Document:

Exhibit 4.2
                                   -----------

                         SUBSEQUENT TRANSFER INSTRUMENT

                  Pursuant to this Subsequent Transfer Instrument, dated October
23, 2002 (the "Instrument"), between Ameriquest Mortgage Securities Inc. as
seller (the "Depositor"), and Deutsche Bank National Trust Company as trustee of
the Ameriquest Mortgage Securities Inc., Series 2002-C, Asset-Backed Pass
Through Certificates, as purchaser (the "Trustee"), and pursuant to the Pooling
and Servicing Agreement, dated as of October 1, 2002 (the "Pooling and Servicing
Agreement"), among the Depositor as depositor, Ameriquest Mortgage Company as
seller and master servicer, the Federal Home Loan Mortgage Corporation as
guarantor with respect to the Class A and Class S Certificates and the Trustee
as trustee, the Depositor and the Trustee agree to the sale by the Depositor and
the purchase by the Trustee, on behalf of the Trust, of the Mortgage Loans
listed on the attached Schedule of Subsequent Mortgage Loans (the "Subsequent
Mortgage Loans").

                  Capitalized terms used but not otherwise defined herein shall
have the meanings set forth in the Pooling and Servicing Agreement.

                  Section 1.        CONVEYANCE OF SUBSEQUENT MORTGAGE LOANS.

                  (a) The Depositor does hereby sell, transfer, assign, set over
and convey to the Trustee, on behalf of the Trust, without recourse, all of its
right, title and interest in and to the Subsequent Mortgage Loans, and including
all amounts due on the Subsequent Mortgage Loans after the related Subsequent
Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be
delivered pursuant to Section 2.01 of the Pooling and Servicing Agreement;
provided, however that the Depositor reserves and retains all right, title and
interest in and to amounts due on the Subsequent Mortgage Loans on or prior to
the related Subsequent Cut-off Date. The Depositor, contemporaneously with the
delivery of this Agreement, has delivered or caused to be delivered to the
Trustee each item set forth in Section 2.01 of the Pooling and Servicing
Agreement. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the Subsequent Mortgage Loan Schedule shall be
absolute and is intended by the Depositor, the Master Servicer, the Trustee and
the Certificateholders to constitute and to be treated as a sale by the
Depositor to the Trust Fund.

                  (b) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee without recourse for the benefit of the Certificateholders all the
right, title and interest of the Depositor, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor
as purchaser and Ameriquest Mortgage Company as seller, to the extent of the
Subsequent Mortgage Loans.

                  (c) Additional terms of the sale are set forth on Attachment A
hereto.

<PAGE>

                  Section 2.        REPRESENTATIONS AND WARRANTIES; CONDITIONS
                                    PRECEDENT.

                  (a) The Depositor hereby confirms that each of the conditions
precedent set forth in Section 2.08 of the Pooling and Servicing Agreement are
satisfied as of the date hereof.

                  (b) All terms and conditions of the Pooling and Servicing
Agreement are hereby ratified and confirmed; provided, however, that in the
event of any conflict, the provisions of this Instrument shall control over the
conflicting provisions of the Pooling and Servicing Agreement.

                  Section 3.        RECORDATION OF INSTRUMENT.

                  To the extent permitted by applicable law, this Instrument, or
a memorandum thereof if permitted under applicable law, is subject to
recordation in all appropriate public offices for real property records in all
of the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer at the Certificateholders'expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.

                  Section 4.        GOVERNING LAW.

                  This Instrument 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, without giving
effect to principles of conflicts of law.

                  Section 5.        COUNTERPARTS.

                  This Instrument 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 instrument.

                  Section 6.        SUCCESSORS AND ASSIGNS.

                  This Instrument shall inure to the benefit of and be binding
upon the Depositor and the Trustee and their respective successors and assigns.

<PAGE>

                                       AMERIQUEST MORTGAGE SECURITIES INC.

                                       By:__________________________________
                                       Name:
                                       Title:

                                       DEUTSCHE BANK NATIONAL TRUST
                                       COMPANY, as Trustee

                                       By:____________________________________
                                       Name:
                                       Title:

ATTACHMENTS

A.       Additional terms of sale.
B.       Schedule of Subsequent Mortgage Loans.

<PAGE>

                                  ATTACHMENT A
                                  ------------

                            ADDITIONAL TERMS OF SALE

         A.       General

                  1.       Subsequent Cut-off Date: October 1, 2002
                  2.       Subsequent Transfer Date: October 23, 2002
                  3.       Aggregate Principal Balance of the Subsequent
                           Mortgage Loans as of the Subsequent Cut-off Date:
                           $236,575,741.02
                  4.       Purchase Price: 100.00%

         B. The following representations and warranties with respect to each
Subsequent Mortgage Loan determined as of the Subsequent Cut-off Date are true
and correct: (i) such Subsequent Mortgage Loan may not be 30 or more days
delinquent as of the related Subsequent Cut- off Date and such Subsequent
Mortgage Loan may not have been 30 or more days delinquent since origination;
provided, however, all of the Subsequent Mortgage Loans may have a first payment
date occurring on or after the Subsequent Cut-off Date and therefore, such
Subsequent Mortgage Loans could not have been delinquent as of the Subsequent
Cut-off Date; (ii) the original term to stated maturity of such Subsequent
Mortgage Loan will not be less than 180 months and will not exceed 360 months
from its first payment date; (iii) such Subsequent Mortgage Loan will not have a
Loan- to-Value ratio greater than 95.00%; (iv) all such Subsequent Mortgage
Loans will have, as of the applicable Subsequent Cut-off Date, a weighted
average term since origination not in excess of 2 months; (v) if such Subsequent
Mortgage Loan is a Group I Mortgage Loan, such Subsequent Mortgage Loan will
have a fixed Mortgage Rate that is not less than 6.400% per annum; (vi) if such
Subsequent Mortgage Loan is a Group II Mortgage Loan, such Subsequent Mortgage
Loan will have an initial adjustable Mortgage Rate that is not less than 5.850%
per annum; (vii) if such Subsequent Mortgage Loan is a Group II Mortgage Loan,
such Subsequent Mortgage Loan will have a Gross Margin not less than 5.000% per
annum; (vii) if such Subsequent Mortgage Loan is a Group II Mortgage Loan, such
Subsequent Mortgage Loan must have a Maximum Mortgage Rate not less than 11.850%
per annum; (viii) if such Subsequent Mortgage Loan is a Group II Mortgage Loan,
such Subsequent Mortgage Loan must have a Minimum Mortgage Rate not less than
5.850% per annum; (ix) such Subsequent Mortgage Loan may not provide for
negative amortization; (x) such Subsequent Mortgage Loan shall have been
serviced by the Master Servicer since origination or the date of purchase; (xi)
such Subsequent Mortgage Loan must have a first payment date occurring on or
before January 1, 2003 and (xii) such Subsequent Mortgage Loan shall have been
underwritten in accordance with the Seller's (in its capacity as originator)
underwriting criteria as described in the Information Circular.

         C. Following the purchase of any Subsequent Group I Mortgage Loan to be
included in Loan Group I, the Group I Mortgage Loans, including such Subsequent
Group I Mortgage Loans (each Group I Mortgage Loan and Subsequent Group I
Mortgage Loan to be measured as of its related Cut-off Date) as of the
applicable Subsequent Transfer Date: (i) will have a weighted average original
term to stated maturity of not more than 360 months, (ii) will have a weighted
average term

<PAGE>

since origination not in excess of 2 months; (iii) will have a weighted average
Mortgage Rate of not less than 8.211% per annum; (iv) will have a weighted
average Loan-to-Value Ratio of not more than 79.98%; (v) will have no Mortgage
Loan with a Principal Balance that does not conform to Freddie Mac loan limits;
(vi) will be secured by Mortgaged Properties in any one state representing no
more than 19.84% of the aggregate Principal Balance of the Group I Mortgage
Loans; (vii) will be secured by Mortgaged Properties in any one zip code
representing no more than 0.594% of the aggregate Principal Balance of the Group
I Mortgage Loans; (viii) will be secured by non-owner occupied Mortgaged
Properties representing no more than 5.70% of the aggregate Principal Balance of
the Group I Mortgage Loans; (ix) will be secured by two- to four-family
Mortgaged Properties representing no more than 11.67% of the aggregate Principal
Balance of the Group I Mortgage Loans; (x) will have a weighted average FICO
score of the related mortgagor of not less than 649 at the time of loan
application and in any event, not less than 629; (xi) will have a refinance
debt- consolidation cashout loan purpose representing no more than 59.67% of the
aggregate Principal Balance of the Group I Mortgage Loans; (xii) will have
Prepayment Charge provisions with respect to no less than 80.20% of the
aggregate Principal Balance of the Group I Mortgage Loans; (xiii) will have a
Seller's risk grade of VI representing no more than 0.11% of the aggregate
Principal Balance of the Group I Mortgage Loans; (xiv) will have Mortgage Loans
with a Seller's risk grade of V representing no more than 0.23% of the aggregate
Principal Balance of the Group I Mortgage Loans; (xv) will have Mortgage Loans
with a Seller's risk grade of IV representing no more than 1.74% of the
aggregate Principal Balance of the Group I Mortgage Loans; (xvi) will have
Mortgage Loans with a Seller's risk grade of B, C and D representing no more
than 0.94%, 0.00% and 0.00%, respectively, of the aggregate Principal Balance of
the Group I Mortgage Loans; (xvii) will have Mortgage Loans with a Loan-to-Value
Ratio at origination of 80.00% representing no more than 10.23% of the aggregate
Principal Balance of the Group I Mortgage Loans; (xviii) will have Mortgage
Loans with a Loan-to-Value Ratio at origination in excess of 80.00% representing
no more than 54.80% of the aggregate Principal Balance of the Group I Mortgage
Loans; (xix) will have Mortgage Loans with a Loan-to-Value Ratio at origination
in excess of 90.00% representing no more than 1.67% of the aggregate Principal
Balance of the Group I Mortgage Loans; (xx) will have no Mortgage Loans with a
Loan-to-Value Ratio at origination in excess of 95.00%; (xxi) will have been
underwritten in accordance with the Seller's Full Documentation Program
representing not less than 74.11% of the aggregate Principal Balance of the
Group I Mortgage Loans; (xxii) will have been underwritten in accordance with
the Seller's Limited Documentation Program representing not more than 6.58% of
the aggregate Principal Balance of the Group I Mortgage Loans; (xxiii) will have
been underwritten in accordance with the Seller's Stated Income Documentation
Program representing not more than 19.31% of the aggregate Principal Balance of
the Group I Mortgage Loans and (xxiv) will have an average prepayment period of
approximately 29.74 months.

           D. Following the purchase of any Subsequent Group II Mortgage Loan to
be included in Loan Group II, the Group II Mortgage Loans, including such
Subsequent Group II Mortgage Loans (each Group II Mortgage Loan and Subsequent
Group II Mortgage Loan to be measured as of its related Cut-off Date) as of the
applicable Subsequent Transfer Date: (i) will have a weighted average original
term to stated maturity of not more than 360 months, (ii) will have a weighted
average term since origination not in excess of 2 months; (iii) will have a
weighted average Mortgage Rate of not less than 8.877% per annum; (iv) will have
a weighted average Loan-to-Value Ratio of not more than

<PAGE>

80.16%; (v) will have a weighted average Gross Margin that is not less than
6.396% per annum; (vi) will have a weighted average Maximum Mortgage Rate of not
less than 14.877% per annum; (vii) will have a weighted average Minimum Mortgage
Rate of not less than 8.877% per annum; (viii) will have no Mortgage Loan with a
Principal Balance that does not conform to Freddie Mac loan limits; (ix) will be
secured by Mortgaged Properties in any one state representing no more than
19.69% of the aggregate Principal Balance of the Group II Mortgage Loans; (x)
will be secured by Mortgaged Properties in any one zip code representing no more
than 0.25% of the aggregate Principal Balance of the Group II Mortgage Loans;
(xi) will be secured by non-owner occupied Mortgaged Properties representing no
more than 4.83% of the aggregate Principal Balance of the Group II Mortgage
Loans; (xii) will be secured by two- to four-family Mortgaged Properties
representing no more than 7.82% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xiii) will have a weighted average FICO score of the related
mortgagor of not less than 596 at the time of loan application and in any event,
not less than 579; (xiv) will have a refinance debt-consolidation cashout loan
purpose representing no more than 55.77% of the aggregate Principal Balance of
the Group II Mortgage Loans; (xv) will have Prepayment Charge provisions with
respect to no less than 78.16% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xvi) will have a Seller's risk grade of D representing no
more than 0.23% of the aggregate Principal Balance of the Group II Mortgage
Loans; (xvii) will have Mortgage Loans with a Seller's risk grade of C
representing no more than 4.71% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xviii) will have Mortgage Loans with an Seller's risk grade
of B representing no more than 9.42% of the aggregate Principal Balance of the
Group II Mortgage Loans; (xix) will have a Seller's risk grade of VI
representing no more than 0.52% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xx) will have Mortgage Loans with a Seller's risk grade of V
representing no more than 1.86% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xxi) will have Mortgage Loans with an Seller's risk grade of
IV representing no more than 3.04% of the aggregate Principal Balance of the
Group II Mortgage Loans; (xxii) will have Mortgage Loans with a Loan-to-Value
Ratio at origination of 80.00% representing no more than 12.21% of the aggregate
Principal Balance of the Group II Mortgage Loans; (xxiii) will have Mortgage
Loans with a Loan-to-Value Ratio at origination in excess of 80.00% representing
no more than 52.24% of the aggregate Principal Balance of the Group II Mortgage
Loans; (xxiv) will have Mortgage Loans with a Loan-to-Value Ratio at origination
in excess of 90.00% representing no more than 3.01% of the aggregate Principal
Balance of the Group II Mortgage Loans; (xxv) will have no Mortgage Loans with a
Loan-to-Value Ratio at origination in excess of 95.00%; (xvi) will have been
underwritten in accordance with the Seller's Full Documentation Program
representing not less than 70.54% of the aggregate Principal Balance of the
Group II Mortgage Loans; (xxvii) will have been underwritten in accordance with
the Seller's Limited Documentation Program representing not more than 5.54% of
the aggregate Principal Balance of the Group II Mortgage Loans; (xxviii) will
have been underwritten in accordance with the Seller's Stated Income
Documentation Program representing not more than 23.91% of the aggregate
Principal Balance of the Group II Mortgage Loans; (xxix) will have their first
adjustment two years following their date of origination and (xxx) will have an
average prepayment period of approximately 30.36 months.

<PAGE>

                         SUBSEQUENT TRANSFER INSTRUMENT

                  Pursuant to this Subsequent Transfer Instrument, dated
November 15, 2002 (the "Instrument"), between Ameriquest Mortgage Securities
Inc. as seller (the "Depositor"), and Deutsche Bank National Trust Company as
trustee of the Ameriquest Mortgage Securities Inc., Series 2002-C, Asset-Backed
Pass Through Certificates, as purchaser (the "Trustee"), and pursuant to the
Pooling and Servicing Agreement, dated as of October 1, 2002 (the "Pooling and
Servicing Agreement"), among the Depositor as depositor, Ameriquest Mortgage
Company as seller and master servicer, the Federal Home Loan Mortgage
Corporation as guarantor with respect to the Class A and Class S Certificates
and the Trustee as trustee, the Depositor and the Trustee agree to the sale by
the Depositor and the purchase by the Trustee, on behalf of the Trust, of the
Mortgage Loans listed on the attached Schedule of Subsequent Mortgage Loans (the
"Subsequent Mortgage Loans").

                  Capitalized terms used but not otherwise defined herein shall
have the meanings set forth in the Pooling and Servicing Agreement.

                  Section 1.        CONVEYANCE OF SUBSEQUENT MORTGAGE LOANS.

                  (a) The Depositor does hereby sell, transfer, assign, set over
and convey to the Trustee, on behalf of the Trust, without recourse, all of its
right, title and interest in and to the Subsequent Mortgage Loans, and including
all amounts due on the Subsequent Mortgage Loans after the related Subsequent
Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be
delivered pursuant to Section 2.01 of the Pooling and Servicing Agreement;
provided, however that the Depositor reserves and retains all right, title and
interest in and to amounts due on the Subsequent Mortgage Loans on or prior to
the related Subsequent Cut-off Date. The Depositor, contemporaneously with the
delivery of this Agreement, has delivered or caused to be delivered to the
Trustee each item set forth in Section 2.01 of the Pooling and Servicing
Agreement. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the Subsequent Mortgage Loan Schedule shall be
absolute and is intended by the Depositor, the Master Servicer, the Trustee and
the Certificateholders to constitute and to be treated as a sale by the
Depositor to the Trust Fund.

                  (b) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee without recourse for the benefit of the Certificateholders all the
right, title and interest of the Depositor, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor
as purchaser and Ameriquest Mortgage Company as seller, to the extent of the
Subsequent Mortgage Loans.

                  (c) Additional terms of the sale are set forth on Attachment A
hereto.

                  Section 2.        REPRESENTATIONS AND WARRANTIES; CONDITIONS
                                    PRECEDENT.

                  (a) The Depositor hereby confirms that each of the conditions
precedent set forth

<PAGE>

in Section 2.08 of the Pooling and Servicing Agreement are satisfied as of the
date hereof.

                  (b) All terms and conditions of the Pooling and Servicing
Agreement are hereby ratified and confirmed; provided, however, that in the
event of any conflict, the provisions of this Instrument shall control over the
conflicting provisions of the Pooling and Servicing Agreement.

                  Section 3.        RECORDATION OF INSTRUMENT.

                  To the extent permitted by applicable law, this Instrument, or
a memorandum thereof if permitted under applicable law, is subject to
recordation in all appropriate public offices for real property records in all
of the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer at the Certificateholders' expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.

                  Section 4.        GOVERNING LAW.

                  This Instrument 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, without giving
effect to principles of conflicts of law.

                  Section 5.        COUNTERPARTS.

                  This Instrument 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 instrument.

                  Section 6.        SUCCESSORS AND ASSIGNS.

                  This Instrument shall inure to the benefit of and be binding
upon the Depositor and the Trustee and their respective successors and assigns.

<PAGE>

                                       AMERIQUEST MORTGAGE SECURITIES INC.

                                       By:__________________________________
                                       Name:
                                       Title:

                                       DEUTSCHE BANK NATIONAL TRUST
                                       COMPANY, as Trustee

                                       By:____________________________________
                                       Name:
                                       Title:

ATTACHMENTS

A.       Additional terms of sale.
B.       Schedule of Subsequent Mortgage Loans.

<PAGE>

                                  ATTACHMENT A
                                  ------------

                            ADDITIONAL TERMS OF SALE

         A.       General

                  1.       Subsequent Cut-off Date: November 1, 2002
                  2.       Subsequent Transfer Date: November 15, 2002
                  3.       Aggregate Principal Balance of the Subsequent
                           Mortgage Loans as of the Subsequent Cut-off Date:
                           $88,409,146.55
                  4.       Purchase Price: 100.00%

         B. The following representations and warranties with respect to each
Subsequent Mortgage Loan determined as of the Subsequent Cut-off Date are true
and correct: (i) such Subsequent Mortgage Loan may not be 30 or more days
delinquent as of the related Subsequent Cut- off Date and such Subsequent
Mortgage Loan may not have been 30 or more days delinquent since origination;
provided, however, all of the Subsequent Mortgage Loans may have a first payment
date occurring on or after the Subsequent Cut-off Date and therefore, such
Subsequent Mortgage Loans could not have been delinquent as of the Subsequent
Cut-off Date; (ii) the original term to stated maturity of such Subsequent
Mortgage Loan will not be less than 180 months and will not exceed 360 months
from its first payment date; (iii) such Subsequent Mortgage Loan will not have a
Loan- to-Value ratio greater than 95.00%; (iv) all such Subsequent Mortgage
Loans will have, as of the applicable Subsequent Cut-off Date, a weighted
average term since origination not in excess of 2 months; (v) if such Subsequent
Mortgage Loan is a Group I Mortgage Loan, such Subsequent Mortgage Loan will
have a fixed Mortgage Rate that is not less than 6.400% per annum; (vi) if such
Subsequent Mortgage Loan is a Group II Mortgage Loan, such Subsequent Mortgage
Loan will have an initial adjustable Mortgage Rate that is not less than 5.850%
per annum; (vii) if such Subsequent Mortgage Loan is a Group II Mortgage Loan,
such Subsequent Mortgage Loan will have a Gross Margin not less than 5.000% per
annum; (vii) if such Subsequent Mortgage Loan is a Group II Mortgage Loan, such
Subsequent Mortgage Loan must have a Maximum Mortgage Rate not less than 11.850%
per annum; (viii) if such Subsequent Mortgage Loan is a Group II Mortgage Loan,
such Subsequent Mortgage Loan must have a Minimum Mortgage Rate not less than
5.850% per annum; (ix) such Subsequent Mortgage Loan may not provide for
negative amortization; (x) such Subsequent Mortgage Loan shall have been
serviced by the Master Servicer since origination or the date of purchase; (xi)
such Subsequent Mortgage Loan must have a first payment date occurring on or
before January 1, 2003 and (xii) such Subsequent Mortgage Loan shall have been
underwritten in accordance with the Seller's (in its capacity as originator)
underwriting criteria as described in the Information Circular.

         C. Following the purchase of any Subsequent Group I Mortgage Loan to be
included in Loan Group I, the Group I Mortgage Loans, including such Subsequent
Group I Mortgage Loans (each Group I Mortgage Loan and Subsequent Group I
Mortgage Loan to be measured as of its related Cut-off Date) as of the
applicable Subsequent Transfer Date: (i) will have a weighted average original
term to stated maturity of not more than 360 months, (ii) will have a weighted
average term

<PAGE>

since origination not in excess of 2 months; (iii) will have a weighted average
Mortgage Rate of not less than 8.211% per annum; (iv) will have a weighted
average Loan-to-Value Ratio of not more than 79.98%; (v) will have no Mortgage
Loan with a Principal Balance that does not conform to Freddie Mac loan limits;
(vi) will be secured by Mortgaged Properties in any one state representing no
more than 19.84% of the aggregate Principal Balance of the Group I Mortgage
Loans; (vii) will be secured by Mortgaged Properties in any one zip code
representing no more than 0.594% of the aggregate Principal Balance of the Group
I Mortgage Loans; (viii) will be secured by non-owner occupied Mortgaged
Properties representing no more than 5.70% of the aggregate Principal Balance of
the Group I Mortgage Loans; (ix) will be secured by two- to four-family
Mortgaged Properties representing no more than 11.67% of the aggregate Principal
Balance of the Group I Mortgage Loans; (x) will have a weighted average FICO
score of the related mortgagor of not less than 649 at the time of loan
application and in any event, not less than 629; (xi) will have a refinance
debt- consolidation cashout loan purpose representing no more than 59.67% of the
aggregate Principal Balance of the Group I Mortgage Loans; (xii) will have
Prepayment Charge provisions with respect to no less than 80.20% of the
aggregate Principal Balance of the Group I Mortgage Loans; (xiii) will have a
Seller's risk grade of VI representing no more than 0.11% of the aggregate
Principal Balance of the Group I Mortgage Loans; (xiv) will have Mortgage Loans
with a Seller's risk grade of V representing no more than 0.23% of the aggregate
Principal Balance of the Group I Mortgage Loans; (xv) will have Mortgage Loans
with a Seller's risk grade of IV representing no more than 1.74% of the
aggregate Principal Balance of the Group I Mortgage Loans; (xvi) will have
Mortgage Loans with a Seller's risk grade of B, C and D representing no more
than 0.94%, 0.00% and 0.00%, respectively, of the aggregate Principal Balance of
the Group I Mortgage Loans; (xvii) will have Mortgage Loans with a Loan-to-Value
Ratio at origination of 80.00% representing no more than 10.23% of the aggregate
Principal Balance of the Group I Mortgage Loans; (xviii) will have Mortgage
Loans with a Loan-to-Value Ratio at origination in excess of 80.00% representing
no more than 54.80% of the aggregate Principal Balance of the Group I Mortgage
Loans; (xix) will have Mortgage Loans with a Loan-to-Value Ratio at origination
in excess of 90.00% representing no more than 1.67% of the aggregate Principal
Balance of the Group I Mortgage Loans; (xx) will have no Mortgage Loans with a
Loan-to-Value Ratio at origination in excess of 95.00%; (xxi) will have been
underwritten in accordance with the Seller's Full Documentation Program
representing not less than 74.11% of the aggregate Principal Balance of the
Group I Mortgage Loans; (xxii) will have been underwritten in accordance with
the Seller's Limited Documentation Program representing not more than 6.58% of
the aggregate Principal Balance of the Group I Mortgage Loans; (xxiii) will have
been underwritten in accordance with the Seller's Stated Income Documentation
Program representing not more than 19.31% of the aggregate Principal Balance of
the Group I Mortgage Loans and (xxiv) will have a weighted average prepayment
period of approximately 29.74 months.

           D. Following the purchase of any Subsequent Group II Mortgage Loan to
be included in Loan Group II, the Group II Mortgage Loans, including such
Subsequent Group II Mortgage Loans (each Group II Mortgage Loan and Subsequent
Group II Mortgage Loan to be measured as of its related Cut-off Date) as of the
applicable Subsequent Transfer Date: (i) will have a weighted average original
term to stated maturity of not more than 360 months, (ii) will have a weighted
average term since origination not in excess of 2 months; (iii) will have a
weighted average Mortgage Rate of not less than 8.877% per annum; (iv) will have
a weighted average Loan-to-Value Ratio of not more than

<PAGE>

80.16%; (v) will have a weighted average Gross Margin that is not less than
6.396% per annum; (vi) will have a weighted average Maximum Mortgage Rate of not
less than 14.877% per annum; (vii) will have a weighted average Minimum Mortgage
Rate of not less than 8.877% per annum; (viii) will have no Mortgage Loan with a
Principal Balance that does not conform to Freddie Mac loan limits; (ix) will be
secured by Mortgaged Properties in any one state representing no more than
19.69% of the aggregate Principal Balance of the Group II Mortgage Loans; (x)
will be secured by Mortgaged Properties in any one zip code representing no more
than 0.25% of the aggregate Principal Balance of the Group II Mortgage Loans;
(xi) will be secured by non-owner occupied Mortgaged Properties representing no
more than 4.83% of the aggregate Principal Balance of the Group II Mortgage
Loans; (xii) will be secured by two- to four-family Mortgaged Properties
representing no more than 7.82% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xiii) will have a weighted average FICO score of the related
mortgagor of not less than 596 at the time of loan application and in any event,
not less than 579; (xiv) will have a refinance debt- consolidation cashout loan
purpose representing no more than 55.77% of the aggregate Principal Balance of
the Group II Mortgage Loans; (xv) will have Prepayment Charge provisions with
respect to no less than 78.16% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xvi) will have a Seller's risk grade of D representing no
more than 0.23% of the aggregate Principal Balance of the Group II Mortgage
Loans; (xvii) will have Mortgage Loans with a Seller's risk grade of C
representing no more than 4.71% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xviii) will have Mortgage Loans with an Seller's risk grade
of B representing no more than 9.42% of the aggregate Principal Balance of the
Group II Mortgage Loans; (xix) will have a Seller's risk grade of VI
representing no more than 0.52% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xx) will have Mortgage Loans with a Seller's risk grade of V
representing no more than 1.86% of the aggregate Principal Balance of the Group
II Mortgage Loans; (xxi) will have Mortgage Loans with an Seller's risk grade of
IV representing no more than 3.04% of the aggregate Principal Balance of the
Group II Mortgage Loans; (xxii) will have Mortgage Loans with a Loan-to- Value
Ratio at origination of 80.00% representing no more than 12.21% of the aggregate
Principal Balance of the Group II Mortgage Loans; (xxiii) will have Mortgage
Loans with a Loan-to-Value Ratio at origination in excess of 80.00% representing
no more than 52.24% of the aggregate Principal Balance of the Group II Mortgage
Loans; (xxiv) will have Mortgage Loans with a Loan-to- Value Ratio at
origination in excess of 90.00% representing no more than 3.01% of the aggregate
Principal Balance of the Group II Mortgage Loans; (xxv) will have no Mortgage
Loans with a Loan- to-Value Ratio at origination in excess of 95.00%; (xvi) will
have been underwritten in accordance with the Seller's Full Documentation
Program representing not less than 70.54% of the aggregate Principal Balance of
the Group II Mortgage Loans; (xxvii) will have been underwritten in accordance
with the Seller's Limited Documentation Program representing not more than 5.54%
of the aggregate Principal Balance of the Group II Mortgage Loans; (xxviii) will
have been underwritten in accordance with the Seller's Stated Income
Documentation Program representing not more than 23.91% of the aggregate
Principal Balance of the Group II Mortgage Loans; (xxix) will have their first
adjustment two years following their date of origination and (xxx) will have a
weighted average prepayment period of approximately 30.36 months.FIRST AMENDMENT TO RIGHTS AGREEMENT

         This First Amendment (the "Amendment"), dated and effective as of
November 1, 2002, among Oshkosh Truck Corporation, a Wisconsin corporation (the
"Company"), U.S. Bank National Association ("U.S. Bank") and Computershare
Investor Services, LLC ("Computershare"), to the Rights Agreement (the "Rights
Agreement") between the Company and U.S. Bank (as successor Firstar Bank
Milwaukee, N.A.), dated as of February 1, 1999.

                               W I T N E S S E T H

         WHEREAS, the Company and U.S. Bank previously entered into the Rights
Agreement, pursuant to which U.S. Bank was appointed to serve as the Rights
Agent; and

         WHEREAS, pursuant to Section 21 of the Rights Agreement, the Company
desires to discharge U.S. Bank from its duties as Rights Agent under the Rights
Agreement and to appoint Computershare as successor Rights Agent under the
Rights Agreement, and Computershare desires to undertake and perform the duties
and obligations of the Rights Agent under the terms and conditions of the Rights
Agreement, and

         WHEREAS, in connection with the discharge of U.S. Bank as Rights Agent
and the appointment of Computershare as successor Rights Agent, the Company,
U.S. Bank and Computershare desire to amend the Rights Agreement in certain
respects.

         NOW, THEREFORE, in consideration of the promises and the mutual
agreements herein set forth, the parties hereby agree as follows:

         Section 1. Appointment of the Successor Rights Agent. The Company
hereby appoints Computershare as successor Rights Agent under the Rights
Agreement, as amended pursuant to Section 3 below (the "Amended Rights
Agreement"). Computershare hereby accepts such appointment as agent for the
Company and the holders of Rights under the Rights Agreement, and Computershare
assumes and agrees to perform all of the duties and obligations of the Rights
Agent under the terms and conditions of the Amended Rights Agreement.

         Section 2. Notices. The Company, U.S. Bank and Computershare each waive
any requirements of prior written notice of a change of the Rights Agent under
the Rights Agreement. This Amendment constitutes notice to U.S. Bank, as the
predecessor Rights Agent and the Company's transfer agent, pursuant to Section
21 of the Rights Agreement that the Company has appointed Computershare as the
successor Rights Agent to U.S. Bank and that U.S. Bank is discharged as such
Rights Agent.

         Section 3. Amendment of Rights Agreement. The Rights Agreement shall be
amended as follows:
<PAGE>

         (a) "Computershare Investor Services, LLC" shall be substituted
throughout the Rights Agreement and Exhibits thereto for "Firstar Bank
Milwaukee, N.A.", including substituting all abbreviations therefor.

         (b) Section 1(d) is hereby amended by deleting the definition of
"Business Day" in its entirety and substituting the following definition:

                           "Business Day" shall mean any day other than a
                  Saturday, Sunday, or a day on which the New York Stock
                  Exchange or banking institutions in the States of Illinois or
                  Wisconsin are generally authorized or obligated by law or
                  executive order to close.

         (c) Section 21 of the Rights Agreement is hereby amended and restated
in its entirety to read as follows:

                  " Section 21. Change of Rights Agent. The Rights Agent or any
                  successor Rights Agent may resign and be discharged from its
                  duties under this Agreement upon 30 days' notice in writing
                  mailed to the Company and to each transfer agent of the Common
                  Shares by registered or certified mail and, if separate Right
                  Certificates have been issued as of the date of such notice as
                  contemplated by Section 3 hereof, to the holders of the Right
                  Certificates by first-class mail. The Company may remove the
                  Rights Agent or any successor Rights Agent upon 30 days'
                  notice in writing, mailed to the Rights Agent or successor
                  Rights Agent, as the case may be, and to each transfer agent
                  of the Common Shares by registered or certified mail, and, if
                  separate Right Certificates have been issued as of the date of
                  such notice as contemplated by Section 3 hereof, to the
                  holders of the Right Certificates by first-class mail. If the
                  Rights Agent shall resign or be removed or shall otherwise
                  become incapable of acting, the Company shall appoint a
                  successor to the Rights Agent. If the Company shall fail to
                  make such appointment within a period of 30 days after giving
                  notice of such removal or after it has been notified in
                  writing of such resignation or incapacity by the resigning or
                  incapacitated Rights Agent or by the holder of a Right
                  Certificate (who shall, with such notice, submit his Right
                  Certificate for inspection by the Company), then the
                  registered holder of any Right Certificate may apply to any
                  court of competent jurisdiction for the appointment of a new
                  Rights Agent. Any successor Rights Agent, whether appointed by
                  the Company or by such a court, shall be (a) a corporation
                  organized and doing business under the laws of the United
                  States or of the States of New York, Wisconsin or Delaware (or
                  any other State of the United States so long as such
                  corporation is authorized to do business in the States of New
                  York, Wisconsin or Delaware), in good standing, having an
                  office or agency in the States of Wisconsin, New York or
                  Delaware, which is authorized under such laws to exercise the
                  powers of the Rights Agent contemplated by this Agreement and
                  is subject to supervision or examination by

                                      -2-
<PAGE>

                  federal or state authority and which has at the time of its
                  appointment as Rights Agent a combined capital and surplus of
                  at least $5,000,000 or (b) an Affiliate of a corporation
                  described in clause (a) of this sentence. After appointment,
                  the successor Rights Agent shall be vested with the same
                  powers, rights, duties and responsibilities as if it had been
                  originally named as Rights Agent without further act or deed;
                  but the predecessor Rights Agent shall deliver and transfer to
                  the successor Rights Agent any property at the time held by it
                  hereunder, and execute and deliver any further assurance,
                  conveyance, act or deed necessary for the purpose. Not later
                  than the effective date of any such appointment the Company
                  shall file notice thereof in writing with the predecessor
                  Rights Agent and each transfer agent of the Common Shares,
                  and, if separate Right Certificates have been issued as of
                  such effective date as contemplated by Section 3 hereof, mail
                  a notice thereof in writing to the registered holders of the
                  Right Certificates. Failure to give any notice provided for in
                  this Section 21, however, or any defect therein, shall not
                  affect the legality or validity of the resignation or removal
                  of the Rights Agent or the appointment of the successor Rights
                  Agent, as the case may be."

         (d) Section 26(b) of the Rights Agreement is hereby amended by deleting
the address for notice or demand to be given to the Rights Agent by the Company
or by the holder of any Right Certificate and substituting in lieu therefor the
following:

                  Computershare Investor Services, LLC
                  Two North LaSalle Street
                  Chicago, Illinois 60602
                  Attention:  Relationship Manager

                  with a copy to:

                  Computershare Investor Services, LLC
                  Two North LaSalle Street
                  Chicago, Illinois 60602
                  Attention:  Keith Bradley

         Section 4. Continued Effectiveness. The parties hereto hereby
acknowledge and agree that, except as specifically supplemented and amended,
changed or modified in Section 4 above, the Rights Agreement, as previously
amended to the date hereof, shall be unaffected by this Amendment and remain in
full force and effect in accordance with its terms.

         Section 5. Execution in Counterparts. This Amendment may be executed in
any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute
one and the same instrument.

                                      -3-
<PAGE>

         Section 6. Defined Terms. Except as otherwise expressly provided
herein, or unless the context otherwise requires, all terms used but not defined
herein have the meanings assigned to them in the Rights Agreement.

         Section 7. Governing Law. This Amendment shall be deemed to be a
contract made under the laws of the State of Wisconsin and for all purposes
shall be governed by and construed in accordance with the laws of such State
applicable to contracts to be made and performed entirely within such State.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and effective as of the day and year above written.

                                       OSHKOSH TRUCK Corporation

                                       By /s/ Bryan J. Blankfield
                                          --------------------------------------
                                       Its Vice President and Secretary

                                       U.S. BANK NATIONAL ASSOCIATION

                                       By /s/ Toula Akladios
                                          --------------------------------------
                                       Its Vice President

                                       COMPUTERSHARE INVESTOR
                                       SERVICES, LLC

                                       By /s/
                                          --------------------------------------
                                       Its Secretary

                                      -4-

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