Document:

EXECUTION COPY

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                          ABN AMRO MORTGAGE CORPORATION

                                    Depositor

                                       and

                          ABN AMRO MORTGAGE GROUP, INC.

                                    Servicer

                                       and

                               JPMORGAN CHASE BANK

                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                          Dated as of September 1, 2002

                                  $814,555,466

                       Mortgage Pass-Through Certificates

                                  SERIES 2002-8

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

<PAGE>

<TABLE>
<CAPTION>
                                                 TABLE OF CONTENTS

                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>

ARTICLE I

         DEFINITIONS..............................................................................................5

ARTICLE II

         CONVEYANCE OF TRUST FUND;
         ORIGINAL ISSUANCE OF CERTIFICATES.......................................................................54
         Section 2.1       CONVEYANCE OF TRUST FUND..............................................................54
         Section 2.2       ACCEPTANCE BY TRUSTEE.................................................................57
         Section 2.3       REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR WITH RESPECT
                           TO THE LOANS..........................................................................59
         Section 2.4       AUTHENTICATION AND DELIVERY OF CERTIFICATES; DESIGNATION OF CERTIFICATES
                           AS REMIC REGULAR AND RESIDUAL INTERESTS...............................................63
         Section 2.5       DESIGNATION OF STARTUP DAY............................................................68
         Section 2.6       NO CONTRIBUTIONS......................................................................68
         Section 2.7       REPRESENTATIONS AND WARRANTIES OF THE SERVICER........................................68

ARTICLE III

         ADMINISTRATION AND SERVICING OF LOANS...................................................................70
         Section 3.1       SERVICER TO ACT AS SERVICER; ADMINISTRATION OF THE LOANS..............................70
         Section 3.2       COLLECTION OF CERTAIN LOAN PAYMENTS; CUSTODIAL ACCOUNT FOR P&I........................73
         Section 3.3       PERMITTED WITHDRAWALS FROM THE CUSTODIAL ACCOUNT FOR P&I..............................75
         Section 3.4       TAXES, ASSESSMENTS AND SIMILAR ITEMS; ESCROW ACCOUNTS.................................76
         Section 3.5       MAINTENANCE OF INSURANCE..............................................................77
         Section 3.6       ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AND
                           SUBSTITUTION AGREEMENTS...............................................................79
         Section 3.7       REALIZATION UPON DEFAULTED LOANS......................................................79
         Section 3.8       TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES.......................................82
         Section 3.9       SERVICING COMPENSATION................................................................82
         Section 3.10      REPORTS TO THE TRUSTEE; CUSTODIAL ACCOUNT FOR P&I STATEMENTS..........................83
         Section 3.11      ANNUAL STATEMENT AS TO COMPLIANCE.....................................................83
         Section 3.12      ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT...............................83
         Section 3.13      ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
                           THE LOANS.............................................................................84
         Section 3.14      [RESERVED]............................................................................84

                                                        -i-

<PAGE>

         Section 3.15      SALE OF DEFAULTED LOANS AND REO PROPERTIES............................................84
         Section 3.16      DELEGATION OF DUTIES..................................................................86
         Section 3.17      [RESERVED]............................................................................86
         Section 3.18      [RESERVED]............................................................................86
         Section 3.19      APPOINTMENT OF A SPECIAL SERVICER.....................................................86
         Section 3.20      ALLOCATION OF REALIZED LOSSES.........................................................86
         Section 3.21      MAINTENANCE OF THE ROUNDING ACCOUNT; COLLECTIONS THEREUNDER...........................87

ARTICLE IV

         PAYMENTS TO CERTIFICATEHOLDERS; ADVANCES;
         STATEMENTS AND REPORTS..................................................................................89
         Section 4.1       DISTRIBUTIONS TO CERTIFICATEHOLDERS...................................................89
         Section 4.2       STATEMENTS TO CERTIFICATEHOLDERS; EXCHANGE ACT REPORTING..............................95
         Section 4.3       ADVANCES BY THE SERVICER; DISTRIBUTION REPORTS TO THE TRUSTEE.........................97
         Section 4.4       NONRECOVERABLE ADVANCES...............................................................98
         Section 4.5       FORECLOSURE REPORTS...................................................................98
         Section 4.6       ADJUSTMENT OF SERVICING FEES WITH RESPECT TO PAYOFFS..................................98
         Section 4.7       PROHIBITED TRANSACTIONS TAXES AND OTHER TAXES.........................................99
         Section 4.8       TAX ADMINISTRATION....................................................................99
         Section 4.9       EQUAL STATUS OF SERVICING FEE........................................................100
         Section 4.10      APPOINTMENT OF PAYING AGENT AND CERTIFICATE ADMINISTRATOR............................100
         Section 4.11      POLICY MATTERS.......................................................................100

ARTICLE V

         THE CERTIFICATES.......................................................................................105
         Section 5.1       THE CERTIFICATES.....................................................................105
         Section 5.2       CERTIFICATES ISSUABLE IN CLASSES; DISTRIBUTIONS OF PRINCIPAL
                           AND INTEREST; AUTHORIZED DENOMINATIONS...............................................111
         Section 5.3       REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES................................111
         Section 5.4       MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES....................................112
         Section 5.5       PERSONS DEEMED OWNERS................................................................113
         Section 5.6       TEMPORARY CERTIFICATES...............................................................113
         Section 5.7       BOOK-ENTRY FOR BOOK-ENTRY CERTIFICATES...............................................113
         Section 5.8       NOTICES TO CLEARING AGENCY...........................................................115
         Section 5.9       DEFINITIVE CERTIFICATES..............................................................115

ARTICLE VI

         THE DEPOSITOR AND THE SERVICER.........................................................................116
         Section 6.1       LIABILITY OF THE DEPOSITOR AND THE SERVICER..........................................116
         Section 6.2       MERGER OR CONSOLIDATION OF THE DEPOSITOR OR THE SERVICER.............................116

                                                       -ii-

<PAGE>

         Section 6.3       LIMITATION ON LIABILITY OF THE SERVICER AND OTHERS...................................116
         Section 6.4       SERVICER NOT TO RESIGN...............................................................117

ARTICLE VII

         DEFAULT................................................................................................118
         Section 7.1       EVENTS OF DEFAULT....................................................................118
         Section 7.2       OTHER REMEDIES OF TRUSTEE............................................................119
         Section 7.3       DIRECTIONS BY CERTIFICATEHOLDERS AND DUTIES OF TRUSTEE DURING
                           EVENT OF DEFAULT.....................................................................119
         Section 7.4       ACTION UPON CERTAIN FAILURES OF SERVICER AND UPON EVENT OF DEFAULT...................120
         Section 7.5       APPOINTMENT OF SUCCESSOR SERVICER....................................................120
         Section 7.6       NOTIFICATION TO CERTIFICATEHOLDERS...................................................122

ARTICLE VIII

         CONCERNING THE TRUSTEE.................................................................................123
         Section 8.1       DUTIES OF TRUSTEE....................................................................123
         Section 8.2       CERTAIN MATTERS AFFECTING TRUSTEE....................................................125
         Section 8.3       TRUSTEE NOT REQUIRED TO MAKE INVESTIGATION...........................................125
         Section 8.4       TRUSTEE NOT LIABLE FOR CERTIFICATES OR LOANS.........................................126
         Section 8.5       TRUSTEE MAY OWN CERTIFICATES.........................................................126
         Section 8.6       SERVICER TO PAY TRUSTEE'S FEES AND EXPENSES..........................................127
         Section 8.7       ELIGIBILITY REQUIREMENTS FOR TRUSTEE.................................................127
         Section 8.8       RESIGNATION AND REMOVAL OF TRUSTEE...................................................127
         Section 8.9       SUCCESSOR TRUSTEE....................................................................128
         Section 8.10      MERGER OR CONSOLIDATION OF TRUSTEE...................................................129
         Section 8.11      APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE........................................129
         Section 8.12      APPOINTMENT OF CUSTODIANS. ..........................................................130
         Section 8.13      AUTHENTICATING AGENT.................................................................130
         Section 8.14      BLOOMBERG............................................................................131
         Section 8.15      REPORTS TO SECURITIES AND EXCHANGE COMMISSION........................................131
         Section 8.16      CALCULATION OF LIBOR.................................................................131

ARTICLE IX

         TERMINATION............................................................................................133
         Section 9.1       TERMINATION UPON PURCHASE BY THE SERVICER OR LIQUIDATION
                           OF ALL LOANS.........................................................................133
         Section 9.2       TRUSTS IRREVOCABLE...................................................................134
         Section 9.3       ADDITIONAL TERMINATION REQUIREMENTS..................................................134

                                                       -iii-

<PAGE>

ARTICLE X

         MISCELLANEOUS PROVISIONS...............................................................................136
         Section 10.1      AMENDMENT............................................................................136
         Section 10.2      RECORDATION OF AGREEMENT.............................................................137
         Section 10.3      LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS...........................................137
         Section 10.4      GOVERNING LAW; JURISDICTION..........................................................138
         Section 10.5      NOTICES..............................................................................138
         Section 10.6      SEVERABILITY OF PROVISIONS...........................................................139
         Section 10.7      MBIA RIGHTS..........................................................................139
</TABLE>

                                                       -iv-

<PAGE>

<TABLE>
<CAPTION>
                                                     EXHIBITS

<S>                        <C>
Exhibit A         -        Forms of Certificates
Exhibit B         -        Form of Residual Certificate
Exhibit C         -        [Reserved]
Exhibit D         -        Schedule of Loans
Exhibit E         -        Fields of Loan Information
Exhibit F         -        Form of Transferor Certificate for Privately Offered Certificates
Exhibit G         -        Form of Transferee's Certificate for Privately Offered Certificates
Exhibit H         -        [Reserved]
Exhibit I         -        Form of Transferor Certificate
Exhibit J         -        Form of Transferee Affidavit and Agreement
Exhibit K         -        Form of Additional Matter Incorporated into the Form of the Certificates
Exhibit L         -        Form of Rule 144A Investment Representation
Exhibit M         -        Aggregate Planned Principal Balances
Exhibit N         -        [Reserved]
Exhibit O         -        Form of Certificate Guaranty Insurance Policy
Exhibit P         -        [Reserved]
Exhibit Q         -        Bloomberg Data
Exhibit R         -        Form of Special Servicing Agreement
Exhibit S         -        Form of Form 10-K Certificate
Exhibit T         -        Form of Back-up Certification to Form 10-K Certificate
</TABLE>

                                                        -v-

<PAGE>

         This Pooling and Servicing Agreement, dated and effective as of
September 1, 2002 (this "Agreement"), is executed by and among ABN AMRO Mortgage
Corporation, as depositor (the "Depositor"), ABN AMRO Mortgage Group, Inc., as
servicer (the "Servicer"), and JPMorgan Chase Bank, as trustee (the "Trustee").
Capitalized terms used in this Agreement and not otherwise defined have the
meanings ascribed to such terms in Article I hereof.

                              PRELIMINARY STATEMENT

         The Depositor at the Closing Date is the owner of the Loans and the
other property being conveyed by it to the Trustee for inclusion in the Trust
Fund. On the Closing Date, the Depositor will acquire the Certificates from the
Trust Fund as consideration for its transfer to the Trust Fund of the Loans and
certain other assets and will be the owner of the Certificates. The Depositor
has duly authorized the execution and delivery of this Agreement to provide for
the conveyance to the Trustee of the Loans and the issuance to the Depositor of
the Certificates representing in the aggregate the entire beneficial ownership
of the Trust Fund. All covenants and agreements made by the Depositor, the
Servicer and the Trustee herein with respect to the Loans and the other property
constituting the Trust Fund are for the benefit of the Holders from time to time
of the Certificates. The Depositor and the Servicer are entering into this
Agreement, and the Trustee is accepting the trust created hereby, for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

         The Certificates issued hereunder, other than the Class B-3, Class B-4
and Class B-5 Certificates have been offered for sale pursuant to a Prospectus,
dated August 22, 2002, and a Prospectus Supplement, dated September 23, 2002 of
the Depositor (together, the "Prospectus"). The Class B-3, Class B-4 and Class
B-5 Certificates have been offered for sale pursuant to a Private Placement
Memorandum dated September 23, 2002. The Trust Fund created hereunder is
intended to be the "Trust" as described in the Prospectus and the Private
Placement Memorandum and the Certificates are intended to be the "Certificates"
described therein.

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the Loans and other related assets in the Trust Fund
subject to this Agreement as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as "REMIC I." Component R-1 of the
Class R Certificate will represent the sole class of "residual interests" in
REMIC I for purposes of the REMIC Provisions under federal income tax law.

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC I Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC II." Component R-2 of the Class R Certificate will represent the sole
class of "residual interests" in REMIC II for purposes of the REMIC Provisions
under federal income tax law.

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC II Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC III." Component R-3 of the Class R Certificate will

<PAGE>

represent the sole class of "residual interests" in REMIC III for purposes of
the REMIC Provisions under federal income tax law.

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC III Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC IV". Component R-4 of the Class R Certificate will represent the sole
class of "residual interests" in REMIC IV for purposes of the REMIC Provisions
under federal income tax law. The following table irrevocably sets forth the
designations, the Remittance Rate and initial Class Principal Balance for each
Class of Certificates which, together with the Class R-4 Component, constitute
the entire beneficial interests in REMIC IV. Determined solely for purposes of
satisfying Treasury regulation section 1.860G-1(a)(4)(iii), the "latest possible
maturity date" for each of the REMIC I Regular Interests, REMIC II Regular
Interests, REMIC III Regular Interests and for each Class of Certificates shall
be (i) with respect to the Class IA and Class IIA Certificates, the first
Distribution Date that is at least two years after the end of the remaining
amortization schedule of the Loan in the related Loan Group that has, as of the
Closing Date, the longest remaining amortization schedule, irrespective of its
scheduled maturity, and (ii) with respect to the Subordinate Certificates and
the Class R Certificate, the first Distribution Date that is at least two years
after the end of the remaining amortization schedule of the Loan in the Mortgage
Pool that has, as of the Closing Date, the longest remaining amortization
schedule, irrespective of its scheduled maturity. The following table sets forth
the designation, Remittance Rate, initial Class Principal Balance, and Last
Scheduled Distribution Date for each Class of Certificates comprising the
beneficial interests in REMIC IV and the Class R Certificate:

<TABLE>
<CAPTION>
                                                       Initial Class Principal         Last Scheduled
            Designation       Remittance Rate(1)         or Notional Balance         Distribution Date*
            -----------       ------------------         -------------------         ------------------
<S>                           <C>                      <C>                           <C>
         Class IA-1                  4.25%               $       81,562,500.00       October 25, 2032
         Class IA-2                6.25%(2)              $       18,419,640.00       October 25, 2032
         Class IA-3                6.25%(3)              $       39,611,500.00       October 25, 2032
         Class IA-4                6.25%(6)              $       25,000,000.00       October 25, 2032
         Class IA-5                  6.25%               $       66,890,000.00       October 25, 2032
         Class IA-6                  6.25%               $       11,808,000.00       October 25, 2032
         Class IA-7                  6.25%               $       14,845,000.00       October 25, 2032
         Class IA-8                  6.25%               $       15,866,000.00       October 25, 2032
         Class IA-9                  6.25%               $        6,000,000.00       October 25, 2032
         Class IA-10                 6.25%               $        2,000,000.00       October 25, 2032
         Class IA-11                 6.25%               $        3,500,000.00       October 25, 2032
         Class IA-12                 6.25%               $        2,000,000.00       October 25, 2032
         Class IA-13                 5.50%               $      146,736,000.00       October 25, 2032
         Class IA-14                 6.25%               $       11,650,000.00       October 25, 2032
         Class IA-15               6.25%(4)              $        2,162,432.00       October 25, 2032

                                                        -2-

<PAGE>

         Class IA-16                 6.75%                  $             950,000.00    October 25, 2032
         Class IA-17                 5.75%                  $           2,850,000.00    October 25, 2032
         Class IA-18                 6.50%                  $           1,700,000.00    October 25, 2032
         Class IA-19                 6.00%                  $           2,400,000.00    October 25, 2032
         Class IA-20                 6.00%                  $           2,300,000.00    October 25, 2032
         Class IA-21                 6.00%                  $           1,500,000.00    October 25, 2032
         Class IA-22                 6.00%                  $           1,500,000.00    October 25, 2032
         Class IA-23                 6.00%                  $           1,850,000.00    October 25, 2032
         Class IA-24                 6.00%                  $           3,250,000.00    October 25, 2032
         Class IA-25                 6.25%                  $             450,000.00    October 25, 2032
         Class IA-26                 6.25%                  $             450,000.00    October 25, 2032
         Class IA-27                 6.25%                  $             450,000.00    October 25, 2032
         Class IA-28               6.25%(5)                 $             450,000.00    October 25, 2032
         Class IA-29                 5.50%                  $           1,700,000.00    October 25, 2032
         Class IA-30               6.25%(6)                 $             250,000.00    October 25, 2032
         Class IA-31                 6.25%                  $          17,000,000.00    October 25, 2032
         Class IA-32                 5.50%                  $           1,363,000.00    October 25, 2032
         Class IA-33                 5.50%                  $           4,466,000.00    October 25, 2032
         Class IA-34                 5.50%                  $           2,659,000.00    October 25, 2032
         Class IA-35                 5.50%                  $           3,245,000.00    October 25, 2032
         Class IA-36                 5.50%                  $           1,826,000.00    October 25, 2032
         Class IA-37                 5.50%                  $             521,000.00    October 25, 2032
         Class IA-38          Adjustable Rate(7)            $          24,050,000.00    October 25, 2032
         Class IA-39          Adjustable Rate(8)            $          24,050,000.00    October 25, 2032
         Class IA-40                5.125%                  $          48,100,000.00    October 25, 2032
         Class IA-41               6.25%(5)                 $             900,000.00    October 25, 2032
         Class IA-42                 6.25%                  $           5,033,500.00    October 25, 2032
         Class IA-43                 6.25%                  $           5,033,500.00    October 25, 2032
         Class IA-44               6.00%(6)                 $          44,888,779.00    October 25, 2032
         Class IA-45               6.25%(9)                 $           1,795,551.00    October 25, 2032
         Class IA-46                 6.00%                  $          20,283,000.00    October 25, 2032
         Class IA-47          Adjustable Rate(10)           $          72,500,000.00    October 25, 2032
         Class IA-48          Adjustable Rate(11)           $          72,500,000.00    October 25, 2032
         Class IA-P                0.00%(12)                $           2,529,333.00    October 25, 2032
         Class IA-X                6.25%(13)                $          26,333,675.00    October 25, 2032
         Class IIA-1                 5.75%                  $          92,718,655.00    October 25, 2017

                                                        -3-

<PAGE>

         Class IIA-P               0.00%(12)                $             318,650.00     October 25, 2017
         Class IIA-X               5.75%(13)                $           4,490,801.00     October 25, 2017
         Class M                 variable(14)               $          10,233,110.00     October 25, 2032
         Class B-1               variable(14)               $           5,321,217.00     October 25, 2032
         Class B-2               variable(14)               $           2,046,622.00     October 25, 2032
         Class B-3               variable(14)               $           1,637,298.00     October 25, 2032
         Class B-4               variable(14)               $             818,649.00     October 25, 2032
         Class B-5               variable(14)               $           1,637,399.00     October 25, 2032
         Class R+                    5.75%                  $              00.00(15)     October 25, 2032
</TABLE>

*        The Distribution Date in the month after the maturity date for the
         latest maturing Loan.
+        The Class R Certificate is entitled to receive the Residual
         Distribution Amount and Excess Liquidation Proceeds.
(1)      Interest distributed to the Certificates (other than the Principal Only
         Certificates and Adjustable RAte Certificates) on each Distribution
         Date will have accrued during the preceding calendar month at the
         applicable per annum Remittance Rate.
(2)      The Class IA-2 Certificates will accrue interest on the Class IA-2
         Notional Amount (as defined herein).
(3)      The Class IA-3 Certificates will generally not be entitled to receive
         any distributions of principal, Principal Prepayments or Liquidation
         Proceeds until the Distribution Date in October 2007.
(4)      The Class IA-15 Certificates will accrue interest on the Class IA-15
         Notional Amount (as defined herein).
(5)      On each Distribution Date prior to the Credit Support Depletion Date
         (as defined herein), an amount equal to the Class IA-28 Accrual Amount
         and Class IA-41 Accrual Amount will be added to the Class IA-28 Class
         Principal Balance and Class IA-41 Class Principal Balance,
         respectively, and such amount will be distributed as principal to the
         Class IA-28 Certificates and Class IA-41 Certificates, as applicable,
         and to other Classes of the Class A Certificates as described herein
         and will not be distributed as interest to the Class IA-28 Certificates
         or Class IA-41 Certificates.
(6)      The Class IA-4, Class IA-30 and Class IA-44 Certificates will generally
         not be entitled to receive any distributions of principal, Principal
         Prepayments or Liquidation Proceeds until the Distribution Date in
         October 2007.
(7)      Interest will accrue on the Class IA-38 Certificates at an initial
         interest rate of 2.51% and after the first Distribution Date at a rate
         per annum of LIBOR plus 0.65%, determined monthly as described herein,
         subject to a maximum rate of 8.50% and a minimum rate of 0.65%.
(8)      Interest will accrue on the Class IA-39 Certificates at an initial
         interest rate of 5.99% and after the first Distribution Date at a rate
         per annum of 7.85% minus LIBOR, determined monthly as described herein,
         subject to a maximum rate of 7.85% and a minimum rate of 0.00%. The
         Class IA-39 Certificates will accrue interest on the Class IA-39
         Notional Amount (as defined herein).

                                       -4-

<PAGE>

(9)      The Class IA-45 Certificates will accrue interest on the Class IA-45
         Notional Amount (as defined herein).
(10)     Interest will accrue on the Class IA-47 Certificates at an initial
         interest rate of 2.31% and after the first Distribution Date at a rate
         per annum of LIBOR plus 0.45%, determined monthly as described herein,
         subject to a maximum rate of 8.50% and a minimum rate of 0.45%.
(11)     Interest will accrue on the Class IA-48 Certificates at an initial
         interest rate of 6.19% and after the first Distribution Date at a rate
         per annum of 8.05% minus LIBOR, determined monthly as described herein,
         subject to a maximum rate of 8.05% and a minimum rate of 0.00%. The
         Class IA-48 Certificates will accrue interest on the Class IA-48
         Notional Amount (as defined herein).
(12)     The Class IA-P and Class IIA-P Certificates will not be entitled to
         distributions of interest and will receive principal only in respect of
         the Loans with Pass-Through Rates that are less than 6.25% and 5.75%
         per annum, respectively.
(13)     The Class IA-X Certificates will accrue interest on the Class IA-X
         Notional Amount (as defined herein) and the Class IIA-X Certificates
         will accrue interest on the Class IIA-X Notional Amount (as defined
         herein).
(14)     The interest rate on these Classes of Certificates will vary from 5.75%
         to 6.25% per annum. The initial Subordinate Interest Rate (as defined
         herein) on each Class of these Certificates will be approximately
         6.192% per annum.
(15)     The Class R Certificate will be comprised of four components, component
         R-1, which represents the sole residual interest in REMIC I (as defined
         herein), component R-2, which represents the sole residual interest in
         REMIC II (as defined herein), component R-3, which represents the sole
         residual interest in REMIC III (as defined herein), and component R-4,
         which represents the sole residual interest in REMIC IV (as defined
         herein).

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

         In consideration of the mutual agreements herein contained, the
Depositor, the Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Whenever used herein, the following words and phrases, unless the
context otherwise requires, shall have the meanings specified in this Article:

         ACCRETION DIRECTED CERTIFICATES: The Class IA-25, Class IA-26, Class
IA-27, Class IA-38 and Class IA-40 Certificates.

         ACCRUAL CERTIFICATES: The Class IA-28 Certificates and Class IA-41
Certificates.

                                       -5-

<PAGE>

         ADJUSTABLE RATE CERTIFICATES: The Class IA-38, Class IA-39, Class IA-47
and Class IA-48 Certificates.

         ADVANCE:  An Advance made by the Servicer pursuant to Section 4.3.

         AFFILIATE: With respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. The Trustee may obtain
and rely on an Officer's Certificate of the Servicer or the Depositor to
determine whether any Person is an Affiliate of such party.

         AGGREGATE CERTIFICATE PRINCIPAL BALANCE: At any given time, the sum of
the then current Class Principal Balances of all Classes of Certificates.

         AGGREGATE SUBORDINATE PERCENTAGE: As of the Closing Date, approximately
2.66% and thereafter, with respect to any Distribution Date, is equal to the
following fraction:

        the aggregate of the Class Principal Balances of the Subordinate
            Certificates immediately prior to such distribution date
            --------------------------------------------------------
          the aggregate Scheduled Principal Balance of all of the Loans
      immediately prior to such Distribution Date (exclusive of the sum of
                  the Group I Discount Fraction of the Group I
               Loans for such Distribution Date and the sum of the
            Group II Discount Fraction of the Group II Loans for such
                               Distribution Date).

         AGREEMENT: This Pooling and Servicing Agreement and all amendments and
supplements hereto.

         ALTA:  The American Land Title Association, or any successor.

         ANNIVERSARY:  Each anniversary of the Cut-off Date.

         APPRAISED VALUE: The amount set forth in an appraisal made by or for
the mortgage originator in connection with its origination of each Loan.

         ASSIGNMENT: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction where the related Mortgaged Property is located to reflect of
record the sale and assignment of the Loan to the Trustee, which assignment,
notice of transfer or equivalent instrument may, if permitted by law, be in the
form of one or more blanket assignments covering Mortgages secured by Mortgaged
Properties located in the same county.

                                       -6-

<PAGE>

         AUTHENTICATING AGENT: Any authenticating agent appointed by the Trustee
pursuant to Section 8.13.

         AUTHORIZED DENOMINATION: With respect to the Certificates (other than
the Retail Certificates and the Class IA-2, Class IA-15, Class IA-39, Class
IA-45 and Class IA-48, Class IA-X and Class IIA-X Certificates and Class R
Certificate and Junior Subordinate Certificates), an initial Certificate
Principal Balance equal to $25,000 each and integral multiples of $1 in excess
thereof. With respect to the Retail Certificates, an initial Certificate
Principal Balance or initial Class Notional Amount equal to $1,000 each and
integral multiples of $1 in excess thereof. With respect to the Class IA-2,
Class IA-15, Class IA-39, Class IA-45 and Class IA-48 Certificates, an initial
Class Notional Amount equal to $1,000,000 each and integral multiples of $1 in
excess thereof. With respect to the Class IA-X Certificates and Class IIA-X
Certificates, an initial Class Notional Amount equal to $500,000 each and
integral multiples of $1 in excess thereof. With respect to the Class R
Certificate, one Certificate with a Percentage Interest equal to 100%. With
respect to the Junior Subordinate Certificates, an initial Certificate Principal
Balance equal to $100,000 each and integral multiples of $1 in excess thereof.

         AVAILABLE DISTRIBUTION AMOUNT: As determined separately for each Loan
Group, the sum of the following amounts:

                  (1) the total amount of all cash received by or on behalf of
         the Servicer with respect to such related Loans by the Determination
         Date for such Distribution Date and not previously distributed
         (including Liquidation Proceeds and Insurance Proceeds), except:

                           (a) all Prepaid Monthly Payments;

                           (b) all Curtailments received after the applicable
                  Prepayment Period (together with any interest payment received
                  with such prepayments to the extent that it represents the
                  payment of interest accrued on a related Loan subsequent to
                  the applicable Prepayment Period);

                           (c) all Payoffs received after the applicable
                  Prepayment Period (together with any interest payment received
                  with such Payoffs to the extent that it represents the payment
                  of interest accrued on such Loan for the period subsequent to
                  the applicable Prepayment Period);

                           (d) Insurance Proceeds and Liquidation Proceeds on
                  such Loans received after the applicable Prepayment Period;

                           (e) all amounts in the Custodial Account for P & I
                  which are due and reimbursable to the Servicer pursuant to the
                  terms of this Agreement;

                           (f) the Servicing Fee for each such Loan;

                                       -7-

<PAGE>

                           (g) the MBIA Premium; and

                           (h) Excess Liquidation Proceeds;

                  (2) to the extent advanced by the Servicer and not previously
         distributed, the amount of any Advance made by the Servicer to the
         Trustee with respect to such Distribution Date relating to such related
         Loans;

                  (3) to the extent advanced by the Servicer and not previously
         distributed, any amount payable as Compensating Interest by the
         Servicer on such Distribution Date relating to such related Loans; and

                  (4) the total amount, to the extent not previously
         distributed, of all cash received by the Distribution Date by the
         Trustee or the Servicer, in respect of a Purchase Obligation under
         Section 2.2 and Section 2.3 or any permitted repurchase of a Loan;

provided that, on any Distribution Date on or after the date on which the
aggregate Certificate Principal Balances of the Class IA Certificates or the
Class IIA Certificates and the Class R Certificate has been reduced to zero, the
Available Distribution Amount, to the extent attributable to principal (in
excess of that needed to reduce such aggregate Certificate Principal Balances of
the Class IA Certificates or the Class IIA Certificates and the Class R
Certificate to zero) for the Loan Group relating to such Certificates that have
been paid in full, other than the portion thereof distributable to the Class
IA-P or Class IIA-P Certificates, as applicable, shall be reduced by the Class
Principal Balance of the remaining Class IA Certificates or Class IIA
Certificates and the Class R Certificate, as applicable, that have not been paid
in full and such amount shall be added to the Available Distribution Amount for
the Loan Group relating to such Certificates, provided further that on such
Distribution Date either (a) the Aggregate Subordinate Percentage for such
Distribution Date is less than 200% times the initial Aggregate Subordinate
Percentage, or (b) the average outstanding Principal Balance of the Loans in
either Loan Group delinquent 60 days or more over the last six months, as a
percentage of the corresponding Group I or Group II Subordinate Amount, is
greater than or equal to 50%.

         BANKRUPTCY COVERAGE: As of the Cut-Off Date, $200,000 and thereafter,
the initial Bankruptcy Coverage amount less (a) any scheduled or permissible
reduction in the applicable amount of Bankruptcy Coverage pursuant to this
definition and (b) Bankruptcy Losses allocated to the Certificates. The
Bankruptcy Coverage may be reduced upon written confirmation from each Rating
Agency that such reduction will not adversely affect the then current ratings
assigned to the Certificates by each Rating Agency without regard to the Insured
Certificate Policy.

         BANKRUPTCY LOSS: A loss on a Loan arising out of (i) a reduction in the
scheduled Monthly Payment for such Loan by a court of competent jurisdiction in
a case under the United States Bankruptcy Code, other than any such reduction
that arises out of clause (ii) of this definition of "Bankruptcy Loss,"
including, without limitation, any such reduction that results in a permanent

                                       -8-

<PAGE>

forgiveness of principal, or (ii) with respect to any Loan, a valuation, by a
court of competent jurisdiction in a case under such Bankruptcy Code, of the
related Mortgaged Property in an amount less than the then outstanding Principal
Balance of such Loan.

         BENEFICIAL HOLDER: A Person holding a beneficial interest in any
Book-Entry Certificate as or through a DTC Participant or an Indirect DTC
Participant or a Person holding a beneficial interest in any Definitive
Certificate.

         BOOK-ENTRY CERTIFICATES: The Class IA Certificates, the Class IIA
Certificates, the Class M Certificates, the Class B-1 Certificates and the Class
B-2 Certificates, the beneficial ownership and transfers of which shall be made
through book entries as described in Section 5.7.

         BUSINESS DAY: Any day other than a Saturday, a Sunday, or a day on
which MBIA or banking institutions in Chicago, Illinois or New York, New York,
are authorized or obligated by law or executive order to be closed.

         CERTIFICATE: Any one of the Certificates issued pursuant to this
Agreement, executed by the Trustee and authenticated by or on behalf of the
Trustee hereunder in substantially one of the forms set forth in Exhibits A and
B hereto. The additional matter appearing in Exhibit K shall be deemed
incorporated into Exhibits A and B as though set forth at the end of Exhibit A
and at the end of Exhibit B, as applicable.

         CERTIFICATE ACCOUNT: The separate trust account created and maintained
with the Trustee or any other bank or trust company acceptable to each Rating
Agency which is incorporated or organized under the laws of the United States or
any state thereof, which account shall bear a designation clearly indicating
that the funds deposited therein are held in trust for the benefit of the
Trustee on behalf of the Certificateholders or any other account serving a
similar function acceptable to each Rating Agency. Funds in the Certificate
Account in respect of the Group I Loans and Group II Loans and amounts withdrawn
from the Certificate Account attributable to each of such Loan Groups shall be
accounted for separately. If the Trustee has appointed a Certificate
Administrator pursuant to Section 4.10, funds on deposit in the Certificate
Account may be invested in Eligible Investments and reinvestment earnings
thereon shall be paid to the Certificate Administrator as additional
compensation for the Certificate Administrator's performance of the duties
delegated to it by the Trustee. Funds deposited in the Certificate Account
(exclusive of the Servicing Fee) shall be held in trust for the
Certificateholders and MBIA and for the uses and purposes set forth in Section
3.2, Section 3.3 and Section 4.1.

         CERTIFICATE ADMINISTRATOR: As defined in Section 4.10.

         CERTIFICATE ADMINISTRATOR AND TRUSTEE FEE: For each Loan, a fee per
annum equal to 0.0100%, of the outstanding Principal Balance thereof which shall
be paid by the Servicer to the Certificate Administrator and the Trustee.

                                      -9-

<PAGE>

         CERTIFICATE DISTRIBUTION AMOUNT: (I) For any Distribution Date prior to
the Credit Support Depletion Date, the applicable Available Distribution Amount
for the related Group I or Group II Loans shall be distributed to the related
Certificates in the following amounts and priority:

         (A)      with respect to the Class IA Certificates and the Subordinate
                  Certificates, to the extent of the Available Distribution
                  Amount for Group I on such Distribution Date:

                  (i)      first, as principal to the Class IA-P Certificates,
                           the sum of the Group I Discount Fractional Principal
                           Amounts for such Distribution Date, until its Class
                           Principal Balance has been reduced to zero;

                  (ii)     second, to the Class IA Certificates (other than the
                           Class IA-P Certificates), concurrently, previously
                           unpaid and then current Interest Distribution Amounts
                           for such Classes of Certificates, pro rata according
                           to their respective shares of such unpaid amounts;
                           provided, however, that (1) until the Class Principal
                           Balance of the Class IA-27 Certificates has been
                           reduced to zero, the aggregate amount of interest
                           accrued on the Class IA-28 Certificates shall be
                           payable as principal to the Class IA-25, Class IA-26
                           and Class IA-27 Certificates, sequentially, in that
                           order, in each case until its Class Principal Balance
                           has been reduced to zero and (2) the aggregate amount
                           of interest accrued on the Class IA-41 Certificates
                           shall be payable as principal to the Class IA-38
                           Certificates and Class IA-40 Certificates, pro rata,
                           until their Class Principal Balances have been
                           reduced to zero;

                  (iii)    third, the Group I Senior Principal Amount shall be
                           distributed to the Class IA Certificates then
                           entitled to principal, as follows:

                           (a)      first, to the Class IA-4, Class IA-30 and
                                    Class IA-44 Certificates, pro rata, the
                                    Lockout Principal Amount, until their Class
                                    Principal Balances have been reduced to
                                    zero;

                           (b)      second, concurrently as follows:

                                    (1)     approximately 33.7028652719% of the
                                            portion of the Group I Senior
                                            Principal Amount distributable under
                                            clause (A)(iii)(b) in the following
                                            order of priority:

                                            (A)      first, to the Class IA-13
                                                     Certificates, until its
                                                     Class Principal Balance has
                                                     been reduced to zero;

                                            (B)      second, to the Class IA-46
                                                     Certificates, until its
                                                     Class Principal Balance has
                                                     been reduced to zero; and

                                      -10-

<PAGE>

                                            (C)      third, concurrently as
                                                     follows:

                                                     (i)    approximately
                                                            30.7894161382% of
                                                            the amount
                                                            distributable under
                                                            clause
                                                            (A)(iii)(b)(1)(C)
                                                            shall be distributed
                                                            to the Class IA-32,
                                                            Class IA-33, Class
                                                            IA-34, Class IA-35,
                                                            Class IA-36 and
                                                            Class IA-37
                                                            Certificates,
                                                            sequentially, in
                                                            that order, in each
                                                            case until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero; and

                                                     (ii)   approximately
                                                            69.2105838618% of
                                                            the amount
                                                            distributable under
                                                            clause
                                                            (A)(iii)(b)(1)(C)
                                                            shall be distributed
                                                            in the following
                                                            order of priority:

                                                     (a)    first, to the Class
                                                            IA-14 Certificates,
                                                            until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero;

                                                     (b)    second, to the Class
                                                            IA-16 Certificates
                                                            and Class IA-17
                                                            Certificates, pro
                                                            rata, until their
                                                            Class Principal
                                                            Balances have been
                                                            reduced to zero;

                                                     (c)    third, to the Class
                                                            IA-18 Certificates
                                                            and Class IA-29
                                                            Certificates, pro
                                                            rata, until their
                                                            Class Principal
                                                            Balances have been
                                                            reduced to zero; and

                                                     (d)    fourth, to the Class
                                                            IA-19, Class IA- 20,
                                                            Class IA-21, Class
                                                            IA-22, Class IA-23
                                                            and Class IA-24
                                                            Certificates,
                                                            sequentially, in
                                                            that order, in each
                                                            case until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero;

                                    (2)     approximately 11.5722955601% of the
                                            portion of the Group I Senior
                                            Principal Amount distributable under
                                            clause (A)(iii)(b) in the following
                                            order of priority:

                                      -11-

<PAGE>

                                            (A)      first, to the Class IA-38
                                                     Certificates and Class
                                                     IA-40 Certificates, pro
                                                     rata, until their Class
                                                     Principal Balances have
                                                     been reduced to zero; and

                                            (B)      second, to the Class IA-41
                                                     Certificates, until its
                                                     Class Principal Balance has
                                                     been reduced to zero; and

                                    (3)     approximately 54.7248391681% of the
                                            portion of the Group I Senior
                                            Principal Amount distributable under
                                            clause (A)(iii)(b) in the following
                                            order of priority:

                                            (A)      first, to the Class IA-1,
                                                     Class IA-3, Class IA-31 and
                                                     Class IA-47 Certificates,
                                                     to the extent necessary to
                                                     reduce their aggregate
                                                     Class Principal Balance to
                                                     their aggregate Planned
                                                     Principal Balance set forth
                                                     in Exhibit M attached
                                                     hereto, as follows;

                                                     (i)    first, to the Class
                                                            IA-1, Class IA-31
                                                            and Class IA-47
                                                            Certificates, pro
                                                            rata, until their
                                                            Class Principal
                                                            Balances have been
                                                            reduced to zero; and

                                                     (ii)   second, to the Class
                                                            IA-3 Certificates,
                                                            until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero;

                                            (B)      second, to the Class IA-5
                                                     Certificates and Class IA-9
                                                     Certificates, pro rata,
                                                     until their Class Principal
                                                     Balances have been reduced
                                                     to zero;

                                            (C)      third, to the Class IA-6
                                                     Certificates and Class
                                                     IA-10 Certificates, pro
                                                     rata, until their Class
                                                     Principal Balances have
                                                     been reduced to zero;

                                            (D)      fourth, to the Class IA-7
                                                     Certificates and Class
                                                     IA-11 Certificates, pro
                                                     rata, until their Class
                                                     Principal Balances have
                                                     been reduced to zero;

                                            (E)      fifth, to the Class IA-8,
                                                     Class IA-12, Class IA-25,
                                                     Class IA-26, Class IA-27,
                                                     Class IA-28, Class IA-42
                                                     and Class IA-43
                                                     Certificates concurrently
                                                     as follows;

                                      -12-

<PAGE>

                                                     (i)    approximately
                                                            87.2195876635% of
                                                            the amount
                                                            distributable under
                                                            clause
                                                            (A)(iii)(b)(3)(E)
                                                            shall be distributed
                                                            sequentially to the
                                                            Class IA-8, Class
                                                            IA-42 and Class
                                                            IA-43 Certificates,
                                                            concurrently as
                                                            follows:

                                                     (a)    approximately
                                                            61.1807349709% of
                                                            the amount
                                                            distributable under
                                                            clause
                                                            (A)(iii)(b)(3)(E)(i)
                                                            above shall be
                                                            distributed to the
                                                            Class IA-8
                                                            Certificates, until
                                                            its Class Principal
                                                            Balance has been
                                                            reduced to zero; and

                                                     (b)    approximately
                                                            38.8192650291% of
                                                            the amount
                                                            distributable under
                                                            clause
                                                            (A)(iii)(b)(3)(E)(i)
                                                            above shall be
                                                            distributed
                                                            sequentially to the
                                                            Class IA-42
                                                            Certificates and
                                                            Class IA-43
                                                            Certificates, in
                                                            that order, in each
                                                            case until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero;

                                                     (ii)   approximately
                                                            6.7265328087% of the
                                                            amount distributable
                                                            under clause
                                                            (A)(iii)(b)(3)(E)
                                                            shall be distributed
                                                            to the Class IA-12
                                                            Certificates, until
                                                            its Class Principal
                                                            Balance has been
                                                            reduced to zero; and

                                                     (iii)  approximately
                                                            6.0538795278% of the
                                                            amount distributable
                                                            under clause
                                                            (A)(iii)(b)(3)(E)
                                                            shall be distributed
                                                            sequentially to the
                                                            Class IA-25, Class
                                                            IA-26, Class IA-27
                                                            and Class IA- 28
                                                            Certificates, in
                                                            that order, in each
                                                            case until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero; and

                                            (F)      sixth, to the Class IA-1,
                                                     Class IA-3, Class IA-31 and
                                                     Class IA-47 Certificates,
                                                     without regard to their
                                                     aggregate Planned Principal
                                                     Balance, as follows;

                                                     (i)    first, to the Class
                                                            IA-1, Class IA-31
                                                            and Class IA-47
                                                            Certificates, pro
                                                            rata, until their
                                                            Class

                                      -13-

<PAGE>

                                                            Principal Balances
                                                            have been reduced to
                                                            zero; and

                                                     (ii)   second, to the Class
                                                            IA-3 Certificates,
                                                            until its Class
                                                            Principal Balance
                                                            has been reduced to
                                                            zero; and

                           (c)      third, to the Class IA-4, Class IA-30 and
                                    Class IA-44 Certificates, pro rata, until
                                    their Class Principal Balances have been
                                    reduced to zero;

                  (iv)     fourth, to the Class IA-P Certificates, up to the
                           Subordinate Principal Amount (determined without
                           regard to the proviso of such definition) for such
                           Distribution Date, the Group I Discount Fractional
                           Principal Shortfall payable to the Class IA-P
                           Certificates on previous Distribution Dates pursuant
                           to clause (I)(A)(v) of this definition of
                           "Certificate Distribution Amount" and remaining
                           unpaid from such previous Distribution Dates;

                  (v)      fifth, to the Class IA-P Certificates, up to the
                           Subordinate Principal Amount (determined without
                           regard to the proviso of such definition) for such
                           Distribution Date (less any amounts distributed to
                           the Class IA-P Certificates pursuant to paragraph
                           (I)(A)(iv)), the Group I Discount Fractional
                           Principal Shortfall for such Distribution Date;
                           provided that any amounts distributed in respect of
                           the Group I Discount Fractional Principal Shortfall
                           pursuant to paragraph (I)(A)(iv) or this paragraph
                           (I)(A)(v) of this definition of "Certificate
                           Distribution Amount" shall not cause a further
                           reduction of the Class IA-P Class Principal Balance;
                           and

                  (vi)     sixth, to the Class IIA Certificates (other than the
                           Class IIA-P Certificates) and Class R Certificate,
                           any amounts distributable in respect of the Group II
                           Undercollateralized Amount;

         (B)      with respect to the Senior Certificates and Subordinate
                  Certificates, on any Distribution Date prior to the Credit
                  Support Depletion Date, to the extent of the Available
                  Distribution Amount for Group I remaining:

                  (i)      first, to MBIA, the MBIA Reimbursement Amount;

                  (ii)     second, to the Class M, B-1, B-2, B-3, B-4 and B-5
                           Certificates, in their order of seniority, the
                           following:

                           (a)      their respective amounts of previously
                                    unpaid and then current Interest
                                    Distribution Amounts;

                                      -14-

<PAGE>

                           (b)      their pro rata share, according to their
                                    respective Class Principal Balances, of the
                                    applicable Subordinate Principal Amount
                                    allocable pursuant to the definition of
                                    "Subordinate Principal Amount" herein, until
                                    their Class Principal Balances have been
                                    reduced to zero;

                  (iii)    third, to the Class IA Certificates (other than the
                           Class IA-2, Class IA-15, Class IA-39, Class IA-45 and
                           Class IA-48 and Class IA-X Certificates) and
                           Subordinate Certificates in their order of seniority,
                           the amount of unreimbursed Realized Losses previously
                           allocated to such Class of Certificates (except the
                           Insured Certificates to the extent such losses were
                           covered by the Insured Certificate Policy), if any;
                           provided, that any amounts distributed in respect of
                           losses pursuant to this paragraph (I)(B)(iii) of this
                           definition of "Certificate Distribution Amount" shall
                           not cause a further reduction in the Class Principal
                           Balances of the Class IA Certificates or Subordinate
                           Certificates; and

                  (iv)     fourth, to the Class R Certificate, the Residual
                           Distribution Amount attributable to the Available
                           Distribution Amount for Group I;

         (C)      with respect to the Class IIA Certificates, Class R
                  Certificate and Subordinate Certificates, to the extent of the
                  Available Distribution Amount for Group II on such
                  Distribution Date:

                  (i)      first, as principal to the Class IIA-P Certificates,
                           the sum of the Group II Discount Fractional Principal
                           Amounts for such Distribution Date, until its Class
                           Principal Balance has been reduced to zero;

                  (ii)     second, to the Class IIA Certificates and Class R
                           Certificate (other than the Class IIA-P
                           Certificates), concurrently, previously unpaid and
                           then current Interest Distribution Amounts for such
                           Classes of Certificates, pro rata according to their
                           respective shares of such unpaid amounts;

                  (iii)    third, to the Class R Certificate and Class IIA-1
                           Certificates, in that order, the Group II Senior
                           Principal Amount, in each case until its Class
                           Principal Balance has been reduced to zero;

                  (iv)     fourth, to the Class IIA-P Certificates, up to the
                           applicable Subordinate Principal Amount (determined
                           without regard to the proviso of such definition) for
                           such Distribution Date, the Group II Discount
                           Fractional Principal Shortfall payable to the Class
                           IIA-P Certificates on previous Distribution Dates
                           pursuant to clause (I)(C)(v) of this definition of
                           "Certificate Distribution Amount" and remaining
                           unpaid from such previous Distribution Dates;

                                      -15-

<PAGE>

                  (v)      fifth, to the Class IIA-P Certificates, up to the
                           Subordinate Principal Amount (determined without
                           regard to the proviso of such definition) for such
                           Distribution Date (less any amounts distributed to
                           the Class IIA-P Certificates pursuant to paragraph
                           (I)(C)(iv)), the Group II Discount Fractional
                           Principal Shortfall for such Distribution Date;
                           provided that any amounts distributed in respect of
                           the Group II Discount Fractional Principal Shortfall
                           pursuant to paragraph (I)(C)(iv) or this paragraph
                           (I)(C)(v) of this definition of "Certificate
                           Distribution Amount" shall not cause a further
                           reduction of the Class IIA-P Class Principal Balance;
                           and

                  (vi)     sixth, to the Class IA Certificates (other than the
                           Class IA-P Certificates), any amounts distributable
                           in respect of the Group I Undercollateralized Amount;

         (D)      with respect to the Senior Certificates and Subordinate
                  Certificates, on any Distribution Date prior to the Credit
                  Support Depletion Date, to the extent of the Available
                  Distribution Amount for Group II remaining:

                  (i)      first, to MBIA, the MBIA Reimbursement Amount;

                  (ii)     second, to the Class M, B-1, B-2, B-3, B-4 and B-5
                           Certificates, in their order of seniority, the
                           following:

                           (a)      their respective amounts of previously
                                    unpaid and then current Interest
                                    Distribution Amounts;

                           (b)      their pro rata share, according to their
                                    respective Class Principal Balances, of the
                                    applicable Subordinate Principal Amount
                                    allocable pursuant to the definition of
                                    "Subordinate Principal Amount" herein, until
                                    their Class Principal Balances have been
                                    reduced to zero;

                  (iii)    third, to the Class IIA Certificates (other than the
                           Class IIA-X Certificates), Class R Certificate and
                           the Subordinate Certificates in their order of
                           seniority, the amount of unreimbursed Realized Losses
                           previously allocated to such Class, if any, provided,
                           that any amounts distributed in respect of losses
                           pursuant to this paragraph (I)(D)(iii) of this
                           definition of "Certificate Distribution Amount" shall
                           not cause a further reduction in the Class Principal
                           Balances of the Class IIA Certificates or Subordinate
                           Certificates; and

                  (iv)     fourth, to the Class R Certificate, the Residual
                           Distribution Amount attributable to the Available
                           Distribution Amount for Group II;

                                      -16-

<PAGE>

         (II) For any Distribution Date on or after the Credit Support Depletion
Date, the applicable Available Distribution Amount for the related Group I or
Group II Loans shall be distributed to the applicable Certificates in the
following order of priority:

         (A)      with respect to the Class IA Certificates, to the extent of
                  the Group I Available Distribution Amount on such Distribution
                  Date:

                  (i)      first, to the Class IA-P Certificates the sum of the
                           Group I Discount Fractional Principal Amounts for
                           such Distribution Date, until its Class Principal
                           Balance has been reduced to zero;

                  (ii)     second, to the Class IA Certificates (other than the
                           Class IA-P Certificates), previously unpaid and then
                           current Interest Distribution Amounts, pro rata,
                           according to such amount payable to the extent of
                           amounts available;

                  (iii)    third, to the Class IA Certificates (other than the
                           Class IA-2, Class IA-15, Class IA-39, Class IA-45,
                           Class IA-48 and Class IA-X and Class IA-P
                           Certificates), the Group I Senior Principal Amount,
                           pro rata, according to their respective Class
                           Principal Balances, until their respective
                           outstanding Class Principal Balances have been
                           reduced to zero;

                  (iv)     fourth, to MBIA, the MBIA Reimbursement Amount;

                  (v)      fifth, to the Class IA Certificates (other than the
                           Class IA-2, Class IA-15, Class IA-39, Class IA-45 and
                           Class IA-48 and Class IA-X Certificates), pro rata,
                           according to their respective Class Principal
                           Balances, the amount of unreimbursed Realized Losses
                           previously allocated to such Class; and

                  (vi)     sixth, to the Class R Certificate, the remainder, if
                           any, of the Available Distribution Amount for Group I
                           for such Distribution Date.

         (B)      with respect to the Class IIA Certificates and Class R
                  Certificate, to the extent of the Available Distribution
                  Amount for Group II on such Distribution Date:

                  (i)      first, to the Class IIA-P Certificates the sum of the
                           Group II Discount Fractional Principal Amounts for
                           such Distribution Date, until its Class Principal
                           Balance has been reduced to zero;

                  (ii)     second, to the Class IIA Certificates (other than the
                           Class IIA-P Certificates), and the Class R
                           Certificate previously unpaid and then current
                           Interest Distribution Amounts, pro rata, according to
                           such amount payable to the extent of amounts
                           available;

                                      -17-

<PAGE>

                  (iii)    third, to the Class IIA-1 Certificates and the Class
                           R Certificate, the Group II Senior Principal Amount,
                           pro rata, according to their respective Class
                           Principal Balances, until their respective
                           outstanding Class Principal Balances have been
                           reduced to zero;

                  (iv)     fourth, to the Class IIA Certificates (other than the
                           Class IIA-X Certificates), and the Class R
                           Certificate, pro rata, according to their respective
                           Class Principal Balances, the amount of unreimbursed
                           Realized Losses previously allocated to such Class;
                           and

                  (v)      fifth, to the Class R Certificate, the remainder, if
                           any, of the Available Distribution Amount for Group
                           II for such Distribution Date.

         CERTIFICATE GROUP: The Class IA Certificates or Class IIA Certificates
and Class R Certificate, as applicable.

         CERTIFICATE PRINCIPAL BALANCE: For each Certificate of any Class, the
portion of the related Class Principal Balance, if any, represented by such
Certificate.

         CERTIFICATE REGISTER AND CERTIFICATE REGISTRAR: The register maintained
and the registrar appointed, respectively, pursuant to Section 5.3. Initially,
the Certificate Registrar shall be LaSalle Bank National Association.

         CERTIFICATEHOLDER OR HOLDER: The person in whose name a Certificate is
registered in the Certificate Register, and with respect to the Insured
Certificates, MBIA to the extent of any MBIA Reimbursement Amount, except that,
solely for the purposes of giving any consent pursuant to this Agreement, any
Certificate registered in the name of the Depositor, the Certificate
Administrator, the Servicer or any Affiliate thereof shall be deemed not to be
outstanding and the Percentage Interest evidenced thereby shall not be taken
into account in determining whether the requisite percentage of Percentage
Interests necessary to effect any such consent has been obtained; provided, that
the Trustee, the Certificate Registrar and the Paying Agent may conclusively
rely upon an Officer's Certificate to determine whether any Person is an
Affiliate of the Depositor, the Certificate Administrator or the Servicer.

         CERTIFICATEHOLDERS' REPORT: As defined in Section 4.2(a).

         CLASS: All Certificates having the same priority and rights to payments
from the applicable Available Distribution Amount, designated as a separate
Class, as set forth in the forms of Certificates attached hereto as Exhibits A
and B.

         CLASS A CERTIFICATES: The Class IA Certificates and Class IIA
Certificates, collectively.

                                      -18-

<PAGE>

         CLASS IA CERTIFICATES: The Class IA-1, Class IA-2, Class IA-3, Class
IA-4, Class IA-5, Class IA-6, Class IA-7, Class IA-8, Class IA-9, Class IA-10,
Class IA-11, Class IA-12, Class IA-13, Class IA-14, Class IA-15, Class IA-16,
Class IA-17, Class IA-18, Class IA-19, Class IA-20, Class IA-21, Class IA-22,
Class IA-23, Class IA-24, Class IA-25, Class IA-26, Class IA-27, Class IA-28,
Class IA-29, Class IA-30,Class IA-31, Class IA-32, Class IA-33, Class IA-34,
Class IA-35, Class IA-36, Class IA-37, Class IA-38, Class IA-39, Class IA-40,
Class IA-41, Class IA-42, Class IA-43, Class IA-44, Class IA-45, Class IA-46,
Class IA-47, Class IA-48, Class IA-P and Class IA-X Certificates, collectively,
and designated as such on the face thereof in substantially the forms attached
hereto as Exhibits A-1 through A-50, respectively.

         CLASS IA-2 INTEREST RATE: For federal income tax purposes, will be (i)
0.75%, multiplied by a notional amount equal to the principal balance of REMIC
III Regular Interest LTIII-I-A13 and (ii) 0.25%, multiplied by a notional amount
equal to the principal balance of REMIC III Regular Interest LTIII-I-A46.

         CLASS IA-2 NOTIONAL AMOUNT: As of the Closing Date approximately
$18,419,640 and thereafter, with respect to any Distribution Date, will be equal
to the sum of (a)(i) 0.75% of the Class Principal Balance of the Class IA-13
Certificates, divided by (ii) 6.25% and (b)(i) 0.25% of the Class Principal
Balance of the Class IA-46 Certificates, divided by (ii) 6.25%. For federal
income tax purposes, however, the Class IA-2 Notional Amount is equal to two
components: (1) a component equal to the principal balance of REMIC III Regular
Interest LTIII-I-A13 and (2) a component equal to the principal balance of REMIC
III Regular Interest LTIII-I-A46.

         CLASS IA-15 INTEREST RATE: For federal income tax purposes, will be (i)
0.19%, multiplied by a notional amount equal to the aggregate principal balance
of REMIC III Regular Interests LTIII- I-A16, LTIII- I-A17, LTIII- I-A18, LTIII-
I-A19, LTIII- I-A20, LTIII- I-A21, LTIII- I-A22, LTIII- I-A23, LTIII- I-A24 and
LTIII-I-A29 and (ii) 0.69%, multiplied by a notional amount equal to the
aggregate principal balance of REMIC III Regular Interests LTIII- I-A32, LTIII-
I-A33, LTIII- I-A34, LTIII- I-A35, LTIII-I-A36 and LTIII- I-A37.

         CLASS IA-28 ACCRUAL AMOUNT: For any Distribution Date prior to the
Credit Support Depletion Date, an amount equal to the accrued interest that
would otherwise be distributable in respect of the Class IA-28 Certificates on
such Distribution Date and which will be added to the Class IA-28 Class
Principal Balance.

         CLASS IA-15 NOTIONAL AMOUNT: As of the Closing Date approximately
$2,162,432 and thereafter, with respect to any Distribution Date, will be equal
to the sum of (i)(a) 0.19% of the Class Principal Balances of each of the Class
IA-16, Class IA-17, Class IA-18, Class IA-19, Class IA-20, Class IA-21, Class
IA-22, Class IA-23, Class IA-24 and Class IA-29 Certificates, divided by (b)
6.25% and (ii)(a) 0.69% of the Class Principal Balances of each of the Class
IA-32, Class IA-33, Class IA-34, Class IA-35, Class IA-36 and Class IA-37
Certificates, divided by (b) 6.25%. For federal income tax purposes, however,
the Class IA-15 Notional Amount is equal to two components: (1) a component
equal to the aggregate principal balance of REMIC III Regular Interests LTIII-
I-A16, LTIII- I-A17, LTIII- I-A18, LTIII- I-A19, LTIII- I-A20, LTIII- I-A21,
LTIII- I-A22, LTIII- I-A23, LTIII- I-A24 and LTIII-I-A29 and (2) a component
equal to the aggregate principal balance of REMIC III Regular Interests LTIII-
I-A32, LTIII- I-A33, LTIII- I-A34, LTIII- I-A35, LTIII-I-A36 and LTIII- I-A37.

                                      -19-

<PAGE>

         CLASS IA-38 INTEREST RATE: With respect to the initial Interest Accrual
Period is 2.51% per annum, and as to any Interest Accrual Period thereafter,
will be a per annum rate equal to LIBOR plus 0.65% (subject to a maximum rate of
8.50% per annum and a minimum rate of 0.65% per annum).

         CLASS IA-39 INTEREST RATE: With respect to the initial Interest Accrual
Period is 5.99% per annum, and as to any Interest Accrual Period thereafter,
will be a per annum rate equal to 7.85% minus LIBOR (subject to a maximum rate
of 7.85% per annum and a minimum rate of 0.00% per annum).

         CLASS IA-39 NOTIONAL AMOUNT: As of the Closing Date $24,050,000 and
thereafter, with respect to any Distribution Date, will be equal to the Class
Principal Balance of the Class IA-38 Certificates. For federal income tax
purposes, however, the Class IA-39 Notional Amount is equal to the principal
balance of REMIC III Regular Interest LTIII-I-A38.

         CLASS IA-41 ACCRUAL AMOUNT: For any Distribution Date prior to the
Credit Support Depletion Date, an amount equal to the accrued interest that
would otherwise be distributable in respect of the Class IA-41 Certificates on
such Distribution Date and which will be added to the Class IA-41 Class
Principal Balance.

         CLASS IA-45 INTEREST RATE: For federal income tax purposes, will be
0.25%, multiplied by a notional amount equal to the principal balance of REMIC
III Regular Interest LTIII-I-A44.

         CLASS IA-45 NOTIONAL AMOUNT: As of the Closing Date $1,795,551 and
thereafter, with respect to any Distribution Date, will be equal to (i) 0.25% of
the Class Principal Balance of the Class IA-44 Certificates, divided by (ii)
6.25%. For federal income tax purposes, however, the Class IA-45 Notional Amount
is equal to the principal balance of REMIC III Regular Interest LTIII-IA44.

         CLASS IA-47 INTEREST RATE: With respect to the initial Interest Accrual
Period is 2.31% per annum, and as to any Interest Accrual Period thereafter,
will be a per annum rate equal to LIBOR plus 0.45% (subject to a maximum rate of
8.50% per annum and a minimum rate of 0.45% per annum).

         CLASS IA-48 INTEREST RATE: With respect to the initial Interest Accrual
Period is 6.19% per annum, and as to any Interest Accrual Period thereafter,
will be a per annum rate equal to 8.05% minus LIBOR (subject to a maximum rate
of 8.05% per annum and a minimum rate of 0.00% per annum).

                                      -20-

<PAGE>

         CLASS IA-48 NOTIONAL AMOUNT: As of the Closing Date $72,500,000 and
thereafter, with respect to any Distribution Date, will be equal to the Class
Principal Balance of the Class IA-47 Certificates. For federal income tax
purposes, however, the Class IA-48 Notional Amount is equal to the principal
balance of REMIC III Regular Interest LTIII-I-A47.

         CLASS IA-X NOTIONAL AMOUNT: As of the Closing Date, $26,333,675, and
thereafter, with respect to any Distribution Date will equal the total Principal
Balance, as of the first day of the month preceding such Distribution Date
(after giving effect to all payments scheduled to be made on such Distribution
Date whether or not received), of the Group I Premium Loans multiplied by the
following fraction:

              the weighted average of the Pass-Through Rates of the
       Group I Premium Loans as of the first day of such month minus 6.25%
       -------------------------------------------------------------------
                                     6.25%.

         CLASS IIA CERTIFICATES: The Class IIA-1, Class IIA-P and IIA-X
Certificates, collectively, and designated as such on the face thereof in
substantially the forms attached hereto as Exhibits A-51 through A-53,
respectively.

         CLASS IIA-X NOTIONAL AMOUNT: As of the Closing Date, $4,490,801, and
thereafter, with respect to any Distribution Date will equal the total Principal
Balance, as of the first day of the month preceding such Distribution Date
(after giving effect to all payments scheduled to be made on such Distribution
Date whether or not received), of the Group II Premium Loans multiplied by the
following fraction:

              the weighted average of the Pass-Through Rates of the
      Group II Premium Loans as of the first day of such month minus 5.75%
      --------------------------------------------------------------------
                                      5.75%

         CLASS NOTIONAL AMOUNT: With respect to the Class IA-2, Class IA-15,
Class IA-39, Class IA- 45, Class IA-48, Class IA-X and Class IIA-X Certificates,
the Class IA-2 Notional Amount, Class IA-15 Notional Amount, Class IA-39
Notional Amount, Class IA-45 Notional Amount, Class IA-48 Notional Amount, Class
IA-X Notional Amount and Class IIA-X Notional Amount, respectively.

         CLASS PRINCIPAL BALANCE: For any Class of Certificates (other than the
Interest Only Certificates), the applicable initial Class Principal Balance set
forth in the Preliminary Statement hereto, corresponding to the rights of such
Class in payments of principal due to be passed through to Certificateholders
from principal payments on the Loans, as reduced from time to time by (x)
distributions of principal to Certificateholders of such Class and (y) the
portion of Realized Losses allocated to the Class Principal Balance of such
Class pursuant to Section 3.20 with respect to a given Distribution Date.
Exclusively for the purpose of determining any subrogation rights of MBIA
arising under Section 4.11 hereof, the "Class Principal Balance" of the Insured
Certificates shall not be reduced by the amount of any payments made by MBIA in
respect of principal on such

                                      -21-

<PAGE>

Certificates under the Insured Certificate Policy, except to the extent such
payment shall have been reimbursed to MBIA pursuant to the provisions of this
Agreement. For any Distribution Date, the reduction of the Class Principal
Balance of any Class of Certificates pursuant to Section 3.20 shall be deemed
effective prior to the determination and distribution of principal on such Class
pursuant to the definition of "Certificate Distribution Amount". Notwithstanding
the foregoing, the Class Principal Balance of the most subordinate Class of
Certificates outstanding at any time shall be equal to the aggregate Scheduled
Principal Balance of all of the Loans less the Class Principal Balance of all
other Classes of Certificates. The Class Principal Balance for the Class IA-1
Certificates shall be referred to as the "Class IA-1 Principal Balance", the
Class Principal Balance for the Class IA-P Certificates shall be referred to as
the "Class IA-P Principal Balance" and so on. The Class Principal Balance of the
Interest Only Certificates shall be zero.

         CLASS R CERTIFICATE: The Certificate designated as "Class R" on the
face thereof in substantially the form attached hereto as Exhibit B, that is
composed of Components R-1, R-2, R-3 and R-4, each of which has been designated
as the sole class of "residual interests" in REMIC I, REMIC II, REMIC III and
REMIC IV, respectively, pursuant to Section 2.1

         CLASS R CERTIFICATEHOLDER: The registered Holder of the Class R
Certificate.

         CLEARING AGENCY: An organization registered as a "clearing agency"
pursuant to Section 17A of the Securities and Exchange Act of 1934, as amended,
which initially shall be DTC.

         CLOSING DATE: September 24, 2002.

         CODE: The Internal Revenue Code of 1986, as amended.

         COMPENSATING INTEREST: For any Distribution Date, with respect to the
Group I or Group II Loans, as determined separately for each Loan Group,
contained therein, the lesser of (i) the sum of (a) one-twelfth of 0.125% of the
aggregate outstanding Principal Balance of each Group I or Group II Loan, as
applicable, on such Distribution Date, (b) the aggregate Payoff Earnings with
respect to the applicable Loan Group, and (c) the aggregate Payoff Interest with
respect to the applicable Loan Group, and (ii) the aggregate Uncollected
Interest with respect to the applicable Loan Group.

         CORPORATE TRUST OFFICE: The corporate trust office of the Trustee in
the State of Texas, at which at any particular time its corporate trust business
with respect to this Agreement shall be administered, which office at the date
of the execution of this Agreement is located at 600 Travis Street, 9th Floor,
Houston, Texas 77002, Attention: Chris Jackson.

         CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on which the
aggregate of the Class Principal Balances of the Subordinate Certificates has
been or will be reduced to zero as a result of principal distributions thereon
and the allocation of Realized Losses on such Distribution Date.

                                      -22-

<PAGE>

         CURTAILMENT: Any payment of principal on a Loan, made by or on behalf
of the related Mortgagor, other than a Monthly Payment, a Prepaid Monthly
Payment or a Payoff, which is applied to reduce the outstanding Principal
Balance of the Loan.

         CURTAILMENT SHORTFALL: With respect to any Curtailment applied with a
Monthly Payment, an amount equal to one month's interest on such Curtailment at
the applicable Pass-Through Rate on such Loan.

         CUSTODIAL ACCOUNT FOR P&I: The custodial account for principal and
interest established and maintained by, or at the direction of, the Servicer and
caused by the Servicer to be established and maintained pursuant to Section
3.2(b) (i) with the corporate trust department of the Trustee or another
financial institution approved by the Servicer such that the rights of such
Servicer, the Trustee and the Certificateholders thereto shall be fully
protected against the claims of any creditors of the Servicer and of any
creditors or depositors of the institution in which such account is maintained,
(ii) within FDIC insured accounts (or other accounts with comparable insurance
coverage acceptable to each Rating Agency) created and maintained, by or at the
direction of the Servicer, and monitored by the Servicer or (iii) in a separate
non-trust account without FDIC or other insurance in an Eligible Institution. In
the event that a Custodial Account for P&I is established pursuant to clause
(ii) of the preceding sentence, amounts held in such Custodial Account for P&I
shall not exceed the level of deposit insurance coverage on such account;
accordingly, more than one Custodial Account for P&I may be established.

         CUSTODIAL AGREEMENT: The agreement, if any, among the Servicer, the
Trustee and a Custodian providing for the safekeeping of the Mortgage Files on
behalf of the Certificateholders.

         CUSTODIAN: A custodian which is appointed pursuant to a Custodial
Agreement. Any Custodian so appointed shall act as agent on behalf of the
Trustee, and shall be compensated by the Trustee at no additional charge to the
Servicer. The Trustee shall remain at all times responsible under the terms of
this Agreement, notwithstanding the fact that certain duties have been assigned
to a Custodian.

         CUT-OFF DATE: September 1, 2002.

         DATA: As defined in Section 8.14.

         DECEASED HOLDER: A beneficial Holder of a Retail Lottery Certificate
who was living at the time such Retail Lottery Certificate was acquired and
whose executor, authorized personal representative, surviving tenant by the
entirety, surviving joint tenant or surviving tenant in common or other person
endowed to act on behalf of such Beneficial Holder causes to be furnished to the
Trustee evidence of such Beneficial Holder's death satisfactory to the Trustee
and any tax waivers requested by the Trustee.

                                      -23-

<PAGE>

         DEFAULTED LOAN: As of any Determination Date, any Loan for which any
payment of principal of or interest on such Loan is more than 89 days past due,
determined without giving effect to any grace period permitted by the related
Mortgage or Mortgage Note or any other document in the Mortgage File.

         DEFICIENCY AMOUNT: As of any Distribution Date, the excess, if any of
(i) the sum of (A) the Net Interest Shortfall (other than Relief Act Interest
Shortfalls) allocated to the related Insured Certificates on such Distribution
Date and (B) the principal portion of any Realized Loss, including any Excess
Loss, allocated to the related Insured Certificates on such Distribution Date
over (ii) the Insured Certificate Coverage Payments.

         DEFINITIVE CERTIFICATES: As defined in Section 5.7.

         DENOMINATION: The amount specified on a Certificate as representing the
aggregate Principal Balance of the Loans as of the Cut-Off Date evidenced by
such Certificate.

         DEPOSITOR: ABN AMRO Mortgage Corporation, a Delaware corporation, or
its successor-in-interest.

         DEPOSITORY: DTC or any successor thereto.

         DEPOSITORY AGREEMENT: The Letter of Representations, dated September
24, 2002 by and among DTC, the Depositor and the Trustee.

         DETERMINATION DATE: A day not later than the 10th day (or, if such 10th
day is not a Business Day, the Business Day immediately succeeding such 10th
day) preceding a related Distribution Date in the month in which such
Distribution Date occurs.

         DISQUALIFIED ORGANIZATION: A "disqualified organization" as defined in
Section 860E(e)(5) of the Code, and, for purposes of Section 5.1 herein, as
defined in Section 5.1(b).

         DISTRIBUTION DATE: With respect to distributions on the Certificates,
the 25th day (or, if such 25th day is not a Business Day, the Business Day
immediately succeeding such 25th day) of each month, with the first such date
being October 25, 2002. The "related Due Date" for any Distribution Date is the
Due Date immediately preceding such Distribution Date.

         DTC: The Depository Trust Company.

         DTC PARTICIPANT: A broker, dealer, bank, other financial institution or
other Person for whom DTC effects book-entry transfers and pledges of securities
deposited with DTC.

         DUE DATE: The first day of each calendar month, which is the day on
which the Monthly Payment for each Loan is due.

                                      -24-

<PAGE>

         ELIGIBLE ACCOUNT: Any account or accounts held and established by the
Servicer or the Trustee in trust for the Certificateholders at any Eligible
Institution.

         ELIGIBLE INSTITUTION: An institution having (i) the highest short-term
debt rating, and one of the two highest long-term debt ratings of each Rating
Agency, (ii) with respect to any Custodial Account for P&I, an unsecured
long-term debt rating of at least one of the two highest unsecured long-term
debt ratings of each Rating Agency, or (iii) the approval of each Rating Agency.

         ELIGIBLE INVESTMENTS: Any one or more of the following obligations or
securities payable on demand or having a scheduled maturity on or before the
Business Day preceding the following Distribution Date, (or with regard to the
Certificate Account maintained with the Trustee or the Certificate
Administrator, having a scheduled maturity on or before the following
Distribution Date; provided that, such Eligible Investments shall be managed by,
or be an obligation of, the institution that maintains the Certificate Account
if such Eligible Investments mature on the Distribution Date) regardless of
whether issued by the Depositor, the Servicer, the Trustee or any of their
respective Affiliates and having at the time of purchase, or at such other time
as may be specified, the required ratings, if any, provided for in this
definition:

                  (a) direct obligations of, or guaranteed as to full and timely
         payment of principal and interest by, the United States or any agency
         or instrumentality thereof, provided, that such obligations are backed
         by the full faith and credit of the United States of America;

                  (b) direct obligations of, or guaranteed as to timely payment
         of principal and interest by, FHLMC, FNMA or the Federal Farm Credit
         System, provided, that any such obligation, at the time of purchase or
         contractual commitment providing for the purchase thereof, is qualified
         by each Rating Agency as an investment of funds backing securities
         rated "AAA" in the case of Fitch and S&P (the initial rating of the
         Class A Certificates);

                  (c) demand and time deposits in or certificates of deposit of,
         or bankers' acceptances issued by, any bank or trust company, savings
         and loan association or savings bank, provided, that the short-term
         deposit ratings and/or long-term unsecured debt obligations of such
         depository institution or trust company (or in the case of the
         principal depository institutions in a holding company system, the
         commercial paper or long-term unsecured debt obligations of such
         holding company) have, in the case of commercial paper, the highest
         rating available for such securities by each Rating Agency and, in the
         case of long-term unsecured debt obligations, one of the two highest
         ratings available for such securities by each Rating Agency, or in each
         case such lower rating as will not result in the downgrading or
         withdrawal of the rating or ratings then assigned to any Class of
         Certificates by any Rating Agency but in no event less than the initial
         rating of the Senior Certificates (determined without regard to the
         Insured Certificate Policy);

                  (d) general obligations of or obligations guaranteed by any
         state of the United States or the District of Columbia receiving one of
         the two highest long-term debt ratings

                                      -25-

<PAGE>

         available for such securities by each Rating Agency, or such lower
         rating as will not result in the downgrading or withdrawal of the
         rating or ratings then assigned to any Class of Certificates by any
         Rating Agency (determined without regard to the Insured Certificate
         Policy);

                  (e) commercial or finance company paper (including both
         non-interest-bearing discount obligations and interest-bearing
         obligations payable on demand or on a specified date not more than one
         year after the date of issuance thereof) that is rated by each Rating
         Agency in its highest short-term unsecured rating category at the time
         of such investment or contractual commitment providing for such
         investment, and is issued by a corporation the outstanding senior
         long-term debt obligations of which are then rated by each Rating
         Agency in one of its two highest long-term unsecured rating categories,
         or such lower rating as will not result in the downgrading or
         withdrawal of the rating or ratings then assigned to any Class of
         Certificates by any Rating Agency but in no event less than the initial
         rating of the Senior Certificates (determined without regard to the
         Insured Certificate Policy);

                  (f) guaranteed reinvestment agreements issued by any bank,
         insurance company or other corporation rated in one of the two highest
         rating levels available to such issuers by each Rating Agency at the
         time of such investment, provided, that any such agreement must by its
         terms provide that it is terminable by the purchaser without penalty in
         the event any such rating is at any time lower than such level;

                  (g) repurchase obligations with respect to any security
         described in clause (a) or (b) above entered into with a depository
         institution or trust company (acting as principal) meeting the rating
         standards described in (c) above;

                  (h) securities bearing interest or sold at a discount that are
         issued by any corporation incorporated under the laws of the United
         States of America or any State thereof and rated by each Rating Agency
         in one of its two highest long-term unsecured rating categories at the
         time of such investment or contractual commitment providing for such
         investment; provided, however, that securities issued by any such
         corporation will not be Eligible Investments to the extent that
         investment therein would cause the outstanding principal amount of
         securities issued by such corporation that are then held as part of the
         Certificate Account to exceed 20% of the aggregate principal amount of
         all Eligible Investments then held in the Certificate Account;

                  (i) units of taxable money market funds (including those for
         which the Trustee or any affiliate thereof receives compensation with
         respect to such investment) which funds have been rated by each Rating
         Agency in its highest rating category or which have been designated in
         writing by each Rating Agency as Eligible Investments with respect to
         this definition;

                                      -26-

<PAGE>

                  (j) if previously confirmed in writing to the Trustee, any
         other demand, money market or time deposit, or any other obligation,
         security or investment, as may be acceptable to each Rating Agency as a
         permitted investment of funds backing securities having ratings
         equivalent to the initial rating of the Class A Certificates
         (determined without regard to the Insured Certificate Policy); and

                  (k) such other obligations as are acceptable as Eligible
         Investments to each Rating Agency;

provided, however, that such instrument continues to qualify as a "cash flow
investment" pursuant to Code Section 860G(a)(6) and that no instrument or
security shall be an Eligible Investment if (i) such instrument or security
evidences a right to receive only interest payments or (ii) the right to receive
principal and interest payments derived from the underlying investment provides
a yield to maturity in excess of 120% of the yield to maturity at par of such
underlying investment.

         ERISA: The Employee Retirement Income Security Act of 1974, as amended.

         ESCROW ACCOUNT: As defined in Section 3.4.

         ESCROW PAYMENT: Any payment received by the Servicer for the account of
any Mortgagor for application toward the payment of taxes, insurance premiums,
assessments and similar items in respect of the related Mortgaged Property.

         EVENT OF DEFAULT: Any event of default as specified in Section 7.1.

         EXCESS LIQUIDATION PROCEEDS: With respect to any Distribution Date, the
excess, if any, of aggregate Liquidation Proceeds in the applicable Prepayment
Period over the amount that would have been received if a Payoff had been made
on the last day of such applicable Prepayment Period with respect to each Loan
which became a Liquidated Loan during such applicable Prepayment Period.

         EXCESS LOSS: A Special Hazard Loss incurred on a Loan in excess of the
Special Hazard Coverage, a Fraud Loss incurred on a Loan in excess of the Fraud
Coverage and a Bankruptcy Loss incurred on a Loan in excess of the Bankruptcy
Coverage.

         EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

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

         FEDERAL FUNDS RATE: means, for any day, the rate set forth in the
weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Bank of New York on the preceding
Business Day opposite the caption "Federal Funds (Effective)"; or, if for any
relevant day such rate is not so published on any such preceding Business Day,
the rate for

                                      -27-

<PAGE>

such day will be the arithmetic mean as determined by the Trustee of the rates
for the last transaction in overnight Federal funds arranged before 9:00 a.m.
(New York City time) on that day by each of three leading brokers of Federal
funds transactions in New York City selected by the Trustee.

         FHA: Federal Housing Administration, or any successor thereto.

         FHLMC: Freddie Mac, or any successor thereto.

         FISCAL AGENT: As defined in the Insured Certificate Policy.

         FITCH:  Fitch, Inc., provided, that at any time it is a Rating Agency.

         FNMA: Fannie Mae, or any successor thereto.

         FRAUD COVERAGE: As of the Cut-Off Date approximately $8,186,490 and
thereafter, the Fraud Coverage will generally be equal to (1) prior to the third
Anniversary, an amount equal to 1.00% of the aggregate Principal Balance of all
Loans, as of the Cut-Off Date minus the aggregate amounts allocated to the
Certificates with respect to Fraud Losses on such Loans up to such date of
determination and (2) from the third to the fifth Anniversary, an amount equal
to (a) 0.50% of the aggregate Principal Balance of all of the Loans, as of the
Due Date of the calendar month preceding the most recent Anniversary minus (b)
the aggregate amounts allocated to the Certificates with respect to Fraud Losses
on the Loans since the most recent Anniversary up to such date of determination.
On and after the fifth Anniversary, the Fraud Coverage will be zero. The Fraud
Coverage may be reduced upon written confirmation from each Rating Agency that
such reduction will not adversely affect the then current ratings assigned to
the Certificates by each Rating Agency (determined without regard to the Insured
Certificate Policy).

         FRAUD LOSS: The occurrence of a loss on a Loan arising from any action,
event or state of facts with respect to such Loan which, because it involved or
arose out of any dishonest, fraudulent, criminal, negligent or knowingly
wrongful act, error or omission by the Mortgagor, originator (or assignee
thereof) of such Loan, Lender, or the Servicer, would result in an exclusion
from, denial of, or defense to coverage which otherwise would be provided by an
insurance policy previously issued with respect to such Loan.

         GROUP OF LOANS: means the Group I Loans or the Group II Loans, as the
context requires.

         GROUP I DISCOUNT FRACTION: For any Group I Discount Loan, the following
fraction:

           6.25% - The Pass-Through rate on such Group I Discount Loan
           -----------------------------------------------------------
                                      6.25%

         GROUP I DISCOUNT FRACTIONAL PRINCIPAL AMOUNT: On each Distribution
Date, an amount equal to the product of the Group I Discount Fraction multiplied
by the sum of (i) scheduled payments of

                                      -28-

<PAGE>

principal on each Group I Discount Loan due on or before the related Due Date in
respect of which no distribution has been made on any previous Distribution Date
and which were received by the Determination Date, or which have been advanced
as part of an Advance with respect to such Distribution Date, (ii) the principal
portion received in respect of each Group I Discount Loan during the Prepayment
Period of (a) Curtailments, (b) Insurance Proceeds, (c) the amount, if any, of
the principal portion of the Purchase Price pursuant to a Purchase Obligation or
any repurchase of a Group I Discount Loan permitted hereunder and (d)
Liquidation Proceeds and (iii) the principal portion of Payoffs received in
respect of each Group I Discount Loan during the applicable Prepayment Period.

         GROUP I DISCOUNT FRACTIONAL PRINCIPAL SHORTFALL: For any Distribution
Date, an amount equal to the Group I Discount Fraction of any Realized Loss on a
Group I Discount Loan, other than a Special Hazard Loss, Fraud Loss or
Bankruptcy Loss in excess of the Special Hazard Coverage, Fraud Coverage or
Bankruptcy Coverage.

         GROUP I DISCOUNT LOAN: The Group I Loans having Pass-Through Rates of
less than 6.25%.

         GROUP I LOAN: The Loans designated on the Loan Schedule as Group I
Loans.

         GROUP I PREMIUM LOANS: All Group I Loans having Pass-Through Rates in
excess of 6.25%.

         GROUP I SENIOR LIQUIDATION AMOUNT: The aggregate, for each Group I Loan
which became a Liquidated Loan during the applicable Prepayment Period, of the
lesser of: (i) the Group I Senior Percentage of the Principal Balance of such
Group I Loan (exclusive of the Group I Discount Fraction thereof, if
applicable), and (ii) the Group I Senior Prepayment Percentage of the
Liquidation Principal with respect to such Group I Loan.

         GROUP I SENIOR PERCENTAGE: As of the Closing Date, approximately
97.34%, and thereafter, with respect to any Distribution Date, the Class
Principal Balances of the Class IA Certificates (other than Class IA-P
Certificates) divided by the aggregate Scheduled Principal Balance of all of the
Group I Loans, in each case immediately prior to such Distribution Date
(exclusive of the Group I Discount Fraction of the Group I Discount Loans).

         GROUP I SENIOR PREPAYMENT PERCENTAGE: (i) On any Distribution Date
occurring before the Distribution Date in the month of October 2007, 100%; (ii)
on any other Distribution Date on which (x) the Group I Senior Percentage for
such Distribution Date exceeds the initial Group I Senior Percentage or (y) the
Group II Senior Percentage for such Distribution Date exceeds the initial Group
II Senior Percentage, 100%; and (iii) on any other Distribution Date in the
month of October 2007 and thereafter, 100%, unless:

                  (a) the mean aggregate Principal Balance of the Group I Loans
         which are 60 or more days delinquent (including loans in foreclosure
         and property held by the Trust Fund)

                                      -29-

<PAGE>

         for each of the immediately preceding six calendar months is less than
         or equal to 50% of the Group I Subordinate Amount as of such
         Distribution Date, and

                  (b) cumulative Realized Losses on the Group I Loans allocated
         to the Subordinate Certificates are less than or equal to the following
         amounts:

<TABLE>
<CAPTION>
                                                                Percentage of the Group I Subordinate
              Distribution Date Occurring In                        Amount as of the Cut-Off Date
              ------------------------------                        -----------------------------
<S>                                                             <C>
October 2007 through September 2008.......................                       30%
October 2008 through September 2009.......................                       35%
October 2009 through September 2010.......................                       40%
October 2010 through September 2011.......................                       45%
October 2011 and thereafter...............................                       50%
</TABLE>

                  (c) the occurrence of both of the events described in clauses
         (iii)(a) and (b) of the definition of "Group II Senior Prepayment
         Percentage",

         in which case, the Group I Senior Prepayment Percentage shall be as
         follows:

<TABLE>
<CAPTION>
       Distribution Date Occurring In                             Senior Prepayment Percentage
       ------------------------------                             ----------------------------
<S>                                           <C>
October 2002 through September 2007.......... 100%
October 2007 through September 2008.......... Group I Senior Percentage + 70% of Group I Subordinate Percentage
October 2008 through September 2009.......... Group I Senior Percentage + 60% of Group I Subordinate Percentage
October 2009 through September 2010.......... Group I Senior Percentage + 40% of Group I Subordinate Percentage
October 2010 through September 2011.......... Group I Senior Percentage + 20% of Group I Subordinate Percentage
October 2011 and thereafter.................. Group I Senior Percentage
</TABLE>

         If on any Distribution Date the allocation to the Class IA Certificates
of Principal Prepayments in the percentage required would reduce the sum of the
Class Principal Balances of the Class IA Certificates and the Subordinate
Certificates below zero, the Group I Senior Prepayment Percentage for such
Distribution Date shall be limited to the percentage necessary to reduce such
sum to zero. Notwithstanding the foregoing, however, on each Distribution Date,
the Class IA-P Certificates will receive the Group I Discount Fraction of all
principal payments, including, without limitation, Principal Prepayments,
received in respect of each Group I Discount Loan.

         GROUP I SENIOR PRINCIPAL AMOUNT: For any Distribution Date, an amount
equal to the sum of (a) the Group I Senior Percentage of the Principal Payment
Amount for the Group I Loans (exclusive of the sum of the Group I Discount
Fractional Principal Amounts for such Distribution Date), (b) the Group I Senior
Prepayment Percentage of the Principal Prepayment Amount for the Group I Loans
(exclusive of the sum of the Group I Discount Fractional Principal Amounts for
such Distribution Date) and (c) the Group I Senior Liquidation Amount.

                                      -30-

<PAGE>

         GROUP I SUBORDINATE AMOUNT: The excess of the aggregate Scheduled
Principal Balance of the Group I Loans exclusive of the Group I Discount Loans
over the sum of the Certificate Principal Balances of the Class IA Certificates
(other than the Class IA-P Certificates).

         GROUP I UNDERCOLLATERALIZED AMOUNT: For any Distribution Date is equal
to the sum of (i) the sum of (A) the amount, if any, by which the aggregate
Certificate Principal Balance of the Class IA Certificates (other than the Class
IA-P Certificates) exceeds the aggregate Scheduled Principal Balance of the
Group I Loans (exclusive of the Group I Discount Fraction of the Group I
Discount Loans), after giving effect to distributions to be made on such
Distribution Date and (B) 1/12 of the amount calculated in clause (i)(A) above
multiplied by 6.25% and (ii) any amounts payable but remaining unpaid to the
Class IA Certificates (other than the Class IA-P Certificates) pursuant to
clause (i) above of this definition of "Group I Undercollateralized Amount" on
any prior Distribution Dates, plus accrued interest thereon at 6.25% per annum.

         GROUP II DISCOUNT FRACTION: For any Group II Discount Loan, the
following fraction:

          5.75% - The Pass-Through Rate on such Group II Discount Loan
          ------------------------------------------------------------
                                      5.75%

         GROUP II DISCOUNT FRACTIONAL PRINCIPAL AMOUNT: On each Distribution
Date, an amount equal to the product of the Group II Discount Fraction
multiplied by the sum of (i) scheduled payments of principal on each Group II
Discount Loan due on or before the related Due Date in respect of which no
distribution has been made on any previous Distribution Date and which were
received by the Determination Date, or which have been advanced as part of an
Advance with respect to such Distribution Date, (ii) the principal portion
received in respect of each Group II Discount Loan during the Prepayment Period
of (a) Curtailments, (b) Insurance Proceeds, (c) the amount, if any, of the
principal portion of the Purchase Price pursuant to a Purchase Obligation or any
repurchase of a Group II Discount Loan permitted hereunder and (d) Liquidation
Proceeds and (iii) the principal portion of Payoffs received in respect of each
Group II Discount Loan during the applicable Prepayment Period.

         GROUP II DISCOUNT FRACTIONAL PRINCIPAL SHORTFALL: For any Distribution
Date, an amount equal to the Group II Discount Fraction of any Realized Loss on
a Group II Discount Loan, other than a Special Hazard Loss, Fraud Loss or
Bankruptcy Loss in excess of the Special Hazard Coverage, Fraud Coverage or
Bankruptcy Coverage.

         GROUP II DISCOUNT LOAN: The Group II Loans having Pass-Through Rates of
less than 5.75%.

         GROUP II LOAN: The Loans designated on the Loan Schedule as Group II
Loans.

         GROUP II PREMIUM LOANS: All Group II Loans having Pass-Through Rates in
excess of 5.75%.

                                      -31-

<PAGE>

         GROUP II SENIOR LIQUIDATION AMOUNT: The aggregate, for each Group II
Loan which became a Liquidated Loan during the applicable Prepayment Period, of
the lesser of: (i) the Group II Senior Percentage of the Principal Balance of
such Group II Loan (exclusive of the Group II Discount Fraction thereof, if
applicable), and (ii) the Group II Senior Prepayment Percentage of the
Liquidation Principal with respect to such Group II Loan.

         GROUP II SENIOR PERCENTAGE: As of the Closing Date, approximately
97.34%, and thereafter, with respect to any Distribution Date, the sum of the
Class Principal Balances of the Class IIA Certificates (other than the Class
IIA-P Certificates) and Class R Certificate divided by the aggregate Scheduled
Principal Balance of all of the Group II Loans, in each case immediately prior
to such Distribution Date (exclusive of the Group II Discount Fraction of the
Group II Discount Loans).

         GROUP II SENIOR PREPAYMENT PERCENTAGE: (i) On any Distribution Date
occurring before the Distribution Date in the month of October, 2007, 100%; (ii)
on any other Distribution Date on which (x) the Group II Senior Percentage for
such Distribution Date exceeds the initial Group II Senior Percentage or (y) the
Group I Senior Percentage for such Distribution Date exceeds the initial Group I
Senior Percentage, 100%; and (iii) on any other Distribution Date in the month
of October, 2007 and thereafter, 100%, unless:

                  (a) the mean aggregate Principal Balance of the Group II Loans
         which are 60 or more days delinquent (including loans in foreclosure
         and property held by the Trust Fund) for each of the immediately
         preceding six calendar months is less than or equal to 50% of the Group
         II Subordinate Amount as of such Distribution Date, and

                  (b) cumulative Realized Losses on the Group II Loans allocated
         to the Group II Subordinate Certificates are less than or equal to the
         following amounts:

<TABLE>
<CAPTION>
                                                               Percentage of the Group II Subordinate
             Distribution Date Occurring In                        Amount as of the Cut-Off Date
             ------------------------------                        -----------------------------
<S>                                                            <C>
October 2007 through September 2008......................                       30%
October 2008 through September 2009......................                       35%
October 2009 through September 2010......................                       40%
October 2010 through September 2011......................                       45%
October 2011 and thereafter..............................                       50%
</TABLE>

                  (c) the occurrence of both of the events described in clauses
         (iii)(a) and (b) of the definition of "Group I Senior Prepayment
         Percentage", in which case, the Group II Senior Prepayment Percentage
         shall be as follows:

<TABLE>
<CAPTION>
      Distribution Date Occurring In                             Senior Prepayment Percentage
      ------------------------------                             ----------------------------
<S>                                         <C>
October 2002 through September 2007........ 100%
October 2007 through September 2008........ Group II Senior Percentage + 70% of Group II Subordinate Percentage
October 2008 through September 2009........ Group II Senior Percentage + 60% of Group II Subordinate Percentage

                                      -32-

<PAGE>

October 2009 through September 2010........ Group II Senior Percentage + 40% of Group II Subordinate Percentage
October 2010 through September 2011........ Group II Senior Percentage + 20% of Group II Subordinate Percentage
October 2011 and thereafter................ Group II Senior Percentage
</TABLE>

         If on any Distribution Date the allocation to the Class IIA
Certificates and Class R Certificate of Principal Prepayments in the percentage
required would reduce the sum of the Class Principal Balances of the Class IIA
Certificates and Class R Certificate below zero, the Group II Senior Prepayment
Percentage for such Distribution Date shall be limited to the percentage
necessary to reduce such sum to zero. Notwithstanding the foregoing, however, on
each Distribution Date, the Class IIA-P Certificates will receive the Group II
Discount Fraction of all Principal Prepayments, including, without limitation,
Principal Prepayments, received in respect of each Group II Discount Loan.

         GROUP II SENIOR PRINCIPAL AMOUNT: For any Distribution Date, an amount
equal to the sum of (a) the Group II Senior Percentage of the Principal Payment
Amount for the Group II Loans (exclusive of the sum of the Group II Discount
Fractional Principal Amounts for such Distribution Date), (b) the Group II
Senior Prepayment Percentage of the Principal Prepayment Amount for the Group II
Loans (exclusive of the sum of the Group II Discount Fractional Principal
Amounts for such Distribution Date), and (c) the Group II Senior Liquidation
Amount.

         GROUP II SUBORDINATE AMOUNT: The excess of the aggregate Scheduled
Principal Balance of the Group II Loans exclusive of the Group II Discount Loans
over the sum of Certificate Principal Balances of the Class IIA Certificates
(other than the Class IIA-P Certificates) and the Class R Certificate.

         GROUP II UNDERCOLLATERALIZED AMOUNT: For any Distribution Date is equal
to the sum of (i) the sum of (A) the amount, if any, by which the aggregate
Certificate Principal Balance of the Class IIA Certificates (other than the
Class IIA-P Certificates) and Class R Certificate exceeds the aggregate
Scheduled Principal Balance of the Group II Loans (exclusive of the Group II
Discount Fraction of the Group II Discount Loans), after giving effect to
distributions to be made on such Distribution Date and (B) 1/12 of the amount
calculated in clause (i)(A) above multiplied by 5.75% and (ii) any amounts
payable but remaining unpaid to the Class IIA Certificates (other than the Class
IIA-P Certificates) pursuant to clause (i) above of this definition of "Group II
Undercollateralized Amount" on any prior Distribution Dates, plus accrued
interest thereon at 5.75% per annum.

         INDEPENDENT: When used with respect to any specified Person, any such
Person who (i) is in fact independent of the Depositor and the Servicer, (ii)
does not have any direct financial interest or any material indirect financial
interest in the Depositor or the Servicer or any Affiliate of either and (iii)
is not connected with the Depositor or the Servicer as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

                                      -33-

<PAGE>

         INDIRECT DTC PARTICIPANTS: Entities such as banks, brokers, dealers or
trust companies that clear through or maintain a custodial relationship with a
DTC Participant, either directly or indirectly.

         INSTALLMENT DUE DATE: The first day of the month in which the related
Distribution Date occurs.

         INSURANCE PROCEEDS: Amounts paid or payable by the insurer under any
insurance policy (including any replacement policy permitted under this
Agreement), covering any Loan or Mortgaged Property, including, without
limitation, any flood insurance policy, primary mortgage insurance policy or
hazard insurance policy required pursuant to Section 3.5, any title insurance
policy required pursuant to Section 2.3, and any FHA insurance policy or VA
guaranty.

         INSURED CERTIFICATE COVERAGE PAYMENTS: As of any Distribution Date, all
amounts available to be distributed to the Insured Certificates on such
Distribution Date pursuant to Section 4.1(b) and (f).

         INSURED CERTIFICATE POLICY: The irrevocable Certificate Guaranty
Insurance Policy, No. 39102, including any endorsements thereto, issued by MBIA
with respect to the Insured Certificates, in the form attached hereto as Exhibit
O.

         INSURED CERTIFICATE POLICY PAYMENTS ACCOUNT: The separate Eligible
Account created and maintained by the Trustee pursuant to Section 4.11(c) in the
name of the Trustee for the benefit of the Insured Certificateholders and
designated "JPMorgan Chase Bank in trust for registered holders of ABN AMRO
Mortgage Corporation Multi-Class Mortgage Pass-Through Certificates, Series
2002-8, Class IA-16, Class IA-17, Class IA-18, Class IA-19, Class IA-20, Class
IA-21, Class IA-22, Class IA-23, Class IA-24, Class IA-29, Class IA-32, Class
IA-33, Class IA-34, Class IA-35, Class IA-36 and Class IA-37." Funds in the
Insured Certificate Policy Payments Account shall be held in trust for the
Inusred Cerificateholders for the uses and purposes set forth in this Agreement.

         INSURED CERTIFICATES: The Class IA-16, Class IA-17, Class IA-18, Class
IA-19, Class IA-20, Class IA-21, Class IA-22, Class IA-23, Class IA-24, Class
IA-29, Class IA-32, Class IA-33, Class IA-34, Class IA-35, Class IA-36 and Class
IA-37 Certificates.

         INSURED PAYMENT: (i) With respect to any Distribution Date, any
Deficiency Amount and (ii) any amount previously distributed to an Insured
Certificateholder on the Insured Certificates that is recoverable and sought to
be recovered as a voidable preference by a trustee in bankruptcy pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended from time to time, in
accordance with a final nonappealable order of a court having competent
jurisdiction.

         INTEREST ACCRUAL PERIOD: For all Classes of Certificates (other than
the Class IA-38, Class IA- 39, Class IA-47 and Class IA-48 Certificates), the
calendar month preceding the month in which the Distribution Date occurs. The
Interest Accrual Period for the Class IA-38, Class IA-39, Class IA-47

                                      -34-

<PAGE>

and Class IA-48 Certificates for each Distribution Date is the period from the
25th day of the month before the month in which a Distribution Date occurs (or
the Closing Date, in the case of the first Distribution Date) through the 24th
day of the month in which that Distribution Date occurs.

         INTEREST DISTRIBUTION AMOUNT: On any Distribution Date, for any Class
of Certificates (other than the Principal Only Certificates), the amount of
interest accrued on the respective Class Principal Balance or Class Notional
Amount, as applicable, at 1/12th of the related Remittance Rate for such Class
during the applicable Interest Accrual Period (computed on the basis of a
360-day year of twelve 30-day months), before giving effect to allocations of
Realized Losses with respect to the applicable Loan Group, for the applicable
Prepayment Period or distributions to be made on such Distribution Date, reduced
by Uncompensated Interest Shortfall, with respect to the applicable Loan Group,
and the interest portion of Realized Losses, with respect to the applicable Loan
Group, allocated to such Class pursuant to the definition of "Uncompensated
Interest Shortfall" and Section 3.20.

         INTEREST ONLY CERTIFICATES: The Class IA-2, Class IA-15, Class IA-39,
Class IA-45, Class IA- 48, Class IA-X and Class IIA-X Certificates.

         INTERESTED PERSON: The Depositor, the Servicer, any Holder of a
Certificate, or any Affiliate of any such Person.

         JUNIOR SUBORDINATE CERTIFICATES: The Class B-3, B-4 and B-5
Certificates, collectively.

         LATE PAYMENT RATE: The rate of interest publicly announced by Citibank,
N.A. at its principal office in New York as its prime rate (any change in such
prime rate of interest to be effective on the date such change is announced by
Citibank, N.A.) plus 3%. The Late Payment Rate shall be computed on the basis of
a year of 365 days calculating the actual number of days elapsed. In no event
shall the Late Payment Rate exceed the maximum rate permissible under law
applicable to this Agreement limiting interest rates.

         LIBOR: The per annum rate established by the Trustee or the Certificate
Administrator, if any, in accordance with Section 8.16.

         LIBOR BUSINESS DAY: Means any day on which dealings in United States
dollars are transacted in the London interbank market.

         LIBOR DETERMINATION DATE: Means the second LIBOR Business Day before
the first day of the related Interest Accrual Period.

         LIQUIDATED LOAN: A Loan as to which the Servicer has determined in
accordance with its customary servicing practices that all amounts which it
expects to recover from or on account of such Loan, whether from Insurance
Proceeds, Liquidation Proceeds or otherwise, have been recovered.

                                      -35-

<PAGE>

For purposes of this definition, acquisition of a Mortgaged Property by the
Trust Fund shall not constitute final liquidation of the related Loan.

         LIQUIDATION EXPENSES: Reasonable out of pocket expenses incurred by the
Servicer in connection with the liquidation of any Defaulted Loan or property
acquired in respect thereof, including, without limitation, legal fees and
expenses, any unreimbursed amount expended by the Servicer pursuant to Section
3.7 respecting the related Loan and any unreimbursed expenditures for real
property taxes or for property restoration or preservation relating to the
Mortgaged Property that secured such Loan.

         LIQUIDATION PRINCIPAL: The principal portion of Liquidation Proceeds
received with respect to each Loan which became a Liquidated Loan (but not in
excess of the Principal Balance thereof) during the applicable Prepayment
Period, exclusive of the Group I Discount Fraction of Liquidation Proceeds
received with respect to each Group I Discount Loan, if any, and exclusive of
the Group II Discount Fraction of Liquidation Proceeds received with respect to
each Group II Discount Loan, if any.

         LIQUIDATION PROCEEDS: Amounts after deduction of amounts reimbursable
under Section 3.7 received and retained in connection with the liquidation of
Defaulted Loans (including the disposition of REO Property), whether through
foreclosure or otherwise, other than Insurance Proceeds.

         LIVING HOLDER: A Beneficial holder of a Retail Lottery Certificate who
is not a Deceased Holder.

         LOAN GROUP:  Loan Group I and Loan Group II, as applicable.

         LOAN GROUP I:  The group of Loans comprised of Group I Loans.

         LOAN GROUP II:  The group of Loans comprised of Group II Loans.

         LOANS: The Mortgages and the related Mortgage Notes, each transferred
and assigned to the Trustee pursuant to the provisions hereof as from time to
time are held as part of the Trust Fund, as so identified in the Loan Schedule.
Each of the Loans is referred to individually in this Agreement as a "Loan".

         LOAN SCHEDULE: The schedule, as amended from time to time, of Loans
attached hereto as Exhibit D, which shall set forth as to each Loan the
following, among other things:

         (i)      the loan number of the Loan and name of the related Mortgagor;

         (ii)     the city, state and zip code of the Mortgaged Property;

                                      -36-

<PAGE>

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

         (iv)     the original term and maturity date of the related Mortgage
                  Note;

         (v)      the original Principal Balance;

         (vi)     the first payment date;

         (vii)    the Monthly Payment in effect as of the Cut-Off Date;

         (viii)   the date of the last paid installment of interest;

         (ix)     the unpaid Principal Balance as of the close of business on
                  the Cut-Off Date;

         (x)      the Loan-to-Value ratio at origination;

         (xi)     the type of property and the Original Value of the Mortgaged
                  Property;

         (xii)    whether a primary mortgage insurance policy is in effect as of
                  the Cut-Off Date;

         (xiii)   the nature of occupancy at origination;

         (xiv)    the servicing fee;

         (xv)     the county in which Mortgaged Property is located, if
                  available;

         (xvi)    the Loan Group; and

         (xvii)   the closing date.

         LOAN-TO-VALUE RATIO: The original principal amount of a Loan divided by
the Original Value; however, references to "current Loan-to-Value Ratio" shall
mean the then current Principal Balance of a Loan divided by the Original Value.

         LOCKOUT PERCENTAGE: For any Distribution Date, will equal (i) the sum
of (x) the Class IA-4 Class Principal Balance, (y) the Class IA-30 Class
Principal Balance and (z) the Class IA-44 Class Principal Balance; divided by
(ii) the aggregate Scheduled Principal Balance of all Group I Loans immediately
preceding the Distribution Date (exclusive of the Group I Discount Fraction of
the Group I Discount Loans).

         LOCKOUT PRINCIPAL AMOUNT: For any Distribution Date will equal the
product of (i) the product of (a) 0% for any Distribution Date prior to the
Distribution Date in October 2007, and thereafter, the Lockout Percentage and
(b) the Principal Payment Amount (exclusive of the portion thereof

                                      -37-

<PAGE>

attributable to the Group I Discount Fractional Principal Amount); and (ii) the
product of: (a) the Lockout Percentage; (b) the Step Down Percentage; and (c)
the sum of the following amounts with respect to the Loans: (1) the Principal
Prepayment Amount (exclusive of the portion thereof attributable to the Group I
Discount Fractional Principal Amount); and (2) the Liquidation Principal.

         MBIA: MBIA Insurance Corporation, a subsidiary of MBIA Inc., organized
and created under the laws of the State of New York, or any successor thereto.

         MBIA CONTACT PERSON: The officer designated by the Servicer to provide
information to MBIA pursuant to Section 4.11(i).

         MBIA DEFAULT: As defined in Section 4.11(l).

         MBIA PREMIUM: With respect to the Inusred Certificate Policy and each
Distribution Date, an amount equal to the product of one twelfth (1/12) of the
"premium percentage" set forth in the Commitment Letter, dated September 23,
2002, between MBIA and Credit Suisse First Boston Corporation, and the Class
Principal Balances of the Insured Certificates immediately prior to such
Distribution Date.

         MBIA REIMBURSEMENT AMOUNT: The amount of all Insured Payments and other
payments made by MBIA pursuant to the Insured Certificate Policy which have not
been previously repaid, together with interest accrued at the Late Payment Rate.

         MONTHLY PAYMENT: The scheduled payment of principal and interest on a
Loan which is due on the related Due Date for such Loan after giving effect to
any reduction in the amount of interest collectible from any Mortgagor pursuant
to the Relief Act.

         MORTGAGE: The mortgage, deed of trust or other instrument securing a
Mortgage Note.

         MORTGAGE FILE: As defined in Section 2.1.

         MORTGAGE INTEREST RATE: For any Loan, the per annum rate at which
interest accrues on such Loan pursuant to the terms of the related Mortgage Note
without regard to any reduction thereof as a result of the Relief Act.

         MORTGAGE NOTE: The note or other evidence of indebtedness evidencing
the indebtedness of a Mortgagor under a Loan.

         MORTGAGE POOL: All of the Loans.

         MORTGAGED PROPERTY: With respect to any Loan, the real property,
together with improvements thereto, securing the indebtedness of the Mortgagor
under the related Loan.

                                      -38-

<PAGE>

         MORTGAGOR: The obligor on a Mortgage Note.

         NET INTEREST SHORTFALL: For any Distribution Date, an amount equal to
the sum of (i) Prepayment Interest Shortfall; (ii) any Relief Act Interest
Shortfall; and (iii) the portion of Realized Losses attributable to interest
allocated to such class.

         NONRECOVERABLE ADVANCE: With respect to any Loan, any Advance which the
Servicer shall have determined to be a Nonrecoverable Advance pursuant to
Section 4.4 and which was, or is proposed to be, made by such Servicer.

         NON-U.S. PERSON: A Person that is not a U.S. Person.

         OFFICER'S CERTIFICATE: With respect to any Person, a certificate signed
by the Chairman of the Board, the President or a Vice-President of such Person
(or, in the case of a Person which is not a corporation, signed by the person or
persons having like responsibilities), and delivered to the Trustee.

         OPINION OF COUNSEL: A written opinion of counsel, who may be outside or
salaried counsel for the Depositor or the Servicer, or any Affiliate of the
Depositor or the Servicer, acceptable to the Trustee; provided, that with
respect to REMIC matters, matters relating to the determination of Eligible
Accounts or matters relating to transfers of Certificates, such counsel shall be
Independent.

         ORIGINAL VALUE: With respect to any Loan other than a Loan originated
for the purpose of refinancing an existing mortgage debt, the lesser of (a) the
Appraised Value (if any) of the Mortgaged Property at the time the Loan was
originated or (b) the purchase price paid for the Mortgaged Property by the
Mortgagor. With respect to a Loan originated for the purpose of refinancing
existing mortgage debt, the Original Value shall be equal to the Appraised Value
of the Mortgaged Property at the time the Loan was originated or the appraised
value at the time the refinanced mortgage debt was incurred.

         OTS: The Office of Thrift Supervision, or any successor thereto.

         OWNERSHIP INTEREST: As defined in Section 5.1(b)

         PASS-THROUGH ENTITY: As defined in Section 5.1(b)

         PASS-THROUGH RATE: For each Loan and for any date of determination, a
per annum rate equal to the Mortgage Interest Rate for such Loan less the
applicable per annum percentage rate of the Servicing Fee. For each Loan, any
calculation of monthly interest at such rate shall be based upon annual interest
at such rate (computed on the basis of a 360-day year of twelve 30-day months)
on the unpaid Principal Balance of the related Loan divided by twelve, and any
calculation of interest at such rate by reason of a Payoff shall be based upon
annual interest at such rate on the outstanding Principal Balance of the related
Loan multiplied by a fraction, the numerator of which is the number

                                      -39-

<PAGE>

of days elapsed from the Due Date of the last scheduled payment of principal and
interest to, but not including, the date of such Payoff, and the denominator of
which is (a) for Payoffs received on a Due Date, 360, and (b) for all other
Payoffs, 365.

         PAYING AGENT: As defined in Section 4.10.

         PAYOFF: Any Mortgagor payment of principal on a Loan equal to the
entire outstanding Principal Balance of such Loan, if received in advance of the
last scheduled Due Date for such Loan and accompanied by an amount of interest
equal to accrued unpaid interest on the Loan to the date of such
payment-in-full.

         PAYOFF EARNINGS: For any Distribution Date with respect to each Loan on
which a Payoff was received by the Servicer during the Prepayment Period, the
aggregate of the interest earned by Servicer from investment of each such Payoff
from the date of receipt of such Payoff until the last day of such Prepayment
Period (net of investment losses).

         PAYOFF INTEREST: For any Distribution Date with respect to a Loan for
which a Payoff was received by the Servicer during the Prepayment Period, an
amount of interest thereon at the applicable Pass-Through Rate from the first
day of such Prepayment Period to the date of receipt thereof.

         PERCENTAGE INTEREST: (a) With respect to the right of each Certificate
of a particular Class in the distributions allocated to such Class, "Percentage
Interest" shall mean the percentage undivided beneficial ownership interest
evidenced by such Certificate of such Class, which percentage shall equal:

                  (i) with respect to any Regular Interest Certificate (other
         than the Interest Only Certificates), its Certificate Principal Balance
         divided by the applicable Class Principal Balance;

                  (ii) with respect to the Interest Only Certificates, the
         portion of the respective Class Notional Amount evidenced by such
         Certificate divided by the respective Class Notional Balance; and

                  (iii) with respect to the Class R Certificate, the percentage
         set forth on the face of such Certificate.

         (b) With respect to the rights of each Certificate in connection with
Sections 5.9, 7.1, 7.3, 8.3 and 10.1, "Percentage Interest" shall mean the
percentage undivided beneficial interest evidenced by such Certificate in the
Trust Fund, which for purposes of such rights only shall equal:

                  (i) with respect to any Certificate (other than the Interest
         Only Certificates), the product of (x) 93.00% and (y) the percentage
         calculated by dividing its Certificate Principal

                                      -40-

<PAGE>

         Balance by the Aggregate Certificate Principal Balance; provided,
         however, that the product in (x) above shall be increased by one
         percent (1%) upon each retirement of an Interest Only Certificate;

                  (ii) with respect to each Interest Only Certificate, one
         percent (1%) of such Certificate Percentage Interest as calculated by
         paragraph (a)(ii) of this definition; and

                  (iii) with respect to the Class R Certificate, zero.

         PERMITTED TRANSFEREE: With respect to the holding or ownership of any
Residual Certificate, any Person other than (i) the United States, a State or
any political subdivision thereof, or any agency or instrumentality of any of
the foregoing, (ii) a foreign government or International Organization, or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers' cooperatives described in Code Section 521) which is
exempt from the taxes imposed by Chapter 1 of the Code (unless such organization
is subject to the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iv) rural electric and telephone cooperatives described in
Code Section 1381(a)(2)(C), (v) any electing large partnership under Section 775
of the Code, (vi) any Person from whom the Trustee or the Certificate Registrar
has not received an affidavit to the effect that it is not a "disqualified
organization" within the meaning of Section 860E(e)(5) of the Code, and (vii)
any other Person so designated by the Depositor based upon an Opinion of Counsel
that the transfer of an Ownership Interest in a Residual Certificate to such
Person may cause the Trust Fund to fail to qualify as a REMIC at any time that
the Certificates are outstanding. The terms "United States," "State" and
"International Organization" shall have the meanings set forth in Code Section
7701 or successor provisions. A corporation shall not be treated as an
instrumentality of the United States or of any State or political subdivision
thereof if all of its activities are subject to tax, and, with the exception of
the FHLMC, a majority of its board of directors is not selected by such
governmental unit.

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

         PLAN: As defined in Section 5.1(d).

         PLANNED PRINCIPAL BALANCE: For any Distribution Date, the amount set
forth in the table attached hereto as Exhibit M for such Distribution Date, for
the Class IA-1, Class IA-3, Class IA-31 and Class IA-47 Certificates.

         PREPAID MONTHLY PAYMENT: Any Monthly Payment received prior to its
scheduled Due Date, which is intended to be applied to a Loan on its scheduled
Due Date and held in the related Custodial Account for P&I until the Withdrawal
Date following its scheduled Due Date.

                                      -41-

<PAGE>

         PREPAYMENT INTEREST SHORTFALL: For any Distribution Date, an amount
equal to the sum of all interest shortfalls resulting from (i) Payoffs during
the related Prepayment Period, to the extent not covered by Compensating
Interest; and (ii) Curtailments during the related Prepayment Period.

         PREPAYMENT PERIOD: The calendar month immediately preceding any
Distribution Date.

         PRINCIPAL BALANCE: At the time of any determination, the principal
balance of a Loan remaining to be paid at the close of business on the Cut-Off
Date, after deduction of all principal payments due on or before the Cut-Off
Date whether or not paid, reduced by all amounts distributed or to be
distributed to Certificateholders through the Distribution Date in the month of
determination that are reported as allocable to principal of such Loan.

         In the case of a Substitute Loan, "Principal Balance" shall mean, at
the time of any determination, the principal balance of such Substitute Loan
transferred to the Trust Fund on the date of substitution, reduced by all
amounts distributed or to be distributed to Certificateholders through the
Distribution Date in the month of determination that are reported as allocable
to principal of such Substitute Loan.

         The Principal Balance of a Loan (including a Substitute Loan) shall not
be adjusted solely by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period. Whenever a Realized Loss has been
incurred with respect to a Loan during a calendar month, the Principal Balance
of such Loan shall be reduced by the amount of such Realized Loss as of the
Distribution Date next following the end of such calendar month after giving
effect to the allocation of Realized Losses and distributions of principal to
the Certificates.

         PRINCIPAL ONLY CERTIFICATES: The Class IA-P Certificates and Class
IIA-P Certificates.

         PRINCIPAL PAYMENT: Any payment of principal on a Loan other than a
Principal Prepayment.

         PRINCIPAL PAYMENT AMOUNT: On any Distribution Date, the sum, determined
separately for each Loan Group, of (i) the scheduled principal payments on the
Loans due on the related Due Date, (ii) the principal portion of repurchase
proceeds received with respect to any Loan which was repurchased by the
Depositor pursuant to a Purchase Obligation or as permitted by this Agreement
during the applicable Prepayment Period, and (iii) any other unscheduled
payments of principal which were received with respect to any Loan during the
applicable Prepayment Period, other than Payoffs, Curtailments and Liquidation
Principal.

         PRINCIPAL PREPAYMENT: Any payment of principal on a Loan which
constitutes a Payoff or a Curtailment.

         PRINCIPAL PREPAYMENT AMOUNT: On any Distribution Date, the sum,
determined separately for each Loan Group, of (i) Curtailments received during
the applicable Prepayment Period from such

                                      -42-

<PAGE>

related Loans and (ii) Payoffs received during the applicable Prepayment Period
from the related Loans.

         PRO RATA ALLOCATION: The allocation of the principal portion of certain
losses relating to a Loan in a Loan Group to the Senior Certificates related to
that Loan Group (other than the Class IA-P, Class IIA-P and Interest Only
Certificates) and/or to the Subordinate Certificates, as applicable, pro rata
according to their respective Certificate Principal Balances (except (1) if the
loss is recognized with respect to a Group I Discount Loan or a Group II
Discount Loan, in which event the applicable Group I Discount Fraction or Group
II Discount Fraction of such loss will be allocated to the Class IA-P
Certificates or the Class IIA-P Certificates, as applicable, and the remainder
of such loss will be allocated as described above in this definition without
regard to this parenthetical, and (2) all Realized Losses, except Excess Losses,
allocable to the Class IA-4 Certificates will be allocated to the Class IA-30
Certificates until the Class Principal Balance of the Class IA-30 Certificates
has been reduced to zero) in reduction thereof, and the allocation of the
interest portion of such losses to such Certificates pro rata according to the
amount of interest accrued but unpaid on each such Class in reduction thereof
and then pro rata according to their outstanding Certificate Principal Balances
or, in the case of the Accrual Certificates, the Certificate Principal Balance
of those Accrual Certificates on the Closing Date, if lower, in reduction
thereof. For purposes of Pro Rata Allocation in part to the Subordinate
Certificates, each Class of Subordinate Certificates will be deemed to have a
Class Principal Balance equal to the following:

<TABLE>
<CAPTION>
<S>                                             <C>
              Class Principal Balance   X       Group I Subordinate Amount (for a loss or
              of that certificate               Group II Subordinate Amount (for a loss on a Group II Loan)
              -------------------               -----------------------------------------------------------
                                                Group I Subordinate Amount + Group II Subordinate Amount
</TABLE>

         PURCHASE OBLIGATION: An obligation of the Depositor to repurchase Loans
under the circumstances and in the manner provided in Section 2.2 or Section
2.3.

         PURCHASE PRICE: With respect to any Loan to be purchased pursuant to a
Purchase Obligation, or any Loan to be purchased or repurchased relating to an
REO Property, an amount equal to the sum of the Principal Balance thereof, plus
accrued and unpaid interest thereon, if any, to the last day of the calendar
month in which the date of repurchase occurs at a rate equal to the applicable
Mortgage Interest Rate; provided, however, that no Loan shall be purchased or
required to be purchased pursuant to Section 2.3, or more than two years after
the Closing Date under Section 2.2, unless (a) the Loan to be purchased is in
default, or default is in the judgment of the Depositor reasonably imminent, or
(b) the Depositor, at its expense, delivers to the Trustee an Opinion of Counsel
to the effect that the purchase of such Loan will not give rise to a tax on a
prohibited transaction, as defined in Section 860F(a) of the Code; provided,
further, that in the case of clause (b) above, the Depositor will use its
reasonable efforts to obtain such Opinion of Counsel if such opinion is
obtainable.

         RANDOM LOT: With respect to any Distribution Date on which a mandatory
distribution is to be made on any Retail Lottery Certificate (as described in
Section 4.1(e)), the method by which the Depository will determine which Retail
Lottery Certificate will be paid principal, using its established random lot
procedures or, if such Certificates are no longer represented by a Book-Entry

                                      -43-

<PAGE>

Certificate, using the Paying Agent's, or if no Paying Agent has been appointed
hereunder, the Trustee's procedures.

         RATING AGENCY: Initially, each of Fitch and S&P; thereafter, each
nationally recognized statistical rating organization that has rated the
Certificates at the request of the Depositor, or their respective successors in
interest.

         RATINGS: As of any date of determination, the ratings, if any, of the
Certificates as assigned by each Rating Agency (determined without regard to the
Insured Certificates Policy).

         REALIZED LOSS: For any Distribution Date, with respect to any Loan
which became a Liquidated Loan during the related applicable Prepayment Period,
the sum of (i) the principal balance of such Loan remaining outstanding and the
principal portion of Nonrecoverable Advances actually reimbursed with respect to
such Loan (the principal portion of such Realized Loss), and (ii) the accrued
interest on such Loan remaining unpaid and the interest portion of
Nonrecoverable Advances actually reimbursed with respect to such Loan (the
interest portion of such Realized Loss). For any Distribution Date, with respect
to any Loan which is not a Liquidated Loan, the amount of the Bankruptcy Loss
incurred with respect to such Loan as of the related Due Date will be treated as
a Realized Loss.

         RECORD DATE: With respect to each Distribution Date and each Class of
Certificates (other than the Adjustable Rate Certificates), the close of
business on the last Business Day of the month immediately preceding the month
of the related Distribution Date. With respect to each Distribution Date and the
Adjustable Rate Certificates, the Business Day immediately preceding such
Distribution Date.

         REGULAR INTEREST CERTIFICATES: The Certificates, other than the Class R
Certificate.

         RELIEF ACT: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.

         RELIEF ACT INTEREST SHORTFALL: With respect to any Distribution Date
and Loan, any reduction in the amount of interest collectible on such Loan for
the most recently ended calendar month immediately preceding such Distribution
Date as a result of the application of the Relief Act or similar state law.

         REMIC: A real estate mortgage investment conduit, as such term is
defined in the Code.

         REMIC I: The pool of assets (other than any Escrow Account or Accounts,
the Rounding Account and Reserve Fund) consisting of the Trust Fund.

         REMIC I REGULAR INTERESTS: The regular interests in REMIC I as
described in Section 2.4 of this Agreement.

                                      -44-

<PAGE>

         REMIC II: The pool of assets consisting of the REMIC I Regular
Interests and all payments of principal or interest on or with respect to the
REMIC I Regular Interests after the Cut-Off Date.

         REMIC II REGULAR INTERESTS: The regular interests in REMIC II as
described in Section 2.4 of this Agreement.

         REMIC II SUBORDINATED BALANCE RATIO: The ratio between the principal
balances of each of the REMIC II Regular Interests ending with the designation
"A," equal to the ratio of: (1) the Group I Subordinate Amount, to the (2) Group
II Subordinate Amount.

         REMIC III: The pool of assets consisting of the REMIC II Regular
Interests and all payments of principal or interest on or with respect to the
REMIC II Regular Interests after the Cut-Off Date.

         REMIC III REGULAR INTERESTS: The regular interests in REMIC III as
described in Section 2.4 of this Agreement.

         REMIC IV: The pool of assets consisting of the REMIC III Regular
Interests and all payments of principal or interest on or with respect to the
REMIC III Regular Interests after the Cut-Off Date.

         REMIC IV REGULAR INTERESTS: The Certificates, other than the Class R
Certificate.

         REMIC PROVISIONS: Sections 860A through 860G of the Code, related Code
provisions and regulations promulgated thereunder, as the foregoing may be in
effect from time to time.

         REMITTANCE RATE: For each Class of interest bearing Certificates (other
than the Class IA-38, Class IA-39, Class IA-47 and Class IA-48 Certificates),
the per annum rate set forth as the Remittance Rate for such Class in the
Preliminary Statement hereto. The "Remittance Rate" for the Class IA-38
Certificates shall be the Class IA-38 Interest Rate. The "Remittance Rate" for
the Class IA-39 Certificates shall be the Class IA-39 Interest Rate. The
"Remittance Rate" for the Class IA- 47 Certificates shall be the Class IA-47
Interest Rate. The "Remittance Rate" for the Class IA-48 Certificates shall be
the Class IA-48 Interest Rate.

         REO PROPERTY: A Mortgaged Property, title to which has been acquired by
the Servicer on behalf of the Trust Fund through foreclosure, deed in lieu of
foreclosure or otherwise.

         RESERVE FUND: The separate Eligible Account created and maintained by
the Trustee pursuant to Section 4.1(a) with a depository institution in the name
of the Trustee for the benefit of the Certificateholders specified in Section
4.1(a) and designated "JPMorgan Chase Bank Reserve Fund in trust for registered
holders of ABN AMRO Mortgage Corporation Multi-Class Mortgage Pass-Through
Certificates, Series 2002-8, Class IA-16, Class IA-17, Class IA-18, Class IA-19,
Class IA-20, Class IA-21, Class IA-22, Class IA-23, Class IA-24, Class IA-29,
Class IA-32, Class IA-33,

                                      -45-

<PAGE>

Class IA-34, Class IA-35, Class IA-36 and Class IA-37." The Reserve Fund will
not be a part of the Trust Fund or any REMIC created hereunder and, for all
federal income tax purposes, will be beneficially owned by Credit Suisse First
Boston Corporation. Funds on deposit in the Reserve Fund shall be invested in
Eligible Investments and reinvestment earnings thereon shall remain in the
Reserve Fund for distribution pursuant to Section 4.1(b) and (f).

         RESIDUAL CERTIFICATE: The Class R Certificate, which is being issued in
a single class. Components R-1, R-2, R-3 and R-4 of the Class R Certificate are
hereby each designated the sole Class of "residual interests" in REMIC I, REMIC
II, REMIC III and REMIC IV, respectively, for purposes of Section 860G(a)(2) of
the Code.

         RESIDUAL DISTRIBUTION AMOUNT: On any Distribution Date, any portion of
the Group I and Group II Available Distribution Amounts remaining after all
distributions to the Certificates pursuant to the definition of Certificate
Distribution Amount (including the Class R Certificate only to the extent of any
distributions to the Class R Certificate pursuant to clause (I)(C)(iii) of such
definition). Upon termination of the obligations created by this Agreement and
the Trust Fund created hereby, the amounts which remain on deposit in the
Certificate Account after payment to the Certificateholders of the amounts set
forth in Section 9.1 of this Agreement, and subject to the conditions set forth
therein.

         RESPONSIBLE OFFICER: When used with respect to the Trustee or any
Seller, the Chairman or Vice-Chairman of the Board of Directors or Trustees, the
Chairman or Vice-Chairman of the Executive or Standing Committee of the Board of
Directors or Trustees, the President, the Chairman of the Committee on Trust
Matters, any Vice-President, any Assistant Vice-President, the Secretary, any
Assistant Secretary, the Treasurer, any Assistant Treasurer, the Cashier, any
Assistant Cashier, any Trust Officer or Assistant Trust Officer, the Controller,
any Assistant Controller or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above-designated
officers and in each case having direct responsibility for the administration of
this Agreement, and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject. When used with respect to the Servicer,
the Chairman or Vice-Chairman of the Board of Directors or Trustees, the
Chairman or Vice-Chairman of the Executive or Standing Committee of the Board of
Directors or Trustees, the President, any Vice-President, the Secretary, any
Assistant Secretary, the Treasurer, any Assistant Treasurer, the Controller and
any Assistant Controller or any other officer of the Servicer customarily
performing functions similar to those performed by any of the above-designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject. When used with respect to the Depositor
or any other Person, the Chairman or Vice-Chairman of the Board of Directors,
the Chairman or Vice-Chairman of any executive committee of the Board of
Directors, the President, any Vice-President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, or any other officer of the
Depositor customarily performing functions similar to those performed by any of
the above-designated officers and also,

                                      -46-

<PAGE>

with respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

         RETAIL LOTTERY CERTIFICATES: The Class IA-9, Class IA-10, Class IA-11
and Class IA-12 Certificates.

         ROUNDING ACCOUNT: The separate trust account established by the Credit
Suisse First Boston as of the Closing Date of $999.99 and maintained by the
Trustee pursuant to Section 3.21, which account shall bear a designation clearly
indicating that the funds deposited therein are held in trust for the benefit of
the Trustee on behalf of the Retail Lottery Certificateholders, or any other
account serving a similar function acceptable to each Rating Agency, and which
account provides that the Trustee may make, or cause to be made, withdrawals as
provided in Section 3.21 hereof.

         ROUNDING AMOUNT: With respect to the Rounding Account, the amount of
funds, if any, needed to be withdrawn from such account and used to round the
amount of any principal distributions to any of the Retail Lottery Certificates
on any Distribution Date upward to the next higher integral multiple of $1,000.

         S&P: Standard & Poor's, a division of The McGraw-Hill Companies, Inc.,
provided, that at any time it is a Rating Agency.

         SCHEDULED PRINCIPAL BALANCE: With respect to any Loan as of any
Distribution Date, the unpaid principal balance of such Loan as specified in the
amortization schedule at the time relating thereto (before any adjustment to
such schedule by reason of bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period) as of the first day of the month preceding the
month of such Distribution Date, after giving effect to any previously applied
Curtailments, the payment of principal due on such first day of the month and
any reduction of the principal balance of such Loan by a bankruptcy court,
irrespective of any delinquency in payment by the related Mortgagor.

         SECURITIES ACT: The Securities Act of 1933, as amended.

         SELLER: ABN AMRO Mortgage Group, Inc.

         SENIOR CERTIFICATES: The Class A Certificates and the Class R
Certificate, collectively.

         SENIOR SUBORDINATE CERTIFICATES: The Class M, Class B-1 and Class B-2
Certificates, collectively.

         SERVICER: ABN AMRO Mortgage Group, Inc., a Delaware corporation, or any
successor thereto appointed as provided pursuant to Section 7.5, acting to
service and administer such Loans pursuant to Section 3.1.

                                      -47-

<PAGE>

         SERVICER'S SECTION 3.10 REPORT: A report delivered by the Servicer to
the Trustee or the Certificate Administrator pursuant to Section 3.10.

         SERVICING FEE: For each Loan, the fee paid to the Servicer to perform
primary servicing functions with respect to such Loan, equal to the per annum
rate of 0.2500% for each Loan in the Loan Schedule on the outstanding Principal
Balance of such Loan.

         SERVICING OFFICER: Any individual involved in, or responsible for, the
administration and servicing of the Loans whose name and specimen signature
appear on a list of servicing officers furnished to the Trustee on the Closing
Date by the Servicer in the form of an Officer's Certificate, as such list may
from time to time be amended.

         SPECIAL HAZARD COVERAGE: As of the Cut-Off Date, approximately
$9,332,850 and thereafter on each anniversary of the Cut-Off Date, the Special
Hazard Coverage shall be reduced, but not increased, to an amount equal to the
lesser of (1) the greatest of (a) the aggregate Principal Balance of the Loans
located in the single California zip code area containing the largest aggregate
Principal Balance of the Loans, (b) 1% of the aggregate unpaid Principal Balance
of the Loans and (c) twice the unpaid Principal Balance of the largest single
Loan in each case calculated as of the Due Date in the immediately preceding
month, and (2) the initial Special Hazard Coverage as of the Cut-Off Date as
reduced by the Special Hazard Losses allocated to the Certificates since the
Cut-Off Date. Special Hazard Coverage may be reduced upon written confirmation
from each Rating Agency that such reduction will not adversely affect the then
current ratings assigned to the Certificates by each Rating Agency (determined
without regard to the Insured Certificate Policy).

         SPECIAL HAZARD LOSS: The occurrence of any direct physical loss or
damage to a Mortgaged Property not covered by a standard hazard maintenance
policy with extended coverage which is caused by or results from any cause
except: (i) fire, lightning, windstorm, hail, explosion, riot, riot attending a
strike, civil commotion, vandalism, aircraft, vehicles, smoke, sprinkler
leakage, except to the extent of that portion of the loss which was uninsured
because of the application of a co-insurance clause of any insurance policy
covering these perils; (ii) normal wear and tear, gradual deterioration,
inherent vice or inadequate maintenance of all or part thereof; (iii) errors in
design, faulty workmanship or materials, unless the collapse of the property or
a part thereof ensues and then only for the ensuing loss; (iv) nuclear reaction
or nuclear radiation or radioactive contamination, all whether controlled or
uncontrolled and whether such loss be direct or indirect, proximate or remote or
be in whole or in part caused by, contributed to or aggravated by a peril
covered by this definition of Special Hazard Loss; (v) hostile or warlike action
in time of peace or war, including action in hindering, combating or defending
against an actual, impending or expected attack (a) by any government or
sovereign power (dejure or defacto), or by an authority maintaining or using
military, naval or air forces, (b) by military, naval or air forces, or (c) by
an agent of any such government, power, authority or forces; (vi) any weapon of
war employing atomic fission or radioactive force whether in time of peace or
war; (vii) insurrection, rebellion, revolution, civil war, usurped power or
action taken by governmental authority in hindering, combating or defending
against such

                                      -48-
<PAGE>

occurrence; or (viii) seizure or destruction under quarantine or customs
regulations, or confiscation by order of any government or public authority.

         STEP DOWN PERCENTAGE: For any Distribution Date will be the percentage
indicated below:

<TABLE>
<CAPTION>
            DISTRIBUTION DATE OCCURRING IN                         STEP DOWN PERCENTAGE
            ------------------------------                         --------------------
<S>                                                                <C>
October 2002 through September 2007...................                      0%
October 2007 through September 2008...................                      30%
October 2008 through September 2009...................                      40%
October 2009 through September 2010...................                      60%
October 2010 through September 2011...................                      80%
October 2011 and thereafter...........................                     100%
</TABLE>

         SUBORDINATE AMOUNT: means the Group I Subordinate Amount or the Group
II Subordinate Amount, as the context requires.

         SUBORDINATE CERTIFICATES: The Class M, Class B-1, Class B-2, Class B-3,
Class B-4 and Class B-5 Certificates, collectively, and designated as such on
the face thereof in substantially the form attached hereto as Exhibits A-54
through A-59, respectively and for purposes of this Agreement, the "order of
seniority" from highest to lowest of such certificates shall be the order
designated in the beginning of this definition.

         SUBORDINATE INTEREST RATE: For any distribution date will equal the
interest rate as determined by the following formula:

               6.25% multiplied by the Group I Subordinate Amount
                                        +
               5.75% multiplied by the Group II Subordinate Amount
               ---------------------------------------------------
            Group I Subordinate Amount + Group II Subordinate Amount

         SUBORDINATE LIQUIDATION AMOUNT: For each Loan Group, the excess, if
any, of the aggregate of Liquidation Principal for all Loans which became
Liquidated Loans during the Prepayment Period, over the related Senior
Liquidation Amount for such Distribution Date.

         SUBORDINATE PERCENTAGE: As of the Closing Date, as determined
separately for each Loan Group, approximately 2.66% for Loan Group I and 2.66%
for Loan Group II, and thereafter, with respect to any Distribution Date, the
excess of 100% over the applicable Senior Percentage for such date.

                                      -49-
<PAGE>

         SUBORDINATE PREPAYMENT PERCENTAGE: As of the Closing Date, determined
separately for each Loan Group, 0% for both Loan Group I and Loan Group II, and
thereafter, with respect to any Distribution Date, the excess of 100% over the
applicable Senior Prepayment Percentage.

         SUBORDINATE PRINCIPAL AMOUNT: For each Loan Group on any Distribution
Date, will be equal to the sum of:

         (1)      the applicable Subordinate Percentage of the related Principal
                  Payment Amount (exclusive of the portion thereof attributable
                  to the sum of the Group I Discount Fractional Principal
                  Amounts for Group I Loans or the Group II Discount Fractional
                  Principal Amounts for Group II Loans, as applicable for such
                  Distribution Date);
         (2)      the applicable Subordinate Principal Prepayment Amount; and
         (3)      the applicable Subordinate Liquidation Amount;

         PROVIDED, HOWEVER, that the Subordinate Principal Amount applicable to
         Group I Loans shall be reduced by the amounts required to be
         distributed to the Class IA-P Certificates with respect to Group I
         Discount Fractional Principal Shortfall on such Distribution Date and
         the Subordinate Principal Amount applicable to Group II Loans shall be
         reduced by the amounts required to be distributed to the Class IIA-P
         Certificates with respect to the Group II Discount Fractional Principal
         Shortfall on such Distribution Date; PROVIDED, FURTHER, that the
         Subordinate Principal Amount for any Distribution Date for either Loan
         Group shall be reduced to the extent of any amounts required to be
         distributed to the Senior Certificates relating to the other Loan Group
         pursuant to the provisions described in the definition of "Certificate
         Distribution Amount" herein.

Any reduction in the applicable Subordinate Principal Amount pursuant to the
proviso above shall offset the amount calculated pursuant to clause (1), clause
(3) and clause (2), in such order of priority. On any Distribution Date, the
applicable Subordinate Principal Amount shall be allocated pro rata, by Class
Principal Balance, among the Classes of Subordinate Certificates and paid in the
order of distribution to such Classes pursuant to clauses (I)(B)(ii)(b) and
(I)(D)(ii)(b) of the definition of "Certificate Distribution Amount" herein,
except as otherwise stated in such definition. Notwithstanding the foregoing, on
any Distribution Date prior to distributions on such date, if the applicable
Subordination Level for any Class of Subordinate Certificates is less than such
percentage as of the Closing Date, the pro rata portion of the applicable
Subordinate Principal Prepayment Amount otherwise allocable to the Class or
Classes junior to such Class will be distributed to the most senior Class of the
Subordinate Certificates for which the Subordination Level is less than such
percentage as of the Closing Date, and to the Classes of Subordinate
Certificates senior thereto, pro rata according to the Class Principal Balances
of such Classes.

         SUBORDINATE PRINCIPAL PREPAYMENT AMOUNT: For each Loan Group on any
Distribution Date, the applicable Subordinate Prepayment Percentage of the
related Principal Prepayment Amount (exclusive, with respect to the Group I
Loans, of the portion thereof attributable to the sum of the Group I Discount
Fractional Principal Amounts and with respect to the Group II Loans, of the

                                      -50-
<PAGE>

portion thereof attributable to the sum of the Group II Discount Fractional
Principal Amounts as applicable for such Distribution Date).

         SUBORDINATION LEVEL: On any specified date, with respect to any Class
of Subordinate Certificates, the percentage obtained by dividing: (1) the sum of
the Class Principal Balances of all Classes of Certificates which are
subordinate in right of payment to such Class as of such date before giving
effect to distributions or allocations of Realized Losses on the Loans on such
date; by (2) the sum of the Class Principal Balances of all Classes of
Certificates as of such date before giving effect to distributions or
allocations of Realized Losses on the Loans on such date.

         SUBSTITUTE LOAN: As defined in Section 2.2.

         TAX MATTERS PERSON: The Holder of the Class R Certificate issued
hereunder or any Permitted Transferee of such Class R Certificateholder shall be
the initial "tax matters person" for REMIC I, REMIC II, REMIC III and REMIC IV
within the meaning of Section 6231(a)(7) of the Code. For tax years commencing
after any transfer of the Class R Certificate, the holder of the greatest
Percentage Interest in the Class R Certificate at year end shall be designated
as the Tax Matters Person with respect to that year. If the Tax Matters Person
becomes a Disqualified Organization, the last preceding Holder of such
Authorized Denomination of the Class R Certificate that is not a Disqualified
Organization shall be Tax Matters Person pursuant to Section 5.1(c). If any
Person is appointed as tax matters person by the Internal Revenue Service
pursuant to the Code, such Person shall be Tax Matters Person.

         TRANSFER: As defined in Section 5.1(b).

         TRANSFEREE: As defined in Section 5.1(b).

         TRANSFEREE AFFIDAVIT AND AGREEMENT: As defined in Section 5.1(c)(i)(B).

         TRUST FUND: The corpus of the trust created pursuant to Section 2.1 of
this Agreement. The Trust Fund consists of (i) the Loans and all rights
pertaining thereto; (ii) such assets as from time to time may be held by the
Trustee (except amounts representing the Servicing Fee and amounts on deposit in
Escrow Accounts); including the Certificate Account and the Insured Certificate
Policy Payments Account and all amounts deposited therein pursuant to the
applicable provisions of this Agreement; (iii) such assets as from time to time
may be held by the Servicer in a Custodial Account for P&I related to the Loans
(except amounts representing the Servicing Fee); (iv) property which secured a
Loan and which has been acquired by foreclosure or deed in lieu of foreclosure
after the Cut-Off Date; (v) amounts paid or payable by the insurer under any FHA
insurance policy and proceeds of any VA guaranty and any other insurance policy
related to any Loan or the Mortgage Pool; (vi) the Insured Certificate Policy;
(vii) the Rounding Account and the Reserve Fund; and (viii) the rights and
remedies of the Depositor contained in Section 8 of the Mortgage Loan Purchase
Agreement dated as of the Closing Date, between the Seller and the Depositor.

                                      -51-
<PAGE>

         TRUSTEE: JPMorgan Chase Bank, a New York state banking corporation, or
its successor-in-interest as provided in Section 8.9, or any successor trustee
appointed as herein provided.

         UNCERTIFICATED REMIC II PASS-THROUGH RATE: With respect to REMIC II
Regular Interest LT- II-IA, REMIC II Regular Interest LT-II-IIA and REMIC II
Regular Interest LTI-I-ZZZ a per annum rate expressed as the weighted average of
the Pass-Through Rates on REMIC I Regular Interests LTI-I and LTI-II, weighted
on the basis of their respective Uncertificated Principal Balances.

         UNCERTIFICATED REMIC III PASS-THROUGH RATE: REMIC III Regular Interests
LTIII-I-IO and LTIII-II-IO will not have an Uncertificated Pass-Through Rate,
but will be entitled to 100% of the interest received on REMIC II Regular
Interests LTII-I-IO and LTII-II-IO, respectively. With respect to REMIC III
Regular Interests LTIII-M, LTIII-B1, LTIII-B2, LTIII-B3, LTIII-B4 and LTIII-B5,
a per annum rate expressed as the weighted average of the Pass-Through Rates on
REMIC II Regular Interests LTII-IA and LTII-IIA, weighted on the basis of their
respective Uncertificated Principal Balances.

         UNCOLLECTED INTEREST: With respect to any Distribution Date for any
Loan on which a Payoff was made by a Mortgagor during the related Prepayment
Period, an amount equal to one month's interest at the applicable Pass-Through
Rate on such Loan less the amount of interest actually paid by the Mortgagor
with respect to such Payoff.

         UNCOMPENSATED INTEREST SHORTFALL: With respect to a Loan Group or any
Distribution Date, the excess, if any, of (i) the sum of (a) aggregate
Uncollected Interest with respect to the Loans in the related Loan Group and (b)
aggregate Curtailment Shortfall with respect to the Loans in the related Loan
Group and (c) any shortfall in interest collections in the calendar month
immediately preceding such Distribution Date resulting from a Relief Act
Interest Shortfall with respect to the Loans in the related Loan Group over (ii)
Compensating Interest, which excess shall be allocated to each Class of
Certificates pro rata according to the amount of interest accrued thereon in
reduction thereof.

         UNDERWRITERS: Credit Suisse First Boston Corporation and ABN AMRO
Financial Services, Inc.

         U.S. PERSON: A citizen or resident of the United States, a corporation
or partnership (including an entity treated as a corporation or partnership for
federal income tax purposes) created or organized in, or under the laws of, the
United States or any state thereof or the District of Columbia (except, in the
case of a partnership, to the extent provided in regulations) or an estate whose
income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more such U.S.
Persons have the authority to control all substantial decisions of the trust. To
the extent prescribed in regulations by the Secretary of the Treasury, which
have not yet been issued, a trust which was in existence on August 20, 1996
(other than a trust treated as owned

                                      -52-
<PAGE>

by the grantor under subpart E of part 1 of subchapter J of chapter 1 of the
Code), and which was treated as a U.S. Person on August 20, 1996 may elect to
continue to be treated as a U.S. Person notwithstanding the previous sentence.

         VA: The Department of Veterans Affairs, formerly known as the Veterans
Administration, or any successor thereto.

         WITHDRAWAL DATE: The Business Day immediately preceding the related
Distribution Date.

         All references to the origination date or original date in the Loan
Schedule with respect to a Loan shall refer to the date upon which the related
Mortgage Note was originated or modified, whichever is later.

                                      -53-

<PAGE>

                                   ARTICLE II

                            CONVEYANCE OF TRUST FUND;
                        ORIGINAL ISSUANCE OF CERTIFICATES

         Section 2.1       CONVEYANCE OF TRUST FUND.

         The Depositor, concurrently with the execution and delivery hereof,
does hereby irrevocably sell, convey and assign to the Trustee and REMIC I
without recourse all the right, title and interest of the Depositor in and to
the Trust Fund, to REMIC II without recourse all the right, title and interest
of the Depositor in and to the REMIC I Regular Interests, to REMIC III without
recourse all the right, title and interest of the Depositor in and to the REMIC
II Regular Interests, and to REMIC IV without recourse all the right, title and
interest of the Depositor in and to the REMIC III Regular Interests, for the
benefit respectively of REMIC IV and the Certificateholders, including all
interest and principal received by the Depositor with respect to the Loans after
the Cut-Off Date (and including without limitation scheduled payments of
principal and interest due after the Cut-Off Date but received by the Depositor
on or before the Cut-Off Date, but not including payments of principal and
interest due on the Loans on or before the Cut-Off Date). In addition, on or
prior to the Closing Date, the Depositor shall cause MBIA to deliver the Insured
Certificate Policy to the Trustee. The Depositor, at its own expense, shall file
or cause to be filed protective Form UCC-1 financing statements with respect to
the Loans in the State of Illinois or other applicable jurisdiction, listing
itself as "Debtor" under such financing statement and listing the Trustee, for
the benefit of the Certificateholders, as "Secured Party" under such financing
statement.

         In connection with such assignment, the Depositor does hereby deliver
to, and deposit with, the Trustee for the benefit of the Certificateholders the
following documents or instruments with respect to each Loan so assigned:

                  (i) The original Mortgage Note (or, if the original Mortgage
         Note has been lost or destroyed, a lost note affidavit and indemnity)
         bearing all intervening endorsements endorsed, "Pay to the order of
         JPMorgan Chase Bank, as Trustee, for the benefit of the
         Certificateholders of ABN AMRO Mortgage Corporation Series 2002-8 Attn:
         Institutional Services, 600 Travis Street, 10th Floor, Houston, Texas
         77002, without recourse" and signed in the name of the Seller by an
         Authorized Officer showing an unbroken chain of title from the
         originator thereof to the person endorsing;

                  (ii) (a) The original Mortgage with evidence of recording
         thereon, and if the Mortgage was executed pursuant to a power of
         attorney, a certified true copy of the power of attorney certified by
         the recorder's office, with evidence of recording thereon, or certified
         by a title insurance company or escrow company to be a true copy
         thereof; provided, that if such original Mortgage or power of attorney
         cannot be delivered with evidence of recording thereon on or prior to
         the Closing Date because of a delay caused by the public recording

                                      -54-

<PAGE>

         office where such original Mortgage has been delivered for recordation
         or because such original Mortgage has been lost, the Depositor shall
         deliver or cause to be delivered to the Trustee a true and correct copy
         of such Mortgage, together with (1) in the case of a delay caused by
         the public recording office, an Officer's Certificate signed by a
         Responsible Officer of the Seller stating that such original Mortgage
         has been dispatched to the appropriate public recording official for
         recordation or (2) in the case of an original Mortgage that has been
         lost, a certificate by the appropriate county recording office where
         such Mortgage is recorded or from a title insurance company or escrow
         company indicating that such original was lost and the copy of the
         original mortgage is a true and correct copy;

                  (b) The original Assignment to "JPMorgan Chase Bank, as
         Trustee," which assignment shall be in form and substance acceptable
         for recording, or a copy certified by the Seller as a true and correct
         copy of the original Assignment which has been sent for recordation.
         Subject to the foregoing, such assignments may, if permitted by law, be
         by blanket assignments for Loans covering Mortgaged Properties situated
         within the same county. If the Assignment is in blanket form, a copy of
         the Assignment shall be included in the related individual Mortgage
         File.

                  (iii) The originals of any and all instruments that modify the
         terms and conditions of the Mortgage Note, including but not limited to
         modification, consolidation, extension and assumption agreements
         including any adjustable rate mortgage (ARM) rider, if any,

                  (iv) The originals of all required intervening assignments, if
         any, with evidence of recording thereon, and if such assignment was
         executed pursuant to a power of attorney, a certified true copy of the
         power of attorney certified by the recorder's office, with evidence of
         recording thereon, or certified by a title insurance company or escrow
         company to be a true copy thereof; provided, that if such original
         assignment or power of attorney cannot be delivered with evidence of
         recording thereon on or prior to the Closing Date because of a delay
         caused by the public recording office where such original assignment
         has been delivered for recordation or because such original Assignment
         has been lost, the Depositor shall deliver or cause to be delivered to
         the Trustee a true and correct copy of such Assignment, together with
         (a) in the case of a delay caused by the public recording office, an
         Officer's Certificate signed by a Responsible Officer of the Seller
         stating that such original assignment has been dispatched to the
         appropriate public recording official for recordation or (b) in the
         case of an original assignment that has been lost, a certificate by the
         appropriate county recording office where such assignment is recorded
         or from a title insurance company or escrow company indicating that
         such original was lost and the copy of the original assignment is a
         true and correct copy; and

                  (v) The original mortgagee policy of title insurance
         (including, if applicable, the endorsement relating to the negative
         amortization of the Loans) or in the event such original title policy
         is unavailable, any one of an original title binder, an original
         preliminary title

                                      -55-

<PAGE>

         report or an original title commitment or a copy thereof certified by
         the title company with the original policy of title insurance to follow
         within 180 days of the Closing Date.

The documents and instruments set forth in clauses (i) - (v) above shall be
called, collectively, the "Mortgage File".

         If the Depositor cannot deliver the original Mortgage with evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because of a delay caused by the public recording office where such original
Mortgage has been delivered for recordation, the Depositor shall deliver to the
Trustee an Officer's Certificate, with a photocopy of such Mortgage attached
thereto, stating that such original Mortgage has been delivered to the
appropriate public recording official for recordation. The Depositor shall
promptly deliver to the Trustee such original Mortgage with evidence of
recording indicated thereon upon receipt thereof from the public recording
official.

         The Depositor shall, at its own expense, promptly record or cause to be
recorded in the appropriate public real property or other records each
Assignment referred to in Section 2.1(ii), unless the Depositor delivers to the
Trustee an Independent opinion of counsel to the effect that such recordation is
not necessary to protect the Trustee's and the Certificateholders' interest in
the related Mortgage Loans, in which case such Assignments shall be delivered to
the Trustee for the benefit of the Certificateholders in recordable form. If the
Depositor cannot deliver the original Assignment concurrently with the execution
and delivery of this Agreement solely because it is in the process of being
prepared and recorded or because of a delay caused by the public recording
office where such original Assignment has been delivered for recordation, the
Depositor shall deliver a blanket Officer's Certificate covering all such
Assignments stating that such original Assignment is in the process of being
prepared and recorded or it has been delivered to the appropriate public
recording official for recordation. Any such original recorded Assignment shall
be delivered to the Trustee within 180 days following the execution of this
Agreement.

         If the Depositor cannot deliver the original title insurance policy
concurrently with the execution and delivery of this Agreement, the Depositor
shall promptly deliver each such original title insurance policy as soon as such
policy becomes available but in no event later than 120 days following the
execution of this Agreement.

         All rights arising out of Loans including, without limitation, all
funds received on or in connection with a Loan shall be held by the Depositor in
trust for the benefit of the Certificateholders. The Depositor shall maintain a
complete set of books and records for each Loan which shall be clearly marked to
reflect the ownership of each Loan by the Certificateholders.

         It is the express intent of this Agreement that the conveyance of the
Loans by the Depositor to the Trustee as provided in this Section 2.1 be, and be
construed as, a sale of the Loans by the Depositor to the Trustee and that the
sale of the Certificates to the Certificateholders, if they are sold, be, and be
construed as, a sale of a 100% interest in the Loans and the Trust Fund to such

                                      -56-

<PAGE>

Certificateholders. It is, further, not the intention of this Agreement that
such conveyance be deemed a pledge of the Loans by the Depositor to the Trustee
to secure a debt or other obligation of the Depositor. However, in the event
that, notwithstanding the intent of this Agreement, the Loans are held to be
property of the Depositor, or if for any other reason this Agreement is held or
deemed to create a security interest in the Loans, then (a) this Agreement shall
also be deemed to be a security agreement within the meaning of Articles 8 and 9
of the New York Uniform Commercial Code; (b) the conveyance provided for in this
Section 2.1 shall be deemed to be a grant by the Depositor to the Trustee for
the benefit of the Certificateholders of a security interest in all of the
Depositor's right, title and interest in and to the Loans and all amounts
payable to the holders of the Loans in accordance with the terms thereof and all
proceeds of the conversion, voluntary or involuntary, of the foregoing into
cash, instruments, securities or other property, including without limitation
all amounts, other than investment earnings, from time to time held or invested
in the Certificate Account, whether in the form of cash, instruments, securities
or other property; (c) the possession by the Trustee or any Custodian of
Mortgage Notes and such other items of property as constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be "in
possession by the secured party" for purposes of perfecting the security
interest pursuant to Section 9-305 of the New York Uniform Commercial Code; and
(d) notifications to persons holding such property, and acknowledgments,
receipts or confirmations from persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the Trustee for the benefit
of the Certificateholders for the purpose of perfecting such security interest
under applicable law (except that nothing in this clause (d) shall cause any
person to be deemed to be an agent of the Trustee for any purpose other than for
perfection of such security interest unless, and then only to the extent,
expressly appointed and authorized by the Trustee in writing). The Depositor and
the Trustee, upon directions from the Depositor, shall, to the extent consistent
with this Agreement, take such actions as may be necessary to ensure that, if
this Agreement were deemed to create a perfected security interest in Loans,
such security interest would be deemed to be a perfected security interest of
first priority under applicable law and will be maintained as such throughout
the term of this Agreement.

         The Trustee is authorized to appoint LaSalle Bank National Association,
Standard Federal Bank, N.A. or any bank or trust company approved by the
Depositor as Custodian of the documents or instruments referred to under (i)
through (v) above, and to enter into a Custodial Agreement for such purpose and
any documents delivered thereunder shall be delivered to the Custodian and any
Officer's Certificates delivered with respect thereto shall be delivered to the
Trustee and the Custodian.

         Section 2.2       ACCEPTANCE BY TRUSTEE.

         The Trustee acknowledges, subject to the provisions of Section 2.1 and
to any document exceptions reported pursuant to the Trustee's reviews as
described below, receipt of the Mortgage Notes (or lost note affidavits and
indemnities), the Mortgages, the assignments of the Mortgages and the Officer's
Certificates referred to in Section 2.1 above, and declares that it holds and
will hold such documents and the other documents constituting a part of the
Mortgage Files delivered to it as

                                      -57-

<PAGE>

Trustee in trust, upon the trusts herein set forth, for the use and benefit of
all present and future Certificateholders. The Trustee acknowledges that, as of
the date of the execution of this Agreement, the Mortgage Files have been
delivered to the Trustee and the Trustee has conducted a preliminary review of
the Mortgage Files. The Trustee further acknowledges that such review included a
review of the Mortgage Notes (or lost note affidavits and indemnities) to
determine that the appropriate Mortgage Notes (or lost note affidavits and
indemnities) have been delivered and endorsed in the manner set forth in Section
2.1(i). In connection with such review, the Trustee shall have delivered an
exceptions report indicating any discrepancies relating to such review. In
addition, the Trustee agrees, for the benefit of Certificateholders, to review
each Mortgage File within 45 days, or with respect to assignments which must be
recorded, within 180 days, after execution of this Agreement to ascertain that
all required documents set forth in items (i), (ii) and (v) and, to the extent
delivered to the Trustee, items (iii) and (iv) of Section 2.1 have been executed
and received, and that such documents relate to the Loans identified in Exhibit
D annexed hereto, and in so doing the Trustee may rely on the purported due
execution and genuineness of any such document and on the purported genuineness
of any signature thereon. The Trustee shall have no duty to verify or determine
whether any Mortgage File should contain documents described in Sections
2.1(iii) and (iv). The Trustee shall be under no duty or obligation to inspect,
review or make any independent examination of any documents contained in each
Mortgage File beyond the review specifically required herein. The Trustee makes
no representations as to (i) the validity, legality, sufficiency, enforceability
or genuineness of any of the documents contained in each Mortgage File or any of
the Loans identified on the Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any such Loan. If at the
conclusion of such 45-day period or 180-day period the Trustee finds any
document constituting a part of a Mortgage File not to have been executed or
received or to be unrelated to the Loans identified in said Exhibit D (each such
finding, a "material defect"), the Trustee shall promptly notify the Depositor,
which shall have a period of 90 days after the REMIC has received notice to
correct or cure any such material defect; provided, however, that if the Trustee
shall not have received a document by reason of the fact that such document
shall not have been returned by the appropriate recording office then the
Depositor shall have until a date one year later from the Cut-Off Date to
correct or cure such defect. The Depositor hereby covenants and agrees that, if
any such material defect as defined above is not corrected or cured, the
Depositor will, within 90 days of the REMIC having received notice, either (i)
repurchase the related Loan at a price equal to 100% of the Principal Balance of
such Loan (or any property acquired in respect thereof) plus accrued interest on
such Principal Balance at the applicable Mortgage Interest Rate to the next
scheduled Due Date of such Loan or (ii) substitute for any Loan to which such
material defect relates a different mortgage loan (a "Substitute Loan") maturing
no later than and not more than two years earlier than the Loan being
substituted for, having a principal balance equal to or less than the Loan being
substituted for and a Mortgage Interest Rate equal to or greater than the
Mortgage Interest Rate of the Loan being substituted for, a Loan-to-Value Ratio
equal to or less than the Loan-to-Value Ratio of the Loan being substituted for
and otherwise having such characteristics so that the representations and
warranties of the Depositor set forth in Section 2.3 hereof would not have been
incorrect had such Substitute Loan originally been a Loan; provided, however,
that if the Principal Balance of the original Loan exceeds the principal balance
of the Substitute Loan, an amount equal to that difference shall be deposited by
the Depositor in the Certificate Account; provided, further, however,

                                      -58-

<PAGE>

that no such substitution may occur after 90 days of the Closing Date unless the
Trustee shall have received from the Depositor an Opinion of Counsel to the
effect that such substitution will not adversely affect the REMIC status of
REMIC I, REMIC II, REMIC III or REMIC IV or constitute a prohibited transaction
or substitution under the REMIC provisions of the Code, and, if applicable,
within the meaning of the REMIC Provisions of the particular State, if any,
which would impose a tax on the Trust Fund. Monthly Payments due with respect to
Substitute Loans in the month of substitution are not a part of the Trust Fund
and will be retained by the Servicer. The Depositor shall notify each Rating
Agency of any such substitution. For the month of substitution, distributions to
Certificateholders will include the Monthly Payment due on the Loan being
substituted for in such month. The purchase price for the repurchased Loan or
property shall be deposited by the Depositor in the Certificate Account and in
the case of a Substitute Loan, the Mortgage File relating thereto shall be
delivered to the Trustee or the Custodian. Upon receipt by the Trustee of
written notification of such deposit signed by a Servicing Officer or the new
Mortgage File, as the case may be, and an Officer's Certificate that such
repurchase or substitution is in accordance with this Agreement, the Trustee
shall release or cause to be released to the Depositor the related Mortgage File
for the Loan being repurchased or substituted for, as the case may be, and shall
execute and deliver or cause to be executed and delivered such instrument of
transfer or assignment presented to it by the Depositor, in each case without
recourse, as shall be necessary to transfer to the Depositor the Trustee's
interest in such original or repurchased Loan or property and the Trustee shall
have no further responsibility with regard to such Loan. It is understood and
agreed that the obligation of the Depositor to substitute a new Loan for or
repurchase any Loan or property as to which such a material defect in a
constituent document exists shall constitute the sole remedy respecting such
defect available to Certificateholders or the Trustee on behalf of
Certificateholders, but such obligation shall survive termination of this
Agreement. Neither the Trustee nor the Custodian shall be responsible for
determining whether any assignment or mortgage delivered pursuant to Section
2.1(ii) is in recordable form or, if recorded, has been properly recorded.

         Section 2.3 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR WITH
RESPECT TO THE LOANS. The Depositor hereby represents and warrants to the
Trustee as of the Closing Date with respect to the Loans:

                  (i) that the information set forth in the Loan Schedule
         appearing as an exhibit to this Agreement is true and correct in all
         material respects at the date or dates respecting which such
         information is furnished as specified therein;

                  (ii) that as of the date of the transfer of the Loans to the
         Trustee, the Depositor is the sole owner and holder of each Loan free
         and clear of all liens, pledges, charges or security interests of any
         nature and has full right and authority, subject to no interest or
         participation of, or agreement with, any other party, to sell and
         assign the same;

                  (iii) that as of the date of initial issuance of the
         Certificates, no payment of principal of or interest on or in respect
         of any Loan is 30 days or more past due from the Due Date of such Loan;

                                      -59-

<PAGE>

                  (iv) that to the best of the Depositor's knowledge, as of the
         date of the transfer of the Loans to the Trustee, there is no valid
         offset, defense or counterclaim to any Mortgage Note or Mortgage;

                  (v) that as of the date of the initial issuance of the
         Certificates, there is no proceeding pending, or to the best of the
         Depositor's knowledge, threatened for the total or partial condemnation
         of any of the Mortgaged Property and, to the best of the Depositor's
         knowledge the Mortgaged Property is free of material damage and is in
         good repair and neither the Mortgaged Property nor any improvement
         located on or being part of the Mortgaged Property is in violation of
         any applicable zoning law or regulation;

                  (vi) that each Loan complies in all material respects with
         applicable state or federal laws, regulations and other requirements,
         pertaining to usury, equal credit opportunity and disclosure laws, and
         each Loan was not usurious at the time of origination;

                  (vii) that to the best of the Depositor's knowledge, as of the
         date of the initial issuance of the Certificates, all insurance
         premiums previously due and owing with respect to the Mortgaged
         Property have been paid and all taxes and governmental assessments
         previously due and owing, and which may become a lien against the
         Mortgaged Property, with respect to the Mortgaged Property have been
         paid;

                  (viii) that each 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 except as such
         enforcement may be limited by bankruptcy, insolvency, reorganization or
         other similar laws affecting the enforcement of creditors' rights
         generally and by general equity principles (regardless of whether such
         enforcement is considered in a proceeding in equity or at law); all
         parties to the Mortgage Note and the Mortgage had legal capacity to
         execute the Mortgage Note and the Mortgage; and each Mortgage Note and
         Mortgage have been duly and properly executed by the Mortgagor;

                  (ix) that each Mortgage is a valid and enforceable first lien
         on the property securing the related Mortgage Note, and that each Loan
         is covered by an ALTA mortgagee title insurance policy or other form of
         policy or insurance generally acceptable to FNMA or FHLMC, issued by,
         and is a valid and binding obligation of, a title insurer acceptable to
         FNMA or FHLMC insuring the originator, its successor and assigns, as to
         the lien of the Mortgage in the original principal amount of the Loan
         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 public
         record as of the date of recording of such Mortgage acceptable to
         mortgage lending institutions in the area in which the Mortgaged
         Property is located or specifically referred to in the appraisal
         performed in connection with the origination of the related Loan and
         (c) such other matters to which like

                                      -60-

<PAGE>

         properties are commonly subject which do not individually, or in the
         aggregate, materially interfere with the benefits of the security
         intended to be provided by the Mortgage;

                  (x) that as of the initial issuance of the Certificates,
         neither the Depositor nor any prior holder of any Mortgage has, except
         as the Mortgage File may reflect, modified the Mortgage in any material
         respect; satisfied, canceled or subordinated such Mortgage in whole or
         part; released such Mortgaged Property in whole or in part from the
         lien of the Mortgage; or executed any instrument of release,
         cancellation, modification or satisfaction;

                  (xi) that each Mortgaged Property consists of a fee simple
         estate or a condominium form of ownership in real property;

                  (xii) no foreclosure action is threatened or has been
         commenced (except for the filing of any notice of default) with respect
         to the Loan; and except for payment delinquencies not in excess of 30
         days, to the best of the Depositor's knowledge, there is no default,
         breach, violation or event of acceleration existing under the Mortgage
         or the related 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 Depositor has not waived any default, breach, violation or
         event of acceleration;

                  (xiii) that each Loan was originated on FNMA or FHLMC uniform
         instruments for the state in which the Mortgaged Property is located;

                  (xiv) that based upon a representation by each Mortgagor at
         the time of origination or assumption of the applicable Loan, 96.58% of
         the Group I Loans and 94.26% of the Group II Loans, measured by
         Principal Balance were to be secured by primary residences and no more
         than 3.42% of the Group I Loans and 5.74% of the Group II Loans,
         measured by Principal Balance were to be secured by second homes;

                  (xv) that an appraisal of each Mortgaged Property was
         conducted at the time of origination of the related Loan, and that each
         such appraisal was conducted in accordance with FNMA or FHLMC criteria,
         on FNMA or FHLMC forms and comparables on at least three properties
         were obtained;

                  (xvi) that no Loan had a Loan-to-Value Ratio at origination in
         excess of 95%;

                  (xvii) the Loans were not selected in manner to adversely
         affect the interests of the Certificateholders and the Depositor knows
         of no conditions which reasonably would cause it to expect any Loan to
         become delinquent or otherwise lose value;

                  (xviii) each Loan was either (A) originated directly by or
         closed in the name of either: (i) a savings and loan association,
         savings bank, commercial bank, credit union,

                                      -61-

<PAGE>

         insurance company, or similar institution which is supervised and
         examined by a federal or state authority or (ii) a mortgagee approved
         by the Secretary of Housing and Urban Development pursuant to Sections
         203 and 211 of the National Housing Act or (B) originated or
         underwritten by an entity employing underwriting standards consistent
         with the underwriting standards of an institution as described in
         subclause (A)(i) or (A)(ii) above;

                  (xix) each Loan is a "qualified mortgage" within the meaning
         of Section 860G of the Code without regard to ss. 1.860G-2(f) of the
         REMIC Provisions or any similar rule;

                  (xx) each Loan that has a Loan-to-Value Ratio in excess of 80%
         is covered by a primary mortgage insurance policy; and

                  (xxi) that no Loan permits negative amortization or the
         deferral of accrued interest.

         It is understood and agreed that the representations and warranties set
forth in this Section 2.3 shall survive delivery of the respective Mortgage
Files to the Trustee, or to a Custodian, as the case may be. Upon discovery by
the Depositor, Servicer, the Trustee or any Custodian of a breach of any of the
foregoing representations and warranties (referred to herein as a "breach"),
without regard to any limitation set forth in such representation or warranty
concerning the knowledge of the Depositor as to the facts stated therein, which
breach materially and adversely affects the interests of the Certificateholders
in the related Loan, the party discovering such breach shall give prompt written
notice to the others and to each Rating Agency.

         Within 90 days of its discovery or its receipt or any Seller's receipt
of notice of breach, the Depositor shall or shall cause such Seller to cure such
breach in all material respects or shall repurchase the Loan or any property
acquired in respect thereof from the Trustee at a repurchase price equal to 100%
of the Principal Balance of such Loan plus accrued interest on such Principal
Balance at the Mortgage Interest Rate to the next scheduled Installment Due Date
of such Loan or remove such Loan from the Trust Fund and substitute in its place
a Substitute Loan or Loans with the characteristics set forth in Section 2.2
above for Substitute Loans; provided, however, that if such breach would cause
the Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure, repurchase or substitution must occur
within 90 days from the date such breach was discovered; provided, further, that
no substitution (or cure which would constitute a loan modification for federal
income tax purposes) may be effected any later than two years after the Closing
Date; provided, further, that as a pre-condition to any substitution (or cure
which would constitute a loan modification for federal income tax purposes) to
be effected later than 90 days after the Closing Date (and within two years of
the Closing Date), the Trustee shall receive from the Depositor an Opinion of
Counsel to the effect that such substitution (or cure which would constitute a
loan modification for federal income tax purposes) will not adversely affect the
REMIC status of REMIC I, REMIC II, REMIC III or REMIC IV or constitute a
prohibited transaction under the REMIC Provisions of the Code and, if
applicable, the REMIC provisions of the relevant State. Except as expressly set
forth herein, neither the Trustee nor the Servicer is under any obligation to
discover any breach of the above mentioned representations and warranties. It is
understood and

                                      -62-

<PAGE>

agreed that the obligation of the Depositor or the Seller to repurchase or
substitute any Loan or property as to which a breach has occurred and is
continuing shall constitute the sole remedy respecting such breach available to
Certificateholders or the Trustee on behalf of Certificateholders, and such
obligation shall survive as the obligation of the Depositor, the Seller or their
respective successors.

         Section 2.4 AUTHENTICATION AND DELIVERY OF CERTIFICATES; DESIGNATION OF
CERTIFICATES AS REMIC REGULAR AND RESIDUAL INTERESTS.

         (a) The Trustee acknowledges the transfer to the extent provided herein
and assignment to it of the Trust Fund and, concurrently with such transfer and
assignment, has caused to be authenticated and delivered to or upon the order of
the Depositor, in exchange for the Trust Fund, Certificates evidencing the
entire ownership of the Trust Fund.

         (b) This Agreement shall be construed so as to carry out the intention
of the parties that each of REMIC I, REMIC II, REMIC III and REMIC IV be treated
as a REMIC at all times prior to the date on which the Trust Fund is terminated.
The "regular interests" (within the meaning of Section 860G(a)(1) of the Code)
in REMIC IV shall consist of the Class A Certificates and the Subordinate
Certificates. The "residual interest" (within the meaning of Section 860G(a)(2)
of the Code) in REMIC IV shall consist of Component R-4 of the Class R
Certificate, which component shall have $100 principal balance. The following
table irrevocably sets forth the designation, the Uncertificated REMIC I
Pass-Through Rate, the initial Uncertificated Principal Balance, and solely for
purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
"latest possible maturity date" for each of the REMIC I Regular Interests. None
of the REMIC I Regular Interests will be certificated.

<TABLE>
<CAPTION>
                                                                     Uncertificated
                                     Initial Uncertificated          REMIC I Pass            Assumed Final
           Designation                  Principal Balance             Through Rate         Maturity Date(1)
           -----------                  -----------------             ------------         ----------------
<S>                                  <C>                             <C>                  <C>
              LTI-I                      $720,549,365.00                 6.25%            September 25, 2032
            LTI-I-IO                           (2)                        (3)             September 25, 2032
            LTI-I-PO                      $2,529,334.00                0.00% (4)          September 25, 2032
             LTI-II                      $95,251,465.00                  5.75%            September 25, 2032
            LTI-II-IO                          (5)                        (3)             September 25, 2032
            LTI-I-PO                       $318,651.00                 0.00% (4)          September 25, 2032
</TABLE>

___________________
(1)      Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
         regulations, the Distribution Date in the month following the maturity
         date for the Mortgage Loan with the latest maturity date has been
         designated as the "latest possible maturity date" for each Class of
         Certificates that represents one or more of the "regular interests" in
         REMIC I.
(2)      REMIC I Regular Interest LTI-I-IO will not have an Uncertificated
         Principal Balance and is not entitled to receive distributions of
         principal. Instead, interest will accrue on an Uncertificated Notional
         Balance equal to the aggregate Stated Principal Balance of the Premium
         Mortgage Loans in Loan Group I.

                                      -63-

<PAGE>

(3)      REMIC I Regular Interests LTI-I-IO and LTI-II-IO will accrue interest
         at a per annum rate equal to 6.25% and 5.75%, respectively, multiplied
         by the Class IA-X Notional Amount and Class IIA-X Notional Amount,
         respectively.
(4)      REMIC I Regular Interests LTI-IPO and LTI-IIPO are principal only
         interests and will not be entitled to distributions of interest.
(5)      REMIC I Regular Interest LTI-II-IO will not have an Uncertificated
         Principal Balance and is not entitled to distributions of principal.
         Instead, interest will accrue on an Uncertificated Notional Balance
         equal to the aggregate Stated Principal Balance of the Premium Mortgage
         Loans in Loan Group II.

         (c) Distributions on REMIC I Regular Interests LTI-I-IO shall be made
from the Group I Premium Loans so that such REMIC I Regular Interest receives
interest in excess of 6.25% of such Loans. Distributions on REMIC I Regular
Interests LTI-II-IO shall be made from the Group II Premium Loans so that such
REMIC I Regular Interest receives interest in excess of 5.75% of such Loans.
REMIC I Regular Interest LTI-I-PO shall receive a portion of the principal
received on the Group I Discount Loans equal to the Group I Discount Fraction
multiplied by the principal balance of each such Loan. REMIC I Regular Interest
LTI-II-PO shall receive a portion of the principal received on the Group II
Discount Loans equal to the Group II Discount Fraction multiplied by the
principal balance of each such Loan. REMIC I Regular Interest LTI-I-I shall
receive the remainder of the principal and interest received on the Group I
Loans. REMIC I Regular Interest LTI-II-I shall receive the remainder of the
principal and interest received on the Group II Loans.

The following table irrevocably sets forth the designation, the Uncertificated
REMIC II Pass-Through Rate, the initial Uncertificated Principal Balance, and
solely for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC
II Regular Interests. None of the REMIC II Regular Interests will be
certificated.

<TABLE>
<CAPTION>
                                  Initial Uncertificated Princip Uncertificated REMIC II    Assumed Final Maturity
           Designation                       Balance               Pass-Through Rate                Date(1)
           -----------                       -------               -----------------                -------
<S>                               <C>                            <C>                      <C>
             LTII-IA                        $1,916.16                     (2)             September 25, 2032
             LTII-IB                       $72,054.94                    6.25%            September 25, 2032
            LTII-IIA                         $253.28                      (2)             September 25, 2032
            LTII-IIB                        $9,525.15                    5.75%            September 25, 2032
            LTII-I-IO                          (3)                        (2)             September 25, 2032
            LTII-I-PO                     $2,529,334.00                0.00% (4)          September 25, 2032
           LTII-II-IO                          (5)                        (2)             September 25, 2032
           LTII-II-PO                      $318,651.00                 0.00% (4)          September 25, 2032
            LTII-ZZZ                     $815,717,081.48                  (2)             September 25, 2032
</TABLE>

___________________
(1)      Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
         regulations, the Distribution Date in the month following the maturity
         date for the Mortgage Loan with the latest maturity date has been
         designated as the "latest possible maturity date" for each Class of
         Certificates that represents one or more of the "regular interests" in
         REMIC II.
(2)      Calculated in accordance with the definition of "Uncertificated REMIC
         II Pass-Through Rate" herein.
(3)      REMIC II Regular Interest LTII-I-IO will not have an Uncertificated
         Principal Balance and is not entitled to receive distributions of
         principal. Instead, REMIC II Regular Interest LTII-I-IO will be
         entitled to 100% of the interest distributed on REMIC I Regular
         Interest LTI-I-IO.
(4)      REMIC II Regular Interests LTII-IPO and LTII-PO are principal only
         interests and will not be entitled to distributions of interest.
(5)      REMIC II Regular Interest LTII-II-IO will not have an Uncertificated
         Principal Balance and is not entitled to distributions of principal.
         Instead, REMIC II Regular Interest LTII-II-IO will be entitled to 100%
         of the interest distributed on REMIC I Regular Interest LTI-II-IO.

         (d) All payments with respect to REMIC II Regular Interest LTII-IA and
REMIC II Regular Interest LTII-IB shall be deemed to have been made solely from
the Group I Loans. All payments with respect to REMIC II Regular Interest
LTII-IIA and the REMIC II Regular Interest LTII-IIB shall be deemed to have been
made solely from the Group II Loans.

                                      -64-
<PAGE>

         (e) Distributions shall be deemed to be made to the REMIC II Regular
Interests first, so as to keep the principal balance of each REMIC II Regular
Interest ending with the designation "B" equal to 0.01% of the aggregate
Scheduled Principal Balance of the non-PO portion of the Loans in the related
Group of Loans; second, to each REMIC II Regular Interest ending with the
designation "A," so that the principal balance of each such REMIC II Regular
Interest is equal to 0.01% of the Group I Subordinate Amount or Group II
Subordinate Amount, as the case may be (except that if on any Distribution Date
the Subordinate Amount for any Group of Loans is greater than the Subordinate
Amount for such Group of Loans on the preceding Distribution Date, the least
amount of principal shall be distributed to the IA Regular Interest and the IIA
Regular Interest necessary to maintain the ratio of the principal amount of the
IA Regular Interest to the principal amount of the IIA Regular Interest being
equal to the REMIC II Subordinate Balance Ratio); and third, any remaining
principal to the Class ZZZ Regular Interest (provided that a portion of the
remaining principal equal to the Group I Discount Fractional Principal Amount
and the Group II Discount Fractional Principal Amount will be distributed to the
LTII-I-PO Regular Interest and the LTII-II-PO Regular Interest, respectively).
Realized Losses shall be applied after all distributions have been made on each
Distribution Date first, so as to keep the principal balance of each REMIC II
Regular Interest ending with the designation "B" equal to 0.01% of the aggregate
Scheduled Principal Balance of the non-PO portion of the Mortgage Loans in the
related Group of Loans; second, to each REMIC II Regular Interest ending with
the designation "A," so that the principal balance of each such REMIC II Regular
Interest is equal to 0.01% of the Group I Subordinate Amount or Group II
Subordinate Amount, as the case may be (except that if on any Distribution Date
the Subordinate Amount for any Group of Loans is greater than the Subordinate
Amount for such Group of Loans on the preceding Distribution Date, the least
amount of principal shall be distributed to the IA Regular Interest and the IIA
Regular Interest necessary to maintain the ratio of the principal amount of the
IA Regular Interest to the principal amount of the IIA Regular Interest being
equal to the REMIC II Subordinate Balance Ratio); and third, the remaining
Realized Losses shall be allocated to the Class ZZZ Regular Interest (except
that if a Realized Loss is recognized with respect to a Group I Discount Loan or
a Group II Discount Loan, the applicable Group I Discount Fraction or Group II
Discount Fraction of such Realized Loss will be allocated to the LTII-I-PO
Regular Interest or the LTII-II-PO Regular Interest, as applicable).

         The following table irrevocably sets forth the designation, the
Uncertificated REMIC III Pass-Through Rate, the initial Uncertificated Principal
Balance, and solely for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC
III Regular Interests. None of the REMIC III Regular Interests will be
certificated.

<TABLE>
<CAPTION>
                                                                     Uncertificated
                                     Initial Uncertificated         REMIC III Pass-              Assumed Final
           Designation                  Principal Balance             Through Rate             Maturity Date(1)
           -----------                  -----------------             ------------             ----------------
<S>                                  <C>                            <C>                   <C>
           LTIII-I-A1                    $81,562,500.00                  4.25%            September 25, 2032
           LTIII-I-A3                    $39,611,500.00                  6.25%            September 25, 2032

                                      -65-
<PAGE>

           LTIII-I-A4                    $25,000,000.00                  6.25%            September 25, 2032
           LTIII-I-A5                    $66,890,000.00                  6.25%            September 25, 2032
           LTIII-I-A6                    $11,808,000.00                  6.25%            September 25, 2032
           LTIII-I-A7                    $14,845,000.00                  6.25%            September 25, 2032
           LTIII-I-A8                    $15,866,000.00                  6.25%            September 25, 2032
           LTIII-I-A9                     $6,000,000.00                  6.25%            September 25, 2032
           LTIII-I-A10                    $2,000,000.00                  6.25%            September 25, 2032
           LTIII-I-A11                    $3,500,000.00                  6.25%            September 25, 2032
           LTIII-I-A12                    $2,000,000.00                  6.25%            September 25, 2032
           LTIII-I-A13                   $146,736,000.00                 6.25%            September 25, 2032
           LTIII-I-A14                   $11,650,000.00                  6.25%            September 25, 2032
           LTIII-I-A16                     $950,000.00                   7.00%            September 25, 2032
           LTIII-I-A17                    $2,850,000.00                  6.00%            September 25, 2032
           LTIII-I-A18                    $1,700,000.00                  6.75%            September 25, 2032
           LTIII-I-A19                    $2,400,000.00                  6.25%            September 25, 2032
           LTIII-I-A20                    $2,300,000.00                  6.25%            September 25, 2032
           LTIII-I-A21                    $1,500,000.00                  6.25%            September 25, 2032
           LTIII-I-A22                    $1,500,000.00                  6.25%            September 25, 2032
           LTIII-I-A23                    $1,850,000.00                  6.25%            September 25, 2032
           LTIII-I-A24                    $3,250,000.00                  6.25%            September 25, 2032
           LTIII-I-A25                     $450,000.00                   6.25%            September 25, 2032
           LTIII-I-A26                     $450,000.00                   6.25%            September 25, 2032
           LTIII-I-A27                     $450,000.00                   6.25%            September 25, 2032
           LTIII-I-A28                     $450,000.00                   6.25%            September 25, 2032
           LTIII-I-A29                    $1,700,000.00                  5.75%            September 25, 2032
           LTIII-I-A30                     $250,000.00                   6.25%            September 25, 2032
           LTIII-I-A31                   $17,000,000.00                  6.25%            September 25, 2032
           LTIII-I-A32                    $1,363,000.00                  6.25%            September 25, 2032
           LTIII-I-A33                    $4,466,000.00                  6.25%            September 25, 2032
           LTIII-I-A34                    $2,659,000.00                  6.25%            September 25, 2032
           LTIII-I-A35                    $3,245,000.00                  6.25%            September 25, 2032
           LTIII-I-A36                    $1,826,000.00                  6.25%            September 25, 2032
           LTIII-I-A37                     $521,000.00                   6.25%            September 25, 2032
           LTIII-I-A38                   $24,050,000.00                  8.50%            September 25, 2032
           LTIII-I-A40                   $48,100,000.00                  5.125%           September 25, 2032
           LTIII-I-A41                     $900,000.00                   6.25%            September 25, 2032

                                      -66-
<PAGE>

           LTIII-I-A42                    $5,033,500.00                  6.25%            September 25, 2032
           LTIII-I-A43                    $5,033,500.00                  6.25%            September 25, 2032
           LTIII-I-A44                   $44,888,779.00                  6.25%            September 25, 2032
           LTIII-I-A46                   $20,283,000.00                  6.25%            September 25, 2032
           LTIII-I-A47                   $72,500,000.00                  8.50%            September 25, 2032
           LTIII-I-IO                          -2                          -3             September 25, 2032
           LTIII-I-PO                     $2,529,334.00                0.00% (4)          September 25, 2032
           LTIII-II-A1                   $92,718,755.00                  5.75%            September 25, 2032
           LTIII-II-IO                         -5                          -3             September 25, 2032
           LTIII-II-PO                     $318,651.00                 0.00% (4)          September 25, 2032
             LTIII-M                     $10,233,110.00                    -3             September 25, 2032
            LTIII-B1                      $5,321,217.00                    -3             September 25, 2032
            LTIII-B2                      $2,046,622.00                    -3             September 25, 2032
            LTIII-B3                      $1,637,298.00                    -3             September 25, 2032
            LTIII-B4                       $818,649.00                     -3             September 25, 2032
            LTIII-B5                      $1,637,399.35                    -3             September 25, 2032
</TABLE>

___________________
(1)      Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
         regulations, the Distribution Date in the month following the maturity
         date for the Mortgage Loan with the latest maturity date has been
         designated as the "latest possible maturity date" for each Class of
         Certificates that represents one or more of the "regular interests" in
         REMIC III.
(2)      REMIC III Regular Interest LTIII-I-IO will not have an Uncertificated
         Principal Balance and is not entitled to receive distributions of
         principal. Instead, REMIC III Regular Interest LTIII-I-IO will be
         entitled to 100% of the interest distributed on REMIC II Regular
         Interest LTII-I-IO.
(3)      Calculated in accordance with the definition of "Uncertificated REMIC
         III Pass-Through Rate" herein.
(4)      REMIC III Regular Interests LTIII-I-PO and LTIII-II-PO are principal
         only interests and will not be entitled to distributions of interest.
(5)      REMIC III Regular Interest LTIII-II-IO will not have an Uncertificated
         Principal Balance and is not entitled to distributions of principal.
         Instead, REMIC III Regular Interest LTIII-II-IO will be entitled to
         100% of the interest distributed on REMIC II Regular Interest
         LTII-II-IO.

         (f) All interest payments with respect to REMIC III Regular Interest
LTII-I-IO shall be considered to have been made solely from the interest
payments of the REMIC II Regular Interest LTII-I-IO. All interest payments with
respect to REMIC III Regular Interest LTIII-II-IO shall be considered to have
been made solely from the interest payments of the REMIC II Regular Interest
LTII-II-IO.

         (g) All payments with respect to REMIC III Regular Interests
LTIII-I-A1, LTIII- I-A3, LTIII- I-A4, LTIII- I-A5, LTIII- I-A6, LTIII- I-A7,
LTIII- I-A8, LTIII- I-A9, LTIII- I-A10, LTIII- I- A11, LTIII- I-A12, LTIII-
I-A13, LTIII- I-A14, LTIII- I-A16, LTIII- I-A17, LTIII- I-A18, LTIII- I- A19,
LTIII- I-A20, LTIII- I-A21, LTIII- I-A22, LTIII- I-A23, LTIII- I-A24, LTIII-
I-A25, LTIII- I- A26, LTIII- I-A27, LTIII- I-A28, LTIII- I-A29, LTIII- I-A30,
LTIII- I-A31, LTIII- I-A32, LTIII- I- A33, LTIII- I-A34, LTIII- I-A35, LTIII-
I-A36, LTIII- I-A37, LTIII- I-A38, LTIII- I-A40, LTIII-

                                      -67-
<PAGE>

I-A41, LTIII- I-A42, LTIII- I-A43, LTIII- I-A44, LTIII- I-A46, LTIII- I-A47,
LTIII- II-A1, LTIII- M, LTIII- B1, LTIII- B2, LTIII- B3, LTIII- B4 and LTIII- B5
shall be considered to have been made from REMIC II Regular Interests LTII-IA,
LTII-IB, LTII-IIA, LTII-IIB and LTII-ZZZ in accordance with each such REMIC II
Regular Interest's Uncertificated Principal Balance and Uncertificated REMIC III
Pass-Through Rate. All payments on REMIC III Regular Interests LTIII-I-A1,
LTIII- I- A3, LTIII- I-A4, LTIII- I-A5, LTIII- I-A6, LTIII- I-A7, LTIII- I-A8,
LTIII- I-A9, LTIII- I-A10, LTIII- I-A11, LTIII- I-A12, LTIII- I-A13, LTIII-
I-A14, LTIII- I-A16, LTIII- I-A17, LTIII- I-A18, LTIII- I- A19, LTIII- I-A20,
LTIII- I-A21, LTIII- I-A22, LTIII- I-A23, LTIII- I-A24, LTIII- I-A25, LTIII- I-
A26, LTIII- I-A27, LTIII- I-A28, LTIII- I-A29, LTIII- I-A30, LTIII- I-A31,
LTIII- I-A32, LTIII- I- A33, LTIII- I-A34, LTIII- I-A35, LTIII- I-A36, LTIII-
I-A37, LTIII- I-A38, LTIII- I-A40, LTIII- I- A41, LTIII- I-A42, LTIII- I-A43,
LTIII- I-A44, LTIII- I-A46, LTIII- I-A47, LTIII- II-A1, LTIII- M, LTIII- B1,
LTIII- B2, LTIII- B3, LTIII- B4 and LTIII- B5 shall be made in accordance with
the Certificate Distribution Amount for the Certificates with the same
designation.

         Section 2.5 DESIGNATION OF STARTUP DAY. The Closing Date is hereby
designated as the "startup day" of each of REMIC I, REMIC II, REMIC III and
REMIC IV within the meaning of Section 860G(a)(9) of the Code.

         Section 2.6 NO CONTRIBUTIONS. The Trustee shall not accept or make any
contribution of cash to the Trust Fund after 90 days of the Closing Date, and
shall not accept or make any contribution of other assets to the Trust Fund
unless, in either case, it shall have received an Opinion of Counsel to the
effect that the inclusion of such assets in the Trust Fund will not cause any of
REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as a REMIC at any
time that any Class A or Subordinate Certificates are outstanding or subject the
Trust Fund to any tax on contributions to the REMIC under Section 860G(d) of the
Code.

         Section 2.7 REPRESENTATIONS AND WARRANTIES OF THE SERVICER. The
Servicer hereby represents, warrants and covenants to the Trustee for the
benefit of Certificateholders that, as of the date of execution of this
Agreement:

         (a) the Servicer is a corporation duly formed and validly existing
under the laws of the State of Delaware;

         (b) the execution and delivery of this Agreement by the Servicer and
its performance of and compliance with the terms of this Agreement will not
violate the Servicer's corporate charter or by-laws or constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a
default) under, or result in the breach of, any material contract, agreement or
other instrument to which the Servicer is a party or which may be applicable to
the Servicer or any of its assets;

         (c) this Agreement, assuming due authorization, execution and delivery
by the Trustee and the Depositor, constitutes a valid, legal and binding
obligation of the Servicer, enforceable against it in accordance with the terms
hereof subject to applicable bankruptcy, insolvency,

                                      -68-
<PAGE>

reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and to general principles of equity, regardless of
whether such enforcement is considered in a proceeding in equity or at law;

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

         (e) no litigation is pending or, to the best of the Servicer's
knowledge, threatened against the Servicer which would prohibit its entering
into this Agreement or performing its obligations under this Agreement; and

         (f) as long as the Servicer has any obligations to service the Loans
hereunder (and it has not assigned such obligations pursuant to Section 3.1(c)),
it shall be a FNMA or a FHLMC-qualified servicer.

         It is understood and agreed that the representations and warranties set
forth in this Section 2.7 shall survive delivery of the respective Mortgage
Files to the Trustee, or to a Custodian, as the case may be.

                                      -69-

<PAGE>

                                   ARTICLE III

                      ADMINISTRATION AND SERVICING OF LOANS

         Section 3.1       SERVICER TO ACT AS SERVICER; ADMINISTRATION OF THE
                           LOANS.

         (a) The Servicer shall service and administer the Loans on behalf of
the Trust Fund solely in the best interests of and for the benefit of the
Certificateholders (as determined by the Servicer in its reasonable judgment)
and the Trustee (as trustee for Certificateholders) in accordance with the terms
of this Agreement and the respective Loans and, to the extent consistent with
such terms, in the same manner in which, and with the same care, skill, prudence
and diligence with which, it services and administers similar mortgage loans for
other portfolios, giving due consideration to customary and usual standards of
practice of prudent institutional residential mortgage lenders and loan
servicers, and taking into account its other obligations hereunder, but without
regard to:

                  (i) any relationship that the Servicer, any sub-servicer, any
         special servicer or any Affiliate of the Servicer, any sub-servicer or
         any special servicer may have with the related Mortgagor;

                  (ii) the ownership of any Certificate by the Servicer, any
         special servicer or any Affiliate of the Servicer, any sub-servicer or
         any special servicer;

                  (iii) the Servicer's, any sub-servicer's or any special
         servicer's right to receive compensation for its services hereunder or
         with respect to any particular transaction; or

                  (iv) the ownership, or servicing or management for others, by
         the Servicer, any sub-servicer or any special servicer, of any other
         mortgage loans or property.

         To the extent consistent with the foregoing and subject to any express
limitations set forth in this Agreement, the Servicer shall seek to maximize the
timely and complete recovery of principal and interest on the Mortgage Notes;
provided, however, that nothing herein contained shall be construed as an
express or implied guarantee by the Servicer of the collectability of the Loans.
Subject only to the above-described servicing standards and the terms of this
Agreement and of the respective Loans, the Servicer, as an independent
contractor, shall service and administer the Loans and shall have full power and
authority, acting alone or through one or more subservicers, special servicers
or agents (subject to paragraph (c) of this Section 3.1), to do any and all
things in connection with such servicing and administration which it may deem
necessary or desirable for the purpose of conserving the assets of the Trust
Fund. Without limiting the generality of the foregoing, the Servicer shall and
is hereby authorized and empowered by the Trustee to continue to execute and
deliver, on behalf of itself, the Certificateholders and the Trustee or any of
them, any and all financing statements, continuation statements and other
documents or instruments necessary to maintain the lien on each Mortgaged
Property and related collateral; and modifications, waivers, consents or
amendments to or with respect to any documents contained in the related Mortgage
File;

                                      -70-

<PAGE>

and any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments, with respect to
the Loans and with respect to the related Mortgaged Properties. Notwithstanding
the foregoing, the Servicer (whether acting alone or through one or more
subservicers, special servicers or agents) shall not modify, amend, waive or
otherwise consent to the change of the terms of any of the Loans (including
without limitation extending the stated maturity date of any Loan or forgiving
principal of or interest on any Loan), except as permitted by Section 3.2
hereof. The Servicer shall service and administer the Loans in accordance with
applicable law and shall provide to the Mortgagors any reports required to be
provided to them thereby. To enable the Servicer to carry out its servicing and
administrative duties hereunder, upon the Servicer's written request accompanied
by the forms of any documents requested, the Trustee shall execute and deliver
to the Servicer any powers of attorney and other documents necessary or
appropriate and the Trustee shall not be responsible for releasing such powers
of attorney. The Trustee shall not be responsible for, and the Servicer shall
indemnify the Trustee for, any action taken by the Servicer pursuant to the
application of any such power of attorney. The relationship of the Servicer (and
of any successor thereto) to the Trustee under this Agreement is intended by the
parties to be that of an independent contractor and not that of a joint
venturer, partner or agent.

         (b) The Servicer, Trustee and Depositor intend that REMIC I, REMIC II,
REMIC III and REMIC IV formed hereunder shall constitute, and that the Servicer
shall perform its duties and obligation hereunder so as to qualify each of them
as, a "real estate mortgage investment conduit" as defined in and in accordance
with the REMIC Provisions. The Tax Matters Person, or the Person acting as
attorney-in-fact and agent therefor, shall: (a) prepare and file, or cause to be
prepared and filed, federal tax returns (as well as any other federal and state
information and other returns) using a calendar year as the taxable year when
and as required by the REMIC Provisions; (b) make (or cause to be made) an
election, on behalf of each of REMIC I, REMIC II, REMIC III and REMIC IV, to be
treated as a REMIC on the Federal tax return and any applicable state or local
returns for the first taxable year, in accordance with the REMIC Provisions; (c)
prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders all information reports (including, without limitation, the
information required in connection with the computation of the present value of
anticipated excess inclusions as required by ss. 1.860E-2(a)(5) of the REMIC
Provisions) as and when required to be provided to them in accordance with the
REMIC Provisions; (d) conduct the affairs of the Trust Fund at all times that
REMIC I Regular Interests, REMIC II Regular Interests, REMIC III REMIC Regular
Interests, or REMIC IV Certificates are outstanding so as to maintain the status
of each of REMIC I, REMIC II, REMIC III and REMIC IV as a REMIC under the REMIC
Provisions; and (e) not knowingly or intentionally take any action or omit to
take any action that would cause the termination of the REMIC status of any of
REMIC I, REMIC II, REMIC III or REMIC IV.

         (c) The Servicer may enter into sub-servicing agreements with third
parties with respect to any of its respective obligations hereunder, provided,
that (1) any such agreement shall be consistent with the provisions of this
Agreement and (2) no sub-servicer retained by the Servicer shall grant any
modification, waiver or amendment to any Loan without the approval of the
Servicer. Any such sub-servicing agreement may permit the sub-servicer to
delegate its duties to agents or

                                      -71-

<PAGE>

subcontractors so long as the related agreements or arrangements with such
agents or subcontractors are consistent with the provisions of this Section
3.1(c).

         Any sub-servicing agreement entered into by the Servicer with a Person
other than the Depositor shall provide that it may be assumed or terminated by
the Trustee if the Trustee has assumed the duties of the Servicer, without cost
or obligation to the assuming or terminating party or the Trust Fund, upon the
assumption by such party of the obligations of the Servicer pursuant to Section
7.5.

         Any sub-servicing agreement, and any other transactions or services
relating to the Loans involving a sub-servicer, including (if applicable) the
Depositor in its capacity as sub-servicer under a sub-servicing agreement and
not in its capacity as a party to this Agreement, shall be deemed to be between
the Servicer and such sub-servicer (including the Depositor) alone, and the
Trustee and the Certificateholders shall not be deemed parties thereto and shall
have no claims, rights, obligations, duties or liabilities with respect to the
sub-servicer, except as set forth in Section 3.1(d).

         In the event that the Trustee assumes the servicing obligations of the
Servicer, upon request of the Trustee, the Servicer shall at its own expense
deliver to the Trustee all documents and records relating to any sub-servicing
agreement and the Loans then being serviced thereunder and an accounting of
amounts collected and held by it, if any, and will otherwise use its best
efforts to effect the orderly and efficient transfer of any sub-servicing
agreement to the Trustee.

         (d) Costs incurred by the Servicer in effectuating the timely payment
of taxes and assessments on the Mortgaged Property securing a Mortgage Note
shall be recoverable by the Servicer pursuant to Section 3.3. The Servicer shall
ensure all such taxes and assessments are timely paid.

         The Servicer, as initial servicer, shall pay all of its costs and
proven damages incurred with respect to or arising out of any allegation of
impropriety in its servicing of the Loans. Further, the Servicer shall not be
entitled to reimbursement or indemnification from either the Trust Fund or the
Certificateholders with respect to any such costs, claims and damages.

         (e) Notwithstanding any sub-servicing agreement, any of the provisions
of this Agreement relating to agreements or arrangements between the Servicer
and any Person (including the Depositor) acting as sub-servicer (or its agents
or subcontractors) or any reference to actions taken through any Person
(including the Depositor) acting as sub-servicer or otherwise, the Servicer
shall remain obligated and primarily liable to the Trustee and
Certificateholders for the servicing and administering of the Loans in
accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue of such sub-servicing agreements or
arrangements or by virtue of indemnification from the Depositor or any other
Person acting as sub-servicer (or its agents or subcontractors) to the same
extent and under the same terms and conditions as if the Servicer alone were
servicing and administering the Loans. The Servicer shall be entitled to enter
into an agreement with any sub-servicer providing for indemnification of the
Servicer by such sub-servicer

                                      -72-

<PAGE>

(including the Depositor and the Trustee), and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification, but no such
agreement for indemnification shall be deemed to limit or modify this Agreement.

         Section 3.2       COLLECTION OF CERTAIN LOAN PAYMENTS; CUSTODIAL
                           ACCOUNT FOR P&I.

         (a) The Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Loans, and shall, to the extent
such procedures shall be consistent with this Agreement, follow such collection
procedures as it follows with respect to conventional mortgage loans it services
for itself and any of its Affiliates; provided, however, that the Servicer
agrees not to permit any modification with respect to any Loan that would change
the manner in which the Mortgage Interest Rate is computed, forgive any
principal or interest or change the term of such Loan. Consistent with the
foregoing, the Servicer may in its discretion (i) waive any assumption fee, late
payment charge or other charge in connection with a Loan, and (ii) arrange a
schedule, running for no more than 180 days after the scheduled Due Date, for
payment of any installment on any Mortgage Note or after the due date of any
other payment due under the related Mortgage Note for the liquidation of
delinquent items, provided, that the Servicer shall continue to be obligated to
make Advances in accordance with Section 4.3 during the continuance of such
period. With respect to any Loans which provide for the right of the holder
thereof to call for early repayment thereof at times specified therein, neither
the Trustee nor the Servicer shall exercise any such right, except that the
Trustee shall exercise such right at the written direction of the Servicer set
forth in an Officer's Certificate in connection with a default under the related
Note. Notwithstanding anything herein to the contrary, neither the Servicer nor
any other party may take any action that would cause a "significant
modification" of any Loan within the meaning of the REMIC Provisions that would
cause REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as a REMIC at
any time or cause a tax to be imposed on the Trust Fund under the REMIC
Provisions.

         (b) The Servicer shall establish and maintain a separate account as set
forth in Article I (the "Custodial Account for P&I"), and shall on the Closing
Date credit any amounts representing scheduled payments of principal and
interest due after the Cut-off Date but received by the Servicer on or before
the Closing Date, and thereafter on a daily basis the following payments and
collections received or made by it (other than in respect of principal of and
interest on the Loans due on or before the Cut-off Date):

                  (i) All Mortgagor payments on account of principal, including
         Principal Prepayments on the Loans;

                  (ii) All Mortgagor payments on account of interest on the
         Loans, which may be net of that portion thereof which the Servicer is
         entitled to retain as Servicing Fees (adjusted for any amounts related
         to Compensating Interest) pursuant to Section 3.9, as adjusted pursuant
         to Section 4.6;

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<PAGE>

                  (iii) All net Liquidation Proceeds;

                  (iv) All Insurance Proceeds received by the Servicer, other
         than proceeds to be applied to the restoration or repair of the
         property subject to the related Mortgage or released to the Mortgagor
         in accordance with the Servicer's normal servicing procedures, and all
         amounts deposited by the Servicer with respect to the failure to
         maintain flood or fire and hazard insurance policies, pursuant to
         Section 3.5;

                  (v) All repurchase proceeds from the repurchase of a Loan
         pursuant to a Purchase Obligation;

                  (vi) any amounts required to be deposited pursuant to Section
         3.2(c) in connection with net losses realized on Eligible Investments
         with respect to funds held in the Custodial Account for P&I;

                  (vii) all income and gain realized from any investment of the
         funds in the Custodial Account for P&I in Eligible Investments;

                  (viii) all net income from the renting of REO Property
         pursuant to Section 3.7(c); and

                  (ix) All other amounts required to be deposited in the
         Custodial Account for P&I pursuant to this Agreement.

         (c) The Servicer may invest the funds in the Custodial Account for P&I
in Eligible Investments which shall mature not later than the second Business
Day preceding the next Distribution Date unless the Custodial Account for P&I is
maintained with the Trustee in which case they may mature one Business Day prior
to the Distribution Date. The Eligible Investments may not be sold or disposed
of prior to their maturity. All such Eligible Investments shall be made in the
name of the Servicer (in its capacity as such) or its nominee. All income and
gain realized from any such investment shall be for the benefit of the Servicer,
and shall be payable to the Servicer. The amount of any losses incurred in
respect of any such investments shall be deposited in the Custodial Account for
P&I by the Servicer, out of its own funds immediately as realized without right
to reimbursement therefor.

         (d) The foregoing requirements for deposit in the Custodial Account for
P&I shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments in the nature of those described in
the last paragraph of this Section 3.2 and payments in the nature of late
payment charges or assumption fees need not be deposited by the Servicer in the
Custodial Account for P&I. All funds deposited by the Servicer in the Custodial
Account for P&I shall be held by it in trust in the Custodial Account for P&I
until disbursed in accordance with Section 4.1 or withdrawn in accordance with
Section 3.3; provided, however, that the Servicer shall withdraw such funds and
deposit them in such manner as to not result in a downgrading or

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<PAGE>

withdrawal of the rating then assigned to the Certificates by each Rating
Agency. If the Servicer deposits in the Custodial Account for P&I any amount not
required to be deposited therein, it may at any time withdraw such amount from
the Custodial Account for P&I pursuant to Section 3.3(i) of this Agreement.

         Certain of the Loans may provide for payment by the Mortgagor of
amounts to be used for payment of taxes, assessments, hazard or other insurance
premiums or comparable items for the account of the Mortgagor. The Servicer may
deal with these amounts in accordance with its normal servicing procedures.

         Section 3.3 PERMITTED WITHDRAWALS FROM THE CUSTODIAL ACCOUNT FOR P&I.
The Servicer may, from time to time, make withdrawals from the Custodial Account
for P&I for the following purposes:

         (a) to reimburse itself for Advances made by it pursuant to Section 3.4
or 4.3, the Servicer's right to reimburse itself pursuant to this subclause (a)
being limited to (i) amounts received on or in respect of particular Loans
(including, for this purpose, Liquidation Proceeds and Insurance Proceeds which
represent late recoveries of payments of principal and/or interest respecting
which any such Advance was made and any net income received from the renting of
REO Property pursuant to Section 3.7(c)) and (ii) amounts in the Custodial
Account for P&I held for future distribution or withdrawal, such amounts
referred to in clause (ii) of this subclause (a) to be replaced by the Servicer
to the extent that funds in the Custodial Account for P&I on a future Withdrawal
Date are less than the payment required to be made to the Certificate Account
therefrom as of such future Distribution Date;

         (b) (i) to reimburse itself from Liquidation Proceeds for Liquidation
Expenses, (ii) for amounts expended by it pursuant to Section 3.7 in good faith
in connection with the restoration of damaged property and (iii) to the extent
that Liquidation Proceeds after such reimbursement are in excess of the
Principal Balance of the related Loan together with accrued and unpaid interest
thereon at the applicable Pass-Through Rate to the date of such liquidation, net
of any related Advances which were unreimbursed prior to the receipt of such
Liquidation Proceeds, to pay to itself any unpaid Servicing Fees, and any
assumption fees, late payment charges or other Mortgage charges on the related
Loan;

         (c) to pay to itself from any Mortgagor payment as to interest or other
recovery with respect to a particular Loan, to the extent permitted by this
Agreement, that portion of any payment as to interest in excess of interest at
the applicable Pass-Through Rate which the Servicer is entitled to retain as
Servicing Fees pursuant to Section 3.9 or otherwise;

         (d) to reimburse itself for expenses incurred by and recoverable by or
reimbursable to it pursuant to Section 3.1 or 3.5 after the related Mortgagor
has reimbursed the Trust Fund for such expenses or following liquidation of the
related Loan, or pursuant to Section 6.3;

                                      -75-

<PAGE>

         (e) to pay to itself with respect to each Loan or property acquired in
respect thereof that has been repurchased pursuant to Section 2.2 or 2.3 or
purchased by the Servicer pursuant to Section 9.1 all amounts received thereon
and not distributed as of the date on which the related Principal Balance is
determined;

         (f) to reimburse itself for any Nonrecoverable Advances;

         (g) to disburse to the Trustee or its designee in order that the
Trustee or its designee may make payments to MBIA and to Certificateholders in
the amounts and in the manner provided for in Section 4.1;

         (h) to pay itself any net interest or other income earned and received
on or investment income received with respect to funds in the Custodial Account
for P&I; and

         (i) to make payments to itself or others pursuant to any provision of
this Agreement and to remove any amounts not required to be deposited therein
and to clear and terminate the Custodial Account for P&I pursuant to Section
9.1.

         Since in connection with withdrawals pursuant to subclauses (a), (b),
(c) and (e) the Servicer's entitlement thereto is limited to collections or
other recoveries on the related Loan, the Servicer shall keep and maintain a
separate accounting for each Loan for the purpose of justifying any withdrawal
from the Custodial Account for P&I pursuant to such subclauses.

         The Servicer shall make the withdrawal referred to in subclause (g)
above and shall deposit the amount so withdrawn into the Certificate Account
prior to 4:00 P.M. New York City time on each related Withdrawal Date.

         Section 3.4       TAXES, ASSESSMENTS AND SIMILAR ITEMS; ESCROW
                           ACCOUNTS.

         (a) The Servicer shall establish and maintain one or more accounts
(each, an "Escrow Account") into which all Escrow Payments shall be promptly
deposited and in which all Escrow Payments shall be retained. Escrow Accounts
shall be Eligible Accounts, and funds in the Escrow Account may be invested in
Eligible Investments. The Servicer shall notify the Trustee in writing of the
location and account number of each Escrow Account it establishes and shall
notify the Trustee prior to any subsequent change thereof. Withdrawals of
amounts from an Escrow Account may be made only to: (i) effect payment of taxes,
assessments, insurance premiums and comparable items; (ii) refund to Mortgagors
any sums that are determined to be overages; (iii) reimbursement to the Servicer
for any cost incurred in paying taxes, insurance premiums and assessments or
comparable items; (iv) pay interest, if required and as described below, to
Mortgagors on balances in the Escrow Account; (v) withdraw interest or other
income which may lawfully be retained by the Trust Fund, for deposit into the
Certificate Account; or (vi) clear and terminate the Escrow Account at the
termination of this Agreement in accordance with Section 9.1. Unless otherwise
required by applicable law, any interest earned on funds in Escrow Accounts
shall be remitted to the related

                                      -76-

<PAGE>

Mortgagors if required by the related Mortgage Note or otherwise to the Servicer
as additional servicing compensation.

         (b) With respect to each Loan, the Servicer shall maintain accurate
records with respect to each related Mortgaged Property reflecting the status of
taxes, assessments and other similar items that are or may become a lien on the
related Mortgaged Property and the status of insurance premiums payable with
respect thereto. The Servicer shall require that payments for taxes,
assessments, insurance premiums and other similar items be made by the Mortgagor
at the time they first become due. If a Mortgagor fails to make any such payment
on a timely basis, the Servicer shall advance the amount of any shortfall unless
the Servicer determines in its good faith judgment that such advance would not
be ultimately recoverable from future payments and collections on the related
Loan (including without limitation Insurance Proceeds and Liquidation Proceeds),
or otherwise. The Servicer shall be entitled to reimbursement of advances it
makes pursuant to the preceding sentence, together with interest thereon at the
Federal Funds Rate, from amounts received on or in respect of the related Loan
respecting which such advance was made or if such advance has become
nonrecoverable, in either case to the extent permitted by Section 3.3 of this
Agreement. No costs incurred by the Servicer in effecting the payment of taxes
and assessments on the Mortgaged Properties shall, for the purpose of
calculating distributions to Certificateholders, be added to the amount owing
under the related Loans, notwithstanding that the terms of such Loans so permit.

         Section 3.5 MAINTENANCE OF INSURANCE. The Servicer shall also cause to
be maintained for each Loan fire and hazard insurance with extended coverage as
is customary in the area where the Mortgaged Property is located in an amount
which is at least equal to the lesser of (i) the Principal Balance of such Loan
or (ii) the replacement value costs of improvements securing such Loan. The
Servicer shall cause to be maintained fire and hazard insurance with extended
coverage on each REO Property in an amount which is at least equal to the
greater of (i) an amount not less than is necessary to avoid the application of
any co-insurance clause contained in the related fire and hazard insurance
policy or (ii) the replacement cost of the improvements which are a part of such
property. The Servicer shall also cause to be maintained for each Loan with a
Loan-to-Value Ratio greater than 80% a primary mortgage insurance policy which
will cover at least 75% of the original fair market value of the related
Mortgaged Property until such time as the principal balance of such Loan is
reduced to 80% of the current fair market value or otherwise in accordance with
applicable law. The Servicer on behalf of the Trustee as Mortgagee shall
maintain or cause the related Mortgagor to maintain for each Loan such other
insurance on the related Mortgaged Property as may be required by the terms of
the related Mortgage Note. If the Mortgaged Property is in an area identified in
the Federal Register by the Flood Emergency Management Agency as having special
flood hazards the Servicer will cause to be maintained a flood insurance policy
meeting the requirements of the current guidelines of the Federal Insurance
Administration with a generally acceptable insurance carrier, in an amount
representing coverage not less than the least of (i) the full insurable value,
(ii) the maximum amount of insurance which is available under the Flood Disaster
Protection Act of 1973, and (iii) the Principal Balance of the related Loan. The
Servicer shall also maintain fire and hazard insurance with extended coverage
and, if applicable, flood insurance on property acquired upon foreclosure, or by
deed in lieu of foreclosure, of any Loan in an amount that is at least equal to
the

                                      -77-

<PAGE>

lesser of (i) the maximum insurable value of the improvements which are a part
of such property and (ii) the principal balance owing on such Loan at the time
of such foreclosure or grant of deed in lieu of foreclosure plus accrued
interest and related Liquidation Expenses. If an REO Property was located at the
time of origination of the related Loan in a federally designated special flood
hazard area, the Servicer will obtain flood insurance in respect thereof
providing substantially the same coverage as described in the preceding
sentence. If at any time during the term of this Agreement a recovery under a
flood or fire and hazard insurance policy in respect of an REO Property is not
available but would have been available if such insurance were maintained
thereon in accordance with the standards applied to Mortgaged Properties
described herein, the Servicer shall either (i) immediately deposit into the
Custodial Account for P&I from its own funds the amount that would have been
recovered or (ii) apply to the restoration and repair of the property from its
own funds the amount that would have been recovered, if such application would
be consistent with the servicing standard set forth in Section 3.1. It is
understood and agreed that such insurance shall be with insurers approved by the
Servicer and that no earthquake or other additional insurance is to be required
of any Mortgagor, other than pursuant to such applicable laws and regulations or
policies of the Servicer as shall at any time be in force and as shall require
such additional insurance. Pursuant to Section 3.2, any amounts collected by the
Servicer under any insurance policies maintained pursuant to this Section 3.5
(other than amounts to be applied to the restoration or repair of the property
subject to the related Mortgage or released to the Mortgagor in accordance with
the Servicer's normal servicing procedures) shall be deposited into the
Custodial Account for P&I, subject to withdrawal pursuant to Section 3.3. Any
cost incurred by the Servicer in maintaining any such insurance shall be
recoverable by the Servicer pursuant to Section 3.3. In the event that the
Servicer shall obtain and maintain a blanket policy issued by an insurer that
qualifies under the guidelines set forth for the Servicer by FNMA or FHLMC,
insuring against hazard losses on all of the Loans, then, to the extent such
policy provides coverage in an amount equal to the unpaid principal balance on
the Loans without co-insurance and otherwise complies with all other
requirements set forth in the first paragraph of this Section 3.5, it shall
conclusively be deemed to have satisfied its obligation as set forth in such
first paragraph, it being understood and agreed that such policy may contain a
deductible clause, in which case the Servicer shall, in the event that there
shall not have been maintained on the related mortgaged or acquired property an
insurance policy complying with the first paragraph of this Section 3.5 and
there shall have been a loss which would have been covered by such a policy had
it been maintained, be required to deposit from its own funds into the Custodial
Account for P&I or apply to the restoration of the property the amount not
otherwise payable under the blanket policy because of such deductible clause.

         The Servicer shall obtain and maintain at its own expense throughout
the term of this Agreement a blanket fidelity bond and an errors and omissions
insurance policy with broad coverage with responsible companies covering the
Servicer's officers and employees and other persons acting on behalf of the
Servicer in connection with its activities under this Agreement. Any such
fidelity bond and errors and omissions insurance shall provide an amount of
coverage and will maintain such coverage at a level which will permit the
Servicer to continue to be a FNMA or a FHLMC-qualified Servicer and shall
protect and insure the Servicer against losses, including forgery, theft,
embezzlement, fraud, errors and omissions and negligent acts of such persons. No
provision of this

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<PAGE>

Section 3.5 requiring such fidelity bond and errors and omissions insurance
shall diminish or relieve the Servicer from its duties and obligations as set
forth in this Agreement.

         Section 3.6 ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AND
SUBSTITUTION AGREEMENTS.

         In any case in which property subject to a Mortgage is conveyed by the
Mortgagor, the Servicer will enforce any due-on-sale clause contained in the
related Mortgage Note or Mortgage, to the extent permitted under applicable law
and governmental regulations, but only to the extent that such enforcement will
not adversely affect or jeopardize coverage under any related insurance policy
or result in legal action by the Mortgagor. Subject to the foregoing, the
Servicer is authorized to take or enter into an assumption or substitution
agreement from or with the Person to whom such property has been or is about to
be conveyed. The Servicer is also authorized to release the original Mortgagor
from liability upon the Loan and substitute the new Mortgagor as obligor
thereon. In connection with such assumption or substitution, the Servicer shall
apply such underwriting standards and follow such practices and procedures as
shall be normal and usual and as it applies to mortgage loans owned solely by it
or any of its Affiliates. The Servicer shall notify the Trustee that any such
assumption or substitution agreement has been completed by forwarding to the
Trustee the original copy of such assumption or substitution agreement, which
copy shall be added by the Trustee to the related Mortgage File and shall, for
all purposes, be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting a part thereof. In connection
with any such assumption or substitution agreement, the interest rate of the
related Mortgage Note shall not be changed. Any fee collected by the Servicer
for entering into an assumption or substitution of liability agreement will be
retained by the Servicer as servicing compensation.

         Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any conveyance by the
Mortgagor of the Mortgaged Property or any assumption of a Loan by operation of
law which the Servicer in good faith determines it may be restricted by law from
preventing, for any reason whatsoever.

         Section 3.7 REALIZATION UPON DEFAULTED LOANS.

         (a) Consistent with the servicing standard set forth in Section 3.1 and
with a view to the best economic interest of the Trust Fund, the Servicer shall
foreclose upon or otherwise comparably convert (which may include acquisition of
an REO Property) the Mortgaged Properties securing such of the Loans as come
into and continue in default and as to which no satisfactory arrangements can be
made for collection of delinquent payments pursuant to Section 3.2. In
connection with such foreclosure or other conversion, the Servicer shall follow
such practices and procedures as it shall deem necessary or advisable and as
shall be normal and usual in its general mortgage servicing activities. The
foregoing is subject to the proviso that the Servicer shall not be required to
expend its own funds in connection with any foreclosure or to restore any
damaged property unless it shall

                                      -79-

<PAGE>

determine (i) that such foreclosure and/or restoration expenses will increase
the Liquidation Proceeds to Certificateholders after reimbursement to itself for
such expenses and (ii) that such expenses will be recoverable to it through
Liquidation Proceeds (respecting which it shall have priority for purposes of
withdrawal from the Custodial Account for P&I pursuant to Section 3.3). Any gain
on foreclosure or other conversion of a Liquidated Loan shall be distributed to
the Class R Certificateholder, but only to the extent that such gain is not
necessary to make distributions to the Certificateholders of the other Classes
of Certificates. The Servicer shall be responsible for all other costs and
expenses incurred by it in any such proceedings; provided, however, that it
shall be entitled to reimbursement thereof (as well as any Servicing Fees and
other amounts due it, if any), to the extent, but only to the extent, that
withdrawals from the Custodial Account for P&I with respect thereto are
permitted under Section 3.3. Within 30 days after receipt of Liquidation
Proceeds in respect of a Liquidated Loan, the Servicer shall provide to the
Trustee a statement of accounting for the related Liquidated Loan, including
without limitation (i) the Loan number, (ii) the date the Loan was acquired in
foreclosure or deed in lieu, and the date the Loan became a Liquidated Loan,
(iii) the gross sales price and the related selling and other expenses, (iv)
accrued interest calculated from the foreclosure date to the liquidation date,
and (v) such other information as the Trustee may reasonably specify.

         (b) Prior to any such foreclosure, the Servicer may, at its option,
repurchase any Loan which is 30 days or more delinquent; provided that such
repurchase shall only be made if (i) the Servicer has a contractual right to
require the third party seller of such delinquent Loan to repurchase such Loan,
(ii) such repurchase is made to facilitate a repurchase by such third party
seller and (iii) such repurchase is made at a price equal to the Purchase Price.
Any such repurchase shall be deemed a Principal Prepayment for purposes of this
Agreement and all amounts in respect thereof shall be deposited into the
Custodial Account for P&I pursuant to Section 3.2(b).

         (c) The Trust Fund shall not acquire any real property (or personal
property incident to such real property) except in connection with a default or
imminent default of a Loan. Based on a report prepared by an Independent Person
who regularly conducts environmental audits that the Mortgaged Property for
which foreclosure proceedings are contemplated is in compliance with applicable
environmental laws, and there are no circumstances present at such Mortgaged
Property relating to the use, management or disposal of any hazardous materials,
wastes, or petroleum based materials for which investigation, testing,
monitoring, containment, clean-up or remediation could be required under any
federal, state or local law or that it would be in the best economic interest of
the Trust Fund to acquire title to such Mortgaged Property and further to take
such actions as would be necessary and appropriate to effect such compliance
and/or respond to such circumstances, the Servicer will not conduct such
foreclosure proceedings. If the Servicer otherwise becomes aware, under its
customary servicing procedures, of an environmental hazard with respect to a
Loan for which foreclosure proceedings are contemplated, the Servicer will not
conduct such foreclosure proceedings unless it determines in good faith that the
liability associated with the environmental hazard will be less than the
Liquidation Proceeds to be realized from the sale of the related Mortgaged
Property. In the event that the Trust Fund acquires any real property (or
personal property incident to such real property) in connection with a default
or imminent default of a Loan,

                                      -80-

<PAGE>

such REO Property shall be disposed of by the Trust Fund within three years
after its acquisition by the Trust Fund unless the Trustee shall have received
from the Servicer an Opinion of Counsel to the effect that the holding by the
Trust Fund of such REO Property subsequent to three years after its acquisition
will not cause either REMIC I, REMIC II, REMIC III or REMIC IV to fail to
qualify as a REMIC under the REMIC Provisions at any time that any REMIC I
Regular Interests or Certificates are outstanding, in which case such REO
Property shall be disposed of as soon as possible by the Trust Fund but in no
event shall be held longer than the maximum period of time during which the
Trust Fund is then permitted to hold such REO Property and allow REMIC I, REMIC
II, REMIC III and REMIC IV to remain qualified as REMICs under the REMIC
Provisions. The Servicer shall manage, conserve, protect and operate each such
REO Property for the Certificateholders solely for the purpose of its prompt
disposition and sale in a manner which does not cause such REO Property to fail
to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code. Pursuant to its efforts to sell such REO Property, the Servicer shall
either itself or through an agent selected by the Servicer protect and conserve
such REO Property in the same manner and to such extent as is customary in the
locality where such property is located and may, incident to its conservation
and protection of the interests of the Certificateholders, rent the same, or any
part thereof, as the Servicer deems to be in the best interest of the Servicer
and the Certificateholders for the period prior to the sale of such REO
Property. All proceeds from the renting of such REO Property shall, net of any
costs or expenses of the Servicer in connection therewith, be deposited into the
Custodial Account for P&I pursuant to Section 3.3(b)(viii).

         (d) In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Trustee, or to its nominee on behalf of
Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Loan, such Loan shall (except for purposes of
Section 9.1) be considered to be a Loan held in the Trust Fund until such time
as the related REO Property shall be sold by the Trust Fund and shall be reduced
only by collections net of expenses. Consistent with the foregoing, for purposes
of all calculations hereunder, so long as such Loan shall be considered to be an
outstanding Loan, it shall be assumed that, notwithstanding that the
indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Scheduled Principal
Balance thereof, the related amortization schedule in effect at the time of any
such acquisition of title remain in effect.

         (e) The Servicer shall not acquire for the benefit of the Trust Fund
any personal property pursuant to this Section 3.7 unless either:

                  (i) such personal property is incident to real property
         (within the meaning of Section 856(e)(1) of the Code) so acquired by
         the Servicer for the benefit of the Trust Fund; or

                  (ii) the Servicer shall have requested and received an Opinion
         of Counsel (which opinion shall be an expense of the Trust Fund) to the
         effect that the holding of such personal property by the Trust Fund
         will not cause the imposition of a tax on the Trust Fund under the

                                      -81-

<PAGE>

         REMIC Provisions or cause either REMIC I, REMIC II, REMIC III or REMIC
         IV of the Trust Fund to fail to qualify as a REMIC at any time that any
         Certificate is outstanding.

         Section 3.8       TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES.

         Upon the payment in full of any Loan, or the receipt by the Servicer of
a notification that the payment in full will be escrowed in a manner customary
for such purposes, the Servicer will immediately notify the Trustee by an
Officer's Certificate (which Officer's Certificate shall include a statement to
the effect that all amounts received in connection with such payment which are
required to be deposited in the Custodial Account for P&I pursuant to Section
3.2 have been or will be so deposited) and shall by such Officer's Certificate
request delivery to it of the Mortgage File. Upon receipt of such Officer's
Certificate and request, the Trustee shall promptly release or cause to be
released the related Mortgage File to the Servicer. Upon the Trustee's receipt
of any release or reconveyance documents or instruments relating to the Loan
paid in full, the Trustee shall, not later than the 5th succeeding Business Day,
execute and return such documents and instruments to the Servicer. From time to
time and as appropriate for the servicing or foreclosure of any Loan, the
Trustee shall, upon written request of the Servicer and delivery to the Trustee
of a trust receipt signed by a Servicing Officer, release or cause to be
released the related Mortgage File to the Servicer and shall execute such
documents furnished to it as shall be necessary to the prosecution of any such
proceedings. Such trust receipt shall obligate the Servicer to return each and
every document previously requested from the Mortgage File to the Trustee when
the need therefor by the Servicer no longer exists unless the Loan shall be
liquidated, in which case, upon receipt of a certificate of a Servicing Officer
similar to that hereinabove specified, the trust receipt shall be released by
the Trustee to the Servicer by delivery to a Servicing Officer and the Trustee
shall have no further responsibility with respect to such Mortgage Files.

         Section 3.9       SERVICING COMPENSATION.

         The Servicer shall be entitled to retain or, if not retained, to
withdraw from the Certificate Account as servicing compensation its Servicing
Fee out of each payment on account of interest on each Loan, subject to
adjustment as provided in Section 4.6. The Servicer shall also be entitled to
payment of unpaid Servicing Fees with respect to a delinquent Loan out of
Liquidation Proceeds with respect to such Loan, to the extent permitted by
Section 3.3(b). Servicing compensation in the form of assumption fees, late
payment charges or otherwise shall be retained by the Servicer and need not be
deposited in the Custodial Account for P&I. The Servicer shall also be entitled
to additional servicing compensation out of Liquidation Proceeds to the extent
provided in Section 3.3(b). The Servicer shall be required to pay all expenses
incurred by it in connection with its servicing activities hereunder (including
maintenance of the blanket hazard insurance policy and the blanket fidelity bond
and errors and omissions policy required by Section 3.5) and shall not be
entitled to reimbursement therefor except as specifically provided in Sections
3.1, 3.3, 3.5 and 3.7.

         On each Distribution Date, the Servicer shall pay to the Certificate
Administrator and the Trustee the Certificate Administration and Trustee Fee out
of the Servicing Fee retained by the

                                      -82-

<PAGE>

Servicer on such Distribution Date. Such amounts shall be compensation for the
activities of the Certificate Administrator and the Trustee hereunder. The
Certificate Administrator and the Trustee shall be required to pay all expenses
incurred by it in connection with its activities hereunder and shall not be
entitled to reimbursement therefor, except as specifically provided herein.

         Section 3.10 REPORTS TO THE TRUSTEE; CUSTODIAL ACCOUNT FOR P&I
STATEMENTS

          On or before each Determination Date, the Servicer shall deliver or
cause to be delivered to the Trustee or its designee a statement in electronic
or written form as may be agreed upon by the Servicer and the Trustee containing
the information described in Section 4.2 and such other information as may be
necessary for the Trustee to distribute the amounts to be distributed to the
Certificateholders and MBIA by the Trustee (the "Servicer's Section 3.10
Report"). Not later than 25 days after each Distribution Date, the Servicer
shall forward or cause to be forwarded to the Trustee a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account for P&I
as of the close of business on the related Distribution Date, stating that all
distributions from the Custodial Account for P&I required to be made by this
Agreement have been made for the period covered by such statement (or if any
required distribution has not been made, specifying the nature and status
thereof) and showing, for the period covered by such statement, the aggregate of
deposits into and withdrawals from the Custodial Account for P&I for each
category of deposit specified in Section 3.2 and each category of withdrawal
specified in Section 3.3. Such statement shall also include information as to
the aggregate Principal Balance of all of the Loans as of the last day of the
calendar month immediately preceding such Distribution Date. Copies of such
statement shall be provided to any Certificateholder upon request by the
Servicer, or by the Trustee so long as the Trustee has received the report as
stipulated above at the Servicer's expense if the Servicer shall fail to provide
such copies.

         Section 3.11 ANNUAL STATEMENT AS TO COMPLIANCE.

         The Servicer will deliver to the Trustee, on or before March 15 of each
year, beginning March 15, 2003, an Officer's Certificate stating as to each
signer thereof, that (i) a review of the activities of the Servicer during the
preceding calendar year and of performance under this Agreement has been made
under such officer's supervision, and (ii) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all of its
obligations under this Agreement throughout such year, or if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to such officer and the nature and status thereof. Copies of such
statement shall be provided to each Rating Agency and to any Certificateholder
upon request by the Servicer, or by the Trustee at the Servicer's expense.

         Section 3.12 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.
On or before March 15 of each year, beginning March 15, 2003, the Servicer, at
its expense, shall cause a firm of independent public accountants who are
members of the American Institute of Certified Public Accountants to furnish a
statement to the Trustee and each Rating Agency to the effect that such firm has
examined certain documents and records relating to the servicing of the Loans
and that, either

                                      -83-

<PAGE>

(a) on the basis of such examination conducted substantially in compliance with
the audit program for mortgages serviced for FHLMC, such firm is of the opinion
that such servicing has been conducted in compliance with the manner of
servicing set forth in agreements substantially similar to this Agreement except
for (i) such exceptions as such firm shall believe to be immaterial and (ii)
such other exceptions as shall be set forth in such statement or, (b) that their
examination conducted substantially in compliance with the uniform single audit
program for mortgage bankers disclosed no exceptions or errors in records
relating to mortgage loans serviced for others that in their opinion are
material and that Paragraph 4 of that program requires them to report. Copies of
such statement shall be provided to Certificateholders upon request by the
Servicer, or by the Trustee at the Servicer's expense.

         Section 3.13 ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE LOANS. The Servicer shall provide access to the Trustee or to its designees
at its request, and to Certificateholders which are savings and loan
associations, banks or insurance companies, the OTS, the FDIC and the
supervisory agents and examiners of the OTS and the FDIC or examiners of any
other federal or state banking or insurance regulatory authority to the
documentation regarding the Loans if so required by applicable regulations of
the OTS or other regulatory authority, such access to be afforded without charge
but only upon reasonable request and during normal business hours at the offices
of the Servicer designated by it. The Trustee or its designee may without charge
copy any document or electronic record maintained by the Servicer hereunder.

         Section 3.14 [RESERVED].

         Section 3.15 SALE OF DEFAULTED LOANS AND REO PROPERTIES.

         (a) With respect to any Defaulted Loan or REO Property which the
Servicer has determined to sell in accordance with the standards set forth in
Section 3.7, the Servicer shall deliver to the Trustee an Officer's Certificate
to the effect that no satisfactory arrangements can be made for collection of
delinquent payments thereon pursuant to Section 3.2, and, consistent with the
servicing standard set forth in Section 3.1 and with a view to the best economic
interest of the Trust Fund, the Servicer has determined to sell such Defaulted
Loan or REO Property in accordance with this Section 3.15. The Servicer may then
offer to sell to any Person any Defaulted Loan or any REO Property or, subject
to the following sentence, purchase any such Defaulted Loan or REO Property (in
each case at the Purchase Price therefor), but shall in any event, so offer to
sell any REO Property no later than the time determined by the Servicer to be
sufficient to result in the sale of such REO Property within the period
specified in Section 3.7(c). The Servicer shall accept the highest bid received
from any Person for any Defaulted Loan or any REO Property in an amount at least
equal to the Purchase Price therefor or, at its option, if it has received no
bid at least equal to the Purchase Price therefor, purchase the Defaulted Loan
or REO Property at the Purchase Price.

         In the absence of any such bid or purchase by the Servicer, the
Servicer shall accept the highest bid received from any Person that is
determined by the Servicer to be a fair price for such Defaulted Loan or REO
Property, if the highest bidder is a Person other than an Interested Person,

                                      -84-

<PAGE>

or is determined to be such a price by the Trustee, if the highest bidder is an
Interested Person. Notwithstanding anything to the contrary herein, neither the
Trustee, in its individual capacity, nor any of its Affiliates may bid for or
purchase any Defaulted Loan or any REO Property pursuant hereto.

         The Servicer shall not be obligated by either of the foregoing
paragraphs or otherwise to accept the highest bid if the Servicer determines, in
accordance with the servicing standard stated in Section 3.1, that rejection of
such bid would be in the best interests of the Certificateholders. In addition,
the Servicer may accept a lower bid if it determines, in accordance with the
servicing standard stated in Section 3.1, that acceptance of such bid would be
in the best interests of the Certificateholders (for example, if the prospective
buyer making the lower bid is more likely to perform its obligations, or the
terms offered by the prospective buyer making the lower bid are more favorable).
In the event that the Servicer determines with respect to any REO Property that
the bids being made with respect thereto are not in the best interests of the
Certificateholders and that the end of the period referred to in Section 3.7(c)
with respect to such REO Property is approaching, the Servicer shall seek an
extension of such period in the manner described in Section 3.7(c).

         (b) In determining whether any bid received from an Interested Person
represents a fair price for any Defaulted Loan or any REO Property, the Trustee
may conclusively rely on the opinion of an Independent appraiser or other expert
in real estate matters retained by the Trustee the expense of which shall be an
expense of the Trust Fund. In determining whether any bid constitutes a fair
price for any Defaulted Loan or any REO Property, the Servicer or the Trustee
(or, if applicable, such appraiser) shall take into account, and any appraiser
or other expert in real estate matters shall be instructed to take into account,
as applicable, among other factors, the period and amount of any delinquency on
the affected Defaulted Loan, the physical condition of the related Mortgaged
Property or such REO Property, the state of the local economy and the Trust
Fund's obligation to dispose of any REO Property within the time period
specified in Section 3.7(c).

         (c) The Servicer shall act on behalf of the Trust Fund in negotiating
and taking any other action necessary or appropriate in connection with the sale
of any Defaulted Loan or REO Property, including the collection of all amounts
payable in connection therewith. Any sale of a Defaulted Loan or any REO
Property shall be without recourse to, or representation or warranty by, the
Trustee, the Depositor, the Servicer or the Trust Fund (except that any contract
of sale and assignment and conveyance documents may contain customary warranties
of title, so long as the only recourse for breach thereof is to the Trust Fund),
and, if consummated in accordance with the terms of this Agreement, neither the
Servicer, the Depositor nor the Trustee shall have any liability to the Trust
Fund or any Certificateholder with respect to the purchase price therefor
accepted by the Servicer or the Trustee.

         (d) The proceeds of any sale after deduction of the expenses of such
sale incurred in connection therewith shall be promptly deposited in the
Custodial Account for P&I in accordance with Section 3.2(b).

                                      -85-

<PAGE>

         Section 3.16 DELEGATION OF DUTIES. In the ordinary course of business,
the Servicer or the Trustee may at any time delegate any duties hereunder to any
Person who agrees to conduct such duties in accordance with the applicable terms
of this Agreement. In case of such delegation, the Servicer or the Trustee shall
supervise, administer, monitor and oversee the activities of such Person
hereunder to insure that such Person performs such duties in accordance herewith
and shall be responsible for the acts and omissions of such Person to the same
extent as it is responsible for its own actions or omissions hereunder. Any such
delegations shall not relieve the Servicer or the Trustee of its liability and
responsibility with respect to such duties, and shall not constitute a
resignation within the meaning of Section 6.4 hereof and shall be revocable by
any successor Servicer or the Trustee.

         Section 3.17 [RESERVED].

         Section 3.18 [RESERVED].

         Section 3.19 APPOINTMENT OF A SPECIAL SERVICER. The Servicer may enter
into a special servicing agreement with an unaffiliated holder of Subordinate
Certificates or a holder of a class of securities representing interests in such
Class of Subordinate Certificates, such agreement to be (i) substantially in the
form of Exhibit R hereto or (ii) subject to each Rating Agency's acknowledgment
that the ratings of the Certificates (determined without regard to the Insured
Certificate Policy) in effect immediately prior to the entering into of such
agreement would not be qualified, downgraded or withdrawn and the Certificates
would not be placed on credit review status (except for possible upgrading) as a
result of such agreement. Any such agreement may contain provisions whereby such
holder may instruct the Servicer to commence or delay foreclosure proceedings
with respect to delinquent Loans and may contain provisions for the deposit of
cash by the holder that would be available for distribution to
Certificateholders if Liquidation Proceeds are less than they otherwise may have
been had the Servicer acted in accordance with its normal procedures.

         Section 3.20 ALLOCATION OF REALIZED LOSSES.

         Prior to each Distribution Date, the Servicer shall determine the
amount of Realized Losses, if any, with respect to each Loan.

         The amount of Realized Losses shall be evidenced by an Officer's
Certificate signed by a Responsible Officer of the Servicer. All Realized
Losses, except for Excess Losses, will be allocated as follows: (i) for losses
allocable to principal (a) first, to the Subordinate Certificates in reverse
order of seniority until each of their Class Principal Balances have been
reduced to zero and (b) second, for losses on Group I Loans, to the Class IA
Certificates (other than the Class IA-2, Class IA-15, Class IA-39, Class IA-45,
Class IA-48 and Class IA-X Certificates), by Pro Rata Allocation (except that
all such losses allocable to the Class IA-4 Certificates will be allocated to
the Class IA- 30 Certificates, until the Class Principal Balance of the Class
IA-30 Certificates has been reduced to zero), and for losses on Group II Loans,
to the Class IIA Certificates and the Class R Certificate, by Pro Rata
Allocation, until the Certificate Principal Balances thereof have been reduced
to zero;

                                      -86-

<PAGE>

PROVIDED, HOWEVER, that prior to the Credit Support Depletion Date if the loss
is recognized (a) with respect to a Group I Discount Loan, the Group I Discount
Fraction of such loss shall be allocated to the Class IA-P Certificates and the
remainder of such loss will be allocated as described in clause (i) above, and
(b) with respect to a Group II Discount Loan, the Group II Discount Fraction of
such loss shall be allocated to the Class IIA-P Certificates and the remainder
of such loss will be allocated as described in clause (i) above and (ii) for
losses allocable to interest (a) first, to the Subordinate Certificates in
reverse order of seniority, in reduction of accrued but unpaid interest thereon
and then in reduction of the Class Principal Balance of such Certificates and
(b) second, for losses on Group I Loans, to the Class IA Certificates, by Pro
Rata Allocation, and for losses on Group II Loans to the Class IIA Certificates
and the Class R Certificate, by Pro Rata Allocation (except that all such losses
allocable to the Class IA-4 Certificates will be allocated to the Class IA-30
Certificates, until the Class Principal Balance of the Class IA-30 Certificates
has been reduced to zero), until the Certificate Principal Balances thereof have
been reduced to zero.

         Excess Losses shall be allocated among the Senior Certificates and the
Subordinate Certificates by Pro Rata Allocation.

         On each Distribution Date, after giving effect to the principal
distributions and allocations of losses as provided in this Agreement (without
regard to this paragraph), if the Aggregate Certificate Principal Balance of all
outstanding Classes of Certificates exceeds the aggregate principal balance of
the Loans in both Loan Groups, after deduction of (i) all principal payments due
on or before the Cut-Off Date in respect of each such Loan whether or not paid
and (ii) all amounts of principal in respect of each such Loan that have been
received or advanced and included in the related Available Distribution Amount,
and all losses in respect of such Loans that have been allocated to the
Certificates, on such Distribution Date or prior Distribution Dates, then such
excess will be deemed a principal loss and will be allocated (i) first, to the
Subordinate Certificates in reverse order of seniority until each of their Class
Principal Balances has been reduced to zero, and (ii) second, to the Senior
Certificates, other than the Interest Only Certificates, pro rata according to
their Certificate Principal Balances or, in the case of the Accrual
Certificates, the Certificate Principal Balance of such Accrual Certificate on
the Closing Date, if lower in reduction thereof (except all losses allocable to
the Class IA-4 Certificates will be allocated to the Class IA-30 Certificates
until the Class Principal Balance of the Class IA-30 Certificates has been
reduced to zero).

         Any Realized Loss, including any Excess Loss, allocated to the Insured
Certificates will be covered by the Insured Certificate Policy. Any payment
under the Insured Certificate Policy with respect to a Realized Loss allocated
to the Insured Certificates shall not result in a further reduction to the Class
Principal Balance of the Insured Certificates.

         Section 3.21 MAINTENANCE OF THE ROUNDING ACCOUNT; COLLECTIONS
THEREUNDER.

                                      -87-

<PAGE>

         On or prior to the Closing Date, the Trustee shall establish the
Rounding Account and Credit Suisse First Boston Corporation shall deposit
$999.99 therein. The Trustee shall maintain such account to provide, if needed,
the applicable Rounding Amount on any Distribution Date. On the first
Distribution Date with respect to which the Trustee determines that amounts are
available out of the applicable Available Distribution Amount for distributions
of principal on the Retail Lottery Certificates, and the aggregate amount
allocable to such distributions of principal is not an amount equal to an
integral multiple of $1,000, the Trustee shall withdraw from the Rounding
Account the applicable Rounding Amount. On each succeeding Distribution Date,
prior to the Credit Support Depletion Date, with respect to which the Trustee
determines that amounts are available out of the applicable Available
Distribution Amount for distributions of principal on the Retail Lottery
Certificates, the aggregate amount allocable to such Class will be applied first
to replenish any funds withdrawn from the Rounding Account on prior Distribution
Dates which have not been repaid. If the remainder of the aggregate amount
allocable to distributions of principal to the Retail Lottery Certificates is
not an amount equal to an integral multiple of $1,000, the Trustee shall
withdraw from the Rounding Account, to the extent funds are available therein,
the applicable Rounding Amount.

         Any amounts withdrawn by the Trustee from the Rounding Account shall be
deposited in the Certificate Account for distribution to the Holders of Retail
Lottery Certificateholders as described in the immediately preceding paragraph.
Funds held in the Certificate Account may be invested by the Trustee or
Certificate Administrator for its own account in Eligible Investments which
shall mature not later than one Business Day prior to the related Distribution
Date or, shall mature not later than the related Distribution Date if such
Eligible Investments are managed by, or are obligations of, such institution
that maintains the Certificate Account.

         The Rounding Account shall be an "outside reserve fund" under the REMIC
Provisions that is beneficially owned for all federal income tax purposes by
Credit Suisse First Boston Corporation.

                                      -88-

<PAGE>

                                   ARTICLE IV

                    PAYMENTS TO CERTIFICATEHOLDERS; ADVANCES;
                             STATEMENTS AND REPORTS

         Section 4.1 DISTRIBUTIONS TO CERTIFICATEHOLDERS. (a) The Trustee shall
establish and maintain a separate account as set forth in Article I (the
"Certificate Account"), the purpose of which is to accept deposits from the
Servicer and to make distributions to the Certificateholders and MBIA of the
amounts set forth in this Section 4.1. Further, the Trustee shall establish and
maintain the Reserve Fund which shall be an Eligible Account into which there
shall have been deposited the amount of $5,000 on the Closing Date. No
additional funds will be deposited in the Reserve Fund after the Closing Date.
All funds deposited in the Reserve Fund including interest thereon shall be held
in trust for the benefit of the Holders of the Insured Certificates, until
withdrawn in accordance with this Section 4.1. The Reserve Fund shall be an
"outside reserve fund" under the REMIC Provisions that is beneficially owned for
all federal income tax purposes by Credit Suisse First Boston Corporation.

         (b) On each Distribution Date, the Trustee or the Paying Agent, if any,
shall (x) withdraw from the Certificate Account the MBIA Premium and distribute
such amount to MBIA pursuant to Section 4.11(m) and (y)(i) withdraw from the
Certificate Account the Available Distribution Amount for such Distribution Date
and shall distribute to each Certificateholder and MBIA, from the amount so
withdrawn and to the extent of the Available Distribution Amount, such
Certificateholder's share (based on the aggregate Percentage Interests
represented by the Certificates of the applicable Class held by such
Certificateholder) or MBIA's share (based upon the amount due to MBIA), as the
case may be, of the amounts and in the order of priority as set forth in the
definition of "Certificate Distribution Amount", (ii) distribute Excess
Liquidation Proceeds to the Class R Certificateholder and (iii) distribute the
amount withdrawn from the Reserve Fund with respect to such Distribution Date
pursuant to Section 4.1(f), to the extent of funds on deposit in the Reserve
Fund and shall apply such funds to distributions on the Insured Certificates as
interest thereon, up to the amount of the Prepayment Interest Shortfalls
allocated to the Insured Certificates pursuant to the definitions of "Interest
Distribution Amount" and "Uncompensated Interest Shortfall", with respect to
such Distribution Date, by wire transfer in immediately available funds for the
account of the Certificateholder or MBIA, as applicable, or by any other means
of payment acceptable to each Certificateholder of record on the immediately
preceding Record Date (other than as provided in Section 9.1 respecting the
final distribution), or MBIA, as applicable, as specified by each such
Certificateholder and at the address of such Holder appearing in the Certificate
Register or MBIA, as applicable; provided, that if the Trustee has appointed a
Certificate Administrator, such distributions in (i), (ii) and (iii) above shall
be made in accordance with written statements received from the Certificate
Administrator pursuant to Section 4.2.

         (c) All reductions in the Certificate Principal Balance of a
Certificate effected by distributions of principal or allocations of Realized
Losses with respect to Loans made on any

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Distribution Date shall be binding upon all Holders of such Certificate and of
any Certificate issued upon the registration of transfer or exchange therefor or
in lieu thereof, whether or not such distribution is noted on such Certificate.
The final distribution of principal of each Certificate (and the final
distribution with respect to the Class R Certificate upon termination of the
Trust Fund) shall be payable in the manner provided above only upon presentation
and surrender thereof on or after the Distribution Date therefor at the office
or agency of the Trustee or Certificate Administrator, if any, specified in the
notice delivered pursuant to Section 4.1(d) or Section 9.1.

         (d) Whenever, on the basis of Curtailments, Payoffs and Monthly
Payments on the Loans and Insurance Proceeds and Liquidation Proceeds received
and expected to be received during the applicable Prepayment Period, the Trustee
believes, or the Certificate Administrator, if any, has notified the Trustee
that it believes, that the entire remaining unpaid Class Principal Balance of
any Class of Certificates will become distributable on the next Distribution
Date, the Trustee or the Certificate Administrator, if any, shall, no later than
the Determination Date of the month of such Distribution Date, mail or cause to
be mailed to each Person in whose name a Certificate to be so retired is
registered at the close of business on the Record Date, to the Underwriters and
to each Rating Agency a notice to the effect that:

                  (i) it is expected that funds sufficient to make such final
         distribution will be available in the Certificate Account on such
         Distribution Date, and

                  (ii) if such funds are available, (A) such final distribution
         will be payable on such Distribution Date, but only upon presentation
         and surrender of such Certificate at the office or agency of the
         Certificate Registrar maintained for such purpose (the address of which
         shall be set forth in such notice), and (B) no interest shall accrue on
         such Certificate after such Distribution Date.

         (e) Prior to the Credit Support Depletion Date, distributions in
reduction of the outstanding Class Principal Balances of the Retail Lottery
Certificates will be made in integral multiples of $1,000 at the request of the
appropriate representatives of Deceased Holders of Certificates and at the
request of Living Holders of Certificates or by mandatory distributions,
pursuant to Section 4.1(e)(i) and Section 4.1(e)(iv). On and after the Credit
Support Depletion Date, distributions in reduction of the outstanding Class
Principal Balances of the Retail Lottery Certificates will be made on a pro rata
basis pursuant to Section 4.1(e)(v).

                  (i) On each Distribution Date prior to the Credit Support
         Depletion Date on which principal distributions to the Retail Lottery
         Certificates are made pursuant to Section 4.1, such distributions shall
         be made to the Retail Lottery Certificateholders by the Depository
         pursuant to the Depository Agreement in the following priority:

                  (1) first, to requesting Deceased Holders, in the order in
         which such requests are received by the Depository, but not exceeding
         an aggregate amount of $100,000 for each requesting Deceased Holder;
         and

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<PAGE>

                  (2) second, to requesting Living Holders, in the order in
         which such requests are received by the Depository, but not exceeding
         an aggregate amount of $10,000 for each requesting Living Holder.

Thereafter, the Depository shall make distributions with respect to the Retail
Lottery Certificates as provided in clauses (1) and (2) above up to a second
$100,000 and $10,000, respectively. This sequence of priorities shall be
repeated until the Depository has honored all requests for principal
distributions by Deceased Holders and Living Holders to the extent of amounts
available for principal distributions to the Retail Lottery Certificates.

                  All requests for principal distributions to the Retail Lottery
         Certificates will be accepted in accordance with the provisions set
         forth in Section 4.1(e)(iii). Requests for principal distributions that
         are received by the Trustee after the related Record Date and requests
         for principal distributions received in a timely manner but not
         accepted with respect to any Distribution Date, will be treated as
         requests for principal distributions by the Beneficial Holder(s) making
         such requests on the next succeeding Distribution Date, and each
         succeeding Distribution Date thereafter, until each such request is
         accepted or is withdrawn as provided in Section 4.1(e)(iii). Such
         requests as are not so withdrawn shall retain their order of priority
         without the need for any further action on the part of the appropriate
         Beneficial Holder of the Retail Lottery Certificates, all in accordance
         with the procedures of the Depository and the Trustee. Upon the
         transfer of beneficial ownership of the Retail Lottery Certificates,
         any distribution request previously submitted shall be deemed to have
         been withdrawn only upon the receipt by the Trustee, on or before the
         Record Date for any applicable Distribution Date of notification of
         such withdrawal in the manner set forth in Section 4.1(e)(iii) using a
         form required by the Depository.

                  Distributions in reduction of the outstanding Class Principal
         Balances of the Retail Lottery Certificates shall be applied by the
         Trustee in an amount equal to the portion of the Certificate
         Distribution Amount allocable to the Retail Lottery Certificates, plus
         any amounts available for distribution from the Rounding Account
         established as provided in Section 3.21, provided that the aggregate
         distribution of principal to the Retail Lottery Certificateholders on
         any Distribution Date shall be made in an integral multiple of $1,000.

                  To the extent that the portion of the Certificate Distribution
         Amount allocable to the Retail Lottery Certificates on any Distribution
         Date exceeds the outstanding Class Principal Balances of the Retail
         Lottery Certificates with respect to which principal distribution
         requests, as set forth above, have been received, principal
         distributions in reduction of the outstanding Class Principal Balances
         of the Retail Lottery Certificates will be made by mandatory
         distribution pursuant to Section 4.1(e)(iv).

                  (ii) The Retail Lottery Certificates shall be deemed to be
         held by a Deceased Holder for purposes of this Section 4.1(e) if the
         death of the Beneficial Holder thereof is deemed to have occurred by
         the Trustee. Retail Lottery Certificates beneficially owned by

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<PAGE>

         tenants by the entirety, joint tenants or tenants in common shall be
         considered to be beneficially owned by a single owner. The death of a
         tenant by the entirety, joint tenant or tenant in common shall be
         deemed to be the death of the Beneficial Holder, and the Retail Lottery
         Certificates so beneficially owned shall be eligible for priority with
         respect to principal distributions, subject to the limitations stated
         above. The Retail Lottery Certificates beneficially owned by a trust
         shall be considered to be beneficially owned by each beneficiary of the
         trust to the extent of such beneficiary's beneficial interest therein,
         but in no event will a trust's beneficiaries collectively be deemed to
         be Beneficial Holders of a number of Retail Lottery Certificates
         greater than the number of Retail Lottery Certificates of which such
         trust is the owner.

The death of a beneficiary of a trust shall be deemed to be the death of a
Beneficial Holder of Retail Lottery Certificates beneficially owned by the trust
to the extent of such beneficiary's beneficial interest in such trust. The death
of an individual who was a tenant by the entirety, joint tenant or tenant in
common in a tenancy which is the beneficiary of a trust shall be deemed to be
the death of the beneficiary of such trust. The death of a person who, during
his or her lifetime, was entitled to substantially all of the beneficial
ownership interests in Retail Lottery Certificates shall be deemed to be the
death of the holder of such Retail Lottery Certificates regardless of the
registration of ownership, if such beneficial ownership interest can be
established to the satisfaction of the Trustee. Such beneficial interest shall
be deemed to exist in typical cases of street name or nominee ownership,
ownership by a trustee, ownership under the Uniform Gifts to Minors Act and
community property or other joint ownership arrangements between a husband and
wife. Beneficial interest shall include the power to sell, transfer or otherwise
dispose of Retail Lottery Certificates and the right to receive the proceeds
therefrom, as well as interest and principal distributions, as applicable,
payable with respect thereto. Neither the Trustee nor the Paying Agent shall be
under any duty to determine independently the occurrence of the death of any
Deceased Holder. The Trustee may rely entirely upon documentation delivered to
it pursuant to Section 4.1(e)(iii) in establishing the eligibility of any Holder
to receive the priority accorded Deceased Holders in Section 4.1(e)(i).

                  (iii) Requests for principal distributions to Retail Lottery
         Certificates shall be made by delivering a written request therefor to
         the DTC Participant or Indirect DTC Participant that maintains the
         account evidencing such Beneficial Holder's interest in such
         Certificate. In the case of a request on behalf of a Deceased Holder,
         appropriate evidence of death and any tax waivers are required to be
         forwarded to the Trustee, under separate cover; provided, however, that
         the Trustee has no obligation and will incur no liability for failure
         to examine the sufficiency of such tax waiver. The DTC Participant
         shall in turn make the request of the Depository (or, in the case of an
         Indirect DTC Participant, such Indirect DTC Participant shall notify
         the related DTC Participant of such request, which DTC Participant
         shall make the request of the Depository) on a form required by the
         Depository and provided to the DTC Participant. Upon receipt of such
         request, the Depository will date and time stamp such request and
         forward such request to the Trustee. The Depository may establish such
         procedures as it deems fair and equitable to establish the order of
         receipt of requests for such distributions received by it on the same
         day. None of the Company, the Servicer, the

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<PAGE>

         Paying Agent or the Trustee shall be liable for any delay in delivery
         of requests for distributions or withdrawals of such requests by the
         Depository, a DTC Participant or any Indirect DTC Participant.

         The Trustee shall maintain a list of those DTC Participants
representing the appropriate holders of Retail Lottery Certificates that have
submitted requests for principal distributions, together with the order of
receipt and the amounts of such requests. The Trustee shall notify the
Depository as to which requests should be honored on each Distribution Date at
least two Business Days prior to such Distribution Date and shall notify the
Depository as to the portion of the Certificate Distribution Amount (together
with any amounts available for distribution from the Rounding Account) to be
distributed to Retail Lottery Certificates by mandatory distribution pursuant to
Section 4.1(e)(iv). Requests shall be honored by the Depository in accordance
with the procedures, and subject to the priorities and limitations, described in
this Section 4.1(e). The exact procedures to be followed by the Trustee and the
Depository for purposes of determining such priorities and limitations will be
those established from time to time by the Trustee or the Depository, as the
case may be. The decisions of the Trustee and the Depository concerning such
matters will be final and binding on all affected persons.

         Retail Lottery Certificates that have been accepted for a distribution
shall receive distributions on the applicable Distribution Date. Such
Certificates shall cease to bear interest on the amount of principal to be
distributed on any Distribution Date after the last calendar day of the month
preceding the month in which such Distribution Date occurs.

         Any Beneficial Holder of a Retail Lottery Certificate that has
requested a principal distribution may withdraw its request by so notifying in
writing the DTC Participant or Indirect DTC Participant that maintains such
Beneficial Holder's account. In the event that such account is maintained by an
Indirect DTC Participant, such Indirect DTC Participant must notify the related
DTC Participant which in turn must forward the withdrawal of such request, on a
form required by the Depository, to the Depository to be forwarded to the
Trustee. If such notice of withdrawal of a request for distribution has not been
received by the Depository and forwarded to the Trustee on or before the Record
Date for the next Distribution Date, the previously made request for a principal
distribution shall be irrevocable with respect to the making of principal
distributions on such Distribution Date.

         In the event any requests for principal distributions are rejected by
the Trustee for failure to comply with the requirements of this Section 4.1(e),
the Trustee shall return such request to the appropriate DTC Participant with a
copy to the Depository with an explanation as to the reason for such rejection.

                  (iv) To the extent, if any, that principal distributions to be
         made to the applicable Retail Lottery Certificates on a Distribution
         Date exceed the aggregate amount of principal distribution requests
         which have been received on or before the applicable Record Date, as
         provided in Section 4.1(e)(i) above, additional Retail Lottery
         Certificates will be selected

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<PAGE>

         to receive mandatory principal distributions in lots equal to $1,000 in
         accordance with the then-applicable Random Lot procedures of the
         Depository, and the then-applicable procedures of the DTC Participants
         and Indirect DTC Participants representing the Beneficial Holders
         (which procedures may or may not be by random lot). The Trustee shall
         notify the Depository of the aggregate amount of the mandatory
         principal distribution to be made on the next Distribution Date. The
         Depository shall then allocate such aggregate amount among the DTC
         Participants on a Random Lot basis. Each DTC Participant and, in turn,
         each Indirect DTC Participant shall then select, in accordance with its
         own procedures, the applicable Retail Lottery Certificates from among
         those held in its accounts to receive mandatory principal
         distributions, such that the total amount of principal distributed to
         the so selected Retail Lottery Certificates is equal to the aggregate
         amount of such mandatory distributions allocated to such DTC
         Participant by the Depository and to such Indirect DTC Participant by
         its related DTC Participant, as the case may be. DTC Participants and
         Indirect DTC Participants that hold Retail Lottery Certificates
         selected for mandatory principal distributions are required to provide
         notice of such mandatory distributions to the affected Beneficial
         Holders.

                  (v) Notwithstanding any provisions herein to the contrary, on
         each Distribution Date on and after the Credit Support Depletion Date,
         distributions in reduction of the outstanding Class Principal Balances
         of the Retail Lottery Certificates will be made pro rata (based upon
         their respective outstanding Class Principal Balances) among the
         Beneficial Holders of the Retail Lottery Certificates and shall not be
         made in integral multiples of $1,000 nor pursuant to requests for
         distribution or by mandatory distributions as provided for by this
         Section 4.1(e).

                  Subject to the third paragraph of Section 10.1 hereof, in the
         event that Definitive Certificates representing Retail Lottery
         Certificates are issued, an amendment to this Agreement, which may be
         approved without the consent of any Certificateholders, shall establish
         procedures relating to the manner in which distributions in reduction
         of the outstanding Class Principal Balances of Retail Lottery
         Certificates are to be made.

         (f) The Trustee shall from time to time make withdrawals from the
Reserve Fund on behalf of the Insured Certificateholders for the following
purposes:

                  (i) on or prior to each Withdrawal Date, to withdraw from the
         Reserve Fund an amount equal to the lesser of (a) any Prepayment
         Interest Shortfall allocated to the Insured Certificates pursuant to
         the definitions of "Interest Distribution Amount" and "Uncompensated
         Interest Shortfall" for the related Distribution Date, and (b) the
         amount on deposit in the Reserve Fund, and remit such amount to the
         Certificate Account for distribution to the Insured Certificateholders
         on such Distribution Date;

                  (ii) on the earlier of (a) the Distribution Date on which the
         Class Principal Balances of the Insured Certificates are reduced to
         zero and (b) the termination of this

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<PAGE>

         Agreement pursuant to Section 9.1, to clear and terminate the Reserve
         Fund and to pay all amounts on deposit therein to Credit Suisse First
         Boston Corporation at the address supplied by it to the Trustee for
         such purpose.

         Section 4.2 STATEMENTS TO CERTIFICATEHOLDERS; EXCHANGE ACT REPORTING.
(a) Not later than each Determination Date, the Servicer shall forward to the
Trustee or the Certificate Administrator, if any, the Servicer's Section 3.10
Report setting forth certain information with respect to the Loans. With each
distribution from the Certificate Account on a Distribution Date, the Trustee or
the Certificate Administrator, if any, shall, based on the information set forth
in the Servicer's Section 3.10 Report, prepare and forward or make available
through the Trustee's or the Certificate Administrator's, as the case may be,
internet website (which initially will be the Certificate Administrator's
internet website located at www.etrustee.net) to MBIA and each
Certificateholder, a statement (each a "Certificateholders' Report") setting
forth, to the extent applicable, the amount of the distribution payable to the
applicable Class that represents principal and the amount that represents
interest, and the applicable Class Principal Balances after giving effect to
such distribution.

         In addition, not later than each Distribution Date, the Certificate
Administrator or Trustee, as applicable, shall forward or make available to such
Certificateholder, the Trustee (if the Trustee has appointed a Certificate
Administrator), MBIA and the Depositor an additional report which sets forth
with respect to the Loans:

                  (i) The number and aggregate Principal Balance of the Loans
         delinquent one, two and three months or more;

                  (ii) The (A) number and aggregate Principal Balance of Loans
         with respect to which foreclosure proceedings have been initiated, and
         (B) the number and aggregate book value of Mortgaged Properties
         acquired through foreclosure, deed in lieu of foreclosure or other
         exercise of rights respecting the Trustee's security interest in the
         Loans;

                  (iii) The aggregate Principal Balance of the Loans as of the
         close of business on the last day of the related Prepayment Period;

                  (iv) The amount of the Servicing Fee retained or withdrawn by
         the Servicer from the Certificate Account and the amount of any Excess
         Liquidation Proceeds received by the Servicer during the related
         Prepayment Period;

                  (v) The amount of Special Hazard Coverage available to the
         Senior Certificates remaining as of the close of business on the
         applicable Determination Date;

                  (vi) The amount of Bankruptcy Coverage available to the Senior
         Certificates remaining as of the close of business on the applicable
         Determination Date;

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<PAGE>

                  (vii) The amount of Fraud Coverage available to the Senior
         Certificates remaining as of the close of business on the applicable
         Determination Date;

                  (viii) The amount of Realized Losses incurred in respect of
         each Loan Group allocable to the related Certificates on the related
         Distribution Date and the cumulative amount of Realized Losses incurred
         in respect of each Loan Group allocated to such Certificates since the
         Cut-Off Date;

                  (ix) The amount of interest accrued but not paid on the each
         Class of Certificates entitled to interest since (a) the prior
         Distribution Date and (b) the Closing Date;

                  (x) The amount of funds advanced by the Servicer on the
         related Withdrawal Date;

                  (xi) The total amount of Payoffs and Curtailments received
         during the related Prepayment Period;

                  (xii) The amount of any withdrawal from the Reserve Fund since
         the prior Distribution Date; and

                  (xiii) The amount remaining in the Reserve Fund after taking
         into account amounts withdrawn from the Reserve Fund for such
         Distribution Date.

         Upon written request by any Certificateholder, the Trustee or the
Certificate Administrator (if so appointed by the Trustee), as soon as
reasonably practicable, shall provide the requesting Certificateholder with such
information as is necessary and appropriate, in Trustee's or the Certificate
Administrator's sole discretion, for purposes of satisfying applicable reporting
requirements under Rule 144A of the Securities Act.

         (b) Upon written request to the Trustee or Certificate Administrator
(if so appointed by the Trustee) by any Certificateholder who is a Holder
thereof at the time of making such request (an "Eligible Certificateholder"),
the Trustee or the Certificate Administrator, if applicable, shall provide in
electronic format loan by loan data with respect to the payment experience of
the Loans containing at least the fields of information listed on Exhibit E
hereto (based on information provided by the Servicer). In addition, upon the
written request of any Eligible Certificateholder, the Trustee or the
Certificate Administrator shall provide similar loan by loan data with respect
to any prior monthly remittance report to the Certificateholders pursuant to
this Agreement (as and when such information becomes available). The expense of
providing any tape or disk pursuant to this subsection shall be an expense of
the Eligible Certificateholder.

         (c) The Servicer shall, on behalf of the Depositor and in respect of
the Trust Fund, prepare, sign and cause to be filed with the Commission any
periodic reports required to be filed under the provisions of the Exchange Act,
and the rules and regulations of the Commission thereunder. In

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<PAGE>

connection with the preparation and filing of such periodic reports, the
Depositor and the Trustee shall timely provide to the Servicer all material
information that is in the possession of the Depositor and Trustee and is not,
to the best of the Depositor's or the Trustee's knowledge, in the possession of
the Servicer and which is required to be included in such reports. Neither the
Servicer nor the Trustee shall have any liability with respect to the Servicer's
failure to properly prepare or file such periodic reports resulting from or
relating to the Servicer's inability or failure to obtain any information not
resulting from the Servicer's own negligence or willful misconduct. Any Form
10-K filed with the Commission in connection with this clause (c) shall include
a certification, signed by the senior officer in charge of the servicing
functions of the Servicer, in the form attached as Exhibit S hereto or such
other form as may be required or permitted by the Commission (the "Form 10-K
Certification"), in compliance with Rule 13a-14 and 15d-14 under the Exchange
Act and any additional directives of the Commission. In connection with the Form
10-K Certification, each of the Trustee and the Depositor shall provide the
Servicer with a back-up certification substantially in the form attached hereto
as Exhibit T. This Section 4.3(c) may be amended in accordance with this
Agreement without the consent of the Certificateholders.

         Section 4.3 ADVANCES BY THE SERVICER; DISTRIBUTION REPORTS TO THE
TRUSTEE. To the extent described below, the Servicer is obligated to advance its
own funds to the Certificate Account to cover any shortfall between (i) payments
scheduled to be received in respect of Loans serviced by such Servicer, and (ii)
the amounts actually deposited in the Certificate Account on account of such
payments. The Servicer's obligation to make any Advance or Advances described in
this Section 4.3 is effective only to the extent that such Advance is, in the
good faith judgment of the Servicer, reimbursable from Insurance Proceeds or
Liquidation Proceeds of the related Loans or recoverable as late Monthly
Payments with respect to the related Loans or otherwise.

         Prior to the close of business on each Determination Date, the Servicer
shall determine whether or not it will make an Advance on the next Withdrawal
Date and shall furnish a statement to the Certificate Administrator, if any, the
Trustee, the Paying Agent, if any, MBIA and to any Certificateholder requesting
the same, setting forth the aggregate amount to be distributed on the next
succeeding Distribution Date on account of principal and interest in respect of
the Loans, stated separately. In the event that full scheduled amounts of
principal and interest in respect of the related Loans shall not have been
received by or on behalf of the Servicer prior to the Withdrawal Date preceding
such Distribution Date and the Servicer shall have determined that an Advance
shall be made in accordance with this Section 4.3, the Servicer shall so specify
and shall specify the aggregate amount of such Advance.

         In the event that the Servicer shall be required to make an Advance, it
shall on the Withdrawal Date either (i) deposit in the Certificate Account an
amount equal to such Advance, (ii) direct the Trustee or the Certificate
Administrator (if so appointed by the Trustee) to make an appropriate entry in
the records of the Certificate Account that funds in such account being held for
future distribution or withdrawal have been, as permitted by this Section 4.3,
used by such Servicer to make such Advance, or (iii) make advances in the form
of any combination of (i) and (ii) aggregating the amount of such Advance. Any
funds being held for future distribution to Certificateholders and so used shall
be replaced by the related Servicer by deposit in the Certificate

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<PAGE>

Account on any future Withdrawal Date to the extent that funds in the
Certificate Account on the related Distribution Date with respect to the related
Loans shall be less than payments to Certificateholders required to be made on
such date with respect to such Loans.

         The Servicer shall be entitled to reimbursement for any Advance as
provided in Section 3.3 of this Agreement.

         In the event that the Trustee has appointed a Certificate
Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the
Certificate Administrator shall provide the Trustee with a statement regarding
the amount of principal and interest, the Residual Distribution Amount and the
Excess Liquidation Proceeds to be distributed to each Class of Certificates on
such Distribution Date (such amounts to be determined in accordance with the
definition of "Certificate Distribution Amount", Section 4.1 hereof and other
related definitions set forth in Article I hereof).

         Section 4.4 NONRECOVERABLE ADVANCES. Any Advance previously made by the
Servicer with respect to a Loan that the Servicer shall determine in its good
faith judgment not to be ultimately recoverable from Insurance Proceeds or
Liquidation Proceeds or otherwise with respect to such Loan or recoverable as
late Monthly Payments with respect to such Loan shall be a Nonrecoverable
Advance. The determination by the Servicer that it has made a Nonrecoverable
Advance or that any advance would constitute a Nonrecoverable Advance, shall be
evidenced by an Officer's Certificate of the Servicer delivered to the Trustee
on the Determination Date and detailing the reasons for such determination.
Notwithstanding any other provision of this Agreement, any insurance policy
relating to the Loans, or any other agreement relating to the Loans to which the
Depositor or the Servicer is a party, (a) the Servicer shall not be obligated
to, and shall not, make any advance that, after reasonable inquiry and in its
sole discretion, it determines would be a Nonrecoverable Advance, and (b) the
Servicer shall be entitled to reimbursement for any Nonrecoverable Advance as
provided in Section 3.3 of this Agreement.

         Section 4.5 FORECLOSURE REPORTS. Each year beginning in 2003 the
Servicer shall make any reports of foreclosures and abandonments of any
Mortgaged Property required by Section 6050J of the Code. In order to facilitate
this reporting process, the Servicer, on or before February 28th of each year,
commencing with 2003, shall provide to the Internal Revenue Service, the Trustee
and the Certificate Administrator, if any, reports relating to each instance
occurring during the previous calendar year in which the Servicer (i) on behalf
of the Trustee acquires an interest in a Mortgaged Property through foreclosure
or other comparable conversion in full or partial satisfaction of a Loan, or
(ii) knows or has reason to know that a Mortgaged Property has been abandoned.
The reports from the Servicer shall be in form and substance sufficient to meet
the reporting requirements imposed by such Section 6050J.

         Section 4.6 ADJUSTMENT OF SERVICING FEES WITH RESPECT TO PAYOFFS. The
aggregate amount of the Servicing Fee subject to retention from deposit into or
withdrawal from the Certificate Account by the Servicer, in any month of
distribution shall be decreased by any Compensating Interest due and owing with
respect to any Loan with respect to which a Payoff has occurred in the

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<PAGE>

related Prepayment Period. The Servicer shall include the amount of any such
Compensating Interest with the deposits into the Certificate Account on the
related Withdrawal Date. Notwithstanding the foregoing, the amount by which the
Servicing Fee may be reduced with respect to the related Prepayment Period
pursuant to this Section 4.6 shall not exceed an amount greater than the amount
described in clause (i) of the definition of Compensating Interest for all Loans
as to which Payoffs have occurred and the rights of the Certificateholders to
such portion of the Servicing Fee shall not be cumulative.

         Section 4.7       PROHIBITED TRANSACTIONS TAXES AND OTHER TAXES.

         (a) In the event that any tax (including a tax on "prohibited
transactions" as defined in Section 860F(a)(2) of the Code and including any and
all interest, penalties, fines and additions to tax, as well as any and all
reasonable counsel fees and out-of-pocket expenses incurred in contesting the
imposition of such tax) is imposed on the Trust Fund and is not otherwise paid
pursuant to Section 4.7(b) hereof, the Servicer shall pay such taxes when and as
the same shall be due and payable (but such obligation shall not prevent the
Servicer, the Trustee, the Certificate Administrator, if any, or any other
appropriate Person from contesting any such tax in appropriate proceedings and
shall not prevent the Servicer from withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings); provided, that the
Servicer shall be entitled to be indemnified for any such taxes (excluding taxes
referred to in Section 4.7(b)) to the extent set forth in Section 6.3 hereof so
long as the Servicer's failure to exercise reasonable care with respect to the
performance of its duties hereunder was not the primary cause of the imposition
of such taxes. If the Servicer is indemnified for such taxes pursuant to this
Section 4.7(a), such amount shall be first charged against amounts otherwise
distributable to the Holders of Component R-1 of the Class R Certificate (or, if
the tax relates to REMIC II, Component R-2 of the Class R Certificate or, if the
tax relates to REMIC III, Component R-3 of the Class R Certificate, or, if the
tax relates to REMIC IV, Component R-4 of the Class R Certificate) on a pro rata
basis, then against amounts otherwise distributable with respect to the REMIC I
Regular Interests (or, if the tax relates to REMIC II, to the Holders of the
REMIC II Certificates) on a pro rata basis. The Trustee is hereby authorized to
retain from amounts otherwise distributable to the Certificateholders sufficient
funds to reimburse the Servicer for the payment of such tax for which the
Servicer is entitled to indemnification.

         (b) The Servicer shall pay on written demand, and shall indemnify and
hold harmless the Trust Fund from and against, any and all taxes imposed on the
Trust Fund (including, for this purpose, any and all interest, penalties, fines
and additions to tax, as well as any and all reasonable counsel fees and
out-of-pocket expenses incurred in contesting the imposition of such tax).

         Section 4.8       TAX ADMINISTRATION.

         (a) The Trustee is hereby appointed as attorney-in-fact and agent for
the initial Tax Matters Person; provided, that the Trustee may appoint, and
hereby does so appoint, the Certificate Administrator as attorney-in-fact and
agent for the Tax Matters Person. The Trustee may, by written notice delivered
to the Certificate Administrator, revoke the appointment of the Certificate

                                      -99-

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Administrator as attorney-in-fact and agent for the Tax Matters Person, in which
case the Trustee shall act in such capacity.

         (b) In order to enable the Trustee or the Certificate Administrator, as
applicable, to perform its duties as set forth in this Section 4.8 and Section
3.1(b), the Servicer agrees to provide any tax forms, instruments or other
documents related thereto, as the Trustee or the Certificate Administrator, as
applicable, may reasonably request, including, without limitation, any tax
forms, instruments or other documents prepared by the Servicer pursuant to this
Section 4.8. In order to enable the Trustee or the Certificate Administrator, as
applicable, to perform its duties as set forth in this Section 4.8 and Section
3.1(b), the Servicer shall use its best efforts to cause to be delivered to the
Trustee or the Certificate Administrator, as applicable, within ten (10) days
after the Closing Date all information or data that the Trustee or the
Certificate Administrator, as applicable, determines to be relevant for tax
purposes to the valuations and offering prices of the Certificates, including,
without limitation, the price, yield, prepayment assumption and projected cash
flows. Thereafter, the Servicer shall use its best efforts to provide to the
Trustee or the Certificate Administrator, as applicable, promptly upon request
therefor, any such additional information or data that the Trustee or the
Certificate Administrator, as applicable, may, from time to time, request in
order to enable the Trustee or the Certificate Administrator, as applicable, to
perform its duties as set forth in this Section 4.8 and Section 3.1(b).

         Section 4.9 EQUAL STATUS OF SERVICING FEE. The right of the Servicer to
receive its Servicing Fee will be equal and not subordinate to the right of the
Certificateholders to receive principal and interest payments based on their
interests as provided herein. The Servicer's Servicing Fee may be collected from
Monthly Payments as received pursuant to Section 3.2 without deposit into the
Certificate Account, whereas the Certificateholders' distributions shall be made
on a delayed basis as set forth in the terms of the Certificates.

         Section 4.10 APPOINTMENT OF PAYING AGENT AND CERTIFICATE ADMINISTRATOR.
The Trustee may appoint an Eligible Institution to act as a paying agent (the
"Paying Agent") or a certificate administrator (the "Certificate
Administrator"), as the case may be, in order to delegate to such Eligible
Institution any of its duties under this Agreement to administer the issuance,
transfer and exchange of the Certificates, administer payments to
Certificateholders or prepare information related to the Certificates; provided,
that the Trustee shall remain primarily responsible for any duties so delegated;
provided, further, that the Trustee shall receive no additional compensation in
connection with such appointment and delegation.

         Initially, LaSalle Bank National Association will be the Certificate
Administrator and Paying Agent. If LaSalle Bank National Association ceases to
serve as Certificate Administrator or Paying Agent, the Trustee shall send
written notice to all Certificateholders (i) indicating that LaSalle Bank
National Association is no longer in such capacity and (ii) setting forth its
replacement, if any, appointed pursuant to this Section 4.10.

         Section 4.11      POLICY MATTERS.

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<PAGE>

         (a) If, on the third Business Day before any Distribution Date, the
Trustee determines that a Deficiency Amount exists on such Distribution Date,
the Trustee shall give notice to MBIA and the Fiscal Agent (as defined in the
Insured Certificate Policy), if any, by telephone or telecopy of the amount of
such Deficiency Amount, confirmed in writing by notice substantially in the form
of Exhibit A to the Insured Certificate Policy by 12:00 noon, New York City time
on such third Business Day. The Trustee's responsibility for delivering the
notice to MBIA as provided in the preceding sentence is contingent upon its
receipt of available, timely and accurate information from the Servicer.

         (b) In the event the Trustee receives a certified copy of an order of
the appropriate court that any scheduled payment of principal or interest on any
Insured Certificate has been voided in whole or in part as a preference payment
under applicable bankruptcy law, the Trustee shall (i) promptly notify MBIA and
the Fiscal Agent, if any, and (ii) comply with the provisions of the Insured
Certificate Policy to obtain payment by MBIA of such voided scheduled payment.
In addition, the Trustee shall mail notice to all Holders of the Insured
Certificates so affected that, in the event that any such Holder's scheduled
payment is so recovered, such Holder will be entitled to payment pursuant to the
terms of the Insured Certificate Policy, a copy of which shall be made available
to such Holders by the Trustee. The Trustee shall furnish to MBIA and the Fiscal
Agent, if any, its records listing the payments on the affected Insured
Certificates, if any, that have been made by the Trustee and subsequently
recovered from the affected Holders, and the dates on which such payments were
made by the Trustee.

         (c) At the time of the execution hereof, and for the purposes hereof,
the Trustee shall establish a separate special purpose trust account in the name
of the Trustee for the benefit of Holders of the Insured Certificates (the
"Insured Certificate Policy Payments Account") over which the Trustee shall have
exclusive control and sole right of withdrawal. The Insured Certificate Policy
Payments Account shall be an Eligible Account. The Trustee shall deposit any
amount paid under the Insured Certificate Policy into the Insured Certificate
Policy Payments Account and distribute such amount only for the purposes of
making the payments to Holders of the Insured Certificates in respect of the
Insured Payment for which the related claim was made under the Insured
Certificate Policy. Such amounts shall be allocated by the Trustee to Holders of
Insured Certificates affected by such shortfalls in the same manner as principal
and interest payments are to be allocated with respect to such Certificates
pursuant to Section 4.1. It shall not be necessary for such payments to be made
by checks or wire transfers separate from the checks or wire transfers used to
make regular payments hereunder with funds withdrawn from the Certificate
Account. However, any payments made on the Insured Certificates from funds in
the Insured Certificate Policy Payments Account shall be noted as provided in
subsection (e) below. Funds held in the Insured Certificate Policy Payments
Account shall not be invested by the Trustee.

         (d) Any funds received from MBIA for deposit into the Insured
Certificate Policy Payments Account pursuant to the Insured Certificate Policy
in respect of a Distribution Date or otherwise as a result of any claim under
the Insured Certificate Policy shall be applied by the Trustee

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<PAGE>

directly to the payment in full (i) of the Deficiency Amount due on such
Distribution Date on the Insured Certificates, or (ii) of other amounts payable
under the Insured Certificate Policy. Funds received by the Trustee as a result
of any claim under the Insured Certificate Policy shall be used solely for
payment to the Holders of the Insured Certificates and may not be applied for
any other purpose, including, without limitation, satisfaction of any costs,
expenses or liabilities of the Trustee, the Servicer or the Trust Fund. Any
funds remaining in the Insured Certificate Policy Payments Account on the first
Business Day after each Distribution Date shall be remitted promptly to MBIA
pursuant to the written instruction of MBIA.

         (e) The Trustee shall keep complete and accurate records in respect of
(i) all funds remitted to it by MBIA and deposited into the Insured Certificate
Policy Payments Account and (ii) the allocation of such funds to (A) payments of
interest on and principal in respect of any Insured Certificates, (B) Realized
Losses allocated to the Insured Certificates, (C) the Net Interest Shortfalls
(other than any Relief Act Shortfalls) allocated to the Insured Certificates and
(D) the amount of funds available to make distributions on the Insured
Certificates pursuant to Sections 4.1(b) and (f) including all amounts in the
Reserve Fund. MBIA shall have the right to inspect such records at reasonable
times during normal business hours upon three Business Days' prior notice to the
Trustee.

         (f) The Trustee acknowledges, and each Holder of an Insured Certificate
by its acceptance of the Insured Certificate agrees, that, without the need for
any further action on the part of MBIA or the Trustee to the extent MBIA makes
payments, directly or indirectly, on account of principal of or interest on any
Insured Certificates, MBIA will be fully subrogated to the rights of the Holders
of such Insured Certificates to receive such principal and interest from the
Trust Fund. The Holders of the Insured Certificates, by acceptance of the
Insured Certificates, assign their rights as Holders of the Insured Certificates
to the extent of MBIA's interest with respect to amounts paid under the Insured
Certificate Policy. Anything herein to the contrary notwithstanding, solely for
purposes of determining MBIA's rights, as applicable, as subrogee for payments
distributable pursuant to Section 4.1, any payment with respect to distributions
to the Insured Certificates which is made with funds received pursuant to the
terms of the Insured Certificate Policy, shall not be considered payment of the
Insured Certificates from the Trust Fund and shall not result in the
distribution or the provision for the distribution in reduction of the Class
Principal Balances of the Insured Certificates within the meaning of Article IV.

         The Trustee and the Servicer shall cooperate in all respects with any
reasonable request by MBIA for action to preserve or enforce MBIA's rights or
interests under this Agreement without limiting the rights or affecting the
interests of the Holders as otherwise set forth herein.

         (g) Upon its becoming aware of the occurrence of an Event of Default,
the Trustee shall promptly notify MBIA of such Event of Default.

         (h) The Trustee shall promptly notify MBIA of either of the following
as to which a Responsible Officer has actual knowledge: (A) the commencement of
any proceeding by or against the Depositor commenced under the United States
bankruptcy code or any other applicable

                                      -102-

<PAGE>

bankruptcy, insolvency, receivership, rehabilitation or similar law (an
"Insolvency Proceeding") and (B) the making of any claim in connection with any
Insolvency Proceeding seeking the avoidance as a preferential transfer (a
"Preference Claim") of any distribution made with respect to the Insured
Certificates as to which it has actual knowledge. Each Holder of an Insured
Certificate, by its purchase of Insured Certificates, and the Trustee hereby
agrees that MBIA (so long as no MBIA Default exists) may at any time during the
continuation of any proceeding relating to a Preference Claim direct all matters
relating to such Preference Claim, including, without limitation, (i) the
direction of any appeal of any order relating to any Preference Claim and (ii)
the posting of any surety, supersedeas or performance bond pending any such
appeal. In addition and without limitation of the foregoing, MBIA shall be
subrogated to the rights of the Trustee and each Holder of an Insured
Certificate in the conduct of any Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference Claim.

         (i) The Servicer shall designate an MBIA Contact Person who shall be
available to MBIA to provide reasonable access to information regarding the
Loans. The initial MBIA Contact Person is to the attention of Secondary
Marketing.

         (j) The Trustee shall promptly surrender the Insured Certificate Policy
to MBIA for cancellation upon the reduction of the Class Principal Balances of
the Insured Certificates to zero.

         (k) The Trustee shall send to MBIA the certificates and statements
prepared pursuant to Sections 3.11 and 3.12 and the statements prepared pursuant
to Section 4.2, as well as any other statements or communications sent to
Holders of the Insured Certificates, in each case at the same time such reports,
statements and communications are otherwise sent.

         (l) For so long as there is not continuing default by MBIA under its
obligations under the Insured Certificate Policy (an "MBIA Default"), each
Holder of an Insured Certificate agrees that MBIA shall be treated by the
Depositor, the Servicer and the Trustee as if MBIA were the Holder of all
Insured Certificates for the purpose (and solely for the purpose) of the giving
of any consent, the making of any direction or the exercise of any voting or
other control rights otherwise given the Holders of the Insured Certificates
hereunder without any further consent of the Holders of the Insured
Certificates.

         With respect to this Section 4.11, (i) the terms "Receipt" and
"Received" shall mean actual delivery to MBIA and MBIA's Fiscal Agent, if any,
received prior to 12:00 noon, New York City time, on a Business Day; delivery
either on a day that is not a Business Day or after 12:00 noon, New York City
time, shall be deemed to be Received on the next succeeding Business Day. If any
notice or certificate given under the Insured Certificate Policy by the Trustee
is not in proper form or is not properly completed, executed or delivered, it
shall be deemed not to have been Received. MBIA or its Fiscal Agent, if any,
shall promptly so advise the Trustee and the Trustee may submit an amended
notice and (ii) "Business Day" means any day other than (A) a Saturday or
Sunday, (B) a day on which MBIA is closed or (C) a day on which banking
institutions in the City of New York, New

                                      -103-

<PAGE>

York, or in which the Corporate Trust Office of the Trustee is located, are
authorized or obligated by law or executive order to be closed.

         (m) Unless otherwise designated in writing by the President or a
Managing Director of MBIA to the Trustee, the MBIA Premium to be paid pursuant
to 4.1(b) shall be paid by the Trustee or Paying Agent to MBIA by wire transfer
with the following details specifically stated in the wire transfer:

         Account Name:              MBIA Insurance Corporation
         Account Number:            910-2-721728
         Bank:                      JPMorgan Chase Bank
                                    4 Chase Metro Tech Center
                                    Brooklyn, NY 11245
         ABA Number:                021-000-021
         Policy No.:                39102

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<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

         Section 5.1       THE CERTIFICATES.

         (a) The Certificates shall be substantially in the forms set forth in
Exhibits A and B attached hereto, and shall be executed by the Trustee,
authenticated by the Trustee (or any duly appointed Authenticating Agent) and
delivered to or upon the order of the Depositor upon receipt by the Trustee of
the documents specified in Section 2.1. The Certificates shall be issuable in
Authorized Denominations evidencing Percentage Interests. Certificates shall be
executed by manual or facsimile signature on behalf of the Trust Fund by
authorized officers of the Trustee. Certificates bearing the manual or facsimile
signatures of individuals who were at the time of execution the proper officers
of the Trustee shall bind the Trust Fund, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Trustee or any Authenticating Agent by manual signature, and
such certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

         (b) The following definitions apply for purposes of this Section 5.1:
"Disqualified Organization" means any Person which is not a Permitted
Transferee, but does not include any "Pass-Through Entity" which owns or holds a
Residual Certificate and of which a Disqualified Organization, directly or
indirectly, may be a stockholder, partner or beneficiary; "Pass-Through Entity"
means any regulated investment company, real estate investment trust, common
trust fund, partnership, trust or estate, and any organization to which Section
1381 of the Code applies; "Ownership Interest" means, with respect to any
Residual Certificate, any ownership or security interest in such Residual
Certificate, including any interest in a Residual Certificate as the Holder
thereof and any other interest therein whether direct or indirect, legal or
beneficial, as owner or as pledgee; "Transfer" means any direct or indirect
transfer or sale of, or directly or indirectly transferring or selling, any
Ownership Interest in a Residual Certificate; and "Transferee" means any Person
who is acquiring by Transfer any Ownership Interest in a Residual Certificate.

         (c) Restrictions on Transfers of the Residual Certificate to
Disqualified Organizations are set forth in this Section 5.1(c).

                  (i) Each Person who has or who acquires any Ownership Interest
         in a Residual Certificate shall be deemed by the acceptance or
         acquisition of such Ownership Interest to have agreed to be bound by
         the following provisions and to have irrevocably authorized the
         Trustee, the Certificate Administrator or the Paying Agent under clause
         (iii)(A) below to

                                      -105-

<PAGE>

         deliver payments to a Person other than such Person and to negotiate
         the terms of any mandatory sale under clause (iii)(B) below and to
         execute all instruments of transfer and to do all other things
         necessary in connection with any such sale. The rights of each Person
         acquiring any Ownership Interest in a Residual Certificate are
         expressly subject to the following provisions:

                           (A) Each Person holding or acquiring any Ownership
                  Interest in a Residual Certificate shall be a Permitted
                  Transferee and shall promptly notify the Trustee or the
                  Certificate Registrar if not the same Person as the Trustee of
                  any change or impending change in its status as a Permitted
                  Transferee.

                           (B) In connection with any proposed Transfer of any
                  Ownership Interest in a Residual Certificate to a U.S. Person,
                  the Trustee or the Certificate Registrar if not the same
                  Person as the Trustee shall require delivery to it, and shall
                  not register the Transfer of any Residual Certificate until
                  its receipt of (1) an affidavit and agreement (a "Transferee
                  Affidavit and Agreement") attached hereto as Exhibit J from
                  the proposed Transferee, in form and substance satisfactory to
                  the Depositor, representing and warranting, among other
                  things, that it is not a Non-U.S. Person, that such transferee
                  is a Permitted Transferee, that it is not acquiring its
                  Ownership Interest in the Residual Certificate that is the
                  subject of the proposed Transfer as a nominee, trustee or
                  agent for any Person who is not a Permitted Transferee, that
                  for so long as it retains its Ownership Interest in a Residual
                  Certificate, it will endeavor to remain a Permitted
                  Transferee, and that it has reviewed the provisions of this
                  Section 5.1(c) and agrees to be bound by them, and (2) a
                  certificate, attached hereto as Exhibit I, from the Holder
                  wishing to transfer the Residual Certificate, in form and
                  substance satisfactory to the Depositor, representing and
                  warranting, among other things, that no purpose of the
                  proposed Transfer is to allow such Holder to impede the
                  assessment or collection of tax.

                           (C) Notwithstanding the delivery of a Transferee
                  Affidavit and Agreement by a proposed Transferee under clause
                  (B) above, if the Trustee or the Certificate Registrar if not
                  the same Person as the Trustee has actual knowledge that the
                  proposed Transferee is not a Permitted Transferee, no Transfer
                  of an Ownership Interest in a Residual Certificate to such
                  proposed Transferee shall be effected.

                           (D) Each Person holding or acquiring any Ownership
                  Interest in a Residual Certificate agrees by holding or
                  acquiring such Ownership Interest (i) to require a Transferee
                  Affidavit and Agreement from any other Person to whom such
                  Person attempts to transfer its Ownership Interest and to
                  provide a certificate to the Trustee or the Certificate
                  Registrar if not the same Person as the Trustee in the form
                  attached hereto as Exhibit J; (ii) to obtain the express
                  written consent of the Depositor prior to any transfer of such
                  Ownership Interest, which consent may be withheld in the
                  Depositor's sole discretion; and (iii) to provide a
                  certificate to the

                                      -106-

<PAGE>

                  Trustee or the Certificate Registrar if not the same Person as
                  the Trustee in the form attached hereto as Exhibit I.

                  (ii) The Trustee or the Certificate Registrar if not the same
         Person as the Trustee shall register the Transfer of any Residual
         Certificate only if it shall have received the Transferee Affidavit and
         Agreement, a certificate of the Holder requesting such transfer in the
         form attached hereto as Exhibit J and all of such other documents as
         shall have been reasonably required by the Trustee or the Certificate
         Registrar if not the same Person as the Trustee as a condition to such
         registration.

                  (iii) (A) If any Disqualified Organization shall become a
         Holder of a Residual Certificate, then the last preceding Permitted
         Transferee shall be restored, to the extent permitted by law, to all
         rights and obligations as Holder thereof retroactive to the date of
         registration of such Transfer of such Residual Certificate. If any
         Non-U.S. Person shall become a Holder of a Residual Certificate, then
         the last preceding Holder which is a U.S. Person shall be restored, to
         the extent permitted by law, to all rights and obligations as Holder
         thereof retroactive to the date of registration of the Transfer to such
         Non-U.S. Person of such Residual Certificate. If a transfer of a
         Residual Certificate is disregarded pursuant to the provisions of
         Treasury Regulations Section 1.860E-1 or Section 1.860G-3, then the
         last preceding Permitted Transferee shall be restored, to the extent
         permitted by law, to all rights and obligations as Holder thereof
         retroactive to the date of registration of such Transfer of such
         Residual Certificate. The Trustee, the Certificate Administrator, the
         Certificate Registrar and the Paying Agent shall be under no liability
         to any Person for any registration of Transfer of a Residual
         Certificate that is in fact not permitted by this Section 5.1(c) or for
         making any payments due on such Certificate to the Holder thereof or
         for taking any other action with respect to such Holder under the
         provisions of this Agreement.

                           (B) If any purported Transferee shall become a Holder
                  of the Residual Certificate in violation of the restrictions
                  in this Section 5.1(c) and to the extent that the retroactive
                  restoration of the rights of the Holder of such Residual
                  Certificate as described in clause (iii)(A) above shall be
                  invalid, illegal or unenforceable, then the Depositor shall
                  have the right, without notice to the Holder or any prior
                  Holder of such Residual Certificate, to sell such Residual
                  Certificate to a purchaser selected by the Depositor on such
                  terms as the Depositor may choose. Such purported Transferee
                  shall promptly endorse and deliver the Residual Certificate in
                  accordance with the instructions of the Depositor. Such
                  purchaser may be the Depositor itself or any affiliate of the
                  Depositor. The proceeds of such sale, net of the commissions
                  (which may include commissions payable to the Depositor or its
                  affiliates), expenses and taxes due, if any, shall be remitted
                  by the Depositor to such purported Transferee. The terms and
                  conditions of any sale under this clause (iii)(B) shall be
                  determined in the sole discretion of the Depositor, and the
                  Depositor shall not be liable to any Person having an
                  Ownership Interest in the Residual Certificate as a result of
                  its exercise of such discretion.

                                      -107-

<PAGE>

                  (iv) The Depositor, on behalf of the Trustee, shall make
         available, upon written request from the Trustee, or the Certificate
         Administrator all information necessary to compute any tax imposed (A)
         as a result of the Transfer of an Ownership Interest in the Residual
         Certificate to any Person who is not a Permitted Transferee, including
         the information regarding "excess inclusions" of such Residual
         Certificate required to be provided to the Internal Revenue Service and
         certain Persons as described in Treasury Regulation Section
         1.860D-1(b)(5), and (B) as a result of any regulated investment
         company, real estate investment trust, common trust fund, partnership,
         trust, estate or organizations described in Section 1381 of the Code
         having as among its record holders at any time any Person who is not a
         Permitted Transferee. Reasonable compensation for providing such
         information may be required by the Depositor from such Person.

                  (v) The provisions of this Section 5.1 set forth prior to this
         Section 5.1(c)(v) may be modified, added to or eliminated, provided,
         that there shall have been delivered to the Trustee and the Certificate
         Administrator the following:

                           (A) written notification from each Rating Agency to
                  the effect that the modification, addition to or elimination
                  of such provisions will not cause such Rating Agency to
                  downgrade its then-current Ratings of the Certificates; and

                           (B) an Opinion of Counsel, in form and substance
                  satisfactory to the Depositor (as evidenced by a certificate
                  of the Depositor), to the effect that such modification,
                  addition to or absence of such provisions will not cause the
                  Trust Fund to cease to qualify as a REMIC and will not create
                  a risk that (1) the Trust Fund may be subject to an
                  entity-level tax caused by the Transfer of any Residual
                  Certificate to a Person which is not a Permitted Transferee or
                  (2) a Certificateholder or another Person will be subject to a
                  REMIC-related tax caused by the Transfer of a Residual
                  Certificate to a Person which is not a Permitted Transferee.

                  (vi) The following legend shall appear on all Residual
         Certificates:

                  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
                  MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A
                  TRANSFEREE AFFIDAVIT AND AGREEMENT TO THE DEPOSITOR, THE
                  TRUSTEE AND THE CERTIFICATE REGISTRAR THAT (1) SUCH TRANSFEREE
                  IS NOT EITHER (A) THE UNITED STATES, ANY STATE OR POLITICAL
                  SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
                  ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
                  FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE
                  DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE
                  TAX IMPOSED BY CHAPTER

                                      -108-

<PAGE>

                  1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX
                  IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION
                  DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH
                  PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C)
                  BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED
                  ORGANIZATION"), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION
                  AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE
                  TRANSFEROR TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH
                  AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS TO THE
                  FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
                  NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
                  OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R
                  CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A
                  DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
                  TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON
                  SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
                  HEREUNDER INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
                  DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THE CLASS R
                  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED
                  TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

                  (vii) The Holder of the Class R Certificate issued hereunder,
         while not a Disqualified Organization, is the Tax Matters Person.

         (d) (i) No purchase or transfer of a Senior Certificate or a Senior
Subordinate Certificate or any interest therein shall be made by or to any
"employee benefit plan" subject to ERISA or any "plan" described by Section
4975(e)(1) of the Code, or any entity deemed to hold plan assets of any of the
foregoing by reason of a plan's investment in such entity (each, a "Plan")
unless (A) in the case of any such Class of Certificates (other than the Class R
Certificate), such Plan qualifies as an accredited investor as defined in Rule
501(a)(1) of Regulation D under the Securities Act and either (1) at the time of
such transfer, the Certificates are rated in one of the top four rating
categories by at least one Rating Agency, or (2) the purchaser is an insurance
company general account that is eligible for, and satisfies all of the
requirements of, Sections I and III of Prohibited Transaction Class Exemption
95-60 ("PTCE 95-60") and (B) in the case of a Class R Certificate, the Trustee
receives an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Depositor and the Servicer to the effect that
the purchase or holding of such Class R Certificate is permissible under
applicable law, will not constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA, or Section 4975 of the Code (or
comparable provisions of

                                      -109-

<PAGE>

any subsequent enactments), and will not subject the Trustee, the Depositor or
the Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Trustee, the Depositor or the Servicer. Each Person who acquires a Senior
Certificate or a Senior Subordinate Certificate shall be deemed to certify that
it meets the foregoing conditions, and that it will not transfer such
Certificate in violation of the foregoing.

         (ii) No purchase or transfer of a Junior Subordinate Certificate shall
be made by or to a Plan unless such purchaser or transferee is an "insurance
company general account" (within the meaning of PTCE 95-60) and is eligible for,
and satisfies all of the requirements for exemptive relief under Sections I and
III of PTCE 95-60. Each Person who acquires a Junior Subordinate Certificate or
any interest therein shall be deemed to certify and shall be required by the
Certificate Registrar to provide an Officer's Certificate (substantially in the
form of Exhibit L hereto) signed by a Responsible Officer of such Person, which
Officer's Certificate shall not be an expense of the Trustee, the Certificate
Administrator, if any, the Certificate Registrar or the Depositor) that it meets
the foregoing conditions, and that it will not transfer such Certificate in
violation of the foregoing.

         (e) No transfer, sale, pledge or other disposition of a Junior
Subordinate Certificate shall be made unless such transfer, sale, pledge or
other disposition is made in accordance with this Section 5.1(e) or Section
5.1(f). Each Person who, at any time, acquires any ownership interest in any
Junior Subordinate Certificate shall be deemed by the acceptance or acquisition
of such ownership interest to have agreed to be bound by the following
provisions of this Section 5.1(e) and Section 5.1(f), as applicable. No transfer
of a Junior Subordinate Certificate shall be deemed to be made in accordance
with this Section 5.1(e) unless such transfer is made pursuant to an effective
registration statement under the Securities Act or unless the Trustee or the
Certificate Registrar, if not the same Person as the Trustee, is provided with
the certificates and an Opinion of Counsel, if required, on which the Trustee
and the Certificate Registrar may conclusively rely, which establishes or
establish to the Trustee's or the Certificate Registrar's, as applicable,
satisfaction that such transfer is exempt from the registration requirements
under the Securities Act, as follows: In the event that a transfer is to be made
in reliance upon an exemption from the Securities Act, the Trustee or the
Certificate Registrar, if not the same Person as the Trustee, shall require, in
order to assure compliance with the Securities Act, that the Certificateholder
desiring to effect such transfer certify to the Trustee and the Certificate
Registrar in writing, in substantially the form attached hereto as Exhibit F,
the facts surrounding the transfer, with such modifications to such Exhibit F as
may be appropriate to reflect the actual facts of the proposed transfer, and
that the Certificateholder's proposed transferee certify to the Trustee and the
Certificate Registrar in writing, in substantially the form attached hereto as
Exhibit G, the facts surrounding the transfer, with such modifications to such
Exhibit G as may be appropriate to reflect the actual facts of the proposed
transfer. If such certificate of the proposed transferee does not contain
substantially the substance of Exhibit G, the Trustee or the Certificate
Registrar, if not the same Person as the Trustee, shall require an Opinion of
Counsel satisfactory to it that such transfer may be made without registration,
which Opinion of Counsel shall not be obtained at the expense of the Trustee,
the Certificate Administrator, the Certificate Registrar, the Trust Fund or the
Depositor. Such Opinion of Counsel shall allow for the forwarding, and the

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Trustee shall forward, a copy thereof to each Rating Agency. Notwithstanding the
foregoing, any Class of Junior Subordinate Certificates may be transferred,
sold, pledged or otherwise disposed of in accordance with the requirements set
forth in Section 5.1(f).

         (f) Transfers of the Junior Subordinate Certificates may be made in
accordance with this Section 5.1(f). To effectuate a Certificate transfer in
accordance with this Section 5.1(f), the proposed transferee of such Certificate
must provide the Trustee, the Certificate Registrar and the Depositor with an
investment letter substantially in the form of Exhibit L attached hereto, which
investment letter shall not be an expense of the Trustee, the Certificate
Administrator, the Certificate Registrar or the Depositor, and which investment
letter states that, among other things, such transferee (i) is a "qualified
institutional buyer" as defined under Rule 144A, acting for its own account or
the accounts of other "qualified institutional buyers" as defined under Rule
144A, and (ii) is aware that the proposed transferor intends to rely on the
exemption from registration requirements under the Securities Act provided by
Rule 144A. Notwithstanding the foregoing, the proposed transferee of such
Certificate shall not be required to provide the Trustee, the Certificate
Registrar or the Depositor with Annex 1 or Annex 2 to the form of Exhibit L
attached hereto if the Depositor so consents prior to each such transfer. Such
transfers shall be deemed to have complied with the requirements of this Section
5.1(f). The Holder of a Certificate desiring to effect such transfer does hereby
agree to indemnify the Trustee, the Certificate Administrator, if any, the
Depositor, and the Certificate Registrar against any liability that may result
if transfer is not made in accordance with this Agreement.

         (g) None of the Trustee, the Certificate Administrator, the Certificate
Registrar or the Paying Agent shall have any liability to the Trust Fund arising
from a registration or transfer of a Certificate in reliance upon a
certification, Officer's Certificate, affidavit, ruling or Opinion of Counsel
described in this Section 5.1.

         Section 5.2 CERTIFICATES ISSUABLE IN CLASSES; DISTRIBUTIONS OF
PRINCIPAL AND INTEREST; AUTHORIZED DENOMINATIONS. The aggregate principal amount
of Certificates that may be authenticated and delivered under this Agreement is
limited to the aggregate Principal Balance of the Loans as of the Cut-Off Date,
as specified in the Preliminary Statement to this Agreement, except for
Certificates authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Certificates pursuant to Section 5.3. Such
aggregate principal amount shall be allocated among one or more Classes having
designations, types of interests, initial per annum Remittance Rates, initial
Class Principal Balances and last scheduled Distribution Dates as specified in
the Preliminary Statement to this Agreement. The aggregate Percentage Interest
of each Class of Certificates of which the Class Principal Balance equals zero
as of the Cut-Off Date that may be authenticated and delivered under this
Agreement is limited to 100%. Certificates shall be issued in Authorized
Denominations.

         Section 5.3 REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES. The
Trustee shall cause to be maintained at one of its offices or at its designated
Certificate Registrar, a Certificate Register in which there shall be recorded
the name and address of each Certificateholder. Subject to such

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<PAGE>

reasonable rules and regulations as the Trustee may prescribe, the Certificate
Register shall be amended from time to time by the Trustee or its agent to
reflect notice of any changes received by the Trustee or its agent pursuant to
Section 10.5. The Trustee hereby appoints LaSalle Bank National Association as
the initial Certificate Registrar. The Trustee may appoint an Eligible
Institution to act as its agent in order to delegate to such Eligible
Institution its duties as Certificate Registrar under this Agreement.

         Upon surrender for registration of transfer of any Certificate to the
Trustee at the office of First Trust of New York, National Association, 100 Wall
Street, Suite 1600, New York, NY 10005, Attention: Glenn Anderson, or such other
address or agency as may hereafter be provided to the Certificate Administrator,
if any, and the Servicer in writing by the Trustee, the Trustee shall execute,
and the Trustee (or any Authenticating Agent) shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of Authorized Denominations of like Percentage Interest. At the
option of the Certificateholders, Certificates may be exchanged for other
Certificates in Authorized Denominations of like Percentage Interest, upon
surrender of the Certificates to be exchanged at any such office or agency.
Whenever any Certificates are so surrendered for exchange, the Trustee shall
execute, and the Trustee, or any Authenticating Agent, shall authenticate and
deliver, the Certificates which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for transfer
shall (if so required by the Trustee or any Authenticating Agent) be duly
endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Trustee or any Authenticating Agent and duly executed by,
the Holder thereof or such Holder's attorney duly authorized in writing.

         A reasonable service charge may be made for any such exchange or
transfer of Certificates, and the Trustee or an Authenticating Agent may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any exchange or transfer of Certificates.

         All Certificates surrendered for exchange or transfer shall be canceled
by the Trustee or any Authenticating Agent.

         Section 5.4 MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (i)
any mutilated Certificate is surrendered to the Trustee or any Authenticating
Agent, or (ii) the Trustee or any Authenticating Agent receives evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
there is delivered to the Trustee or any Authenticating Agent (and with respect
to the Insured Certificates, MBIA) such security or indemnity as may be required
by them to save each of them harmless, then, in the absence of notice to the
Trustee or any Authenticating Agent that such Certificate has been acquired by a
bona fide purchaser, the Trustee shall execute and the Trustee or any
Authenticating Agent shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like Percentage Interest. Upon the issuance of any new Certificate under this
Section 5.4, the Trustee or any Authenticating Agent may require the payment of
a sum sufficient to cover any tax or other governmental charge that may

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<PAGE>

be imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee or any Authenticating Agent) connected therewith. Any
replacement Certificate issued pursuant to this Section 5.4 shall constitute
complete and indefeasible evidence of ownership in the Trust Fund, as if
originally issued, whether or not the lost or stolen Certificate shall be found
at any time.

         Section 5.5 PERSONS DEEMED OWNERS. The Depositor, the Certificate
Administrator, the Servicer, the Trustee, MBIA and any agent of any of them may
treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions pursuant to Section
4.1 and for all other purposes whatsoever, and neither the Depositor, the
Certificate Administrator, if any, the Servicer, the Trustee, the Certificate
Registrar, MBIA nor any agent of the Depositor, the Certificate Administrator,
if any, the Servicer or the Trustee shall be affected by notice to the contrary.

         Section 5.6 TEMPORARY CERTIFICATES. Upon the initial issuance of the
Certificates, the Trustee may execute, and the Trustee or any Authenticating
Agent shall authenticate and deliver, temporary Certificates which are printed,
lithographed, typewritten or otherwise produced, in any Authorized Denomination,
of the tenor of the definitive Certificates in lieu of which they are issued and
with such variations in form from the forms of the Certificates set forth as
Exhibits A and B hereto as the Trustee's officers executing such Certificates
may determine, as evidenced by their execution of the Certificates.
Notwithstanding the foregoing, the Certificates may remain in the form set forth
in this Section.

         If temporary Certificates are issued, the Trustee shall cause
definitive Certificates to be prepared within ten Business Days of the Closing
Date or as soon as practicable thereafter. After preparation of definitive
Certificates, the temporary Certificates shall be exchangeable for definitive
Certificates upon surrender of the temporary Certificates at the office or
agency of the Trustee to be maintained as provided in Section 5.10 hereof,
without charge to the Holder. Any tax or governmental charge that may be imposed
in connection with any such exchange shall be borne by the Depositor. Upon
surrender for cancellation of any one or more temporary Certificates, the
Trustee shall execute and the Trustee or any Authenticating Agent shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Certificates of Authorized Denominations. Until so exchanged, the
temporary Certificates shall in all respects be entitled to the same benefits
under this Agreement as definitive Certificates.

         Section 5.7 BOOK-ENTRY FOR BOOK-ENTRY CERTIFICATES. Notwithstanding the
foregoing, the Book-Entry Certificates, upon original issuance, shall be issued
in the form of one or more typewritten Certificates of Authorized Denomination
representing the Book-Entry Certificates, to be delivered to DTC, the initial
Clearing Agency, by, or on behalf of, the Depositor. The Book-Entry Certificates
shall initially be registered on the Certificate Register in the name of Cede &
Co., the nominee of DTC, as the initial Clearing Agency, and no Beneficial
Holder shall receive a definitive certificate representing such Beneficial
Holder's interest in any Class of Book-Entry Certificate, except as provided
above and in Section 5.9. Each Book-Entry Certificate shall bear the following
legend:

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<PAGE>

         Unless this Certificate is presented by an authorized representative of
         The Depository Trust Company, a New York corporation ("DTC"), to the
         Trustee or its agent for registration of transfer, exchange, or
         payment, and any Certificate issued is registered in the name of Cede &
         Co. or such other name as is requested by an authorized representative
         of DTC (and any payment is made to Cede & Co. or to such other entity
         as is requested by an authorized representative of DTC), ANY TRANSFER,
         PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
         IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
         interest herein.

Unless and until definitive, fully registered Book-Entry Certificates (the
"Definitive Certificates") have been issued to the Beneficial Holders pursuant
to Section 5.9:

         (a) the provisions of this Section 5.7 shall be in full force and
effect with respect to the Book-Entry Certificates;

         (b) the Certificate Administrator, if any, and the Trustee may deal
with the Clearing Agency for all purposes with respect to the Book-Entry
Certificates (including the making of distributions on the Book-Entry
Certificates) as the sole Certificateholder;

         (c) to the extent that the provisions of this Section 5.7 conflict with
any other provisions of this Agreement, the provisions of this Section 5.7 shall
control; and

         (d) the rights of the Beneficial Holders shall be exercised only
through the Clearing Agency and the DTC Participants and shall be limited to
those established by law and agreements between such Beneficial Holders and the
Clearing Agency and/or the DTC Participants. Pursuant to the Depositary
Agreement, unless and until Definitive Certificates are issued pursuant to
Section 5.9, the initial Clearing Agency will make book-entry transfers among
the DTC Participants and receive and transmit distributions of principal and
interest on the related Class of Book-Entry Certificates to such DTC
Participants.

         For purposes of any provision of this Agreement requiring or permitting
actions with the consent of, or at the direction of, Holders of Book-Entry
Certificates evidencing a specified Percentage Interest, such direction or
consent may be given by the Clearing Agency at the direction of Beneficial
Holders owning Book-Entry Certificates evidencing the requisite Percentage
Interest represented by the Book-Entry Certificates. The Clearing Agency may
take conflicting actions with respect to the Book-Entry Certificates to the
extent that such actions are taken on behalf of the Beneficial Holders.

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<PAGE>

         Section 5.8 NOTICES TO CLEARING AGENCY. Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to the related
Certificateholders pursuant to Section 5.9, the Trustee shall give all such
notices and communications specified herein to be given to Holders of the
Book-Entry Certificates to the Clearing Agency which shall give such notices and
communications to the related DTC Participants in accordance with its applicable
rules, regulations and procedures.

         Section 5.9 DEFINITIVE CERTIFICATES. If (a) the Clearing Agency
notifies the Certificate Administrator, if any, or the Trustee that it is no
longer willing or able to discharge properly its responsibilities under the
Depositary Agreement with respect to the Book-Entry Certificates and the Trustee
or the Certificate Administrator is unable to locate a qualified successor, (b)
the Depositor, at its option, advises the Certificate Administrator, if any, or
the Trustee in writing that it elects to terminate the book-entry system with
respect to the Book-Entry Certificates through the Clearing Agency or (c) after
the occurrence of an Event of Default, Certificateholders holding Book-Entry
Certificates evidencing Percentage Interests aggregating not less than 66% of
the aggregate Class Principal Balance of such Certificates advise the
Certificate Administrator, if any, or the Trustee and the Clearing Agency
through DTC Participants in writing that the continuation of a book-entry system
with respect to the Book-Entry Certificates through the Clearing Agency is no
longer in the best interests of the Certificateholders with respect to such
Certificates, the Trustee shall notify or cause to be notified all
Certificateholders of Book-Entry Certificates of the occurrence of any such
event and of the availability of Definitive Certificates. Upon surrender to the
Trustee of the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions from the Clearing Agency for registration, the Trustee
shall execute and the Trustee or any Authenticating Agent shall authenticate and
deliver the Definitive Certificates. Neither the Depositor, the Certificate
Administrator, if any, the Authenticating Agent nor the Trustee shall be liable
for any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of
Definitive Certificates for all of the Certificates all references herein to
obligations imposed upon or to be performed by the Clearing Agency shall be
deemed to be imposed upon and performed by the Trustee, the Certificate
Administrator, if any, and the Trustee, the Certificate Administrator, the
Certificate Registrar and the Paying Agent shall recognize the Holders of
Definitive Certificates as Certificateholders hereunder.

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<PAGE>

                                   ARTICLE VI

                         THE DEPOSITOR AND THE SERVICER

         Section 6.1 LIABILITY OF THE DEPOSITOR AND THE SERVICER. The Depositor
and the Servicer shall each be liable in accordance herewith only to the extent
of the obligations specifically imposed by this Agreement and undertaken
hereunder by the Depositor and the Servicer herein.

         Section 6.2 MERGER OR CONSOLIDATION OF THE DEPOSITOR OR THE SERVICER.
Subject to the following paragraph, the Depositor and the Servicer each will
keep in full effect its existence, rights and franchises as corporations, each
under the laws of the jurisdiction of its incorporation, and will 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, the Certificates or any of the
Loans and to perform its respective duties under this Agreement.

         The Depositor or the Servicer may be merged or consolidated with or
into any Person, or transfer all or substantially all of its assets to any
Person, in which case any Person resulting from any merger or consolidation to
which the Depositor or Servicer shall be a party, or any Person succeeding to
the business of the Depositor or Servicer, shall be the successor of the
Depositor or Servicer 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.

         Section 6.3 LIMITATION ON LIABILITY OF THE SERVICER AND OTHERS. Neither
the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Trust Fund or the
Certificateholders for any action taken or for refraining from the taking of any
action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect any director, officer,
employee or agent of the Servicer against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties hereunder, nor shall this provision protect the Servicer against any
liability that would otherwise be imposed by reason of negligence in the
performance of duties hereunder. The Servicer and any director, officer,
employee or agent of the Servicer 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 Servicer and any director, officer, employee or
agent of the Servicer shall be indemnified by the Trust Fund and held harmless
against any loss, liability or expense incurred in connection with any legal
action relating to this Agreement or the Certificates, other than any loss,
liability or expense, in the case of the Servicer and any director, officer,
employee or agent of the Servicer, incurred by reason of willful misfeasance,
bad faith or gross negligence in the performance of duties hereunder or by
reason of reckless disregard of obligations and duties hereunder or, in the case
of the Servicer, as Servicer, incurred by reason of negligence in the
performance of any duties hereunder. The Servicer shall not be under any
obligation to appear in, prosecute or defend any legal

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<PAGE>

action which is not incidental to its duties to service the Loans in accordance
with this Agreement and which in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may in its discretion undertake
any such action which it may deem necessary or desirable in respect of this
Agreement and the rights and duties of the parties hereto and the interests of
the Certificateholders hereunder. In such event, the legal expenses and costs of
such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the Trust Fund, and the Servicer shall be entitled to be
reimbursed therefor out of the Custodial Account for P&I as provided by Section
3.3.

         Section 6.4 SERVICER NOT TO RESIGN. The Servicer shall not resign from
the obligations and duties hereby imposed on it, except upon determination that
its duties hereunder are no longer permissible under applicable law or are in
material conflict by reason of applicable law with any other activities carried
on by it, the other activities of the Servicer so causing such a conflict being
of a type and nature carried on by the Servicer at the date of this Agreement.
Any such determination permitting the resignation of the Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. The
Servicer shall notify each Rating Agency of any such resignation. No such
resignation shall become effective until a successor servicer shall have assumed
the Servicer's responsibilities and obligations in accordance with Section 7.5
hereof.

         Notwithstanding the limitations stated above, the Servicer may transfer
its obligations, duties and rights hereunder without the consent of the
Certificateholders, provided, that (i) the Servicer obtains the prior written
consent of each Rating Agency, (ii) the transferee is a FNMA or FHLMC-approved
servicer having a net worth of not less than $15,000,000, (iii) the successor
servicer assumes all of the Servicer's responsibilities and obligations in
accordance with Section 7.5 hereof, and (iv) the then-current rating of the
Class A Certificates will not be reduced as a result of such transfer, without
regard to the guaranty provided by the Insured Certificate Policy, and (v) the
successor servicer has, in the reasonable opinion of the Trustee, the
qualifications, resources and experience to properly carry out, observe and
perform the duties, obligations and responsibilities of Servicer hereunder;
provided, that the foregoing clause (v) is intended solely for the benefit of
(and may be exercised or waived at the sole discretion of) the Trustee, to
enable the Trustee to assure itself that any successor Servicer has such
acceptable qualifications, resources and experience, and such clause (v) is not
intended to be for the benefit of, and shall not be relied upon or enforced by,
any Certificateholder, and provided, further, that any consent to such transfer
will not be unreasonably withheld by the Trustee.

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                                   ARTICLE VII

                                     DEFAULT

         Section 7.1 EVENTS OF DEFAULT. In case one or more of the following
Events of Default by the Servicer shall occur and be continuing, that is to say:

                  (i) any failure by the Servicer to distribute or cause to be
         distributed to the Trustee or its delegate on the Withdrawal Date any
         payment required to be made to the Trustee under the terms of this
         Agreement;

                  (ii) any failure on the part of the Servicer duly to observe
         or perform in any material respect any other of the covenants or
         agreements on the part of the Servicer in the Certificates or in this
         Agreement which continues unremedied for a period of 60 days after the
         date on which written notice of such failure, requiring the same to be
         remedied, shall have been given to the Servicer by the Trustee, or to
         the Servicer and the Trustee by the Holders of Certificates evidencing,
         in aggregate, not less than 25% of the Trust Fund or 51% of the
         aggregate Percentage Interests of any Class of Certificates;

                  (iii) a decree or order of a court or agency or supervisory
         authority having jurisdiction in the premises for the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshaling of assets and liabilities or similar proceedings,
         or for the winding-up or liquidation of its affairs, shall have been
         entered against the Servicer and such decree or order shall have
         remained in force undischarged or unstayed for a period of 60 days;

                  (iv) the Servicer shall consent to the appointment of a
         conservator or receiver or liquidator or liquidating committee in any
         insolvency, readjustment of debt marshaling of assets and liabilities,
         voluntary liquidation or similar proceedings of or relating to the
         Servicer or of or relating to all or substantially all of its property;

                  (v) the Servicer 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

                  (vi) any failure of the Servicer to make any Advance required
         to be made from its own funds pursuant to Section 4.3 which continues
         unremedied for a period of one Business Day after the date upon which
         such Advance was to have been made;

then, if an Event of Default described in clauses (i)-(v) of this Section 7.1
shall occur, and in each and every such case, subject to applicable law, so long
as an Event of Default shall not have been

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<PAGE>

remedied, either the Trustee or the Holders of Certificates evidencing, in
aggregate, not less than 25% of the Trust Fund or 51% of the aggregate
Percentage Interests of any Class of Certificates by notice in writing to the
Servicer (and to the Trustee if given by the Certificateholders) may terminate
all of the rights and obligations of the Servicer under this Agreement, but
without prejudice to any rights it may have to reimbursement of expenses,
Advances and other advances of its own funds as Servicer to the extent permitted
by this Agreement, other than the Depositor's (or its successors') obligation to
repurchase any Loans pursuant to Section 2.2 or 2.3 shall survive any such
termination. If an Event of Default described in clause (vi) hereof shall occur,
the Trustee shall, by notice in writing to the Servicer, which shall be
telecopied to the Servicer, immediately terminate all of the rights and
obligations of the Servicer, under this Agreement and in and to the Loans and
the proceeds thereof. On or after the receipt by the Servicer of such written
notice, all authority and power of the Servicer under this Agreement, whether
with respect to the Certificates or the Loans or otherwise, shall pass to and be
vested in the Trustee pursuant to and under this Section 7.1 (subject to the
provisions of Section 7.5); and, without limitation, the Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to 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 Loans and related documents or otherwise at the
expense of the Servicer. The Servicer agrees to cooperate with the Trustee in
effecting the termination of the Servicer's responsibilities and rights
hereunder and shall promptly provide the Trustee all documents and records
whether in written or electronic form reasonably requested by it to enable it to
assume the Servicer's functions hereunder and shall promptly also transfer to
the Trustee of this Agreement all amounts which then have been or should have
been deposited in the Custodial Account for P&I by the Servicer or which are
thereafter received with respect to the Loans as well as any escrowed funds held
by it or in connection with its servicing activities hereunder. The Servicer and
the Trustee shall give each Rating Agency notice of any Event of Default.

         Section 7.2 OTHER REMEDIES OF TRUSTEE. During the continuance of any
Event of Default, so long as such Event of Default shall not have been remedied,
the Trustee, in addition to the rights specified in Section 7.1, shall have the
right, in its own name as trustee of an express trust, to take all actions now
or hereafter existing at law, in equity or by statute to enforce its rights and
remedies, and to protect the interests, and enforce the rights and remedies, of
the Certificateholders (including the institution and prosecution of all
judicial, administrative and other proceedings and the filing of proofs of claim
and debt in connection therewith). Except as otherwise expressly provided in
this Agreement, no remedy provided for by this Agreement shall be exclusive of
any other remedy, and each and every remedy shall be cumulative and in addition
to any other remedy and no delay or omission to exercise any right or remedy
shall impair any such right or remedy or shall be deemed to be a waiver of any
Event of Default.

         Section 7.3 DIRECTIONS BY CERTIFICATEHOLDERS AND DUTIES OF TRUSTEE
DURING EVENT OF DEFAULT. During the continuance of any Event of Default, Holders
of Certificates evidencing, in aggregate, not less than 25% of the Trust Fund or
51% of the aggregate Percentage Interests of any Class of Certificates may
direct the time, method and place of conducting any proceeding for any

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<PAGE>

remedy available to the Trustee, or exercising any trust or power conferred upon
the Trustee under this Agreement; provided, however, that the Trustee shall be
under no obligation to pursue any such remedy, or to exercise any of the trusts
or powers vested in it by this Agreement (including, without limitation, (i) the
conducting or defending of any administrative action or litigation hereunder or
in relation hereto and (ii) the terminating of the Servicer or any successor
servicer from its rights and duties as servicer hereunder) at the request, order
or direction of any of the Certificateholders, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby; and,
provided, further, that, subject to the provisions of Section 8.1, the Trustee
shall have the right to decline to follow any such direction if the Trustee, in
accordance with an Opinion of Counsel, determines that the action or proceeding
so directed may not lawfully be taken or if the Trustee in good faith determines
that the action or proceeding so directed would involve it in personal liability
or be unjustly prejudicial to the non-assenting Certificateholders or if the
Trustee has received contrary directions pursuant to this Section 7.3.

         Section 7.4 ACTION UPON CERTAIN FAILURES OF SERVICER AND UPON EVENT OF
DEFAULT. In the event that the Trustee shall have knowledge of any failure of
the Servicer specified in Section 7.1(i) or (ii) which would become an Event of
Default upon the Servicer's failure to remedy the same after notice, the Trustee
shall give notice thereof to the Servicer. In the event that the Trustee shall
have knowledge of an Event of Default, the Trustee shall give prompt written
notice thereof to the Certificateholders and to each Rating Agency. For all
purposes of this Agreement, in the absence of actual knowledge by a Responsible
Officer of the Trustee, the Trustee shall not be deemed to have knowledge of any
failure of the Servicer as specified in Section 7.1(i) and (ii) or any Event of
Default unless notified thereof in writing by the Servicer or by a
Certificateholder.

         Section 7.5 APPOINTMENT OF SUCCESSOR SERVICER.

         (a) When the Servicer receives a notice of termination pursuant to
Section 7.1 or the Trustee receives the resignation of the Servicer evidenced by
an Opinion of Counsel pursuant to Section 6.4, the Trustee shall become the
successor in all respects to the Servicer in its capacity as Servicer under this
Agreement and the transactions set forth or provided for herein, provided,
however, that the Trustee's obligation to make any Advances shall be no greater
than set forth in Section 4.3 of this Agreement, and the Trustee shall have all
the rights and powers and be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof and in its capacity as such successor shall have the same limitation of
liability herein granted to the Servicer and provided, further, that the Trustee
shall not be required to make an Advance from its own funds if such Advance
would be prohibited by law. As compensation therefor, the Trustee shall be
entitled to receive monthly an amount not to exceed the Servicing Fee as agreed
by the Trustee and the Servicer, together with such other servicing compensation
in the form of assumption fees, late charges, prepayment fees or otherwise
provided in Section 3.9. If the agreed amount is less than the Servicing Fee,
the excess shall be paid to the Class R Certificateholder. If the Trustee and
the Servicer shall not agree on the amount of such compensation, the Trustee
shall solicit bids for a successor servicer as described in Section 7.5(b),

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provided, however, if no successor servicer is obtained through the bidding
process, the Trustee may act as such, or may pursuant to Section 7.5(b) appoint
a successor servicer to act as such, for the Servicing Fee together with such
other servicing compensation as provided in Section 3.9. In no event shall the
Trustee's assumption of or succession to the obligations of the Servicer make
the Trustee liable for any actions or omissions of the Servicer in its capacity
as Servicer.

         (b) Notwithstanding the above, the Trustee may and shall, if it is
unable (or unwilling due to disagreement on compensation as provided in Section
7.5 (a)) to act as Servicer, appoint, or petition a court of competent
jurisdiction to appoint, any established housing and home finance institution,
bank or mortgage servicing institution which is an approved FNMA or FHLMC
servicer having a net worth of not less than $15,000,000 and meeting such other
standards as are set forth in Section 6.4 hereof for a successor to the Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Servicer hereunder (except the repurchase obligations set
forth in Sections 2.2 and 2.3 hereof, which shall remain obligations of the
Depositor); provided, however, that until such appointment and assumption, the
Trustee will continue to perform the servicing obligations pursuant to this
Agreement (and until such time shall be entitled to receive the Servicing Fees
pursuant to Section 3.9); provided, further, that prior to the appointment of
any successor servicer, the Rating Agencies confirm that the appointment of such
successor servicer would not result in the downgrade of the Rating assigned to
any Class of Certificates. The compensation of any successor servicer so
appointed shall be equal to the Servicing Fees specified in Section 3.9 together
with such other compensation as is provided in said Section 3.9. In the event
the Trustee is required to solicit bids as provided above, the Trustee shall
solicit, by public announcement, bids from housing and home finance
institutions, banks and mortgage servicing institutions acceptable to the
Trustee and meeting the qualifications set forth above in this Section 7.5(b)
for the purchase of the servicing functions. Such public announcement shall
specify that the successor servicer shall be entitled to the full amount of the
Servicing Fee on the aggregate unpaid principal balance of the Loans as
servicing compensation for servicing the Loans, together with the other
servicing compensation in the form of assumption fees, late payment charges,
prepayment fees or otherwise as provided in Section 3.9. Within 45 days after
any such public announcement, the Trustee shall negotiate and effect the sale,
transfer and assignment of the servicing rights and responsibilities hereunder
(except the repurchase obligations set forth in Sections 2.2 and 2.3 hereof,
which shall remain obligations of the Depositor) to the qualified party
submitting the highest qualifying bid. The Trustee shall deduct all costs and
expenses of any public announcement and of any sale, transfer and assignment of
the servicing rights and responsibilities hereunder from any sum received by the
Trustee from the successor to the Servicer in respect of such sale, transfer and
assignment. After such deductions, the remainder of such sum shall be paid by
the Trustee to the Class R Certificateholder at the time of such sale, transfer
and assignment to the Servicer's successor.

         (c) The Servicer agrees to cooperate with the Trustee and any successor
servicer in effecting the termination of the Servicer's servicing
responsibilities and rights hereunder and shall promptly provide the Trustee or
such successor servicer, as applicable, all documents and records reasonably
requested by it to enable it to assume the Servicer's functions hereunder and
shall

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promptly also transfer to the Trustee or such successor servicer, as applicable,
all amounts which then have been or should have been deposited in the Custodial
Account for P&I by the Servicer or which are thereafter received with respect to
the Loans. Neither the Trustee nor any other successor servicer shall be deemed
to be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by the failure
of the Servicer to deliver, or any delay in delivering, cash, documents or
records to it.

         Section 7.6 NOTIFICATION TO CERTIFICATEHOLDERS. Upon any termination of
the Servicer or appointment of a successor to the Servicer, in each case as
provided herein, the Trustee shall as soon as practicable give written notice
thereof to Certificateholders at their respective addresses appearing in the
Certificate Register and each Rating Agency and MBIA.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

         Section 8.1 DUTIES OF TRUSTEE. The Trustee, prior to the occurrence of
an Event of Default and after the curing of all Events of Default which may have
occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement. In case an Event of Default has
occurred (which has not been cured), the Trustee, subject to the provisions of
Sections 7.1, 7.3, 7.4 and 7.5, shall exercise such of the rights and powers
vested in it by this Agreement, and use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person's own affairs. Any permissive right of the Trustee
enumerated in this Agreement shall not be construed as a duty.

         Subject to Sections 8.2(i), 8.3 and 8.4, the Trustee, upon receipt of
all resolutions, certificates, statements, opinions, reports, documents, orders
or other instruments furnished to the Trustee which are specifically required to
be furnished pursuant to any provision of this Agreement, shall examine them to
determine whether they are in the form required by this Agreement; provided,
however, that the Trustee shall not be responsible for the accuracy or content
of any resolution, certificate, statement, opinion, report, document, order or
other instrument furnished by any party hereunder. If any such instrument is
found not to conform to the requirements of this Agreement in a material manner,
the Trustee shall take action as it deems appropriate to have the instrument
corrected, and if the instrument is not corrected to the Trustee's reasonable
satisfaction, the Trustee will provide notice thereof to the Certificateholders
and each Rating Agency.

         No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct or in the event the Trustee is acting as
successor servicer pursuant to Section 7.5, to the standard imposed on the
Servicer pursuant to Section 6.3 of this Agreement; provided, however, that:

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

                  (ii) The Trustee shall not be personally liable with respect
         to any action taken, suffered or omitted to be taken by it in good
         faith in accordance with this Agreement or at the direction of
         Certificateholders holding Certificates which have an aggregate
         Certificate

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<PAGE>

         Principal Balance aggregating not less than 25% of the aggregate
         Certificate Principal Balance of all Certificates relating to the time,
         method and place of conducting any proceeding for any remedy available
         to the Trustee, or exercising or omitting to exercise any trust or
         power conferred upon the Trustee, under this Agreement;

                  (iii) The Trustee shall not be liable in its individual
         capacity for any error of judgment made in good faith by any
         Responsible Officer, unless it shall be proved that the Trustee or such
         Responsible Officer was negligent in ascertaining the pertinent facts;

                  (iv) The Trustee shall not be liable for any act or omission
         of the Depositor or the Servicer (except for its own acts or omissions
         as Servicer hereunder) or for any but its own acts or omissions;

                  (v) The Trustee shall not be deemed to take notice or be
         deemed to have knowledge of any matter, including without limitation
         any default or Event of Default, unless written notice thereof,
         referring to the Certificates, the Depositor, the Trust Fund or this
         Agreement is received by a Responsible Officer of the Trustee at its
         Corporate Trust Office; and

                  (vi) Subject to the other provisions of this Agreement and
         without limiting the generality of this Section 8.1, the Trustee shall
         have no duty (A) to see to any recording, filing, or depositing of this
         Agreement or any agreement referred to herein or any financing
         statement or continuation statement evidencing a security interest, or
         to see to the maintenance of any such recording or filing or depositing
         or to any rerecording, refiling or redepositing of any thereof, (B) to
         see any insurance, (C) to see to the payment or discharge of any tax,
         assessment, or other governmental charge or any lien or encumbrance of
         any kind owing with respect to, assessed or levied against, any part of
         the Trust Fund other than from funds available in the Certificate
         Account, and (D) to confirm or verify the contents of any reports or
         certificates of the Servicer delivered to the Trustee pursuant to this
         Agreement believed by the Trustee to be genuine and to have been signed
         or presented by the proper party or parties.

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

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         Section 8.2 CERTAIN MATTERS AFFECTING TRUSTEE. Except as otherwise
provided in Section 8.1:

                  (i) Before acting or refraining from acting the Trustee may
         request or require an Officer's Certificate; the Trustee may rely and
         shall be protected in acting or refraining from acting upon any
         resolution, Officer's Certificate, opinion of counsel, certificate of
         auditors or any other certificate, statement, instrument, opinion,
         report, notice, request, consent, order, appraisal, bond or other paper
         or document believed by it to be genuine and to have been signed or
         presented by the proper party or parties;

                  (ii) The Trustee may consult with counsel, and any advice or
         Opinion of Counsel shall be full and complete authorization and
         protection in respect of any action taken or suffered or omitted by it
         hereunder in good faith and in accordance with such advice or Opinion
         of Counsel;

                  (iii) The Trustee shall not be personally liable for any
         action taken, suffered or omitted by it in good faith and believed by
         it to be authorized or within the discretion or rights or powers
         conferred upon it by this Agreement;

                  (iv) The right of the Trustee to perform any discretionary act
         enumerated in this Agreement shall not be construed as a duty, and the
         Trustee shall not be answerable for other than its negligence or
         willful misconduct in the performance of such act;

                  (v) The Trustee shall not be required to give any bond or
         surety in respect of the execution of the Trust Fund created hereby or
         the powers granted hereunder; and

                  (vi) The Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, attorneys or custodians, and the Trustee shall not be
         responsible for any misconduct or negligence on the part of any such
         agent, attorney or custodian appointed by the Trustee with care. Any
         such agents, attorneys or custodians shall be entitled to all
         indemnities and protection afforded to the Trustee. Any designee of the
         Trustee shall be considered its "agent" hereunder whether performing it
         as an independent contractor or otherwise.

         Section 8.3 TRUSTEE NOT REQUIRED TO MAKE INVESTIGATION. Prior to the
occurrence of an Event of Default hereunder and after the curing of all Events
of Default which may have occurred, the Trustee shall not be bound to ascertain
or inquire as to the performance or observance of any of the terms, conditions,
covenants or agreements herein or to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, Mortgage, Mortgage Note
or other paper or document, unless requested in writing so to do by Holders of
Certificates having a Percentage Interest not less than 51% of the Trust Fund;
provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such

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<PAGE>

investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Agreement, the
Trustee may require reasonable indemnity against such expense or liability as a
condition to such proceeding. The reasonable expense of every such examination
shall be paid by the Depositor or, if paid by the Trustee, shall be repaid by
the Depositor upon demand.

         Section 8.4 TRUSTEE NOT LIABLE FOR CERTIFICATES OR LOANS. The recitals
contained herein and in the Certificates (other than the certificate of
authentication on the Certificates) shall be taken as the statements of the
Depositor, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representations or warranties as to the validity or
sufficiency of this Agreement or of the Certificates or of any Loan or related
document. The Trustee shall not be accountable for the use or application by the
Depositor of any of the Certificates or of the proceeds of such Certificates or
for the use or application of any funds paid to the Servicer in respect of the
Loans or deposited in or withdrawn from the Custodial Account for P&I by the
Servicer or for investment of any such amounts. The Trustee shall not be
responsible for the legality or validity of this Agreement or the validity,
priority, perfection or sufficiency of the security for the Certificates issued
or intended to be issued hereunder. The Trustee shall have no responsibility for
filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder or to record this Agreement.

         Neither the Trustee nor any of the directors, officers, employees or
agents of the Trustee shall be under any liability to the Trust Fund or the
Certificateholders for any action taken or for refraining from the taking of any
action in good faith pursuant to this Agreement, or for errors in judgment while
an Event of Default exists; provided, however, that this provision shall not
protect the Trustee or any such person against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties. The Trustee and any director, officer, employee or
agent of the Trustee shall be indemnified by the Depositor and held harmless
against any loss, liability or expense, including reasonable attorneys' fees,
incurred in connection with or related to the Trustee's performance of its
powers and duties under this Agreement (including, without limitation,
performance under Section 8.1 hereof), or any action relating to this Agreement
or the Certificates, or the performance of the Trustee's duties hereunder, other
than any loss, liability or expense incurred by any such Person by reason of
willful misfeasance, bad faith or negligence in the performance of duties. Any
such losses, liabilities and expenses resulting therefrom shall be losses,
liabilities and expenses of the Depositor. The indemnification provided
hereunder shall survive termination of this Agreement.

         Section 8.5 TRUSTEE MAY OWN CERTIFICATES. The Trustee and any Affiliate
or agent of the Trustee in its individual or any other capacity may become the
owner of or a pledgee of the Certificates with the same rights it would have if
it were not Trustee or such agent, and may otherwise deal with the parties
hereto.

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         Section 8.6 SERVICER TO PAY TRUSTEE'S FEES AND EXPENSES. The Servicer
covenants and agrees to pay to the Trustee monthly (or as otherwise agreed), and
the Trustee shall be entitled to receive, reasonable compensation (which shall
not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) for all services rendered by it in the execution of
the trusts hereby created and in the exercise and performance of any of the
powers and duties hereunder of the Trustee, and the Servicer shall pay or
reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances, including reasonable attorneys' fees, incurred or
made by the Trustee in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and disbursements of its
counsel and of all persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The Tax
Matters Person (or Person acting as its attorney-in-fact or agent) shall
indemnify the Trustee for any liability of or assessment against the Trustee
resulting from any error in any tax or tax information returns prepared or
caused to be prepared by such Person. In the event that (i) the Servicer does
not pay to the Trustee any compensation owed to the Trustee pursuant to this
Agreement or (ii) the Trustee is not reimbursed for any expense, disbursement or
advance incurred or made by the Trustee pursuant to this Agreement, the Trustee
shall be entitled to withdraw and retain such amount from the Certificate
Account. In the event the Trustee incurs expenses or renders services in any
proceedings which result from an Event of Default under Section 7.1, subsections
(iii), (iv) or (v) of this Agreement, or from any default which, with the
passage of time, would become an Event of Default, the expenses so incurred and
compensation for services so rendered are intended to constitute expenses of
administration under the United States Bankruptcy Code or equivalent law.

         Section 8.7 ELIGIBILITY REQUIREMENTS FOR TRUSTEE. The Trustee hereunder
shall at all times be a corporation or association organized and doing business
under the laws of any state of the United States of America, authorized under
such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority. The Trustee shall not control the Servicer nor be a
parent of or a subsidiary of the Servicer. If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.7 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.7, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.8.

         Section 8.8 RESIGNATION AND REMOVAL OF TRUSTEE. The Trustee may at any
time resign and be discharged from the trusts hereby created by giving written
notice of resignation to the Servicer. Such notice shall also be furnished to
each Rating Agency. Upon receiving such notice of resignation, the Servicer
shall promptly appoint a successor trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may

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<PAGE>

petition any court of competent jurisdiction for the appointment of a successor
trustee at the expense of the Servicer.

         If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.7 and shall fail to resign after written
request for the Trustee's resignation by the Servicer, or if at any time the
Trustee shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, with or without cause, the Servicer may remove the Trustee
and appoint a successor trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the Trustee so removed and one copy to
the successor trustee.

         The Holders of Certificates having a Percentage Interest aggregating
not less than 51% of the aggregate Denomination of all Certificates may at any
time remove the Trustee and appoint a successor trustee by written instrument or
instruments, in triplicate, signed by such holders or their attorneys-in-fact
duly authorized, one complete set of which instrument or instruments shall be
delivered to the Servicer, one complete set to the Trustee so removed and one
complete set to the successor trustee so appointed.

         Any resignation or removal of the Trustee and appointment of successor
trustee pursuant to any of the provisions of this Section 8.8 shall become
effective only upon acceptance of appointment by the successor trustee as
provided in Section 8.9.

         Section 8.9 SUCCESSOR TRUSTEE. Any successor trustee appointed as
provided in Section 8.8 shall execute, acknowledge and deliver to the Servicer
and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee
shall become effective, and such successor trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with like effect as if
originally named as trustee herein. The predecessor trustee shall deliver or
cause to be delivered to the successor trustee all Mortgage Files and related
documents and statements held by it hereunder (other than any Mortgage Files at
the time held by the Custodian, if it shall agree to become the agent of any
successor trustee hereunder), and the Servicer and the predecessor trustee shall
execute and deliver such instruments and do such other things as may reasonably
be required for more fully and certainly vesting and confirming in the successor
trustee all such rights, powers, duties and obligations.

         No successor trustee shall accept appointment as provided in this
Section 8.9 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.7.

         Upon acceptance of appointment by a successor trustee as provided in
this Section 8.9, the Servicer shall mail notice of the succession of such
trustee hereunder to all holders of Certificates at their addresses as shown in
the Certificate Register and to each Rating Agency. If the Servicer

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fails to mail such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed at
the expense of the Servicer.

         Section 8.10 MERGER OR CONSOLIDATION OF TRUSTEE. Any Person into which
the Trustee may be merged or converted or with which it may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any Person succeeding to all or substantially all
of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided, that such Person shall be eligible under the
provisions of Section 8.7, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

         Section 8.11 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.11, such powers, duties, obligations, rights and trusts as the Servicer and
the Trustee may consider necessary or desirable. If the Servicer shall not have
joined in such appointment within 15 days after the receipt by it of a request
so to do, or in case an Event of Default shall have occurred and be continuing,
the Trustee alone shall have the power to make such appointment. Each co-trustee
separate trustee hereunder shall not be required to meet the terms of
eligibility as a successor trustee under Section 8.7 hereunder and no notice to
holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.9 hereof.

         In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.11, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or a
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

         Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions

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of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.

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

         The Trustee may appoint one or more Eligible Institutions to act as its
agent or agents to perform any or all of its duties and obligations under this
Agreement. Each such agent shall be subject to all of the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Trustee.

         Section 8.12 APPOINTMENT OF CUSTODIANS. The Trustee may, with the
consent of the Servicer, appoint one or more Custodians, not affiliated with the
Depositor, to review, pursuant to Section 2.2 hereof, and hold all or a portion
of the Mortgage Files as agent for the Trustee PROVIDED, HOWEVER, that such
appointed Custodian may be LaSalle Bank National Association or Standard Federal
Bank, N.A. Any Custodian appointed shall be (i) LaSalle Bank National
Association or (ii) Standard Federal Bank, N.A., or (iii) (a) an institution
subject to supervision by federal or state authority, (b) shall have combined
capital and surplus of at least $50,000,000 and (c) shall be qualified to do
business in the jurisdiction in which it holds any Mortgage File.

         Section 8.13      AUTHENTICATING AGENT.

         (a) The Trustee may appoint from time to time an authenticating agent
(the "Authenticating Agent") which shall be authorized to act on behalf of the
Trustee in authenticating Certificates. Wherever reference is made in this
Agreement to the authentication of Certificates by the Trustee or the Trustee's
certificate of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by the Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by the
Authenticating Agent. Any successor Authenticating Agent must be acceptable to
the Servicer and have a principal office and place of business in New York, New
York or Chicago, Illinois, have a combined capital and surplus of at least
$50,000,000, and be authorized to do a trust business and subject to supervision
or examination by federal or state authorities.

         (b) Any corporation into which the Authenticating Agent may be merged
or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Authenticating Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate agency business of the Authenticating Agent, shall continue

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to be the Authenticating Agent without the execution or filing of any paper or
any further act on the part of the Trustee or the Authenticating Agent.

         (c) The Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee and to the
Servicer. The Trustee may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent and to
the Servicer. Upon receiving a notice of resignation or upon such a termination,
or in case at any time the Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 8.13, the Trustee promptly shall
appoint a successor Authenticating Agent, shall give written notice of such
appointment to the Servicer and shall mail notice of such appointment to all
Certificateholders. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section
8.13.

         (d) The Authenticating Agent shall have no responsibility or liability
for any action taken by it as such at the direction of the Trustee. Any
reasonable compensation paid to the Authenticating Agent shall be a reimbursable
expense under Section 8.6.

         Section 8.14 BLOOMBERG. As soon as practicable after the Closing Date,
the Trustee or the Certificate Administrator, if any, will arrange with
Bloomberg to have the Depositor set up on Bloomberg to provide the information
set forth on Exhibit Q (the "Data") with respect to the Loans on a monthly basis
in a format acceptable to Bloomberg and acceptable to the Underwriters. During
the term of this Agreement, the Trustee will provide updated Data to Bloomberg
on or before each Distribution Date.

         Section 8.15 REPORTS TO SECURITIES AND EXCHANGE COMMISSION. Unless
otherwise directed by the Depositor in writing, the Certificate Administrator or
the Trustee, as applicable, shall prepare, sign and file with the Securities and
Exchange Commission, on behalf of the Depositor, (i) no later than ten days
after each Distribution Date, the Certificateholders' Report on the appropriate
form and in the appropriate medium authorized or prescribed therefor under the
Exchange Act, (ii) no later than March 25 of each calendar year, an annual
report meeting the requirements of the Exchange Act on the appropriate form and
in the appropriate medium authorized or prescribed therefor under the Exchange
Act. The Trustee or the Certificate Administrator, as applicable, shall promptly
forward copies of all filings made pursuant to this Section 8.15 to the
Depositor.

         Section 8.16 CALCULATION OF LIBOR. Until the Certificate Principal
Balance of each of the Adjustable Rate Certificates has been reduced to zero,
LIBOR for the initial Interest Accrual Period shall be 1.86%, and for any
Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR
on each LIBOR Determination Date as follows:

                                      -131-

<PAGE>

         (a) If on such LIBOR Determination Date a rate for United States dollar
deposits for one month appears on the Dow Jones Telerate System, page 3750,
LIBOR for the next Interest Accrual Period shall be equal to such rate as of
11:00 a.m., London time;

         (b) If such rate does not appear on such page (or such other page as
may replace that page on that service, or if such service is no longer offered,
such other service for displaying LIBOR or comparable rates as may be selected
by the Trustee, if any, after consultation with the Servicer), the rate shall be
determined as follows:

                  (i) The Trustee on the LIBOR Determination Date will request
         the principal London offices of each of four major reference banks in
         the London interbank market, as selected by the Trustee, to provide the
         Trustee with its offered quotation for deposits in United States
         dollars for the upcoming one-month period, commencing on the second
         LIBOR Business Day immediately following such LIBOR Determination Date,
         to prime banks in the London interbank market at approximately 11:00
         a.m. London time on such LIBOR Determination Date and in a principal
         amount that is representative for a single transaction in United States
         dollars in such market at such time. If at least two such quotations
         are provided, LIBOR determined on such LIBOR Determination Date will be
         the arithmetic mean of such quotations.

                  (ii) If fewer than two quotations are provided, LIBOR
         determined on such LIBOR Determination Date will be the arithmetic mean
         of the rates quoted at approximately 11:00 a.m. in New York City on
         such LIBOR Determination Date by three major banks in New York City
         selected by the Trustee for one-month United States dollar loans to
         leading European banks, in a principal amount that is representative
         for a single transaction in United States dollars in such market at
         such time; PROVIDED, HOWEVER, that if the banks so selected by the
         Trustee are not quoting as mentioned in this sentence, LIBOR determined
         on such LIBOR Determination Date will continue to be LIBOR as then
         currently in effect on such LIBOR Determination Date.

         (c) The establishment of LIBOR on each LIBOR Determination Date by the
Trustee, if any, and the Trustee's calculation of the rate of interest
applicable to the Adjustable Rate Certificates for the related Interest Accrual
Period shall (in the absence of manifest error) be final and binding.

                                      -132-

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

         Section 9.1 TERMINATION UPON PURCHASE BY THE SERVICER OR LIQUIDATION OF
ALL LOANS. The respective obligations and responsibilities of the Servicer and
the Trustee created hereby (other than the obligation to make payments to
Certificateholders as hereafter set forth in this Section 9.1 and obligations to
the Trustee in Sections 8.4 and 8.6) shall terminate upon the earlier of (i) the
later of the final payment or other liquidation (or any Advance with respect
thereto) of the last Loan remaining in the Trust Fund and the disposition of all
property acquired in respect of any Loan or (ii) the purchase by the Servicer of
all Loans at a price equal to the sum of (a) the principal balance of each Loan
plus accrued interest thereon at the applicable Mortgage Interest Rate to the
next scheduled Installment Due Date, (b) the fair market value of all acquired
property in respect of Loans, such fair market value to be determined by an
appraiser selected by the Trustee and (c) the amount of any MBIA Reimbursement
Amount due to MBIA; PROVIDED, HOWEVER, that in no event shall the trust created
hereby continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date hereof; and
provided, further, that a "plan of liquidation" of each of REMIC I, REMIC II,
REMIC III and REMIC IV in accordance with Section 860F of the Code must be
adopted in conjunction with any termination effected pursuant to subclauses (i)
or (ii) of this Section 9.1.

         The Servicer is hereby granted the right to purchase the Loans pursuant
to clause (ii) above, PROVIDED, HOWEVER, that such right shall be conditioned
upon (a) the Principal Balances of such Loans, at the time of any such purchase,
aggregating an amount less than 10% of the aggregate Principal Balance of the
Loans on the Cut-off Date, after deduction of payments due on or before such
date, and (b) the aggregate price in clause (ii) above must be not greater than
the aggregate fair market value of the Loans and all such acquired property.

         Notice of any termination pursuant to clause (i), (ii) or (iii) above,
specifying the Distribution Date upon which all Certificateholders may surrender
their Certificates to the Trustee or its agent for payment and cancellation,
shall be given promptly by the Trustee or its agent (upon direction by the
Servicer no less than 10 days prior to the date such notice is to be mailed) by
letter to Certificateholders, MBIA and each Rating Agency mailed by first class
mail no later than the 25th day of the month preceding the month of such final
distribution specifying (i) the Distribution Date upon which final payment on
the Certificates will be made upon presentation and surrender of Certificates at
the office or agency of the Trustee or the Certificate Registrar therein
designated, (ii) the amount of any such final payment and (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments
being made only upon presentation and surrender of the Certificates at the
office or agency of the Trustee or the Certificate Registrar therein specified.
The Trustee or its agent shall give such notice to the Certificate Registrar and
each Rating Agency at the time such notice is given to the Certificateholders.
Upon any such termination, the duties of

                                      -133-

<PAGE>

the Certificate Registrar shall also terminate. In the event such notice is
given, the Trustee shall cause all funds on deposit in the Reserve Fund in
excess of amounts to be distributed to the Insured Certificateholders on the
final Distribution Date, to be distributed to Credit Suisse First Boston
Corporation, the beneficial owner of the Reserve Fund, and all funds on deposit
in the Rounding Account to be distributed to Credit Suisse First Boston
Corporation, the beneficial owner of the Rounding Account, at the addresses
supplied by Credit Suisse First Boston Corporation to the Trustee for such
purpose. In the event such notice is given in connection with Depositor's
election to purchase, the Depositor shall deposit in the Certificate Account on
the related Withdrawal Date an amount equal to the above-described purchase
price and upon such deposit Certificateholders and MBIA will be entitled to the
amount of such purchase price but not amounts in excess thereof, all as provided
herein. With respect to the Certificates, upon presentation and surrender of the
Certificates pursuant to any termination under this Section 9.1, the Trustee or
Paying Agent shall cause to be distributed to Certificateholders and MBIA an
amount equal to (a) the amount otherwise distributable on such Distribution
Date, if not in connection with a purchase; or (b) if the Depositor elected to
so purchase, the purchase price calculated as above provided. Upon any
termination pursuant to clause (iii) above, or upon certification to the Trustee
by a Servicing Officer following such final deposit, the Trustee and any
Custodian shall promptly release to the Servicer the Mortgage Files for the
remaining Loans, and the Trustee shall execute all assignments, endorsements and
other instruments necessary to effectuate such transfer.

         In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within three months after the time specified
in the above-mentioned written notice, the Trustee or its agent shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within three months after the second notice all the Certificates
shall not have been surrendered for cancellation, the Trustee or its agent shall
take appropriate and reasonable steps as directed by the Servicer, to contact
the remaining Certificateholders concerning surrender of their Certificates, and
the cost thereof shall be paid out of the funds and other assets which remain in
trust hereunder.

         Section 9.2 TRUSTS IRREVOCABLE. Except as expressly provided herein,
all trusts created hereby are irrevocable.

         Section 9.3 ADDITIONAL TERMINATION REQUIREMENTS.

         (a) In the event the Depositor exercises its purchase option as
provided in Section 9.1, the Trust Fund shall be terminated in accordance with
the following additional requirements, unless the Trustee and the Certificate
Administrator have received an Opinion of Counsel to the effect that the failure
of the Trust Fund to comply with the requirements of this Section 9.3 will not
(i) result in the imposition of taxes on "prohibited transactions" of REMIC I,
REMIC II, REMIC III or REMIC IV of the Trust Fund as described in Section
860F(a)(2) of the Code, or (ii) cause either REMIC I, REMIC II, REMIC III or
REMIC IV of the Trust Fund to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

                                      -134-

<PAGE>

                           (A) Within 90 days prior to the final Distribution
                  Date set forth in the notice given by the Depositor under
                  Section 9.1, the Tax Matters Person shall prepare the
                  documents associated with and shall adopt a plan of complete
                  liquidation of each of REMIC I, REMIC II, REMIC III and REMIC
                  IV of the Trust Fund; and

                           (B) At or after the time of adoption of such a plan
                  of complete liquidation and at or prior to the final
                  Distribution Date, the Servicer as agent of the Trustee shall
                  sell all of the assets of the Trust Fund to the Depositor for
                  cash in accordance with such plan of liquidation; provided,
                  however, that in the event that a calendar quarter ends after
                  the time of adoption of such a plan of complete liquidation
                  but prior to the final Distribution Date, the Servicer shall
                  not sell any of the assets of the Trust Fund prior to the
                  close of that calendar quarter.

         (b) The Tax Matters Person hereby agrees to adopt such a plan of
complete liquidation and to take such other action in connection therewith as
may be reasonably requested by the Servicer.

                                      -135-

<PAGE>

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

         Section 10.1 AMENDMENT. This Agreement may be amended from time to time
by the Depositor and the Trustee, without the consent of any of the
Certificateholders, (a) to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under
this Agreement, (b) to modify, eliminate or add to any provisions to such extent
as shall be necessary to maintain the qualification of the Trust Fund as a REMIC
at all times that any Class A or Subordinate Certificates are outstanding,
provided, that the Trustee has received an Opinion of Counsel to the effect that
such action is necessary or desirable to maintain such qualification, provided,
that such action under clauses (a) and (b) above shall not adversely affect in
any material respect the interests of any Certificateholder or MBIA or (c) such
amendment is made to conform the terms of this Agreement to the terms described
in the Prospectus dated August 22, 2002, together with the Prospectus Supplement
dated September 23, 2002.

         This Agreement may also be amended from time to time by the Depositor
and the Trustee with the consent of the Holders of Certificates evidencing, in
aggregate, not less than 66-2/3% of each Class of Certificates affected thereby
for the purpose of adding any provisions or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall (a) reduce in any manner the amount of, or
delay the timing of, payments received on Loans which are required to be
distributed in respect of any Certificate without the consent of the Holder of
such Certificate; (b) adversely affect in any material respect the interest of
the Holders of the Class A Certificates in a manner other than as described in
(a) above without the consent of the Holders of Class A Certificates aggregating
not less than 66-2/3% of the aggregate Percentage Interest evidenced by all
Class A Certificates; (c) adversely affect in any material respect the interest
of the Holders of the Subordinate Certificates in a manner other than as
described in clause (a) above without the consent of the Holders of Subordinate
Certificates aggregating not less than 66-2/3% of the aggregate Percentage
Interest evidenced by all Subordinate Certificates; (d) adversely affect in any
material respect the interest of the Class R Certificateholder without the
consent of the Holder of the Class R Certificate; (e) change in any material
respect the rights and obligations of the Servicer or successor Servicer under
this Agreement without the prior written consent of such party; or (f) reduce
the aforesaid percentage of the Certificates the Holders of which are required
to consent to any such amendments without the consent of the Holders of all
Certificates then outstanding; or (g) adversely affect in any material respect
the rights and interest of MBIA without its consent, which consent shall not be
unreasonably withheld; provided, that for the purposes of this Agreement, the
Holder of the Class R Certificate shall have no right to vote at all times that
any Class A Certificates or Subordinate Certificates are outstanding if such
amendment relates to the modification, elimination or addition of any provision
necessary to maintain the qualification of the Trust Fund as a REMIC.

                                      -136-

<PAGE>

         Notwithstanding any contrary provision of this Agreement, the Trustee
shall not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel to the effect that such amendment will not cause
either REMIC I, REMIC II, REMIC III or REMIC IV of the Trust Fund to fail to
qualify as a REMIC at any time that any REMIC I Regular Interests, REMIC II
Regular Interests, REMIC III Regular Interests or REMIC IV Certificates are
outstanding.

         As soon as practicable after the execution of any such amendment, the
Trustee shall furnish written notification of the substance of such amendment to
each Certificateholder, MBIA and each Rating Agency.

         It shall not be necessary for the consent of the Certificateholders
under this Section 10.1 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

         Prior to the execution of any amendment to this Agreement, the Trustee
shall be entitled to receive and rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement.
The Trustee may, but shall not be obligated to, enter into any such amendment
which affects the Trustee's own rights, duties or immunities under this
Agreement.

         Section 10.2 RECORDATION OF AGREEMENT. This Agreement (or an abstract
hereof, if acceptable by the applicable recording office) is subject to
recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Servicer at its expense, but only after the Depositor has delivered to the
Trustee an Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders.

         For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

         Section 10.3 LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or take any action or proceeding
in any court for a partition or winding up of the Trust Fund, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of
them.

         Except as otherwise expressly provided herein no Certificateholder,
solely by virtue of its status as Certificateholder, shall have any right to
vote or in any manner otherwise control the

                                      -137-

<PAGE>

operation and management of the Trust Fund, or the obligations of the parties
hereto, nor shall anything herein set forth, or contained in the terms of the
Certificates, be construed so as to constitute the Certificateholders from time
to time as partners or members of an association, nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

         No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless all of the
Holders of Certificates evidencing, in aggregate, not less than 25% of the Trust
Fund shall have made written request upon the Trustee to institute such action,
suit or proceeding in its own name as Trustee hereunder and shall have offered
to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby, and the Trustee, for
60 days after its receipt of such notice, request and offer of indemnity, shall
have neglected or refused to institute any such action, suit or proceeding; it
being understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more holders of Certificates shall have any right in any manner whatever
by virtue or by availing of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Agreement, except in the manner herein
provided and for the benefit of all Certificateholders. For the protection and
enforcement of the provisions of this Section 10.3, each and every
Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

         Section 10.4 GOVERNING LAW; JURISDICTION. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 10.5 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by certified or registered mail, return receipt requested
(a) in the case of the Depositor, to ABN AMRO Mortgage Corporation, 135 South
LaSalle Street, Suite 925, Chicago, Illinois 60603, Attention: Maria Fregosi -
Director - ABN AMRO Mortgage Operations, or such other address as may hereafter
be furnished to the Servicer and the Trustee in writing by the Depositor, (b) in
the case of the Servicer, to InterFirst, 777 East Eisenhower Parkway, Ann Arbor,
Michigan 48108, Attention: Steve Kapp - Vice President with a copy to ABN AMRO
Mortgage Group, Inc., 2600 West Big Beaver Road, Troy, Michigan 48084,
Attention: Thomas E. Reiss, or such other address as may hereafter be furnished
to the Depositor and the Trustee in writing by the Servicer, (c) in the case of
the Trustee, to the Corporate Trust Office, or such other address as may
hereafter be furnished to the Depositor and the Servicer in writing by the
Trustee, in each case Attention: Corporate Trust Department, (d) in the

                                      -138-

<PAGE>

case of Fitch, to Fitch Ratings, One State Street Plaza, 32nd Floor, New York,
New York, 10004, Attention: Alla Sirotic, Residential Mortgage, or such other
address as may hereinafter be furnished to the Depositor in writing by Fitch,
(e) in the case of S&P, to Standard & Poor's, a division of The McGraw-Hill
Companies, Inc., 55 Water Street, 41st Floor, New York, New York 10041,
Attention: Residential Mortgage Surveillance Department, or such other address
as may hereinafter be furnished to the Depositor in writing by S&P and (f) MBIA
Insurance Corporation, 113 King Street, Armonk, New York 10504, Attention:
Insured Portfolio Management - Structured Finance (AMAC 2002-8), or such other
address as may be hereafter furnished to the Trustee by MBIA. Any notice
required or permitted to be mailed to a Certificateholder shall be given by
first class mail, postage prepaid, at the address of such Holder as shown in the
Certificate Register. Any notice mailed or transmitted within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the addressee receives such notice; provided, that any
demand, notice or communication to or upon the Depositor, the Servicer or the
Trustee shall not be effective until received.

         Section 10.6 SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

         Section 10.7 MBIA RIGHTS.

         (a) All notices, statements, reports, certificates, lists or opinions
required by this Agreement to be sent to the parties hereto, the Rating Agencies
or the Insured Certificateholders shall also be sent at such time to MBIA at the
notice address set forth in Section 10.5.

         (b) MBIA shall be an express third party beneficiary of this Agreement
for the purpose of enforcing the provisions hereof to the extent of MBIA's
rights explicitly specified herein as if a party hereto.

         (c) All references herein to the ratings assigned to the Certificates
and to the interests of any Certificateholders shall be without regard to the
Insured Certificate Policy.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -139-

<PAGE>

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

                                         ABN AMRO MORTGAGE CORPORATION,
                                         as Depositor

                                         By:__________________________________
                                         Name:    Daniel J. Fischer
                                         Its:     Vice President

                                         JPMORGAN CHASE BANK, as Trustee

                                         By:__________________________________
                                         Name:    Chris Jackson
                                         Its:     Trust Officer

                                         ABN AMRO MORTGAGE GROUP, INC.,
                                         as Servicer

                                         By:__________________________________
                                         Name:    Richard Geary
                                         Its:     Group Senior Vice President

<PAGE>

STATE OF FLORIDA                )
                                )   ss.:
COUNTY OF PALM BEACH            )

         On the ____ day of September, 2002, before me,
_________________________, personally appeared Daniel J. Fischer, a Vice
President of ABN AMRO Mortgage Corporation, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person whose name is
subscribed to the within instrument, and acknowledged to me that he executed the
same in his authorized capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person acted, executed the
instrument.

         WITNESS my hand and official seal:

                            Signature___________________________________
                                              (SEAL)

<PAGE>

STATE OF TEXAS                      )
                                    )   ss.:
COUNTY OF HARRIS                    )

         On the _____ day of September 2002, before me,
_________________________, personally appeared Chris Jackson, known to me to be
a Trust Officer of JPMorgan Chase Bank, one of the institutions that executed
the within instrument and also known to me to be the person who executed it on
behalf of said institution, and acknowledged to me that such institution
executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                          _______________________________
                                          Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF MICHIGAN                   )
                                    )   ss.:
COUNTY OF OAKLAND                   )

         On the ____ day of September, 2002, before me, ______________________,
personally appeared Richard Geary, known to me to be a Group Senior Vice
President of ABN AMRO Mortgage Group, Inc., one of the corporations that
executed the within instrument and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                          _______________________________
                                          Notary Public

[NOTARIAL SEAL]

<PAGE>

                                    EXHIBIT A
                                    ---------

                              FORMS OF CERTIFICATES

<PAGE>

                                                                     Exhibit A-1
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-1

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 4.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-1 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-1 Remittance Rate:                                            4.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-1 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-1-1

<PAGE>

                                                                     Exhibit A-2
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-2

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                                           ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-2 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-2 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-2 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-2-1

<PAGE>

                                                                     Exhibit A-3
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-3

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-3 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-3 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-3 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-3-1

<PAGE>

                                                                     Exhibit A-4
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-4

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-4 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-4 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-4 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-4-1

<PAGE>

                                                                     Exhibit A-5
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-5

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-5 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-5 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-5 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-5-1

<PAGE>

                                                                     Exhibit A-6
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-6

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-6 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-6 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-6 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-6-1

<PAGE>

                                                                     Exhibit A-7
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-7

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-7 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-7 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-7 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-7-1

<PAGE>

                                                                     Exhibit A-8
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-8

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-8 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-8 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-8 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-8-1

<PAGE>

                                                                     Exhibit A-9
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-9

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-9 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-9 Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-9 Principal Balance as of the Cut-Off Date:                   $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                      A-9-1

<PAGE>

                                                                    Exhibit A-10
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-10

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-10 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-10 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-10 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-10-1

<PAGE>

                                                                    Exhibit A-11
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-11

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-11 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-11 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-11 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-11-1

<PAGE>

                                                                    Exhibit A-12
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-12

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-12 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-12 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-12 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-12-1

<PAGE>

                                                                    Exhibit A-13
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-13

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-13 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-13 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-13 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-13-1

<PAGE>

                                                                    Exhibit A-14
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-14

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-14 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-14 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-14 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-14-1

<PAGE>

                                                                    Exhibit A-15
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-15

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-15 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-15 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-15 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-15-1

<PAGE>

                                                                    Exhibit A-16
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-16

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.75% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-16 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-16 Remittance Rate:                                           6.75%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-16 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-16-1

<PAGE>

                                                                    Exhibit A-17
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-17

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.75% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-17 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-17 Remittance Rate:                                           5.75%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-17 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-17-1

<PAGE>

                                                                    Exhibit A-18
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-18

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-18 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-18 Remittance Rate:                                           6.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-18 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-18-1

<PAGE>

                                                                    Exhibit A-19
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-19

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-19 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-19 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-19 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-19-1

<PAGE>

                                                                    Exhibit A-20
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-20

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-20 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-20 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-20 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-20-1

<PAGE>

                                                                    Exhibit A-21
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-21

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-21 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-21 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-21 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-21-1

<PAGE>

                                                                    Exhibit A-22
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-22

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-22 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-22 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-22 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-22-1

<PAGE>

                                                                    Exhibit A-23
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-23

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-23 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-23 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-23 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-23-1

<PAGE>

                                                                    Exhibit A-24
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-24

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-24 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-24 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-24 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-24-1

<PAGE>

                                                                    Exhibit A-25
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-25

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-25 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-25 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-25 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-25-1

<PAGE>

                                                                    Exhibit A-26
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-26

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-26 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-26 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-26 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-26-1

<PAGE>

                                                                    Exhibit A-27
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-27

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-27 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-27 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-27 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-27-1

<PAGE>

                                                                    Exhibit A-28
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-28

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-28 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-28 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-28 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-28-1

<PAGE>

                                                                    Exhibit A-29
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-29

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-29 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-29 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-29 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-29-1

<PAGE>

                                                                    Exhibit A-30
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-30

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-30 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-30 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-30 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-30-1

<PAGE>

                                                                    Exhibit A-31
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-31

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-31 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-31 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-31 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-31-1

<PAGE>

                                                                    Exhibit A-32
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-32

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-32 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-32 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-32 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-32-1

<PAGE>

                                                                    Exhibit A-33
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-33

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-33 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-33 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-33 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-33-1

<PAGE>

                                                                    Exhibit A-34
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-34

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-34 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-34 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-34 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-34-1

<PAGE>

                                                                    Exhibit A-35
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-35

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-35 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-35 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-35 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-35-1

<PAGE>

                                                                    Exhibit A-36
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-36

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-36 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-36 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-36 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-36-1

<PAGE>

                                                                    Exhibit A-37
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-37

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.50% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-37 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-37 Remittance Rate:                                           5.50%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-37 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-37-1

<PAGE>

                                                                    Exhibit A-38
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-38

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is an adjustable rate as described below.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-38 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-38 Remittance Rate:                                           with respect to the initial Interest
                                                                       Accrual Period is 2.51% per annum,
                                                                       and as to any Interest Accrual Period
                                                                       thereafter, will be a per annum rate
                                                                       equal to LIBOR plus 0.65% (subject
                                                                       to a maximum rate of 8.50% per
                                                                       annum and a minimum rate of 0.65%
                                                                       per annum).

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

                                     A-38-1

<PAGE>

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-38 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner

                                     A-38-1

<PAGE>

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-38 Principal Balance as of the Cut-Off Date:                  $_______________

_______________________                                                Certificate No.
Registered Owner
</TABLE>

                                     A-38-2

<PAGE>

                                                                    Exhibit A-39
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-39

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is an adjustable rate as described below.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<CAPTION>

<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-39 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-39 Remittance Rate:                                           with respect to the initial Interest
                                                                       Accrual Period is 5.99% per annum,
                                                                       and as to any Interest Accrual Period
                                                                       thereafter, will be a per annum rate
                                                                       equal to 7.85% minus LIBOR (subject
                                                                       to a maximum rate of 7.85% per
                                                                       annum and a minimum rate of 0.00%
                                                                       per annum).

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

                                                      A-39-1

<PAGE>

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-39 Principal Balance as of the Cut-Off Date:                  $_______________

_______________________                                                Certificate No.
Registered Owner
</TABLE>

                                                      A-39-2

<PAGE>

                                                                    Exhibit A-40
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-40

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.125% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-40 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-40 Remittance Rate:                                           5.125%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-40 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-40-1

<PAGE>

                                                                    Exhibit A-41
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-41

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-41 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-41 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-41 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-41-1

<PAGE>

                                                                    Exhibit A-42
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-42

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-42 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-42 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-42 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-42-1

<PAGE>

                                                                    Exhibit A-43
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-43

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-43 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-43 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-43 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-43-1

<PAGE>

                                                                    Exhibit A-44
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-44

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-44 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-44 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-44 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-44-1

<PAGE>

                                                                    Exhibit A-45
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-45

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-45 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-45 Remittance Rate:                                           6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-45 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-45-1

<PAGE>

                                                                    Exhibit A-46
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-46

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.00% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-46 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-46 Remittance Rate:                                           6.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-46 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-46-1

<PAGE>

                                                                    Exhibit A-47
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-47

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is an adjustable rate as described below.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-47 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-47 Remittance Rate:                                           with respect to the initial Interest
                                                                       Accrual Period is 2.31% per annum,
                                                                       and as to any Interest Accrual Period
                                                                       thereafter, will be a per annum rate
                                                                       equal to LIBOR plus 0.45% (subject to
                                                                       a maximum rate of 8.50% per annum
                                                                       and a minimum rate of 0.45% per
                                                                       annum).

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

                                                      A-47-1

<PAGE>

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-47 Principal Balance as of the Cut-Off Date:                  $_______________

_______________________                                                Certificate No.
Registered Owner
</TABLE>

                                                      A-47-2

<PAGE>

                                                                    Exhibit A-48
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-48

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is an adjustable rate as described below.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-48 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-48 Remittance Rate:                                           with respect to the initial Interest
                                                                       Accrual Period is 6.19% per annum,
                                                                       and as to any Interest Accrual Period
                                                                       thereafter, will be a per annum rate
                                                                       equal to 8.05% minus LIBOR (subject
                                                                       to a maximum rate of 8.05% per
                                                                       annum and a minimum rate of 0.00%
                                                                       per annum).

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

                                                      A-48-1

<PAGE>

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-48 Principal Balance as of the Cut-Off Date:                  $_______________

_______________________                                                Certificate No.
Registered Owner
</TABLE>

                                                      A-48-2

<PAGE>

                                                                    Exhibit A-49
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-P

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. Interest is
not payable with respect to this Certificate.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-P Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-P Remittance Rate:                                            0.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-P Principal Balance as of the Cut-Off Date:                   $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-49-1

<PAGE>

                                                                    Exhibit A-50
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IA-X

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 6.25% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IA-X Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IA-X Remittance Rate:                                            6.25%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IA-X Principal Balance as of the Cut-Off Date:                   $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-50-1

<PAGE>

                                                                    Exhibit A-51
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IIA-1

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.75% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IIA-1 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IIA-1 Remittance Rate:                                           5.75%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IIA-1 Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-51-1

<PAGE>

                                                                    Exhibit A-52
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IIA-X

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is 5.75% per annum.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IIA-X Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IIA-X Remittance Rate:                                           5.75%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IIA-X Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-52-1

<PAGE>

                                                                    Exhibit A-53
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IIA-P

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. Interest is
not payable with respect to this Certificate.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class IIA-P Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class IIA-P Remittance Rate:                                           0.00%

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class IIA-P Principal Balance as of the Cut-Off Date:                  $_______________

_____________________                                                  Certificate No.
Registered Owner
</TABLE>

                                     A-53-2

<PAGE>

                                                                    Exhibit A-54
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                     Class M

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is September 24,
2002. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is variable.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

         The Class M Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class M Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class M Remittance Rate:                                               The Remittance Rate on the
                                                                       Subordinate Certificates will equal on
                                                                       any Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25%
                                                                       and (y) the Group I Subordinate
                                                                       Amount (as defined herein) and (ii)
                                                                       the product of (x) 5.75% and (y) the

                                                      A-54-1

<PAGE>

                                                                       Group II Subordinate Amount (as defined
                                                                       herein), over (b) the sum of (i) the
                                                                       Group I Subordinate Amount and (ii) the
                                                                       Group II Subordinate Amount. The
                                                                       initial Remittance Rate for each Class
                                                                       of the Senior Subordinate Certificates
                                                                       will be approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class M Principal Balance as of the Cut-Off Date:                      $_______________

_________________________                                              Certificate No.
Registered Owner
</TABLE>

                                                      A-54-2

<PAGE>

                                                                    Exhibit A-55
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-1

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is variable.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

The Class B-1 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class B-1 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class B-1 Remittance Rate:                                             The Remittance Rate on the
                                                                       Subordinate Certificates will equal on
                                                                       any Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25%
                                                                       and (y) the Group I Subordinate
                                                                       Amount (as defined herein) and (ii)
                                                                       the product of (x) 5.75% and (y) the

                                                    A-55-1

<PAGE>

                                                                       Group II Subordinate Amount (as defined
                                                                       herein), over (b) the sum of (i) the
                                                                       Group I Subordinate Amount and (ii) the
                                                                       Group II Subordinate Amount. The
                                                                       initial Remittance Rate for each Class
                                                                       of the Senior Subordinate Certificates
                                                                       will be approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class B-1 Principal Balance as of the Cut-Off Date:                    $_______________

________________________                                               Certificate No.
Registered Owner

</TABLE>

                                     A-55-2

<PAGE>

                                                                    Exhibit A-56
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-2

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is September 24, 2002. The rate at
which interest is payable as of the Issue Date with respect to this Certificate
is variable.

[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

The Class B-2 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class B-2 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class B-2 Remittance Rate:                                             The Remittance Rate on the
                                                                       Subordinate Certificates will equal on
                                                                       any Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25%
                                                                       and (y) the Group I Subordinate
                                                                       Amount (as defined herein) and (ii)
                                                                       the product of (x) 5.75% and (y) the

                                                      A-56-1

<PAGE>

                                                                       Group II Subordinate Amount (as defined
                                                                       herein), over (b) the sum of (i) the
                                                                       Group I Subordinate Amount and (ii) the
                                                                       Group II Subordinate Amount. The
                                                                       initial Remittance Rate for each Class
                                                                       of the Senior Subordinate Certificates
                                                                       will be approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class B-2 Principal Balance as of the Cut-Off Date:                    $_______________

                                                                       Certificate No.
Registered Owner
</TABLE>

                                                      A-56-2

<PAGE>

                                                                    Exhibit A-57
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-3

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is September 24,
2002. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is variable.

IN THE CASE OF ANY CLASS B-3 CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME
OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY
SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER
PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION,
THE TRUSTEE OR CERTIFICATE REGISTRAR SHALL REQUIRE SUCH TRANSFEREE TO PROVIDE AN
OFFICER'S CERTIFICATE SIGNED BY A RESPONSIBLE OFFICER OF SUCH TRANSFEREE STATING
THAT THE TRANSFEREE IS AN INSURANCE COMPANY USING ASSETS OF AN "INSURANCE
COMPANY GENERAL ACCOUNT" (WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 95-60) TO EFFECT SUCH PURCHASE AND
SATISFIES ALL OF THE REQUIREMENTS FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III
OF PTCE 95-60, WHICH OFFICER'S CERTIFICATE SHALL NOT BE AN EXPENSE OF THE
TRUSTEE, THE CERTIFICATE ADMINISTRATOR, IF ANY, OR THE DEPOSITOR.

The Class B-3 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class B-3 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

                                                      A-57-1

<PAGE>

Class B-3 Remittance Rate:                                             The Remittance Rate on the Subordinate
                                                                       Certificates will equal on any
                                                                       Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25% and
                                                                       (y) the Group I Subordinate Amount (as
                                                                       defined herein) and (ii) the product of
                                                                       (x) 5.75% and (y) the Group II
                                                                       Subordinate Amount (as defined herein),
                                                                       over (b) the sum of (i) the Group I
                                                                       Subordinate Amount and (ii) the Group
                                                                       II Subordinate Amount. The initial
                                                                       Remittance Rate for each Class of the
                                                                       Senior Subordinate Certificates will be
                                                                       approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class B-3 Principal Balance as of the Cut-Off Date:                    $_______________

________________________                                               Certificate No.
Registered Owner
</TABLE>

                                                    A-57-2

<PAGE>

                                                                    Exhibit A-58
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-4

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is September 24,
2002. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is variable.

IN THE CASE OF ANY CLASS B-4 CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME
OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY
SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER
PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION,
THE TRUSTEE OR CERTIFICATE REGISTRAR SHALL REQUIRE SUCH TRANSFEREE TO PROVIDE AN
OFFICER'S CERTIFICATE SIGNED BY A RESPONSIBLE OFFICER OF SUCH TRANSFEREE STATING
THAT THE TRANSFEREE IS AN INSURANCE COMPANY USING ASSETS OF AN "INSURANCE
COMPANY GENERAL ACCOUNT" (WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 95-60) TO EFFECT SUCH PURCHASE AND
SATISFIES ALL OF THE REQUIREMENTS FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III
OF PTCE 95-60, WHICH OFFICER'S CERTIFICATE SHALL NOT BE AN EXPENSE OF THE
TRUSTEE, THE CERTIFICATE ADMINISTRATOR, IF ANY, OR THE DEPOSITOR

The Class B-4 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class B-4 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

                                                      A-58-1

<PAGE>

Class B-4 Remittance Rate:                                             The Remittance Rate on the Subordinate
                                                                       Certificates will equal on any
                                                                       Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25% and
                                                                       (y) the Group I Subordinate Amount (as
                                                                       defined herein) and (ii) the product of
                                                                       (x) 5.75% and (y) the Group II
                                                                       Subordinate Amount (as defined herein),
                                                                       over (b) the sum of (i) the Group I
                                                                       Subordinate Amount and (ii) the Group
                                                                       II Subordinate Amount. The initial
                                                                       Remittance Rate for each Class of the
                                                                       Senior Subordinate Certificates will be
                                                                       approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class B-4 Principal Balance as of the Cut-Off Date:                    $_______________

___________________________                                            Certificate No.
Registered Owner
</TABLE>

                                                      A-58-2

<PAGE>

                                                                    Exhibit A-59
                                                                CUSIP __________

                        MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-5

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is September 24,
2002. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is variable.

IN THE CASE OF ANY CLASS B-5 CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME
OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY
SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER
PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION,
THE TRUSTEE OR CERTIFICATE REGISTRAR SHALL REQUIRE SUCH TRANSFEREE TO PROVIDE AN
OFFICER'S CERTIFICATE SIGNED BY A RESPONSIBLE OFFICER OF SUCH TRANSFEREE STATING
THAT THE TRANSFEREE IS AN INSURANCE COMPANY USING ASSETS OF AN "INSURANCE
COMPANY GENERAL ACCOUNT" (WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 95-60) TO EFFECT SUCH PURCHASE AND
SATISFIES ALL OF THE REQUIREMENTS FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III
OF PTCE 95-60, WHICH OFFICER'S CERTIFICATE SHALL NOT BE AN EXPENSE OF THE
TRUSTEE, THE CERTIFICATE ADMINISTRATOR, IF ANY, OR THE DEPOSITOR.

The Class B-5 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class B-5 Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

                                                      A-59-1

<PAGE>

Class B-5 Remittance Rate:                                             The Remittance Rate on the Subordinate
                                                                       Certificates will equal on any
                                                                       Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25% and
                                                                       (y) the Group I Subordinate Amount (as
                                                                       defined herein) and (ii) the product of
                                                                       (x) 5.75% and (y) the Group II
                                                                       Subordinate Amount (as defined herein),
                                                                       over (b) the sum of (i) the Group I
                                                                       Subordinate Amount and (ii) the Group
                                                                       II Subordinate Amount. The initial
                                                                       Remittance Rate for each Class of the
                                                                       Senior Subordinate Certificates will be
                                                                       approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

Class B-5 Principal Balance as of the Cut-Off Date:                    $_______________

_______________________                                                Certificate No.
Registered Owner
</TABLE>

                                                      A-59-2

<PAGE>

                                    EXHIBIT B
                                    ---------

                          FORM OF RESIDUAL CERTIFICATE
                                                                           CUSIP
                        MORTGAGE PASS-THROUGH CERTIFICATE

                                     Class R

Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one- to-four family mortgage loans formed and administered by

                          ABN AMRO MORTGAGE CORPORATION

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE DEPOSITOR AND
THE CERTIFICATE REGISTRAR THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE UNITED
STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C) BEING
HEREINAFTER REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), OR (D) AN AGENT OF A
DISQUALIFIED ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE
TRANSFER TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL
INCLUDE CERTAIN REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE PROPOSED
TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY
TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A
DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH
REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE. EACH HOLDER OF A CLASS R CERTIFICATE BY ACCEPTANCE OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.

IN THE CASE OF ANY CLASS R CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME OF
AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED TRANSACTION
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE

                                       B-1

<PAGE>

PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), OR A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT
SUCH ACQUISITION, THE TRUSTEE OR CERTIFICATE REGISTRAR SHALL REQUIRE SUCH
TRANSFEREE TO PROVIDE AN OFFICER'S CERTIFICATE SIGNED BY A RESPONSIBLE OFFICER
OF SUCH TRANSFEREE STATING THAT THE TRANSFEREE IS AN INSURANCE COMPANY USING
ASSETS OF AN "INSURANCE COMPANY GENERAL ACCOUNT" (WITHIN THE MEANING OF
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE") 95-60) TO
EFFECT SUCH PURCHASE AND SATISFIES ALL OF THE REQUIREMENTS FOR EXEMPTIVE RELIEF
UNDER SECTIONS I AND III OF PTCE 95-60, WHICH OFFICER'S CERTIFICATE SHALL NOT BE
AN EXPENSE OF THE TRUSTEE OR THE DEPOSITOR.

Solely for U.S. federal income tax purposes, this Certificate represents
"residual interests" in "real estate mortgage investment conduits," as those
terms are defined in Sections 860G and 860D, respectively, of the Internal
Revenue Code of 1986, as amended.

<TABLE>
<CAPTION>
<S>                                                                    <C>
Series 2002-8                                                          Portion of the Class R Principal
                                                                       Balance as of the Cut-Off Date
                                                                       evidenced by this Certificate:
                                                                       $_______________

Class R Remittance Rate:                                               The Remittance Rate on the Subordinate
                                                                       Certificates will equal on any
                                                                       Distribution Date, the quotient
                                                                       expressed as a percentage of (a) the
                                                                       sum of (i) the product of (x) 6.25% and
                                                                       (y) the Group I Subordinate Amount (as
                                                                       defined herein) and (ii) the product of
                                                                       (x) 5.75% and (y) the Group II
                                                                       Subordinate Amount (as defined herein),
                                                                       over (b) the sum of (i) the Group I
                                                                       Subordinate Amount and (ii) the Group
                                                                       II Subordinate Amount. The initial
                                                                       Remittance Rate for each Class of the
                                                                       Senior Subordinate Certificates will be
                                                                       approximately 6.192% per annum.

Cut-Off Date:                                                          September 1, 2002

First Distribution Date:                                               October 25, 2002

Last Scheduled Distribution Date:                                      October 25, 2032

                                                        B-2

<PAGE>

Class R Principal Balance as of the Cut-Off Date:                      $_______________

______________________                                                 Certificate No.
Registered Owner
</TABLE>

                                       B-3

<PAGE>

                                    EXHIBIT C
                                    ---------

                                   [RESERVED]

                                       C-1

<PAGE>

                                    EXHIBIT D
                                    ---------

                                SCHEDULE OF LOANS

             See Schedule I to the Mortgage Loan Purchase Agreement,
                        dated as of September 24, 2002,
                      between the Seller and the Purchaser

                                       D-1

<PAGE>

                                    EXHIBIT E
                                    ---------

                           FIELDS OF LOAN INFORMATION

Deal Name
Distribution Date
Loan Number
Loan Group
City
State
Zip Code
Property Type (SFR, CONDO, etc.)
Occupancy Status (Owner, Investor, etc.)
Loan Purpose (Purchase, Refi, etc.)
Loan Type
Loan Status (Current, Foreclosure, REO, Bankruptcy)
Original Term of Loan
Amortization Term
First Payment of Loan
Maturity Date
Appraisal Value
Original LTV
Original Principal Balance
Previous Month's Balance
Current Principal Balance
Prepay Date
Prepay Status (Loan has been prepaid, liquidated or repurchased by the Servicer)
Original Scheduled P&I
Current Scheduled P&I
Scheduled Interest Amount
Scheduled Principal Amount
Curtailment
Note Rate
Paid to Date
Payment Date

                                       E-1

<PAGE>

                                    EXHIBIT F
                                    ---------

                       FORM OF TRANSFEROR CERTIFICATE FOR
                         PRIVATELY OFFERED CERTIFICATES

                                     [Date]

JPMorgan Chase Bank, as Trustee
600 Travis Street, 10th Floor
Houston, Texas 77002
Attn: Institutional Trust Services

[LaSalle Bank National Association, as Certificate Registrar
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attn: Asset Backed Securities Trust Services - ABN AMRO Series 2002-8]

Re:      Purchase of ABN AMRO Mortgage Corporation Mortgage Pass-Through
         Certificates Series 2002-8, Class [B-3] [B-4] [B-5] (the
         "Certificates")

Ladies and Gentlemen:

In connection with our disposition of the above Certificates we certify that (a)
we understand the Certificates have not been registered under the Securities Act
of 1933, as amended (the "Act") and are being disposed by us in a transaction
that is exempt from the registration requirements of the Act, and (b) we have
not offered or sold any certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Act.

                                                   Very truly yours,

                                                   [Name of Transferor]

                                                   By:__________________________
                                                         Authorized Officer

                                       F-1

<PAGE>

                                    EXHIBIT G
                                    ---------

                      FORM OF TRANSFEREE'S CERTIFICATE FOR
                         PRIVATELY OFFERED CERTIFICATES

                                     [Date]

JPMorgan Chase Bank
600 Travis Street, 10th Floor
Houston, Texas 77002
Attn: Institutional Trust Services

ABN AMRO Mortgage Corporation
135 South LaSalle Street
Suite 925
Chicago, Illinois 60603

[LaSalle Bank National Association, as Certificate Registrar
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attn: Asset Backed Securities Trust Services - ABN AMRO Series 2002-8]

The undersigned (the "Purchaser") proposes to purchase [Class B-3] [Class B-4]
[Class B-5] Certificates evidencing an undivided interest in ABN AMRO Mortgage
Corporation Mortgage Pass-Through Certificates, Series 2002-8 (the "Purchased
Certificates") in the principal amount of $__________. In doing so, the
Purchaser hereby acknowledges and agrees as follows:

         Section 1. Definitions. Each capitalized term used herein and not
otherwise defined herein shall have the meaning ascribed to it in the Pooling
and Servicing Agreement, dated as of September 1, 2002, between ABN AMRO
Mortgage Corporation ("AAMC"), ABN AMRO Mortgage Group, Inc., as servicer (the
"Servicer") and JPMorgan Chase Bank, as trustee (the "Trustee"), of the ABN AMRO
Mortgage Corporation Mortgage Pass-Through Certificates, Series 2002-8.

         Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
AAMC, the Servicer, the Certificate Registrar and the Trustee that:

         (a) The Purchaser is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which the Purchaser is organized,
is authorized to invest in the Purchased Certificates, and to enter into this
Agreement, and duly executed and delivered this Agreement;

                                       G-1

<PAGE>

         (b) The Purchaser is acquiring the Purchased Certificates for its own
account as principal and not with a view the distribution thereof, in whole or
in part;

         (c) The Purchaser is an "accredited investor" as such term is defined
in paragraph (a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Section 501 of
Regulation D under the Securities Act of 1933, as amended (the "Act"), has
knowledge of financial and business matters and is capable of evaluating the
merits and risks of an investment in the Purchased Certificates; the Purchaser
has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision; and the Purchaser is able to bear the
economic risk of an investment in the Purchased Certificates and can afford a
complete loss of such investment;

         (d) The Purchaser is not affiliated with the Trustee;

         (e) The Purchaser confirms that AAMC has made available to the
Purchaser the opportunity to ask questions of, and receive answers from AAMC
concerning the Trust, the purchase by the Purchaser of the Purchased
Certificates and all matters relating thereto that AAMC possesses or can acquire
without unreasonable effort or expense;

         (f) If applicable, the Purchaser has complied, and will continue to
comply, with the guidelines established by Thrift Bulletin 12 issued December
13, 1988, by the Office of Regulatory Activities of the Federal Home Loan Bank
System; and

         (g) The Purchaser will provide the Trustee and the Servicer with
affidavits substantially in the form of Exhibit A attached hereto.

         Section 3. Transfer of Purchased Certificates.

         (a) The Purchaser understands that the Purchased Certificates have not
been registered under the Act, or any state securities laws and that no transfer
may be made unless the Purchased Certificates are registered under the Act and
under applicable state law or unless an exemption from registration is
available. The Purchaser further understands that neither AAMC nor the Trust is
under any obligation to register the Purchased Certificates or make an exemption
available. In the event that such a transfer is to be made within two years from
the Closing Date without registration under the Act or applicable state
securities laws, (i) the Trustee or the Certificate Registrar shall require, in
order to assure compliance with such laws, that the Certificateholder's
prospective transferees each certify to AAMC, the Certificate Registrar and the
Trustee as to the factual basis for the registration or qualification exemption
relied upon, and (ii) the Trustee, the Certificate Registrar or AAMC may require
an Opinion of Counsel that such transfer may be made pursuant to an exemption
from the Act and state securities laws, which Opinion of Counsel shall not be an
expense of the Trustee, the Certificate Registrar or AAMC. Any such
Certificateholder desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee and AAMC against any liability that may result if the
Transfer is not so exempt or is not made in accordance with such federal and
state laws.

                                       G-2

<PAGE>

         (b) No transfer of a Purchased Certificate shall be made unless the
transferee provides AAMC, the Certificate Registrar and the Trustee with (i) a
Transferee's Agreement, substantially in the form of this Agreement, and (ii) an
affidavit substantially in the form of Exhibit A hereto that the proposed
transferee (x) is not an employee benefit plan or other plan or arrangement
subject to the prohibited transaction provisions of ERISA or Section 4975 of the
Internal Revenue Code of 1986, as amended, or comparable provisions of any
subsequent enactments (a "Plan"), a trustee of any Plan, or any other Person who
is using the "plan assets" of any Plan to effect such acquisition or (y) is an
insurance company, the source of funds to be used by it to purchase the
Purchased Certificates is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and is eligible for, and satisfies all the requirements for, exemptive
relief under Sections I and III of PTCE 95 60.

         (c) The Purchaser acknowledges that its Purchased Certificates bear a
legend setting forth the applicable restrictions on transfer.

         IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
validly executed by its duly authorized representative as of the day and the
year first above written.

                                               [Purchaser]

                                               By:____________________________
                                               Its:

                                       G-3

<PAGE>

              Exhibit A to Form of Transferee Agreement (Exhibit G)

                             BENEFIT PLAN AFFIDAVIT
                             ----------------------

RE:  ABN AMRO Mortgage Corporation Mortgage Pass-through Certificates, Series
     2002-8 (The "Trust") [Class B-3] [Class B-4] [Class B-5] Certificates (The
     "Purchased Certificates")

         Under penalties of perjury, I,                   , declare that, to the
best of my knowledge and belief, the following representations are true, correct
and complete; and

         1. That I am the ______________________ of ______________________ (the
"Purchaser"), whose taxpayer identification number is ________________, and on
behalf of which I have the authority to make this affidavit.

         2. That the Purchaser is acquiring a Purchased Certificate representing
an interest in Trust.

         3. That the Purchaser (i) is not an employee benefit plan or other plan
or arrangement subject to the prohibited transaction provisions of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of
the Internal Revenue Code of 1986, as amended (the "Code"), or comparable
provisions of any subsequent enactments (a "Plan"), a trustee of any Plan, or
any other Person who is using the "plan assets" of any Plan to effect such
acquisition, or (ii) has provided an Officer's Certificate signed by a
Responsible Officer of the Purchaser satisfactory to ABN AMRO Mortgage
Corporation (the "Depositor"), the Certificate Registrar, and the Trustee of the
Trust stating that the Purchaser is an insurance company using assets of an
"insurance company general account" (within the meaning of Department of Labor
Prohibited Transaction Class Exemption ("PTCE") 95-60) to effect such purchase
and is eligible for, and satisfies all of the requirements for exemptive relief
under Sections I and III of PTCE 95-60, which Officer's Certificate shall not be
an expense of the Depositor or the Trustee.

         IN WITNESS WHEREOF, the Purchaser has caused this instrument to be duly
executed on its behalf, by its duly authorized officer this _____ day of
__________, 20__.

                                               [Purchaser]

                                               By:____________________________
                                               Its:

                                       G-4

<PAGE>

         Personally appeared before me , known or proved to me to be the same
person who executed the foregoing instrument and to be a of the Purchaser, and
acknowledged to me that (s)he executed the same as his/her free act and deed and
as the free act and deed of the Purchaser.

         SUBSCRIBED and SWORN to before me this __day of ________, 20__.

                                               ----------------------------
                                                         Notary Public

                                       G-5

<PAGE>

                                    EXHIBIT H
                                    ---------

                                   [RESERVED]

                                       H-1

<PAGE>

                                    EXHIBIT I
                                    ---------

                         FORM OF TRANSFEROR CERTIFICATE

                                                 [Date]

JPMorgan Chase Bank, as Trustee
600 Travis Street, 10th Floor
Houston, Texas 77002
Attn: Institutional Trust Services

[LaSalle Bank National Association, as Certificate Registrar
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attn: Asset Backed Securities Trust Services -
      ABN AMRO Series 2002-8____________]

      Re:  ABN AMRO Mortgage Corporation Mortgage Pass-Through Certificates,
           Series 2002-8 Class R

         This letter is delivered to you in connection with the sale by
____________ (the "Seller") to ________________________ (the "Purchaser") of
$____________ initial Certificate Principal Balance of Mortgage Pass-Through
Certificates, Series 2002-8, Class R (the "Certificate"), pursuant to Section
5.1 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 1, 2002 among ABN AMRO Mortgage Corporation,
as depositor (the "Company"), ABN AMRO Mortgage Group, Inc., as servicer (the
"Servicer"), and JPMorgan Chase Bank, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Seller hereby certifies, represents and
warrants to, and covenants with the Depositor, the Servicer, the Certificate
Registrar and the Trustee that:

         1. No purpose of the Seller relating to the sale of the Certificate by
the Seller to the Purchaser is or will be to enable the Seller to impede the
assessment or collection of tax.

         2. The Seller understands that the Purchaser has delivered to the
Trustee, the Servicer, the Certificate Registrar and the Depositor a transferee
affidavit and agreement in the form attached to the Pooling and Servicing
Agreement as Exhibit J. The Seller does not know or believe that any
representation contained therein is false.

         3. The Seller has no actual knowledge that the Proposed Transferee is
not a Permitted Transferee.

         4. The Seller has no actual knowledge that the Purchaser would be
unwilling or unable to pay taxes due on its share of the taxable income
attributable to the Certificates.

                                       I-1

<PAGE>

         5. At the time of this transfer (i) the Seller has conducted a
reasonable investigation of the financial condition of the Purchaser and, as a
result of the investigation, found that the Purchaser has historically paid its
debts as they came due, and found no significant evidence to indicate that the
Purchaser will not continue to pay its debts as they come due in the future and
(ii) either (A) the Seller both (1) has determined all of the following (I) at
the time of the transfer, and at the close of each of the Purchaser's two fiscal
years preceding the year of transfer, the Purchaser's gross assets for financial
reporting purposes exceed $100 million and its net assets for such purposes
exceed $10 million (disregarding, for purposes of determining gross or net
assets, the obligation of any person related to the Purchaser within the meaning
of section 860L(g) of the Code or any other asset if a principal purpose for
holding or acquiring that asset is to permit the Purchaser to satisfy this
minimum gross asset or net asset requirement), (II) the Purchaser is a domestic
C corporation for United States federal income tax purposes that is not for such
purposes an exempt corporation, a regulated investment company, a real estate
investment trust, a REMIC, or a cooperative organization to which part I of
subchapter T of the Code applies, (III) there are no facts or circumstances on
or before the date of transfer (or anticipated) which would reasonably indicate
that the taxes associated with the Certificates will not be paid, (IV) the
Purchaser is not a foreign branch of a domestic corporation, and (V) the
transfer does not involve a transfer or assignment to a foreign branch of a
domestic corporation (or any other arrangement by which any Certificate is at
any time subject to net tax by a foreign country or U.S. possession) and the
Purchaser will not hereafter engage in any such transfer or assignment (or any
such arrangement), and (2) does not know or have reason to know that the
Purchaser will not honor the restrictions on subsequent transfers of any Class R
Certificate described in paragraph 12 and 13 of the Transferee's Transfer
Affidavit, or (B) the Seller has determined that the present value of the
anticipated tax liabilities associated with the holding of the Certificates do
not exceed the sum of (1) the present value of any consideration given to the
Purchaser to acquire the Certificates, (2) the present value of the expected
future distributions on the Certificates, and (3) the present value of the
anticipated tax savings associated with holding the Certificates as the REMIC
generates losses (having made such determination by (I) assuming that the
Purchaser pays tax at a rate equal to the highest rate of tax specified in
Section 11(b)(1) of the Code, and (II) utilizing a discount rate for present
valuation purposes equal to the applicable Federal rate prescribed by Section
1274(d) of the Code compounded semi-annually (or a lower discount rate based on
the Purchaser having demonstrated that it regularly borrows, in the course of
its trade or business, substantial funds at such lower rate from unrelated third
parties)).

         6. The Purchaser has represented to the Seller that, if the
Certificates constitute a noneconomic residual interest, it (i) understands that
as holder of a noneconomic residual interest it may incur tax liabilities in
excess of any cash flows generated by the interest, and (ii) intends to pay
taxes associated with its holding of the Certificates as they become due.

         7. The Seller understands that the transfer of the Certificates may not
be respected for United States income tax purposes (and the Seller may continue
to be liable for United States income taxes associated therewith) unless there
is compliance with the standards of paragraph 5. above as to any transfer.

                                       I-2

<PAGE>

                                             Very truly yours,

                                             [Seller]
                                             By:
                                                ____________________________
                                             Name:
                                             Title:

                                       I-3

<PAGE>

                                    EXHIBIT J
                                    ---------

                   FORM OF TRANSFEREE AFFIDAVIT AND AGREEMENT

STATE OF         )
                 )        ss:
COUNTY OF        )

         [NAME OF OFFICER], being first duly sworn, deposes and says:

         1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Class R Certificate (the "Owner")), a [savings
institution] [corporation] duly organized and existing under the laws of [the
State of ] [the United States], on behalf of which he makes this affidavit and
agreement.

         2. That the Owner (i) is not and will not be a "disqualified
organization" as of the [date of transfer] within the meaning of Section
860E(e)(5) of the Internal Revenue Code of 1986, as amended (the "Code") and
will endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Class R Certificate, and (ii) is acquiring
the Class R Certificate for its own account or for the account of another Owner
from which it has received an affidavit and agreement in substantially the same
form as this affidavit and agreement. (For this purpose, a "disqualified
organization" means the United States, any state or political subdivision
thereof, or any agency or instrumentality of any of the foregoing (other than an
instrumentality all of the activities of which are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of whose board of
directors is not selected by any such governmental entity, or any foreign
government or international organization, or any agency or instrumentality of
such foreign government or organization, any rural electric or telephone
cooperative, or any organization (other than certain farmers' cooperatives) that
is generally exempt from federal income tax unless such organization is subject
to the tax on unrelated business taxable income).

         3. That the Owner is aware (i) of the tax that would be imposed on
transfers of the Class R Certificate; (ii) that such tax would be on the
transferor, or, if such transfer is through an agent (which person includes a
broker, nominee or middleman) for a disqualified organization, on the agent;
(iii) that the person otherwise liable for the tax shall be relieved of
liability for the tax if the transferee furnished to such person an affidavit
that the transferee is not a disqualified organization and, at the time of
transfer, such person does not have actual knowledge that the affidavit is
false; and (iv) that the Class R Certificate may represent "noneconomic residual
interests" within the meaning of Treasury regulations promulgated pursuant to
the Code and that the transferor of a noneconomic residual interest will remain
liable for any taxes due with respect to the income on such residual interest,
if a significant purpose of the transfer was to enable the transferor to impede
the assessment or collection of tax.

                                       J-1

<PAGE>

         4. That the Owner is aware of the tax imposed on a "pass-through
entity" holding the Class R Certificate if at any time during the taxable year
of the pass-through entity a disqualified organization is the record holder of
an interest in such entity. (For this purpose, a "pass-through entity" includes
a regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

         5. That the Owner is aware that the Trustee and the Certificate
Registrar will not register the transfer of the Class R Certificate unless the
transferee, or other transferee's agent, delivers to each of them an affidavit
and agreement, among other things, in substantially the same form as this
affidavit and agreement. The Owner expressly agrees that it will not consummate
any such transfer if it knows or believes that any of the representations
contained in such affidavit and agreement are false.

         6. That the Owner has reviewed the restrictions set forth on the face
of the Class R Certificate and the provisions of Section 5.1 of the Pooling and
Servicing Agreement under which the Class R Certificate was issued. The Owner
expressly agrees to be bound by and to comply with such restrictions and
provisions.

         7. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be
owned, directly or indirectly, by an Owner that is not a disqualified
organization.

         8. The Owner's Taxpayer Identification Number is _____________.

         9. That no purpose of the Owner relating to the purchase of the Class R
Certificate by the Owner is or will be to enable the transferor to impede the
assessment or collection of tax.

         10. That the Owner has no present knowledge or expectation that it will
be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding.

         11. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Certificates remain outstanding.

         12. The Owner will, in connection with any transfer that it makes of
the Class R Certificate deliver to the Certificate Registrar a representation
letter substantially in the form of Exhibit I to the Pooling and Servicing
Agreement. [The Owner hereby agrees that it will not make any transfer of any
Class R Certificate unless (i) the transfer is to an entity which is a domestic
C corporation (other than an exempt corporation, a regulated investment company,
a real estate investment trust, a REMIC, or a cooperative organization to which
part I of Subchapter T of the

                                       J-2

<PAGE>

Code applies) for federal income tax purposes, and (ii) the transfer is in
compliance with the conditions set forth in paragraph 5 of Exhibit I of the
Pooling and Servicing Agreement.]1

         13. The Owner (i) is a citizen or resident of the United States, a
corporation or partnership (including an entity treated as a corporation or
partnership for federal income tax purposes) created or organized in, or under
the laws of, the United States or any state thereof or the District of Columbia
(except, in the case of a partnership, to the extent provided in regulations) or
an estate whose income is subject to United States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more such U.S. Persons have the authority to control all substantial decisions
of the trust and (ii) if the Owner is a partnership for U.S. federal income tax
purposes, each person or entity which holds an interest (directly or indirectly,
through a pass-through entity) is a person or entity described in (i). To the
extent prescribed in regulations by the Secretary of the Treasury, which have
not yet been issued, a trust which was in existence on August 20, 1996 (other
than a trust treated as owned by the grantor under subpart E of part 1 of
subchapter J of chapter 1 of the Code), and which was treated as a U.S. Person
on August 20, 1996 may elect to continue to be treated as a U.S. Person
notwithstanding the previous sentence.

         14. The Owner hereby agrees to cooperate with the Depositor and to take
any action required of it by the Code or Treasury regulations thereunder
(whether now or hereafter promulgated) in order to create or maintain the REMIC
status of the REMIC I, REMIC II, REMIC III or the REMIC IV.

         15. The Owner hereby agrees that it will not take any action that could
endanger the REMIC status of the REMIC I, REMIC II, REMIC III or the REMIC IV,
as applicable, or result in the imposition of tax on the REMIC I, REMIC II,
REMIC III or the REMIC IV unless counsel for, or acceptable to, the Depositor
has provided an opinion that such action will not result in the loss of such
REMIC status or the imposition of such tax, as applicable.

         16. The Owner as transferee of the Class R Certificate has represented
to their transferor that, if the Class R Certificate represents noneconomic
residual interests, the Owner (i) understands that as holder of a noneconomic
residual interest it may incur tax liabilities in excess of any cash flows
generated by the interest, and (ii) intends to pay taxes associated with its
holding of the Class R Certificate as they become due.

         [17. The Owner hereby represents to and for the benefit of the
transferor that (i) at the time of the transfer, and at the close of each of the
Owners's two fiscal years preceding the year of transfer, the Owners's gross
assets for financial reporting purposes exceed $100 million and its net
--------
1        Bracketed text to be included if the Owner is relying on the
         transferee's compliance with the "Asset Test Safe Harbor" (which is
         generally described as the second "safe harbor" in the Prospectus
         Supplement) rather than the "Formula Test Safe Harbor" (which is
         generally described as the first "safe harbor" in the Prospectus
         Supplement). See "Federal Income Tax Consequences--Special Tax
         Considerations Applicable to the Residual Certificate" in the
         Prospectus Supplement.

                                       J-3

<PAGE>

assets for such purposes exceed $10 million (disregarding, for purposes of
determining gross or net assets, the obligation of any person related to the
Owner within the meaning of section 860L(g) of the Code or any other asset if a
principal purpose for holding or acquiring that asset is to permit the Owner to
satisfy this minimum gross asset or net asset requirement), (ii) the Owner is a
domestic C corporation for United States federal income tax purposes that is not
for such purposes an exempt corporation, a regulated investment company, a real
estate investment trust, a REMIC, or a cooperative organization to which part I
of subchapter T of the Code applies, (iii) there are no facts or circumstances
on or before the date of transfer (or anticipated) which would reasonably
indicate that the taxes associated with the Class R Certificate will not be
paid, and (iv) the Owner is not a foreign branch of a domestic corporation, the
transfer does not involve a transfer or assignment to a foreign branch of a
domestic corporation (or any other arrangement by which any Class R Certificate
is at any time subject to net tax by a foreign country or U.S. possession), and
the Owner will not hereafter engage in any such transfer or assignment (or any
such arrangement).]2

         IN WITNESS WHEREOF, the Owner has caused this instrument to be executed
on its behalf, pursuant to the authority of its Board of Directors, by its
[Title of Officer] and its corporate seal to be hereunto attached, attested by
its [Assistant] Secretary, this day of , 20 .

                                                 [Name of Owner]

                                                 By:________________________
                                                     [Name of Officer]
                                                     [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

--------
2        text to be included if the Owner is relying on the transferee's
         compliance with the "Asset Test Safe Harbor" (which is generally
         described as the second "safe harbor" in the Prospectus Supplement)
         rather than the "Formula Test Safe Harbor" (which is generally
         described as the first "safe harbor" in the Prospectus Supplement). See
         "Federal Income Tax Consequences--Special Tax Considerations Applicable
         to the Residual Certificate" in the Prospectus Supplement.

                                       J-4

<PAGE>

         Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Owner, and Acknowledged to me that he
executed the same as his free act and deed and free act and deed of the Owner.

         Subscribed and sworn before me this _____ day of ____________, 20___.

                                                     NOTARY PUBLIC

                                            COUNTY OF
                                            STATE OF
                                            My Commission expires the ___ day
                                            of ____________, 20___

                                       J-5

<PAGE>

                                    EXHIBIT K
                                    ---------

                     FORM OF ADDITIONAL MATTER INCORPORATED
                        INTO THE FORM OF THE CERTIFICATES

         This Certificate does not represent an obligation of or interest in ABN
AMRO Mortgage Corporation or any of its affiliates. Neither this Certificate nor
the underlying Loans are guaranteed by any agency or instrumentality of the
United States.

         This certifies that the above-mentioned Registered Owner is the
registered owner of certain interests in a trust fund (the "Certificate Trust
Fund") whose assets consist of, among other things, a pool (the "Mortgage Pool")
of conventional one- to four-family mortgage loans (the "Loans"), formed by ABN
AMRO Mortgage Corporation (the "Depositor"). The Loans were originated or
acquired by various financial institutions and subsequently acquired by the
Depositor. The Mortgage Pool was created pursuant to a Pooling and Servicing
Agreement, dated as of the Cut-Off Date stated above (the "Pooling Agreement"),
between the Depositor, ABN AMRO Mortgage Group, Inc., as Servicer (the
"Servicer"), and JPMorgan Chase Bank, as Trustee (the "Trustee"), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Pooling Agreement. Nothing herein shall be deemed inconsistent
with such meanings, and in the event of any conflict between the Pooling
Agreement and the terms of this Certificate, the Pooling Agreement shall
control. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling Agreement, to which Pooling Agreement
the Holder of this Certificate, by virtue of the acceptance hereof, assents and
by which such Holder is bound.

         Distributions will be made, pursuant to the Pooling Agreement, on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (the "Record Date"), to the
extent of such Certificateholder's Percentage Interest represented by this
Certificate in the portion of the Certificate Distribution Amount for such
Distribution Date then distributable on the Certificates of this Class, as
specified in Section 4.1 of the Pooling Agreement.

         Distributions on this Certificate will be made by the Trustee or its
Paying Agent by wire transfer or by other means of payment acceptable to each
Certificateholder of record on the immediately preceding Record Date.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Trustee or its Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Certificate to the
Certificate Registrar.

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

                                       K-1

<PAGE>

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling Agreement or be valid for any purpose.

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

                                               JPMORGAN CHASE BANK, as Trustee

                                               By:________________________

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

JPMORGAN CHASE BANK, as Trustee

By: ________________________
Dated:

                                       K-2

<PAGE>

                          ABN AMRO MORTGAGE CORPORATION
                        MORTGAGE PASS-THROUGH CERTIFICATE

         This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass-Through Certificates of the Series and Class
specified hereon (herein called the "Certificates") and representing certain
interests in the Certificate Trust Fund.

         The Certificates do not represent an obligation of, or an interest in,
the Depositor or any of its affiliates and are not insured or guaranteed by any
governmental agency. The Certificates are limited in right of payment to certain
collections and recoveries respecting the Loans, all as more specifically set
forth herein and in the Pooling Agreement. To the extent described in the
Pooling Agreement, the Servicer is obligated to advance its own funds to cover
certain shortfalls with respect to payments on the Loans. In the event Servicer
funds are advanced with respect to any Loan, such advance is reimbursable to the
Servicer from the related recoveries on such Loan or from other cash deposited
in the Custodial Account for P&I to the extent that such advance is not
otherwise recoverable.

         As provided in the Pooling Agreement, withdrawals from the Custodial
Account for P&I may be made by the Servicer from time to time for purposes other
than distributions to Certificateholders, such purposes including reimbursement
to the Servicer of advances made, or certain expenses incurred, by it.

         The Pooling Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Servicer, and the rights of the
Certificateholders under the Pooling Agreement at any time by the Depositor and
the Trustee, with the consent of the Holders of the Certificates aggregating not
less than 66-2/3% of the aggregate Percentage Interest evidenced by all of the
Certificates of the Trust Fund. For the purposes of such provision and except as
provided below, voting rights related to 100% of the Aggregate Certificate
Principal Balance of any Class will be allocated pro rata (by Certificate
Principal Balance) among the Certificates of such Class. Any such consent by the
Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Pooling Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

         As provided in the Pooling Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar or the office maintained by
the Trustee in the City and State of New York, duly endorsed by, or accompanied
by an assignment in the form below or other written instrument of transfer in
form satisfactory to the Trustee or any Authenticating Agent duly executed by,
the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Certificates of Authorized Denominations evidencing
the

                                       K-3

<PAGE>

same Percentage Interest set forth hereinabove will be issued to the designated
transferee or transferees.

         No transfer of a Certificate will be made unless such transfer is
exempt from or is made in accordance with the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act") and any applicable
state securities laws. No transfer, sale, pledge or other disposition of a Group
I or Group II Junior Subordinate Certificate shall be made unless such transfer,
sale, pledge or other disposition is made in accordance with Section 5.1(e) or
Section 5.1(f) of the Pooling Agreement. Each Person who, at any time, acquires
any ownership interest in any Group I or Group II Junior Subordinate Certificate
shall be deemed by the acceptance or acquisition of such ownership interest to
have agreed to be bound by the provisions of such Section 5.1(e) and Section
5.1(f), as applicable. No transfer of a Group I or Group II Junior Subordinate
Certificate shall be deemed to be made in accordance with such Section 5.1(e)
unless such transfer is made pursuant to an effective registration statement
under the Securities Act or unless the Trustee and the Certificate Registrar are
provided with the certificates and an Opinion of Counsel, if required, on which
the Trustee and the Certificate Registrar may conclusively rely, which
establishes or establish to the Trustee's and the Certificate Registrar's
satisfaction that such transfer is exempt from the registration requirements
under the Securities Act, as follows: In the event that a transfer is to be made
in reliance upon an exemption from the Securities Act, the Trustee and the
Certificate Registrar shall require, in order to assure compliance with the
Securities Act, that the Certificateholder desiring to effect such transfer
certify to the Trustee and the Certificate Registrar in writing, in
substantially the form attached as Exhibit F to the Pooling Agreement, the facts
surrounding the transfer, with such modifications to such Exhibit F as may be
appropriate to reflect the actual facts of the proposed transfer, and that the
Certificateholder's proposed transferee certify to the Trustee and the
Certificate Registrar in writing, in substantially the form attached as Exhibit
G to the Pooling Agreement, the facts surrounding the transfer, with such
modifications to such Exhibit G as may be appropriate to reflect the actual
facts of the proposed transfer. If such certificate of the proposed transferee
does not contain substantially the substance of Exhibit G, the Trustee and the
Certificate Registrar shall require an Opinion of Counsel satisfactory to it
that such transfer may be made without registration, which Opinion of Counsel
shall not be obtained at the expense of the Trustee, the Certificate Registrar,
the Trust Fund or the Depositor.

         Transfers of the Group I or Group II Junior Subordinate Certificates
may also be made in accordance with Section 5.1(f) of the Pooling Agreement. To
effectuate a Certificate transfer in accordance with such Section 5.1(f), the
proposed transferee of such Certificate must provide the Trustee, the
Certificate Registrar and the Depositor with an investment letter substantially
in the form of Exhibit L attached to the Pooling Agreement, which investment
letter shall not be an expense of the Trustee, the Certificate Registrar or the
Depositor, and which investment letter states that, among other things, such
transferee (i) is a "qualified institutional buyer" as defined under Rule 144A,
acting for its own account or the accounts of other "qualified institutional
buyers" as defined under Rule 144A, and (ii) is aware that the proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act provided by Rule 144A. Notwithstanding the foregoing, the
proposed transferee of such Certificate shall not be required to provide the
Trustee,

                                       K-4

<PAGE>

the Certificate Registrar or the Depositor with Annex 1 or Annex 2 to the form
of such Exhibit L if the Depositor so consents prior to each such transfer. Such
transfers shall be deemed to have complied with the requirements of Section
5.1(f) of the Pooling Agreement. The Holder of a Certificate desiring to effect
such transfer does hereby agree to indemnify the Trustee, and the Certificate
Registrar, the Depositor, and the Certificate Registrar against any liability
that may result if transfer is not made in accordance with the Pooling
Agreement.

         The Certificates are issuable only as registered Certificates without
coupons in Authorized Denominations specified in the Pooling Agreement. As
provided in the Pooling Agreement and subject to certain limitations therein set
forth, Certificates are exchangeable for new Certificates of Authorized
Denominations evidencing the same aggregate interest in the portion of the
Available Distribution Amount distributable on this Class of Certificate, as
requested by the Holder surrendering the same.

         A reasonable service charge may be made for any such registration of
transfer or exchange, and the Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

         The Depositor, the Certificate Registrar, the Certificate
Administrator, the Servicer, the Trustee and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Depositor, the Certificate Registrar, the
Certificate Administrator, the Servicer, the Trustee nor any such agent shall be
affected by notice to the contrary.

         The respective obligations and responsibilities of the Servicer and the
Trustee created under the Pooling Agreement (other than the obligation to make
payments to Certificateholders as set forth therein) shall terminate upon the
earlier of (i) the later of the final payment or other liquidation (or any
Advance with respect thereto) of the last Loan remaining in the Trust Fund and
the disposition of all property acquired in respect of any Loan or (ii) the
purchase by the Class R Certificateholder of all Loans at a price established
pursuant to the Pooling Agreement; provided, however, that in no event shall the
trust created hereby continue beyond 21 years from the death of the survivor of
certain persons identified in the Pooling Agreement.

                                       K-5

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED the undersigned hereby sell(s) and assign(s) and
transfer(s) unto

         (Please print or typewrite name and address, including postal zip code
of assignee. Please insert social security or other identifying number of
assignee.)_____________________________________________________________________
_______________________________________________________________________________
the within Mortgage Pass-Through Certificate and hereby irrevocably
constitutes and appoints ____________________________________ Attorney to
transfer said Certificate on the Certificate Register, with full power of
substitution in the premises.

Dated:________________________             ____________________________________
                                           Signature Guaranteed

                                     NOTICE:

         The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever.

                                       K-6

<PAGE>

                                    EXHIBIT L
                                    ---------

                   FORM OF RULE 144A INVESTMENT REPRESENTATION

             Description of Rule 144A Securities, including numbers:

________________________
________________________
________________________

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

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

         2. The Buyer warrants and represents to, and covenants with, the
Seller, the Trustee, the Certificate Registrar and the Servicer (as defined in
the Pooling and Servicing Agreement (the "Agreement") dated as of September 1,
2002 between ABN AMRO Mortgage Corporation, as Depositor, ABN AMRO Mortgage
Group, Inc., as Servicer, and JPMorgan Chase Bank, as Trustee) pursuant to
Section 5.1(f) of the Agreement, as follows:

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

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

         (c) The Buyer has received and reviewed the Private Placement
Memorandum dated as of September 24, 2002 relating to the Rule 144A Securities
and has been furnished with all

                                       L-1

<PAGE>

information regarding the Rule 144A Securities that it has requested from the
Seller, the Trustee, the Depositor or the Servicer.

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

         (e) The Buyer is a "qualified institutional buyer" as that term is
defined in Rule 144A under the 1933 Act and has (1) completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex 2, or
(2) obtained the waiver of the Depositor with respect to Annex 1 and Annex 2
pursuant to Section 5.1(f) of the Agreement. The Buyer is aware that the sale to
it is being made in reliance on Rule 144A. The Buyer is acquiring the Rule 144A
Securities for its own account or the accounts of other qualified institutional
buyers, understands that such Rule 144A Securities may be resold, pledged or
transferred only (i) to a person reasonably believed to be a qualified
institutional buyer that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
exemption from registration under the 1933 Act.

         (f) The Buyer is not affiliated with (i) the Trustee or (ii) any Rating
Agency that rated the Rule 144A Securities.

         (g) If applicable, the Buyer has complied, and will continue to comply,
with the guidelines established by Thrift Bulletin 12 issued December 13, 1988,
by the Office of Regulatory Activities of the Federal Home Loan Bank System.

         [Required only in the case of a transfer of a Class B-3, Class B-4 and
Class B-5 Certificate][3. The Buyer warrants and represents to, and covenants
with, the Seller, the Servicer, the Certificate Registrar and the Depositor that
(1) the Buyer is not an employee benefit plan (within the meaning of Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")), subject to the prohibited transaction provisions of ERISA ("Plan"),
or a plan (within the meaning of Section 4975(e)(1) of the Internal Revenue Code
of 1986 ("Code")) subject to Section 4975 of the Code (also a "Plan"), and the
Buyer is not directly or indirectly purchasing the Rule 144A Securities on
behalf of, as investment manager of, as named fiduciary of, as trustee of, or
with "plan assets" of any Plan, or (2) the Buyer has provided the Seller, the
Servicer, the Certificate Registrar and the Depositor with an Officer's
Certificate signed by a Responsible Officer

                                       L-2

<PAGE>

of the Buyer stating that the Buyer is an insurance company using assets of an
"insurance company general account" (within the meaning of Department of Labor
Prohibited Transaction Class Exemption ("PTCE") 95-60) to effect such purchase
and is eligible for, and satisfies all of the requirements for exemptive relief
under Sections I and III of PTCE 95-60, which Officer's Certificate shall not be
an expense of the Servicer or the Depositor.]

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

                                       L-3

<PAGE>

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

____________________________________           ________________________________
         Print Name of Seller                      Print Name of Seller

By: ________________________________           By:_____________________________
     Name:                                         Name:
     Title:                                        Title:

Taxpayer Identification                       Taxpayer Identification
No.:                                                   No.:
Date:                                                  Date:

                                       L-4

<PAGE>

                                                            Annex 1 to Exhibit L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

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

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

         2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $_________________3 in securities (except for the excluded
securities referred to below) as of the end of the Buyer's most recent fiscal
year (such amount being calculated in accordance with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

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

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

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

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

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

                                       L-5

<PAGE>

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

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

         ERISA Plan. The Buyer is an employee benefit plan within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA") and is subject to the fiduciary responsibility provisions of ERISA.

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

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

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

         Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
company and whose participants are exclusively (a) plans established and
maintained by a State, its political subdivision, or any agency or
instrumentality of the State or its political subdivision, for the benefit of
its employees, or (b) employee benefit plans within the meaning of Title I of
the Employee Retirement Income Security Act of 1974, but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

         3. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

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

                                       L-6

<PAGE>

if the Buyer is a majority-owned, consolidated subsidiary of another enterprise
and the Buyer is not itself a reporting company under the Securities Exchange
Act of 1934.

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

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

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

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

                                          Print Name of Buyer

                                          By:________________________________
                                          Name:
                                          Title:
                                          Date:

                                       L-7

<PAGE>

                                                            Annex 2 to Exhibit L

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

              [For Buyers That Are Registered Investment Companies]

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

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

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

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

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

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

         4. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

         5. The Buyer is familiar with Rule 144A and understands that each of
the parties to which this certification is made are relying and will continue to
rely on the statements made herein

                                       L-8

<PAGE>

because one or more sales to the Buyer will be reliance on Rule 144A. In
addition, the Buyer will only purchase for the Buyer's own account.

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

                                          Print Name of Buyer

                                          By:_________________________________
                                          Name:
                                          Title:
                                          Date:

                                          IF AN ADVISER

                                          Print Name of Buyer

                                          By:__________________________________
                                          Name:
                                          Title:
                                          Date:

(SEAL)

                                       L-9

<PAGE>

                                    EXHIBIT M
                                    ---------

                                   [RESERVED]

                                       M-1

<PAGE>

                                    EXHIBIT N
                                    ---------

                                   [RESERVED]

                                       N-1

<PAGE>

                                    EXHIBIT O
                                    ---------

                  FORM OF CERTIFICATE GUARANTY INSURANCE POLICY

OBLIGATIONS:          ABN AMRO Mortgage Corporation       POLICY NUMBER: [ ]
                      Multi-Class Mortgage Pass-Through
                      Certificates, Series 2002-8
                      Class IA-16 through Class IA-24, Class IA-29 and
                      Class IA-32 through Class IA-37 Certificates, as
                      individually described on Schedule I attached hereto
                      (the "Obligations")

         MBIA Insurance Corporation (the "Insurer"), in consideration of the
payment of the premium and subject to the terms of this Certificate Guaranty
Insurance Policy (this "Policy"), hereby unconditionally and irrevocably
guarantees to any Owner that an amount equal to each full and complete Insured
Payment will be received from the Insurer by JPMorgan Chase Bank or its
successors, as trustee for the Owners (the "Trustee"), on behalf of the Owners,
for distribution by the Trustee to each Owner of each Owner's proportionate
share of the Insured Payment. The Insurer's obligations hereunder with respect
to a particular Insured Payment shall be discharged to the extent funds equal to
the applicable Insured Payment are received by the Trustee, whether or not such
funds are properly applied by the Trustee. Insured Payments shall be made only
at the time set forth in this Policy, and no accelerated Insured Payments shall
be made regardless of any acceleration of the Obligations, unless such
acceleration is at the sole option of the Insurer.

         Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust, any REMIC or the
Trustee for withholding taxes, if any (including interest and penalties in
respect of any such liability). This Policy will not provide credit enhancement
for any Class of Certificates other than the Obligations.

         The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer, irrevocably assigning to the Insurer all
rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

         The Insurer will pay any other amount payable hereunder no later than
12:00 noon, New York City time, on the later of the Distribution Date on which
the related Deficiency Amount is due or the third Business Day following receipt
in New York, New York on a Business Day by State Street Bank and Trust Company,
N.A., as Fiscal Agent for the Insurer or any successor fiscal agent appointed by
the Insurer (the "Fiscal Agent") of a Notice (as described below), provided that
if such Notice is received after 12:00 noon,

                                       O-1

<PAGE>

New York City time, on such Business Day, it will be deemed to be received on
the following Business Day. If any such Notice received by the Fiscal Agent is
not in proper form or is otherwise insufficient for the purpose of making claim
hereunder, it shall be deemed not to have been received by the Fiscal Agent for
purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may
be, shall promptly so advise the Trustee, and the Trustee may submit an amended
Notice.

         Insured Payments due hereunder unless otherwise stated herein will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.

         The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit or cause to be deposited sufficient funds to
make payments due under this Policy.

         As used herein, the following terms shall have the following meanings:

         "AGREEMENT" means the Pooling and Servicing Agreement, dated as of
September 1, 2002, among ABN AMRO Mortgage Corporation, as Depositor, ABN AMRO
Mortgage Group, Inc., as Servicer, and the Trustee, as trustee, without regard
to any amendment or supplement thereto, unless such amendment or supplement has
been approved in writing by the Insurer.

         "BUSINESS DAY" means any day other than (a) a Saturday or a Sunday, (b)
a day on which the Insurer is closed or (c) a day on which banking institutions
in New York City, Chicago, Illinois or in the city in which the corporate trust
office of the Trustee under the Agreement is located are authorized or obligated
by law or executive order to close.

         "DEFICIENCY AMOUNT" means, as of any Distribution Date, the excess, if
any, of (i) the sum of (A) the Net Interest Shortfall (other than Relief Act
Interest Shortfalls) allocated to the related Obligations on such Distribution
Date and (B) the principal portion of any Realized Loss, including any Excess
Loss, allocated to the related Obligations on such Distribution Date over (ii)
the Insured Certificate Coverage Payments.

         "INSURED CERTIFICATE COVERAGE PAYMENTS" means, as of any Distribution
Date, all amounts available to be distributed to the related Obligations on such
Distribution Date from the Reserve Fund.

         "INSURED PAYMENT" means (a) as of any Distribution Date, any Deficiency
Amount and (b) any Preference Amount.

         "NOTICE" means the telephonic or telegraphic notice, promptly confirmed
in writing by facsimile substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified mail,
from the Trustee specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.

         "OWNER" means each Certificateholder (as defined in the Agreement) of
an Obligation (other than the Trustee, the Seller or the Servicer) who, on the
applicable Distribution Date, is entitled under the terms of the applicable
Obligations to payment thereunder.

                                       O-2

<PAGE>

         "PREFERENCE AMOUNT" means any amount previously distributed to an Owner
on the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time, in accordance with a final
nonappealable order of a court having competent jurisdiction.

         Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Agreement as of the date of
execution of this Policy, without giving effect to any subsequent amendment to
or modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

         Any notice hereunder or service of process on the Fiscal Agent may be
made at the address listed below for the Fiscal Agent or such other address as
the Insurer shall specify in writing to the Trustee.

         The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006 Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

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

         The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

         This Policy is not cancelable for any reason. The premium on this
Policy is not refundable for any reason, including payment, or provision being
made for payment, prior to maturity of the Obligations.

                                       O-3

<PAGE>

         IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed
and attested this 24th day of September, 2002.

                                              MBIA INSURANCE CORPORATION

                                              By _______________________________
                                              President

                                              Attest:

                                              By: ______________________________
                                                     Assistant Secretary

                                       O-4

<PAGE>

                                    EXHIBIT A

                    TO CERTIFICATE GUARANTY INSURANCE POLICY
                                   NUMBER: [ ]

                        NOTICE UNDER CERTIFICATE GUARANTY
                          INSURANCE POLICY NUMBER: [ ]

State Street Bank and Trust Company, N.A., as Fiscal Agent
  for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY  10006
Attention:  Municipal Registrar and
                    Paying Agency

MBIA Insurance Corporation
113 King Street
Armonk, NY  10504

         The undersigned, a duly authorized officer of [NAME OF TRUSTEE], as
trustee (the "Trustee"), hereby certifies to State Street Bank and Trust
Company, N.A. (the "Fiscal Agent") and MBIA Insurance Corporation (the
"Insurer"), with reference to Certificate Guaranty Insurance Policy Number: [ ]
(the "Policy") issued by the Insurer in respect of the ABN AMRO Mortgage
Corporation Multi-Class Mortgage Pass-Through Certificates, Series 2002-8 Class
IA-16 through Class IA-24, Class IA-29, and Class IA-32 through Class IA-37
Certificates (the "Obligations"), that:

              (a) the Trustee is the trustee under the Pooling and Servicing
         Agreement, dated as of September 1, 2002, among ABN AMRO Mortgage
         Corporation, as Depositor, ABN AMRO Mortgage Group, Inc. as Servicer,
         and the Trustee, as trustee for the Owners;

              (b) the Insured Certificate Coverage Payments for the Distribution
         Date occurring on ________ (the "Applicable Distribution Date") is $
         _______;

              (c) the sum of (i) the Net Interest Shortfall (other than Relief
         Act Interest Shortfalls) allocated to the related Obligations on such
         Distribution Date and (ii) the principal portion of any Realized Loss,
         including any Excess Loss, allocated to the related Obligations on such
         Distribution Date is
         $ ___________;

              (d) the excess, if any, of the amount in (c) over the amount in
         (b) is $_____ (the "Deficiency Amount");

              (e) the amount of previously distributed payments on the
         Obligations that is recoverable and sought to be recovered as a
         voidable preference by a trustee in bankruptcy pursuant to the
         Bankruptcy Code in accordance with a final nonappealable order of a
         court having competent jurisdiction is $ ________ (the "Preference
         Amount");

                                      D-A-1

<PAGE>

              (f) the total Insured Payment due is $ ________, which amount
         equals the sum of the Deficiency Amount and the Preference Amount;

              (g) the Trustee is making a claim under and pursuant to the terms
         of the Policy for the dollar amount of the Insured Payment set forth in
         (d) above to be applied to the payment of the Deficiency Amount for the
         Applicable Distribution Date in accordance with the Agreement and for
         the dollar amount of the Insured Payment set forth in (e) above to be
         applied to the payment of any Preference Amount; and

              (h) the Trustee directs that payment of the Insured Payment be
         made to the following account by bank wire transfer of federal or other
         immediately available funds in accordance with the terms of the Policy:
         [TRUSTEE'S ACCOUNT NUMBER].

         Any capitalized term used in this Notice and not otherwise defined
herein shall have the meaning assigned thereto in the Policy.

         ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE
COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS, FOR THE PURPOSE OF
MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.

         IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
under the Policy as of the [          ] day of [          ], [          ].

                                             [NAME OF TRUSTEE], as Trustee

                                             By ________________________
                                             Title _____________________

                                      D-A-2

<PAGE>

                                   SCHEDULE I
                                   ----------

                          ABN AMRO MORTGAGE CORPORATION
          MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2002-8
                CLASS IA-16 THROUGH CLASS IA-24, CLASS IA-29, AND
                  CLASS IA-32 THROUGH CLASS IA-37 CERTIFICATES

                               MBIA-INSURED OBLIGATIONS

CLASS                REMITTANCE RATE           INITIAL CLASS PRINCIPAL BALANCE
----------     ---------------------------     --------------------------------
IA-16                     6.75%                        $  950,000.00
IA-17                     5.75%                        $2,850,000.00
IA-18                     6.50%                        $1,700,000.00
IA-19                     6.00%                        $2,400,000.00
IA-20                     6.00%                        $2,300,000.00
IA-21                     6.00%                        $1,500,000.00
IA-22                     6.00%                        $1,500,000.00
IA-23                     6.00%                        $1,850,000.00
IA-24                     6.00%                        $3,250,000.00
IA-29                     5.50%                        $1,700,000.00
IA-32                     5.50%                        $1,363,000.00
IA-33                     5.50%                        $4,466,000.00
IA-34                     5.50%                        $2,659,000.00
IA-35                     5.50%                        $3,245,000.00
IA-36                     5.50%                        $1,826,000.00
IA-37                     5.50%                        $  521,000.00

                                      D-A-3

<PAGE>

                                    EXHIBIT P
                                    ---------

                                   [RESERVED]

                                       P-1

<PAGE>

                                    EXHIBIT Q
                                    ---------

                                 BLOOMBERG DATA

Loan Number
Property Type
Owner Occupied
Loan Purpose
Loan Type
Loan Group
Current Interest Rate
Original Balance
Current Balance
First Payment Date
Maturity Date
Current PNI
Servicing Fee
Loan Term
Foreclosure/REO
Loan to Value Ratio
State Code
Interest Paid to Date
Zip Code
PIF Data
Amortized Remaining Term

                                       Q-1

<PAGE>

                                    EXHIBIT R
                                    ---------

                       FORM OF SPECIAL SERVICING AGREEMENT

         This SPECIAL SERVICING AGREEMENT (the "Agreement") is made and entered
into as of ____________ 1, 20__, between _______________, as seller and master
servicer (the "Company"), _______________, as holder of the Class B Certificates
identified on Schedule I (the "Class B Holder") and _______________, [an
affiliate of the Class B Holder,] as special servicer (the "Special Servicer").

                              PRELIMINARY STATEMENT

         WHEREAS, the Class B Holder is the holder of at least 75% of each the
classes of Mortgage Pass-Through Certificates (each a "Class B Certificate") of
the series of issuances (each a "Series") issued by the Company identified on
Schedule I attached hereto (such Schedule I, as may be modified or amended to
reflect (i) the purchase from time to time by the Class B Holder of interests in
any class of Class B Certificates of a Series such that the Class B Holder owns
not less than 75% of the then outstanding Certificate Principal Balance of such
Class B Certificates and (ii) the sale from time to time of the Class B Holder
of interests in any class of Class B Certificates of a Series such that the
Class B Holder owns less than 75% of the then outstanding Certificate Principal
Balance of such Class B Certificates, the "Schedule I").

         WHEREAS, each of the Class B Certificates was issued by the Company
pursuant to the Pooling and Servicing Agreement or Agreements (each a "Pooling
and Servicing Agreement") identified on Schedule I and evidences an ownership
interest in a pool of Mortgage Loans.

         WHEREAS, the Company is the Master Servicer of the Mortgage Loans
related to each Series and the Mortgage Loans are serviced in accordance with
the applicable Pooling and Servicing Agreement [and the Company's [Servicer
Guide] (the "Servicer Guide")].

         WHEREAS, in connection with the purchase by Class B Holder of a Series
of Class B Certificates (whether owned by the Class B Holder on the date hereof
or purchased by the Class B Holder at any time in the future), the Class B
Holder and the Company have agreed that (i) the Class B Holder, if it owns 75%
of the most subordinate outstanding class of Class B Certificates of a Series
(calculated by dividing the then outstanding Certificate Principal Balance of
such Class B Certificates by the then outstanding Certificate Principal Balance
of all certificates of the same class) may elect to have certain Mortgage Loans
with respect to the related Series that become 90 or more days delinquent (each
such Mortgage Loan, a "Delinquent Mortgage Loan") serviced by the Special
Servicer (each such Delinquent Mortgage Loan, a "Specially Serviced Mortgage
Loan"), and (ii) with respect to Delinquent Mortgage Loans other than Specially
Serviced Mortgage Loans, the Company will provide to the Class B Holder such
information as is generated [pursuant to the terms of the Servicer Guide] by the
Company or a subservicer with respect to such Delinquent Loan.

         NOW THEREFORE, in consideration of the premises and mutual agreements
hereinafter set forth, the Company, the Class B Holder and the Special Servicer
hereby agree as follows:

                                       R-1

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01      Definitions Incorporated by Reference.

         Capitalized terms used but not otherwise defined in this Agreement
shall have the respective meaning ascribed thereto as set forth in the related
Pooling and Servicing Agreement [or the Servicer Guide, as the context may
require].

                                   ARTICLE II

          DESIGNATION OF SPECIALLY SERVICED MORTGAGE LOANS AND SPECIAL

                              SERVICING PROCEDURES

         Section 2.01 [Approval of _______________ as an Approved Servicer under
the Servicer Guide.

         The Company hereby approves _______________ as an approved servicer for
all purposes under the terms of the Servicer Guide.]

         Section 2.02      Specially Serviced Mortgage Loans.

         To the extent and for so long as the Class B Certificates of a Series
are outstanding and the Class B Holder owns at least 75% of the most subordinate
outstanding class of the Class B Certificates of such Series (calculated by
dividing the then outstanding Certificate Principal Balance of such Class B
Certificates by the then outstanding Certificate Principal Balance of all
certificates of the same class), Delinquent Mortgage Loans of the related Series
may, at the option of the Class B Holder, be designated in writing by the Class
B Holder as Specially Serviced Mortgage Loans and transferred to the Special
Servicer for servicing. The Special Servicer shall service the Specially
Serviced Mortgage Loans in accordance with the terms of the related Pooling and
Servicing Agreement [and the Servicer Guide].

         Following the designation of a Delinquent Mortgage Loan as a Specially
Serviced Loan, the Company shall transfer servicing of such Delinquent Mortgage
Loan to the Special Servicer substantially in the manner set forth herein and in
Schedule II hereto. [The parties hereto agree that any fees resulting from the
transfer of the servicing of a Delinquent Mortgage Loan from the Company or a
subservicer to the Special Servicer (or any successor thereto) shall be the
obligation of the Company.]

         As of the Effective Date (as defined below) of each Specially Serviced
Mortgage Loan, the Special Servicer shall succeed to and undertake all rights,
duties and obligations of the prior servicer (including, without limitation, the
making of advances, any right to purchase such Specially Serviced

                                       R-2

<PAGE>

Mortgage Loan at the purchase price set forth in the related Pooling and
Servicing Agreement and the right to receive the servicing fee with respect to
such Specially Serviced Mortgage Loan) pursuant to and in accordance with the
terms of the related Pooling and Servicing Agreement [and the terms and
conditions of the Servicer Guide].

         With respect to each Specially Serviced Mortgage Loan, the effective
date (the "Effective Date") shall be the first day of the month immediately
following the month of designation of such Specially Serviced Mortgage Loan as
such, provided that such written designation is received by the Company on or
prior to the 15th calendar day of such month.

         Once a Delinquent Mortgage Loan becomes a Specially Serviced Mortgage
Loan, such Delinquent Mortgage Loan shall remain a Specially Serviced Mortgage
Loan, and shall continue to be serviced by the Special Servicer, until the
earlier of the liquidation or other disposition of such Specially Serviced
Mortgage Loan or the termination of this Agreement, regardless of delinquency
status, whether the related Mortgaged Property becomes an REO Property or
otherwise; provided, however, that if the Company exercises its right as Master
Servicer to purchase all of the Mortgage Loans in a Trust Fund pursuant to an
optional termination provision under the related Pooling and Servicing
Agreement, the servicing of any related Specially Serviced Mortgage Loans with
respect to which foreclosure proceedings have not been commenced shall be
transferred promptly by the Special Servicer in accordance with written
instructions from the Company.

         If the Class B Holder (i) transfers such percentage interest in any
Class B Certificates of a Series such that the Class B Holder owns less than 75%
of the then outstanding Certificate Principal Balance of such class, or (ii)
purchases such percentage interest in any Class B Certificates of a Series such
that the Class B Holder owns 75% or more of the then outstanding Certificate
Principal Balance of such class, the Class B Holder shall promptly notify the
Company and the Special Servicer in writing of any such transfer or acquisition.
Upon receipt of written notice from the Class B Holder, the Company or the Class
B Holder shall revise Schedule I hereto to reflect any such transfer or
acquisition and shall forward promptly a copy of such revised schedule to the
Company or the Class B Holder, as applicable, and the Special Servicer. With
respect to the purchase of at least 75% of the Class B Certificates of any
Series by the Class B Holder after the date hereof, this Agreement shall be
effective as of the date such written notice of acquisition is received by the
Company.

         If and to the extent the Company is permitted to purchase Delinquent
Mortgage Loans under the related Pooling and Servicing Agreement, the Class B
Holder may direct the Company to purchase any Specially Serviced Mortgage Loan
and to promptly resell such Mortgage Loan to the Class B Holder at the price and
on the terms set forth in such Pooling and Servicing Agreement. In the event the
Class B Holder directs the Company to purchase a Specially Serviced Mortgage
Loan as permitted under this Section, the Company shall promptly take all action
necessary under the terms of the related Pooling and Servicing Agreement in
order to accomplish such purchase (i.e. provide notification to the Trustee
and/or Custodian) and to resell such Specially Serviced Mortgage Loan to the
Class B Holder. The Class B Holder, and not the Company, shall be required to
remit the purchase price for such Specially Serviced Mortgage Loan to the
related Trustee. The Company will inform the Trustee in writing of the purchase
of such Specially Serviced Mortgage Loan by the

                                       R-3

<PAGE>

Class B Holder and further shall promptly take all actions necessary or
desirable to effect the conveyance of such Mortgage Loan and the related
servicing rights to the Class B Holder or its designee, time being of the
essence.

         Notwithstanding any provision herein to the contrary, the Special
Servicer shall (i) in no event be obligated to effect any cure or remedy in
connection with a deficiency in the documentation for any Specially Serviced
Mortgage Loan to the extent such deficiency existed at the time such Mortgage
Loan became a Specially Serviced Mortgage Loan or (ii) have any responsibility
for any obligations, duties, or liabilities of the Company with respect to the
servicing of a Specially Serviced Mortgage Loan that arose prior to the related
Effective Date for such Specially Serviced Mortgage Loan, other than those which
would customarily be assumed after the Effective Date.

         Section 2.03      Termination of Special Servicer for Default.

         The Company shall have the right, immediately upon written notice, to
terminate the Special Servicer's right and obligation to subservice all of the
Specially Serviced Mortgage Loans hereunder in the event (each such event, an
"Event of Default") of:

         (i) any failure by the Special Servicer to remit to the Company for
distribution to the Certificateholders of a Series any payment (including
without limitation, any failure to make any required Advance) required to be
made under the terms of this Agreement or the related Pooling and Servicing
Agreement which continues unremedied for a period of one day after the date upon
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Special Servicer by the Company; or

         (ii) any failure on the part of the Special Servicer duly to observe or
perform in any material respect any other of the covenants or agreements on the
part of the Special Sub-Servicer contained in this Agreement (including any
breach of the Special Servicer's representations and warranties contained in
Section 4.03 hereof, which materially and adversely affects the interests of the
Certificateholders of a Series) which continues unremedied for a period of 30
days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Special Servicer by the Company; or

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

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

                                       R-4

<PAGE>

         (v) the Special Servicer shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of or
otherwise voluntarily commence a case or proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar statute, make an
assignment for the benefit of its creditors, or voluntarily suspend payment of
its obligations.

         If an Event of Default shall occur, then, and in each and every such
case, upon receipt of written notice from the Company, the Special Servicer
shall immediately remit to the Company all amounts in the Collection Accounts
and the Escrow Accounts and all rights of the Special Servicer to service the
Specially Serviced Mortgage Loans shall terminate. Following the receipt of
written notice from the Company as provided above, all authority and power of
the Special Sub-Servicer to subservice all the Specially Serviced Mortgage Loans
shall pass to and be vested in the Company pursuant to and under this Section
2.03, and the Special Servicer shall do all things necessary to effect a
transfer of the servicing rights back to the Company. In this regard, the
Company is hereby authorized and empowered to execute and deliver, on behalf of
the Special Servicer, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to 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 affected
Specially Serviced Mortgage Loans and related documents, or otherwise. The
Special Servicer agrees to cooperate with the Company in implementing the
termination of the Special Servicer's responsibilities and rights hereunder,
including, without limitation, the transfer to the Company or its appointed
agent for administration by it of all amounts in the possession of the Special
Servicer or thereafter be received with respect to the Specially Serviced
Mortgage Loans and the transfer of the] servicing rights back to the Company.

         Section 2.04      Appointment of Successor Special Servicer.

         The Class B Holder shall have the right, upon 90 days prior written
notice to the Company and the Special Servicer appoint a successor special
servicer having the characteristics set forth in clauses (i), (ii) and (iii)
below, and which shall succeed to all rights and assume all of the
responsibilities, duties and liabilities of the Special Servicer under this
Agreement simultaneously with the termination of the Special Servicer's
responsibilities, duties and liabilities under this Agreement. In the event that
the Special Servicer's duties, responsibilities and liabilities under this
Agreement should be terminated pursuant to the foregoing, the Special Servicer
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 its successor. The removal of the
Special Servicer shall not become effective until a successor shall be appointed
pursuant to this Section and shall in no event relieve the Special Servicer of
the representations and warranties made pursuant to Section 4.03 and the
remedies available to the Class B Holder and/or the Company under Sections 4.04
and 5.01, it being understood and agreed that the provisions of such Sections
4.04 and 5.01 shall be applicable to the Special Servicer notwithstanding any
such termination of it, or the termination of this Agreement.

                                       R-5

<PAGE>

         Any successor special servicer shall (i) [be an institution having a
net worth of not less than $1,000,000][meet the eligibility requirements of an
approved servicer under the Company's Servicer Guide], (ii) the appointment of
such successor servicer will not result in the downgrading in any rating by any
applicable rating agency of any security issued in connection with the
applicable Pooling and Servicing Agreements, and (iii) have and keep in full
effect its existence, rights and franchises as a corporation (or such other
corporate form), and shall obtain its qualification to do business as a foreign
corporation (or such other corporate form) 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 Specially Serviced Mortgage Loans
and to perform its duties under this Agreement. Any successor appointed as
provided herein shall execute, acknowledge and deliver to the Class B Holder and
the Company an instrument accepting such appointment, wherein the successor
shall make the representations and warranties set forth in Section 4.03,
whereupon such successor shall become fully vested with all the rights, powers,
duties, responsibilities, obligations and liabilities of the Special Servicer,
with like effect as if originally named as a party to this Agreement.

         Within 30 days of the appointment of a successor special servicer by
the Class B Holder, the Special Servicer shall prepare, execute and deliver to
the successor entity any and all documents and other instruments, place in such
successor's possession all servicing files related to the Specially Serviced
Mortgage Loans, and do or cause to be done all other acts or things necessary or
appropriate to effect the purposes of such notice of termination [, including
but not limited to the transfer and endorsement of the related Mortgage Notes
and other documents, and the Class B Holder shall do or cause to be done the
preparation and recordation of Assignments of Mortgage and Deeds at the Class B
Holder's sole expense].

         The Special Servicer shall cooperate with the Class B Holder and such
successor in effecting the termination of the Special Servicer's
responsibilities and rights hereunder and the transfer of servicing
responsibilities to the successor special servicer, including without
limitation, the transfer to such successor of all amounts received by it with
respect to the Specially Serviced Mortgage Loans. Further, the Special Servicer
shall execute and deliver such instruments and do such other things as may
reasonably be required to more fully and definitively vest in the successor all
such rights, powers, duties, responsibilities, obligations and liabilities of
the Special Servicer.

                                   ARTICLE III

             DELINQUENT MORTGAGE LOANS OTHER THAN SPECIALLY SERVICED

                                 MORTGAGE LOANS

         Section 3.01      Reporting of Delinquent Mortgage Loans.

         (a) To the extent and for so long as the Class B Certificates of a
Series are outstanding and any interest in such Class B Certificates is held by
the Class B Holder, the Company, as Master Servicer of the Mortgage Loans
related to each Series, hereby agrees to provide to the Class B Holder the
following notices and reports:

                                       R-6

<PAGE>

         Within three (3) Business Days after each Distribution Date (or
included in or with the monthly statements to Certificateholders pursuant to the
related Pooling and Servicing Agreement), the Company shall provide to the Class
B Holder a report, in tape format, containing the following information:

         (1) With respect to each Series, the number and aggregate Principal
Balance of the Mortgage Loans delinquent one, two and three months or more,
together with the Principal Balance of each Mortgage Loan delinquent, one, two
and three months or more;

         (2) With respect to each Series, the (i) number and aggregate Principal
Balance of Mortgage Loans with respect to which foreclosure proceedings have
been initiated, and (ii) the number and aggregate book value of Mortgaged
Properties acquired through foreclosure, deed in lieu of foreclosure or other
exercise of rights respecting the Trustee's security interest in the Mortgage
Loans, and with respect to each Mortgage Loan, the (i) Principal Balance of each
such Mortgage Loan with respect to which foreclosure proceedings have been
initiated, and (ii) the book value of each Mortgaged Property acquired through
foreclosure, deed in lieu of foreclosure or other exercise of rights respecting
the Trustee's security interest in the related Mortgage Loan; and

         (3) With respect to each Series, the amount of Realized Losses
allocable to the Certificates on the related Distribution Date and the
cumulative amount of Realized Losses allocated to such Certificates since the
Cut-off Date, and with respect to each Mortgage Loan, the amount of Realized
Losses attributable to such Mortgage Loan on the related Distribution Date and
the cumulative amount of Realized Losses attributable to such Mortgage Loan
since the Cut-off Date.

         In addition, the Company, as Master Servicer of the Mortgage Loans,
shall send, or shall cause the related servicer to send, to the Class B Holder
all other written reports, documentation, instruments, certificates and
correspondences provided by a servicer under the terms of the Servicer Guide
with respect to any Mortgage Loan that becomes sixty (60) days or more
delinquent.

         (b) If requested by the Class B Holder, the Company shall make its
servicing personnel available to respond to reasonable inquiries, by phone or in
writing by facsimile, electronic, or overnight mail transmission, in connection
with any Mortgage Loan identified in any report or document provided pursuant to
clause (a) above; provided, that the Company shall only be required to provide
information that is reasonably accessible to its servicing personnel (or its
subservicers).

         (c) In addition to the information described above, the Company shall
provide to the Class B Holder such information as the Class B Holder may
reasonably request; provided, however, that the Mortgage Loans are Delinquent
Mortgage Loans or the Mortgaged Property has been foreclosed upon. The Class B
Holder will reimburse the Company for any reasonable out-of-pocket expenses
incurred by it in providing such information.

         Section 3.02      Servicing of Delinquent Mortgage Loans.

         (a) Prior to the Commencement of Foreclosure of any Mortgage Loan, the
Company shall provide, or cause the related servicer to provide, the Class B
Holder with a notice (sent by telecopier)

                                       R-7

<PAGE>

of such proposed and imminent foreclosure, stating the loan number and the
aggregate amount due under the Mortgage Note.

         For purposes of this Agreement, "Commencement of Foreclosure" shall
mean the first official action required under local law in order to commence
foreclosure proceedings or to schedule a trustee's sale under a deed of trust,
including (i) in the case of a mortgage, any filing or service of process
necessary to commence an action to foreclosure, or (ii) in the case of a deed of
trust, posting, the publishing, filing or delivery of a notice of sale, but not
including in either case (x) any notice of default, notice of intent to
foreclose or sell or any other action prerequisite to the actions specified in
(i) or (ii) above, (y) the acceptance of a deed-in-lieu of foreclosure (whether
in connection with a sale of the related property or otherwise) or (z)
initiation and completion of a short pay-off.

         (b) In connection with any Delinquent Mortgage Loan with respect to
which a notice under clause (a) above has been delivered to the Class B Holder,
the Class B Holder shall provide the Company with written direction as to the
action to be taken with respect to such Delinquent Mortgage Loan, including,
without limitation, to proceed with foreclosure, to accept a deed-in-lieu of
foreclosure, to consent to a pre-foreclosure sale of Mortgaged Property at a
loss, or, if permitted under the terms of the related Pooling and Servicing
Agreement, to purchase Delinquent Mortgage Loans. Such written direction must be
received by the Company within two (2) Business Days of transmission of the
notice provided by the Company under clause (a) above. Such two (2) Business Day
period shall be extended for no longer than an additional three (3) Business
Days after the receipt of additional information requested if the Class B Holder
requests additional information related to such Delinquent Mortgage Loan;
provided, however that the Class B Holder will have at least one Business Day to
provide written direction after receipt of any requested additional information.
Any such additional information shall be provided only to the extent it is
obtainable by the Company from existing reports, certificates or statements or
otherwise be reasonably accessible to its servicing personnel (or subservicing
personnel). The Company shall as promptly as practicable carry out, or cause the
relevant servicer to carry out, the instruction of the Class B Holder in the
manner prescribed in such written direction. The Class B Holder agrees that it
has no right to negotiate directly with the Mortgagor during such period.

         In the event the Class B Holder fails to provide any written direction
as provided above, the Company may take any such action as would be consistent
with customary servicing practices of prudent mortgage loan servicers and the
Company's normal policies and practice.

         (c) With respect to any Delinquent Mortgage Loan for which the Company
has not provided a notice as contemplated in clause (a) above, the Class B
Holder may, at any time, provide the Company with written direction as to the
action to be taken with respect to such Delinquent Mortgage Loan, including,
without limitation, to commence foreclosure proceedings, to accept a
deed-in-lieu of foreclosure, to consent to a sale of Mortgaged Property at a
loss, or, if permitted under the terms of the related Pooling and Servicing
Agreement, to purchase Delinquent Mortgage Loans. To the extent such action is
not inconsistent with the terms of the related Pooling and Servicing Agreement
or the Company's duties thereunder as master servicer, the Company shall as
promptly as practicable carry out, or cause the relevant servicer to carry out,
the instruction of the Class B Holder in the manner prescribed in such written
direction.

                                       R-8

<PAGE>

         (d) Any foreclosure of a Delinquent Mortgage Loan that has been
initiated in accordance with clauses (b) or (c) above may be discontinued if (i)
the Mortgage Loan has been brought current or if a refinancing or prepayment
occurs with respect to the Mortgage Loan (including by means of a short payoff
approved by the Class B Holder), (ii) the Company has agreed to the terms of a
forbearance agreement with the Mortgagor and such forbearance agreement has been
approved by the Class B Holder, or (iii) if and to the extent permitted under
the related Pooling and Servicing Agreement, Class B Holder directs the Company
to purchase such Delinquent Mortgage Loan at the price and on the terms set
forth in the related Pooling and Servicing Agreement.

         (e) In the event the Class B Holder directs the Company to purchase a
Delinquent Mortgage Loan as permitted under Sections 2.02 and 3.02 (b), (c) and
(d), the Class B Holder may direct the Company to purchase any Delinquent
Mortgage Loan and to promptly resell such Mortgage Loan to the Class B Holder at
the price and on the terms set forth in the applicable Pooling and Servicing
Agreement. In the event the Class B Holder directs the Company to purchase a
Delinquent Mortgage Loan as permitted under this Section, the Company shall
promptly take all action necessary under the terms of the related Pooling and
Servicing Agreement in order to accomplish such purchase (i.e. provide
notification to the Trustee and/or Custodian) and to resell such Delinquent
Mortgage Loan to the Class B Holder. The Class B Holder, and not the Company,
shall be required to remit the purchase price for such Delinquent Mortgage Loan
to the related Trustee. The Company will inform the Trustee in writing of the
purchase of such Delinquent Mortgage Loan by the Class B Holder and further
shall promptly take all actions necessary or desirable to effect the conveyance
of such Mortgage Loan and the related servicing rights to the Class B Holder or
its designee, time being of the essence. [The parties hereto agree that, in
connection with a purchase of a Delinquent Mortgage Loan as provided above, any
fees resulting from the transfer of the servicing of such purchased Delinquent
Mortgage Loan from the Company or a subservicer to a servicer designated by the
Class B Holder shall be the obligation of the Company.]

         Section 3.03      Review of the Company's Procedures.

         The Company and the Class B Holder hereby agree that the Class B Holder
shall have the right, at its own expense and during normal business hours, to
review any and all of the books, records, or other information of the Company
which may be relevant to the Company's direct collection, loss mitigation
foreclosure and REO management procedures currently in place in order to confirm
that the procedures used by the Company and its subservicers are in accordance
with the customary servicing practices of prudent mortgage loan servicers. In
order to discuss such books, records or other information, the Company shall
make personnel available who are knowledgeable about such matters.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

                                       R-9

<PAGE>

         Section 4.01 Organizational and Other Related Warranties of the Class B
Holder. The Class B Holder hereby makes the following representations and
warranties to the Company and the Special Servicer:

         (i) Organization and Good Standing. The Class B Holder is an entity
duly organized, validly existing, and in good standing under the laws of its
state of incorporation or formation or the laws of the United States.

         (ii) No Violation. Neither the execution and delivery by the Class B
Holder of this Agreement, nor the consummation by the Class B Holder of the
transactions contemplated hereby, nor the performance of and compliance by the
Class B Holder with the provisions of this Agreement, will conflict with or
result in a breach or violation of, or constitute a default (or an event which,
with notice or the lapse of time, or both, would constitute a default) under,
the organizational documents (its articles of incorporation or charter or
by-laws) of the Class B Holder, or any of the provisions of any law, rule,
regulation, judgment, decree, demand, or order (of any federal, state, or local
governmental or regulatory authority or court) binding on the Class B Holder, or
any of its respective properties, or any of the provisions of any indenture,
mortgage, contract, instrument, or other document to which the Class B Holder is
a party or by which it is bound, or result in the creation or imposition of any
lien, charge, or encumbrance upon any of their respective properties pursuant to
the terms of any indenture, mortgage, contract, instrument, or other document.
The Class B Holder is not otherwise in violation of any law, rule, regulation,
judgment, decree, demand, or order (of any federal, state or local governmental
or regulatory authority or court), which violation, in the Class B Holder's,
good faith and reasonable judgment, is likely to affect materially and adversely
its ability to perform its obligations hereunder.

         (iii) Authorization and Enforceability. The execution and delivery by
the Class B Holder of this Agreement, the consummation of the transactions
contemplated hereby, and the performance and compliance by the Class B Holder
with the terms hereof are within the powers of the Class B Holder, and have been
duly authorized by all necessary action on the part of the Class B Holder. All
organizational resolutions and consents necessary for the Class B Holder to
enter into and consummate all transactions contemplated hereby have been
obtained. This Agreement has been duly executed and delivered by the Class B
Holder and constitutes the legal, valid and binding obligation of the Class B
Holder, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium, and other similar
laws affecting creditors' rights generally, and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law. The Class B Holder has not failed to obtain any consent, approval,
authorization, or order of, or failed to cause any registration or qualification
with, any court or regulatory authority or other governmental body having
jurisdiction over it, which consent, approval, authorization, order,
registration, or qualification is required for, and the absence of which would
materially adversely affect, the legal and valid execution, delivery, and
performance of this Agreement by the Class B Holder.

         (iv) No Litigation or Adverse Conditions. No litigation is pending or,
to the best of the Class B Holder's knowledge, threatened against it, which, if
determined adversely to the Class B Holder would prohibit the Class B Holder
from entering into this Agreement or, in the good faith

                                      R-10

<PAGE>

and reasonable judgment of the Class B Holder, is likely to materially and
adversely affect either the ability of the Class B Holder to perform its
obligations hereunder.

         Section 4.02 Organizational and Other Related Warranties of the
Company. The Company hereby makes the following representations and warranties
to the Class B Holder and the Special Servicer:

         (i) Organization and Good Standing. The Company is an entity duly
organized, validly existing, and in good standing under the laws of its state of
incorporation or formation or the laws of the United States, and is in
compliance with the laws of each state in which any property is located to the
extent necessary to ensure the enforceability of each Mortgage Loan and to
perform its obligations hereunder and the Pooling and Servicing Agreement.

         (ii) No Violation. Neither the execution and delivery by Company of
this Agreement, nor the consummation by it of the transactions contemplated
hereby, nor the performance of and compliance by the Company with the provisions
hereof or of the Pooling and Servicing Agreement, will conflict with or result
in a breach or violation of, or constitute a default (or an event which, with
notice or the lapse of time, or both, would constitute a default) under, the
organizational documents (its articles of incorporation or charter or by-laws)
of the Company, or any of the provisions of any law, rule, regulation, judgment,
decree, demand, or order (of any federal, state, or local governmental or
regulatory authority or court) binding on the Company, or any of its properties,
or any of the provisions of any indenture, mortgage, contract, instrument, or
other document (including, without limitation, any Pooling and Servicing
Agreement) to which the Company is a party or by which it is bound, or result in
the creation or imposition of any lien, charge, or encumbrance upon any of their
respective properties pursuant to the terms of any indenture, mortgage,
contract, instrument, or other document. The Company is not otherwise in
violation of any law, rule, regulation, judgment, decree, demand, or order (of
any federal, state or local governmental or regulatory authority or court),
which violation, in the Company's good faith and reasonable judgment, is likely
to affect materially and adversely either its ability to perform its obligations
hereunder or under the Pooling and Servicing Agreements, or the financial
condition of the Company.

         (iii) Authorization and Enforceability. The execution and delivery by
the Company of this Agreement, the consummation of the transactions contemplated
hereby, and the performance and compliance by the Company with the terms hereof
and of the Pooling and Servicing Agreements are within the powers of the
Company, and have been duly authorized by all necessary action on the part of
the Company. All organizational resolutions and consents necessary for the
Company to enter into and consummate all transactions contemplated hereby have
been obtained. This Agreement has been duly executed and delivered by the
Company and constitutes the legal, valid and binding obligation of the Company,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium, and other similar laws
affecting creditors' rights generally, and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity
or at law. The Company has not failed to obtain any consent, approval,
authorization, or order of, or failed to cause any registration or qualification
with, any court or regulatory authority or other governmental body having
jurisdiction over the Company, which consent, approval, authorization, order,
registration, or qualification is required for, and the absence

                                      R-11

<PAGE>

of which would materially adversely affect, the legal and valid execution,
delivery, and performance of this Agreement by the Company.

         (iv) Approvals and Permits. The Company possesses such certificates,
authorizations, licenses, and permits issued by the appropriate state, federal,
and foreign regulatory agencies or bodies necessary to conduct the business now
operated by it, and the Company has not received any notice of proceedings
relating to the revocation or modification of any such certificate,
authorization, or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling, or finding, would materially and adversely affect
the conduct of the business, operations, financial condition, or income of the
Company.

         (v) No Litigation or Adverse Conditions. No litigation is pending or,
to the best of the Company's knowledge, threatened against it, which, if
determined adversely to the Company would prohibit the Company from entering
into this Agreement or, in the good faith and reasonable judgment of the
Company, is likely to materially and adversely affect either its ability to
perform its obligations hereunder or under the Pooling and Servicing Agreements
or the financial condition of the Company. The Company has no knowledge of any
recent adverse financial condition or event with respect to itself that, in its
good faith and reasonable judgment, is likely to materially and adversely affect
its ability to perform its obligations hereunder or under the Pooling and
Servicing Agreements.

         (vi) Fidelity Bond: Errors and Omission Insurance. Each officer,
director, employee, consultant and advisor of the Company with responsibilities
concerning the servicing and administration of the Mortgage Loans is covered by
errors and omissions insurance and fidelity bond insurance in the amounts and
with the coverage required under the related Pooling and Servicing Agreement for
it to maintain. Neither the Company nor any of its officers, directors,
employees, consultants, or advisors involved in the servicing or administration
of the Mortgage Loans has been refused such coverage or insurance.

         Section 4.03 Organizational and Other Related Warranties of the Special
Servicer. The Special Servicer hereby makes the following representations and
warranties to the Company and the Class B Holder:

         (i) Organization and Good Standing. The Special Servicer is an entity
duly organized, validly existing, and in good standing under the laws of its
state of incorporation or formation or the laws of the United States, and is in
compliance with the laws of each state in which any property is located to the
extent necessary to ensure the enforceability of each Mortgage Loan and to
perform its obligations hereunder.

         (ii) No Violation. Neither the execution and delivery by Special
Servicer of this Agreement, nor the consummation by it of the transactions
contemplated hereby, nor the performance of and compliance by the Special
Servicer with the provisions hereof , will conflict with or result in a breach
or violation of, or constitute a default (or an event which, with notice or the
lapse of time, or both, would constitute a default) under, the organizational
documents (its articles of incorporation or charter or by-laws) of the Special
Servicer, or any of the provisions of any law,

                                      R-12

<PAGE>

rule, regulation, judgment, decree, demand, or order (of any federal, state, or
local governmental or regulatory authority or court) binding on the Special
Servicer, or any of its properties, or any of the provisions of any indenture,
mortgage, contract, instrument, or other document to which the Special Servicer
is a party or by which it is bound, or result in the creation or imposition of
any lien, charge, or encumbrance upon any of their respective properties
pursuant to the terms of any indenture, mortgage, contract, instrument, or other
document. The Special Servicer is not otherwise in violation of any law, rule,
regulation, judgment, decree, demand, or order (of any federal, state or local
governmental or regulatory authority or court), which violation, in the Special
Servicer's good faith and reasonable judgment, is likely to affect materially
and adversely either its ability to perform its obligations hereunder, or the
financial condition of the Special Servicer.

         (iii) Authorization and Enforceability. The execution and delivery by
the Special Servicer of this Agreement, the consummation of the transactions
contemplated hereby, and the performance and compliance by the Special Servicer
with the terms hereof are within the powers of the Special Servicer, and have
been duly authorized by all necessary action on the part of the Special
Servicer. All organizational resolutions and consents necessary for the Special
Servicer to enter into and consummate all transactions contemplated hereby have
been obtained. This Agreement has been duly executed and delivered by the
Special Servicer and constitutes the legal, valid and binding obligation of the
Special Servicer, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium, and other
similar laws affecting creditors' rights generally, and to general principles of
equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law. The Special Servicer has not failed to obtain any consent,
approval, authorization, or order of, or failed to cause any registration or
qualification with, any court or regulatory authority or other governmental body
having jurisdiction over the Special Servicer, which consent, approval,
authorization, order, registration, or qualification is required for, and the
absence of which would materially adversely affect, the legal and valid
execution, delivery, and performance of this Agreement by the Special Servicer.

         (iv) Approvals and Permits. The Special Servicer possesses such
certificates, authorizations, licenses, and permits issued by the appropriate
state, federal, and foreign regulatory agencies or bodies necessary to conduct
the business now operated by it, and its has not received any notice of
proceedings relating to the revocation or modification of any such certificate,
authorization, or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling, or finding, would materially and adversely affect
the conduct of the business, operations, financial condition, or income of the
Special Servicer.

         (v) No Litigation or Adverse Conditions. No litigation is pending or,
to the best of the Special Servicer's knowledge, threatened against it, which,
if determined adversely to the Special Servicer would prohibit the Special
Servicer from entering into this Agreement or, in the good faith and reasonable
judgment of the Special Servicer, is likely to materially and adversely affect
either its ability to perform its obligations hereunder or the financial
condition of the Special Servicer. The Special Servicer has no knowledge of any
recent adverse financial condition or event with respect to itself that, in its
good faith and reasonable judgment, is likely to materially and adversely affect
its ability to perform its obligations hereunder.

                                      R-13

<PAGE>

         (vi) Fidelity Bond, Errors and Omission Insurance. Each officer,
director, employee, consultant and advisor of the Special Servicer with
responsibilities concerning the servicing and administration of the Mortgage
Loans is covered by errors and omissions insurance and fidelity bond insurance
in the amounts and with the coverage required under the related Pooling and
Servicing Agreement to be maintained by the Company as master servicer. Neither
the Special Servicer nor any of its officers, directors, employees, consultants,
or advisors involved in the servicing or administration of the Mortgage Loans
has been refused such coverage or insurance.

         (vii) Approved Seller/Servicer. The Special Servicer is approved as a
seller/servicer of single-family mortgage loans by the Department of Housing and
Urban Development.

         Section 4.04      Remedies for Breach of Representation and Warranty.

         Upon discovery by any of the Company, the Class B Holder or the Special
Servicer of a breach of any of the representations and warranties contained in
Article IV which materially and adversely affects the value of the Specially
Serviced Mortgage Loans or Delinquent Mortgage Loans, the party discovering such
breach shall give prompt written notice to the others.

         Each of the parties hereto shall indemnify the others and hold each of
them 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 such party's representations
and warranties contained in Article IV. It is understood and agreed that the
obligations to indemnify as provided in this Section 4.04 constitute the sole
remedies of each of the Company, Class B Holder and Special Servicer respecting
a breach of any other party's representations and warranties.

                                    ARTICLE V

                            MISCELLANEOUS PROVISIONS

         Section 5.01      Indemnification.

         Each of the Company, the Class B Holder and the Special Servicer (each
as such, an "Indemnifying Party") shall indemnify the other parties hereto (each
as such, an "Indemnified Party") and hold them 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
(individually and collectively, the "Claims") that such Indemnified Party may
sustain in any way related to the failure of the Indemnifying Party to perform
its duties in compliance with the terms of this Agreement; provided, that none
of the Company, the Class B Holder or the Special Servicer or any of the
directors, officers, employees or agents of the Depositor or the Servicer shall
be liable for any action taken or for refraining from the taking of any action
in good faith pursuant to this Agreement, or for errors in judgment; provided,
however, that this provision shall not protect the Company, the Class B Holder
or the Special Servicer against any material breach of warranties,
representations or covenants made herein, or against any specific liability
imposed on such party pursuant hereto, or against any liability which would
otherwise be imposed by reason of willful

                                      R-14

<PAGE>

misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder.

         Section 5.02      Amendment.

         This Agreement may be amended from time to time by written agreement
signed by each of the parties hereto.

         Section 5.03      Counterparts.

         This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original and
such counterparts shall constitute but one and the same instrument.

         Section 5.04      Governing Law.

         This Agreement shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

         Section 5.05      Notices.

         All demands, notices and direction hereunder shall be in writing or by
telecopy and shall be deemed effective upon receipt to:

         (i)      in the case of the Company,

                                          Company

                                          Address:___________________

                                          Attention:___________________

                                          Telephone:___________________

                                          Facsimile:___________________

         or such other address as may hereafter be furnished to the Class B
Holder and the Special Servicer in writing.

         (ii)     in the case of the Class B Holder,

                                          Address:___________________

                                          Attention:___________________

                                      R-15

<PAGE>

                                          Telephone:___________________

                                          Facsimile:___________________

         or such other address as may hereafter be furnished to the Company in
writing.

         (iii)    in the case of the Special Servicer,

                                          Address:___________________

                                          Attention:___________________

                                          Telephone:___________________

                                          Facsimile:___________________

         or such other address as may hereafter be furnished to the Company in
writing.

         Section 5.06      Termination.

         This Agreement shall terminate (i) at such time as the Principal
Balance of the Class B Certificates has been reduced to zero or (ii) if mutually
agreed to by the parties hereto.

         Section 5.07      Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be held invalid for any reason whatsoever, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement. 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 5.08      Successors and Assigns.

         This Agreement may not be assigned by any party hereto without the
prior written consent of each of the other parties hereto. The provisions of
this Agreement shall be binding upon and inure to the benefit of the respective
successors and assigns of the parties hereto.

         Section 5.09      Article and Section Headings.

                                      R-16

<PAGE>

         The article and section headings herein are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         Section 5.10      Confidentiality.

         The Class B Holder agrees that all information supplied by or on behalf
of the Company pursuant to Sections 2.02 or 3.01, including individual account
information, is the property of the Company and the Class B Holder agrees to use
such information only for the purposes contemplated by this Agreement and
otherwise hold such information confidential and not to disclose such
information, except to the extent such information is made publicly available by
or on behalf of the Company or the relevant Trustee.

         Section 5.11      Publicly Registered Certificates.

         The Class B Holder agrees, that without the prior written consent of
the Company, so long as Class B Holder is a party to this Agreement and a holder
of any Class B Certificates of a Series, it will not purchase, sell or trade any
publicly registered Certificates of the same Series.

         Section 5.12      No Partnership.

         Nothing herein shall be deemed or construed to create a partnership or
joint venture between the parties hereto and the services of the Company shall
be rendered as an independent contractor and not as an agent for the Company.

         Section 5.13 Rights of the Class B Holder. Notwithstanding anything
herein to the contrary, it is agreed by the parties hereto that the rights of
the Class B Holder set forth under Article II and Section 3.02(e) of this
Agreement shall relate to, and be exercisable with respect to, the related
Mortgage Loans of any Series to the extent that and for so long as, the Class B
Holder owns at least 75% of the most subordinate outstanding class of Class B
Certificates of the related Series (calculated by dividing the then outstanding
Certificate Principal Balance of such Class B Certificates by the then
outstanding Certificate Principal Balance of all certificates of the same
class).

         IN WITNESS WHEREOF, each of the parties hereto have caused its name to
be signed hereto by its respective officer thereunto duly authorized, all as of
the day and year first above written.

         COMPANY

         By: ___________________________

         Name: _________________________

         Title: ________________________

                                      R-17

<PAGE>

         By: ___________________________

         Name: _________________________

         Title: ________________________

         By: ___________________________

         Name: _________________________

         Title: ________________________

                                      R-18

<PAGE>

                                                                      SCHEDULE I

         Describe each Series of Class B Certificates and the related Pooling
and Servicing Agreement

                                      R-19

<PAGE>

                                                                     SCHEDULE II

                      SPECIAL SERVICING TRANSFER PROCEDURES

         Any transfer of servicing with respect to a Specially Serviced Mortgage
Loan shall be effected substantially in accordance with the following example.
All dates set forth below are for illustrative purposes only. Capitalized terms
used in this Exhibit shall have the meanings ascribed thereto in the Agreement.

         Timeline

         Last Business Day of Month One

         Mortgagor is 89 Days Delinquent.

         3rd Business Day of Month Two

         The Company receives an electronic file from its Collections Department
on all 90+delinquent loans.

         4th Business Day of Month Two

         The Company sends the electronic file to Class B Holder/Special
Servicer of all 90+ delinquent loans with information designating those loans
where a forbearance plan or workout is in progress and those loans where there
is no plan in place. The Company and the Special Servicer have a discussion. The
loans to be transferred are determined by the Class B Holder/Special Servicer.

         6th Business Day of Month Two

         The Special Servicer informs the Company of the loans designated as
Specially Serviced Mortgage Loans. The Company and the Special Servicer
coordinate the transfer of servicing of the Specially Serviced Mortgage Loans.
The Company prepares and mails the mortgagor notification no later than the 13th
calendar day of the month. If a loan reinstates to a current or less than 90
days delinquent status before the mortgagor notification (i.e., the "goodbye
letter") is sent, such loan will be removed from the transfer, and the Company
will notify the Special Servicer thereof. The borrower will be instructed to
send the payment due on the effective date of transfer and any past due payments
to the Special Servicer.

         7th Business Day of Month Two

         Relevant Trustee receives monthly electronic data file from the
Company. The subject loan is included in the Company's report as an active loan
serviced by the Company. The Company reports scheduled P&I on the subject loan.

                                      R-20

<PAGE>

         On or prior to 15th Calendar Day of Month Two

         The Company sends a foreclosure referral letter to the Special
Servicer's foreclosure counsel with a corresponding foreclosure package.

         18th Calendar Day (or Business day immediately preceding the 18th) of
Month Two

         The Company makes its monthly remittance, including advancing scheduled
P&I payment due for current month for the subject loan.

         Last business Day of Month Two

         Month-end cut-off.

         1st Business Day of Month Three

         Effective Date.

         On or Before 3rd Business Day of Month Three

         In accordance with the Servicing Transfer Instructions:

         Company sends Special Servicer final transfer data (e.g., trial
balance, loan files, current

         and previous 2 years' history records (if applicable), all
default-related correspondence, and all collection, foreclosure and bankruptcy
files);

         Company provides Special Servicer with detailed reimbursement request
relating to advances; and

         Company sends Special Servicer a check or wire for the net escrow and
unapplied funds.

         On or before the 6th Business Day of Month Three

         In accordance with the Servicing Transfer Instructions, Special Service
reimburses Company for all outstanding advances, and the scheduled mortgage
payment due on the Effective Date.

         ___________________

         Note:

         1. If the loan has been transferred to Special Servicer and it cures,
Special Servicer continues to service the loan and report it to Company as
herein provided.

                                      R-21

<PAGE>

         2. If the Class B Certificates of the related Series are reduced to
zero, Special Servicer will continue to service the mortgage loans until they
payoff or are liquidated. No other Delinquent Mortgage Loans of a Series will be
transferred to Special Servicer after the Class B Certificates of such Series
are reduced to zero.

                                      R-22

<PAGE>

                         Servicing Transfer Instructions

         I.       NOTIFICATION OF LOANS TO TRANSFER

         A. Company will coordinate and provide a listing of all loans past 90
days delinquent. The list will be provided to Special Servicer for review and
discussion on the 4th Business day of each month.

         B. Class B Holder and Special Servicer to agree upon the loans to be
transferred at month-end. The list must be provided via Facsimile or E-mail by
the 6th business day of the month to:

         [COMPANY]

         [Address and contact]

         II. CONVERSION DATA

         Dependent upon the volume of loans transferring each month, the loans
will be transferred effective the first of each month based on the prior
month-end cut off by one of the following mutually agreed upon conversion
methods.

         A. Manual conversion

         1. Company to provide a "master file data record" (COMPANY reference
for master file data record?) for each loan (accompanied by a listing of all
code definitions).

         2. Company to provide a trial balance containing all the loans.

         B. Electronic conversion

         1. Information will be provided in a Microsoft Excel spreadsheet (or
such other mutually agreeable format) containing mutually agreed upon fields.

         2. Company to provide a trial balance containing all the loans.

         Preliminary information for either a manual or electronic conversion
will be provided within 3 business days of receipt of the List of Loans to
Transfer to provide time for Special Servicer to verify and load the
information, with the exception of the specific data that is determined at the
transfer date.

         III.     HOMEOWNER NOTIFICATION

                                      R-23

<PAGE>

         A. Company will mail the mortgagor notification (good-bye letter)
fifteen days prior to the transfer date. Company will forward a copy of its
good-bye letter to Special Servicer c/o [Dept.] (fax number ___-___-____) for
approval prior to mailing.

         B. Copies of Company's mortgagor notification letters will be provided
to Special Servicer.

         C. Company to receive a sample of Special Servicer's mortgagor
notification (welcome letter) for approval prior to mailing.

         IV.      HAZARD/FLOOD INSURANCE

         A. Company to prepare a change to the mortgagee clause as follows:

         Address:          ___________________

         Attention:        ___________________

         Telephone:        ___________________

         Facsimile:        ___________________

         B. Copies of the mortgagee clause change requests will be provided to
Special Servicer.

         C. Any unpaid policies, expiration notices, cancellation notices, loans
with expired policies will be properly identified, sorted and marked for special
handling.

         D. Company to provide a list of loans under "force place coverage"
program. Force place hazard insurance policies with ASG will be canceled upon
transfer of the loans. WNC force place flood policy coverage will stay in place
after transfer until the expiration date.

         V.       FHA LOANS

         A. Company to provide screen prints to include the following items on
FHA Loans with a monthly premium.

         1.       Loan number

         2.       FHA case number

         3.       Anniversary date

         4.       Annual premium

         5.       Monthly amount

                                      R-24

<PAGE>

         6.       Total MIP paid to date

         7.       Next month the premium is due

         B.      Company to provide screen prints to include the following items
on FHA loans that the full premium was paid up front.

         1.       Loan number

         2.       FHA case number

         3.       Insuring date

         4.       Amount of prepaid premium

         C.       Company to prepare HUD Form 92080 with Special Servicer's HUD
mortgagee number (72313) and forward to HUD electronically. Proof of submission
will be forwarded to Special Servicer.

         VI. CONVENTIONAL LOANS

         A.       Individual loan PMI certificates will be retained in the
Servicing File

         B.       Company to prepare notifications to the PMI companies
requesting a change of servicer to Special Servicer.  Copies will be forwarded
to Special Servicer.

         C.       Company to provide screen prints of all loans with PMI to
include:

         1.       Loan number

         2.       PMI company

         3.       PMI certificate number

         4.       Next due date

         5.       Last amount paid

         VII.  REAL ESTATE TAXES

         A.       Company to forward individual loan tax records showing payee,
due dates, frequency of payment, next due date, last paid date and last paid
amount.

                                      R-25

<PAGE>

         B.       Company to provide copies of the notifications to the
individual tax authorities and the Tax Service requests for a change of servicer
to Special Servicer under the following contract numbers (Transamerica-2489
Pinnacle - 119)

         C.       All property taxes due and payable will be paid prior to the
transfer date.

         D.       All tax bills received after the transfer date will be
forwarded to Special Servicer for payment.

         E.       Company to provide a listing of any loans with delinquent
taxes containing the pertinent information as of the transfer date.

         VIII.  OPTIONAL INSURANCE

         A.       Company to provide a list of loans with A&H, life insurance,
accidental death insurance, etc., which will include the following information.

         1.       Loan number

         2.       Insurance company

         3.       Type of coverage

         4.       Amount of monthly premium

         5.       Last monthly premium paid

         B.       Company to provide copies of the master and/or individual
policies for the insurance coverage.

         C.       Company to provide copies of the notification sent to the
insurance companies.

         IX.      INVESTOR REPORTS

         A.       Company to provide a copy of the final remittance report to
the investor including a trial balance as of cutoff date.

         B.       Company to provide ending loan scheduled balance at transfer
date.

         C.       Company to provide a report detailing advanced delinquent net
interest monthly by due date.

                                      R-26

<PAGE>

         D.       Company to provide a report detailing advanced delinquent
principal monthly by due date.

         X.       OTHER

         A.       Company to provide hardcopies of the last 24 months history
for each loan accompanied by an explanation of transaction codes.

         B.       Company to provide copies of the last escrow analysis for each
loan with an explanation of analysis method (cushion, etc.).

         C.       Company to provide the loan servicing file in hardcopy or
microfiche format.

         D.       Company to provide the currently active collection records and
pertinent information on delinquent loans.

         E.       Net escrow and unapplied funds as of the transfer date will be
sent to Special Servicer via check or wire within three business days of the
transfer, accompanied by an explanation of

         Unapplied Funds codes.

         F. The advances (exclusive of escrow advances, which will be handled in
Section X (E) above) incurred by Company will be billed to Special Servicer
accompanied by appropriate documentation. Special Servicer to reimburse Company
via check or wire for all advances (exclusive of escrow advances, which will be
handled in Section X (E) above) on the subject loans within three business days
of receipt of billing.

         G.       Company to provide a listing containing the mortgagor name,
co-mortgagor name, property address and mailing address for preparation of
Special Servicer's Notification Letters.

         H.       Company to provide the following items, sorted and clearly
marked for special handling.

         1.       Active foreclosure and bankruptcy files should have the status
shown on the front of each file.

         2.       Insurance loss drafts should provide all documentation on the
current status.

         3.       Unprocessed payoff funds should be accompanied by a copy of
the payoff quotation.

         4.       Information should be furnished on any pending payoff or
assumption.

         5.       Information on any incomplete partial releases should be
provided.

                                      R-27

<PAGE>

         I.      Loan payments received after the cutoff will be endorsed to
__________ and forwarded by overnight service to the following address within
twenty-four hours, properly identified with Company's loan number.

         [Address]

         Returned Items received after the transfer date will be forwarded to
Special Servicer for

         reimbursement.  Special Servicer to reimburse Company within 10
business days of receipt.

         J.       Company to ship all loan files and documentation related to
the individual transfers by the 3rd business day after the cut-off. Any
information, such as preliminary trial balances, master file data records,
delinquency information, etc. will be furnished as early as possible prior to
the transfer date.

         All shipments to be sent to:

         [Address]

         K. Company to furnish all required IRS reporting statements for the
current year up to the transfer date, both to the mortgagors and to the
appropriate government agencies. Special Servicer to furnish all required
year-end reporting commencing on the effective date of transfer through the
year-end.

                                      R-28

<PAGE>

                                                        EXHIBIT A to Schedule II

                   LOAN INFORMATION TO BE PROVIDED TO COMPANY

                                      R-29

<PAGE>

                                    EXHIBIT S

                          FORM OF FORM 10-K CERTIFICATE

         I, [identify the certifying individual], certify that:

         1. I have reviewed the annual report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods included in the year covered by that annual report,
of the trust (the "Trust") created pursuant to the Pooling and Servicing
Agreement dated _____________1, 2002 (the "P&S Agreement") among ABN AMRO
Mortgage Corporation (the "Depositor"), ABN AMRO Mortgage Group, Inc. (the
"Servicer") and [Name of Trustee] (the "Trustee");

         2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by that annual report;

         3. Based on my knowledge, the servicing information required to be
provided to the Trustee by the Servicer under the P&S Agreement is included in
these reports;

         4. I am responsible for reviewing the activities performed by the
Servicer under the P&S Agreement and based upon the review required under the
P&S Agreement, and except as disclosed in the report, the Servicer has fulfilled
its obligations under the P&S Agreement; and

         5. I have disclosed to the Depositor's certified public accountants all
significant deficiencies relating the Servicer's compliance with the minimum
servicing standards in accordance with a review conducted in compliance with the
Uniform Single Attestation Program for Mortgage Bankers as set forth in the P&S
Agreement.

Date:____________

_________________________________*
[Signature]
Name:
Title:

* - to be signed by the senior officer in charge of the servicing functions of
the Servicer

                                      S-1

<PAGE>

                                    EXHIBIT T
                                    ---------

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

         I, [identify the certifying individual], on behalf of [               ]
certify that:

         1. I have reviewed the annual report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods included in the year covered by that annual report,
of the trust (the "Trust") created pursuant to the Pooling and Servicing
Agreement dated _____________1, 2002 (the "P&S Agreement") among ABN AMRO
Mortgage Corporation (the "Depositor"), ABN AMRO Mortgage Group, Inc. (the
"Servicer") and [Name of Trustee] (the "Trustee"); and

         2. Based on my knowledge, the information in these reports and any
other information provided by the Trustee, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
the statements were made, not misleading as of the last day of the period
covered by that annual report.

Date:____________

_________________________________
[Signature]
Name:
Title:

                                       T-1Mortgage Loan Purchase Agreement
                        --------------------------------

                  Mortgage Loan Purchase Agreement (the "Agreement"), dated as
of September 24, 2002 between ABN AMRO Mortgage Group, Inc. (the "Seller") and
ABN AMRO Mortgage Corporation (the "Purchaser").

                  Subject to the terms and conditions of this Agreement, the
Seller agrees to sell and the Purchaser agrees to purchase certain mortgage
loans (the "Mortgage Loans") as described herein and as identified on the
Mortgage Loan Schedule defined in Section 2 hereof. The Mortgage Loans will be
purchased on a servicing released basis.

                  Now, therefore, in consideration of the premises and the
mutual agreements set forth herein, the parties agree as follows:

1.  Purchase and Sale of the Mortgage Loans.

         A. Pursuant to the terms hereof and upon satisfaction of the conditions
set forth herein, the Seller agrees to sell and the Purchaser agrees to
purchase, Mortgage Loans having the general characteristics set forth in this
Agreement and specifically identified on the Mortgage Loan Schedule, for the
Purchase Price set forth below in Section 3(a) hereof and having an aggregate
principal balance on and as of the date of such Mortgage Loan Schedule (the
"Cut-Off Date") of approximately $818,648,813 after deduction of principal
payments due on or before the Cut-Off Date (which amount may vary plus or minus
5% thereof), or such other aggregate principal balance 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 Closing Date (as defined
below).

         B. Subject to mutual agreement between the Purchaser and the Seller,
the closing for the purchase and sale of the Mortgage Loans shall take place on
September 24, 2002 (the "Closing Date") at the office of Purchaser's counsel in
New York, New York or such other place as the parties shall agree.

2. Mortgage Loan Schedule. Attached to this Agreement as Schedule 1 is a listing
of the Mortgage Loans evidenced by promissory notes, mortgage notes or other
evidence of indebtedness (the "Mortgage Notes") evidencing the indebtedness of
an obligor (the "Mortgagor") under the mortgages, deeds of trust or other
instruments securing a Mortgage Loan (the "Mortgages") to be purchased by and
delivered to the Purchaser on the Closing Date (as such may be amended prior to
the Closing Date by mutual agreement of the parties) (the "Mortgage Loan
Schedule"). The "Mortgage Loan Schedule" as of the Closing Date shall refer to
the Mortgage Loan Schedule as delivered on the Cut-Off Date related to such
Mortgage Loans to be purchased by or on behalf of the Purchaser pursuant to the
terms of this Agreement. The Mortgage Loan Schedule shall contain as to each
Mortgage Loan listed thereon, at a minimum, the Mortgage Loan information
indicated on Schedule 2 hereto.

<PAGE>

3.  Purchase Price.

         A. In exchange for the Mortgage Loans, on the Closing Date, the
Purchaser shall transfer to the Seller by wire transfer in immediately available
funds the purchase price (the "Purchase Price") which is equal to the principal
balance thereof as of the Cut-Off Date plus any accrued and unpaid interest
thereon to such Cut-Off Date.

         B. The Purchaser shall be entitled to all scheduled payments of
principal and interest due with respect to the Mortgage Loans after the Cut-Off
Date, and all other recoveries of principal and interest collected after the
Cut-Off Date (other than in respect of principal and interest on the Mortgage
Loans due on or before the Cut-Off Date). The Seller shall be entitled to all
scheduled payments of principal and interest due with respect to the Mortgage
Loans on or before the Cut-Off Date, and all other recoveries of principal and
interest collected on or before the Cut-Off Date (other than in respect of
principal and interest on the Mortgage Loans due after the Cut-Off Date). The
principal balance of each Mortgage Loan as of the Cut-Off Date is determined
after deduction of payments of principal due on or before the Cut-Off Date
whether or not collected. Therefore, payments of scheduled principal and
interest prepaid for a date due following the Cut-Off Date shall not be deducted
from the principal balance as of the Cut-Off Date but such prepaid amounts shall
belong to and be promptly remitted to the Purchaser.

4.  Examination of Mortgage Files.

         Prior to the Closing Date, the Seller will have made files for each
Mortgage Loan, that consist at least of the documents listed on Schedule 3
attached hereto (with respect to each Mortgage Loan, a "Mortgage File", and
collectively, the "Mortgage Files"), available to the Purchaser or its agents,
for examination at the Seller's offices or such other location as shall
otherwise be agreed upon by the Purchaser and the Seller. The Purchaser may
purchase all or part of the Mortgage Loans with or without conducting any
partial or complete examination. The fact that the Purchaser or its agents have
conducted or have failed to conduct any partial or complete examination of the
Mortgage Files shall not affect the Purchaser's rights under this Agreement,
including, but not limited to, the rights to demand repurchase, substitution or
other relief as provided in this Agreement.

5.  Transfer of Mortgage Loans; Possession of Mortgage Files.

         A. On the Closing Date, subject to the satisfaction of the terms and
conditions hereof, the Seller shall sell, transfer, assign, set over and
otherwise convey to the Purchaser, without recourse, but subject to the terms of
this Agreement, all right, title and interest of the Seller in and to the
Mortgage Loans and all proceeds thereof, wherever located, including without
limitation, all amounts in respect of principal and interest received or
receivable with respect to Mortgage Loan payments due after the Cut-Off Date
(and including scheduled payments of principal and interest due after the
Cut-Off Date but received by the Seller on or before the Cut-Off Date, but not
including payments of principal and interest due on the Mortgage Loans on or
before the Cut-Off Date), together with the proceeds of any related mortgage
insurance policies. Such transfer shall be made

                                       -2-

<PAGE>

directly to the Purchaser in accordance with the letter delivered to the Seller
by the Purchaser attached hereto as Exhibit A (the "Instruction Letter"). The
Seller's records will accurately reflect the sale of each Mortgage Loan to the
Purchaser.

         B. The ownership of each Mortgage Loan and the related Mortgage Note,
the Mortgage and the contents of the related Mortgage File shall be, upon
satisfaction of subsection 5(a) hereof, vested in the Purchaser and the
ownership of all records and documents with respect to such Mortgage Loan
prepared by or which come into the possession of the Seller shall immediately
vest in the Purchaser and shall be retained and maintained by the Seller at the
will and for the benefit of the Purchaser in a custodial capacity only. The
Seller shall deliver to the Purchaser or its agent in accordance with the
instructions set forth in Exhibit A, simultaneously with the execution and
delivery of this Agreement or prior to the Closing Date, all of the documents
pertaining to each Mortgage Loan.

         C. The transfer of the Mortgage Loans as described herein shall be
absolute and is intended by the parties to be a sale. In the event that a court
deems the conveyance set forth herein not to constitute a sale, the Seller shall
have granted to the Purchaser and the Trustee (as defined in the Pooling and
Servicing Agreement, dated as of September 1, 2002 (the "Pooling and Servicing
Agreement"), among the Purchaser, as depositor, ABN AMRO Mortgage Group, Inc.,
as servicer, and JPMorgan Chase Bank, as trustee) a first priority security
interest in the Mortgage Loans and in the proceeds thereof of any kind or nature
whatsoever, and in the proceeds of any related insurance policies, subject to
the satisfaction or waiver of the conditions set forth in Section 11 hereof, and
shall take, or shall cause to have been taken, all steps necessary prior to the
Closing Date to perfect such security interest in the Purchaser.

6.  Books and Records.

         On the Closing Date, following the sale of the Mortgage Loans to the
Purchaser, title to each Mortgage and the related Mortgage Note shall be
transferred to the Purchaser or its assignee in accordance with this Agreement.
All rights arising out of the Mortgage Loans after the Cut-Off Date including,
but not limited to, any and all funds received on or in connection with a
Mortgage Loan and due after the Cut-Off Date shall be received and held by the
Seller in a custodial capacity for the benefit of the Purchaser or its assignee
as the owner of the Mortgage Loans in accordance herewith and shall be delivered
or caused to be delivered by the Seller to the Purchaser or its assignee on or
immediately following the Closing Date. Any funds received by the Seller, the
Purchaser or the Servicer (as defined in the Pooling and Servicing Agreement)
after the Cut-Off Date but due prior to the Cut-Off Date shall remain the
property of the Seller and shall be promptly remitted to the Seller.

7.  Further Actions; Financing Statements.

         A. In furtherance of the provisions of Section 5(c) hereof, the Seller
agrees to take or cause to be taken such further actions to execute, deliver and
file or cause to be executed, delivered and filed, such further documents and
instruments (including, without limitation, any UCC financing

                                       -3-

<PAGE>

statements) as may be necessary, or as the Purchaser may reasonably request, in
order to perfect and maintain the security interest created pursuant to said
section and to otherwise fully effectuate the purposes, terms and conditions of
this Agreement, and the Purchaser shall cooperate in any such action.

         B. The Seller shall: (i) promptly execute, deliver, and file any
financing statements, amendments, continuation statements, assignments,
certificates and other documents with respect to such security interest as may
be necessary to enable the Purchaser to perfect or to maintain the perfection of
such security interest, each in form and substance satisfactory to the
Purchaser; and the Seller hereby grants to the Purchaser, subject to the
satisfaction or waiver of the conditions set forth in Section 11 hereof, the
right, at the Purchaser's option, to file any or all such financing statements,
amendments, continuation statements, assignments, certificates and other
documents pursuant to the UCC and otherwise without its signature and hereby
irrevocably appoints the Purchaser, subject to the satisfaction or waiver of the
conditions set forth in Section 11 hereof, as its attorney-in-fact to execute,
deliver and file any such financing statements, amendments, continuation
statements, assignments, certificates and other documents in the Seller's name
and to perform all other acts which the Purchaser deems appropriate to perfect
or to maintain the perfection of the security interest; and (ii) notify the
Purchaser within five (5) days after the occurrence of any of the following: (A)
any change in the Seller's corporate name or any trade name; (B) any change in
the Seller's location of its chief executive office or principal place of
business; and (C) any merger or consolidation or other change in Seller's
identity or material change in its corporate structure.

8.  Representations, Warranties and Agreements of Seller.

         A.  The Seller hereby represents and warrants to the Purchaser as of
the Closing Date (or such other date as is specified in the related
representation or warranty) as follows:

                  i.  The Seller has been duly created and is validly existing
as a corporation  under the laws of the State of Delaware;

                  ii. The execution and delivery of this Agreement by the Seller
and its performance of and compliance with the terms of this Agreement will not
violate the Seller's charter or by-laws or will not conflict with or result in a
breach of any of the terms or provisions of, or constitute a default under, any
indenture, mortgage, deed of trust, loan agreement or other material agreement
or instrument to which the Seller is a party or by which the Seller or to which
any of the property or assets of the Seller is subject;

                  iii. This Agreement, assuming due authorization, execution and
delivery by the Purchaser, constitutes a valid and legally binding obligation of
the Seller, enforceable against the Seller in accordance with its terms,
subject, as to enforcement, to bankruptcy, insolvency, reorganization and other
similar laws of general applicability relating to or affecting creditors' rights
and to general equity principles, regardless of whether such enforcement is
considered in a proceeding in equity or at law;

                                       -4-

<PAGE>

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

                  v. No litigation is pending or, to the best of the Seller's
knowledge, threatened against the Seller which would prohibit its entering into
this Agreement or performing its obligations under this Agreement;

                  vi. The Seller is an approved conventional seller/servicer for
FNMA or FHLMC in good standing;

                  vii. 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 is not subject to the bulk transfer or any
similar statutory provisions in effect in the State of Michigan;

                  viii.  With respect to each Mortgage Loan:

                                    (a) that the information set forth in the
Mortgage Loan Schedule appearing as an exhibit to this Agreement is true and
correct in all material respects at the date or dates respecting which such
information is furnished as specified therein;

                                    (b) the Seller is the sole owner and holder
of each Mortgage Loan free and clear of all liens, pledges, charges or security
interests of any nature and has full right and authority, subject to no interest
or participation of, or agreement with, any other party, to sell and assign the
same;

                                    (c) no payment of principal of or interest
on or in respect of any Mortgage Loan is 30 days or more past due from the Due
Date of such payment;

                                    (d) to the best of the Seller's knowledge,
as of the date of the transfer of the Mortgage Loans to the Purchaser, there is
no valid offset, defense or counterclaim to any Mortgage Note or Mortgage;

                                    (e) there is no proceeding pending, or to
the best of the Seller's knowledge, threatened for the total or partial
condemnation of any of the real property, together with any improvements
thereto, securing the indebtedness of the Mortgagor under the related Mortgage
Loan (the "Mortgaged Property") and the Mortgaged Property is free of material
damage and is in good repair and neither the Mortgaged Property nor any
improvement located on or being part of the Mortgaged Property is in violation
of any applicable zoning law or regulation;

                                       -5-

<PAGE>

                                    (f) that each Mortgage Loan complies in all
material respects with applicable state or federal laws, regulations and other
requirements, pertaining to usury, equal credit opportunity and disclosure laws,
and each Mortgage Loan was not usurious at the time of origination;

                                    (g) to the best of the Seller's knowledge,
all insurance premiums previously due and owing with respect to each Mortgaged
Property have been paid and all taxes and governmental assessments previously
due and owing, and which may become a lien against the Mortgaged Property, with
respect to the Mortgaged Property have been paid;

                                    (h) that each 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 except as such
enforcement may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors' rights generally and by
general equity principles (regardless of whether such enforcement is considered
in a proceeding in equity or at law); all parties to the Mortgage Note and the
Mortgage had legal capacity to execute the Mortgage Note and the Mortgage; and
each Mortgage Note and Mortgage have been duly and properly executed by the
Mortgagor;

                                    (i) that each Mortgage is a valid and
enforceable first lien on the property securing the related Mortgage Note, and
that each Mortgage Loan is covered by an ALTA mortgagee title insurance policy
or other form of policy or insurance generally acceptable to FNMA or FHLMC,
issued by, and is a valid and binding obligation of, a title insurer acceptable
to FNMA or FHLMC insuring the originator, its successor and assigns, as to the
lien of the Mortgage in the original principal amount of the Mortgage Loan
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 public record as of the date of recording of such
Mortgage acceptable to mortgage lending institutions in the area in which the
Mortgaged Property is located or specifically referred to in the appraisal
performed in connection with the origination of the related Mortgage Loan and
(c) such other matters to which like properties are commonly subject which do
not individually, or in the aggregate, materially interfere with the benefits of
the security intended to be provided by the Mortgage;

                                    (j) neither the Seller nor any prior holder
of any Mortgage has, except as the Mortgage File may reflect, modified the
Mortgage in any material respect; satisfied, cancelled or subordinated such
Mortgage in whole or in part; released such Mortgaged Property in whole or in
part from the lien of the Mortgage; or executed any instrument of release,
cancellation, modification or satisfaction;

                                    (k) that each Mortgaged Property consists of
a fee simple estate or condominium form of ownership in real property;

                                       -6-

<PAGE>

                                    (l) the condominium projects that include
the condominiums that are the subject of any condominium loan are generally
acceptable to FNMA or FHLMC;

                                    (m) no foreclosure action is threatened or
has been commenced (except for the filing of any notice of default) with respect
to the Mortgage Loan; and except for payment delinquencies not in excess of 30
days, to the best of the Seller's knowledge, there is no default, breach,
violation or event of acceleration existing under the Mortgage or the related
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;

                                    (n) that each Mortgage Loan was originated
on FNMA or FHLMC uniform instruments for the state in which the Mortgaged
Property is located;

                                    (o) that based upon a representation by each
Mortgagor at the time of origination or assumption of the applicable Loan,
95.58% of the Group I Loans and 94.26% of the Group II Loans, measured by
Principal Balance were to be secured by primary residences and no more than
3.42% of the Group I Loans and 5.74% of the Group II Loans, measured by
Principal Balance were to be secured by second homes;

                                    (p) that an appraisal of each Mortgaged
Property was conducted at the time of origination of the related Mortgage Loan,
and that each such appraisal was conducted in accordance with FNMA or FHLMC
criteria, on FNMA or FHLMC forms and comparables on at least three properties
were obtained;

                                    (q) that no Mortgage Loan had a
Loan-to-Value Ratio at origination in excess of 95%;

                                    (r) the Mortgage Loans were not selected in
a manner to adversely affect the interests of the Purchaser and the Seller knows
of no conditions which reasonably would cause it to expect any Mortgage Loan to
become delinquent or otherwise lose value;

                                    (s) each Mortgage Loan was either (A)
originated directly by or closed in the name of either: (i) a savings and loan
association, savings bank, commercial bank, credit union, insurance company, or
similar institution which is supervised and examined by a federal or state
authority or (ii) a mortgagee approved by the Secretary of Housing and Urban
Development pursuant to Sections 203 and 211 of the National Housing Act or (B)
originated or underwritten by an entity employing underwriting standards
consistent with the underwriting standards of an institution as described in
subclause (A)(i) or (A)(ii) above;

                                    (t) each Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G of the Internal Revenue Code of
1986, without regard toss.1.860 G-2(f) of the REMIC provisions or any similar
rule;

                                      -7-

<PAGE>

                                    (u) each Mortgage Loan that has a
Loan-to-Value Ratio at origination in excess of 80% is covered by a primary
mortgage insurance policy; and

                                    (v) that no Mortgage Loan permits negative
amortization or the deferral of accrued interest.

                  It is understood and agreed that the representations and
         warranties set forth in this Section 8 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 lost note affidavit and indemnity) or assignment
         of Mortgage or the examination of any Mortgage File.

                  Upon discovery by either the Seller, the Purchaser or its
         designees of a breach of any of the foregoing representations or
         warranties of the Seller which materially and adversely affects (1) the
         value of any of the Mortgage Loans actually delivered or (2) the
         interests of the Purchaser therein, the party discovering such breach
         shall give prompt written notice to the other. Within 90 (ninety) days
         of its discovery or its receipt of notice of any such breach of a
         representation or warranty, the Seller shall, with respect to the
         Mortgage Loan(s) to which such breach relates, either (i) cure such
         breach in all material respects (except for a breach of that portion of
         the representation and warranty relating to any casualty from the
         presence of hazardous waste or hazardous substances), (ii) repurchase
         such Mortgage Loan or Mortgage Loans (or any property acquired in
         respect thereof) from the Purchaser at the Purchase Price, as adjusted
         for the then current principal balance or (iii) within the 90
         (ninety)-day period following the Closing Date substitute another
         mortgage loan for such Mortgage Loan. Such substitute mortgage loan
         shall on the date of substitution, (a) have a principal balance not in
         excess of the principal balance of the defective Mortgage Loan, (b) be
         accruing interest at a rate of interest at least equal to that of the
         defective Mortgage Loan, (c) have a remaining term to stated maturity
         not greater than, and not more than two years less than, that of the
         Mortgage Loan so substituted, (d) have an original loan-to-value ratio
         not higher than that of the Mortgage Loan so substituted and a current
         loan-to-value ratio not higher than that of the Mortgage Loan so
         substituted, and (e) comply with all the representations and warranties
         relating to Mortgage Loans set forth herein, as of the date of
         substitution (such mortgage loan being referred to herein as a
         "Qualifying Substitute Mortgage Loan"). Except as set forth in Section
         12 hereof, it is understood and agreed that the obligations of the
         Seller set forth in this Section 8 to cure, substitute for or
         repurchase a defective Mortgage Loan constitute the sole remedies of
         the Purchaser respecting a breach of the foregoing representations and
         warranties.

                  The Purchaser, upon receipt by it of the full amount of the
         Purchase Price as adjusted for the then current principal balance for a
         Mortgage Loan that is repurchased, or upon receipt of the Mortgage File
         for a Qualifying Substitute Mortgage Loan for a Mortgage Loan that is
         substituted or repurchased, shall release or cause to be released and
         reassign to the Seller the related Mortgage File for the Mortgage Loan
         that is substituted and shall execute

                                      -8-

<PAGE>

         and deliver such instruments of transfer or assignment, in each case
         without recourse, representation, or warranty, as shall be necessary to
         vest in the Seller or its designee or assignee title to any such
         substituted Mortgage Loan released pursuant hereto, free and clear of
         all security interests, liens and other encumbrances created by this
         Agreement, which instruments shall be prepared by the Seller at its
         expense and shall be reasonably acceptable to the Purchaser, and the
         Purchaser shall have no further responsibility with respect to the
         Mortgage File relating to such Mortgage Loan that is substituted.

                  Any cause of action against the Seller or relating to or
         arising out of the breach of any representations and warranties made in
         this Section 8 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, repurchase
         such Mortgage Loan or substitute a Qualifying Substitute Mortgage Loan
         as specified above, and (iii) demand upon the Seller by the Purchaser
         for all amounts payable in respect of such Mortgage Loan.

9.  Representations, Warranties and Agreements of Purchaser.

         A.  The Purchaser hereby represents and warrants to the Seller, as of
the date hereof (or such other date as is specified in the related
representation or warranty) as follows:

                  i.  The Purchaser is a corporation duly formed and validly
existing under the laws of the State of Delaware;

                  ii. The execution and delivery of this Agreement by the
Purchaser and its performance of and compliance with the terms of this Agreement
will not violate the Purchaser's corporate charter or by-laws or will not
conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other material agreement or instrument to which the Purchaser is a
party or by which the Purchaser or to which any property or assets of the
Purchaser is subject;

                  iii. This Agreement, assuming due authorization, execution and
delivery by the Seller, constitutes a valid and legally binding obligation of
the Purchaser, enforceable against the Purchaser in accordance with its terms,
subject, as to enforcement, to bankruptcy, insolvency, reorganization and other
similar laws of general applicability relating to or affecting creditors' rights
and to general equity principles, regardless of whether such enforcement is
considered in a proceeding in equity or at law;

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

                                       -9-

<PAGE>

                  v. No litigation is pending or, to the best of the Purchaser's
knowledge, threatened against the Purchaser which would prohibit its entering
into this Agreement or performing its obligations under this Agreement;

                  10. Purchaser's Conditions to Closing. The obligations of the
Purchaser under this Agreement shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:

         A. The obligations of the Seller required to be performed by it on or
prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and
warranties of the Seller under this Agreement shall be true and correct as of
the date hereof and as of the Closing Date, and no event shall have occurred
which, with notice or the passage of time, or both, would constitute a default
under this Agreement, and the Purchaser shall have received a certificate to
that effect signed by an Authorized Officer (as defined below) of the Seller.

         B. The Purchaser or the Purchaser's document custodian shall have
received, or the Purchaser's attorney shall have received in escrow, all of the
following closing documents, 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 respective terms thereof:

                  i. An assignment or assignments of the Mortgage Loans to the
Purchaser substantially in the form attached hereto as Exhibit B with such
changes as are required to adapt the assignment to the proper form in the
jurisdiction where the related Mortgage Property is located, and each original
Mortgage Note (or lost note affidavit and indemnity), duly endorsed originally
or by facsimile, without recourse, to the Purchaser, in each case in accordance
with the instructions set forth in Exhibit A attached hereto, which assignment
or assignments and Mortgage Note (or lost note affidavit and indemnity) shall be
delivered to and held by the Purchaser or its agent on behalf of the Purchaser;

                  ii. The Mortgage Loan Schedule prepared by Purchaser dated as
of the related Closing Date and attached hereto;

                  iii. A certificate signed by an officer, which officer may be
either a senior vice president, a vice president, an assistant vice president or
assistant secretary (an "Authorized Officer"), dated as of the Closing Date,
substantially in the form attached hereto as Exhibit C, to the parties hereto,
and attached thereto copies of the charter and by-laws and a Good Standing
Certificate or a memorandum setting forth the verbal assurances from the
appropriate regulatory authorities with respect to the Seller will be
immediately forthcoming; and

                  iv. An opinion of Seller's counsel in substantially the form
attached hereto as Exhibit D.

                                      -10-

<PAGE>

                  v. A security release certification, in a form acceptable to
the Purchaser, executed by the appropriate mortgagee or secured party, if any of
the Mortgage Loans have at any time been subject to any security interest,
pledge or hypothecation for the benefit of such person.

         C. The Seller will furnish to the Purchaser such other certificates of
its officers or others and such other documents to evidence fulfillment of the
conditions set forth in this Agreement as the Purchaser and its attorney may
reasonably request.

11. Seller's Conditions to Closing. The obligations of the Seller under this
Agreement shall be subject to the satisfaction, on or prior to the Closing Date,
of the following conditions:

         A. The obligations of the Purchaser required to be performed by it on
or prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and
warranties of the Purchaser under this Agreement shall be true and correct as of
the date hereof and as of the Closing Date, and no event shall have occurred
which, with notice or the passage of time, or both, would constitute a default
under this Agreement, and the Seller shall have received a certificate to that
effect signed by an Authorized Officer of the Purchaser;

         B. The Seller shall have received, or the Seller's attorney shall have
received in escrow, a certificate signed by an Authorized Officer of the
Purchaser dated as of the Closing Date, in the form acceptable to the parties
hereto, and attached thereto the resolutions of the Purchaser authorizing the
transactions contemplated by this Agreement, together with copies of the
Articles of Association and by-laws as of a recent date with respect to the
Purchaser; and

         C. The Purchaser will furnish to the Seller such other certificates of
its officers or others and such other documents to evidence fulfillment of the
conditions set forth in this Agreement as the Seller and its attorney may
reasonably request.

12.  Indemnification.

         A. The Seller agrees to indemnify and hold harmless the Purchaser
against any and all losses, claims, expenses, damages or liabilities to which
Purchaser may become subject, insofar as such losses, claims, expenses, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any representation or warranty made by the Seller in Section 8(a)(i) through
Section 8(a)(vii) hereof on which Purchaser has relied, being, or alleged to be,
materially untrue or incorrect. This indemnity will be in addition to any
liability which the Seller may otherwise have.

         B. The Purchaser agrees to indemnify and hold harmless the Seller
solely in its capacity as seller of the Mortgage Loans against any and all
losses, claims, expenses, damages or liabilities to which the Seller may become
subject, insofar as such losses, claims, expenses, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any representation or
warranty made by the Purchaser in Section 9 hereof on which the Seller has
relied, being, or alleged to be, materially

                                      -11-

<PAGE>

untrue or incorrect (notwithstanding the Purchaser's lack of knowledge with
respect to the substance of any representation or warranty to which Section 9
applies which is made to the best of the Purchaser's knowledge). This indemnity
will be in addition to any liability which the Purchaser may otherwise have.

         C. Promptly after receipt by either the Purchasers or the Seller of
notice of the commencement of any action or proceeding in any way relating to or
arising from this Agreement, such party will notify the other party of the
commencement thereof; but the omission so to notify the party from whom
indemnification is sought (the "Indemnifying Party") will not relieve the
Indemnifying Party from any liability which it may have to the party seeking
indemnification (the "Indemnified Party") except to the extent that the
Indemnifying Party is adversely affected by the lack of notice. In case any such
action is brought against the Indemnified Party, and it notifies the
Indemnifying Party of the commencement thereof, the Indemnifying Party will be
entitled to participate in the defense (with the consent of the Indemnified
Party which shall not be unreasonably withheld) of such action at the
Indemnifying Party's expense.

13. 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. Notices to the Seller shall be directed to InterFirst, 777
East Eisenhower Parkway, Ann Arbor, Michigan 48108, Attention: Steve Kapp - Vice
President with a copy to ABN AMRO Mortgage Group, Inc., 2600 West Big Beaver
Road, Troy, Michigan 48084, Attention: Thomas E. Reiss - Assistant Secretary;
and notices to the Purchaser shall be directed to ABN AMRO Mortgage Corporation,
135 South LaSalle Street, Suite 925, Chicago, Illinois 60603, Attention: Maria
Fregosi - First Vice President - ABN AMRO Mortgage Operations, with a copy to
ABN AMRO North America, Inc. 135 South LaSalle Street, Chicago, Illinois 60603,
Attention: Kirk Flores - Associate General Counsel; or such other addresses as
may hereafter be furnished to the other party by like notice.

14. Termination. This Agreement may be terminated (a) by the mutual consent of
the parties hereto, or (b) by the Purchaser if the conditions to the Purchaser's
obligations to closing set forth under Section 10 hereof are not fulfilled as
and when required to be fulfilled or (c) by the Seller if the Purchaser's
obligations under Section 11 hereof are not fulfilled as and when required. In
the event of a termination pursuant to Section 14(b), the Seller agrees that it
will pay the out-of-pocket fees and expenses of the Purchaser in connection with
the transactions contemplated by this Agreement and in the event of a
termination pursuant to Section 14(c), the Purchaser agrees that it will pay the
out-of-pocket fees and expenses of the Seller in connection with the
transactions contemplated by this Agreement.

15. Representations, Warranties and Agreements to Survive Delivery. All
representations, warranties and agreements contained in this Agreement, or in
certificates of officers of the Seller and the Purchaser submitted pursuant
hereto, shall remain operative and in full force and effect and shall survive
transfer and sale of the Mortgage Loans to the Purchaser.

                                      -12-

<PAGE>

16. Severability. If any provision of this Agreement shall be prohibited or
invalid under applicable law, the Agreement shall be ineffective only to such
extent, without invalidating the remainder of this Agreement.

17. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but both of which together shall constitute
one and the same agreement.

18. Governing Law. This Agreement shall be deemed to have been made in the State
of New York and shall be interpreted in accordance with the laws of such state
without regard to the principles of conflicts of law of such state.

19. Further Assurances. The Seller and the Purchaser agree to execute and
deliver such instruments and take such actions as the other party may, from time
to time, reasonably request in order to effectuate the purpose and to carry out
the terms of this Agreement.

20. Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the Seller and the Purchaser and their
permitted successors and assigns. The Seller acknowledges and agrees that the
Purchaser may assign its rights under this Agreement. Any person into which the
Seller may be merged or consolidated (or any person resulting from any merger or
consolidation involving the Seller), or any person succeeding to the business of
the Seller shall be considered the "successor" of the Seller hereunder. Except
as provided in the two preceding sentences, this Agreement cannot be assigned,
pledged or hypothecated by any party hereto without the written consent of the
other party to this Agreement. Notwithstanding anything to the contrary in this
Section 20, the parties hereto agree that the Purchaser has the right to assign
its rights and interest in, to and under Section 8 hereof.

21. Amendments. No term or provision of this Agreement may be waived or modified
unless such waiver or modification is in writing and signed by a duly authorized
officer of the party against whom such waiver or modification is sought to be
enforced.

                                      -13-

<PAGE>

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

                                        ABN AMRO Mortgage Group, Inc.,
                                        as Seller

                                        By: /s/: Joseph E. Krul
                                           -------------------------------
                                        Name:    Joseph E. Krul
                                        Title:   Executive Vice President

                                          AAMGI MORTGAGE LOAN PURCHASE AGREEMENT

<PAGE>

                                         ABN AMRO Mortgage Corporation,
                                         as Purchaser

                                         By: /s/: Daniel J. Fischer
                                            -------------------------------
                                         Name:    Daniel J. Fischer
                                         Title:   Vice President

                                          AAMGI MORTGAGE LOAN PURCHASE AGREEMENT

<PAGE>

                                   SCHEDULE 1

                             MORTGAGE LOAN SCHEDULE
                             ----------------------
                             (Provided upon request)

<PAGE>

                                   SCHEDULE 2

                       MORTGAGE LOAN SCHEDULE INFORMATION
                       ----------------------------------

         Each Mortgage Loan shall be identified by at least the following
details, among others, relating to each Mortgage Loan:
<TABLE>
<CAPTION>

<S>         <C>            <C>
             (i)           the loan number of the Mortgage Loan and name of the related Mortgagor;

             (ii)          the street address of the Mortgaged Property including city, state and zip
                           code;

             (iii)         the mortgage interest rate as of the Cut-Off Date;

             (iv)          the original term and maturity date of the related Mortgage Note;

             (v)           the original principal balance;

             (vi)          the first payment date;

             (vii)         the monthly payment in effect as of the Cut-Off Date;

             (viii)        the date of the last paid installment of interest;

             (ix)          the unpaid principal balance as of the close of business on the Cut-Off Date;

             (x)           the loan-to-value ratio at origination;

             (xi)          the type of property;

             (xii)         whether a primary mortgage insurance policy is in effect as of the
                           Cut-Off Date;

             (xiii)        the nature of occupancy at origination;

             (xiv)         the servicing fee;

             (xv)          the county in which the Mortgaged Property is located, if
                           available; and

             (xvi)         the closing date.

</TABLE>

<PAGE>

                                   SCHEDULE 3

                            MORTGAGE FILE INFORMATION
                            -------------------------

         Each Mortgage File shall include at least the following documents,
among others, with respect to each Mortgage Loan transferred and assigned from
the Seller to the Purchaser, or its agent:

          (i)  the original Mortgage Note (or, if the original Mortgage Note has
               been lost or destroyed, a lost note affidavit and indemnity)
               bearing all intervening endorsements endorsed, "Pay to the order
               of JPMorgan Chase Bank for the benefit of the Certificateholders
               of ABN AMRO Mortgage Corporation Series 2002-8 Attn: Corporate
               Trust Department, 600 Travis Street, Houston, TX 77002, without
               recourse" and signed in the name of the mortgagee at the request
               of the Seller by an Authorized Officer showing an unbroken chain
               of title from the originator thereof to the person endorsing;

          (ii) (a) the original Mortgage with evidence of recording thereon, and
               if the Mortgage was executed pursuant to a power of attorney, a
               certified true copy of the power of attorney certified by the
               recorder's office, with evidence of recording thereon, or
               certified by a title insurance company or escrow company to be a
               true copy thereof; provided, that if such original Mortgage or
               power of attorney cannot be delivered with evidence of recording
               thereon on or prior to the Closing Date because of a delay caused
               by the public recording office where such original Mortgage has
               been delivered for recordation or because such original Mortgage
               has been lost, the Seller shall deliver or cause to be delivered
               to the Purchaser (with a copy to the Trustee (as defined in the
               Pooling and Servicing Agreement)) a true and correct copy of such
               Mortgage, together with (1) in the case of a delay caused by the
               public recording office, a certificate signed by an Authorized
               Officer of the Seller stating that such original Mortgage has
               been dispatched to the appropriate public recording official for
               recordation or (2) in the case of an original Mortgage that has
               been lost, a certificate by the appropriate county recording
               office where such Mortgage is recorded or from a title insurance
               company or escrow company indicating that such original was lost
               and the copy of the original mortgage is a true and correct copy;

               (b) the original assignment to "JPMorgan Chase Bank, as Trustee,"
               which assignment shall be in form and substance acceptable for
               recording, or a copy certified by the Seller as a true and
               correct copy of the original assignment which has been sent for
               recordation. Subject to the foregoing, such assignments may, if
               permitted by law, be by blanket assignments for Mortgage Loans
               covering Mortgaged Properties situated within the same county. If
               the assignment is in blanket form, a copy of the assignment shall
               be included in the related individual Mortgage File;

<PAGE>

          (iii) the originals of any and all instruments that modify the terms
               and conditions of the Mortgage Note, including but not limited to
               modification, consolidation, extension and assumption agreements
               including any adjustable rate mortgage (ARM) rider, if any;

          (iv) the originals of all required intervening assignments, if any,
               with evidence of recording thereon, and if such assignment was
               executed pursuant to a power of attorney, a certified true copy
               of the power of attorney certified by the recorder's office, with
               evidence of recording thereon, or certified by a title insurance
               company or escrow company to be a true copy thereof; provided,
               that if such original assignment or power of attorney cannot be
               delivered with evidence of recording thereon on or prior to the
               Closing Date because of a delay caused by the public recording
               office where such original assignment has been delivered for
               recordation or because such original assignment has been lost,
               the Seller shall deliver or cause to be delivered to the
               Purchaser (with a copy to the Trustee (as defined in the Pooling
               and Servicing Agreement)) a true and correct copy of such
               assignment, together with (a) in the case of a delay caused by
               the public recording office, a certificate signed by an
               Authorized Officer of the Seller stating that such original
               assignment has been dispatched to the appropriate public
               recording official for recordation or (b) in the case of an
               original assignment that has been lost, a certificate by the
               appropriate county recording office where such assignment is
               recorded or from a title insurance company or escrow company
               indicating that such original was lost and the copy of the
               original assignment is a true and correct copy;

          (v)  the original mortgagee policy of title insurance (including, if
               applicable, the endorsement relating to the negative amortization
               of the Mortgage Loans) or in the event such original title policy
               is unavailable, any one of an original title binder, an original
               preliminary title report or an original title commitment or a
               copy thereof certified by the title company with the original
               policy of title insurance to follow within 180 days of the
               Closing Date;

                                       -2-

<PAGE>

                                    EXHIBIT A
                                    ---------

                               INSTRUCTION LETTER

                          ABN AMRO Mortgage Corporation
                       135 South LaSalle Street, Suite 925
                             Chicago, Illinois 60603

                                                     ________ __, 2002

ABN AMRO Mortgage Group, Inc.
2600 West Big Beaver Road
Troy, Michigan 48084

Dear Ladies and Gentlemen:

         Pursuant to the Mortgage Loan Purchase Agreement dated as of September
24, 2002 (the "Purchase Agreement") between you and us, we have agreed to
purchase from you certain Mortgage Loans. All capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Purchase
Agreement.

         In order to facilitate these transactions, and for the purpose of
convenience only, we hereby authorize and direct you to:
<TABLE>
<CAPTION>

<S>                                                             <C>
Action                                                          Due Date
1.  Endorse mortgage notes (or lost note affidavits             one week prior to funding
    and indemnities) to:
    "Pay to the order of
     JPMorgan Chase Bank
     for the benefit of the Certificateholders
     of ABN AMRO Mortgage Corporation
     Series 2002-8, Attn: Corporate Trust
     Department, 600 Travis Street,
     Houston, TX 77002,
     without recourse"

2.  Assign mortgages to be recorded                             one week prior to funding
    to JPMorgan Chase Bank
    for the benefit of the Certificateholders
    of ABN AMRO Mortgage Corporation
    Series 2002-8:

<PAGE>

3.       Deliver to the Purchaser or its agent all Mortgage     two business days after funding
         Loan documents pertaining to each loan

4.       Deliver to the Purchaser's servicer all Mortgage       one week prior to Servicing transfer
         Loan servicing documents pertaining to each loan       date

5.       Provide lost mortgage note affidavits, certified       one week prior to funding
         copies of all missing mortgages, and certified
         recorded copies of missing intervening
         assignments

6.       Mortgage Loan Schedule generated by Purchaser          one day prior to funding
         and agreed to by Seller
</TABLE>

                                          Sincerely,

                                          ABN AMRO Mortgage Corporation

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

                                       -2-

<PAGE>

                                    EXHIBIT B
                                    ---------

                               FORM OF ASSIGNMENT
                               ------------------

         ABN AMRO Mortgage Group, Inc., a Delaware corporation (the "Seller"),
in exchange for $_______________ in hand paid and other good and valuable
consideration, hereby grants, bargains, sells, assigns, transfers, conveys, and
sets over to ABN AMRO Mortgage Corporation, a Delaware corporation (the
"Purchaser"), all of the Seller's right, title, and interest in, to, and under
the mortgage loans listed on Schedule 1 attached hereto, the mortgage notes
evidencing or relating to such mortgage loans, all mortgages, trust deeds, title
insurance policies, property insurance policies, chattel paper, loan guaranties,
loan accounts, surveys, instruments, certificates, and other documents
whatsoever evidencing or relating to such mortgage notes and mortgage loans, and
all books, ledgers, books of account, records, writings, data bases,
information, and computer software (and all documentation therefor or relating
thereto, and all licenses relating to or covering such computer software and/or
documentation), and all other property, rights, title, and interests whatsoever
relating to, used, or useful in connection with, or evidencing, embodying,
incorporating, or referring to, any of the foregoing (the "Mortgages"). The
Seller warrants to the Purchaser that the Seller is the owner of the Mortgages,
subject to no liens, claims, or encumbrances.

<PAGE>

Dated:  _____________, 2002                 ABN AMRO Mortgage Group, Inc.

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

                                       -2-

<PAGE>

ACKNOWLEDGED ON __________ __, 2002

ABN AMRO Mortgage Corporation

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

                                       -3-

<PAGE>

STATE OF              ____________  )
                                    )
COUNTY OF             ____________  )

         I, ______________, a Notary Public in and for the said County and
State, do hereby certify that ____________, personally known to me to be the
same person whose name is subscribed to the foregoing instrument as
_______________ of __________________, appeared before me this day in person
and, being first sworn, acknowledged that he signed and delivered the said
instrument as his own free and voluntary act, and as the free and voluntary act
of said corporation as the ___________ of ____________, a ____________, for the
uses and purposes therein set forth and that he was duly authorized to execute
the said instrument by the __________________ of said
_________________.

         Given under my hand and seal, this ____ day of ____________, 2002.

                                  __________________________________
                                  Notary Public

                                  My commission expires:______________

                                       -4-

<PAGE>

                                    EXHIBIT C

                          FORM OF OFFICER'S CERTIFICATE

                          ABN AMRO Mortgage Group, Inc.

         I, Joseph E. Krul, do hereby certify pursuant to Section 10(a) and
(b)(iii) of the Purchase Agreement (as hereinafter defined) that I am the duly
elected Executive Vice President of ABN AMRO Mortgage Group, Inc. ("AAMGI" ), a
Delaware corporation, and further certify as follows:

         1. Attached hereto as Exhibit "A" is a true and correct copy of the
articles of incorporation of AAMGI. There has been no amendment or other
document filed affecting the charter as of the date of this certification of
AAMGI, and no such amendment has been authorized.

         2. Attached hereto as Exhibit "B" is a true and correct copy of the
by-laws of AAMGI as in full force and effect as of the date of this
certification.

         3. No proceedings looking toward merger, consolidation, liquidation, or
dissolution of AAMGI are pending or contemplated.

         4. Each person who, as an officer or representative of AAMGI, signed,
or will sign (a) the Purchase Agreement, and (b) any other document delivered
pursuant thereto or on the date hereof in connection with the Mortgage Loan
Purchase Agreement, dated as of September 24, 2002 between AAMGI, as seller, and
ABN AMRO Mortgage Corporation, as Purchaser (the "Purchase Agreement") was, at
the respective times of such signing and delivery, and is as of the date hereof
duly elected or appointed, qualified and acting as such officer or
representative, and the signatures of such persons appearing on such documents
are their genuine signatures.

         5. Attached hereto as Exhibit "C" is a true, complete and correct copy
of the Resolutions of AAMGI's Board of Directors, which were duly adopted as of
_____ __, ____, and such Resolutions have not been amended, altered or repealed,
and remain in full force and effect without modification on the date hereof.

         6. Attached hereto as Exhibit "D" is a Good Standing Certificate issued
by the Office of the Secretary of State of Delaware as of __________, ____. A
current Good Standing Certificate has been requested from the Office of the
Secretary of State of _________ and will be supplied when it is received.

         7. AAMGI has performed all obligations and satisfied all conditions on
its part to be performed or satisfied under the Purchase Agreement on or prior
to the Closing Date and all of the representations and warranties of the Seller
under the Purchase Agreement are true and correct as of the date hereof and as
of the Closing Date, and no event has occurred which, with notice or passage of
time, or both, would constitute a default under the Purchase Agreement.

All capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Purchase Agreement.

<PAGE>

IN WITNESS WHEREOF, I have hereunto signed my name.

Date:    __________ __, ____

                                          ABN AMRO Mortgage Group, Inc.

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

                                        -2-

<PAGE>

         I, Thomas E. Reiss, Assistant Secretary of ABN AMRO Mortgage Group,
Inc., a Delaware corporation, hereby certify that Joseph E. Krul is the duly
elected, qualified and acting Executive Vice President of ABN AMRO Mortgage
Group, Inc. and that the signature appearing on the preceding page is his/her
genuine signature.

         IN WITNESS WHEREOF, I have hereunto signed my name.
Date:    __________ __, ____

                                          ABN AMRO Mortgage Group, Inc.

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

                                       -3-

<PAGE>

                    [OPINION TO BE REVISED IN ACCORDANCE WITH
                    GENERAL COUNSEL'S FORM OF OPINION LETTER]

                                    EXHIBIT D
                                    ---------

                      [OPINION OF SELLER'S IN-HOUSE COUNSEL
                         PURSUANT TO SECTION 10(B)(IV)]

                               __________ __, 2002

ABN AMRO Mortgage Corporation
135 South LaSalle Street, Suite 925
Chicago, Illinois 60603

               Re: ABN AMRO Mortgage Corporation Purchase of Mortgage Loans
                   --------------------------------------------------------

Ladies and Gentlemen:

As _______________ to ABN AMRO Mortgage Group, Inc., a Delaware Corporation
("Seller"), I and attorneys working under my supervision have acted as counsel
to Seller in connection with the sale of Mortgage Loans by Seller to ABN AMRO
Mortgage Corporation (the "Purchaser") pursuant to a Mortgage Loan Purchase
Agreement, dated as of September 24, 2002 (the "Purchase Agreement"), between
the Purchaser and Seller. This opinion is being delivered to the Purchaser
pursuant to Section 10(b)(iv) of the Purchase Agreement. All capitalized terms
not otherwise defined herein have the meanings given them in the Purchase
Agreement.

         In rendering the opinions set forth below, we have examined and relied
upon originals or copies, certified or otherwise identified to our satisfaction,
of the charter and by-laws of Seller, the Purchase Agreement and such corporate
records, agreements or other instruments of Seller, and such certificates,
records and other documents, agreements and instruments, including, among other
things, certain documents delivered on the Closing Date, as we have deemed
necessary and proper as the basis for our opinions. In connection with such
examination, we have assumed the genuineness of all signatures, the authenticity
of all documents, agreements and instruments submitted to us as originals, the
conformity to original documents, agreements and instruments of all documents,
agreements and instruments submitted to us as copies or specimens, the
authenticity of the originals of such documents, agreements and instruments
submitted to us as copies or specimens, the conformity to executed original
documents of all documents submitted to us in draft and the accuracy of the
matters set forth in the documents we reviewed. We have also assumed that all
documents, agreements and instruments have been duly authorized, executed and
delivered by all parties thereto. As to any facts material to such opinions that
we did not independently establish or verify, we have relied upon statements and
representations of officers and other representatives

<PAGE>

ABN AMRO Mortgage Corporation
__________ __, 200_
Page 2

of Seller as we have deemed necessary and proper as the basis for our opinions,
including, among other things, the representations and warranties of Seller in
the Purchase Agreement.

         Based upon the foregoing, I am of the opinion that:

         1. Seller is a ______________, duly organized, validly existing and in
good standing under the laws of _____________ and either is not required to be
qualified to do business under the laws of any states where such qualification
is necessary to transact the business contemplated by the Purchase Agreement, or
is qualified to do business under the laws of any states where such
qualification is necessary to transact the business contemplated by the Purchase
Agreement, and Seller is duly authorized and has full corporate power and
authority to transact the business contemplated by the Purchase Agreement.

         2. The Purchase Agreement has been duly authorized, executed and
delivered by Seller and is a legal, valid and binding obligation of and is
enforceable against Seller in accordance with its terms, except that the
enforceability thereof may be subject to (A) bankruptcy, insolvency,
receivership, conservatorship, reorganization, moratorium or other laws, now or
hereafter in effect, relating to creditors' rights generally, (B) general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law) and (C) limitations of public policy under
applicable securities laws as to rights of indemnity and contribution under the
Purchase Agreement.

         3. No consent, approval, authorization or order of any court or
supervisory, regulatory, administrative or governmental agency or body is
required for the execution, delivery and performance by Seller of or compliance
by Seller with the Purchase Agreement, the sale of the Mortgage Loans or the
consummation of the transactions contemplated by the Purchase Agreement.

         4. Neither the execution and delivery by Seller of the Purchase
Agreement, nor the consummation by Seller of the transactions contemplated
therein, nor the compliance by Seller with the provisions thereof, will conflict
with or result in a breach of any of the terms, conditions or provisions of
Seller's charter or by-laws or board or shareholder's resolutions, or any
agreement or instrument to which Seller is now a party or by which it is bound,
or constitute a default or result in an acceleration under any of the foregoing,
or result in the violation of any law, rule, regulation, order, judgment or
decree to which Seller or its property is subject, which, in any of the above
cases, would materially and adversely affect Seller's ability to perform its
obligations under the Purchase Agreement.

         5. There is no action, suit, proceeding or investigation pending, or,
to the best of my knowledge, threatened against Seller which, either in any one
instance or in the aggregate, would draw into question the validity of the
Purchase Agreement or the Mortgage Loans or of any action taken or to be taken
in connection with the obligations of Seller contemplated therein, or which

                                       -2-

<PAGE>

ABN AMRO Mortgage Corporation
__________ __, 200_
Page 3

would be likely to materially impair the ability of Seller to perform under the
terms of the Purchase Agreement.

The Opinions expressed herein are limited to matters of federal and Michigan law
and do not purport to cover any matters as to which laws of any other
jurisdiction are applicable. Except as expressly provided herein, this opinion
is being furnished to you solely for your benefit in connection with the
purchase of the Mortgage Loans, and it is not to be used, circulated, quoted or
otherwise referred to for any purpose without my express written consent.

Sincerely,

ABN AMRO Mortgage Group, Inc.

By:__________________________
Title:

                                       -3-

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