Document:

Q1 2003 Exhibit 10.1

                                                              Exhibit 10.1

TWELFTH MODIFICATION AGREEMENT AND AGREEMENT
FOR E-SERVICES

THIS TWELFTH
MODIFICATION AGREEMENT ("Agreement") is made as of the 21st day of
February 2003 by and among E-LOAN, INC. (the "Borrower"), GMAC BANK
(the "Lender").

W IT N E S S E T H:

WHEREAS, the Borrower and Lender have entered
into a Warehouse Credit Agreement, dated as of November 1, 2001 (the
"Warehouse Credit Agreement") and other credit documents including but
not limited to the Note, Guaranty and Warehouse Security Agreement
(collectively, "Warehouse Credit Documents"), all capitalized terms
used herein without definition having the definitions given them in the
Warehouse Credit Agreement), pursuant to which Lender will advance funds to the
Borrower under the Warehouse Credit Agreement and the Borrower will pledge to
Lender the mortgage loans funded with such advances; and

 

WHEREAS, Lender developed a process by which an
approved borrower will be able to provide Lender with funding requests by e-
mailing, autoposting, or web mailing to Lender an encrypted file containing
information requested on the attached Warehouse Bank E-Fund Customer Import File
Layout attached hereto as Exhibit A , or by providing such information by
completing forms available on www.warehousebank.com  (the
"Service(s)"); 

WHEREAS, Borrower is willing to accept a license of
the Services on the terms and conditions defined by this Agreement and Lender
wishes to permit Borrower to use the Services; 

NOW, THEREFORE, in consideration of the mutual promises
herein contained, and intending to be bound hereby the parties agree as
follows:

1.Warehouse Credit Agreement.  The Warehouse Credit Agreement
is hereby amended as follows:

(a)The definition of "Authorized Employee"shall be added to
Section 1.01 of the Warehouse Credit Agreement and shall read in full as
follows: 

 "Authorized Employee"shall
mean any employee of the Borrower identified on Exhibit C attached hereto, and
updated from time to time as necessary, but not less frequently than every 30
calendar days, as an authorized person to engage in the ordinary course
activities in connection with this Agreement on behalf of the Borrower.  By way
of illustration, but not by way of limitation, the appearance of any Authorized
Employee's (i) name and signature on any Request for Advance submitted to Lender
or (ii) an Electronic Request for Advance is transmitted in accordance with
methods authorized by Lender or from an e-mail source acceptable to Lender,
shall be conclusive evidence that the transaction was authorized by
Borrower.

(b) The definition of "Wet
Advance" contained in Section 1.01 of the Warehouse Credit Agreement shall
be amended to read in full as follows:

"Wet Advance" shall mean an Advance made by the Lender
against the pledge of Eligible Mortgage Loans, Eligible HELOC/Second Mortgage
Loans or Eligible Nonconforming Mortgage Loans with respect to which the
Borrower has delivered to the Lender a Request for Advance or an Electronic
Request for Advance in accordance with Section 2.04 in lieu of the delivery
of the Mortgage Note related thereto; provided, however, that from
and after the date on which the Mortgage Note with respect to any such Mortgage
Loan is received by the Lender, such Advance shall cease to be a Wet
Advance."

(c)Section 2.03 of the Warehouse Credit Agreement is
amended to read in full as follows:

"2.03Pledge of
Collateral.  Whenever the Borrower desires to pledge a Mortgage Loan to the
Lender, it shall deliver to the Lender at its Office a pledge of Collateral
substantially in the form of Exhibit A-1 (the "Pledge of
Collateral").  Each Pledge of Collateral:  (i) shall be appropriately
completed by an Authorized Employee of the Borrower to describe the Collateral
to be pledged; and (ii) shall have attached thereto each of the Collateral
Documents required in the Pledge of Collateral, including, without limitation,
in the case of a Mortgage Loan with respect to which a Wet Advance is being
requested in accordance with Section 2.04, an assignment by the Borrower to
the Lender of the related Mortgage fully completed and in recordable form
reasonably satisfactory to Lender.  With respect to any Electronic Request for
Advance, Borrower does hereby grant to Lender a security interest in each of the
Mortgage Loans described in each Electronic Request for Advance and all
Collateral Documents creating or securing same ("Pledged Loans") to
secure the payment of all of the Obligations of Borrower, including without
limitation, all Obligations of the Borrower under the Warehouse Credit Agreement
and Warehouse Security Agreement.  The Borrower will deliver the Pledged Loans
to the Lender as required by the Warehouse Credit Agreement and Warehouse
Security Agreement."

(d)Section 2.04 of the Warehouse Credit Agreement is
amended to read in full as follows:

"Request for Advance.
Whenever the Borrower desires to incur an Advance hereunder, not later than 4:15
p.m. E.S.T. on the proposed date of such Advance, or such other time as Lender,
in its sole discretion, may deem appropriate from time to time (i) it shall
deliver to the Lender at its Office a request for Advance substantially in the
form of Exhibit A-2 or Exhibit A-3, as applicable (the "Request for
Advance") or (ii) by using a means of electronic transmission approved by the
Lender, transmit to Lender in an electronic format a request for Advance
("Electronic Request for Advance"), which shall include all
information required by Exhibit A-2 or A-3.  Before disbursing funds for an
Advance to be secured by a Mortgage Loan with an outstanding principal amount in
excess of $650,000, the Lender shall have reviewed documentation it deems
necessary and approved such Advance.  Each Request for Advance or Electronic
Request for Advance:  (i) shall be appropriately completed by an Authorized
Employee of the Borrower to specify the aggregate principal amount of the
Advance or Wet Advance to be made and the proposed date of such Advance (which
shall be a Business Day) or (ii) for Electronic Request for Advance, such
Electronic Request for Advance shall be delivered to Lender in accordance with
procedures previously approved or otherwise acceptable by Lender; and
(iii) shall, in the case of a Wet Advance, include instructions with
respect to the disbursement of such Wet Advance.  The Lender is entitled to rely
upon and act upon Electronic Request for Advance and the Borrower shall be
unconditionally and absolutely estopped from denying (x) the authenticity and
validity of any such transaction so acted upon by the Lender once the Lender has
advanced funds and has deposited or transferred such funds as requested in any
such Electronic Request and (y) the Borrower's liability and responsibility
therefor."

(e)Section 2.5 of the Warehouse Credit Agreement is
amended to read in full as follows:

"2.05Disbursement of Funds.  (a)  On the
date specified in the Request for Advance or Electronic Request of Advance with
respect to any Advance other than a Wet Advance, the Lender may, at its option,
make available to the Borrower the amount of such Advance requested to be made
on such date by wire transfer of funds to the Borrower's Advance Account, or
such other account as Borrower's Authorized Employee may direct in writing from
time to time.  (b)On the date specified in the Request for Advance or
Electronic Request of Advance with respect to any Wet Advance, the Lender may,
in its reasonable discretion, disburse the amount of such Wet Advance directly
to the appropriate title company, escrow agent or closing agent, by cashier's
check or wire transfer in accordance with the instructions set forth in the
related Request for Advance or Electronic Request of Advance, the Lender's
customary practice and the requirements of applicable law. (c)In the event
that a Wet Advance is disbursed by a cashier's check sent by the Lender or the
Lender's bank to the appropriate title company, escrow agent or closing agent,
the Lender may, in its reasonable discretion, disburse the amount of such Wet
Advance under cover of an instruction letter substantially in the form of
Exhibit B-1 (a "Wet Advance Disbursement Instruction").  In the
event that a Wet Advance is to be disbursed by wire transfer or by a cashier's
check printed at the Borrower's office and sent by the Borrower to the
appropriate title company, escrow agent or closing agent, the Borrower shall
deliver to the appropriate title company, escrow agent or closing agent an
instruction letter substantially in the form of Exhibit B-2 (a
"Borrower's Wet Advance Disbursement Instruction").  Upon the request
of the Lender, the Borrower shall deliver to the Lender a copy of any Borrower's
Wet Advance Disbursement Instruction delivered by the Borrower."

(f)Section 5.03 of the Warehouse
Credit Agreement is amended to read in full as follows:

"5.03Request for Advance or
Electronic Request for Advance.  Prior to the making of each Advance, the
Lender shall have received a Request for Advance or Electronic Request for
Advance with respect thereto meeting the requirements of
Section 2.04."

(g)Section 11.01(viii) of the
Warehouse Credit Agreement is amended to read in full as follows:

"(viii)  the loss, misplacement
or destruction of any  cashier's check issued by the Lender in respect of any
Advance after receipt of such check by the closing  agent, escrow agent, title
company, attorney or any  other authorized party identified in the Request for
Advance or Electronic Request for Advance relating to such Advance, it being
understood  and agreed that, notwithstanding the indemnity under  this
Section 11.01(c)(viii) or any such loss, misplacement or destruction, the
funds represented by  any such lost, misplaced or destroyed cashier's check
shall constitute an Advance hereunder; and"

2.Grant of Limited License. (a)Lender hereby grants to Borrower, for the term of the Warehouse
Credit Agreement, upon the terms and conditions set forth herein, a limited,
royalty free, non-transferable, non-exclusive license to use the Services for
the term specified below; (b) The license grant herein is solely for Borrower's
internal, non-commercial, use of the Services, or any portion thereof on the
applicable computer system ("Computer System") under its control; (c)
No Copies.  No right to reproduce or copy the Services in whole or part
is granted.  

3.Term
and Termination.  The
Term will begin upon the execution of this Agreement and will remain in force
until the earliest occurrence of any of the following: (a)
Borrower discontinues use of the Services, in which case Borrower shall promptly
notify Lender of its actions; or (b) until the termination or expiration of the
Warehouse Credit Agreement. Either party may terminate the license under this
Agreement at any time by notifying the other in writing. Upon termination or
cancellation, Borrower agrees to return to Lender, or at the option of Lender,
destroy and certify destruction of all copies, in whole or in part, of the
Services, and all other tangible or machine resident forms of Confidential
Information relating to the performance of this Agreement.  Any and all licenses
granted herein automatically terminate upon termination or cancellation of the
Warehouse Credit Agreement.

4.Obligations of Lender. 

(a)Services. Lender will
provide Borrower with use of the Services for use on Borrower's Computer System
as described herein. The Borrower agrees that,
in its use of the Services, it will comply at all times and in all respects with
the provisions of this Agreement and the Warehouse Credit Agreement. 

(b)Encryption Key.  Lender will supply the
Borrower with the PGP encryption software key which will enable the Borrower to
use the Service to electronically transmit Advance Requests.  Each instruction
to process an Electronic Request for Advance through e-mail must be encrypted
using the key supplied by Lender. 

5.Obligations of Borrower.  

(a)Equipment. Borrower, at its sole expense, is
responsible for providing all computer hardware, software and other equipment
and facilities necessary for use of the Services. Borrower acknowledges that
Lender WILL NOT be supporting Borrower's computer NOR the internet provider in
order for Borrower to utilize the Service, and any maintenance or repair of same
shall be Borrower's sole responsibilities.

(b)The Borrower agrees
to keep all information relating to its identification number and password
strictly confidential with such information being given only to a limited number
of employees of the Borrower who have an absolute need to know such information
in order to carry out their job responsibilities for the Borrower, and the
Borrower will be responsible for the maintenance of security over such
identification number and password.  From time to time, but not less frequently
than every 30 calendar days, the Borrower must change its password through
procedures provided by Lender. Use of a password by the Borrower with
instructions to process an Electronic Request for Advance shall be deemed to be
conclusive evidence that the Borrower has duly authorized the Electronic Request
for Advance.

(c)Reversing or Canceling Electronic Advance
Requests. The Borrower shall advise Lender by telephone, and confirmed in
writing in the event that the Borrower wishes to have Lender reverse or cancel
Electronic Advance Request which has been initiated by the Borrower.  The
Borrower agrees that if Lender processes a reversal or cancellation or an
Electronic Request for Advance at the request of the Borrower, in accordance
with Section 9 hereof, the Borrower does hereby release and agrees to indemnify
Lender and hold Lender harmless from any claims against Lender arising from such
reversal.

(d)From time to time, but not less frequently than every
30 calendar days, Borrower shall provide to Lender a list of names, positions,
signatures and passwords for individuals authorized to utilize the Services in
the form reasonably acceptable to Lender.  Borrower's release and
indemnification obligations under Section 9 hereunder shall apply in the event
of Borrower's failure to comply with the requirements of this Section.

(e)Borrower's Data.(1)Borrower agrees that
it will not use the Services in a manner that exposes valuable or irreplaceable
data to loss or damage by potential malfunctioning of the Services. Borrower
acknowledges it is solely responsible for the protection and back-up of any
Borrower data and software used in conjunction with the Services. (2) If
Borrower provides information to Lender by e-mail, Borrower must utilize PGP
software encryption . Lender shall supply to Borrower a PGP encryption key and
Borrower shall be obligated to utilize such key for all encryptions.  Borrower
shall bear all responsibility and liability arising from failure to use the PGP
encryption software or failure to provide Lender with a decryption key.

(f)Error and Failure Reporting. Borrower will
promptly notify Lender of any software errors, failures, problems, damage to or
loss of data, or any other defects in the Services discovered by Borrower. 

(g)The Borrower shall establish security procedures for
identification numbers and passwords, which procedures shall be approved by and
satisfactory to Lender.  The Borrower shall assure that the security system on
all computers is activated at all times and operates to require the use of a
password to log on to the Service. Borrower agrees that it is responsible for
maintaining the security and confidentiality of the user names and passwords
issued by Lender to Borrower's agents or employees.  Borrower represents and
warrants that it will not permit unauthorized individuals to use its user names
and/or passwords to access the Service. Borrower is responsible for the actions
of any individuals using its user names and/or passwords to access the Service
and hereby forever releases Lender and agrees to defend and indemnify Lender
against any claims, losses, damages, costs, expenses, fines and other
liabilities, including attorneys' fees, arising out of Borrower's failure to
maintain the security and confidentiality of its user names and/or passwords or
arising out of the unlawful use of the Service by Borrower or by any person who
obtains access to the Service using Borrower's user names and/or passwords.

(h)The Borrower acknowledges that passwords will be
deactivated if the Borrower stops using the Service at any time and for any
reason, including termination by Lender of this Agreement or the Warehouse
Credit Agreement. 

(i)Borrower's obligations shall not be limited to those
enumerated in this section, and shall include, by way of illustration but not by
way of limitation, all other obligations listed in this Agreement or the
Warehouse Credit Agreement or other Warehouse Credit Document.

6. Confidentiality and Protection of
Materials.

(a)Definitions.  "Confidential
Information" may include, but is not limited to, the following information:
(1) The Services and all components thereof in any form, including written
materials related thereto; (2)Any other information disclosed by Lender.
Confidential Information shall not include information which is (1) or becomes
rightfully available to third parties without restriction and without breach of
this Agreement by Borrower; or (2) rightfully becomes part of the public domain
without breach of this Agreement; or (3) rightfully becomes known or available
to Borrower without restriction from another source that has properly obtained
and disclosed the Confidential Information.

(b)Status of Services.  Borrower acknowledges
that the Services provided by Lender constitute commercially valuable,
proprietary trade secrets and confidential information of Lender and/or Lender's
licensor(s).

(c)Borrower Obligations.  Borrower agrees
not to disclose directly or indirectly, in whole or in part, or to take any
action that would result in the unauthorized disclosure to any third party any
Confidential Information hereunder except as authorized by this Agreement or by
express written consent of Lender.  Borrower agrees not to disclose to any third
party that it is or will be utilizing, or has tested the Services except at the
request of, or with the written approval of Lender.  Borrower will not sell,
transfer, publish, disclose, display, reproduce or otherwise make available the
Services or copies thereof in any form whatsoever, to any third party without
the prior written approval of Lender.  Borrower shall use the same degree of
care but no less than a reasonable degree of care to protect the Confidential
Information as it uses to protect its own proprietary and confidential
information. Borrower agrees to secure and protect the Services and any copies
thereof in a manner consistent with the maintenance of the rights of Lender
therein and to take appropriate action by instruction or agreement with its
employees who are permitted access to the Services to satisfy its obligations
under this section.  Borrower personnel who have access to the Services, before
any such access is given, shall be informed of the confidential nature of the
Services and the obligations of Borrower hereunder.

(d)The Borrower shall treat as confidential the terms and provisions of
this Agreement and shall take all necessary measures to prevent their disclosure
to any third party without Lender prior written consent, provided, however, that
this Agreement may be filed with the U.S. Securities and Exchange Commission
("SEC") in connection with the parties' quarterly or annual SEC
reports. 

7.Inspections.  

(a)The Borrower shall permit officers and designated
representatives of Lender to visit and inspect any of the properties of the
Borrower in order to inspect the Borrower's business operations and to verify
the security measures in effect, all at such reasonable times and to such extent
as Lender may request.

(b)At least once annually, Lender at its expense, or
their respective affiliates as appropriate, or their designated representatives,
shall have the right to make periodic examinations and/or audits of Borrower's
facilities, procedures, documentation, books and records, and in connection
therewith, to interview Supplier personnel for the purpose of assuring
Borrower's compliance with the terms and conditions of this Agreement.  In
addition, Borrower shall cooperate with any federal or state regulatory agencies
seeking to conduct periodic examinations and/or inspections of Borrower's
facilities and procedures if (a) legally required or (b) appropriate for
purposes of demonstrating and testing Lender or Lender's compliance with
applicable regulatory and other legal requirements.  

(c)Lender considers compliance with
the audit provisions described herein to be material provisions of this
Agreement.

8.Intellectual Property Rights. 

(a)Rights of Lender.  The Services and
all copies thereof, all reports and other materials made or developed under this
Agreement are proprietary to Lender and are the property of Lender and/or its
licensors. Any and all applicable rights, title, and interest in copyrights,
trademarks, and trade secrets in the Services, all reports and other materials
made or developed under this Agreement, are and will remain solely and
exclusively with Lender and/or its licensors. No title to or ownership of the
Services or any Confidential Information is transferred hereby. All right, title
and interest in and to any invention relating to the Services whether or not
patentable, conceived or made in the course of, or as a result of performance of
this Agreement shall be the exclusive property of Lender.  

(b)Ownership Acknowledgment.  Borrower
acknowledges that the Services are protected by a copyright interest and that
the intellectual property rights defined in this Agreement are owned by Lender
and/or Lender's licensors. 

(c)Ownership of Modifications.  Lender
shall have the full right, title and interest, to all such changes,
modifications and enhancements, including but not limited to the incorporation
thereof into the Services for assignment, license or other transfers to third
parties.  

9.Acknowledgements, Limitations of Warranties and
Remedies.

(a)Borrower hereby agrees to release
Lender, its subsidiaries, and their owners, officers, directors, agents and
employees from any and all claims and damages and the cost of defending the
same, including reasonable attorneys' fees, which may arise out of or in
connection with Borrower's use of the Services, or the use or failure to use the
PGP encryption software.  Borrower agrees to hold harmless and indemnify Lender
its subsidiaries, and their owners, officers, directors, agents and employees
from any and all claims and damages and the cost of defending the same,
including reasonable attorneys' fees, which may be brought against Lender by
third parties as a result of Borrower's use of the Services, or Borrower's use
or failure to use the PGP encryption software with Lender's encryption key. 

(b)Borrower shall have the sole responsibility for
adequate protection and backup of its data used in connection with the Services
and Borrower shall have no claim against Lender for lost data, re-run time,
inaccurate input, work delays or other damages resulting from the use of the
Services.  

(c)LENDER MAKES NO REPRESENTATIONS OR WARRANTIES
REGARDING THE SERVICES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION
WARRANTIES AS TO MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
BORROWER ACCEPTS THE PRODUCT AND SERVICES IN "AS IS" CONDITION. 

(d)IN NO EVENT SHALL LENDER BE LIABLE FOR ANY
DAMAGES, INCLUDING, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES IN CONNECTION
WITH OR ARISING OUT OF THE FURNISHING, THE PERFORMANCE, OR THE USE OF THE
SERVICES.

(e)Borrower's sole and exclusive remedy for breach of
this Agreement due to matters beyond Lender's reasonable control, regardless of
the form of action chosen by Borrower, whether in contract or in tort or
otherwise, is termination of the license in accordance with Section 9.

(f)The Borrower
represents that neither this Agreement nor any transaction contemplated thereby
will violate any legal restriction applicable to the Borrower or such
transaction. Lender shall not be liable for any losses, damages, liabilities or
costs suffered or incurred by the Borrower or any third party as a result of (a)
an unauthorized use of any identification number or password to submit an
Electronic Request for Advance or an unauthorized use of Services due to the
action of Borrower personnel or agents or a breach of security at the Borrower's
site(s).  In no event shall Lender be liable for special, indirect or
consequential damages.

10.References to Warehouse Credit
Agreement. Any default under this Agreement shall constitute an Event of
Default under the Warehouse Credit Agreement, and any Default under the
Warehouse Credit Agreement shall constitute a default under this Agreement.
Upon the effectiveness of this Agreement, each reference in the Warehouse Credit
Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import, and each
reference in the Note, the Warehouse Security Agreement, the Guaranty Agreement
and any other Warehouse Credit Document to the Warehouse Credit Agreement, shall
mean and be a reference to the Warehouse Credit Agreement as amended
hereby.

11.Ratification of Documents.

	Except as specifically amended herein, the Warehouse
Credit Agreement, the Note, the Warehouse Security Agreement, the Guaranty
Agreement and the Support Agreement shall remain unaltered and in full force and
effect and are hereby ratified and confirmed.

	The execution, delivery and effectiveness of this
Agreement shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of the Lender under the Warehouse Credit Agreement,
the Note, the Warehouse Security Agreement, the Guaranty Agreement or any other
Warehouse Credit Document nor constitute a waiver of any default or Event of
Default under the Warehouse Credit Agreement, the Note, the Warehouse Security
Agreement, the Guaranty Agreement or the Support Agreement.

	Representations and Warranties.  The Borrower
hereby certifies that (i) the representations and warranties which it made
in the Warehouse Credit Agreement and the Warehouse Security Agreement are true
and correct as of the date hereof and (ii) no Event of Default and no event
which could become an Event of Default with the passage of time or the giving of
notice, or both, under the Note, the Warehouse Credit Agreement or the Warehouse
Security Agreement exists on the date hereof.

	Miscellaneous. 

	Governing Law.This Agreement shall be governed
by and construed according to the laws of the State of Delaware without regard
to principles of conflicts of laws and shall be binding upon and shall inure to
the benefit of the parties hereto, their successors and assigns.

	Conterparts.This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

	Severability.  In
the event that any provision of this Agreement shall be held to be invalid or
unenforceable in any circumstance, such invalidity or unenforceability shall not
affect any other provision of this Agreement.

	Successors.  This Agreement shall be mutually
binding upon, and inure to the mutual benefit of, both parties hereto and their
respective successors. 

	Independent
contractors.  In making and performing this Agreement, the parties
act and shall act at all times as independent contractors and nothing contained
in this Agreement shall be construed or implied to create the relationship of
partner, joint venture, or of employer and employee or any other relationship or
agency between the parties.  At no time shall either party make commitments or
incur any charges or expenses for or in the name of the other party, nor use the
name of the other party in any advertising or marketing without the prior
written consent of the other party.

	Entire Agreement; Modification.  This Agreement
constitutes the entire agreement between the parties relating to the subject
mater hereof.  This Agreement may not be modified without the prior written
consent of the parties hereto.

	Survival.  All indemnities set forth herein and the
Borrower's obligations to Lender shall survive the termination of this
Agreement.

	Force Majeure.  If performance by either party of
any obligations under this Agreement is prevented, restricted, delayed or
interfered with by reason of labor disputes, strikes, acts of God, floods,
lightning, severe weather, shortages of materials, rationing, utility or
communication failures, failure or delay in receiving electronic data,
earthquakes, war, revolution, civil commotion, acts of public enemies, blockade,
embargo or any law, or any other act or omission whatsoever, whether similar or
dissimilar to those referred to in this clause, which is or are beyond the
reasonable control of either party, each party shall provided notice to the
other party identifying the cause of the prevention, restriction, delay or
interference and the such party shall be excused from performance to the extent
of the prevention, restriction, delay or interference, so long as such party is
taking reasonable action to accomplish such performance as promptly as possible
under the circumstances.

	

	Assignment.  This Agreement and the license granted
hereunder may not be assigned, sublicensed, or otherwise transferred in whole or
in part by Borrower without the prior written consent of Lender.

	This Agreement is intended to take effect as a document
under seal. 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed and delivered by their respective duly authorized
officers as of the date first written above.

	 	
E-LOAN, INC.

	

	
By:  /s/ Matt Roberts/s/ Joe
Kennedy

	

	
Its:     CFO/
President

	 	 
	

	
GMAC BANK

	

	
By:____/s/________________________

	

	
Its: Senior Vice
President

 

 

EXHIBIT A*

Warehouse Bank E-Fund Customer Import File Form

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Exhibits and schedules have been omitted in accordance with Item 601 of
Regulation S-K, and will be provided upon request.Q1 2003 Exhibit 10.2

                                                              Exhibit 10.2

MASTER MORTGAGE LOAN PURCHASE AND INTERIM SERVICING
AGREEMENT

E-LOAN, INC.

Seller and Interim Servicer

 

GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

Purchaser

 

Dated as of February 1, 2003

Adjustable Rate Mortgage Loans

MASTER MORTGAGE LOAN PURCHASE AND INTERIM SERVICING
AGREEMENT

This is a MASTER MORTGAGE LOAN PURCHASE AND INTERIM SERVICING
AGREEMENT (the "Agreement"), dated as of February 1, 2003, by and
between Greenwich Capital Financial Products, Inc., having an office at 600
Steamboat Road, Greenwich, Connecticut  06830 (the "Purchaser") and
E-Loan, Inc., having an office at 5875 Arnold Road, Dublin, California 94568 (the
"Seller").

W I T N E S S E T H :

WHEREAS, the Seller desires to sell, from time to time, to
the Purchaser, and the Purchaser desires to purchase, from time to time, from
the Seller, certain conventional adjustable rate residential first lien mortgage
loans, (the "Mortgage Loans"), including the right to any Prepayment
Charges or penalties payable by the related Mortgagors in connection with any
principal prepayments on the Mortgage Loans, as described herein on a
servicing-released basis, and which shall be delivered in groups of whole loans on various
dates as provided herein (each, a "Closing Date");

WHEREAS, each Mortgage Loan is secured by a mortgage, deed of
trust or other security instrument creating a first lien on a residential
dwelling located in the jurisdiction indicated on the Mortgage Loan Schedule for
the related Mortgage Loan Package, which is to be annexed hereto on each Closing
Date as Schedule I;

WHEREAS, the Purchaser and the Seller wish to prescribe the
manner of the conveyance, interim servicing and control of the Mortgage Loans;
and

WHEREAS, following its purchase of the Mortgage Loans from
the Seller, the Purchaser desires to sell some or all of the Mortgage Loans to
one or more purchasers as a whole loan transfer in a whole loan or participation
format or a public or private mortgage-backed securities transaction;

NOW, THEREFORE, in consideration of the premises and mutual
agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Purchaser and the
Seller agree as follows:

SECTION 1. Definitions.  For purposes of this Agreement the
following capitalized terms shall have the respective meanings set forth
below.

Adjustment Date:  The date set forth in the related
Mortgage Note on which the Mortgage Interest Rate on such Mortgage Loan is
adjusted in accordance with the terms of the related Mortgage Note.

Agreement:  This Master Mortgage Loan Purchase and
Interim Servicing Agreement including all exhibits, schedules, amendments and
supplements hereto.

Appraised Value:  With respect to any Mortgaged
Property, the lesser of (i) the value thereof as determined by an appraisal made
for the originator of the Mortgage Loan at the time of origination of the
Mortgage Loan by an appraiser who met the minimum requirements of FNMA and
FHLMC, and (ii) the purchase price paid for the related Mortgaged Property by
the Mortgagor with the proceeds of the Mortgage Loan, provided, however, in the
case of a Refinanced Mortgage Loan, such value of the Mortgaged Property is
based solely upon the value determined by an appraisal made for the originator
of such Refinanced Mortgage Loan at the time of origination of such Refinanced
Mortgage Loan by an appraiser who met the minimum requirements of FNMA and
FHLMC.

Assignment and Conveyance:  An assignment and
conveyance of the Mortgage Loans purchased on a Closing Date in the form annexed
hereto as Exhibit 4.

Assignment of Mortgage: An individual assignment of
the Mortgage, notice of transfer or equivalent instrument in recordable form,
sufficient under the laws of the jurisdiction wherein the related Mortgaged
Property is located to give record notice of the sale of the Mortgage to the
Purchaser.

Business Day: Any day other than a Saturday or Sunday,
or a day on which banking and savings and loan institutions in the State of New
York are authorized or obligated by law or executive order to be closed.

Cash-Out Refinancing:  A Refinanced Mortgage Loan the
proceeds of which were in excess of the principal balance of any existing first
mortgage on the related Mortgaged Property and related closing costs, and were
used to pay any such existing first mortgage, related closing costs and
subordinate mortgages on the related Mortgaged Property.

Closing Date: The date or dates on which the Purchaser
from time to time shall purchase and the Seller from time to time shall sell to
the Purchaser, the Mortgage Loans listed on the related Mortgage Loan Schedule
with respect to the related Mortgage Loan Package.

Closing Documents:  With respect to any Closing Date,
the documents required pursuant to Section 9.

Code:  The Internal Revenue Code of 1986, or any
successor statute thereto.

Condemnation Proceeds:  All awards, compensation and
settlements in respect of a taking of all or part of a Mortgaged Property by
exercise of the power of condemnation or the right of eminent domain.

Confirmation:  With respect to any Mortgage Loan
Package purchased and sold on any Closing Date, the letter agreement between the
Purchaser and the Seller, in the form annexed hereto as Exhibit 10
(including any exhibits, schedules and attachments thereto), setting forth the
terms and conditions of such transaction and describing the Mortgage Loans to be
purchased by the Purchaser on such Closing Date.  A Confirmation may relate to
more than one Mortgage Loan Package to be purchased on one or more Closing Dates
hereunder.

Convertible Mortgage Loan: A Mortgage Loan that by its
terms and subject to certain conditions contained in the related Mortgage or
Mortgage Note allows the Mortgagor to convert the adjustable Mortgage Interest
Rate on such Mortgage Loan to a fixed Mortgage Interest Rate.

Custodial Account: The separate account or accounts,
each of which shall be an Eligible Account, created and maintained pursuant to
this Agreement, which shall be entitled "E-Loan, Inc., as servicer, in
trust for the Purchaser and various Mortgagors, Adjustable Rate Mortgage
Loans", established at a financial institution acceptable to the
Purchaser.

Custodial Agreement: The agreement governing the
retention of the originals of each Mortgage Note, Mortgage, Assignment of
Mortgage and other Mortgage Loan Documents, a form of which agreement is annexed
hereto as Exhibit 6.

Custodian: The custodian under the Custodial
Agreement, or its successor in interest or assigns, or any successor to the
Custodian under the Custodial Agreement, as therein provided.

Cut-off Date: The first day of the month in which the
related Closing Date occurs.

 Deleted Mortgage Loan:  A Mortgage Loan replaced or
to be replaced by a Qualified Substitute Mortgage Loan.

Determination Date:  With respect to each Distribution
Date, the fifteenth (15th) day of the calendar month in which such Distribution
Date occurs or, if such fifteenth (15th) day is not a Business Day, the Business
Day immediately preceding such fifteenth (15th) day.

Distribution Date:  The eighteenth (18th) day of each
month, commencing on the eighteenth day of the month next following the month in
which the related Cut-off Date occurs, or if such eighteenth (18th) day is not a
Business Day, the first Business Day immediately following such eighteenth
(18th) day.

Due Date: With respect to each Distribution Date, the
first day of the calendar month in which such Distribution Date occurs, which is
the day on which the Monthly Payment is due on a Mortgage Loan, exclusive of any
days of grace.

Eligible Account:  Either (i) an account or accounts
maintained with a federal or state chartered depository institution or trust
company the short-term unsecured debt obligations of which (or, in the case of a
depository institution or trust company that is the principal subsidiary of a
holding company, the short-term unsecured debt obligations of such holding
company) are rated A-1 by S&P or Prime-1 by Moody's (or a comparable rating
if another rating agency is specified by the Purchaser by written notice to the
Seller) at the time any amounts are held on deposit therein, (ii) an account or
accounts the deposits in which are fully insured by the FDIC or (iii) a trust
account or accounts maintained with a federal or state chartered depository
institution or trust company acting in its fiduciary capacity.  Eligible
Accounts may bear interest.

Escrow Account: The separate trust account or accounts
created and maintained pursuant to this Agreement which shall be entitled
"E-Loan, Inc., as servicer, in trust for the Purchaser and various
Mortgagors, Adjustable Rate Mortgage Loans," established at a financial
institution acceptable to the Purchaser.

Escrow Payments:   The amounts constituting ground
rents, taxes, assessments, water charges, sewer rents, fire and hazard insurance
premiums, Primary Insurance Policy premiums and other payments required to be
escrowed by the Mortgagor with the Mortgagee pursuant to the terms of any
Mortgage Note or Mortgage.

Event of Default:  Any one of the events enumerated in
Subsection 14.01.

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

FHLMC: Freddie Mac or any successor thereto.

Final Recovery Determination: With respect to any
defaulted Mortgage Loan or any REO Property (other than a Mortgage Loan or REO
Property purchased by the Seller pursuant to this Agreement), a determination
made by the Seller that all Insurance Proceeds, Liquidation Proceeds and other
payments or recoveries which the Seller, in its reasonable good faith judgment,
expects to be finally recoverable in respect thereof have been so recovered.
The Seller shall maintain records, prepared by a servicing officer of the
Seller, of each Final Recovery Determination.

Flood Zone Service Contract:  A transferable contract
maintained for the Mortgaged Property with a nationally recognized flood zone
service provider for the purpose of obtaining the current flood zone status
relating to such Mortgaged Property.

FNMA:  Fannie Mae or any successor thereto.

Gross Margin: The fixed percentage amount set forth in
the related Mortgage Note and the related Mortgage Loan Schedule that is added
to the Index on each Adjustment Date in accordance with the terms of the related
Mortgage Note to determine the new Mortgage Interest Rate for such Mortgage
Loan.

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

Index: The index identified on the Mortgage Loan
Schedule and set forth in the related Mortgage Note for the purpose of
calculating the interest rate thereon.

Initial Closing Date:  The Closing Date on which the
Purchaser purchases and the Seller sells the first Mortgage Loan Package
hereunder.

Insurance Proceeds: With respect to each Mortgage
Loan, proceeds of insurance policies insuring the Mortgage Loan or the related
Mortgaged Property.

Interim Servicing Period:  With respect to any
Mortgage Loan, the period commencing on the related Closing Date and ending on
the date specified in the related Confirmation, provided, however that the
Interim Servicing Period may be extended for additional periods of thirty days
by written notice by the Purchaser.

Liquidation Proceeds:  Amounts, other than Insurance
Proceeds and Condemnation Proceeds, received in connection with the liquidation
of a defaulted Mortgage Loan through trustee's sale, foreclosure sale or
otherwise, other than amounts received following the acquisition of REO
Property.

Loan-to-Value Ratio or LTV: With respect to any
Mortgage Loan as of any date of determination, the ratio on such date of the
outstanding principal amount of the Mortgage Loan, to the Appraised Value of the
Mortgaged Property.

Maximum Mortgage Interest Rate: A rate that is set
forth on the related Mortgage Loan Schedule and in the related Mortgage Note and
is the maximum interest rate to which the Mortgage Interest Rate on such
Mortgage Loan may be increased.

Minimum Mortgage Interest Rate:  A rate that is set
forth on the related Mortgage Loan Schedule and in the related Mortgage Note and
is the minimum interest rate to which the Mortgage Interest Rate on such
Mortgage Loan may be decreased.

Monthly Payment: With respect to any Mortgage Loan,
the scheduled combined payment of principal and interest payable by a Mortgagor
under the related Mortgage Note on each Due Date.

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

Mortgage: The mortgage, deed of trust or other
instrument creating a first lien on Mortgaged Property securing the Mortgage
Note.

Mortgage File: The items pertaining to a particular
Mortgage Loan referred to in Exhibit 5 annexed hereto, and any additional
documents required to be added to the Mortgage File pursuant to this Agreement
or the related Confirmation.

Mortgage Interest Rate:  The annual rate that interest
accrues on such Mortgage Loan from time to time in accordance with the
provisions of the related Mortgage Note.

Mortgage Loan: Each first lien, residential mortgage
loan, sold, assigned and transferred to the Purchaser pursuant to this Agreement
and the related Confirmation and identified on the Mortgage Loan Schedule
annexed to this Agreement on such Closing Date, which Mortgage Loan includes
without limitation the Mortgage File, the Monthly Payments, Principal
Prepayments (including Prepayment Charges), Liquidation Proceeds, Condemnation
Proceeds, Insurance Proceeds, REO Disposition proceeds, and all other rights,
benefits, proceeds and obligations arising from or in connection with such
Mortgage Loan.

Mortgage Loan Documents: The documents listed in
Section 2 of the Custodial Agreement pertaining to any Mortgage Loan.

Mortgage Loan Package:  The Mortgage Loans listed on a
Mortgage Loan Schedule, delivered to the Custodian and the Purchaser at least
five (5) Business Days prior to the related Closing Date and attached to this
Agreement as Schedule I on the related Closing Date.

Mortgage Loan Schedule: With respect to each Mortgage
Loan Package, the schedule of Mortgage Loans to be annexed hereto as Schedule
I (or a supplement thereto) on each Closing Date for the Mortgage Loan
Package delivered on such Closing Date in both hard copy and floppy disk, such
schedule setting forth the following information with respect to each Mortgage
Loan in the Mortgage Loan Package: (1) the Seller's Mortgage Loan identifying
number; (2) the Mortgagor's first and last name; (3) the street address of the
Mortgaged Property including the state and zip code; (4) a code indicating
whether the Mortgaged Property is owner-occupied; (5) the type of Residential
Dwelling constituting the Mortgaged Property; (6) the original months to
maturity; (7) the original date of the Mortgage Loan and the remaining months to
maturity from the Cut-off Date, based on the original amortization schedule; (8)
the Loan-to-Value Ratio at origination; (9) the Mortgage Interest Rate in effect
immediately following the Cut-off Date; (10) the date on which the first Monthly
Payment was due on the Mortgage Loan; (11) the stated maturity date; (12) the
amount of the Monthly Payment at origination; (13) the amount of the Monthly
Payment as of the Cut-off Date; (14) the last Due Date on which a Monthly
Payment was actually applied to the unpaid Stated Principal Balance; (15) the
original principal amount of the Mortgage Loan; (16) the Stated Principal
Balance of the Mortgage Loan as of the close of business on the Cut-off Date;
(17) the first Adjustment Date; (18) the Gross Margin; (19) a code indicating
the purpose of the loan (i.e., purchase financing, Rate/Term Refinancing,
Cash-Out Refinancing); (20) the Maximum Mortgage Interest Rate under the terms of the
Mortgage Note; (21) the Minimum Mortgage Interest Rate under the terms of the
Mortgage Note; (22) the Mortgage Interest Rate at origination; (23) the Periodic
Rate Cap; (24) the first Adjustment Date immediately following the Cut-off Date;
(25) the Index; (26) the date on which the first Monthly Payment was due on the
Mortgage Loan and, if such date is not consistent with the Due Date currently in
effect, such Due Date; (27) a code indicating if the Mortgage Loan is subject to
a Primary Insurance Policy (28) a code indicating the documentation style (i.e.,
full, alternative or reduced); (29) the Appraised Value of the Mortgaged
Property; (30) the sale price of the Mortgaged Property, if applicable; (31) a
code indicating whether the Mortgage Loan is subject to a Prepayment Charge or
penalty; and (32) the amount and the term of any Prepayment Charge or penalty.
With respect to the Mortgage Loan Package in the aggregate, the Mortgage Loan
Schedule shall set forth the following information, as of the related Cut-off
Date: (1) the number of Mortgage Loans; (2) the current principal balance of the
Mortgage Loans; (3) the weighted average Mortgage Interest Rate of the Mortgage
Loans; and (4) the weighted average maturity of the Mortgage Loans. Schedule
I hereto shall be supplemented as of each Closing Date to reflect the
addition of the Mortgage Loan Schedule with respect to the related Mortgage Loan
Package.

Mortgage Note: The original executed note or other
evidence of the Mortgage Loan indebtedness of a Mortgagor.

Mortgaged Property: The Mortgagor's real property
securing repayment of a related Mortgage Note, consisting of a fee simple
interest in a single parcel of real property improved by a Residential
Dwelling.

Mortgagee:  The mortgagee or beneficiary named in the
Mortgage and the successors and assigns of such mortgagee or beneficiary.

Mortgagor: The obligor on a Mortgage Note, the owner
of the Mortgaged Property and the grantor or mortgagor named in the related
Mortgage and such grantor's or mortgagor's successor's in title to the Mortgaged
Property.

Officer's Certificate: A certificate signed by the
Chairman of the Board or the Vice Chairman of the Board or a President or a Vice
President and by the Treasurer or the Secretary or one of the Assistant
Treasurers or Assistant Secretaries of the Person on behalf of whom such
certificate is being delivered.

Opinion of Counsel: A written opinion of counsel, who
may be salaried counsel for the Person on behalf of whom the opinion is being
given, reasonably acceptable to each Person to whom such opinion is
addressed.

Pass-Through Transfer: The sale or transfer of some or
all of the Mortgage Loans by the Purchaser to a trust to be formed as part of a
publicly issued or privately placed mortgage-backed securities transaction.

Periodic Rate Cap: With respect to each Adjustment
Date, a number of percentage points per annum that is set forth in the related
Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum
amount by which the Mortgage Interest Rate for such Mortgage Loan may increase
(without regard to the Maximum Mortgage Interest Rate) or decrease (without
regard to the Minimum Mortgage Interest Rate) on such Adjustment Date from the
Mortgage Interest Rate in effect immediately prior to such Adjustment Date.

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

Premium: With respect to each prepaid Mortgage Loan,
an amount equal to the product of (x) the excess of the Purchase Price
percentage used to determine the purchase price over 100%, times (y) the
outstanding principal balance of such prepaid Mortgage Loan as of the Cut-off
Date, times (z) a fraction, the numerator of which is twelve (12) minus the
number of full months which has passed following the related Closing Date, and
the denominator of which is twelve (12).

Prepayment Charge: With respect to any Mortgage Loan, any
prepayment penalty or premium thereon payable in connection with a principal
prepayment on such Mortgage Loan pursuant to the terms of the related Mortgage
Note.

Prepayment Charge Schedule: The schedule to be annexed hereto
as Schedule II indicating whether a Mortgage Loan is subject to a
Prepayment Charge and if so, the amount and term of such Prepayment Charge.

Primary Insurance Policy: A policy of primary mortgage
guaranty insurance issued by a Qualified Insurer.

Principal Prepayment: Any payment or other recovery of
principal on a Mortgage Loan which is received in advance of its scheduled Due
Date, including any Prepayment Charge, penalty or premium thereon, which is not
accompanied by an amount of interest representing scheduled interest due on any
date or dates in any month or months subsequent to the month of prepayment.

Purchase Price: The price paid on the related Closing
Date by the Purchaser to the Seller pursuant to the related Confirmation in
exchange for the Mortgage Loans purchased on such Closing Date as calculated as
provided in Section 4.

Qualified Insurer: Any insurer which meets the
requirements of FNMA and FHLMC.

Qualified Substitute Mortgage Loan:  A mortgage loan
substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement
which must, on the date of such substitution, (i) have an outstanding principal
balance, after application of all scheduled payments of principal and interest
due during or prior to the month of substitution, not in excess of the Stated
Principal Balance of the Deleted Mortgage Loan as of the Due Date in the
calendar month during which the substitution occurs, (ii) have a Mortgage
Interest Rate not less than (and not more than one percentage point in excess
of) the Mortgage Interest Rate of the Deleted Mortgage Loan, (iii) have a
remaining term to maturity not greater than (and not more than one year less
than) that of the Deleted Mortgage Loan, (iv) have the same Due Date as the Due
Date on the Deleted Mortgage Loan, (v) have a Loan-to-Value Ratio as of the date
of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
Mortgage Loan as of such date, (vi) conform to each representation and warranty
set forth in Subsection 7.02 of this Agreement, (vii) be the same type of
mortgage loan (i.e. adjustable rate with the same Gross Margin and Index as the
Deleted Mortgage Loan); and (viii) be covered under a Primary Insurance Policy
if such Qualified Substitute Mortgage Loan has a Loan-to-Value Ratio in excess
of 80%.  In the event that one or more mortgage loans are substituted for one or
more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be
determined on the basis of aggregate principal balances, the Mortgage Interest
Rates described in clause (ii) hereof shall be determined on the basis of
weighted average Mortgage Interest Rates and shall be satisfied as to each such
mortgage loan, the terms described in clause (iii) shall be determined on the
basis of weighted average remaining terms to maturity, the Loan-to-Value Ratios
described in clause (v) hereof shall be satisfied as to each such mortgage loan
and, except to the extent otherwise provided in this sentence, the
representations and warranties described in clause (viii) hereof must be
satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as
the case may be.

Rate/Term Refinancing:  A Refinanced Mortgage Loan,
the proceeds of which are not in excess of the existing first mortgage loan on
the related Mortgaged Property and related closing costs, and were used
exclusively to satisfy the then existing first mortgage loan of the Mortgagor on
the related Mortgaged Property and to pay related closing costs.

Reconstitution Agreement: The agreement or agreements
entered into by the Seller and the Purchaser and/or certain third parties on the
Reconstitution Date or Dates with respect to any or all of the Mortgage Loans
serviced hereunder, in connection with a Whole Loan Transfer or a Pass-Through
Transfer as provided in Section 12.

Reconstitution Date: The date or dates on which any or
all of the Mortgage Loans serviced under this Agreement shall be removed from
this Agreement and reconstituted as part of a Whole Loan Transfer or Pass-
Through Transfer pursuant to Section 12 hereof.

Record Date:  With respect to each Distribution Date,
the last Business Day of the month immediately preceding the month in which such
Distribution Date occurs.

Refinanced Mortgage Loan:  A Mortgage Loan the
proceeds of which were not used to purchase the related Mortgaged Property.

REMIC:  A "real estate mortgage investment
conduit" within the meaning of Section 860D of the Code.

REO Account: The separate trust account or accounts
created and maintained pursuant to this Agreement which shall be entitled
"E-Loan, Inc., in trust for the Purchaser, as of [date of acquisition of
title], Adjustable Rate Mortgage Loans".

REO Disposition:  The final sale by the Seller of any
REO Property.

REO Property:  A Mortgaged Property acquired as a
result of the liquidation of a Mortgage Loan.

Repurchase Price: With respect to any Mortgage Loan, a
price equal to (i)(A) prior to the Reconstitution Date with respect to such
Mortgage Loan, the product of the Stated Principal Balance of such Mortgage Loan
times the greater of (x) the Purchase Price percentage as stated in the related
Confirmation and (y) 100%, and (B) thereafter, the Stated Principal Balance of
such Mortgage Loan, plus (ii) interest on such Stated Principal Balance at the
Mortgage Interest Rate from and including the last Due Date through which
interest has been paid by or on behalf of the Mortgagor to the first day of the
month following the date of repurchase, less amounts received in respect of such
repurchased Mortgage Loan which are being held in the Custodial Account for
distribution in connection with such Mortgage Loan.

Residential Dwelling:  Any one of the following: (i) a
detached one-family dwelling, (ii) a detached two- to four-family dwelling,
(iii) a one-family dwelling unit in a condominium project, or (iv) a detached
one-family dwelling in a planned unit development, none of which is a co-
operative, mobile or manufactured home.

Servicing Addendum:  The terms and conditions attached
hereto as Exhibit 9 which will govern the servicing of the Mortgage Loans by
Seller during the Interim Servicing Period.

Servicing Advances:  All customary, reasonable and
necessary "out-of-pocket" costs and expenses incurred by the Seller in
the performance of its servicing obligations, including, but not limited to, the
cost of (i) preservation, restoration and repair of a Mortgaged Property, (ii)
any enforcement or judicial proceedings with respect to a Mortgage Loan,
including foreclosure actions and (iii) the management and liquidation of REO
Property.

Servicing Fee:  Except to the extent otherwise
provided in the related Confirmation, the Servicing Fee shall be $0 per
month.

Servicing File: With respect to each Mortgage Loan,
the file retained by the Seller consisting of originals of all documents in the
Mortgage File which are not delivered to the Purchaser or the Custodian and
copies of the Mortgage Loan Documents set forth in Section 2 of the Custodial
Agreement.

S&P:  Standard & Poor's Ratings Group or its
successor in interest.

Stated Principal Balance: As to each Mortgage Loan as
of any date of determination, (i) the principal balance of the Mortgage Loan as
of the Cut-off Date after giving effect to payments of principal received on or
before such date, minus (ii) all amounts previously distributed to the Purchaser
with respect to the related Mortgage Loan representing payments or recoveries of
principal.

Tax Service Contract:  A transferable contract
maintained for the Mortgaged Property with a tax service provider for the
purpose of obtaining current information from local taxing authorities relating
to such Mortgaged Property.

Whole Loan Transfer:  Any sale or transfer of some or
all of the Mortgage Loans by the Purchaser to a third party, which sale or
transfer is not a Pass-Through Transfer.

SECTION 2. Agreement to Purchase.  The Seller agrees to sell,
and the Purchaser agrees to purchase, from time-to-time, Mortgage Loans having
an aggregate principal balance on the related Cut-off Date in an amount as set
forth in the related Confirmation, or in such other amount as agreed by the
Purchaser and the Seller as evidenced by the actual aggregate principal balance
of the Mortgage Loans accepted by the Purchaser on the related Closing
Date.

SECTION 3. Mortgage Loan Schedules.  The Seller shall deliver
the Mortgage Loan Schedule for a Mortgage Loan Package to be purchased on a
particular Closing Date to the Purchaser at least five (5) Business Days prior
to the related Closing Date.

SECTION 4. Purchase Price.  The Purchase Price for each Mortgage
Loan listed on the related Mortgage Loan Schedule shall be the percentage of par
as stated in the related Confirmation (subject to adjustment as provided
therein), multiplied by its Stated Principal Balance as of the related Cut-off
Date. If so provided in the related Confirmation, portions of the Mortgage Loans
shall be priced separately.

In addition to the Purchase Price as described above, the
Purchaser shall pay to the Seller, at closing, accrued interest on the Stated
Principal Balance of each Mortgage Loan as of the related Cut-off Date at its
Mortgage Interest Rate, net of the Servicing Fee, from the related Cut-off Date
through the day prior to the related Closing Date, both inclusive.

The Purchaser shall own and be entitled to receive with
respect to each Mortgage Loan purchased, (1) all recoveries of principal
collected after the Cut-off Date; (2) all payments of interest on the Mortgage
Loans collected after the Cut-off Date net of the Servicing Fee, if any, during
the Interim Servicing Period; and (3) all Prepayment Charges on the Mortgage
Loans collected after the Cut-off Date.

SECTION 5. Examination of Mortgage Files.  In addition to the
rights granted to the Purchaser under the related Confirmation to underwrite the
Mortgage Loans and review the Mortgage Files prior to the Closing Date, prior to
the related Closing Date, the Seller shall, at the Purchaser's option, (a)
deliver to the Custodian in escrow, for examination with respect to each
Mortgage Loan to be purchased on such Closing Date, the related Mortgage File,
including the Assignment of Mortgage, pertaining to each Mortgage Loan, or (b)
make the related Mortgage File available to the Purchaser for examination at the
Seller's offices or such other location as shall otherwise be agreed upon by the
Purchaser and the Seller. Such examination may be made by the Purchaser or its
designee at any reasonable time before or after the related Closing Date. If the
Purchaser makes such examination prior to the related Closing Date and
identifies any Mortgage Loans that do not conform to the terms of the related
Confirmation or the Purchaser's underwriting standards, such Mortgage Loans may,
at the Purchaser's option, be rejected for purchase by the Purchaser.  If not
purchased by the Purchaser, such Mortgage Loans shall be deleted from the
related Mortgage Loan Schedule. The Purchaser may, at its option and without
notice to the Seller, purchase all or part of any Mortgage Loan Package without
conducting any partial or complete examination. The fact that the Purchaser has
conducted or has determined not to conduct any partial or complete examination
of the Mortgage Files shall not affect the Purchaser's (or any of its
successors') rights to demand repurchase or other relief or remedy provided for
in this Agreement.

SECTION 6. Conveyance from Seller to Purchaser.

	Conveyance of Mortgage Loans; Possession of Servicing
Files.

The Seller, simultaneously with the payment of the Purchase
Price, shall execute and deliver to the Purchaser an Assignment and Conveyance
with respect to the related Mortgage Loan Package in the form attached hereto as
Exhibit 4. The Servicing File retained by the Seller with respect to each
Mortgage Loan pursuant to this Agreement shall be appropriately identified in
the Seller's computer system to reflect clearly the sale of such related
Mortgage Loan to the Purchaser. The Purchaser shall be entitled to receive all
Prepayment Charges required to be paid by a Mortgagor under the terms of any
Mortgage Loan. The Seller shall release from its custody the contents of any
Servicing File retained by it only in accordance with this Agreement, except
when such release is required in connection with a repurchase of any such
Mortgage Loan pursuant to Subsection 7.03 or 7.04. 

	Books and Records.

Record title to each Mortgage and the related Mortgage Note
as of the related Closing Date shall be in the name of the Seller, the
Purchaser, the Custodian or one or more designees of the Purchaser, as the
Purchaser shall designate. Notwithstanding the foregoing, beneficial ownership
of each Mortgage and the related Mortgage Note shall be vested solely in the
Purchaser or the appropriate designee of the Purchaser, as the case may be. All
rights arising out of the Mortgage Loans including, but not limited to, all
funds received by the Seller after the related Cut-off Date on or in connection
with a Mortgage Loan as provided in Section 4 shall be vested in the Purchaser
or one or more designees of the Purchaser; provided, however, that all such
funds received on or in connection with a Mortgage Loan as provided in Section 4
shall be received and held by the Seller in trust for the benefit of the
Purchaser or the assignee of the Purchaser, as the case may be, as the owner of
the Mortgage Loans pursuant to the terms of this Agreement.

It is the express intention of the parties that the
transactions contemplated by this Agreement be, and be construed as, a sale of
the Mortgage Loans by the Seller and not a pledge of the Mortgage Loans by the
Seller to the Purchaser to secure a debt or other obligation of the Seller.
Consequently, the sale of each Mortgage Loan shall be reflected as a sale on the
Seller's business records, tax returns and financial statements.

	Delivery of Mortgage Loan
Documents.

Pursuant to the Custodial Agreement to be executed among and
delivered by the Purchaser, the Custodian and the Seller prior to the Initial
Closing Date, the Seller shall from time to time in connection with each Closing
Date, at least three (3) Business Days prior to such Closing Date, deliver and
release to the Custodian those Mortgage Loan Documents as required by the
Custodial Agreement with respect to each Mortgage Loan to be purchased and sold
on the related Closing Date and set forth on the related Mortgage Loan Schedule
delivered with such Mortgage Loan Documents.

The Custodian shall certify its receipt of all such Mortgage
Loan Documents required to be delivered pursuant to the Custodial Agreement for
the related Closing Date, as evidenced by the Trust Receipt and Initial
Certification of the Custodian in the form annexed to the Custodial Agreement.
The Seller shall be responsible for maintaining the Custodial Agreement during
the Interim Servicing Period.  The fees and expenses of the Custodian shall be
paid by the Purchaser.

The Seller shall forward to the Custodian original documents
evidencing an assumption, modification, consolidation or extension of any
Mortgage Loan entered into in accordance with this Agreement within two weeks of
their execution, provided, however, that the Seller shall provide the Custodian
with a certified true copy of any such document submitted for recordation within
two weeks of its execution, and shall provide the original of any document
submitted for recordation or a copy of such document certified by the
appropriate public recording office to be a true and complete copy of the
original within ninety days of its submission for recordation.

SECTION 7. Representations, Warranties and Covenants of the Seller:
Remedies for Breach.

	Representations and Warranties Respecting the
Seller.

The Seller represents, warrants and covenants to the
Purchaser as of the initial Closing Date and each subsequent Closing Date or as
of such date specifically provided herein or in the applicable Assignment and
Conveyance:

	The Seller is duly organized, validly existing and in
good standing under the laws of the state of Delaware and is and will remain in
compliance with the laws of each state in which any Mortgaged Property is
located to the extent necessary to ensure the enforceability of each Mortgage
Loan and the servicing of the Mortgage Loan in accordance with the terms of this
Agreement;

	The Seller has the full power and authority to hold each
Mortgage Loan, to sell each Mortgage Loan, and to execute, deliver and perform,
and to enter into and consummate, all transactions contemplated by this
Agreement. The Seller has duly authorized the execution, delivery and
performance of this Agreement, has duly executed and delivered this Agreement,
and this Agreement, assuming due authorization, execution and delivery by the
Purchaser, constitutes a legal, valid and binding obligation of the Seller,
enforceable against it in accordance with its terms except as the enforceability
thereof may be limited by bankruptcy, insolvency or reorganization;

	The execution and delivery of this Agreement by the
Seller and the performance of and compliance with the terms of this Agreement
will not violate the Seller's articles of incorporation or by-laws or constitute
a default under or result in a breach or acceleration of, any material contract,
agreement or other instrument to which the Seller is a party or which may be
applicable to the Seller or its assets;

	The Seller is not in violation of, and the execution and
delivery of this Agreement by the Seller and its performance and compliance with
the terms of this Agreement will not constitute a violation with respect to, any
order or decree of any court or any order or regulation of any federal, state,
municipal or governmental agency having jurisdiction over the Seller or its
assets, which violation might have consequences that would materially and
adversely affect the condition (financial or otherwise) or the operation of the
Seller or its assets or might have consequences that would materially and
adversely affect the performance of its obligations and duties
hereunder;

	The Seller is an approved seller for FNMA and an approved
seller/servicer for FHLMC in good standing and is a HUD approved mortgagee
pursuant to Section 203 of the National Housing Act. No event has occurred,
including but not limited to a change in insurance coverage, which would make
the Seller unable to comply with FNMA, FHLMC or HUD eligibility requirements or
which would require notification to FNMA, FHLMC or HUD;

	The Seller does not believe, nor does it have any reason
or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

	The Mortgage Note, the Mortgage (or certified copy of the
Mortgage), the Assignment of Mortgage and any other documents required to be
delivered with respect to each Mortgage Loan pursuant to the Custodial
Agreement, have been delivered to the Custodian all in compliance with the
specific requirements of the Custodial Agreement. With respect to each Mortgage
Loan, the Seller is in possession of a complete Mortgage File in compliance with
Exhibit 5, except for such documents as have been delivered to the
Custodian;

	Immediately prior to the payment of the Purchase Price
for each Mortgage Loan, the Seller was the owner of record of the related
Mortgage and the indebtedness evidenced by the related Mortgage Note and upon
the payment of the Purchase Price by the Purchaser, in the event that the Seller
retains record title, the Seller shall retain such record title to each
Mortgage, each related Mortgage Note and the related Mortgage Files with respect
thereto in trust for the Purchaser as the owner thereof and only for the purpose
of servicing and supervising the servicing of each Mortgage Loan;

	There are no actions or proceedings against, or to the
best of Seller's knowledge, investigations of, the Seller before any court,
administrative or other tribunal (A) that might prohibit its entering into this
Agreement, (B) seeking to prevent the sale of the Mortgage Loans or the
consummation of the transactions contemplated by this Agreement or (C) that
might prohibit or materially and adversely affect the performance by the Seller
of its obligations under, or the validity or enforceability of, this
Agreement;

	No consent, approval, authorization or order of any court
or governmental agency or body is required for the execution, delivery and
performance by the Seller of, or compliance by the Seller with, this Agreement
or the consummation of the transactions contemplated by this Agreement, except
for such consents, approvals, authorizations or orders, if any, that have been
obtained prior to the Closing Date;

	The consummation of the transactions contemplated by this
Agreement are in the ordinary course of business of the Seller, and the
transfer, assignment and conveyance of the Mortgage Notes and the Mortgages by
the Seller pursuant to this Agreement are not subject to the bulk transfer or
any similar statutory provisions;

	Neither this Agreement nor any written statement, report
or other document prepared and furnished or to be prepared and furnished by the
Seller pursuant to this Agreement or in connection with the transactions
contemplated hereby contains any untrue statement of material fact or omits to
state a material fact necessary to make the statements contained herein or
therein not misleading;

	The transfer of the Mortgage Loans shall be treated as a
sale on the books and records of Seller, and Seller has determined that, and
will treat, the disposition of the Mortgage Loans pursuant to this Agreement for
tax and accounting purposes as a sale. Seller shall maintain complete records
for each Mortgage Loan which shall be clearly marked to reflect the ownership of
each Mortgage Loan by Purchaser;

	The consideration received by the Seller upon the sale of
the Mortgage loans constitutes fair consideration and reasonably equivalent
value for such Mortgage Loans;

	Seller is solvent and will not be rendered insolvent by
the consummation of the transactions contemplated hereby.  The Seller is not
transferring any Mortgage loan with any intent to hinder, delay or defraud any
of its creditors; and

	The information delivered by the Seller to the Purchaser
with respect to the Seller's loan loss, foreclosure and delinquency experience
for the twelve (12) months immediately preceding the Initial Closing Date on
mortgage loans underwritten to the same standards as the Mortgage Loans and
covering mortgaged properties similar to the Mortgaged Properties, is true and
correct in all material respects

	Representations and Warranties Regarding Individual
Mortgage Loans.

The Seller hereby represents and warrants to the Purchaser
that, as to each Mortgage Loan, as of the related Closing Date for such Mortgage
Loan:

	The information set forth in the related Mortgage Loan
Schedule is complete, true and correct;

	The Mortgage Loan is in compliance with all requirements
set forth in the related Confirmation, and the characteristics of the related
Mortgage Loan Package as set forth in the related Confirmation are true and
correct, provided, however, that in the event of any conflict between the terms
of any Confirmation and this Agreement, the terms of this Agreement shall
control;

	All payments required to be made up to the close of
business on the Closing Date for such Mortgage Loan under the terms of the
Mortgage Note have been made; the Seller has not advanced funds, or induced,
solicited or knowingly received any advance of funds from a party other than the
owner of the related Mortgaged Property, directly or indirectly, for the payment
of any amount required by the Mortgage Note or Mortgage; and there has been no
delinquency, exclusive of any period of grace, in any payment by the Mortgagor
thereunder since the origination of the Mortgage Loan;

	There are no delinquent taxes, ground rents, water
charges, sewer rents, assessments, insurance premiums, leasehold payments, or
other outstanding charges affecting the related Mortgaged Property;

	The terms of the Mortgage Note and the Mortgage have not
been impaired, waived, altered or modified in any respect, except by written
instruments, recorded in the applicable public recording office if necessary to
maintain the lien priority of the Mortgage, and which have been delivered to the
Custodian; the substance of any such waiver, alteration or modification has been
approved by the insurer under the Primary Insurance Policy, if any, and the
title insurer, to the extent required by the related policy, and is reflected on
the related Mortgage Loan Schedule. No instrument of waiver, alteration or
modification has been executed, and no Mortgagor has been released, in whole or
in part, except in connection with an assumption agreement approved by the
insurer under the Primary Insurance Policy, if any, and by the title insurer, to
the extent required by the policy, and which assumption agreement has been
delivered to the Custodian and the terms of which are reflected in the related
Mortgage Loan Schedule;

	The Mortgage Note and the Mortgage are not subject to any
right of rescission, set-off, counterclaim or defense, including the defense of
usury, nor will the operation of any of the terms of the Mortgage Note and the
Mortgage, or the exercise of any right thereunder, render the Mortgage
unenforceable, in whole or in part, or subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury and no such right
of rescission, set-off, counterclaim or defense has been asserted with respect
thereto. Each Prepayment Charge or penalty with respect to any Mortgage Loan is
permissible, enforceable and collectible under applicable federal, state and
local law;

	All buildings upon the Mortgaged Property are insured by
an insurer acceptable to FNMA and FHLMC against loss by fire, hazards of
extended coverage and such other hazards as are customary in the area where the
Mortgaged Property is located, pursuant to insurance policies conforming to the
requirements of the Servicing Addendum. All such insurance policies contain a
standard mortgagee clause naming the Seller, its successors and assigns as
mortgagee and all premiums thereon have been paid.  If the Mortgaged Property is
in an area identified on a Flood Hazard Map or Flood Insurance Rate Map issued
by the Federal Emergency Management Agency as having special flood hazards (and
such flood insurance has been made available) a flood insurance policy meeting
the requirements of the current guidelines of the Federal Insurance
Administration is in effect which policy conforms to the requirements of FNMA
and FHLMC. The Mortgage obligates the Mortgagor thereunder to maintain all such
insurance at the Mortgagor's cost and expense, and on the Mortgagor's failure to
do so, authorizes the holder of the Mortgage to maintain such insurance at
Mortgagor's cost and expense and to seek reimbursement therefor from the
Mortgagor;

	Any and all requirements of any federal, state or local
law including, without limitation, usury, truth in lending, real estate
settlement procedures, consumer credit protection, equal credit opportunity,
fair housing or disclosure laws applicable to the origination and servicing of
mortgage loans of a type similar to the Mortgage Loans have been complied
with;

	The Mortgage has not been satisfied, cancelled,
subordinated or rescinded, in whole or in part, and the Mortgaged Property has
not been released from the lien of the Mortgage, in whole or in part, nor has
any instrument been executed that would effect any such satisfaction,
cancellation, subordination, rescission or release;

	The Mortgage is a valid, existing and enforceable first
lien on the Mortgaged Property, including all improvements on the Mortgaged
Property subject only to (a) the lien of current real property taxes and
assessments not yet due and payable, (b) covenants, conditions and restrictions,
rights of way, easements and other matters of the public record as of the date
of recording being acceptable to mortgage lending institutions generally and
specifically referred to in the lender's title insurance policy delivered to the
originator of the Mortgage Loan and which do not adversely affect the Appraised
Value of the Mortgaged Property, and (c) other matters to which like properties
are commonly subject which do not materially interfere with the benefits of the
security intended to be provided by the Mortgage or the use, enjoyment, value or
marketability of the related Mortgaged Property. Any security agreement, chattel
mortgage or equivalent document related to and delivered in connection with the
Mortgage Loan establishes and creates a valid, existing and enforceable first
lien and first priority security interest on the property described therein and
the Seller has full right to sell and assign the same to the Purchaser. The
Mortgaged Property was not, as of the date of origination of the Mortgage Loan,
subject to a mortgage, deed of trust, deed to secure debt or other security
instrument creating a lien subordinate to the lien of the Mortgage;

	The Mortgage Note and the related Mortgage are genuine
and each is the legal, valid and binding obligation of the maker thereof,
enforceable in accordance with its terms;

	All parties to the Mortgage Note and the Mortgage had
legal capacity to enter into the Mortgage Loan and to execute and deliver the
Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been
duly and properly executed by such parties. The Mortgagor is a natural
person;

	The proceeds of the Mortgage Loan have been fully
disbursed to or for the account of the Mortgagor and there is no obligation for
the Mortgagee to advance additional funds thereunder and any and all
requirements as to completion of any on-site or off-site improvement and as to
disbursements of any escrow funds therefor have been complied with. All costs,
fees and expenses incurred in making or closing the Mortgage Loan and the
recording of the Mortgage have been paid, and the Mortgagor is not entitled to
any refund of any amounts paid or due to the Mortgagee pursuant to the Mortgage
Note or Mortgage;

	The Seller is the sole legal, beneficial and equitable
owner of the Mortgage Note and the Mortgage and has full right to transfer and
sell the Mortgage Loan to the Purchaser free and clear of any encumbrance,
equity, lien, pledge, charge, claim or security interest;

	All parties which have had any interest in the Mortgage
Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the
period in which they held and disposed of such interest, were) in compliance
with any and all applicable "doing business" and licensing
requirements of the laws of the state wherein the Mortgaged Property is
located;

	The Mortgage Loan is covered by an American Land Title
Association ("ALTA") ALTA lender's title insurance policy (which has
an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1)
acceptable to FNMA and FHLMC, issued by a title insurer acceptable to FNMA and
FHLMC and qualified to do business in the jurisdiction where the Mortgaged
Property is located, insuring (subject to the exceptions contained in (j)(a) and
(b) above) the Seller, its successors and assigns as to the first priority lien
of the Mortgage in the original principal amount of the Mortgage Loan and
against any loss by reason of the invalidity or unenforceability of the lien
resulting from the provisions of the Mortgage providing for adjustment in the
Mortgage Interest Rate and Monthly Payment.  Additionally, such lender's title
insurance policy affirmatively insures ingress and egress to and from the
Mortgaged Property, and against encroachments by or upon the Mortgaged Property
or any interest therein. The Seller is the sole insured of such lender's title
insurance policy, and such lender's title insurance policy is in full force and
effect and will be in full force and effect upon the consummation of the
transactions contemplated by this Agreement. No claims have been made under such
lender's title insurance policy, and no prior holder of the related Mortgage,
including the Seller, has done, by act or omission, anything which would impair
the coverage of such lender's title insurance policy;

	There is no default, breach, violation or event of
acceleration existing under the Mortgage or the Mortgage Note and no event
which, with the passage of time or with notice and the expiration of any grace
or cure period, would constitute a default, breach, violation or event of
acceleration, and the Seller has not waived any default, breach, violation or
event of acceleration;

	There are no mechanics' or similar liens or claims which
have been filed for work, labor or material (and no rights are outstanding that
under law could give rise to such lien) affecting the related Mortgaged Property
which are or may be liens prior to, or equal or coordinate with, the lien of the
related Mortgage;

	All improvements which were considered in determining the
Appraised Value of the related Mortgaged Property lay wholly within the
boundaries and building restriction lines of the Mortgaged Property, and no
improvements on adjoining properties encroach upon the Mortgaged
Property;

	The Mortgage Loan was originated by the Seller or by a
savings and loan association, a savings bank, a commercial bank or similar
banking institution which is supervised and examined by a federal or state
authority, or by a mortgagee approved as such by the Secretary of HUD;

	Principal payments on the Mortgage Loan commenced no more
than sixty   days after the proceeds of the Mortgage Loan were disbursed.  The
Mortgage Loan bears interest at the Mortgage Interest Rate.  With respect to
each Mortgage Loan, the Mortgage Note is payable on the first day of each month
in Monthly Payments, which are changed on each Adjustment Date, and in any case,
are sufficient to fully amortize the original principal balance over the
original term thereof and to pay interest at the related Mortgage Interest Rate.
The Index is as provided on the related Mortgage Loan Schedule.  The Mortgage
Note does not permit negative amortization. No Mortgage Loan is a Convertible
Mortgage Loan;

	The origination and collection practices used by the
Seller with respect to each Mortgage Note and Mortgage have been in all respects
legal, proper, prudent and customary in the mortgage origination and servicing
industry.  The Mortgage Loan has been serviced by the Seller and any predecessor
servicer in accordance with the terms of the Mortgage Note.  With respect to
escrow deposits and Escrow Payments, if any, all such payments are in the
possession of, or under the control of, the Seller and there exist no
deficiencies in connection therewith for which customary arrangements for
repayment thereof have not been made. No escrow deposits or Escrow Payments or
other charges or payments due the Seller have been capitalized under any
Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
Payments are being held by the Seller for any work on a Mortgaged Property which
has not been completed;

	The Mortgaged Property is free of damage and waste and
there is no proceeding pending for the total or partial condemnation
thereof;

	The Mortgage and related Mortgage Note contain customary
and enforceable provisions such as to render the rights and remedies of the
holder thereof adequate for the realization against the Mortgaged Property of
the benefits of the security provided thereby, including, (a) in the case of a
Mortgage designated as a deed of trust, by trustee's sale, and (b) otherwise by
judicial foreclosure.  The Mortgaged Property is not subject to any bankruptcy
proceeding or foreclosure proceeding and the Mortgagor has not filed for
protection under applicable bankruptcy laws. There is no homestead or other
exemption available to the Mortgagor which would interfere with the right to
sell the Mortgaged Property at a trustee's sale or the right to foreclose the
Mortgage. The Mortgagor has not notified the Seller and the Seller has no
knowledge of any relief requested or allowed to the Mortgagor under the Soldiers
and Sailors Civil Relief Act of 1940;

	The Mortgage Loan was underwritten in accordance with the
underwriting standards of the Seller in effect at the time the Mortgage Loan was
originated, which underwriting standards satisfy the standards of FNMA and
FHLMC; and the Mortgage Note and Mortgage are on forms acceptable to FNMA and
FHLMC; 

	The Mortgage Note is not and has not been secured by any
collateral except the lien of the corresponding Mortgage on the Mortgaged
Property;

	The Mortgage File contains an appraisal of the related
Mortgaged Property which satisfied the standards of FNMA and FHLMC and was made
and signed, prior to the approval of the Mortgage Loan application, by a
qualified appraiser, duly appointed by the Seller, who had no interest, direct
or indirect in the Mortgaged Property or in any loan made on the security
thereof, whose compensation is not affected by the approval or disapproval of
the Mortgage Loan and who met the minimum qualifications of FNMA and FHLMC.
Each appraisal of the Mortgage Loan was made in accordance with the relevant
provisions of the Financial Institutions Reform, Recovery, and Enforcement Act
of 1989;

	In the event the Mortgage constitutes a deed of trust, a
trustee, duly qualified under applicable law to serve as such, has been properly
designated and currently so serves and is named in the Mortgage, and no fees or
expenses are or will become payable by the Purchaser to the trustee under the
deed of trust, except in connection with a trustee's sale after default by the
Mortgagor;

	No Mortgage Loan contains provisions pursuant to which
Monthly Payments are (a) paid or partially paid with funds deposited in any
separate account established by the Seller, the Mortgagor, or anyone on behalf
of the Mortgagor, (b) paid by any source other than the Mortgagor or (c)
contains any other similar provisions which may constitute a "buydown"
provision. The Mortgage Loan is not a graduated payment mortgage loan and the
Mortgage Loan does not have a shared appreciation or other contingent interest
feature;

	The Mortgagor has executed a statement to the effect that
the Mortgagor has received all disclosure materials required by applicable law
with respect to the making of adjustable rate mortgage loans and rescission
materials with respect to Refinanced Mortgage Loans, and such statement is and
will remain in the Mortgage File;

	No Mortgage Loan was made in connection with (a) the
construction or rehabilitation of a Mortgaged Property or (b) facilitating the
trade-in or exchange of a Mortgaged Property;

	The Seller has no knowledge of any circumstances or
condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor or
the Mortgagor's credit standing that can reasonably be expected to cause the
Mortgage Loan to become delinquent, or adversely affect the value of the
Mortgage Loan;

	The Mortgaged Property is lawfully occupied under
applicable law; all inspections, licenses and certificates required to be made
or issued with respect to all occupied portions of the Mortgaged Property and,
with respect to the use and occupancy of the same, including but not limited to
certificates of occupancy, have been made or obtained from the appropriate
authorities;

	No error, omission, misrepresentation, negligence, fraud
or similar occurrence with respect to a Mortgage Loan has taken place on the
part of any person, including without limitation the Mortgagor, any appraiser,
any builder or developer, or any other party involved in the origination of the
Mortgage Loan or in the application of any insurance in relation to the
origination of such Mortgage Loan;

	The Assignment of Mortgage is in recordable form and is
acceptable for recording under the laws of the jurisdiction in which the
Mortgaged Property is located;

	Any principal advances made to the Mortgagor prior to the
Cut-off Date have been consolidated with the outstanding principal amount
secured by the Mortgage, and the secured principal amount, as consolidated,
bears a single interest rate and single repayment term. The consolidated
principal amount does not exceed the original principal amount of the Mortgage
Loan;

	No Mortgage Loan has a balloon payment feature; 

	If the Residential Dwelling on the Mortgaged Property is
a condominium unit or a unit in a planned unit development (other than a de
minimis planned unit development) such condominium or planned unit development
project meets the eligibility requirements of FNMA and FHLMC;

	The source of the down payment with respect to each
Mortgage Loan has been fully verified by the Seller pursuant to the Seller's
underwriting guidelines;

	Interest on each Mortgage Loan is calculated on the basis
of a 360-day year consisting of twelve 30-day months;

	The Mortgaged Property is in material compliance with all
applicable environmental laws pertaining to environmental hazards including,
without limitation, asbestos, and neither the Seller nor, to the Seller's
knowledge, the related Mortgagor, has received any notice of any violation or
potential violation of such law;

	Intentionally omitted.

	Intentionally omitted.

	No Mortgage Loan is subject to the provisions of the
Homeownership and Equity Protection Act of 1994 as amended ("HOEPA")
or any comparable state or local statutes or regulations, including, without
limitation, the provisions of the City of Oakland, California Anti-Predatory
Lending Ordinance No. 12361 or any other statute or regulation providing
assignee liability to holders of such mortgage loans. The total combined points
and fees charged in connection with the originator of the Mortgage Loan does not
exceed 8% of the original principal balance of the Mortgage Loan;

	No predatory or deceptive lending practices, including
but not limited to, the extension of credit to a mortgagor without regard for
the mortgagor's ability to repay the Mortgage Loan and the extension of credit
to a mortgagor which has no apparent benefit to the mortgagor, were employed in
connection with the origination of the Mortgage Loan;

	The debt-to-income ratio of the related Mortgagor was not
greater than 60% at the origination of the related Mortgage Loan;

	None of the proceeds of the Mortgage Loan were used to
finance the purchase of single premium credit life or disability insurance
policies or any comparable insurance;

	No Mortgage Loan had a Loan-to-Value Ratio in excess of
95% origination of such Mortgage Loan. Each Mortgage Loan with a Loan-to-Value
Ratio at origination in excess of 80% is and will be subject to a Primary
Insurance Policy, issued by a Qualified Insurer, which insures that portion of
the Mortgage Loan in excess of the portion of the Appraised Value of the
Mortgaged Property required by FNMA. All provisions of such Primary Insurance
Policy have been and are being complied with, such policy is in full force and
effect, and all premiums due thereunder have been paid. Any Mortgage subject to
any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain
such insurance and to pay all premiums and charges in connection therewith. The
Mortgage Interest Rate for the Mortgage Loan does not include any such insurance
premium;

	The Mortgage Loans were not selected from the outstanding
adjustable rate one to four-family mortgage loans in the Seller's portfolio at
the related Closing Date as to which the representations and warranties set
forth in this Agreement could be made in a manner so as to affect adversely the
interests of the Purchaser;

	The Mortgage contains an enforceable provision for the
acceleration of the payment of the unpaid principal balance of the Mortgage Loan
in the event that the Mortgaged Property is sold or transferred without the
prior written consent of the mortgagee thereunder;

	The Mortgage Loan complies with all applicable consumer
credit statutes and regulations, including, without limitation, the respective
Uniform Consumer Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa,
Kansas, Maine, Oklahoma, South Carolina, Utah and Wyoming, has been originated
by a properly licensed entity, and in all other respects, complies with all of
the material requirements of any such applicable laws;

	 The information set forth in the Prepayment Charge
schedule is complete, true and correct in all material respects and each
Prepayment Charge is permissible, enforceable and collectable under applicable
federal and state law;

	The Mortgage Loan was not prepaid in full prior to the
Closing Date and the Seller has not received notification from a Mortgagor that
a prepayment in full shall be made after the Closing Date; 

	Intentionally Omitted;

	The Mortgage Loan is not a "High Cost Home Loan"
within the meaning of the Georgia Fair Lending Act (the "Georgia Act").  To the
extent that the Mortgage Loan is a "Covered Loan" within the meaning of the
Georgia Act, the Mortgage Loan complies with all provisions of the Georgia Act,
and the Mortgage Loan was either (i) a purchase money loan, or (ii) a
refinancing of an existing mortgage loan that had been closed more than five
years prior to the closing of such Mortgage Loan.  No Mortgage Loan with a
conforming loan balance is secured by a mortgaged property located in the State
of Georgia;

	No Mortgage Loan is secured by cooperative housing,
commercial property or mixed use property; and

	Each Mortgage Loan is eligible for sale in the
secondary market or for inclusion in a Pass-Through Transfer without
unreasonable credit enhancement.

	Remedies for Breach of Representations and
Warranties.

It is understood and agreed that the representations and
warranties set forth in Subsections 7.01 and 7.02 shall survive the sale of the
Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser,
notwithstanding any restrictive or qualified endorsement on any Mortgage Note or
Assignment of Mortgage or the examination or lack of examination of any Mortgage
File. Upon discovery by either the Seller or the Purchaser of a breach of any of
the foregoing representations and warranties (notwithstanding the Seller's lack
of knowledge with respect to any representation and warranty which is made to
the best of Seller's knowledge) which materially and adversely affects the value
of the Mortgage Loans or the interest of the Purchaser (or which materially and
adversely affects the interests of the Purchaser in the related Mortgage Loan in
the case of a representation and warranty relating to a particular Mortgage
Loan), the party discovering such breach shall give prompt written notice to the
other.

Within 60 days of the earlier of either discovery by or
notice to the Seller of any breach of a representation or warranty
(notwithstanding the Seller's lack of knowledge with respect to any
representation and warranty which is made to the best of Seller's knowledge)
which materially and adversely affects the value of a Mortgage Loan or the
Mortgage Loans, the Seller shall use its best efforts promptly to cure such
breach in all material respects and, if such breach cannot be cured, the Seller
shall, at the Purchaser's option, repurchase such Mortgage Loan at the
Repurchase Price. In the event that the breach shall involve any representation
or warranty set forth in Subsection 7.01 and such breach cannot be cured within
60 days of the earlier of either discovery by or notice to the Seller of such
breach, all of the Mortgage Loans shall, at the Purchaser's option, be
repurchased by the Seller at the Repurchase Price.  The Seller shall, at the
request of the Purchaser and assuming that Seller has a Qualified Substitute
Mortgage Loan, rather than repurchase the Mortgage Loan as provided above,
remove such Mortgage Loan and substitute in its place a Qualified Substitute
Mortgage Loan or Loans; provided that such substitution shall be effected not
later than 120 days after the related Closing Date.  If the Seller has no
Qualified Substitute Mortgage Loan, it shall repurchase the deficient Mortgage
Loan.  Any repurchase of a Mortgage Loan(s) pursuant to the foregoing provisions
of this Subsection 7.03 shall occur on a date designated by the Purchaser and
shall be accomplished (i) during the Interim Servicing Period by deposit in the
Custodial Account of the amount of the Repurchase Price for distribution to the
Purchaser on the next scheduled Distribution Date and (ii) following the Interim
Servicing Period, by wire transfer of immediately available funds on the
repurchase date to an account designated by the Purchaser.

At the time of repurchase of any deficient Mortgage Loan, the
Purchaser and the Seller shall arrange for the reassignment of the repurchased
Mortgage Loan to the Seller and the delivery to the Seller of any documents held
by the Custodian and all the documents held by Purchaser, if any, relating to
the repurchased Mortgage Loan. In the event the Repurchase Price is deposited in
the Custodial Account, the Seller shall, simultaneously with such deposit, give
written notice to the Purchaser that such deposit has taken place.  Upon such
repurchase the related Mortgage Loan Schedule shall be amended to reflect the
withdrawal of the repurchased Mortgage Loan from this Agreement.

As to any Deleted Mortgage Loan for which the Seller
substitutes a Qualified Substitute Mortgage Loan or Loans, the Seller shall
effect such substitution by delivering to the Purchaser for such Qualified
Substitute Mortgage Loan or Loans the Mortgage Note, the Mortgage, the
Assignment of Mortgage and such other documents and agreements as are required
by the Custodial Agreement, with the Mortgage Note endorsed as required therein.
The Seller shall deposit in the Custodial Account the Monthly Payment less the
Servicing Fee due on such Qualified Substitute Mortgage Loan or Loans in the
month following the date of such substitution.  Monthly Payments due with
respect to Qualified Substitute Mortgage Loans in the month of substitution will
be retained by the Seller.  For the month of substitution, distributions to the
Purchaser will include the Monthly Payment due on such Deleted Mortgage Loan in
the month of substitution, and the Seller shall thereafter be entitled to retain
all amounts subsequently received by the Seller in respect of such Deleted
Mortgage Loan.  The Seller shall give written notice to the Purchaser 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, and the Seller shall be
deemed to have made with respect to such Qualified Substitute Mortgage Loan or
Loans, as of the date of substitution, the covenants, representations and
warranties set forth in Subsections 7.01 and 7.02.

For any month in which the Seller substitutes one or more
Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the
Seller will determine the amount (if any) by which the aggregate principal
balance of all such Qualified Substitute Mortgage Loans as of the date of
substitution is less than the aggregate Stated Principal Balance of all such
Deleted Mortgage Loans (after application of scheduled principal payments due in
the month of substitution).  An amount equal to the product of the amount of
such shortfall multiplied by the Repurchase Price shall be distributed by the
Seller in the month of substitution pursuant to the Servicing Addendum.
Accordingly, on the date of such substitution, the Seller will deposit from its
own funds into the Custodial Account an amount equal to such amount.

In addition to such cure, repurchase and substitution
obligation, the Seller shall indemnify the Purchaser and hold it harmless
against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and other costs and expenses
resulting from any claim, demand, defense or assertion based on or grounded
upon, or resulting from, a breach of the Seller's representations and warranties
contained in this Section 7 (notwithstanding the Seller's lack of knowledge with
respect to any representation and warranty which is made to the best of Seller's
knowledge). It is understood and agreed that the obligations of the Seller set
forth in this Subsection 7.03 to cure or repurchase a defective Mortgage Loan
and to indemnify the Purchaser as provided in this Subsection 7.03 constitute
the sole remedies of the Purchaser respecting a breach of the foregoing
representations and warranties.

Any cause of action against the Seller relating to or arising
out of the breach of any representations and warranties made in Subsections 7.01
or 7.02 shall accrue as to any Mortgage Loan upon (i) discovery of such breach
by the Purchaser or notice thereof by the Seller to the Purchaser, (ii) failure
by the Seller to cure such breach or repurchase such Mortgage Loan as specified
above, and (iii) demand upon the Seller by the Purchaser for compliance with the
relevant provisions of this Agreement.

	Repurchase of Certain Mortgage Loans;
Prepayments.

	In the event that the first or, to the extent provided in
the related Confirmation, second Monthly Payment due after the related Closing
Date is not made by the last Business Day of the calendar month following the
related Due Date, the Seller shall repurchase the affected Mortgage Loans at the
Repurchase Price, which shall be paid as provided for in Subsection
7.03;

	In the event any Mortgage Loan prepays in full within
ninety (90) days following the related Closing Date, the Seller shall remit to
the Purchaser the Premium with respect to such prepaid Mortgage Loan; provided
that, the amount of such Premium that is reimbursed to the Purchaser shall be
reduced, but not below zero dollars, by the amount of any prepayment penalty
fees paid to the Purchaser with respect to such Mortgage Loan.

SECTION 8. Closing.  The closing for each Mortgage Loan Package
shall take place on the related Closing Date. At the Purchaser's option, the
closing shall be either: by telephone, confirmed by letter or wire as the
parties shall agree, or conducted in person, at such place as the parties shall
agree.

The closing for the Mortgage Loans to be purchased on each
Closing Date shall be subject to each of the following conditions:

	all of the representations and warranties of the Seller
under this Agreement shall be true and correct as of the related Closing Date
and no event shall have occurred which, with notice or the passage of time,
would constitute a default under this Agreement;

	the Purchaser shall have received, or the Purchaser's
attorneys shall have received in escrow, all Closing Documents as specified in
Section 9, in such forms as are agreed upon and acceptable to the Purchaser,
duly executed by all signatories other than the Purchaser as required pursuant
to the terms hereof;

	the Seller shall have delivered and released to the
Custodian all documents required pursuant to the Custodial Agreement;
and

	all other terms and conditions of this Agreement shall
have been complied with.

Subject to the foregoing conditions, the Purchaser shall pay
to the Seller on the related Closing Date the Purchase Price, plus accrued
interest pursuant to Section 4, by wire transfer of immediately available funds
to the account designated by the Seller.

SECTION 9. Closing Documents. 

	On or before the Initial Closing Date, the Seller shall
submit to the Purchaser fully executed originals of the following
documents:

	this Agreement, in four counterparts;

	the Custodial Agreement, in six counterparts, in the form
attached as Exhibit 6 hereto;

	a Custodial Account Letter Agreement in the form attached
as Exhibit 7 hereto;

	as Escrow Account Letter Agreement in the form attached
as Exhibit 8 hereto;

	an Officer's Certificate, in the form of Exhibit 1
hereto, including all attachments thereto;

	an Opinion of Counsel to the Seller, in the form of
Exhibit 2 hereto; and

	the Seller's underwriting guidelines.

	The Closing Documents for the Mortgage Loans to be
purchased on each Closing Date shall consist of fully executed originals of the
following documents:

	the related Confirmation;

	the related Mortgage Loan Schedule, one copy to be
attached hereto and one copy to be attached to the Custodian's counterpart of
the Custodial Agreement, as the Mortgage Loan Schedule thereto;

	a Custodian's Trust Receipt and Initial Certification, as
required under the Custodial Agreement, in a form acceptable to the
Purchaser;

	an Officer's Certificate, in the form of Exhibit 1
hereto, including all attachments thereto;

	if requested by the Purchaser, an Opinion of Counsel to
the Seller, in the form of Exhibit 2 hereto;

	if requested by the Purchaser, an Opinion of Counsel to
the Custodian, in a form acceptable to the Purchaser;

	a Security Release Certification, in the form of
Exhibit 3 hereto executed by any Person, as requested by the Purchaser,
if any of the Mortgage Loans has at any time been subject to any security
interest, pledge or hypothecation for the benefit of such Person;

	a certificate or other evidence of merger or change of
name, signed or stamped by the applicable regulatory authority, if any of the
Mortgage Loans were acquired by the Seller by merger or acquired or originated
by the Seller while conducting business under a name other than its present
name, if applicable; and

	an Assignment and Conveyance in the form of Exhibit
4 hereto.

SECTION 10. Costs.  The Purchaser shall pay any commissions due
its salesmen and the legal fees and expenses of its attorneys. The Seller shall
purchase at its own expense a fully assignable life of loan Tax Service Contract
and a fully assignable Flood Zone Service Contract.  All costs and expenses
incurred in connection with the transfer and delivery of the Mortgage Loans to
the Purchaser, including without limitation recording fees, fees for title
policy endorsements and continuations, fees for recording Assignments of
Mortgage and the Seller's attorney's fees, shall be paid by the
Seller.

SECTION 11. Seller's Servicing Obligations.  The Seller, as
independent contract servicer, shall service and administer the Mortgage Loans
during the Preliminary Servicing Period in accordance with the terms and
provisions set forth in the Servicing Addendum attached as Exhibit 9,
which Servicing Addendum is incorporated herein by reference.  The
Seller shall transfer the servicing of the Mortgage Loans to the successor
servicer designated by the Purchaser in accordance with the terms of the
servicing transfer procedures provided by the Purchaser or such designated
successor servicer.

SECTION 12. Removal of Mortgage Loans from Inclusion under This
Agreement Upon a Whole Loan Transfer or a Pass-Through Transfer on One or
More Reconstitution Dates.

The Seller and the Purchaser agree that with respect to some
or all of the Mortgage Loans, the Purchaser may effect either:

	one or more Whole Loan Transfers; and/or

	one or more Pass-Through Transfers,

provided that, the Purchaser shall not effect more than three
(3) Whole Loan Transfers or Pass-Through Transfers with respect to any Mortgage
Loan Package.

With respect to each Whole Loan Transfer or Pass-Through
Transfer, as the case may be, entered into by the Purchaser, the Seller
agrees:

	to cooperate fully with the Purchaser and any
prospective purchaser with respect to all reasonable requests and due diligence
procedures including participating in meetings with rating agencies, bond
insurers and such other parties as the Purchaser shall designate and
participating in meetings with prospective purchasers of the Mortgage Loans or
interests therein and providing information reasonably requested by such
purchasers;

	to execute all Reconstitution Agreements provided that
each of the Seller and the Purchaser is given an opportunity to review and
reasonably negotiate in good faith the content of such documents not
specifically referenced or provided for herein; 

	in the event that any Whole Loan Transfer or Pass-Through
Transfer is effected within 120 days following the related Closing Date, the
Seller shall make the representations and warranties regarding the Seller and
the Mortgage Loans as of the closing date for such Whole Loan Transfer or Pass-
Through Transfer, modified to the extent necessary to accurately reflect the
pool statistics of the Mortgage Loans as of such date and any events or
circumstances existing subsequent to the related Closing Date(s); 

	to deliver to the Purchaser for inclusion in any
prospectus or other offering material such publicly available information
regarding the Seller, its financial condition and its mortgage loan delinquency,
foreclosure and loss experience and any additional information reasonably
requested by the Purchaser, and to deliver to the Purchaser any similar non
public, unaudited financial information, in which case the Purchaser shall bear
the cost of having such information audited by certified public accountants if
the Purchaser desires such an audit, or as is otherwise reasonably requested by
the Purchaser and which the Seller is capable of providing without unreasonable
effort or expense, and to indemnify the Purchaser and its affiliates for
material misstatements and omissions contained in such information;

	to deliver to the Purchaser and to any Person designated
by the Purchaser, at the Purchaser's expense, such statements and audit letters
of reputable, certified public accountants pertaining to information provided by
the Seller pursuant to clause 4 above as shall be reasonably requested by the
Purchaser; and

	to deliver to the Purchaser, and to any Person designated
by the Purchaser, such legal documents and in-house Opinions of Counsel as are
customarily delivered by originators or servicers, as the case may be, and
reasonably determined by the Purchaser to be necessary in connection with Whole
Loan Transfers or Pass-Through Transfers, as the case may be, such in-house
Opinions of Counsel for a Pass-Through Transfer to be in the form reasonably
acceptable to the Purchaser, it being understood that the cost of any opinions
of outside special counsel that may be required for a Whole Loan Transfer or
Pass-Through Transfer, as the case may be, shall be the responsibility of the
Purchaser.

SECTION 13. The Seller.

	Additional Indemnification by the
Seller.

In addition to the indemnification provided in Subsection
7.03, the Seller shall indemnify the Purchaser and hold the Purchaser harmless
against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable and necessary legal fees and related costs, judgments, and any other
costs, fees and expenses that the Purchaser may sustain in any way related to
the failure of the Seller to perform its obligations under this Agreement
including but not limited to its obligation to service and administer the
Mortgage Loans in strict compliance with the terms of this Agreement or any
Reconstitution Agreement entered into pursuant to Section 12.

	Merger or Consolidation of the
Seller.

The Seller shall keep in full force and effect its existence,
rights and franchises as a corporation under the laws of the state of its
incorporation except as permitted herein, and shall obtain and preserve its
qualification 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 or any of the Mortgage Loans, and to enable the
Seller to perform its duties under this Agreement.

Any Person into which the Seller may be merged or
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Seller shall be a party, or any Person succeeding to
the business of the Seller, shall be the successor of the Seller hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding.

	Limitation on Liability of the Seller and
Others.

Neither the Seller nor any of the officers, employees or
agents of the Seller shall be under any liability to the Purchaser for any
action taken or for refraining from the taking of any action in good faith in
connection with the servicing of the Mortgage Loans pursuant to this Agreement,
or for errors in judgment; provided, however, that this provision shall not
protect the Seller against any breach of warranties or representations made
herein, or failure to perform its obligations in strict compliance with any
standard of care set forth in this Agreement, or any liability which would
otherwise be imposed by reason of any breach of the terms and conditions of this
Agreement. The Seller may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Seller shall not be under any obligation to appear in,
prosecute or defend any legal action which is not incidental to its obligation
to sell or duty to service the Mortgage Loans in accordance with this Agreement
and which in its opinion may result in its incurring any expenses or liability;
provided, however, that the Seller may, with the consent of the Purchaser,
undertake any such action which it may deem necessary or desirable in respect to
this Agreement and the rights and duties of the parties hereto. In such event,
the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities for which the Purchaser shall
be liable, the Seller shall be entitled to reimbursement therefor from the
Purchaser upon written demand except when such expenses, costs and liabilities
are subject to the Seller's indemnification under Subsections 7.03 or 13.01.

	Seller Not to Resign.

The Seller shall not assign this Agreement or resign from the
obligations and duties hereby imposed on it except by mutual consent of the
Seller and the Purchaser or upon the determination that its servicing duties
hereunder are no longer permissible under applicable law and such incapacity
cannot be cured by the Seller in which event the Seller may resign as servicer.
Any such determination permitting the resignation of the Seller as servicer
shall be evidenced by an Opinion of Counsel to such effect delivered to the
Purchaser which Opinion of Counsel shall be in form and substance acceptable to
the Purchaser and shall be provided at the cost of the Seller. No such
resignation shall become effective until a successor shall have assumed the
Seller's responsibilities and obligations hereunder in the manner provided in
Section 16.

	No Transfer of Servicing.

With respect to the retention of the Seller to service the
Mortgage Loans during the Interim Servicing Period, the Seller acknowledges that
the Purchaser has acted in reliance upon the Seller's independent status, the
adequacy of its servicing facilities, plan, personnel, records and procedures,
its integrity, reputation and financial standing and the continuance thereof.
Without in any way limiting the generality of this Section, the Seller shall not
either assign this Agreement or the servicing hereunder or delegate its rights
or duties hereunder or any portion thereof, or sell or otherwise dispose of all
or substantially all of its property or assets, without the prior written
approval of the Purchaser, which consent will not be unreasonably withheld.

SECTION 14. DEFAULT.

	Events of Default.

In case one or more of the following Events of Default by the
Seller shall occur and be continuing, that is to say:

	any failure by the Seller to remit to the Purchaser any
payment required to be made under the terms of this Agreement which continues
unremedied for a period of one Business Day after the date upon which written
notice of such failure, requiring the same to be remedied, shall have been given
to the Seller by the Purchaser; or

	failure on the part of the Seller duly to observe or
perform in any material respect any other of the covenants or agreements on the
part of the Seller set forth in this Agreement or in the Custodial Agreement
which continues unremedied for a period of thirty days (except that such number
of days shall be fifteen in the case of a failure to pay any premium for any
insurance policy required to be maintained under this Agreement) after the date
on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Seller by the Purchaser or by the Custodian;
or

	a decree or order of a court or agency or supervisory
authority having jurisdiction for the appointment of a conservator or receiver
or liquidator in any insolvency, bankruptcy, 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 Seller and such
decree or order shall have remained in force undischarged or unstayed for a
period of sixty days; or

	the Seller shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency, bankruptcy,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings of or relating to the Seller or of or relating to all or
substantially all of its property; or

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

	failure by the Seller to be in material compliance with
the "doing business" or licensing laws of any jurisdiction where a
Mortgaged Property is located; or

	the Seller ceases to meet the qualifications to be either
a FNMA seller or FHLMC seller/servicer; or

	the Seller attempts to assign its right to servicing
compensation hereunder or the Seller attempts, without the consent of the
Purchaser, to sell or otherwise dispose of all or substantially all of its
property or assets or to assign this Agreement or the servicing responsibilities
hereunder or to delegate its duties hereunder or any portion
thereof;

then, and in each and every such case, so long as an Event of
Default shall not have been remedied, the Purchaser, by notice in writing to the
Seller may, in addition to whatever rights the Purchaser may have at law or
equity to damages, including injunctive relief and specific performance,
terminate all the rights and obligations of the Seller as servicer under this
Agreement. On or after the receipt by the Seller of such written notice, all
authority and power of the Seller to service the Mortgage Loans under this
Agreement shall on the date set forth in such notice pass to and be vested in
the successor appointed pursuant to Section 16.

	Waiver of Defaults.

The Purchaser may waive any default by the Seller in the
performance of its obligations hereunder and its consequences.  Upon any such
waiver of a past default, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon except to the extent
expressly so waived.

SECTION 15.Termination.  The respective obligations and
responsibilities of the Seller, as servicer, shall terminate at the expiration
of the Interim Servicing Period unless terminated on an earlier date at the
option of the Purchaser or pursuant to Section 14.  Upon written request from
the Purchaser in connection with any such termination, the Seller shall prepare,
execute and deliver, any and all documents and other instruments, place in the
Purchaser's possession all Mortgage Files, and do or accomplish all other acts
or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise, at the Seller's sole
expense. The Seller agrees to cooperate with the Purchaser and such successor in
effecting the termination of the Seller's responsibilities and rights hereunder
as servicer, including, without limitation, the transfer to such successor for
administration by it of all cash amounts which shall at the time be credited by
the Seller to the Custodial Account, REO Account or Escrow Account or thereafter
received with respect to the Mortgage Loans.

SECTION 16. Successor to the Seller.  Prior to termination of
Seller's responsibilities and duties under this Agreement pursuant to Section
12, 14 or 15, the Purchaser shall (i) succeed to and assume all of the Seller's
responsibilities, rights, duties and obligations under this Agreement, or (ii)
appoint a successor which shall succeed to all rights and assume all of the
responsibilities, duties and liabilities of the Seller as servicer under this
Agreement. In connection with such appointment and assumption, the Purchaser may
make such arrangements for the compensation of such successor out of payments on
Mortgage Loans as it and such successor shall agree. In the event that the
Seller's duties, responsibilities and liabilities as servicer under this
Agreement should be terminated pursuant to the aforementioned Sections, the
Seller shall discharge such duties and responsibilities during the period from
the date it acquires knowledge of such termination until the effective date
thereof with the same degree of diligence and prudence which it is obligated to
exercise under this Agreement, and shall take no action whatsoever that might
impair or prejudice the rights or financial condition of the Purchaser or such
successor. The termination of the Seller as interim servicer pursuant to the
aforementioned Sections shall not become effective until a successor shall be
appointed pursuant to this Section 16 and shall in no event relieve the Seller
of the representations and warranties made pursuant to Subsections 7.01 and 7.02
and the remedies available to the Purchaser under Subsection 7.03 or 7.04, it
being understood and agreed that the provisions of such Subsections 7.01, 7.02
and 7.03 and 7.04 shall be applicable to the Seller notwithstanding any such
resignation or termination of the Seller, or the termination of this
Agreement.

Any successor appointed as provided herein shall execute,
acknowledge and deliver to the Seller and to the Purchaser an instrument
accepting such appointment, whereupon such successor shall become fully vested
with all the rights, powers, duties, responsibilities, obligations and
liabilities of the Seller, with like effect as if originally named as a party to
this Agreement and the Custodial Agreement provided, however, that such
successor shall not assume, and Seller shall indemnify such successor for, any
and all liabilities arising out of the Seller's acts as servicer. Any
termination of the Seller as servicer pursuant to Section 12, 14 or 15 shall not
affect any claims that the Purchaser may have against the Seller arising prior
to any such termination or resignation or remedies with respect to such
claims.

The Seller shall timely deliver to the successor the funds in
the Custodial Account, REO Account and the Escrow Account and the Mortgage Files
and related documents and statements held by it hereunder and the Seller shall
account for all funds. The Seller shall execute and deliver such instruments and
do such other things all as may reasonably be required to more fully and
definitely vest and confirm in the successor all such rights, powers, duties,
responsibilities, obligations and liabilities of the Seller as servicer. The
successor shall make arrangements as it may deem appropriate to reimburse the
Seller for amounts the Seller actually expended as servicer pursuant to this
Agreement which the successor is entitled to retain hereunder and which would
otherwise have been recovered by the Seller pursuant to this Agreement but for
the appointment of the successor servicer.

SECTION 17. Financial Statements.  The Seller understands that in
connection with the Purchaser's marketing of the Mortgage Loans, the Purchaser
shall make available to prospective purchasers the Seller's financial statements
for the most recently completed three fiscal years respecting which such
statements are available. The Seller also shall make available any comparable
interim statements to the extent any such statements have been prepared by the
Seller (and are available upon request to members or stockholders of the Seller
or the public at large). The Seller, if it has not already done so, agrees to
furnish promptly to the Purchaser copies of the statements specified above.
The Seller also shall make available information on its servicing
performance with respect to mortgage loans serviced for others, including
delinquency ratios.

The Seller also agrees to allow reasonable access to
knowledgeable financial, accounting, origination and servicing officers of the
Seller for the purpose of answering questions asked by any prospective purchaser
regarding recent developments affecting the Seller, its loan origination or
servicing practices or the financial statements of the Seller.

SECTION 18. Mandatory Delivery.  The sale and delivery of each
Mortgage Loan on or before the related Closing Date is mandatory from and after
the date of the execution of the related Confirmation, it being specifically
understood and agreed that each Mortgage Loan is unique and identifiable on the
date hereof and that an award of money damages would be insufficient to
compensate the Purchaser for the losses and damages incurred by the Purchaser
(including damages to prospective purchasers of the Mortgage Loans) in the event
o f the Seller's failure to deliver each of the related Mortgage Loans or one or
more Mortgage Loans otherwise acceptable to the Purchaser on or before the
related Closing Date.  The Seller hereby grants to the Purchaser a lien on and a
continuing security interest in each Mortgage Loan and each document and
instrument evidencing each such Mortgage Loan to secure the performance by the
Seller of its obligation hereunder, and the Seller agrees that it holds such
Mortgage Loans in custody for the Purchaser subject to the Purchaser's (i) right
to reject any Mortgage Loan under the terms of this Agreement and the related
Confirmation, and (ii) obligation to pay the related Purchase Price for the
Mortgage Loans. All rights and remedies of the Purchaser under this Agreement
are distinct from, and cumulative with, any other rights or remedies under this
Agreement or afforded by law or equity and all such rights and remedies may be
exercised concurrently, independently or successively.

SECTION 19. Notices.  All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed, by registered or certified mail, return receipt requested, or, if by
other means, when received by the other party at the address as
follows:

(i)if to the Purchaser:

   Greenwich Capital Financial Products, Inc.

   600 Steamboat Road

   Greenwich, Connecticut  06830

Attn:  Mortgage Finance

(ii)if to the Seller:

E-Loan, Inc.

   5875 Arnold Road

   Dublin, California 94568

Attn:Mr. Jeffrey Becker, Director of Capital Markets

E-Loan, Inc.

   5875 Arnold Road

   Dublin, California 94568

Attn:  General Counsel

or such other address as may hereafter be furnished to the
other party by like notice. Any such demand, notice or communication hereunder
shall be deemed to have been received on the date delivered to or received at
the premises of the addressee (as evidenced, in the case of registered or
certified mail, by the date noted on the return receipt).

SECTION 20. Severability Clause.  Any part, provision,
representation or warranty of this Agreement which is prohibited or which is
held to be void or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof. Any part, provision, representation or warranty of this Agreement which
is prohibited or unenforceable or is held to be void or unenforceable in any
jurisdiction shall be ineffective, as to such jurisdiction, to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction as to any Mortgage Loan shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto waive any provision of law which prohibits
or renders void or unenforceable any provision hereof. If the invalidity of any
part, provision, representation or warranty of this Agreement shall deprive any
party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good-faith, to develop a structure the economic
effect of which is nearly as possible the same as the economic effect of this
Agreement without regard to such invalidity.

SECTION 21. Counterparts.  This Agreement may be executed
simultaneously in any number of counterparts. Each counterpart shall be deemed
to be an original, and all such counterparts shall constitute one and the same
instrument.

SECTION 22. Governing Law.  The Agreement shall be construed in
accordance with the laws of the State of New York without regard to any
conflicts of law provisions and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with the laws of the State
of New York, except to the extent preempted by Federal law.

SECTION 23. Intention of the Parties.  It is the intention of the
parties that the Purchaser is purchasing, and the Seller is selling, the
Mortgage Loans and not a debt instrument of the Seller or another security.
Accordingly, the parties hereto each intend to treat the transaction for Federal
income tax purposes as a sale by the Seller, and a purchase by the Purchaser, of
the Mortgage Loans. The Purchaser shall have the right to review the Mortgage
Loans and the related Mortgage Loan Files to determine the characteristics of
the Mortgage Loans which shall affect the Federal income tax consequences of
owning the Mortgage Loans and the Seller shall cooperate with all reasonable
requests made by the Purchaser in the course of such
review.

SECTION 24. Successors and Assigns.  This Agreement shall bind
and inure to the benefit of and be enforceable by the Seller and the Purchaser
and the respective successors and assigns of the Seller and the Purchaser. The
Purchaser may assign this Agreement to any Person to whom any Mortgage Loan is
transferred whether pursuant to a sale or financing and to any Person to whom
the servicing or master servicing of any Mortgage Loan is sold or transferred.
Upon any such assignment, the Person to whom such assignment is made shall
succeed to all rights and obligations of the Purchaser under this Agreement to
the extent of the related Mortgage Loan or Mortgage Loans and this Agreement, to
the extent of the related Mortgage Loan or Loans, shall be deemed to be a
separate and distinct Agreement between the Seller and such Purchaser, and a
separate and distinct Agreement between the Seller and each other Purchaser to
the extent of the other related Mortgage Loan or Loans.  In the event that this
Agreement is assigned to any Person to whom the servicing or master servicing of
any Mortgage Loan is sold or transferred, the rights and benefits under this
agreement which inure to the Purchaser shall inure to the benefit of both the
Person to whom such Mortgage Loan is transferred and the Person to whom the
servicing or master servicing of the Mortgage Loan has been transferred;
provided that, the right to require a Mortgage Loan to be repurchased by the
Seller pursuant to Subsection 7.03 or 7.04 shall be retained solely by the
Purchaser. This Agreement shall not be assigned, pledged or hypothecated by the
Seller to a third party without the consent of the
Purchaser.

SECTION 25. Waivers.  No term or provision of this Agreement may
be waived or modified unless such waiver or modification is in writing and
signed by the party against whom such waiver or modification is sought to be
enforced.

SECTION 26. Exhibits.  The exhibits to this Agreement are hereby
incorporated and made a part hereof and are an integral part of this
Agreement.

SECTION 27. Nonsolicitation.  The Seller covenants and agrees
that it shall not take any action to solicit the refinancing of any Mortgage
Loan following the date hereof or provide information to any other entity to
solicit the refinancing of any Mortgage Loan; provided that, the foregoing shall
not preclude the Seller from engaging in solicitations to the general public by
newspaper, radio, television or other media which are not directed toward the
Mortgagors or from refinancing the Mortgage Loan of any Mortgagor who, without
solicitation, contacts the Seller to request the refinancing of the related
Mortgage Loan. 

SECTION 28. General Interpretive Principles.  For purposes of
this Agreement, except as otherwise expressly provided or unless the context
otherwise requires:

	the terms defined in this Agreement have the meanings
assigned to them in this Agreement and include the plural as well as the
singular, and the use of any gender herein shall be deemed to include the other
gender;

	accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles;

	references herein to "Articles,"
"Sections," "Subsections," "Paragraphs," and other
Subdivisions without reference to a document are to designated Articles,
Sections, Subsections, Paragraphs and other subdivisions of this
Agreement;

	reference to a Subsection without further reference to a
Section is a reference to such Subsection as contained in the same Section in
which the reference appears, and this rule shall also apply to Paragraphs and
other subdivisions;

	the words "herein," "hereof,"
"hereunder" and other words of similar import refer to this Agreement
as a whole and not to any particular provision; and

	the term "include" or "including"
shall mean without limitation by reason of enumeration.

SECTION 29. Reproduction of Documents.  This Agreement and all
documents relating thereto, including, without limitation, (a) consents, waivers
and modifications which may hereafter be executed, (b) documents received by any
party at the closing, and (c) financial statements, certificates and other
information previously or hereafter furnished, may be reproduced by any
photographic, photostatic, microfilm, micro-card, miniature photographic or
other similar process. The parties agree that any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any
enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence. 

SECTION 30. Further Agreements.  The Seller and the Purchaser
each agree to execute and deliver to the other such reasonable and appropriate
additional documents, instruments or agreements as may be necessary or
appropriate to effectuate the purposes of this Agreement.

SECTION 31. Entire Agreement.  This Agreement constitutes the
entire agreement and understanding of the parties with respect to the matters
and transactions contemplated by this Agreement and, except to the extent
otherwise set forth in writing, supersedes any prior agreement and
understandings with respect to those matters and transactions.

IN WITNESS WHEREOF, the Seller and the Purchaser have caused
their names to be signed hereto by their respective officers thereunto duly
authorized as of the date first above written.

	
E-LOAN, INC.

	 
	
(Seller)

	 
	
By:

	
Name:

	
Title:

	 
	 
	 
	
GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

	
(Purchaser)

	 
	
By:

	
Name:

	
Title:

	 

 

SECTION 1.  Definitions*
SECTION 2.  Agreement to Purchase*

SECTION 3.  Mortgage Loan Schedules*

SECTION 4.  Purchase Price*

SECTION 5.  Examination of Mortgage Files*

SECTION 6.  Conveyance from Seller to Purchaser.*
Subsection 6.01.
Conveyance of Mortgage Loans; Possession of Servicing Files.*

Subsection 6.02.  Books and
Records.*

Subsection 6.03.  Delivery
of Mortgage Loan Documents.*

SECTION 7.  Representations, Warranties and Covenants of the Seller: Remedies
for Breach.*
Subsection 7.01.
Representations and Warranties Respecting the Seller.*

Subsection 7.02.
Representations and Warranties Regarding Individual Mortgage Loans.*

Subsection 7.03.  Remedies
for Breach of Representations and Warranties.*

Subsection 7.04.
Repurchase of Certain Mortgage Loans.*

SECTION 8.  Closing*

SECTION 9.  Closing Documents.*

SECTION 10.  Costs*

SECTION 11.  Seller's Servicing Obligations*

SECTION 12.  Removal of Mortgage Loans from Inclusion under This Agreement
Upon a Whole Loan Transfer or a Pass-Through Transfer on One or More
Reconstitution Dates.*

SECTION 13.  The Seller.*
Subsection 13.01.
Additional Indemnification by the Seller.*

Subsection 13.02.  Merger
or Consolidation of the Seller.*

Subsection 13.03.
Limitation on Liability of the Seller and Others.*

Subsection 13.04.  Seller
Not to Resign.*

Subsection 13.05.  No
Transfer of Servicing.*

SECTION 14.  DEFAULT.*
Subsection 14.01.  Events
of Default.*

Subsection 14.02.  Waiver
of Defaults.*

SECTION 15.  Termination*

SECTION 16.  Successor to the Seller*

SECTION 17.  Financial Statements*

SECTION 18.  Mandatory Delivery: Grant of Security Interest*

SECTION 19.  Notices*

SECTION 20.  Severability Clause*

SECTION 21.  Counterparts*

SECTION 22.  Governing Law*

SECTION 23.  Intention of the Parties*

SECTION 24.  Successors and Assigns*

SECTION 25.  Waivers*

SECTION 26.  Exhibits*

SECTION 27.  Nonsolicitation*

SECTION 28.  General Interpretive Principles*

SECTION 29.  Reproduction of Documents*

SECTION 30.  Further Agreements*

SECTION 31.  Entire Agreement*

 

EXHIBITS*

EXHIBIT 1SELLER'S OFFICER'S CERTIFICATE

EXHIBIT 2FORM OF OPINION OF COUNSEL TO THE SELLER

EXHIBIT 3SECURITY RELEASE CERTIFICATION

EXHIBIT 4ASSIGNMENT AND CONVEYANCE

EXHIBIT 5CONTENTS OF EACH MORTGAGE FILE

EXHIBIT 6FORM OF CUSTODIAL AGREEMENT

EXHIBIT 7FORM OF CUSTODIAL ACCOUNT LETTER AGREEMENT

EXHIBIT 8FORM OF ESCROW ACCOUNT LETTER AGREEMENT

EXHIBIT 9SERVICING ADDENDUM

EXHIBIT 10FORM OF CONFIRMATION

SCHEDULEMORTGAGE LOAN SCHEDULE

 

 

 

 

 

 

 

 

* Exhibits and schedules have been omitted in accordance with Item 601 of
Regulation S-K, and will be provided upon request.

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