor and the Trustee by written agreement[,
upon the prior written consent of the Certificate Insurer (which consent shall
not be withheld if, in the Opinion of Counsel addressed to the Trustee and the
Certificate Insurer, failure to amend would adversely affect the interests of
the Certificateholders and such consent would not adversely affect the interests
of the Certificate Insurer),] without notice to or consent of the
Certificateholders to cure any ambiguity, to correct or supplement any
provisions herein, to comply with any changes in the Code, or to make any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel, at
the expense of the party requesting the change, delivered to the Trustee [and
the Certificate Insurer], adversely affect in any material respect the interests
of any Certificateholder, adversely affect the status of the 200_ - _ REMIC as a
REMIC or cause a tax to be imposed on such REMIC; and provided, further, that no
such amendment shall reduce in any manner the amount of, or delay the timing of,
payments received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate, or change the
rights or obligations of any other party hereto without the consent of such
party; and provided, finally, that any such amendment shall, as evidenced by an
Opinion of Counsel, at the expense of the party requesting the change, delivered
to the Trustee [and the Certificate Insurer], comply with the terms of this
Agreement. The Trustee shall give prompt written notice to _______ and _______
of any amendment made pursuant to this Section 10.3 or pursuant to Section 6.10
of the Purchase and Sale Agreement.

            (b) This Agreement may be amended or supplemented from time to time
by the Master Servicer, the Depositor and the Trustee [with the consent of the
Certificate Insurer] (which consent shall not be withheld if, in the Opinion of
Counsel addressed to the Trustee [and the Certificate Insurer,] failure to amend
would adversely affect the interests of the Certificateholders and such consent
would not adversely affect the interests of the Certificate Insurer),the
Majority Certificateholders and the Holders of the majority of the undivided
beneficial ownership interest in the 200_ - _ REMIC as is represented by the
Class R Certificates for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Holders; provided, however, that no
such amendment shall be made unless the Trustee [and the Certificate Insurer]
receive an Opinion of Counsel, at the expense of the party requesting the
change, that such change will not adversely affect the status of the 200_ - _
REMIC as a REMIC or cause a tax to be imposed on such REMIC; and provided,
further, that no such amendment shall reduce in any manner the amount of, or
delay the timing of, payments received on Mortgage Loans which are required to
be distributed on any Certificate without the consent of the Holder of such
Certificate or reduce the percentage for the Holders of which are required to
consent to any such amendment without the consent of the Holders of 100% of
Certificates affected thereby; and provided, finally, that any such amendment
shall, as evidenced by an Opinion of Counsel, at the expense of

                                      -95-
<PAGE>

the party requesting the change, delivered to the Trustee [and the Certificate
Insurer], comply with the terms of this Agreement.

            (c) It shall not be necessary for the consent of Holders under this
Section to approve the particular form of any proposed amendment, but it shall
be sufficient if such consent shall approve the substance thereof.

            Section 10.4 Recordation Of Agreement. To the extent permitted by
applicable law, this Agreement, or a memorandum thereof if permitted under
applicable law, is subject to recordation in all appropriate public offices for
real property records in all of the counties or other comparable jurisdictions
in which any or all of the properties subject to the Mortgages are situated, and
in any other appropriate public recording office or elsewhere, such recordation
to be effected by the Master Servicer at the Certificateholders' expense on
direction and at the expense of Majority Certificateholders requesting such
recordation, but only when accompanied by an Opinion of Counsel to the effect
that such recordation materially and beneficially affects the interests of the
Certificateholders or is necessary for the administration or servicing of the
Mortgage Loans.

            Section 10.5 Duration Of Agreement. This Agreement shall continue in
existence and effect until terminated as herein provided.

            Section 10.6 Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given when
delivered to (i) in the case of the Master Servicer,
________________________________________________________, with a copy to
_______________________________________________________________ (with copies to
the Transferor), (ii) in the case of the Transferor, _____________________
_________________________________, with an additional copy of such notice
simultaneously delivered to the Master Servicer, (iii) in the case of the
Trustee, ________________________
___________________________________________________, _______ Home Equity Trust
200_ - _, (iv) in the case of the Certificateholders, as set forth in the
Certificate Register, (v) in the case of _______,
_______________________________________________________________, (vi) in the
case of _____________________________________________________________, [(vii) in
the case of the Certificate Insurer, ______________________________________
______________, (viii) in the case of Securitized Asset Backed Receivables LLC,
200 Park Avenue, New York, New York 10166, Attention: [________]. Any such
notices shall be deemed to be effective with respect to any party hereto upon
the receipt of such notice by such party, except that notices to the
Certificateholders shall be effective upon mailing or personal delivery.

            Section 10.7 Severability Of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be held
invalid for any reason whatsoever, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions or terms of this
Agreement.

                                      -96-
<PAGE>

            Section 10.8   No Partnership. Nothing herein contained shall be
deemed or construed to create a co-partnership or joint venture between the
parties hereto and the services of the Master Servicer shall be rendered as an
independent contractor and not as agent for the Certificateholders.

            Section 10.9 Counterparts. This Agreement 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 agreement.

            Section 10.10   Successors And Assigns. This Agreement shall inure
to the benefit of and be binding upon the Master Servicer, the Depositor, the
Trustee and the Certificateholders and their respective successors and permitted
assigns.

            Section 10.11   Headings. The headings of the various sections of
this Agreement have been inserted for convenience of reference only and shall
not be deemed to be part of this Agreement.

            [Section 10.12 The Certificate Insurer Default. Any right conferred
to the Certificate Insurer shall be suspended during any period in which a
Certificate Insurer Default exists. At such time as the Certificates are no
longer outstanding hereunder, and no amounts owed to the Certificate Insurer
hereunder remain unpaid, the Certificate Insurer's rights hereunder shall
terminate.]

            Section 10.13 Third Party Beneficiary. The parties agree that each
of the Transferor [and the Certificate Insurer] is intended and shall have all
rights of a third-party beneficiary of this Agreement.

            Section 10.14 Intent Of The Parties. It is the intent of the
Depositor and Certificateholders that, for federal income taxes, state and local
income or franchise taxes and other taxes imposed on or measured by income, the
Certificates will be treated as evidencing beneficial ownership interests in a
REMIC. The parties to this Agreement and the holder of each Certificate, by
acceptance of its Certificate, and each beneficial owner thereof, agree to
treat, and to take no action inconsistent with the treatment of, the
Certificates in accordance with the preceding sentence for purposes of federal
income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

            Section 10.15 Appointment Of Tax Matters Person. The Holders of the
Class R Certificates hereby appoint the Trustee to act as the Tax Matters Person
for the 200_ - _ REMIC for all purposes of the Code. The Tax Matters Person will
perform, or cause to be performed, such duties and take, or cause to be taken,
such actions as are required to be performed or taken by the Tax Matters Person
under the code. The Holders of the Class R Certificates may hereafter appoint a
different entity as their agent, or may appoint one of the Class R
Certificateholders to be the Tax Matters Person.

            Section 10.16 GOVERNING LAW CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL.

                                      -97-
<PAGE>

            (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS (AS OPPOSED TO CONFLICT OF LAWS PROVISIONS) OF THE STATE
OF NEW YORK.

            (b) THE MASTER SERVICER AND THE TRUSTEE HEREBY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED
STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND
EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT
ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS
SET FORTH IN SECTION 10.6 HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE
COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS,
POSTAGE PREPAID. THE DEPOSITOR, THE MASTER SERVICER AND THE TRUSTEE EACH HEREBY
WAIVE ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF
ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE TO
SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT ANY OF THEIR
RIGHTS TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER
JURISDICTION.

            (c) THE DEPOSITOR, THE MASTER SERVICER AND THE TRUSTEE EACH HEREBY
WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED
TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE WILL BE RESOLVED
IN A BENCH TRIAL WITHOUT A JURY.

                 [End of Agreement - Signature Pages Follow]

                                      -98-
<PAGE>

                                   EXHIBIT B-2

                         (FORM OF CLASS A-1 CERTIFICATE)

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

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

Certificate No.:

Cut-off Date:

First Distribution Date:

Pass-Through Rate:

Initial Certificate Principal Balance of this

Certificate ("Denomination"):    $

Initial Certificate Principal Balances of all
Certificates of this Class:      $

CUSIP:

                                     B-2-1-
<PAGE>

                    SECURITIZED ASSET BACKED RECEIVABLES LLC
              Home Equity Asset Backed Certificates, Series 200_-_
                                    Class A-1

evidencing a percentage interest in the distributions allocable to the
Certificates of the above-referenced Class with respect to a Trust Fund
consisting primarily of a pool of residential loans (the "MORTGAGE LOANS")
secured by [first liens on one- to four-family residential properties].
Securitized Asset Backed Receivables LLC, as Depositor

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

            This certifies that _______________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Denomination of this Certificate by the aggregate initial Class Principal
Balances of all Certificates of the Class to which this Certificate belongs) in
certain monthly distributions with respect to a Trust Fund consisting primarily
of the Mortgage Loans deposited by Securitized Asset Backed Receivables LLC (the
"DEPOSITOR"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "AGREEMENT") among
the Depositor, _______________________, as originator and servicer (the
"SERVICER"), and ______________________________, as trustee (the "TRUSTEE"). To
the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

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

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

                                     B-2-2-
<PAGE>

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

Dated: ____________, 20__

                                       ----------------------------, as Trustee

                                       By:
                                          ------------------------------------

Countersigned:

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

    -----------------------------------
    as Trustee

                                     B-2-3-
<PAGE>

                        (Form of Reverse of Certificates)

                    SECURITIZED ASSET BACKED RECEIVABLES LLC
              Home Equity Asset Backed Certificates, Series 200_-_

            This Certificate is one of a duly authorized issue of Certificates
designated as Securitized Asset Backed Receivables LLC Mortgage Pass-Through
Certificates, of the Series specified on the face hereof (herein collectively
called the "CERTIFICATES"), and representing a beneficial ownership interest in
the Trust Fund created by the Agreement.

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account for
payment hereunder and that the Trustee is not liable to the Certificateholders
for any amount payable under this Certificate or the Agreement or, except as
expressly provided in the Agreement, subject to any liability under the
Agreement.

            This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Trustee.

            Pursuant to the terms of the Agreement, a distribution will be made
on the __th day of each month or, if such __th day is not a Business Day, the
Business Day immediately following (the "DISTRIBUTION DATE"), commencing on the
first Distribution Date specified on the face hereof, to the Person in whose
name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed to
Holders of Certificates of the Class to which this Certificate belongs on such
Distribution Date pursuant to the Agreement. The Record Date applicable to each
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.

            Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or
other entity having appropriate facilities therefor, if such Certificateholder
shall have so notified the Trustee in writing at least five Business Days prior
to the related Record Date and such Certificateholder shall satisfy the
conditions to receive such form of payment set forth in the Agreement, or, if
not, by check mailed by first class mail to the address of such
Certificateholder appearing in the Certificate Register. The final distribution
on each Certificate will be made in like manner, but only upon presentment and
surrender of such Certificate at the Office of the Trustee or such other
location specified in the notice to Certificateholders of such final
distribution.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicer and the Trustee with the consent of the Holders
of Certificates affected by such amendment evidencing the requisite Percentage
Interest, as provided in the Agreement. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange therefor or

                                     B-2-4-
<PAGE>

in lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register of the Trustee upon surrender of this Certificate for
registration of transfer at the Office of the Trustee or the office or agency
maintained by the Trustee in New York, New York, accompanied by a written
instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by the holder hereof or such holder's attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations and evidencing the same aggregate Percentage
Interest in the Trust Fund will be issued to the designated transferee or
transferees.

            The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest, as requested by the
Holder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

            The Depositor, the Servicer, and the Trustee and any agent of the
Depositor or the Trustee may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Trustee, nor any such agent shall be affected by any notice to the contrary.

            On any Distribution Date on which the Pool Principal Balance is less
than 10% of the aggregate Cut-off Date Principal Balances of the Mortgage Loans,
the Servicer will have the option to repurchase, in whole, from the Trust Fund
all remaining Mortgage Loans and all property acquired in respect of the
Mortgage Loans at a purchase price determined as provided in the Agreement. In
the event that no such optional termination occurs, the obligations and
responsibilities created by the Agreement will terminate upon the later of the
maturity or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund or the disposition of all property in
respect thereof and the distribution to Certificateholders of all amounts
required to be distributed pursuant to the Agreement. In no event, however, will
the trust created by the Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants living at the date of the
Agreement of a certain person named in the Agreement.

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

                                     B-2-5-
<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _____________________________________________________________
______________________________________________________________________________
    (Please print or typewrite name and address including postal zip code of
                                    assignee)

            the Percentage Interest evidenced by the within Certificate and
hereby authorizes the transfer of registration of such Percentage Interest to
assignee on the Certificate Register of the Trust Fund.

            I (We) further direct the Trustee to issue a new Certificate of a
like denomination and Class, to the above named assignee and deliver such
Certificate to the following address:

Dated:

                                       -------------------------------------
                                       Signature by or on behalf of assignor

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to
______________________________________________________________________________
______________________________________________________________________________
for the account of __________________________________________________________,
account number __________________, or, if mailed by check, to Statements
should be mailed to __________________________________________________________
______________________________________________________________________________
______________________________________________________________________________

            This information is provided by _________________________________,
the assignee named above, or ________________________________________________,
as its agent.

                                     B-2-6-
<PAGE>

STATE OF                )
                        )  ss.:
COUNTY OF               )

            On the day of _______, 20__ before me, a notary public in and for
said State, personally appeared ___________________________________, known to me
who, being by me duly sworn, did depose and say that he executed the foregoing
instrument.

                                       ---------------------------------------
                                                    Notary Public

            [Notarial Seal]

                                     B-2-7-
<PAGE>

                                   EXHIBIT B-6

                          (FORM OF CLASS R CERTIFICATE)

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

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

            NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED
UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO
THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO
THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
NO EFFECT.

Certificate No.:

Cut-off Date:

First Distribution Date:

Pass-Through Rate:

Initial Certificate Principal Balance of this

Certificate ("Denomination"):    $

Initial Certificate Principal Balances of all
Certificates of this Class:      $

CUSIP:

                                     B-6-1-
<PAGE>

                    SECURITIZED ASSET BACKED RECEIVABLES LLC

            Home Equity Asset Backed Certificates, Series 200_-_ evidencing
thedistributions allocable to the Class R Certificates with respect to a Trust
Fund consisting primarily of a pool of residential loans (the "MORTGAGE LOANS")
secured by [first liens on one- to four-family residential properties].

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

            This certifies that is the registered owner of the Percentage
Interest (obtained by dividing the Denomination of this Certificate by the
aggregate initial Class Principal Balances of all Certificates of the Class to
which this Certificate belongs) in certain monthly distributions with respect to
a Trust Fund consisting of the Mortgage Loans deposited by Securitized Asset
Backed Receivables LLC (the "DEPOSITOR"). The Trust Fund was created pursuant to
a Pooling and Servicing Agreement dated as of the Cut-off Date specified above
(the "AGREEMENT") among the Depositor, _______________________, as originator
and servicer (the "SERVICER"), and ____________________, as trustee (the
"TRUSTEE"). To the extent not defined herein, the capitalized terms used herein
have the meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.

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

            No transfer of a Class R Certificate shall be made unless the
Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or Section 4975 of the
Code, nor a person acting on behalf of any such plan, which representation
letter shall not be an expense of the Trustee or the Servicer, or (ii) in the
case of any such Class R Certificate presented for registration in the name of
an employee benefit plan subject to ERISA, or Section 4975 of the Code (or
comparable provisions of any subsequent enactments), or a trustee of any such
plan or any other person acting on behalf of any such plan, an Opinion of
Counsel satisfactory to the Trustee and the Servicer to the effect that the
purchase or holding of such Class R Certificate will not result in the assets of
the Trust Fund being deemed to be "plan assets" and subject to the prohibited
transaction provisions of ERISA and the Code and will not subject the Trustee or
the Servicer to any obligation in addition to those undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee or
the Servicer. Notwithstanding anything else to

                                     B-6-2-
<PAGE>

the contrary herein, any purported transfer of a Class R Certificate to or on
behalf of an employee benefit plan subject to ERISA or to the Code without the
opinion of counsel satisfactory to the Trustee as described above shall be void
and of no effect.

            Each Holder of this Class R Certificate will be deemed to have
agreed to be bound by the restrictions of the Agreement, including but not
limited to the restrictions that (i) each person holding or acquiring any
Ownership Interest in this Class R Certificate must be a Permitted Transferee,
(ii) no Ownership Interest in this Class R Certificate may be transferred
without delivery to the Trustee of (a) a transfer affidavit of the proposed
transferee and (b) a transfer certificate of the transferor, each of such
documents to be in the form described in the Agreement, (iii) each person
holding or acquiring any Ownership Interest in this Class R Certificate must
agree to require a transfer affidavit and to deliver a transfer certificate to
the Trustee as required pursuant to the Agreement, (iv) each person holding or
acquiring an Ownership Interest in this Class R Certificate must agree not to
transfer an Ownership Interest in this Class R Certificate if it has actual
knowledge that the proposed transferee is not a Permitted Transferee and (v) any
attempted or purported transfer of any Ownership Interest in this Class R
Certificate in violation of such restrictions will be absolutely null and void
and will vest no rights in the purported transferee.

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

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

                                     B-6-3-
<PAGE>

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

Dated: ____________, 20__

                                       __________________________ , as Trustee

                                       By:____________________________________

Countersigned:

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

    -----------------------------------
    as Trustee

                                     B-6-4-
<PAGE>

                        (Form of Reverse of Certificates)

                    SECURITIZED ASSET BACKED RECEIVABLES LLC
              Home Equity Asset Backed Certificates, Series 200_-_

            This Certificate is one of a duly authorized issue of Certificates
designated as _________ Home Equity Trust, Home Equity Asset Backed
Certificates, of the Series specified on the face hereof (herein collectively
called the "CERTIFICATES"), and representing a beneficial ownership interest in
the Trust Fund created by the Agreement.

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account for
payment hereunder and that the Trustee is not liable to the Certificateholders
for any amount payable under this Certificate or the Agreement or, except as
expressly provided in the Agreement, subject to any liability under the
Agreement.

            This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Trustee.

            Pursuant to the terms of the Agreement, a distribution will be made
on the __th day of each month or, if such __th day is not a Business Day, the
Business Day immediately following (the "DISTRIBUTION DATE"), commencing on the
first Distribution Date specified on the face hereof, to the Person in whose
name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed to
Holders of Certificates of the Class to which this Certificate belongs on such
Distribution Date pursuant to the Agreement. The Record Date applicable to each
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.

            Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or
other entity having appropriate facilities therefor, if such Certificateholder
shall have so notified the Trustee in writing at least five Business Days prior
to the related Record Date and such Certificateholder shall satisfy the
conditions to receive such form of payment set forth in the Agreement, or, if
not, by check mailed by first class mail to the address of such
Certificateholder appearing in the Certificate Register. The final distribution
on each Certificate will be made in like manner, but only upon presentment and
surrender of such Certificate at the Office of the Trustee or such other
location specified in the notice to Certificateholders of such final
distribution.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicer and the Trustee with the consent of the Holders
of Certificates affected by such amendment evidencing the requisite Percentage
Interest, as provided in the Agreement. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange therefor or

                                     B-6-5-
<PAGE>

in lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register of the Trustee upon surrender of this Certificate for
registration of transfer at the Office of the Trustee or the office or agency
maintained by the Trustee in New York, New York, accompanied by a written
instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by the holder hereof or such holder's attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations and evidencing the same aggregate Percentage
Interest in the Trust Fund will be issued to the designated transferee or
transferees.

            The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest, as requested by the
Holder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

            The Depositor, the Servicer, and the Trustee and any agent of the
Depositor or the Trustee may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Trustee, nor any such agent shall be affected by any notice to the contrary.

            On any Distribution Date on which the Pool Principal Balance is less
than 10% of the aggregate Cut-off Date Principal Balances of the Mortgage Loans,
the Servicer will have the option to repurchase, in whole, from the Trust Fund
all remaining Mortgage Loans and all property acquired in respect of the
Mortgage Loans at a purchase price determined as provided in the Agreement. In
the event that no such optional termination occurs, the obligations and
responsibilities created by the Agreement will terminate upon the later of the
maturity or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund or the disposition of all property in
respect thereof and the distribution to Certificateholders of all amounts
required to be distributed pursuant to the Agreement. In no event, however, will
the trust created by the Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants living at the date of the
Agreement of a certain person named in the Agreement.

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

                                     B-6-6-
<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s),  assign(s) and
transfer(s) unto _____________________________________________________________
______________________________________________________________________________
    (Please print or typewrite name and address including postal zip code of
                                    assignee)

            the Percentage Interest evidenced by the within Certificate and
hereby authorizes the transfer of registration of such Percentage Interest to
assignee on the Certificate Register of the Trust Fund.

            I (We) further direct the Trustee to issue a new Certificate of a
like denomination and Class, to the above named assignee and deliver such
Certificate to the following address:

Dated:

                                       -------------------------------------
                                       Signature by or on behalf of assignor

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
________________________________________________________________________________
for the account of ____________________________________________________________,
account number ____________, or, if mailed by check, to Statements should be
mailed to ______________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

            This information is provided by ___________________________________,
the assignee named above, or __________________________________________________,
as its agent.

                                     B-6-7-
<PAGE>

STATE OF                )
                        )  ss.:
COUNTY OF               )

            On the day of _______, 20__ before me, a notary public in and for
said State, personally appeared ___________________________________, known to me
who, being by me duly sworn, did depose and say that he executed the foregoing
instrument.

                                     -------------------------------------------
                                                    Notary Public

            [Notarial Seal]

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