Document:

PSA 2004-CB2

                                  EXHIBIT 4.1

                                                               EXECUTION VERSION

                  WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.,

                        as Depositor and Master Servicer

                                       and

                                 CITIBANK, N.A.,

                                   as Trustee

                                       and

                        CHRISTIANA BANK & TRUST COMPANY,

                               as Delaware Trustee

                         POOLING AND SERVICING AGREEMENT

                                 $326,529,343.93

                   Washington Mutual Mortgage Securities Corp.

                     WaMu Mortgage Pass-Through Certificates

                                 Series 2004-CB2

                           Cut-Off Date: June 1, 2004

                                TABLE OF CONTENTS

ARTICLE I             ...........................................................................................5

         Section 1.01.     Definitions...........................................................................5

                                                 i

Aggregate Certificate Principal Balance..........................................................................5
Appraised Value       ...........................................................................................5
Assignment of Proprietary Lease..................................................................................5
Authenticating Agent  ...........................................................................................5
Authorized Denomination..........................................................................................5
Bankruptcy Coverage   ...........................................................................................5
Bankruptcy Loss       ...........................................................................................6
Beneficial Holder     ...........................................................................................6
Benefit Plan Opinion  ...........................................................................................6
Book-Entry Certificates..........................................................................................6
Business Day          ...........................................................................................6
Buydown Agreement     ...........................................................................................6
Buydown Fund          ...........................................................................................6
Buydown Fund Account  ...........................................................................................7
Buydown Loan          ...........................................................................................7
Certificate           ...........................................................................................7
Certificate Account   ...........................................................................................7
Certificate Group     ...........................................................................................7
Certificateholder or Holder......................................................................................7
Certificate Interest Rate........................................................................................8
Certificate of Trust  ...........................................................................................8
Certificate Principal Balance....................................................................................8
Certificate Register and Certificate Registrar...................................................................8
Class                 ...........................................................................................8
Class A Certificates  ...........................................................................................8
Class B Certificates  ...........................................................................................8
Class B Percentage    ...........................................................................................9
Class B-1 Certificates...........................................................................................9
Class B-2 Certificates...........................................................................................9
Class B-3 Certificates...........................................................................................9
Class B-4 Certificates...........................................................................................9
Class B-5 Certificates...........................................................................................9
Class B-6 Certificates...........................................................................................9
Class C-X Certificates...........................................................................................9
Class C-X Notional Amount........................................................................................9
Class C-X-M Regular Interest.....................................................................................9
Class C-Y Principal Reduction Amounts............................................................................9
Class C-Y-2 Regular Interest....................................................................................10
Class C-Y-3 Regular Interest....................................................................................10
Class C-Z Principal Reduction Amounts...........................................................................10
Class C-Z Regular Interests.....................................................................................11
Class C-Z-1 Principal Distribution Amount.......................................................................11
Class C-Z-1 Regular Interest....................................................................................11
Class C-Z-2 Principal Distribution Amount.......................................................................11
Class C-Z-2 Regular Interest....................................................................................11

                                                 ii

Class C-Z-3 Principal Distribution Amount.......................................................................11
Class C-Z-3 Regular Interest....................................................................................11
Class C-Z-4 Principal Distribution Amount.......................................................................11
Class C-Z-4 Regular Interest....................................................................................11
Class C-Z-5 Principal Distribution Amount.......................................................................11
Class C-Z-5 Regular Interest....................................................................................12
Class D-X Certificates..........................................................................................12
Class D-X Notional Amount.......................................................................................12
Class D-X-M Regular Interest....................................................................................12
Class I-A Certificates..........................................................................................12
Class II-A Certificates.........................................................................................12
Class III-A Certificates........................................................................................12
Class IV-A Certificates.........................................................................................12
Class V-A Certificates..........................................................................................12
Class VI-A Certificates.........................................................................................12
Class VII-A Certificates........................................................................................12
Class Notional Amount ..........................................................................................12
Class Principal Balance.........................................................................................12
Class R Certificates  ..........................................................................................13
Class R Residual Interests......................................................................................13
Class R-1 Residual Interest.....................................................................................13
Class R-2 Residual Interest.....................................................................................13
Class X Certificates  ..........................................................................................14
Class X-M Regular Interest......................................................................................14
Clean-Up Call Percentage........................................................................................14
Clearing Agency       ..........................................................................................14
Closing Date          ..........................................................................................14
Code                  ..........................................................................................14
Company               ..........................................................................................14
Compensating Interest ..........................................................................................14
Cooperative           ..........................................................................................14
Cooperative Apartment ..........................................................................................14
Cooperative Lease     ..........................................................................................14
Cooperative Loans     ..........................................................................................14
Cooperative Stock     ..........................................................................................14
Cooperative Stock Certificate...................................................................................15
Corporate Trust Office..........................................................................................15
Corporation           ..........................................................................................15
Curtailment           ..........................................................................................15
Curtailment Shortfall ..........................................................................................15
Custodial Account for P&I.......................................................................................15
Custodial Account for Reserves..................................................................................15
Custodial Agreement   ..........................................................................................16
Custodian             ..........................................................................................16
Cut-Off Date          ..........................................................................................16
                                                 iii

Definitive Certificates.........................................................................................16
Delaware Trustee      ..........................................................................................16
Depositary Agreement  ..........................................................................................16
Destroyed Mortgage Note.........................................................................................16
Determination Date    ..........................................................................................16
Disqualified Organization.......................................................................................16
Distribution Date     ..........................................................................................16
DTC                   ..........................................................................................17
DTC Participant       ..........................................................................................17
Due Date              ..........................................................................................17
Eligible Institution  ..........................................................................................17
Eligible Investments  ..........................................................................................17
ERISA                 ..........................................................................................19
ERISA Restricted Certificate....................................................................................19
Event of Default      ..........................................................................................19
FDIC                  ..........................................................................................19
FHA                   ..........................................................................................19
Fannie Mae            ..........................................................................................19
Final Maturity Date   ..........................................................................................19
Fitch                 ..........................................................................................19
Fraud Coverage        ..........................................................................................19
Fraud Loss            ..........................................................................................20
Freddie Mac           ..........................................................................................20
Group I Certificates  ..........................................................................................20
Group I Loans         ..........................................................................................20
Group I Premium Rate Mortgage Loans.............................................................................20
Group I Senior Liquidation Amount...............................................................................20
Group I Senior Percentage.......................................................................................20
Group I Senior Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior Prepayment
        Percentage, Group IV Senior Prepayment Percentage, Group V Senior Prepayment
        Percentage, Group VI Senior Prepayment Percentage or Group VII Senior Prepayment
        Percentage..............................................................................................20
Group I Senior Principal Distribution Amount....................................................................24
Group I Subordinate Balance.....................................................................................24
Group I Subordinate Percentage..................................................................................24
Group I Subordinate Prepayment Percentage.......................................................................24
Group II Certificates ..........................................................................................24
Group II Loans        ..........................................................................................24
Group II Premium Rate Mortgage Loans............................................................................25
Group II Senior Liquidation Amount..............................................................................25
Group II Senior Percentage......................................................................................25
Group II Senior Prepayment Percentage...........................................................................25
Group II Senior Principal Distribution Amount...................................................................25
Group II Subordinate Balance....................................................................................25
Group II Subordinate Percentage.................................................................................25
Group II Subordinate Prepayment Percentage......................................................................25
Group III Certificates..........................................................................................25

                                                 iv

Group III Loans       ..........................................................................................25
Group III Premium Rate Mortgage Loans...........................................................................25
Group III Senior Liquidation Amount.............................................................................25
Group III Senior Percentage.....................................................................................26
Group III Senior Prepayment Percentage..........................................................................26
Group III Senior Principal Distribution Amount..................................................................26
Group III Subordinate Balance...................................................................................26
Group III Subordinate Percentage................................................................................26
Group III Subordinate Prepayment Percentage.....................................................................26
Group IV Certificates ..........................................................................................26
Group IV Loans        ..........................................................................................26
Group IV Premium Rate Mortgage Loans............................................................................26
Group IV Senior Liquidation Amount..............................................................................26
Group IV Senior Percentage......................................................................................27
Group IV Senior Prepayment Percentage...........................................................................27
Group IV Senior Principal Distribution Amount...................................................................27
Group IV Subordinate Balance....................................................................................27
Group IV Subordinate Percentage.................................................................................27
Group IV Subordinate Prepayment Percentage......................................................................27
Group V Certificates  ..........................................................................................27
Group V Loans         ..........................................................................................27
Group V Premium Rate Mortgage Loans.............................................................................27
Group V Senior Liquidation Amount...............................................................................27
Group V Senior Percentage.......................................................................................27
Group V Senior Prepayment Percentage............................................................................27
Group V Senior Principal Distribution Amount....................................................................28
Group V Subordinate Balance.....................................................................................28
Group V Subordinate Percentage..................................................................................28
Group V Subordinate Prepayment Percentage.......................................................................28
Group VI Certificates ..........................................................................................28
Group VI Loans        ..........................................................................................28
Group VI Premium Rate Mortgage Loans............................................................................28
Group VI Senior Liquidation Amount..............................................................................28
Group VI Senior Percentage......................................................................................28
Group VI Senior Prepayment Percentage...........................................................................28
Group VI Senior Principal Distribution Amount...................................................................28
Group VI Subordinate Balance....................................................................................29
Group VI Subordinate Percentage.................................................................................29
Group VI Subordinate Prepayment Percentage......................................................................29
Group VII Certificates..........................................................................................29
Group VII Loans       ..........................................................................................29
Group VII Premium Rate Mortgage Loans...........................................................................29
Group VII Senior Liquidation Amount.............................................................................29
Group VII Senior Percentage.....................................................................................29
Group VII Senior Prepayment Percentage..........................................................................29
Group VII Senior Principal Distribution Amount..................................................................29
Group VII Subordinate Balance...................................................................................29
Group VII Subordinate Percentage................................................................................29
Group VII Subordinate Prepayment Percentage.....................................................................30
                                                 v

Indirect DTC Participants.......................................................................................30
Initial Custodial Agreement.....................................................................................30
Initial Custodian     ..........................................................................................30
Insurance Proceeds    ..........................................................................................30
Interest Distribution Amount....................................................................................30
Interest Transfer Amount........................................................................................30
Investment Account    ..........................................................................................30
Investment Depository ..........................................................................................31
Junior Subordinate Certificates.................................................................................31
Last Scheduled Distribution Date................................................................................31
Lender                ..........................................................................................31
Liquidated Mortgage Loan........................................................................................31
Liquidation Principal ..........................................................................................31
Liquidation Proceeds  ..........................................................................................31
Loan Group            ..........................................................................................31
Loan Group I          ..........................................................................................31
Loan Group II         ..........................................................................................31
Loan Group III        ..........................................................................................31
Loan Group IV         ..........................................................................................31
Loan Group V          ..........................................................................................31
Loan Group VI         ..........................................................................................31
Loan Group VII        ..........................................................................................32
Loan-to-Value Ratio   ..........................................................................................32
Lowest Class B Owner  ..........................................................................................32
Master Servicer       ..........................................................................................32
Master Servicer Business Day....................................................................................32
Master Servicing Fee  ..........................................................................................32
MERS                  ..........................................................................................32
MERS Loan             ..........................................................................................32
MERS(R)System          ..........................................................................................32
MIN                   ..........................................................................................32
MOM Loan              ..........................................................................................32
Monthly P&I Advance   ..........................................................................................32
Monthly Payment       ..........................................................................................32
Mortgage              ..........................................................................................33
Mortgage File         ..........................................................................................33
Mortgage Interest Rate..........................................................................................35
Mortgage Loan Schedule..........................................................................................35
Mortgage Loans        ..........................................................................................36
Mortgage Note         ..........................................................................................36
Mortgage Pool         ..........................................................................................36
Mortgage Pool Assets  ..........................................................................................36
Mortgaged Property    ..........................................................................................37
Mortgagor             ..........................................................................................37
Nonrecoverable Advance..........................................................................................37

                                                 vi

Non-U.S. Person       ..........................................................................................37
Notice Addresses      ..........................................................................................37
OTS                   ..........................................................................................37
Officer's Certificate ..........................................................................................37
Opinion of Counsel    ..........................................................................................37
Original Trust Agreement........................................................................................37
Original Value        ..........................................................................................38
Overcollateralized Group........................................................................................38
Ownership Interest    ..........................................................................................38
Pass-Through Entity   ..........................................................................................38
Pass-Through Rate     ..........................................................................................38
Paying Agent          ..........................................................................................38
Payoff                ..........................................................................................38
Payoff Earnings       ..........................................................................................38
Payoff Interest       ..........................................................................................39
Payoff Period         ..........................................................................................39
Percentage Interest   ..........................................................................................39
Permitted Transferee  ..........................................................................................39
Person                ..........................................................................................40
Prepaid Monthly Payment.........................................................................................40
Primary Insurance Policy........................................................................................40
Principal Balance     ..........................................................................................40
Principal Payment     ..........................................................................................41
Principal Payment Amount........................................................................................41
Principal Prepayment  ..........................................................................................41
Principal Prepayment Amount.....................................................................................41
Principal Transfer Amount.......................................................................................41
Prior Period          ..........................................................................................41
Pro Rata Allocation   ..........................................................................................41
Prospectus            ..........................................................................................42
Purchase Obligation   ..........................................................................................42
Purchase Price        ..........................................................................................42
Qualified Insurer     ..........................................................................................42
Rating Agency         ..........................................................................................42
Ratings               ..........................................................................................42
Realized Loss         ..........................................................................................42
Recognition Agreement ..........................................................................................45
Record Date           ..........................................................................................45
Regular Interests     ..........................................................................................45
REMIC                 ..........................................................................................45
REMIC Provisions      ..........................................................................................45
REMIC I               ..........................................................................................45
REMIC I Assets        ..........................................................................................45
REMIC I Available Distribution Amount...........................................................................46
REMIC I Distribution Amount.....................................................................................47
                                                 vii

REMIC I Regular Interests.......................................................................................49
REMIC II              ..........................................................................................49
REMIC II Assets       ..........................................................................................49
REMIC II Available Distribution Amount..........................................................................49
REMIC II Distribution Amount....................................................................................50
REMIC II Regular Interests......................................................................................56
Residual Certificates ..........................................................................................56
Residual Distribution Amount....................................................................................56
Responsible Officer   ..........................................................................................57
S&P                   ..........................................................................................57
Secretary of State    ..........................................................................................57
Securities Act        ..........................................................................................57
Security Agreement    ..........................................................................................57
Selling and Servicing Contract..................................................................................57
Senior Certificates   ..........................................................................................57
Senior Subordinate Certificates.................................................................................57
Servicer              ..........................................................................................57
Servicing Fee         ..........................................................................................58
Servicing Officer     ..........................................................................................58
Special Hazard Coverage.........................................................................................58
Special Hazard Loss   ..........................................................................................58
Special Primary Insurance Policy................................................................................59
Special Primary Insurance Premium...............................................................................59
Statutory Trust Statute.........................................................................................59
Stripped Interest Rate..........................................................................................59
Subordinate Certificates........................................................................................59
Subordinate Component Balance...................................................................................59
Subordinate Percentage..........................................................................................60
Subordinate Principal Distribution Amount.......................................................................60
Subordinate Principal Prepayments Distribution Amount...........................................................61
Subordination Level   ..........................................................................................61
Substitute Mortgage Loan........................................................................................61
Tax Matters Person    ..........................................................................................61
Termination Date      ..........................................................................................62
Termination Payment   ..........................................................................................62
Total Transfer Amount ..........................................................................................62
Transfer              ..........................................................................................62
Transferee            ..........................................................................................62
Transferee Affidavit and Agreement..............................................................................62
Trust                 ..........................................................................................62
Trustee               ..........................................................................................62
Uncollected Interest  ..........................................................................................62
Uncompensated Interest Shortfall................................................................................62
Undercollateralized Group.......................................................................................64
Underwriter           ..........................................................................................64

                                                 viii

Underwriting Standards..........................................................................................64
Uninsured Cause       ..........................................................................................64
U.S. Person           ..........................................................................................64
VA                    ..........................................................................................64
Withdrawal Date       ..........................................................................................64
ARTICLE II            Creation of the Trust; Conveyance of the Mortgage Pool Assets, REMIC I Regular
                      Interests and REMIC II Regular Interests; REMIC Election and Designations;
                      Original Issuance of Certificates.........................................................65

         Section 2.01.     Creation of the Trust................................................................65

         Section 2.02.     Restrictions on Activities of the Trust..............................................66

         Section 2.03.     Separateness Requirements............................................................66

         Section 2.04.     Conveyance of Mortgage Pool Assets; Security Interest................................68

         Section 2.05.     Delivery of Mortgage Files...........................................................69

         Section 2.06.     REMIC Election for REMIC I...........................................................71

         Section 2.07.     Acceptance by Trustee................................................................72

         Section 2.08.     Representations and Warranties of the Company Concerning the Mortgage Loans..........74

         Section 2.09.     Acknowledgment of Transfer of Mortgage Pool Assets...................................80

         Section 2.10.     Conveyance of REMIC II Assets; Security Interest.....................................80

         Section 2.11.     REMIC Election for REMIC II..........................................................81

         Section 2.12.     Acknowledgement of Transfer of REMIC II Assets; Authentication of Certificates.......82

         Section 2.13.     Legal Title..........................................................................82

         Section 2.14.     Compliance with ERISA Requirements...................................................82

         Section 2.15.     Additional Representation of the Company Concerning the Mortgage Loans...............82

ARTICLE III           Administration and Servicing of Mortgage Loans............................................83

         Section 3.01.     The Company to Act as Master Servicer................................................83

         Section 3.02.     Custodial Accounts and Buydown Fund Accounts.........................................85

         Section 3.03.     The Investment Account; Eligible Investments.........................................87

         Section 3.04.     The Certificate Account..............................................................87

         Section 3.05.     Permitted Withdrawals from the Certificate Account, the Investment Account and
                           Custodial Accounts for P&I and of Buydown Funds from the Buydown Fund Accounts.......88

         Section 3.06.     Maintenance of Primary Insurance Policies; Collections Thereunder....................90

                                                 ix

         Section 3.07.     Maintenance of Hazard Insurance......................................................90

         Section 3.08.     Enforcement of Due-on-Sale Clauses; Assumption Agreements............................91

         Section 3.09.     Realization Upon Defaulted Mortgage Loans............................................92

         Section 3.10.     Trustee to Cooperate; Release of Mortgage Files......................................94

         Section 3.11.     Compensation to the Master Servicer and the Servicers................................95

         Section 3.12.     Reports to the Trustee; Certificate Account Statement................................95

         Section 3.13.     Annual Statement as to Compliance....................................................95

         Section 3.14.     Access to Certain Documentation and Information Regarding the Mortgage Loans.........96

         Section 3.15.     Annual Independent Public Accountants' Servicing Report..............................96

         Section 3.16.     [Reserved.]..........................................................................96

         Section 3.17.     [Reserved.]..........................................................................96

         Section 3.18.     [Reserved.]..........................................................................96

         Section 3.19.     [Reserved.]..........................................................................96

         Section 3.20.     Assumption or Termination of Selling and Servicing Contracts by Trustee..............96

ARTICLE IV            Payments to Certificateholders; Payment of Expenses.......................................97

         Section 4.01.     Distributions to Holders of REMIC I Regular Interests and Class R-1 Residual
                           Interest.............................................................................97

         Section 4.02.     Advances by the Master Servicer; Distribution Reports to the Trustee.................97

         Section 4.03.     Nonrecoverable Advances..............................................................99

         Section 4.04.     Distributions to Certificateholders; Payment of Special Primary Insurance
                           Premiums.............................................................................99

         Section 4.05.     Statements to Certificateholders....................................................100

ARTICLE V             The Certificates.........................................................................101

         Section 5.01.     The Certificates....................................................................101

         Section 5.02.     Certificates Issuable in Classes; Distributions of Principal and Interest;
                           Authorized Denominations............................................................107

         Section 5.03.     Registration of Transfer and Exchange of Certificates...............................108

         Section 5.04.     Mutilated, Destroyed, Lost or Stolen Certificates...................................108

         Section 5.05.     Persons Deemed Owners...............................................................109

         Section 5.06.     Temporary Certificates..............................................................109

                                                 x

         Section 5.07.     Book-Entry for Book-Entry Certificates..............................................109

         Section 5.08.     Notices to Clearing Agency..........................................................110

         Section 5.09.     Definitive Certificates.............................................................111

         Section 5.10.     Office for Transfer of Certificates.................................................111

         Section 5.11.     Nature of Certificates..............................................................111

ARTICLE VI            The Company and the Master Servicer .....................................................112

         Section 6.01.     Liability of the Company and the Master Servicer....................................112

         Section 6.02.     Merger or Consolidation of the Company, or the Master Servicer......................112

         Section 6.03.     Limitation on Liability of the Company, the Master Servicer and Others..............112

         Section 6.04.     The Company and the Master Servicer not to Resign...................................113

         Section 6.05.     Trustee Access......................................................................113

ARTICLE VII           Default..................................................................................113

         Section 7.01.     Events of Default...................................................................113

         Section 7.02.     Trustee to Act; Appointment of Successor............................................116

         Section 7.03.     Notification to Certificateholders..................................................117

ARTICLE VIII          Concerning the Trustees..................................................................117

         Section 8.01.     Duties of Trustees..................................................................117

         Section 8.02.     Certain Matters Affecting the Trustees..............................................118

         Section 8.03.     Trustees Not Liable for Certificates or Mortgage Loans..............................120

         Section 8.04.     Trustees May Own Certificates.......................................................120

         Section 8.05.     The Master Servicer to Pay Trustees' Fees and Expenses..............................120

         Section 8.06.     Eligibility Requirements for Trustees...............................................121

         Section 8.07.     Resignation and Removal of Trustees.................................................121

         Section 8.08.     Successor Trustee...................................................................122

         Section 8.09.     Merger or Consolidation of Trustee..................................................122

         Section 8.10.     Appointment of Co-Trustee or Separate Trustee.......................................122

         Section 8.11.     Authenticating Agents...............................................................124

         Section 8.12.     Paying Agents.......................................................................124

         Section 8.13.     Duties of Delaware Trustee..........................................................125

         Section 8.14.     Amendment to Certificate of Trust...................................................126

         Section 8.15.     Limitation of Liability.............................................................126

                                                 xi

ARTICLE IX            Termination..............................................................................126

         Section 9.01.     Termination Upon Purchase by the Master Servicer or Liquidation of All
                           Mortgage Loans......................................................................126

         Section 9.02.     Additional Termination Requirements.................................................128

         Section 9.03.     Trust Irrevocable...................................................................129

ARTICLE X             Miscellaneous Provisions.................................................................129

         Section 10.01.    Amendment...........................................................................129

         Section 10.02.    Recordation of Agreement............................................................130

         Section 10.03.    Limitation on Rights of Certificateholders..........................................130

         Section 10.04.    Access to List of Certificateholders................................................131

         Section 10.05.    Governing Law.......................................................................132

         Section 10.06.    Notices.............................................................................132

         Section 10.07.    Severability of Provisions..........................................................132

         Section 10.08.    Counterpart Signatures..............................................................132

         Section 10.09.    Benefits of Agreement...............................................................132

         Section 10.10.    Notices and Copies to Rating Agencies...............................................132

Appendix 1 Definition of "Class C-Y Principal Reduction Amounts"
Exhibit A  Form of Certificates (other than Class R Certificates)
Exhibit B  Form of Class R Certificates
Exhibit C  Anti-Predatory Lending Categorization
Exhibit D  Mortgage Loan Schedule
Exhibit E  Selling And Servicing Contract
Exhibit F  Form of Transferor Certificate For Junior Subordinate Certificates
Exhibit G  Form of Transferee's Agreement For Junior Subordinate Certificates
Exhibit H  Form of Additional Matter Incorporated Into The Certificates
Exhibit I  Transferor Certificate
Exhibit J  Transferee Affidavit And Agreement
Exhibit K  [Reserved]
Exhibit L  Form of Investment Letter
Exhibit M  Form of Trustee's Certification Pursuant to Section 2.07
Exhibit N  Officer's Certificate With Respect to ERISA Matters Pursuant to Section 5.01(d)
Exhibit O  Officer's Certificate With Respect to ERISA Matters Pursuant to Section 5.01(g)

                                            xii

         This Pooling and Servicing Agreement, dated and effective as of June 1,
2004 (this "Agreement"), is executed by and among Washington Mutual Mortgage
Securities Corp., as depositor and Master Servicer (the "Company"), Citibank,
N.A., a national banking association with a corporate trust office at 111 Wall
Street, 14th Floor, Zone 3, New York, New York 10005, as Trustee (the
"Trustee"), and Christiana Bank & Trust Company, as Delaware Trustee (the
"Delaware 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 Company at the Closing Date is the owner of the Mortgage Loans and
the other property being conveyed by it to the Trust. On the Closing Date, the
Company will acquire the REMIC I Regular Interests and the Class R-1 Residual
Interest from the Trust as consideration for its transfer to the Trust of the
Mortgage Loans and certain other assets and will be the owner of the REMIC I
Regular Interests and the Class R-1 Residual Interest. Thereafter on the Closing
Date, the Company will acquire the Certificates (other than the Class R
Certificates) and the Class R-2 Residual Interest from the Trust as
consideration for its transfer to the Trust of the REMIC I Regular Interests and
will be the owner of the Certificates. The Company has duly authorized the
execution and delivery of this Agreement to provide for (i) the conveyance to
the Trust of the Mortgage Loans and certain other assets, (ii) the issuance to
the Company of the REMIC I Regular Interests and the Class R-1 Residual Interest
representing in the aggregate the entire beneficial interest in REMIC I, (iii)
the conveyance to the Trust of the REMIC I Regular Interests and (iv) the
issuance to the Company of the Certificates, such Certificates (other than the
portion of the Class R Certificates representing ownership of the Class R-1
Residual Interest) representing in the aggregate the entire beneficial interest
in REMIC II. The Company is entering into this Agreement, and the Trustee and
the Delaware Trustee are each 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 Junior Subordinate
Certificates, have been offered for sale pursuant to a Prospectus, dated
February 10, 2004, and a Prospectus Supplement, dated June 21, 2004, of the
Company (together, the "Prospectus"). The Junior Subordinate Certificates have
been offered for sale pursuant to a Private Placement Memorandum, dated June 23,
2004. The Trust created hereunder is intended to be the "Trust" described in the
Prospectus and the Private Placement Memorandum and the Certificates are
intended to be the "Certificates" described therein. The following tables set
forth the designation, type of interest, Certificate Interest Rate, initial
Class Principal Balance and Final Maturity Date for the REMIC I Regular
Interests, the REMIC II Regular Interests, the Class R Residual Interests and
the Certificates:

                                       1

                                                REMIC I Interests
 Class Designation for
 each REMIC I Regular
Interest and the Class                        Certificate            Initial Class
 R-1 Residual Interest      Type of            Interest                Principal
                           Interest            Rate (1)                 Balance             Final Maturity Date*
----------------------    ------------    --------------------    --------------------     ------------------------
Class C-Y-1                Regular             5.000%                 $    33,752.11          July 2034
Class C-Y-2                Regular             5.500%                      61,086.79          July 2034
Class C-Y-3                Regular             6.000%                      43,593.51          August 2034
Class C-Y-4                Regular             6.500%                      17,414.07          August 2034
Class C-Y-5                Regular             4.500%                       7,418.07          July 2019
Class C-Z-1                Regular             5.000%                  67,470,518.97          July 2034
Class C-Z-2                Regular             5.500%                 122,112,568.91          July 2034
Class C-Z-3                Regular             6.000%                  87,143,427.69          August 2034
Class C-Z-4                Regular             6.500%                  34,810,729.41          August 2034
Class C-Z-5                Regular             4.500%                  14,828,734.40          July 2019
Class C-X-M                Regular             5.500%(2)                    -----             August 2034
Class D-X-M                Regular             5.000%(2)                    -----             August 2019
Class R-1+                 Residual            6.000%                         100.00          August 2034

*        The Distribution Date in the specified month, which is the month
         following the month the latest maturing Mortgage Loan in the related
         Loan Group (or Loan Groups, as applicable) matures. For federal income
         tax purposes, for each Class of REMIC I Regular and Residual Interests,
         the "latest possible maturity date" shall be the Final Maturity Date.
+        The Class R-1 Residual Interest is entitled to receive the applicable
         Residual Distribution Amount and any Excess Liquidation Proceeds.
(1)      Interest distributed to the REMIC I Regular Interests and the Class R-1
         Residual Interest on each Distribution Date will have accrued at the
         applicable per annum Certificate Interest Rate on the applicable Class
         Principal Balance or Class Notional Amount outstanding immediately
         before such Distribution Date.
(2)      Each Class of the Class X-M Regular Interests shall accrue interest on
         the related Class Notional Amount. The Class X-M Regular Interests
         shall not be entitled to receive any distributions of principal.

         As provided herein, with respect to REMIC I, the Company will cause an
election to be made on behalf of REMIC I to be treated for federal income tax
purposes as a REMIC. The REMIC I Regular Interests will be designated regular
interests in REMIC I and the Class R-1 Residual Interest will be designated the
sole class of residual interest in REMIC I, for purposes of the REMIC
Provisions.

                                       2

                                                               REMIC II Interests

    Class Designation for
        each Class of
        Certificates                              Certificate            Initial Class
      and the Class R-2         Type of            Interest                Principal               Final Maturity
      Residual Interest        Interest            Rate (1)                 Balance                     Date*
  ------------------------    ------------    --------------------    --------------------     ------------------------
  Class I-A                    Regular             5.000%                 $27,793,587.00          August 2034
  Class II-A                   Regular             5.500%                  80,272,386.00          August 2034
  Class III-A                  Regular             6.000%                  81,301,890.00          August 2034
  Class IV-A                   Regular             6.500%                  32,477,243.00          August 2034
  Class V-A                    Regular             5.000%                  35,154,145.00          August 2034
  Class VI-A                   Regular             4.500%                  13,834,712.00          August 2034
  Class VII-A                  Regular             5.500%                  33,654,547.00          August 2034
  Class C-X                    Regular             5.500%(2)                    -----             August 2034
  Class D-X                    Regular             5.000%(2)                    -----             August 2019
  Class B-1                    Regular            Variable(3)               9,306,086.00          August 2034
  Class B-2                    Regular            Variable(3)               4,244,881.00          August 2034
  Class B-3                    Regular            Variable(3)               2,612,234.00          August 2034
  Class B-4                    Regular            Variable(3)               2,612,234.00          August 2034
  Class B-5                    Regular            Variable(3)               1,959,176.00          August 2034
  Class B-6                    Regular            Variable(3)               1,306,122.93          August 2034
  Class R-2 (4)                Residual                 -----                   -----             August 2034

*        The Distribution Date in the specified month, which is the month
         following the month the latest maturing Mortgage Loan in the related
         Loan Group (or Loan Groups, as applicable) matures. For federal income
         tax purposes, for each Class of REMIC II Regular and Residual
         Interests, the "latest possible maturity date" shall be the Final
         Maturity Date.
(1)      Interest distributed on each Distribution Date to the Certificates will
         have accrued at the applicable per annum Certificate Interest Rate on
         the applicable Class Principal Balance or Class Notional Amount
         outstanding immediately before such Distribution Date.
(2)      Each Class of the Class X Certificates shall accrue interest on the
         related Class Notional Amount. Each Class of the Class X Certificates
         shall not be entitled to receive any distributions of principal.
(3)      The Certificate Interest Rate for each Class of the Class B
         Certificates shall equal, on any Distribution Date, the weighted
         average of the Certificate Interest Rates for the Class C-Y-1, Class
         C-Y-2, Class C-Y-3, C-Y-4 and C-Y-5 Regular Interests.
(4)      The Class R-2 Residual Interest shall be entitled to receive the
         applicable Residual Distribution Amount. The Class R-2 Residual
         Interest shall not be entitled to receive any distributions of interest
         or principal.

                                       3

As provided herein, with respect to REMIC II, the Company will cause an election
to be made on behalf of REMIC II to be treated for federal income tax purposes
as a REMIC. The Certificates (other than the Class R Certificates) will be
designated regular interests in REMIC II, and the Class R-2 Residual Interest
will be designated the sole class of residual interest in REMIC II, for purposes
of the REMIC Provisions. As of the Cut-Off Date, the Mortgage Loans have an
aggregate Principal Balance of $326,529,343.93. As of the Closing Date, the
Certificates have an Aggregate Certificate Principal Balance of $326,529,343.93.

In addition, the Trust will issue the Class R Certificates, which will represent
ownership of the Class R-1 and Class R-2 Residual Interests.

                              W I T N E S S E T H :

WHEREAS, the Company is a corporation duly organized and existing under and by
virtue of the laws of the State of Delaware and has full corporate power and
authority to enter into this Agreement and to undertake the obligations
undertaken by it herein;

WHEREAS, the Trustee is a national banking association duly organized and
existing under the laws of the United States of America and has full power and
authority to enter into this Agreement;

WHEREAS, the Delaware Trustee is a banking corporation duly organized and
existing under the laws of the State of Delaware and has full power and
authority to enter into this Agreement;

WHEREAS, prior to the execution and delivery hereof, the Company and the
Delaware Trustee have entered into the Original Trust Agreement, and the
Delaware Trustee has filed the Certificate of Trust;

WHEREAS, it is the intention of the Company, the Trustee and the Delaware
Trustee that the Trust created by this Agreement constitute a statutory trust
under the Statutory Trust Statute, that this Agreement constitute the governing
instrument of the Trust, and that this Agreement amend and restate the Original
Trust Agreement;

WHEREAS, the Company is the owner of the Mortgage Loans identified in the
Mortgage Loan Schedule hereto having unpaid Principal Balances on the Cut-Off
Date as stated therein; and

WHEREAS, the Company has been duly authorized to create the Trust to (i) hold
the Mortgage Loans and certain other property, (ii) issue the REMIC I Regular
Interests and the Class R-1 Residual Interest, (iii) hold the REMIC I Regular
Interests and (iv) issue the Certificates.

                                       4

NOW, THEREFORE, in order to declare the terms and conditions upon which the
REMIC I Regular Interests, the Class R Residual Interests and the Certificates
are to be issued, and in consideration of the premises and of the purchase and
acceptance of the Certificates by the Holders thereof, the Company covenants and
agrees with the Trustee and the Delaware Trustee, for the equal and
proportionate benefit of the respective Holders from time to time of the REMIC I
Regular Interests and the Certificates, as applicable, as follows:

ARTICLE I

Section 1.01.     Definitions.

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

Aggregate Certificate Principal Balance: At any given time, the sum of the then
current Class Principal Balances of the Certificates.

Appraised Value: The amount set forth in an appraisal made by or for (a) the
mortgage originator in connection with its origination of each Mortgage Loan
(including a Mortgage Loan originated to refinance mortgage debt), (b) with
respect to a Mortgage Loan originated to refinance mortgage debt, the originator
of the mortgage debt that was refinanced or (c) the Servicer, at any time, in
accordance with the Selling and Servicing Contract.

Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment or mortgage of the related Cooperative Lease from the Mortgagor to
the originator of the Cooperative Loan.

Authenticating Agent: Any authenticating agent appointed by the Trustee pursuant
to Section 8.11.

Authorized Denomination: With respect to the Certificates (other than the Class
X and Class R Certificates), an initial Certificate Principal Balance equal to
$25,000 and multiples of $1 in excess thereof, except that one Certificate of
each Class of the Junior Subordinate Certificates may be issued in an amount
that is not an integral multiple of $1. With respect to the Class X
Certificates, a Class Notional Amount as of the Cut-Off Date equal to $100,000
and multiples of $1 in excess thereof. With respect to the Class R Certificates,
one Certificate with a Percentage Interest equal to 0.01% and one Certificate
with a Percentage Interest equal to 99.99%.

Bankruptcy Coverage: $100,000 less (a) any scheduled or permissible reduction in
the amount of Bankruptcy Coverage pursuant to the second paragraph of this
definition and (b) Bankruptcy Losses allocated to the Certificates.

The Bankruptcy Coverage may be reduced upon written confirmation from the Rating
Agencies that such reduction will not adversely affect the then current ratings
assigned to the Certificates by the Rating Agencies.

                                       5

Bankruptcy Loss: A loss on a Mortgage Loan arising out of (i) a reduction in the
scheduled Monthly Payment for such Mortgage 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 forgiveness of principal, or (ii) with respect to any Mortgage 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 Mortgage 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.

Benefit Plan Opinion: With respect to any Certificate presented for registration
in the name of any Person, an Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee and the Company to the effect that the
purchase or holding of such Certificate is permissible under applicable law,
will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and will not subject the
Trust, the Trustee, the Delaware Trustee, the Master Servicer or the Company to
any obligation or liability (including obligations or liabilities under Section
406 of 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 Trust,
the Trustee, the Delaware Trustee, the Master Servicer or the Company.

Book-Entry Certificates: The Class A, Class X and Senior Subordinate
Certificates, beneficial ownership and transfers of which shall be made through
book entries as described in Section 5.07.

Business Day: Any day other than a Saturday, a Sunday, or a day on which banking
institutions in Stockton, California, Chicago, Illinois, New York, New York,
Seattle, Washington or any city in which the Corporate Trust Office is located
are authorized or obligated by law or executive order to be closed.

Buydown  Agreement:  An agreement  between a Person and a Mortgagor  pursuant to
which such Person has provided a Buydown Fund.

Buydown Fund: A fund provided by the originator of a Mortgage Loan or another
Person with respect to a Buydown Loan which provides an amount sufficient to
subsidize regularly scheduled principal and interest payments due on such
Buydown Loan for a period. Buydown Funds may be (i) funded at the par values of
future payment subsidies, or (ii) funded in an amount less than the par values
of future payment subsidies, and determined by discounting such par values in
accordance with interest accruing on such amounts, in which event they will be
deposited in an account bearing interest. Buydown Funds may be held in a
separate Buydown Fund Account or may be held in a Custodial Account for P&I or a
Custodial Account for Reserves and monitored by a Servicer.

                                       6

Buydown Fund Account: A separate account or accounts created and maintained
pursuant to Section 3.02 (a) with the corporate trust department of the Trustee
or another financial institution approved by the Master Servicer, (b) within
FDIC insured accounts (or other accounts with comparable insurance coverage
acceptable to the Rating Agencies) created, maintained and monitored by a
Servicer or (c) in a separate non-trust account without FDIC or other insurance
in an Eligible Institution. Such account or accounts may be non-interest bearing
or may bear interest. In the event that a Buydown Fund Account is established
pursuant to clause (b) of the preceding sentence, amounts held in such Buydown
Fund Account shall not exceed the level of deposit insurance coverage on such
account; accordingly, more than one Buydown Fund Account may be established.

Buydown Loan: A Mortgage Loan for which the Mortgage Interest Rate has been
subsidized through a Buydown Fund provided at the time of origination of such
Mortgage Loan.

Carry-Forward Subsequent Recoveries Amount: For any Distribution Date and any
Loan Group, the excess, if any, of (i) the Subsequent Recoveries for such
Distribution Date for such Loan Group over (ii) the amount by which the Class
Principal Balance of the Class of Subordinate Certificates with the lowest
priority is increased in respect of Subsequent Recoveries for such Loan Group on
such Distribution Date pursuant to the definition of "Class Principal Balance"
herein.

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 Exhibit A and B hereto.
The additional matter appearing in Exhibit H shall be deemed incorporated into
Exhibit A as though set forth at the end of such Exhibit.

Certificate Account: The separate trust account created and maintained with the
Trustee, the Investment Depository or any other bank or trust company acceptable
to the Rating Agencies which is incorporated under the laws of the United States
or any state thereof pursuant to Section 3.04, which account shall bear a
designation clearly indicating that the funds deposited therein are held in
trust for the benefit of the Trust or any other account serving a similar
function acceptable to the Rating Agencies. Funds in the Certificate Account in
respect of the Mortgage Loans in each of the Loan Groups and amounts withdrawn
from the Certificate Account attributable to each of such Loan Groups shall be
accounted for separately. Funds in the Certificate Account may be invested in
Eligible Investments pursuant to Section 3.04(b) and reinvestment earnings
thereon shall be paid to the Master Servicer as additional servicing
compensation. Funds deposited in the Certificate Account (exclusive of the
Master Servicing Fee) shall be held in trust for the Certificateholders and for
the uses and purposes set forth in Section 2.01, Section 3.04, Section 3.05,
Section 4.01, Section 4.04 and Section 4.05.

Certificate Group: The Group I Certificates, Group II Certificates, Group III
Certificates, Group IV Certificates, Group V Certificates, Group VI
Certificates, or Group VII Certificates, as applicable.

Certificateholder or Holder: With respect to the Certificates, the person in
whose name a Certificate is registered in the Certificate Register, except that,
solely for the purposes of giving any consent pursuant to this Agreement, any
Certificate registered in the name of the Company, the Master Servicer or any
affiliate thereof shall be deemed not to be outstanding and the Percentage

                                       7

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 may conclusively rely
upon an Officer's Certificate to determine whether any Person is an affiliate of
the Company or the Master Servicer. With respect to the REMIC I Regular
Interests, the owner of the REMIC I Regular Interests, which as of the Closing
Date shall be the Trust.

Certificate Interest Rate: For each Class of Certificates and REMIC I Regular
Interests, the per annum rate set forth as the Certificate Interest Rate for
such Class in the Preliminary Statement hereto.

Certificate of Trust: The certificate of trust filed with respect to the Trust
with the Secretary of State in accordance with Section 3810(a) of the Statutory
Trust Statute.

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 5.03.

Class: All REMIC I Regular Interests or the Class R-1 Residual Interest having
the same priority and rights to payments on the Mortgage Loans from the REMIC I
Available Distribution Amount, and all REMIC II Regular Interests or the Class
R-2 Residual Interest having the same priority and rights to payments on the
REMIC I Regular Interests from the REMIC II Available Distribution Amount, as
applicable, which REMIC I Regular Interests, REMIC II Regular Interests and
Class R Residual Interests, as applicable, shall be designated as a separate
Class, and which, in the case of the Certificates (including the Class R
Certificates representing ownership of the Class R Residual Interests), shall be
set forth in the applicable forms of Certificates attached hereto as Exhibits A
and B. Each Class of REMIC I Regular Interests and the Class R-1 Residual
Interest shall be entitled to receive the amounts allocated to such Class
pursuant to the definition of "REMIC I Distribution Amount" only to the extent
of the REMIC I Available Distribution Amount for such Distribution Date
remaining after distributions in accordance with prior clauses of the definition
of "REMIC I Distribution Amount," and each Class of REMIC II Regular Interests
and the Class R-2 Residual Interest shall be entitled to receive the amounts
allocated to such Class pursuant to the definition of "REMIC II Distribution
Amount" only to the extent of the REMIC II Available Distribution Amount for
such Distribution Date remaining after distributions in accordance with prior
clauses of the definition of "REMIC II Distribution Amount."

Class A Certificates:  The Class I-A, Class II-A, Class III-A, Class IV-A, Class
V-A, Class VI-A and Class VII-A Certificates.

Class B Certificates:  The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
and Class B-6 Certificates.

                                       8

Class B Percentage: For any date of determination, the aggregate Class Principal
Balance of the Class B Certificates divided by the then outstanding aggregate
Principal Balance of the Mortgage Loans.

Class B-1 Certificates: The Certificates designated as "Class B-1" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class B-2 Certificates: The Certificates designated as "Class B-2" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class B-3 Certificates: The Certificates designated as "Class B-3" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class B-4 Certificates: The Certificates designated as "Class B-4" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class B-5 Certificates: The Certificates designated as "Class B-5" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class B-6 Certificates: The Certificates designated as "Class B-6" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class C-X Certificates: The Certificates designated as "Class C-X" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class C-X Notional Amount: With respect to any Distribution Date, the product of
(x) the aggregate scheduled principal balance, as of the second preceding Due
Date after giving effect to payments scheduled to be received as of such Due
Date, whether or not received (and after giving effect to Principal Prepayments,
Monthly P&I Advances and the principal portion of Realized Losses applied prior
to such Due Date), or with respect to the initial Distribution Date, as of the
Cut-Off Date, of the Group I Premium Rate Mortgage Loans, the Group II Premium
Rate Mortgage Loans, the Group III Premium Rate Mortgage Loans and the Group IV
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
weighted average of the Stripped Interest Rates for the Group I Premium Rate
Mortgage Loans, the Group II Premium Rate Mortgage Loans, the Group III Premium
Rate Mortgage Loans and the Group IV Premium Rate Mortgage Loans as of such Due
Date and the denominator of which is 5.500%.

Class C-X-M Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Y Principal Reduction Amounts: For any Distribution Date, the amounts by
which the Class Principal Balances of the Class C-Y-1, Class C-Y-2, Class C-Y-3,
Class C-Y-4 and Class C-Y-5 Regular Interests, respectively, will be reduced on
such Distribution Date by the allocation of Realized Losses and the distribution
of principal, determined as described in Appendix 1.

Class C-Y Regular  Interests:  The Class C-Y-1,  Class C-Y-2, Class C-Y-3, Class
C-Y-4 and Class C-Y-5 Regular Interests.

                                       9

Class C-Y-1 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Y-1 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Y-1 Regular Interest on such Distribution Date.

Class C-Y-1 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Y-2 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Y-2 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Y-2 Regular Interest on such Distribution Date.

Class C-Y-2 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Y-3 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Y-3 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Y-3 Regular Interest on such Distribution Date.

Class C-Y-3 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Y-4 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Y-4 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Y-4 Regular Interest on such Distribution Date.

Class C-Y-4 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Y-5 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Y-5 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Y-5 Regular Interest on such Distribution Date.

Class C-Y-5 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Z Principal Reduction Amounts: For any Distribution Date, the amounts by
which the Class Principal Balances of the Class C-Z-1, Class C-Z-2, Class C-Z-3,
Class C-Z-4 and Class C-Z-5 Regular Interests, respectively, will be reduced on
such Distribution Date by the allocation of Realized Losses and the distribution
of principal, which shall be in each case the excess of (A) the sum of (x) the
excess of the REMIC I Available Distribution Amount for the related Loan Group
or Groups (i.e. the "related Loan Groups" for the Class C-Z-1 Regular Interest
are Loan Group I and Loan Group V, the "related Loan Groups" for the Class C-Z-2
Regular Interest are Loan Group II and Loan Group VII, the "related Loan Group"
for the Class C-Z-3 Regular Interest is Loan Group III, the "related Loan Group"
for the Class C-Z-4 Regular Interest is Loan Group IV and the "related Loan

                                       10

Group" for the Class C-Z-5 Regular Interest is Loan Group VI) over the sum of
the amounts thereof distributable (i) in the case of Loan Group I, Loan Group
II, Loan Group III and Loan Group IV, to the Class C-X-M Regular Interest and,
in the case of Loan Group V, Loan Group VI and Loan Group VII to the Class D-X-M
Regular Interest, (ii) in respect of interest on such Class C-Z Regular Interest
and the related Class C-Y Regular Interest, (iii) to such Class C-Z Regular
Interest and the related Class C-Y Regular Interest pursuant to clause (f)(i) of
the definition of "REMIC I Distribution Amount" and (iv) in the case of Loan
Group III, to the Class R-1 Residual Interest and (y) the amount of Realized
Losses allocable to principal for the related Loan Group or Groups over (B) the
Class C-Y Principal Reduction Amount for the related Loan Group or Groups.

Class C-Z Regular  Interests:  The Class C-Z-1,  Class C-Z-2, Class C-Z-3, Class
C-Z-4 and Class C-Z-5 Regular Interests.

Class C-Z-1 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Z-1 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Z-1 Regular Interest on such Distribution Date.

Class C-Z-1 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Z-2 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Z-2 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Z-2 Regular Interest on such Distribution Date.

Class C-Z-2 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Z-3 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Z-3 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Z-3 Regular Interest on such Distribution Date.

Class C-Z-3 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Z-4 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Z-4 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Z-4 Regular Interest on such Distribution Date.

Class C-Z-4 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class C-Z-5 Principal Distribution Amount: For any Distribution Date, the
excess, if any, of the Class C-Z-5 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class C-Z-5 Regular Interest on such Distribution Date.

                                       11

Class C-Z-5 Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class D-X Certificates: The Certificates designated as "Class D-X" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class D-X Notional Amount: With respect to any Distribution Date, the product of
(x) the aggregate scheduled principal balance, as of the second preceding Due
Date after giving effect to payments scheduled to be received as of such Due
Date, whether or not received (and after giving effect to Principal Prepayments,
Monthly P&I Advances and the principal portion of Realized Losses applied prior
to such Due Date), or with respect to the initial Distribution Date, as of the
Cut-Off Date, of the Group V Premium Rate Mortgage Loans, the Group VI Premium
Rate Mortgage Loans and the Group VII Premium Rate Mortgage Loans and (y) a
fraction, the numerator of which is the weighted average of the Stripped
Interest Rates for the Group V Premium Rate Mortgage Loans, the Group VI Premium
Rate Mortgage Loans and the Group VII Premium Rate Mortgage Loans as of such Due
Date and the denominator of which is 5.000%.

Class D-X-M Regular Interest: The uncertificated undivided beneficial interest
in REMIC I which constitutes a REMIC I Regular Interest and is entitled to
distributions as set forth herein.

Class I-A Certificates: The Certificates designated as "Class I-A" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class II-A Certificates: The Certificates designated as "Class II-A" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class III-A Certificates: The Certificates designated as "Class III-A" on the
face thereof in substantially the form attached hereto as Exhibit A.

Class IV-A Certificates: The Certificates designated as "Class IV-A" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class V-A Certificates: The Certificates designated as "Class V-A" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class VI-A Certificates: The Certificates designated as "Class VI-A" on the face
thereof in substantially the form attached hereto as Exhibit A.

Class VII-A Certificates: The Certificates designated as "Class VII-A" on the
face thereof in substantially the form attached hereto as Exhibit A.

Class Notional Amount: With respect to any of the Class X Certificates and the
Class X-M Regular Interests, the related notional amount for such Class, as
specified herein (e.g., the "Class Notional Amount" for the Class C-X
Certificates and the Class C-X-M Regular Interest is the Class C-X Notional
Amount).

Class Principal Balance: For any Class of Certificates, for any Class of REMIC I
Regular Interests and for the Class R-1 Residual Interest, the applicable
initial Class Principal Balance therefor set forth in the Preliminary Statement
hereto (or, in the case of the Class R Certificates, the Class Principal Balance
of the Class R-1 Residual Interest), corresponding to the rights of such Class

                                       12

in payments of principal due to be passed through to the Certificateholders or
the Holders of the REMIC I Regular Interests from principal payments on the
Mortgage Loans or the REMIC I Regular Interests, as applicable, as reduced from
time to time by (x) distributions of principal and (y) the portion of Realized
Losses allocated to the Class Principal Balance of such Class pursuant to the
definition of "Realized Loss" with respect to a given Distribution Date. For any
Distribution Date, the reduction of the Class Principal Balance of any Class of
Certificates and REMIC I Regular Interests pursuant to the definition of
"Realized Loss" shall be deemed effective after the determination and
distribution of principal on such Class pursuant to the definitions of "REMIC I
Distribution Amount" and "REMIC II Distribution Amount."

In addition to the foregoing, on each Distribution Date, the Class Principal
Balance of the Class of Subordinate Certificates with the lowest priority then
outstanding shall be increased by an amount, for each Loan Group, equal to the
lesser of (i) the Subsequent Recoveries for such Distribution Date for such Loan
Group and (ii) the amount of Realized Losses for Mortgage Loans in such Loan
Group allocated to such Class on previous Distribution Dates (the amount in this
clause (ii) reduced by the amount, if any, by which such Class Principal Balance
has been increased on prior Distribution Dates pursuant to this paragraph in
respect of Subsequent Recoveries for such Loan Group).

The Class Principal Balance for the Class I-A Certificates shall be referred to
as the "Class I-A Principal Balance," the Class Principal Balance for the Class
II-A Certificates shall be referred to as the "Class II-A Principal Balance" and
so on. The Class Principal Balances for the Class X Certificates and the Class
X-M Regular Interests shall each be zero.

Class R Certificates: The Certificates designated as "Class R" on the face
thereof in substantially the form attached hereto as Exhibit B, representing
ownership of the Class R-1 and Class R-2 Residual Interests, each of which Class
of Residual Interests has been designated as the sole class of "residual
interest" in REMIC I and REMIC II, respectively, pursuant to Section 2.06 and
Section 2.11, respectively, for purposes of Section 860G(a)(2) of the Code.

Class R Residual Interests: The Class R-1 and Class R-2 Residual Interests
(which shall be transferable only as a unit evidenced by the Class R
Certificates, in accordance with the applicable provisions of Section 5.01).

Class R-1 Residual Interest: The uncertificated undivided beneficial interest in
REMIC I which has been designated as the single class of "residual interest" in
REMIC I pursuant to Section 2.06. The Class R-1 Residual Interest, together with
the REMIC I Regular Interests, shall be deemed to be a separate series of
beneficial interests in the assets of the Trust consisting of the REMIC I Assets
pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

Class R-2 Residual Interest: The uncertificated undivided beneficial interest in
REMIC II which has been designated as the single class of "residual interest" in
REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together
with the REMIC II Regular Interests, shall be deemed to be a separate series of
beneficial interests in the assets of the Trust consisting of the REMIC II
Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

                                       13

Class X Certificates: The Class C-X and Class D-X Certificates.

Class X-M Regular Interest: The Class C-X-M and Class D-X-M Regular Interests.

Clean-Up Call Percentage: 5%.

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

Closing Date: June 23, 2004, which is the date of settlement of the sale of the
Certificates to the original purchasers thereof.

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

Company: Washington Mutual Mortgage Securities Corp., a Delaware corporation, or
its successor-in-interest.

Compensating Interest: For any Distribution Date with respect to each Loan Group
and the Mortgage Loans contained therein, the lesser of (i) the sum of (a) the
aggregate Master Servicing Fee payable with respect to such Loan Group on such
Distribution Date, (b) the aggregate Payoff Earnings with respect to such Loan
Group for such Distribution Date and (c) the aggregate Payoff Interest with
respect to such Loan Group for such Distribution Date and (ii) the aggregate
Uncollected Interest with respect to such Loan Group for such Distribution Date.

Cooperative: A private, cooperative housing corporation which owns or leases
land and all or part of a building or buildings, including apartments, spaces
used for commercial purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

Cooperative Apartment: A dwelling unit in a multi-dwelling building owned or
leased by a Cooperative, which unit the Mortgagor has an exclusive right to
occupy pursuant to the terms of a proprietary lease or occupancy agreement.

Cooperative Lease: With respect to a Cooperative Loan, the proprietary lease or
occupancy agreement with respect to the Cooperative Apartment occupied by the
Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

Cooperative Loans: Any of the Mortgage Loans made in respect of a Cooperative
Apartment, evidenced by a Mortgage Note and secured by (i) a Security Agreement,
(ii) the related Cooperative Stock Certificate, (iii) an assignment or mortgage
of the Cooperative Lease, (iv) financing statements and (v) a stock power (or
other similar instrument), and ancillary thereto, a Recognition Agreement, each
of which was transferred and assigned to the Trust pursuant to Section 2.04.

Cooperative Stock: With respect to a Cooperative Loan, the single outstanding
class of stock, partnership interest or other ownership instrument in the
related Cooperative.

                                       14

Cooperative Stock Certificate: With respect to a Cooperative Loan, the stock
certificate or other instrument evidencing the related Cooperative Stock.

Corporate Trust Office: The corporate trust office of the Trustee, 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 111 Wall Street, 14th Floor, Zone 3, New York, New York
10005, Attention: Structured Finance Group, Washington Mutual 2004-CB2.

Corporation: Any Person (other than an individual, partnership, joint venture or
unincorporated organization) incorporated, associated, organized, chartered or
existing under the laws of any state or under the federal laws of the United
States of America; provided, that such Person have indefinite existence under
the law of its domicile.

Curtailment: Any payment of principal on a Mortgage 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 Mortgage Loan. (Prepayment penalties are not payments of
principal and hence Curtailments do not include prepayment penalties.)

Curtailment Shortfall: For any Distribution Date and for any Curtailment applied
with a Monthly Payment in the Prior Period other than a Prepaid Monthly Payment,
an amount equal to one month's interest on such Curtailment at the applicable
Pass-Through Rate on such Mortgage Loan.

Custodial Account for P&I: The Custodial Account for principal and interest
established and maintained by each Servicer pursuant to its Selling and
Servicing Contract and caused by the Master Servicer to be established and
maintained pursuant to Section 3.02 (a) with the corporate trust department of
the Trustee or another financial institution approved by the Master Servicer
such that the rights of the Master Servicer, the Trustee, the Trust, the
Delaware Trustee and the Certificateholders thereto shall be fully protected
against the claims of any creditors of the applicable Servicer and of any
creditors or depositors of the institution in which such account is maintained,
(b) within FDIC insured accounts (or other accounts with comparable insurance
coverage acceptable to the Rating Agencies) created, maintained and monitored by
a Servicer or (c) 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 (b) 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. Any amount that is at any time not protected or
insured in accordance with the first sentence of this definition of "Custodial
Account for P&I" shall promptly be withdrawn from such Custodial Account for P&I
and be remitted to the Investment Account.

Custodial Account for Reserves: The Custodial Account for Reserves established
and maintained by each Servicer pursuant to its Selling and Servicing Contract
and caused by the Master Servicer to be established and maintained pursuant to
Section 3.02 (a) with the corporate trust department of the Trustee or another
financial institution approved by the Master Servicer such that the rights of
the Master Servicer, the Trust, the Trustee, the Delaware Trustee and the
Certificateholders thereto shall be fully protected against the claims of any
creditors of the applicable Servicer and of any creditors or depositors of the
institution in which such account is maintained, (b) within FDIC insured

                                       15

accounts (or other accounts with comparable insurance coverage acceptable to the
Rating Agencies) created, maintained and monitored by a Servicer or (c) in a
separate non-trust account without FDIC or other insurance in an Eligible
Institution. In the event that a Custodial Account for Reserves is established
pursuant to clause (b) of the preceding sentence, amounts held in such Custodial
Account for Reserves shall not exceed the level of deposit insurance coverage on
such account; accordingly, more than one Custodial Account for Reserves may be
established. Any amount that is at any time not protected or insured in
accordance with the first sentence of this definition of "Custodial Account for
Reserves" shall promptly be withdrawn from such Custodial Account for Reserves
and be remitted to the Investment Account.

Custodial Agreement: The agreement, if any, between the Trustee and a Custodian
(or the Trustee, a Custodian and the Master Servicer) providing for the
safekeeping of the Mortgage Files on behalf of the Trust.

Custodian: A custodian which is appointed by the Trustee with the consent of the
Master Servicer, as provided in Article II hereof, pursuant to a Custodial
Agreement. Any Custodian so appointed shall act as agent on behalf of the
Trustee. The reasonable fees and expenses of the Custodian shall be paid by the
Master 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: June 1, 2004.

Definitive  Certificates:  Certificates  in  definitive,  fully  registered  and
certificated form.

Delaware Trustee:  Christiana Bank & Trust Company, or its successor-in-interest
as  provided in Section  8.09,  or any  successor  trustee  appointed  as herein
provided.

Depositary Agreement: The Letter of Representations, dated June 22, 2004 by and
among DTC, the Trust and the Trustee. The Trustee is authorized to enter into
the Depositary Agreement on behalf of the Trust.

Destroyed  Mortgage Note: A Mortgage Note the original of which (or a portion of
the  original  of which)  was  permanently  lost or  destroyed  and has not been
replaced.

Determination  Date:  A day not  later  than the 10th day  preceding  a  related
Distribution Date, as determined by the Master Servicer.

Disqualified Organization: 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.

Distribution Date: With respect to distributions on the REMIC I Regular
Interests and 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

                                       16

month, with the first such date being July 26, 2004. 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 day on which the Monthly Payment for each Mortgage Loan is due.

Eligible Institution: An institution having (i) the highest short-term debt
rating, and one of the two highest long-term debt ratings of the Rating
Agencies, (ii) with respect to any Custodial Account for P&I and special
Custodial Account for Reserves, an unsecured long-term debt rating of at least
one of the two highest unsecured long-term debt ratings of the Rating Agencies,
(iii) with respect to any Buydown Fund Account or Custodial Account which also
serves as a Buydown Fund Account, the highest unsecured long-term debt rating by
the Rating Agencies, or (iv) the approval of the Rating Agencies. Such
institution may be the Servicer if the applicable Selling and Servicing Contract
requires the Servicer to provide the Master Servicer with written notice on the
Business Day following the date on which the Servicer determines that such
Servicer's short-term debt and unsecured long-term debt ratings fail to meet the
requirements of the prior sentence. Notwithstanding the foregoing, Washington
Mutual Bank, FA shall be an "Eligible Institution" if the following conditions
are satisfied: (i) Washington Mutual Bank, FA is acting as Servicer, (ii) if S&P
is a Rating Agency as defined herein, the long-term unsecured debt obligations
of Washington Mutual Bank, FA are rated no lower than "A-" by S&P and the
short-term unsecured debt obligations of Washington Mutual Bank, FA are rated no
lower than "A-2" by S&P, (iii) if Fitch is a Rating Agency as defined herein,
the long-term unsecured debt obligations of Washington Mutual Bank, FA are rated
no lower than "A" by Fitch and the short-term unsecured debt obligations of
Washington Mutual Bank, FA are rated no lower than "F1" by Fitch and (iv) if
Moody's is a Rating Agency as defined herein, the long-term unsecured debt
obligations of Washington Mutual Bank, FA are rated no lower than "A2" by
Moody's and the short-term unsecured debt obligations of Washington Mutual Bank,
FA are rated no lower than "P-1" by Moody's; provided, that if the long-term or
short-term unsecured debt obligations of Washington Mutual Bank, FA are
downgraded by any of the Rating Agencies to a rating lower than the applicable
rating specified in this sentence, Washington Mutual Bank, FA shall cease to be
an "Eligible Institution" ten Business Days after notification of such
downgrade.

Eligible Investments: Any one or more of the obligations or securities listed
below in which funds deposited in the Investment Account, the Certificate
Account, the Custodial Account for P&I and the Custodial Account for Reserves
may be invested:

(i) Obligations of, or guaranteed as to principal and interest by, the United
States or any agency or instrumentality thereof when such obligations are backed
by the full faith and credit of the United States;

(ii) Repurchase agreements on obligations described in clause (i) of this
definition of "Eligible Investments," provided that the unsecured obligations of
the party (including the Trustee in its commercial capacity) agreeing to

                                       17

repurchase such obligations have at the time one of the two highest short term
debt ratings of the Rating Agencies and provided that such repurchaser's
unsecured long term debt has one of the two highest unsecured long term debt
ratings of the Rating Agencies;

(iii) Federal funds, certificates of deposit, time deposits and bankers'
acceptances of any U.S. bank or trust company incorporated under the laws of the
United States or any state (including the Trustee in its commercial capacity),
provided that the debt obligations of such bank or trust company (or, in the
case of the principal bank in a bank holding company system, debt obligations of
the bank holding company) at the date of acquisition thereof have one of the two
highest short term debt ratings of the Rating Agencies and unsecured long term
debt has one of the two highest unsecured long term debt ratings of the Rating
Agencies;

(iv) Obligations of, or obligations guaranteed by, any state of the United
States or the District of Columbia, provided that such obligations at the date
of acquisition thereof shall have the highest long-term debt ratings available
for such securities from the Rating Agencies;

(v) Commercial paper of any corporation incorporated under the laws of the
United States or any state thereof, which on the date of acquisition has the
highest commercial paper rating of the Rating Agencies, provided that the
corporation has unsecured long term debt that has one of the two highest
unsecured long term debt ratings of the Rating Agencies;

(vi) Securities (other than stripped bonds or stripped coupons) bearing interest
or sold at a discount that are issued by any corporation incorporated under the
laws of the United States or any state thereof and have the highest long-term
unsecured rating available for such securities from the Rating Agencies;
provided, however, that securities issued by any such corporation will not be
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 Investment Account or the Certificate Account to exceed 20% of the
aggregate principal amount of all Eligible Investments then held in the
Investment Account and the Certificate Account; and

(vii) Units of taxable money market funds (which may be 12b-1 funds, as
contemplated under the rules promulgated by the Securities and Exchange
Commission under the Investment Company Act of 1940), which funds have the
highest rating available for such securities from the Rating Agencies or which
have been designated in writing by the Rating Agencies as Eligible Investments;

provided, however, that such obligation or security is held for a temporary
period pursuant to Section 1.860G-2(g)(1) of the Treasury Regulations, and that
such period can in no event exceed thirteen months.

In no event shall an instrument be an Eligible Investment if such instrument (a)
evidences a right to receive only interest payments with respect to the
obligations underlying such instrument or (b) has been purchased at a price
greater than the outstanding principal balance of such instrument.

                                       18

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

ERISA Restricted Certificate: Any Senior Subordinate Certificate.

Event of Default: Any event of default as specified in Section 7.01.

Excess Liquidation Proceeds: With respect to any Distribution Date, the sum of
(i) the excess, if any, of aggregate Liquidation Proceeds received during the
Prior Period over the amount that would have been received if Payoffs had been
made with respect to such Mortgage Loans on the date such Liquidation Proceeds
were received and (ii) any Excess Subsequent Recoveries for any Loan Group for
such Distribution Date.

Excess Subsequent Recoveries: For any Distribution Date and any Loan Group, the
excess, if any, of (i) amounts received by the Master Servicer during the Prior
Period (after deduction of amounts reimbursable under Section 3.05(a)(i) and
(ii)) in connection with the liquidation of defaulted Mortgage Loans in such
Loan Group after such Mortgage Loans became Liquidated Mortgage Loans over (ii)
the Subsequent Recoveries for such Distribution Date for such Loan Group.

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

FHA: Federal Housing Administration, or any successor thereto.

Fannie  Mae:  The  entity  formerly  known  as  the  Federal  National  Mortgage
Association, or any successor thereto.

Final Maturity Date: With respect to each Class of the REMIC I Regular Interests
and the Certificates, the date set forth in the applicable table contained in
the Preliminary Statement hereto.

Fitch:  Fitch Ratings, provided that at any time it be a Rating Agency.

Fraud Coverage: During the period prior to the first anniversary of the Cut-Off
Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the
Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated
to the Certificates since the Cut-Off Date; during the period from the first
anniversary of the Cut-Off Date to (but not including) the fifth anniversary of
the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous
anniversary of the Cut-Off Date (calculated in accordance with the second
sentence of this paragraph) reduced by Fraud Losses allocated to the
Certificates since such anniversary; and during the period on and after the
fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off
Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first,
second, third and fourth anniversaries of the Cut-Off Date, 1.00%, of the
aggregate principal balance of the Mortgage Loans as of the Due Date in the
preceding month and (ii) the excess of the Initial Fraud Coverage over
cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date.

                                       19

The Fraud Coverage may be reduced upon written confirmation from the Rating
Agencies that such reduction will not adversely affect the then current ratings
assigned to the Certificates by the Rating Agencies.

Fraud Loss: A Realized Loss (or portion thereof) with respect to a Mortgage Loan
arising from any action, event or state of facts with respect to such Mortgage
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 Mortgage Loan, Lender, a
Servicer or the Master Servicer, would result in an exclusion from, denial of,
or defense to coverage which otherwise would be provided by a Primary Insurance
Policy previously issued with respect to such Mortgage Loan.

Freddie  Mac:  The  entity  formerly  known as the  Federal  Home Loan  Mortgage
Corporation, or any successor thereto.

Group I Certificates:  The Class I-A Certificates.

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

Group I Premium Rate Mortgage Loans: The Group I Loans having Pass-Through Rates
greater than or equal to 5.000% per annum.

Group I Senior Liquidation Amount: For any Distribution Date, the sum of (A) the
aggregate, for each Group I Loan which became a Liquidated Mortgage Loan during
the Prior Period, of the lesser of: (i) the Group I Senior Percentage of the
Principal Balance of such Mortgage Loan and (ii) the Group I Senior Prepayment
Percentage of the Liquidation Principal with respect to such Mortgage Loan and
(B) the Group I Senior Prepayment Percentage of any Subsequent Recoveries for
Loan Group I for such Distribution Date.

Group I Senior Percentage: For any Distribution Date, the lesser of (i) 100% and
(ii) the Class Principal Balance of the Class I-A Certificates divided by the
aggregate Principal Balance of the Group I Loans, in each case immediately
before such Distribution Date.

Group I Senior Prepayment Percentage, Group II Senior Prepayment Percentage,
Group III Senior Prepayment Percentage, Group IV Senior Prepayment Percentage,
Group V Senior Prepayment Percentage, Group VI Senior Prepayment Percentage or
Group VII Senior Prepayment Percentage: For any Distribution Date, each of the
Group I Senior Prepayment Percentage, the Group II Senior Prepayment Percentage,
the Group III Senior Prepayment Percentage, the Group IV Senior Prepayment
Percentage, the Group V Senior Prepayment Percentage, the Group VI Senior
Prepayment Percentage and the Group VII Senior Prepayment Percentage shall equal
100%, unless (i) the Group I Senior Percentage for such Distribution Date is
less than or equal to the Group I Senior Percentage as of the Closing Date, the

                                       20

Group II Senior Percentage for such Distribution Date is less than or equal to
the Group II Senior Percentage as of the Closing Date, the Group III Senior
Percentage for such Distribution Date is less than or equal to the Group III
Senior Percentage as of the Closing Date, the Group IV Senior Percentage for
such Distribution Date is less than or equal to the Group IV Senior Percentage
as of the Closing Date, the Group V Senior Percentage for such Distribution Date
is less than or equal to the Group V Senior Percentage as of the Closing Date,
the Group VI Senior Percentage for such Distribution Date is less than or equal
to the Group VI Senior Percentage as of the Closing Date and the Group VII
Senior Percentage for such Distribution Date is less than or equal to the Group
VII Senior Percentage as of the Closing Date, (ii) such Distribution Date occurs
on or after the fifth anniversary of the first Distribution Date and (iii) the
following tests specified in clauses (a) through (n) are met with respect to
each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV, Loan Group
V, Loan Group VI and Loan Group VII:

(a) the mean aggregate Principal Balance as of the Distribution Date in each of
the immediately preceding six calendar months of the Group I Loans which were 60
or more days delinquent as of such date (including Mortgage Loans in bankruptcy
or foreclosure and Mortgaged Properties held by REMIC I) is less than or equal
to 50% of the Subordinate Component Balance for Loan Group I as of the current
Distribution Date,

(b) the mean aggregate Principal Balance as of the Distribution Date in each of
the immediately preceding six calendar months of the Group II Loans which were
60 or more days delinquent as of such date (including Mortgage Loans in
bankruptcy or foreclosure and Mortgaged Properties held by REMIC I) is less than
or equal to 50% of the Subordinate Component Balance for Loan Group II as of the
current Distribution Date,

(c) the mean aggregate Principal Balance as of the Distribution Date in each of
the immediately preceding six calendar months of the Group III Loans which were
60 or more days delinquent as of such date (including Mortgage Loans in
bankruptcy or foreclosure and Mortgaged Properties held by REMIC I) is less than
or equal to 50% of the Subordinate Component Balance for Loan Group III as of
the current Distribution Date,

(d) the mean aggregate Principal Balance as of the Distribution Date in each of
the immediately preceding six calendar months of the Group IV Loans which were
60 or more days delinquent as of such date (including Mortgage Loans in
bankruptcy or foreclosure and Mortgaged Properties held by REMIC I) is less than
or equal to 50% of the Subordinate Component Balance for Loan Group IV as of the
current Distribution Date,

(e) the mean aggregate Principal Balance as of the Distribution Date in each of
the immediately preceding six calendar months of the Group V Loans which were 60
or more days delinquent as of such date (including Mortgage Loans in bankruptcy
or foreclosure and Mortgaged Properties held by REMIC I) is less than or equal
to 50% of the Subordinate Component Balance for Loan Group V as of the current
Distribution Date,

(f) the mean aggregate Principal Balance as of the Distribution Date in each of
the immediately preceding six calendar months of the Group VI Loans which were
60 or more days delinquent as of such date (including Mortgage Loans in
bankruptcy or foreclosure and Mortgaged Properties held by REMIC I) is less than
or equal to 50% of the Subordinate Component Balance for Loan Group VI as of the
current Distribution Date,

(g) the mean aggregate Principal Balance as of the Distribution Date in each of

                                       21

the immediately preceding six calendar months of the Group VII Loans which were
60 or more days delinquent as of such date (including Mortgage Loans in
bankruptcy or foreclosure and Mortgaged Properties held by REMIC I) is less than
or equal to 50% of the Subordinate Component Balance for Loan Group VII as of
the current Distribution Date,

(h) cumulative Realized Losses on the Group I Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group I as of the Closing Date, are less than or equal to, for any Distribution
Date (1) before the sixth anniversary of the first Distribution Date, 30%, (2)
on or after the sixth anniversary but before the seventh anniversary of the
first Distribution Date, 35%, (3) on or after the seventh anniversary but before
the eighth anniversary of the first Distribution Date, 40%, (4) on or after the
eighth anniversary but before the ninth anniversary of the first Distribution
Date, 45%, and (5) on or after the ninth anniversary of the first Distribution
Date, 50%,

(i) cumulative Realized Losses on the Group II Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group II as of the Closing Date, are less than or equal to, for any Distribution
Date (1) before the sixth anniversary of the first Distribution Date, 30%, (2)
on or after the sixth anniversary but before the seventh anniversary of the
first Distribution Date, 35%, (3) on or after the seventh anniversary but before
the eighth anniversary of the first Distribution Date, 40%, (4) on or after the
eighth anniversary but before the ninth anniversary of the first Distribution
Date, 45%, and (5) on or after the ninth anniversary of the first Distribution
Date, 50%,

(j) cumulative Realized Losses on the Group III Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group III as of the Closing Date, are less than or equal to, for any
Distribution Date (1) before the sixth anniversary of the first Distribution
Date, 30%, (2) on or after the sixth anniversary but before the seventh
anniversary of the first Distribution Date, 35%, (3) on or after the seventh
anniversary but before the eighth anniversary of the first Distribution Date,
40%, (4) on or after the eighth anniversary but before the ninth anniversary of
the first Distribution Date, 45%, and (5) on or after the ninth anniversary of
the first Distribution Date, 50%,

(k) cumulative Realized Losses on the Group IV Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group IV as of the Closing Date, are less than or equal to, for any Distribution
Date (1) before the sixth anniversary of the first Distribution Date, 30%, (2)
on or after the sixth anniversary but before the seventh anniversary of the
first Distribution Date, 35%, (3) on or after the seventh anniversary but before
the eighth anniversary of the first Distribution Date, 40%, (4) on or after the
eighth anniversary but before the ninth anniversary of the first Distribution
Date, 45%, and (5) on or after the ninth anniversary of the first Distribution
Date, 50%,

                                       22

(l) cumulative Realized Losses on the Group V Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group V as of the Closing Date, are less than or equal to, for any Distribution
Date (1) before the sixth anniversary of the first Distribution Date, 30%, (2)
on or after the sixth anniversary but before the seventh anniversary of the
first Distribution Date, 35%, (3) on or after the seventh anniversary but before
the eighth anniversary of the first Distribution Date, 40%, (4) on or after the
eighth anniversary but before the ninth anniversary of the first Distribution
Date, 45%, and (5) on or after the ninth anniversary of the first Distribution
Date, 50%,

(m) cumulative Realized Losses on the Group VI Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group VI as of the Closing Date, are less than or equal to, for any Distribution
Date (1) before the sixth anniversary of the first Distribution Date, 30%, (2)
on or after the sixth anniversary but before the seventh anniversary of the
first Distribution Date, 35%, (3) on or after the seventh anniversary but before
the eighth anniversary of the first Distribution Date, 40%, (4) on or after the
eighth anniversary but before the ninth anniversary of the first Distribution
Date, 45%, and (5) on or after the ninth anniversary of the first Distribution
Date, 50%, and

(n) cumulative Realized Losses on the Group VII Loans allocated to the Class B
Certificates, as a percentage of the Subordinate Component Balance for Loan
Group VII as of the Closing Date, are less than or equal to, for any
Distribution Date (1) before the sixth anniversary of the first Distribution
Date, 30%, (2) on or after the sixth anniversary but before the seventh
anniversary of the first Distribution Date, 35%, (3) on or after the seventh
anniversary but before the eighth anniversary of the first Distribution Date,
40%, (4) on or after the eighth anniversary but before the ninth anniversary of
the first Distribution Date, 45%, and (5) on or after the ninth anniversary of
the first Distribution Date, 50%,

in which case the Group I Senior Prepayment Percentage, the Group II Senior
Prepayment Percentage, the Group III Senior Prepayment Percentage, the Group IV
Senior Prepayment Percentage, the Group V Senior Prepayment Percentage, the
Group VI Senior Prepayment Percentage and the Group VII Senior Prepayment
Percentage shall be calculated as follows: (1) for any such Distribution Date on
or after the fifth anniversary but before the sixth anniversary of the first
Distribution Date, the Group I Senior Percentage, the Group II Senior
Percentage, the Group III Senior Percentage, the Group IV Senior Percentage, the
Group V Senior Percentage, the Group VI Senior Percentage or the Group VII
Senior Percentage , as applicable, for such Distribution Date plus 70% of the
Subordinate Percentage for the related Loan Group for such Distribution Date;
(2) for any such Distribution Date on or after the sixth anniversary but before
the seventh anniversary of the first Distribution Date, the Group I Senior
Percentage, the Group II Senior Percentage, the Group III Senior Percentage, the
Group IV Senior Percentage, the Group V Senior Percentage, the Group VI Senior
Percentage or the Group VII Senior Percentage, as applicable, for such
Distribution Date plus 60% of the Subordinate Percentage for the related Loan

                                       23

Group for such Distribution Date; (3) for any such Distribution Date on or after
the seventh anniversary but before the eighth anniversary of the first
Distribution Date, the Group I Senior Percentage, the Group II Senior
Percentage, the Group III Senior Percentage, the Group IV Senior Percentage, the
Group V Senior Percentage, the Group VI Senior Percentage or the Group VII
Senior Percentage, as applicable, for such Distribution Date plus 40% of the
Subordinate Percentage for the related Loan Group for such Distribution Date;
(4) for any such Distribution Date on or after the eighth anniversary but before
the ninth anniversary of the first Distribution Date, the Group I Senior
Percentage, the Group II Senior Percentage, the Group III Senior Percentage, the
Group IV Senior Percentage, the Group V Senior Percentage, the Group VI Senior
Percentage or the Group VII Senior Percentage, as applicable, for such
Distribution Date plus 20% of the Subordinate Percentage for the related Loan
Group for such Distribution Date; and (5) for any such Distribution Date
thereafter, the Group I Senior Percentage, the Group II Senior Percentage, the
Group III Senior Percentage, the Group IV Senior Percentage, the Group V Senior
Percentage, the Group VI Senior Percentage or the Group VII Senior Percentage,
as applicable, for such Distribution Date.

If on any Distribution Date the allocation to the Group I, Group II, Group III,
Group IV, Group V, Group VI or Group VII Certificates of Principal Prepayments
in the percentage required would reduce the aggregate Class Principal Balance of
such Certificates below zero, the Group I Senior Prepayment Percentage, the
Group II Senior Prepayment Percentage, the Group III Senior Prepayment
Percentage, the Group IV Senior Prepayment Percentage, the Group V Senior
Prepayment Percentage, the Group VI Senior Prepayment Percentage or the Group
VII Senior Prepayment Percentage, as applicable, for such Distribution Date
shall be limited to the percentage necessary to reduce the aggregate Class
Principal Balance of such Regular Interests to zero.

Group I Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group I Senior Percentage of the Principal
Payment Amount for Loan Group I, (b) the Group I Senior Prepayment Percentage of
the Principal Prepayment Amount for Loan Group I and (c) the Group I Senior
Liquidation Amount.

Group I Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group I Loans reduced by
the Class Principal Balance of the Class I-A Certificates.

Group I Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group I Senior Percentage for such date.

Group I Subordinate Prepayment Percentage: For any Distribution Date, the excess
of 100% over the Group I Senior Prepayment Percentage for such Distribution
Date; provided, however, that if the Class Principal Balance of the Class I-A
Certificates has been reduced to zero, then the Group I Subordinate Prepayment
Percentage shall equal 100%.

Group II Certificates:  The Class II-A Certificates.

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

Group II Premium Rate Mortgage Loans: The Group II Loans having Pass-Through
Rates greater than or equal to 5.500% per annum.

                                       24

Group II Senior Liquidation Amount: For any Distribution Date, the sum of (A)
the aggregate, for each Group II Loan which became a Liquidated Mortgage Loan
during the Prior Period, of the lesser of: (i) the Group II Senior Percentage of
the Principal Balance of such Mortgage Loan and (ii) the Group II Senior
Prepayment Percentage of the Liquidation Principal with respect to such Mortgage
Loan and (B) the Group II Senior Prepayment Percentage of any Subsequent
Recoveries for Loan Group II for such Distribution Date.

Group II Senior Percentage: For any Distribution Date, the lesser of (i) 100%
and (ii) the Class Principal Balance of the Class II-A Certificates divided by
the aggregate Principal Balance of the Group II Loans, in each case immediately
before such Distribution Date.

Group II Senior Prepayment Percentage: See the definition of "Group I Senior
Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior
Prepayment Percentage, Group IV Senior Prepayment Percentage, Group V Senior
Prepayment Percentage, Group VI Senior Prepayment Percentage or Group VII Senior
Prepayment Percentage."

Group II Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group II Senior Percentage of the Principal
Payment Amount for Loan Group II, (b) the Group II Senior Prepayment Percentage
of the Principal Prepayment Amount for Loan Group II and (c) the Group II Senior
Liquidation Amount.

Group II Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group II Loans reduced
by the Class Principal Balance of the Class II-A Certificates.

Group II Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group II Senior Percentage for such date.

Group II Subordinate Prepayment Percentage: For any Distribution Date, the
excess of 100% over the Group II Senior Prepayment Percentage for such
Distribution Date; provided, however, that if the Class Principal Balance of the
Class II-A Certificates has been reduced to zero, then the Group II Subordinate
Prepayment Percentage shall equal 100%.

Group III Certificates:  The Group III-A Certificates.

Group III Loans:  The Mortgage Loans designated on the Mortgage Loan Schedule as
Group III Loans.

Group III Premium Rate Mortgage Loans: The Group III Loans having Pass-Through
Rates greater than or equal to 6.000% per annum.

Group III Senior Liquidation Amount: For any Distribution Date, the sum of (A)
the aggregate, for each Group III Loan which became a Liquidated Mortgage Loan
during the Prior Period, of the lesser of: (i) the Group III Senior Percentage
of the Principal Balance of such Mortgage Loan and (ii) the Group III Senior
Prepayment Percentage of the Liquidation Principal with respect to such Mortgage
Loan and (B) the Group III Senior Prepayment Percentage of any Subsequent
Recoveries for Loan Group III for such Distribution Date.

Group III Senior Percentage: For any Distribution Date, the lesser of (i) 100%
and (ii) the aggregate Class Principal Balance of the Group III-A and Residual
Certificates divided by the aggregate Principal Balance of the Group III Loans,
in each case immediately before such Distribution Date.

                                       25

Group III Senior Prepayment Percentage: See the definition of "Group I Senior
Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior
Prepayment Percentage, Group IV Senior Prepayment Percentage, Group V Senior
Prepayment Percentage, Group VI Senior Prepayment Percentage or Group VII Senior
Prepayment Percentage."

Group III Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group III Senior Percentage of the Principal
Payment Amount for Loan Group III, (b) the Group III Senior Prepayment
Percentage of the Principal Prepayment Amount for Loan Group III and (c) the
Group III Senior Liquidation Amount.

Group III Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group III Loans reduced
by the aggregate Class Principal Balance of the Class III-A and Residual
Certificates.

Group III Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group III Senior Percentage for such date.

Group III Subordinate Prepayment Percentage: For any Distribution Date, the
excess of 100% over the Group III Senior Prepayment Percentage for such
Distribution Date; provided, however, that if the aggregate Class Principal
Balance of the Group III-A and Residual Certificates has been reduced to zero,
then the Group III Subordinate Prepayment Percentage shall equal 100%.

Group IV Certificates:  The Class IV-A Certificates.

Group IV Loans:  The Mortgage Loans  designated on the Mortgage Loan Schedule as
Group IV Loans.

Group IV Premium Rate Mortgage Loans: The Group IV Loans having Pass-Through
Rates greater than or equal to 6.500% per annum.

Group IV Senior Liquidation Amount: For any Distribution Date, the sum of (A)
the aggregate, for each Group IV Loan which became a Liquidated Mortgage Loan
during the Prior Period, of the lesser of: (i) the Group IV Senior Percentage of
the Principal Balance of such Mortgage Loan and (ii) the Group IV Senior
Prepayment Percentage of the Liquidation Principal with respect to such Mortgage
Loan and (B) the Group IV Senior Prepayment Percentage of any Subsequent
Recoveries for Loan Group IV for such Distribution Date.

Group IV Senior Percentage: For any Distribution Date, the lesser of (i) 100%
and (ii) the Class Principal Balance of the Class IV-A Certificates divided by
the aggregate Principal Balance of the Group IV Loans, in each case immediately
before such Distribution Date.

Group IV Senior Prepayment Percentage: See the definition of "Group I Senior
Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior
Prepayment Percentage, Group IV Senior Prepayment Percentage, Group V Senior
Prepayment Percentage, Group VI Senior Prepayment Percentage or Group VII Senior
Prepayment Percentage."

                                       26

Group IV Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group IV Senior Percentage of the Principal
Payment Amount for Loan Group IV, (b) the Group IV Senior Prepayment Percentage
of the Principal Prepayment Amount for Loan Group IV and (c) the Group IV Senior
Liquidation Amount.

Group IV Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group IV Loans reduced
by the Class Principal Balance of the Class IV-A Certificates.

Group IV Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group IV Senior Percentage for such date.

Group IV Subordinate Prepayment Percentage: For any Distribution Date, the
excess of 100% over the Group IV Senior Prepayment Percentage for such
Distribution Date; provided, however, that if the Class Principal Balance of the
Class IV-A Certificates has been reduced to zero, then the Group IV Subordinate
Prepayment Percentage shall equal 100%.

Group V Certificates: The Class V-A Certificates.

Group V Loans:  The Mortgage  Loans  designated on the Mortgage Loan Schedule as
Group V Loans.

Group V Premium Rate Mortgage Loans: The Group V Loans having Pass-Through Rates
greater than or equal to 5.000% per annum.

Group V Senior Liquidation Amount: For any Distribution Date, the sum of (A) the
aggregate, for each Group V Loan which became a Liquidated Mortgage Loan during
the Prior Period, of the lesser of: (i) the Group V Senior Percentage of the
Principal Balance of such Mortgage Loan and (ii) the Group V Senior Prepayment
Percentage of the Liquidation Principal with respect to such Mortgage Loan and
(B) the Group V Senior Prepayment Percentage of any Subsequent Recoveries for
Loan Group V for such Distribution Date.

Group V Senior Percentage: For any Distribution Date, the lesser of (i) 100% and
(ii) the Class Principal Balance of the Class V-A Certificates divided by the
aggregate Principal Balance of the Group V Loans, in each case immediately
before such Distribution Date.

Group V Senior Prepayment Percentage: See the definition of "Group I Senior
Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior
Prepayment Percentage, Group IV Senior Prepayment Percentage, Group V Senior
Prepayment Percentage, Group VI Senior Prepayment Percentage or Group VII Senior
Prepayment Percentage."

Group V Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group V Senior Percentage of the Principal
Payment Amount for Loan Group V, (b) the Group V Senior Prepayment Percentage of
the Principal Prepayment Amount for Loan Group V and (c) the Group V Senior
Liquidation Amount.

Group V Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group V Loans reduced by
the Class Principal Balance of the Class V-A Certificates.

Group V Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group V Senior Percentage for such date.

Group V Subordinate Prepayment Percentage: For any Distribution Date, the excess
of 100% over the Group V Senior Prepayment Percentage for such Distribution

                                       27

Date; provided, however, that if the Class Principal Balance of the Class V-A
Certificates has been reduced to zero, then the Group V Subordinate Prepayment
Percentage shall equal 100%.

Group VI Certificates:  The Class VI-A Certificates.

Group VI Loans:  The Mortgage Loans  designated on the Mortgage Loan Schedule as
Group VI Loans.

Group VI Premium Rate Mortgage Loans: The Group VI Loans having Pass-Through
Rates greater than or equal to 6.000% per annum.

Group VI Senior Liquidation Amount: For any Distribution Date, the sum of (A)
the aggregate, for each Group VI Loan which became a Liquidated Mortgage Loan
during the Prior Period, of the lesser of: (i) the Group VI Senior Percentage of
the Principal Balance of such Mortgage Loan and (ii) the Group VI Senior
Prepayment Percentage of the Liquidation Principal with respect to such Mortgage
Loan and (B) the Group VI Senior Prepayment Percentage of any Subsequent
Recoveries for Loan Group VI for such Distribution Date.

Group VI Senior Percentage: For any Distribution Date, the lesser of (i) 100%
and (ii) the Class Principal Balance of the Class VI-A Certificates divided by
the aggregate Principal Balance of the Group VI Loans, in each case immediately
before such Distribution Date.

Group VI Senior Prepayment Percentage: See the definition of "Group I Senior
Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior
Prepayment Percentage, Group IV Senior Prepayment Percentage, Group V Senior
Prepayment Percentage or Group VI Senior Prepayment Percentage."

Group VI Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group VI Senior Percentage of the Principal
Payment Amount for Loan Group VI, (b) the Group VI Senior Prepayment Percentage
of the Principal Prepayment Amount for Loan Group VI and (c) the Group VI Senior
Liquidation Amount.

Group VI Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group VI Loans reduced
by the Class Principal Balance of the Class VI-A Certificates.

Group VI Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group VI Senior Percentage for such date.

Group VI Subordinate Prepayment Percentage: For any Distribution Date, the
excess of 100% over the Group VI Senior Prepayment Percentage for such
Distribution Date; provided, however, that if the Class Principal Balance of the
Class VI-A Certificates has been reduced to zero, then the Group VI Subordinate
Prepayment Percentage shall equal 100%.

Group VII Certificates:  The Class VII-A Certificates.

Group VII Loans:  The Mortgage Loans designated on the Mortgage Loan Schedule as
Group VII Loans.

Group VII Premium Rate Mortgage Loans: The Group VII Loans having Pass-Through
Rates greater than or equal to 5.500% per annum.

                                       28

Group VII Senior Liquidation Amount: For any Distribution Date, the sum of (A)
the aggregate, for each Group VII Loan which became a Liquidated Mortgage Loan
during the Prior Period, of the lesser of: (i) the Group VII Senior Percentage
of the Principal Balance of such Mortgage Loan and (ii) the Group VII Senior
Prepayment Percentage of the Liquidation Principal with respect to such Mortgage
Loan and (B) the Group VII Senior Prepayment Percentage of any Subsequent
Recoveries for Loan Group VII for such Distribution Date.

Group VII Senior Percentage: For any Distribution Date, the lesser of (i) 100%
and (ii) the Class Principal Balance of the Class VII-A Certificates divided by
the aggregate Principal Balance of the Group VII Loans, in each case immediately
before such Distribution Date.

Group VII Senior Prepayment Percentage: See the definition of "Group I Senior
Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior
Prepayment Percentage, Group IV Senior Prepayment Percentage, Group V Senior
Prepayment Percentage, Group VI Senior Prepayment Percentage or Group VII Senior
Prepayment Percentage."

Group VII Senior Principal Distribution Amount: For any Distribution Date, an
amount equal to the sum of (a) the Group VII Senior Percentage of the Principal
Payment Amount for Loan Group VII, (b) the Group VII Senior Prepayment
Percentage of the Principal Prepayment Amount for Loan Group VII and (c) the
Group VII Senior Liquidation Amount.

Group VII Subordinate Balance: For any date of determination, an amount equal to
the then outstanding aggregate Principal Balance of the Group VII Loans reduced
by the Class Principal Balance of the Class VII-A Certificates.

Group VII Subordinate Percentage: For any Distribution Date, the excess of 100%
over the Group VII Senior Percentage for such date.

Group VII Subordinate Prepayment Percentage: For any Distribution Date, the
excess of 100% over the Group VII Senior Prepayment Percentage for such
Distribution Date; provided, however, that if the Class Principal Balance of the
Class VII-A Certificates has been reduced to zero, then the Group VII
Subordinate Prepayment Percentage shall equal 100%.

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.

Initial Custodial Agreement: The Custodial Agreement, dated the date hereof,
among the Trustee, the Master Servicer and the Initial Custodian.

Initial Custodian: Washington Mutual Bank fsb, which has been designated by the
Company to be appointed by the Trustee to act as Custodian, and whose
appointment has been approved by the Master Servicer.

Insurance Proceeds: Amounts paid or payable by the insurer under any Primary
Insurance Policy or any other insurance policy (including any replacement policy
permitted under this Agreement) covering any Mortgage Loan or Mortgaged
Property, including, without limitation, any hazard insurance policy required
pursuant to Section 3.07, any title insurance policy required pursuant to
Section 2.08 and any FHA insurance policy or VA guaranty.

Interest Distribution Amount: For any Distribution Date, for any Class of REMIC
I Regular Interests or Certificates and for the Class R-1 Residual Interest, the
amount of interest accrued during the Prior Period, at the related Certificate
Interest Rate for such Class for such Distribution Date, on the respective Class

                                       29

Principal Balance or Class Notional Amount immediately before such Distribution
Date, reduced by Uncompensated Interest Shortfall and the interest portion of
Realized Losses allocated to such Class on such Distribution Date pursuant to
the definitions of "Uncompensated Interest Shortfall" and "Realized Loss,"
respectively. The computation of interest accrued shall be made on the basis of
a 360-day year of twelve 30-day months.

Interest Transfer Amount: On any Distribution Date for an Undercollateralized
Group, an amount equal to one month's interest on the applicable Principal
Transfer Amount at 5.000% per annum if the Undercollateralized Group is Loan
Group I or Loan Group V, at 5.500% per annum if the Undercollateralized Group is
Loan Group II or Loan Group VII, at 6.000% per annum if the Undercollateralized
Group is Loan Group III, at 6.500% per annum if the Undercollateralized Group is
Loan Group IV and at 4.500% per annum if the Undercollateralized Group is Loan
Group VI, plus any interest accrued on the Senior Certificates related to such
Undercollateralized Group remaining unpaid from prior Distribution Dates.

Investment Account: The commingled account (which shall be commingled only with
investment accounts related to series of pass-through certificates with a class
of certificates which has a rating equal to the highest of the Ratings of the
Certificates) maintained by the Master Servicer in the trust department of the
Investment Depository pursuant to Section 3.03 and which bears a designation
acceptable to the Rating Agencies.

Investment Depository: JPMorgan Chase Bank, or another bank or trust company
designated from time to time by the Master Servicer. The Investment Depository
shall at all times be an Eligible Institution.

Junior  Subordinate  Certificates:  The  Class  B-4,  Class  B-5 and  Class  B-6
Certificates.

Last Scheduled Distribution Date: With respect to any Class of Certificates, the
Final Maturity Date for such Class; provided, however, that with respect to the
Class I-A and Class II-A Certificates, the "Last Scheduled Distribution Date"
shall be the Distribution Date in July 2034; with respect to the Class V-A and
Class VI-A Certificates, the "Last Scheduled Distribution Date" shall be the
Distribution Date in July 2019; and with respect to the Class VII-A
Certificates, the "Last Scheduled Distribution Date" shall be the Distribution
Date in August 2019.

Lender:  An  institution  from which the Company  purchased  any Mortgage  Loans
pursuant to a Selling and Servicing Contract.

Liquidated Mortgage Loan: A Mortgage Loan (other than a Mortgage Loan with
respect to which a Payoff has been made) for which the Master Servicer or the
applicable Servicer has determined in accordance with its customary servicing
practices that it has received all amounts which it expects to recover from or
on account of such Mortgage Loan, whether from Insurance Proceeds, Liquidation
Proceeds or otherwise. For purposes of this definition, acquisition of a
Mortgaged Property by the Trust shall not constitute final liquidation of the
related Mortgage Loan.

                                       30

Liquidation Principal: The principal portion of Liquidation Proceeds received
with respect to each Mortgage Loan which became a Liquidated Mortgage Loan (but
not in excess of the principal balance thereof) during the Prior Period.

Liquidation Proceeds: Amounts after deduction of amounts reimbursable under
Section 3.05(a)(i) and (ii) received and retained in connection with the
liquidation of defaulted Mortgage Loans, whether through foreclosure or
otherwise, other an any Subsequent Recoveries.

Loan Group: Loan Group I, Loan Group II, Loan Group III, Loan Group IV, Loan
Group V, Loan Group VI or Loan Group VII, as applicable.

Loan Group I: The group of Mortgage Loans comprised of the Group I Loans.

Loan Group II: The group of Mortgage Loans comprised of the Group II Loans.

Loan Group III: The group of Mortgage Loans comprised of the Group III Loans.

Loan Group IV: The group of Mortgage Loans comprised of the Group IV Loans.

Loan Group V: The group of Mortgage Loans comprised of the Group V Loans.

Loan Group VI: The group of Mortgage Loans comprised of the Group VI Loans.

Loan Group VII: The group of Mortgage Loans comprised of the Group VII Loans.

Loan-to-Value Ratio: The original principal amount of a Mortgage Loan divided by
the Original Value; provided, however, that references to "current Loan-to-Value
Ratio" or "Loan-to-Value Ratio as of the Cut-Off Date" in Section 2.08 shall be
deemed to mean the then current Principal Balance of a Mortgage Loan divided by
the Original Value.

Lowest Class B Owner: An owner unaffiliated with the Company or the Master
Servicer of (i) a 100% interest in the Class of Class B Certificates with the
lowest priority or (ii) a 100% interest in a class of securities representing
such interest in such Class specified in clause (i) above.

Master Servicer: The Company, or any successor thereto appointed as provided
pursuant to Section 7.02, acting to service and administer the Mortgage Loans
pursuant to Section 3.01.

Master Servicer Business Day: Any day other than a Saturday, a Sunday, or a day
on which banking institutions in Chicago, Illinois are authorized or obligated
by law or executive order to be closed.

Master Servicing Fee: The fee charged by the Master Servicer for supervising the
mortgage servicing and advancing certain expenses, equal to a per annum rate set
forth for each Mortgage Loan in Exhibit D on the outstanding Principal Balance
of such Mortgage Loan, payable monthly from the Certificate Account, the
Investment Account or the Custodial Account for P&I.

                                       31

MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
any successor thereto.

MERS Loan: Any Mortgage Loan registered on the MERS(R) System for which MERS
appears as the mortgagee of record on the Mortgage or on an assignment thereof.

MERS(R) System: The system of electronically recording transfers of Mortgages
maintained by MERS.

MIN: The Mortgage Identification Number for a MERS Loan.

MOM Loan: A Mortgage Loan that was registered on the MERS(R) System at the time
of origination thereof and for which MERS appears as the mortgagee of record on
the Mortgage.

Monthly P&I Advance: An advance of funds by the Master Servicer pursuant to
Section 4.02 or a Servicer pursuant to its Selling and Servicing Contract to
cover delinquent principal and interest installments.

Monthly Payment: The scheduled payment of principal and interest on a Mortgage
Loan (including any amounts due from a Buydown Fund, if any) which is due on the
related Due Date for such Mortgage Loan.

Moody's:  Moody's  Investors  Service,  Inc.,  provided that at any time it be a
Rating Agency.

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

Mortgage File: The following documents or instruments with respect to each
Mortgage Loan transferred and assigned by the Company pursuant to Section 2.04,
(X) with respect to each Mortgage Loan that is not a Cooperative Loan:

(i) The original Mortgage Note endorsed (A) in blank, without recourse, or (B)
to "Citibank, N.A., as Trustee, without recourse" or to "WaMu Mortgage
Pass-Through Certificates Series 2004-CB2 Trust, without recourse" and all
intervening endorsements evidencing a complete chain of endorsements from the
originator to the Trustee or the Trust, as applicable, or, in the event of any
Destroyed Mortgage Note, a copy or a duplicate original of the Mortgage Note (or
portion thereof, as applicable), together with an original lost note affidavit
from the originator of the Mortgage Loan or the Company (or any affiliate of the
Company from which the Company acquired the Mortgage Loan), as applicable,
stating that the original Mortgage Note (or portion thereof, as applicable) was
lost, misplaced or destroyed, together with a copy of the Mortgage Note (or
portion thereof, as applicable); provided, however, that in the event the
Company acquired the Mortgage Loan from an affiliate of the Company, then the
Mortgage Note (or portion thereof, as applicable) need not be endorsed in blank
or to Citibank, N.A. or the Trust as provided above (but, if not so endorsed,
shall be made payable to, or endorsed by the mortgagee named therein to, such
affiliate of the Company);

                                       32

(ii) The Buydown Agreement, if applicable;

(iii) A Mortgage that is either

(1) (x) the original recorded Mortgage with evidence of recording thereon for
the jurisdiction in which the Mortgaged Property is located (which original
recorded Mortgage, in the case of a MOM Loan, shall set forth the MIN and shall
indicate that the Mortgage Loan is a MOM Loan), (y) unless the Mortgage Loan is
a MERS Loan, an original Mortgage assignment thereof duly executed and
acknowledged in recordable form (A) in blank or (B) to "Citibank, N.A., as
Trustee," or to "WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust,"
and (z) unless the Mortgage Loan is a MOM Loan, recorded originals of all
intervening assignments evidencing a complete chain of assignment, from the
originator to the name holder or the payee endorsing the related Mortgage Note
(or, in the case of a MERS Loan other than a MOM Loan, from the originator to
MERS); or

(2) (x) a copy (which may be in electronic form) of the Mortgage (which
Mortgage, in the case of a MOM Loan, shall set forth the MIN and shall indicate
that the Mortgage Loan is a MOM Loan) which represents a true and correct
reproduction of the original Mortgage and which has either been certified (i) on
the face thereof by the public recording office in the appropriate jurisdiction
in which the Mortgaged Property is located, or (ii) by the originator, the
related Lender or the escrow or title company which provided closing services in
connection with such Mortgage Loan as a true and correct copy the original of
which has been sent for recordation, (y) unless the Mortgage Loan is a MERS
Loan, an original Mortgage assignment thereof duly executed and acknowledged in
recordable form (A) in blank or (B) to "Citibank, N.A., as Trustee," or to "WaMu
Mortgage Pass-Through Certificates Series 2004-CB2 Trust," and (z) unless the
Mortgage Loan is a MOM Loan, true and correct copies, certified by the
applicable county recorder or by the originator or Lender as described above, of
all intervening assignments evidencing a complete chain of assignment from the
originator to the name holder or the payee endorsing the related Mortgage Note
(or, in the case of a MERS Loan other than a MOM Loan, from the originator to
MERS);

provided, however, that in the event the Company acquired the Mortgage Loan from
an affiliate of the Company, then the Mortgage File need not include a Mortgage
assignment executed in blank or to Citibank, N.A. or the Trust as provided in
clause (X)(iii)(1)(y) or (X)(iii)(2)(y) above, as applicable (but the Mortgage
File shall, unless the Mortgage Loan was originated by such affiliate of the
Company, include an intervening Mortgage assignment to such affiliate as
provided in clause (X)(iii)(1)(z) or (X)(iii)(2)(z) above, as applicable); and

(iv) For any Mortgage Loan that has been modified or amended, the original
instrument or instruments effecting such modification or amendment;

                                       33

and (Y) with respect to each Cooperative Loan:

(i) the original Mortgage Note endorsed (A) in blank, without recourse, or (B)
to "Citibank, N.A., as Trustee, without recourse" or to "WaMu Mortgage
Pass-Through Certificates Series 2004-CB2 Trust, without recourse" and all
intervening endorsements evidencing a complete chain of endorsements, from the
originator to the Trustee or the Trust, as applicable, or, in the event of any
Destroyed Mortgage Note, a copy or a duplicate original of the Mortgage Note (or
portion thereof, as applicable), together with an original lost note affidavit
from the originator of the Cooperative Loan or the Company (or any affiliate of
the Company from which the Company acquired the Mortgage Loan), as applicable,
stating that the original Mortgage Note (or portion thereof, as applicable) was
lost, misplaced or destroyed, together with a copy of the Mortgage Note (or
portion thereof, as applicable); provided, however, that in the event the
Company acquired the Cooperative Loan from an affiliate of the Company, then the
Mortgage Note need not be endorsed in blank or to Citibank, N.A. or the Trust as
provided above (but, if not so endorsed, shall be made payable to, or endorsed
by the originator or successor lender named therein to, such affiliate of the
Company);

(ii) A counterpart of the Cooperative Lease and the Assignment of Proprietary
Lease to the originator of the Cooperative Loan;

(iii) The related Cooperative Stock Certificate, representing the related
Cooperative Stock pledged with respect to such Cooperative Loan, together with
an undated stock power (or other similar instrument) executed in blank;

(iv) The Recognition Agreement;

(v) The Security Agreement;

(vi) Copies of the original UCC financing statement, and any continuation
statements, filed by the originator of such Cooperative Loan as secured party,
each with evidence of recording thereof, evidencing the interest of the
originator under the Security Agreement and the Assignment of Proprietary Lease;

(vii) Copies of the filed UCC assignments or amendments of the security interest
referenced in clause (vi) above showing an unbroken chain of title from the
originator to the Trust, each with evidence of recording thereof, evidencing the
interest of the assignee under the Security Agreement and the Assignment of
Proprietary Lease;

(viii) An executed assignment of the interest of the originator in the Security
Agreement, the Assignment of Proprietary Lease and the Recognition Agreement,
showing an unbroken chain of title from the originator to the Trust; and

(ix) For any Cooperative Loan that has been modified or amended, the original
instrument or instruments effecting such modification or amendment;

provided, however, that in the event the Company acquired the Cooperative Loan
from an affiliate of the Company, then the Mortgage File need not include (1) a
UCC assignment or amendment of the security interest referenced in clause

                                       34

(Y)(vi) above to the Trust as provided in clause (Y)(vii) above (but the
Mortgage File shall, unless the Cooperative Loan was originated by such
affiliate of the Company, include a UCC assignment or amendment of such security
interest to such affiliate) or (2) an assignment of the interest of the
originator in the Security Agreement, the Assignment of Proprietary Lease and
the Recognition Agreement to the Trust as provided in clause (Y)(viii) above
(but the Mortgage File shall, unless the Cooperative Loan was originated by such
affiliate of the Company, include an assignment of such interest to such
affiliate).

Mortgage Interest Rate: For any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan pursuant to the terms of the related
Mortgage Note.

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

(i) its loan number,

(ii) the address of the Mortgaged Property,

(iii) the name of the Mortgagor,

(iv) the Original Value of the property subject to the Mortgage,

(v) the Principal Balance as of the Cut-Off Date,

(vi) the Mortgage Interest Rate, as of the Cut-Off Date, borne by the Mortgage
Note,

(vii) whether a Primary Insurance Policy is in effect as of the Cut-Off Date,
and, if so, whether such Primary Insurance Policy is a Special Primary Insurance
Policy,

(viii) the maturity of the Mortgage Note,

(ix) the Servicing Fee and the Master Servicing Fee,

(x) its Loan Group, and

(xi) whether it imposes penalties for early prepayments.

Mortgage Loans: The mortgage loans and cooperative loans (if any) listed on the
Mortgage Loan Schedule and transferred and assigned to the Trust pursuant
hereto. With respect to each Mortgage Loan that is a Cooperative Loan, "Mortgage
Loan" shall include, but not be limited to, the Mortgage Note, Security
Agreement, Assignment of Proprietary Lease, Recognition Agreement, Cooperative
Stock Certificate and Cooperative Lease and, with respect to each Mortgage Loan
other than a Cooperative Loan, "Mortgage Loan" shall include, but not be limited
to the Mortgage Note and the related Mortgage.

                                       35

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

Mortgage Pool: All of the Mortgage Loans.

Mortgage Pool Assets: (i) The Mortgage Loans (including all Substitute Mortgage
Loans) identified on the Mortgage Loan Schedule, and all rights pertaining
thereto, including the related Mortgage Notes, Mortgages, Cooperative Stock
Certificates, Cooperative Leases, Security Agreements, Assignments of
Proprietary Lease, and Recognition Agreements, and all payments and
distributions with respect to the Mortgage Loans payable on and after the
Cut-Off Date; (ii) the Certificate Account, the Investment Account, and all
money, instruments, investment property, and other property credited thereto,
carried therein, or deposited therein (except amounts constituting the Master
Servicing Fee or the Servicing Fee); (iii) the Custodial Accounts for P&I, the
Custodial Accounts for Reserves, any Buydown Fund Account (to the extent of the
amounts on deposit or other property therein attributable to the Mortgage
Loans), and all money, instruments, investment property, and other property
credited thereto, carried therein, or deposited therein (except amounts
constituting the Master Servicing Fee or the Servicing Fee); (iv) all property
that secured a Mortgage Loan and that has been acquired by foreclosure or deed
in lieu of foreclosure or, in the case of a Cooperative Loan, a similar form of
conversion, after the Cut-Off Date; and (v) each FHA insurance policy, Primary
Insurance Policy, VA guaranty, and other insurance policy related to any
Mortgage Loan, and all amounts paid or payable thereunder and all proceeds
thereof.

Mortgaged Property: With respect to any Mortgage Loan, other than a Cooperative
Loan, the real property, together with improvements thereto, and, with respect
to any Cooperative Loan, the related Cooperative Stock and Cooperative Lease,
securing the indebtedness of the Mortgagor under the related Mortgage Loan.
"Mortgaged Property" shall also refer to property which once secured the
indebtedness of a Mortgagor under the related Mortgage Loan but which was
acquired by the Trust upon foreclosure or other liquidation of such Mortgage
Loan.

Mortgagor: The obligor on a Mortgage Note.

Nonrecoverable Advance: With respect to any Mortgage Loan, any advance which the
Master Servicer shall determine to be a Nonrecoverable Advance pursuant to
Section 4.03 and which was, or is proposed to be, made by (i) the Master
Servicer or (ii) a Servicer pursuant to its Selling and Servicing Contract.

Non-U.S. Person: A Person that is not a U.S. Person.

Notice Addresses: (a) In the case of the Company, 75 North Fairway Drive, Vernon
Hills, Illinois 60061, Attention: Master Servicing Department, with a copy to:
Washington Mutual Legal Department, 1201 Third Avenue, WMT 1706, Seattle, WA
98101, Attention: WMMSC, or such other address as may hereafter be furnished to
the Trustee in writing by the Company, (b) in the case of the Trustee, at its
Corporate Trust Office, or such other address as may hereafter be furnished to
the Master Servicer in writing by the Trustee, (c) in the case of the Delaware
Trustee, 1314 King Street, Wilmington, DE 19801, or such other address as may
hereafter be furnished to the Master Servicer in writing by the Delaware

                                       36

Trustee, (d) in the case of the Trust, c/o Citibank, N.A., at the Corporate
Trust Office, or such other address as may hereafter be furnished to the Master
Servicer in writing by the Trustee, (e) in the case of the Certificate
Registrar, at its Corporate Trust Office, or such other address as may hereafter
be furnished to the Trustee in writing by the Certificate Registrar, (f) in the
case of S&P, 55 Water Street, 41st Floor, New York, New York 10041-0003,
Attention: Frank Raiter, or such other address as may hereafter be furnished to
the Trustee and Master Servicer in writing by S&P and (g) in the case of
Moody's, 99 Church Street, New York, New York 10007, Attention: Monitoring, or
such other address as may hereafter be furnished to the Trustee and Master
Servicer in writing by Moody's.

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

Officer's Certificate: A certificate signed by the Chairman of the Board, the
President, a Vice President, or the Treasurer of the Master Servicer and
delivered to the Trustee or the Delaware Trustee, as applicable.

Opinion of Counsel: A written opinion of counsel, who shall be reasonably
acceptable to the Trustee or the Delaware Trustee, as applicable, and who may be
counsel (including in-house counsel) for the Company or the Master Servicer.

Original Trust Agreement: The Trust Agreement, dated as of June 1, 2004, between
the Company and the Delaware Trustee, providing for the creation of the Trust.

Original Value: With respect to any Mortgage Loan other than a Mortgage 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
Mortgage Loan was originated or (b) the purchase price paid for the Mortgaged
Property by the Mortgagor. With respect to a Mortgage Loan originated for the
purpose of refinancing existing mortgage debt, the Original Value shall be equal
to the Appraised Value of the Mortgaged Property.

Overcollateralized Group: Any of Loan Group I, Loan Group II, Loan Group III,
Loan Group IV, Loan Group V, Loan Group VI or Loan Group VII, if on any
Distribution Date such Loan Group is not an Undercollateralized Group and one or
more of the other Loan Groups is an Undercollateralized Group.

Ownership Interest: 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.

Pass-Through Entity: 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.

Pass-Through Rate: For each Mortgage Loan, a per annum rate equal to the
Mortgage Interest Rate for such Mortgage Loan less the per annum percentage
rates related to each of (i) the Servicing Fee for such Mortgage Loan, (ii) the
Master Servicing Fee for such Mortgage Loan and (iii) if such Mortgage Loan was
covered by a Special Primary Insurance Policy on the Closing Date (even if no
longer so covered), the applicable Special Primary Insurance Premium. For each
Mortgage Loan, any calculation of monthly interest at such rate shall be based

                                       37

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 such Mortgage 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 such Mortgage Loan multiplied by a fraction, the numerator
of which is the number 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: Any paying agent appointed by the Trustee pursuant to Section 8.12.

Payoff: Any Mortgagor payment of principal on a Mortgage Loan equal to the
entire outstanding Principal Balance of such Mortgage Loan, if received in
advance of the last scheduled Due Date for such Mortgage Loan and accompanied by
an amount of interest equal to accrued unpaid interest on the Mortgage Loan to
the date of such payment-in-full. (Prepayment penalties are not payments of
principal and hence Payoffs do not include prepayment penalties.)

Payoff Earnings: For any Distribution Date with respect to each Mortgage Loan on
which a Payoff was received by the Master Servicer during the Payoff Period, the
aggregate of the interest earned by the Master Servicer from investment of each
such Payoff from the date of receipt of such Payoff until the Business Day
immediately preceding the related Distribution Date (net of investment losses).

Payoff Interest: For any Distribution Date with respect to a Mortgage Loan for
which a Payoff was received on or after the first calendar day of the month of
such Distribution Date and before the 15th calendar day of such month, an amount
of interest thereon at the applicable Pass-Through Rate from the first day of
the month of distribution through the day of receipt thereof; to the extent
(together with Payoff Earnings and the aggregate Master Servicing Fee) not
required to be distributed as Compensating Interest on such Distribution Date,
Payoff Interest shall be payable to the Master Servicer as additional servicing
compensation.

Payoff Period: For the first Distribution Date, the period from the Cut-Off Date
through June 14, 2004, inclusive; and for any Distribution Date thereafter, the
period from the 15th day of the Prior Period through the 14th day of the month
of such Distribution Date, inclusive.

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 equal to:

(i) with respect to any Certificate (other than the Residual and Class X
Certificates), its Certificate Principal Balance divided by the applicable Class
Principal Balance;

(ii) with respect to any Class X Certificate, the portion of the respective
Class Notional Amount evidenced by such Certificate divided by the respective
Class Notional Amount; and

                                       38

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

(b) With respect to the rights of each Certificate in connection with Sections
5.09, 7.01, 8.01(c), 8.02, 8.07, 10.01 and 10.03, "Percentage Interest" shall
mean the percentage equal to:

(i) with respect to any Certificate (other than the Class X and Residual
Certificates), the product of (x) ninety-eight percent (98%) and (y) its
Certificate Principal Balance divided by the Aggregate Certificate Principal
Balance of the Certificates; provided, however, that the percentage in clause
(x) above shall be increased by one percent (1%) upon the retirement of each
Class of Class X Certificates;

(ii) with respect to any Class X Certificate, one percent (1%) of such
Certificate's Percentage Interest as calculated by paragraph (a)(ii) of this
definition; and

(iii) with respect to any Residual 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, 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" as defined in
Section 775(a) of the Code, (vi) any Person from whom the Trustee 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 Company based upon an Opinion of Counsel that the transfer
of an Ownership Interest in a Residual Certificate to such Person may cause
REMIC I or REMIC II 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 Freddie Mac, 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.

Prepaid Monthly Payment: Any Monthly Payment received prior to its scheduled Due
Date, which is intended to be applied to a Mortgage 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.

                                       39

Primary Insurance Policy: A policy of mortgage guaranty insurance, if any, on an
individual Mortgage Loan or on pools of mortgage loans that include an
individual Mortgage Loan, providing coverage as required by Section 2.08(xi)
(including any Special Primary Insurance Policy).

Principal Balance: Except as used in Sections 2.07, 3.09 and 9.01 and for
purposes of the definition of Purchase Price, at the time of any determination,
the principal balance of a Mortgage Loan remaining to be paid at the close of
business on the Cut-Off Date, after application of all scheduled principal
payments due on or before the Cut-Off Date, whether or not received, reduced by
all amounts distributed or (except when such determination occurs earlier in the
month than the Distribution Date) to be distributed to Certificateholders
through the Distribution Date in the month of determination that are reported as
allocable to principal of such Mortgage Loan.

For purposes of the definition of Purchase Price and as used in Sections 2.07,
3.09 and 9.01, at the time of any determination, the principal balance of a
Mortgage Loan remaining to be paid at the close of business on the Cut-Off Date,
after deduction of all scheduled principal payments due on or before the Cut-Off
Date, whether or not received, 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 Mortgage Loan.

In the case of a Substitute Mortgage Loan, "Principal Balance" shall mean, at
the time of any determination, the principal balance of such Substitute Mortgage
Loan transferred to the Trust, 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 Mortgage Loan.

The Principal Balance of a Mortgage Loan (including a Substitute Mortgage 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 Mortgage Loan during a calendar month, the
Principal Balance of such Mortgage Loan shall be reduced by the amount of such
Realized Loss as of the Due Date next following the end of such calendar month.

Principal  Payment:  Any payment of  principal  on a Mortgage  Loan other than a
Principal Prepayment.

Principal Payment Amount: For any Distribution Date and for any Loan Group, the
sum with respect to the Mortgage Loans in such Loan Group of (i) the scheduled
principal payments on the Mortgage Loans due on the related Due Date, (ii) the
principal portion of proceeds received with respect to any Mortgage Loan which
was purchased or repurchased pursuant to a Purchase Obligation or as permitted
by this Agreement during the Prior Period and (iii) any other unscheduled
payments of principal which were received with respect to any Mortgage Loan
during the Prior Period, other than Payoffs, Curtailments, Liquidation Principal
and Subsequent Recoveries.

                                       40

Principal  Prepayment:  Any  payment  of  principal  on a  Mortgage  Loan  which
constitutes a Payoff or a Curtailment.

Principal Prepayment Amount: For any Distribution Date and for any Loan Group,
the sum with respect to the Mortgage Loans in such Loan Group of (i)
Curtailments received during the Prior Period from such Mortgage Loans and (ii)
Payoffs received during the Payoff Period from such Mortgage Loans.

Principal Transfer Amount: For any Distribution Date for each
Undercollateralized Group, the excess, if any, of the aggregate Class Principal
Balance of the Class A Certificates related to such Undercollateralized Group
over the aggregate Principal Balance of the Mortgage Loans in such Loan Group,
in each case immediately prior to such Distribution Date.

Prior  Period:  With  respect  to any  Distribution  Date,  the  calendar  month
immediately preceding such Distribution Date.

Pro Rata Allocation: The allocation of the principal portion of Realized Losses
to all Classes of Certificates (other than the Class R Certificates) pro rata
according to their respective Class Principal Balances in reduction thereof, and
the allocation of the interest portion of Realized Losses to all Classes of the
Certificates (other than the Class R Certificates) pro rata according to the
amount of interest accrued but unpaid on each such Class, in reduction thereof,
and then to such Classes (other than the Class R and Class X Certificates) pro
rata according to their respective Class Principal Balances in reduction
thereof.

Prospectus:  The  Prospectus,  dated  February  10,  2004,  and  the  Prospectus
Supplement, dated June 21, 2004, of the Company.

Purchase  Obligation:  An obligation of the Company to repurchase Mortgage Loans
under the  circumstances  and in the manner  provided in Section 2.07 or Section
2.08.

Purchase Price: With respect to any Mortgage Loan to be purchased pursuant to a
Purchase Obligation or pursuant to Section 3.01, an amount equal to the sum of
(i) the Principal Balance thereof, (ii) unpaid accrued interest thereon, if any,
during the calendar month in which the date of purchase occurs to the last day
of such month at a rate equal to the applicable Pass-Through Rate and (iii) with
respect to any Mortgage Loan to be purchased pursuant to Section 2.08, any costs
and damages incurred by the Trust in connection with any violation by such
Mortgage Loan of any predatory and abusive lending laws, to the extent such
costs and damages result from a breach of the representation and warranty made
by the Company pursuant to clause (viii) of Section 2.08; provided, however,
that to the extent that such costs and damages constitute a set-off against the
principal balance of the Mortgage Loan, such costs and damages will not be paid
pursuant to this clause (iii), and the amount paid pursuant to clause (i) above

                                       41

will be calculated without regard to such set-off; provided, further, that no
Mortgage Loan shall be purchased or required to be purchased pursuant to Section
2.08, or more than two years after the Closing Date under Section 2.07, unless
(a) the Mortgage Loan to be purchased is in default, or default is in the
judgment of the Company reasonably imminent, or (b) the Company, at its expense,
delivers to the Trustee an Opinion of Counsel addressed to the Trust and the
Trustee to the effect that the purchase of such Mortgage Loan will not give rise
to a tax on a prohibited transaction, as defined in Section 860F(a) of the Code.

Qualified Insurer: A mortgage guaranty insurance company duly qualified as such
under the laws of the states in which the Mortgaged Properties are located if
such qualification is necessary to issue the applicable insurance policy or
bond, duly authorized and licensed in such states to transact the applicable
insurance business and to write the insurance provided by the Primary Insurance
Policies and approved as an insurer by the Master Servicer. A Qualified Insurer
must have the rating required by the Rating Agencies.

Rating Agency: Initially, each of S&P and Moody's and thereafter, each
nationally recognized statistical rating organization that has rated the
Certificates at the request of the Company, or their respective successors in
interest.

Ratings: As of any date of determination, the ratings, if any, of the
Certificates as assigned by the applicable Rating Agencies.

Realized Loss: For any Distribution Date, with respect to any Mortgage Loan
which became a Liquidated Mortgage Loan during the related Prior Period, the sum
of (i) the principal balance of such Mortgage Loan remaining outstanding and the
principal portion of Nonrecoverable Advances actually reimbursed with respect to
such Mortgage Loan (the principal portion of such Realized Loss), and (ii) the
accrued interest on such Mortgage Loan remaining unpaid and the interest portion
of Nonrecoverable Advances actually reimbursed with respect to such Mortgage
Loan (the interest portion of such Realized Loss); provided, however, that for
purposes of allocating Realized Losses to the Certificates pursuant to this
definition of "Realized Loss," the aggregate principal portion of Realized
Losses for any Distribution Date for any Loan Group shall be reduced by the
Cumulative Carry-Forward Subsequent Recoveries Amount for such Distribution Date
for such Loan Group. For any Distribution Date, with respect to any Mortgage
Loan which is not a Liquidated Mortgage Loan, the amount of the Bankruptcy Loss
incurred with respect to such Mortgage Loan as of the related Due Date.

Realized Losses on Group I, Group II, Group III, Loan Group IV, Loan Group V,
Group VI and Group VII Loans shall be allocated to the REMIC I Regular Interests
as follows: (1) The interest portion of Realized Losses on Group I Loans and
Group V Loans, if any, shall be allocated, first, to the Class C-X-M and Class
D-X-M Regular Interests in an amount equal to the amount of such losses
allocated to the Class C-X and Class D-X Certificates pursuant to the third
paragraph of this definition of "Realized Loss," in reduction of the amount of
interest accrued but unpaid thereon, and, second, the remainder of such losses
shall be allocated between the Class C-Y-1 and Class C-Z-1 Regular Interests pro
rata according to the amount of interest accrued but unpaid thereon, in
reduction thereof; (2) the interest portion of Realized Losses on Group II Loans
and Group VII Loans, if any, shall be allocated, first, to the Class C-X-M and
Class D-X-M Regular Interests in an amount equal to the amount of such losses
allocated to the Class C-X and Class D-X Certificates pursuant to the third
paragraph of this definition of "Realized Loss," in reduction of the amount of
interest accrued but unpaid thereon, and, second, the remainder of such losses
shall be allocated between the Class C-Y-2 and Class C-Z-2 Regular Interests pro
rata according to the amount of interest accrued but unpaid thereon, in
reduction thereof; (3) the interest portion of Realized Losses on Group III
Loans, if any, shall be allocated, first, to the Class C-X-M Regular Interest in

                                       42

an amount equal to the amount of such losses allocated to the Class C-X
Certificates pursuant to the third paragraph of this definition of "Realized
Loss," in reduction of the amount of interest accrued but unpaid thereon, and,
second, the remainder of such losses shall be allocated between the Class C-Y-3
and Class C-Z-3 Regular Interests pro rata according to the amount of interest
accrued but unpaid thereon, in reduction thereof; (4) the interest portion of
Realized Losses on Group IV Loans, if any, shall be allocated, first, to the
Class C-X-M Regular Interest in an amount equal to the amount of such losses
allocated to the Class C-X Certificates pursuant to the third paragraph of this
definition of "Realized Loss," in reduction of the amount of interest accrued
but unpaid thereon, and, second, the remainder of such losses shall be allocated
between the Class C-Y-4 and Class C-Z-4 Regular Interests pro rata according to
the amount of interest accrued but unpaid thereon, in reduction thereof; and (5)
the interest portion of Realized Losses on Group VI Loans, if any, shall be
allocated, first, to the Class D-X-M Regular Interest in an amount equal to the
amount of such losses allocated to the Class D-X Certificates pursuant to the
third paragraph of this definition of "Realized Loss," in reduction of the
amount of interest accrued but unpaid thereon, and, second, the remainder of
such losses shall be allocated between the Class C-Y-5 and Class C-Z-5 Regular
Interests pro rata according to the amount of interest accrued but unpaid
thereon, in reduction thereof. Any interest portion of such Realized Losses in
excess of the amount allocated pursuant to the preceding sentence shall be
treated as a principal portion of Realized Losses not attributable to any
specific Mortgage Loan in such Loan Group and allocated pursuant to the
succeeding sentences. The remainder of the principal portion of Realized Losses
with respect to Loan Group I, Loan Group II, Loan Group III, Loan Group IV, Loan
Group V, Loan Group VI and Loan Group VII shall be allocated to the REMIC I
Regular Interests as follows: (1) The principal portion of Realized Losses on
Group I and Group V Loans shall be allocated, first, to the Class C-Y-1 Regular
Interest to the extent of the Class C-Y-1 Principal Reduction Amount in
reduction of the Class Principal Balance of such Regular Interest and, second,
the remainder, if any, of such principal portion of such Realized Losses shall
be allocated to the Class C-Z-1 Regular Interest in reduction of the Class
Principal Balance thereof; (2) the principal portion of Realized Losses on Group
II and Group VII Loans shall be allocated, first, to the Class C-Y-2 Regular
Interest to the extent of the Class C-Y-2 Principal Reduction Amount in
reduction of the Class Principal Balance of such Regular Interest and, second,
the remainder, if any, of such principal portion of such Realized Losses shall
be allocated to the Class C-Z-2 Regular Interest in reduction of the Class
Principal Balance thereof; (3) the principal portion of Realized Losses on Group
III Loans shall be allocated, first, to the Class C-Y-3 Regular Interest to the
extent of the Class C-Y-3 Principal Reduction Amount in reduction of the Class
Principal Balance of such Regular Interest and, second, the remainder, if any,
of such principal portion of such Realized Losses shall be allocated to the
Class C-Z-3 Regular Interest in reduction of the Class Principal Balance
thereof; (4) the principal portion of Realized Losses on Group IV Loans shall be
allocated, first, to the Class C-Y-4 Regular Interest to the extent of the Class
C-Y-4 Principal Reduction Amount in reduction of the Class Principal Balance of
such Regular Interest and, second, the remainder, if any, of such principal
portion of such Realized Losses shall be allocated to the Class C-Z-4 Regular
Interest in reduction of the Class Principal Balance thereof; and (5) the
principal portion of Realized Losses on Group VI Loans shall be allocated,
first, to the Class C-Y-5 Regular Interest to the extent of the Class C-Y-5
Principal Reduction Amount in reduction of the Class Principal Balance of such
Regular Interest and, second, the remainder, if any, of such principal portion
of such Realized Losses shall be allocated to the Class C-Z-5 Regular Interest
in reduction of the Class Principal Balance thereof.

                                       43

Except for Special Hazard Losses in excess of the Special Hazard Coverage, Fraud
Losses in excess of the Fraud Coverage and Bankruptcy Losses in excess of the
Bankruptcy Coverage, Realized Losses on Mortgage Loans in a Loan Group shall be
allocated among the Certificates (i) for Realized Losses allocable to principal
(a) first, to the Class B-6 Certificates, until the Class B-6 Principal Balance
has been reduced to zero, (b) second, to the Class B-5 Certificates, until the
Class B-5 Principal Balance has been reduced to zero, (c) third, to the Class
B-4 Certificates, until the Class B-4 Principal Balance has been reduced to
zero, (d) fourth, to the Class B-3 Certificates, until the Class B-3 Principal
Balance has been reduced to zero, (e) fifth, to the Class B-2 Certificates,
until the Class B-2 Principal Balance has been reduced to zero, (f) sixth, to
the Class B-1 Certificates, until the Class B-1 Principal Balance has been
reduced to zero, and (g) seventh, to the Class A Certificates related to such
Loan Group, pro rata according to the Class Principal Balance thereof, in
reduction thereof; and (ii) for Realized Losses allocable to interest (a) first,
to the Class B-6 Certificates, in reduction of accrued but unpaid interest
thereon and then in reduction of the Class B-6 Principal Balance, (b) second, to
the Class B-5 Certificates, in reduction of accrued but unpaid interest thereon
and then in reduction of the Class B-5 Principal Balance, (c) third, to the
Class B-4 Certificates, in reduction of accrued but unpaid interest thereon and
then in reduction of the Class B-4 Principal Balance, (d) fourth, to the Class
B-3 Certificates, in reduction of accrued but unpaid interest thereon and then
in reduction of the Class B-3 Principal Balance, (e) fifth, to the Class B-2
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class B-2 Principal Balance, (f) sixth, to the Class B-1
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class B-1 Principal Balance, and (g) seventh, to the Class A
and Class X Certificates related to such Loan Group, pro rata according to
accrued but unpaid interest on such Classes, in reduction thereof, and then to
those related Class A Certificates, pro rata according to the Class Principal
Balances thereof, in reduction thereof.

Special Hazard Losses in excess of the Special Hazard Coverage, Fraud Losses in
excess of the Fraud Coverage and Bankruptcy Losses in excess of the Bankruptcy
Coverage shall be allocated among the REMIC II Regular Interests 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 Class Principal Balance of all outstanding Classes
of Certificates (plus any Cumulative Carry-Forward Subsequent Recoveries Amount
for such Distribution Date for any Loan Group) exceeds the aggregate principal
balance of the Mortgage Loans remaining to be paid at the close of business on
the Cut-Off Date, after deduction of (i) all principal payments due on or before
the Cut-Off Date in respect of each such Mortgage Loan whether or not paid, and
(ii) all amounts of principal in respect of each Mortgage Loan that have been
received or advanced and included in the REMIC II Available Distribution Amount
for the Group I, Group II, Group III, Group IV, Group V, Group VI and Group VII
Certificates and all losses in respect of each Mortgage Loan 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 to
the most junior Class of Class B Certificates, in reduction of the Class
Principal Balance thereof.

Recognition Agreement: With respect to a Cooperative Loan, the recognition
agreement between the Cooperative and the originator of such Cooperative Loan.

                                       44

Record Date: The last Business Day of the month immediately  preceding the month
of the related Distribution Date.

Regular  Interests:  (i) With respect to REMIC I, the REMIC I Regular  Interests
and (ii) with respect to REMIC II, the REMIC II Regular Interests.

Relief Act Shortfall: With respect to a Loan Group, for any Distribution Date
for any Mortgage Loan in such Loan Group with respect to which the
Servicemembers Civil Relief Act, formerly known as the Soldiers' and Sailors'
Civil Relief Act of 1940, or any comparable state legislation (collectively, the
"Relief Act"), limits the amount of interest payable by the related Mortgagor,
an amount equal to one month's interest on such Mortgage Loan at an annual
interest rate equal to the excess, if any, of (i) the annual interest rate
otherwise payable by the Mortgagor on the related Due Date under the terms of
the related Mortgage Note over (ii) the annual interest rate payable by the
Mortgagor on the related Due Date by application of the Relief Act.

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

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.

REMIC I: The segregated pool of assets of the Trust consisting of the REMIC I
Assets, which shall be a REMIC pursuant to the Code, with respect to which a
separate REMIC election is to be made and the beneficial interests in which
shall be the REMIC I Regular Interests and the Class R-1 Residual Interest.

REMIC I Assets: All of the Mortgage Pool Assets.

REMIC I Available Distribution Amount: For each Loan Group for any Distribution
Date, the sum of the following amounts with respect to the Mortgage Loans in
such Loan Group (together with, for the first Distribution Date, the amount
deposited by the Company in the Certificate Account pursuant to the last
paragraph of Section 2.01):

(1) the total amount of all cash received by or on behalf of the Master Servicer
with respect to such Mortgage Loans by the Determination Date for such
Distribution Date and not previously distributed, including Monthly P&I Advances
made by Servicers, Liquidation Proceeds and scheduled amounts of distributions
from Buydown Funds respecting Buydown Loans, if any, except:

(a) all scheduled payments of principal and interest collected but due
subsequent to such Distribution Date;

(b) all Curtailments received after the Prior Period;

(c) all Payoffs received after the Payoff Period immediately preceding such
Distribution Date (together with any interest payment received with such Payoffs
to the extent that it represents the payment of interest accrued on the Mortgage
Loans for the period subsequent to the Prior Period), and interest which was
accrued and received on Payoffs received during the period from the 1st to the
14th day of the month of such Distribution Date, which interest shall not be
included in the calculation of the REMIC I Available Distribution Amount for any
Distribution Date;

                                       45

(d) Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries received
on such Mortgage Loans after the Prior Period;

(e) all amounts in the Certificate Account which are due and reimbursable to a
Servicer or the Master Servicer pursuant to the terms of this Agreement;

(f) the sum of the Master Servicing Fee and the Servicing Fee for each such
Mortgage Loan, and any Special Primary Insurance Premium payable on such
Distribution Date with respect to such Mortgage Loan; and

(g) Excess Liquidation Proceeds;

(2) the sum, to the extent not previously distributed, of the following amounts,
to the extent advanced or received, as applicable, by the Master Servicer:

(a) any Monthly P&I Advance made by the Master Servicer to the Trustee with
respect to such Distribution Date relating to such Mortgage Loans; and

(b) Compensating Interest; and

(3) the total amount of any cash received during the Prior Period by the Trustee
or the Master Servicer in respect of a Purchase Obligation under Section 2.07
and Section 2.08 or any permitted purchase of such a Mortgage Loan.

REMIC I Distribution Amount: For any Distribution Date, the REMIC I Available
Distribution Amount shall be distributed to the REMIC I Regular Interests and
the Class R-1 Residual Interest in the following amounts and priority:

(a) To the extent of the REMIC I Available Distribution Amount for Loan Group I
and Loan Group V:
(i) first, to the Class C-X-M, Class D-X-M, Class C-Y-1 and Class C-Z-1 Regular
Interests, concurrently, the sum of (x) the Interest Distribution Amounts for
the Class C-Y-1 and Class C-Z-1 Regular Interests and (y) the portion of the
Interest Distribution Amount for the Class C-X-M and Class D-X-M Regular
Interests derived from the Group I and Group V Loans, in each case remaining
unpaid from previous Distribution Dates, pro rata according to their respective
shares of such unpaid amounts;

(ii) second, to the Class C-X-M, Class D-X-M, Class C-Y-1 and Class C-Z-1
Regular Interests, concurrently, the sum of (x) the Interest Distribution
Amounts for the Class C-Y-1 and Class C-Z-1 Regular Interests and (y) the
portion of the Interest Distribution Amount for the Class C-X-M and Class D-X-M
Regular Interests derived from the Group I and Group V Loans, in each case for
the current Distribution Date, pro rata according to their respective Interest
Distribution Amounts (or portion thereof, as applicable); and

                                       46

(iii) third, to the Class C-Y-1 and Class C-Z-1 Regular Interests, the Class
C-Y-1 Principal Distribution Amount and the Class C-Z-1 Principal Distribution
Amount, respectively.

(b) To the extent of the REMIC I Available Distribution Amount for Loan Group II
and Loan Group VII:

(i) first, to the Class C-X-M, Class D-X-M, Class C-Y-2 and Class C-Z-2 Regular
Interests, concurrently, the sum of (x) the Interest Distribution Amounts for
the Class C-Y-2 and Class C-Z-2 Regular Interests and (y) the portion of the
Interest Distribution Amount for the Class C-X-M and Class D-X-M Regular
Interests derived from the Group II and Group VII Loans, in each case remaining
unpaid from previous Distribution Dates, pro rata according to their respective
shares of such unpaid amounts;

(ii) second, to the Class C-X-M, Clsss D-X-M, Class C-Y-2 and Class C-Z-2
Regular Interests, concurrently, the sum of (x) the Interest Distribution
Amounts for the Class C-Y-2 and Class C-Z-2 Regular Interests and (y) the
portion of the Interest Distribution Amount for the Class C-X-M and Class D-X-M
Regular Interests derived from the Group II and Group VII Loans, in each case
for the current Distribution Date, pro rata according to their respective
Interest Distribution Amounts (or portion thereof, as applicable); and

(iv) third, to the Class C-Y-2 and Class C-Z-2 Regular Interests, the Class
C-Y-2 Principal Distribution Amount and the Class C-Z-2 Principal Distribution
Amount, respectively.

(c) To the extent of the REMIC I Available Distribution Amount for Loan Group
III:

(i) first, to the Class C-X-M, Class C-Y-3 and Class C-Z-3 Regular Interests,
concurrently, the sum of (x) the Interest Distribution Amounts for the Class
C-Y-3 and Class C-Z-3 Regular Interests and (y) the portion of the Interest
Distribution Amount for the Class C-X-M Regular Interest derived from the Group
III Loans, in each case remaining unpaid from previous Distribution Dates, pro
rata according to their respective shares of such unpaid amounts;

(ii) second, to the Class C-X-M, Class C-Y-3 and Class C-Z-3 Regular Interests,
concurrently, the sum of (x) the Interest Distribution Amounts for the Class
C-Y-3 and Class C-Z-3 Regular Interests and (y) the portion of the Interest
Distribution Amount for the Class C-X-M Regular Interest derived from the Group
III Loans, in each case for the current Distribution Date, pro rata according to
their respective Interest Distribution Amounts (or portion thereof, as
applicable);

(iii) third, to the Class R-1 Residual Interest, until the Class Principal
Balance thereof has been reduced to zero; and

(iv) fourth, to the Class C-Y-3 and Class C-Z-3 Regular Interests, the Class
C-Y-3 Principal Distribution Amount and the Class C-Z-3 Principal Distribution
Amount, respectively.

                                       47

(d) To the extent of the REMIC I Available Distribution Amount for Loan Group
IV:

(i) first, to the Class C-X-M, Class C-Y-4 and Class C-Z-4 Regular Interests,
concurrently, the sum of (x) the Interest Distribution Amounts for the Class
C-Y-4 and Class C-Z-4 Regular Interests and (y) the portion of the Interest
Distribution Amount for the Class C-X-M Regular Interest derived from the Group
IV Loans, in each case remaining unpaid from previous Distribution Dates, pro
rata according to their respective shares of such unpaid amounts;

(ii) second, to the Class C-X-M, Class C-Y-4 and Class C-Z-4 Regular Interests,
concurrently, the sum of (x) the Interest Distribution Amounts for the Class
C-Y-4 and Class C-Z-4 Regular Interests and (y) the portion of the Interest
Distribution Amount for the Class C-X-M Regular Interest derived from the Group
IV Loans, in each case for the current Distribution Date, pro rata according to
their respective Interest Distribution Amounts (or portion thereof, as
applicable); and

(iii) third, to the Class C-Y-4 and Class C-Z-4 Regular Interests, the Class
C-Y-4 Principal Distribution Amount and the Class C-Z-4 Principal Distribution
Amount, respectively.

(e) To the extent of the REMIC I Available Distribution Amount for Loan Group
VI:

(i) first, to the Class D-X-M, Class C-Y-5 and Class C-Z-5 Regular Interests,
concurrently, the sum of (x) the Interest Distribution Amounts for the Class
C-Y-5 and Class C-Z-5 Regular Interests and (y) the portion of the Interest
Distribution Amount for the Class D-X-M Regular Interest derived from the Group
VI Loans, in each case remaining unpaid from previous Distribution Dates, pro
rata according to their respective shares of such unpaid amounts;

(ii) second, to the Class D-X-M, Class C-Y-5 and Class C-Z-5 Regular Interests,
concurrently, the sum of (x) the Interest Distribution Amounts for the Class
C-Y-5 and Class C-Z-5 Regular Interests and (y) the portion of the Interest
Distribution Amount for the Class D-X-M Regular Interest derived from the Group
VI Loans, in each case for the current Distribution Date, pro rata according to
their respective Interest Distribution Amounts (or portion thereof, as
applicable); and

(iii) third, to the Class C-Y-5 and Class C-Z-5 Regular Interests, the Class
C-Y-5 Principal Distribution Amount and the Class C-Z-5 Principal Distribution
Amount, respectively.

(f) To the extent of the REMIC I Available Distribution Amounts for Loan Group
I, Loan Group II, Loan Group III, Loan Group IV, Loan Group V, Loan Group VI and
Loan Group VII for such Distribution Date remaining after payment of the amounts
pursuant to paragraphs (a), (b), (c), (d) and (e) of this definition of "REMIC I
Distribution Amount":

(i) first, to each Class of Class C-Y and Class C-Z Regular Interests, pro rata
according to the amount of unreimbursed Realized Losses allocable to principal
previously allocated to each such Class, the aggregate amount of any
distributions to the Certificates pursuant to paragraph (h)(xix) of the
definition of "REMIC II Distribution Amount" on such Distribution Date;

                                       48

provided, however, that any amounts distributed pursuant to this paragraph
(f)(i) of this definition of "REMIC I Distribution Amount" shall not cause a
reduction in the Class Principal Balances of any of the Class C-Y and Class C-Z
Regular Interests; and

(ii) second, to the Class R-1 Residual Interest, the Residual Distribution
Amount for the Class R-1 Residual Interest for such Distribution Date.

REMIC I Regular Interests: The Classes of undivided beneficial interests in
REMIC I designated as "regular interests" in the table titled "REMIC I
Interests" in the Preliminary Statement hereto. The REMIC I Regular Interests,
together with the Class R-1 Residual Interest, shall be deemed to be a separate
series of beneficial interests in the assets of the Trust consisting of the
REMIC I Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

REMIC II: The segregated pool of assets of the Trust consisting of the REMIC II
Assets, which shall be a REMIC pursuant to the Code, with respect to which a
separate REMIC election is to be made, and the beneficial interests in which
shall be the REMIC II Regular Interests and the Class R-2 Residual Interest.

REMIC II Assets: The REMIC I Regular Interests.

REMIC II Available Distribution Amount: With respect to the Group I
Certificates, on any Distribution Date, the aggregate of all distributions to
the Class C-Y-1 and Class C-Z-1 Regular Interests and the portions attributable
to Group I Loans of all distributions to the Class C-X-M Regular Interest (which
amount shall be available for distributions to the Group I, Class C-X and Class
B Certificates and the Class R-2 Residual Interest as provided herein). With
respect to the Group II Certificates, on any Distribution Date, the aggregate of
the portions attributable to Group II Loans of all distributions to the Class
C-Y-2, Class C-Z-2 and Class C-X-M Regular Interests and the portions
attributable to Group II Loans of all distributions to the Class C-X-M Regular
Interest (which amount shall be available for distributions to the Group II,
Class C-X and Class B Certificates and the Class R-2 Residual Interest as
provided herein). With respect to the Group III Certificates, on any
Distribution Date, the aggregate of all distributions to the Class C-Y-3 and
Class C-Z-3 Regular Interests and the portions attributable to Group III Loans
of all distributions to the Class C-X-M Regular Interest (which amount shall be
available for distributions to the Group III, Class C-X and Class B Certificates
and the Class R-2 Residual Interest as provided herein). With respect to the
Group IV Certificates, on any Distribution Date, the aggregate of the portions
attributable to Group IV Loans of all distributions to the Class C-Y-4, Class
C-Z-4 and Class C-X-M Regular Interests and the portions attributable to Group
IV Loans of all distributions to the Class C-X-M Regular Interest (which amount
shall be available for distributions to the Group IV, Class C-X and Class B
Certificates and the Class R-2 Residual Interest as provided herein). With

                                       49

respect to the Group V Certificates, on any Distribution Date, the aggregate of
all distributions to the Class C-Y-1, Class C-Z-1 and Class D-X-M Regular
Interests and the portions attributable to Group V Loans of all distributions to
the Class D-X-M Regular Interest (which amount shall be available for
distributions to the Group V, Class D-X and Class B Certificates and the Class
R-2 Residual Interest as provided herein). With respect to the Group VI
Certificates, on any Distribution Date, the aggregate of all distributions to
the Class C-Y-5, Class C-Z-5 and Class D-X-M Regular Interests and the portions
attributable to Group VI Loans of all distributions to the Class D-X-M Regular
Interest (which amount shall be available for distributions to the Group VI,
Class D-X and Class B Certificates and the Class R-2 Residual Interest as
provided herein). With respect to the Group VII Certificates, on any
Distribution Date, the aggregate of all distributions to the Class C-Y-2, Class
C-Z-2 and Class D-X-M Regular Interests and the portions attributable to Group
VI Loans of all distributions to the Class D-X-M Regular Interest (which amount
shall be available for distributions to the Group VII, Class D-X and Class B
Certificates and the Class R-2 Residual Interest as provided herein).

REMIC II Distribution Amount: For any Distribution Date, the REMIC II Available
Distribution Amount shall be distributed to the Certificates and the Class R-2
Residual Interest in the following amounts and priority:

(a) With respect to the Class C-X and Group I Certificates, on any Distribution
Date, to the extent of the REMIC II Available Distribution Amount for the Group
I Certificates for such Distribution Date:

(i) first, to the Class I-A and Class C-X Certificates, concurrently, the sum of
(x) the Interest Distribution Amounts for the Class I-A Certificates and (y) the
portion of the Interest Distribution Amount for the Class C-X Certificates
derived from the Group I Loans, in each case remaining unpaid from previous
Distribution Dates, pro rata according to their respective shares of such unpaid
amounts;

(ii) second, to the Class I-A and Class C-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class I-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class C-X Certificates
derived from the Group I Loans, in each case for the current Distribution Date,
pro rata according to their respective Interest Distribution Amounts; and

(iii) third, to the Class I-A Certificates, as principal, the Group I Senior
Principal Distribution Amount, until the Class I-A Principal Balance has been
reduced to zero;

(b) With respect to the Class C-X and Group II Certificates, on any Distribution
Date, to the extent of the REMIC II Available Distribution Amount for the Group
II Certificates for such Distribution Date:

(i) first, to the Class II-A and Class C-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class II-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class C-X Certificates
derived from the Group II Loans, in each case remaining unpaid from previous
Distribution Dates, pro rata according to their respective shares of such unpaid
amounts;

(ii) second, to the Class II-A and Class C-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class II-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class C-X Certificates
derived from the Group II Loans, in each case for the current Distribution Date,
pro rata according to their respective Interest Distribution Amounts; and

                                       50

(iii) third, to the Class II-A Certificates, as principal, the Group II Senior
Principal Distribution Amount, until the Class II-A Principal Balance has been
reduced to zero;

(c) With respect to the Class C-X and Group III Certificates, to the extent of
the REMIC II Available Distribution Amount for the Group III Certificates for
such Distribution Date:

(i) first, to the Class III-A and Class C-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class III-A Certificates and
(y) the portion of the Interest Distribution Amount for the Class C-X
Certificates derived from the Group III Loans, in each case remaining unpaid
from previous Distribution Dates, pro rata according to their respective shares
of such unpaid amounts;

(ii) second, to the Class III-A and Class C-X Certificates, concurrently, the
sum of (x) the Interest Distribution Amounts for the Class III-A Certificates
and (y) the portion of the Interest Distribution Amount for the Class C-X
Certificates derived from the Group III Loans, in each case for the current
Distribution Date, pro rata according to their respective Interest Distribution
Amounts; and

(iii) third, to the Class III-A Certificates, as principal, the Group III Senior
Principal Distribution Amount, until the Class III-A Principal Balance has been
reduced to zero (reduced, on the first Distribution Date, by $100);

(d) With respect to the Class C-X and Group IV Certificates, to the extent of
the REMIC II Available Distribution Amount for the Group IV Certificates for
such Distribution Date:

(i) first, to the Class IV-A and Class C-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class IV-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class C-X Certificates
derived from the Group IV Loans, in each case remaining unpaid from previous
Distribution Dates, pro rata according to their respective shares of such unpaid
amounts;

(ii) second, to the Class IV-A and Class C-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class IV-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class C-X Certificates
derived from the Group IV Loans, in each case for the current Distribution Date,
pro rata according to their respective Interest Distribution Amounts; and

(iii) third, to the Class IV-A Certificates, as principal, the Group IV Senior
Principal Distribution Amount, until the Class IV-A Principal Balance has been
reduced to zero;

(e) With respect to the Class D-X and Group V Certificates, on any Distribution
Date, to the extent of the REMIC II Available Distribution Amount for the Group
V Certificates for such Distribution Date:

                                       51

(i) first, to the Class V-A and Class D-X Certificates, concurrently, the
Interest Distribution Amounts for such Classes of Certificates remaining unpaid
from previous Distribution Dates, pro rata according to their respective shares
of such unpaid amounts;

(ii) second, to the Class V-A and Class D-X Certificates, concurrently, the
Interest Distribution Amounts for such Classes of Certificates for the current
Distribution Date, pro rata according to their respective Interest Distribution
Amounts; and

(iii) third, to the Class V-A Certificates, as principal, the Group V Senior
Principal Distribution Amount, until the Class V-A Principal Balance has been
reduced to zero;

(f) With respect to the Class D-X and Group VI Certificates, on any Distribution
Date, to the extent of the REMIC II Available Distribution Amount for the Group
VI Certificates for such Distribution Date:

(i) first, to the Class VI-A and Class D-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class VI-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class D-X Certificates
derived from the Group VI Loans, in each case remaining unpaid from previous
Distribution Dates, pro rata according to their respective shares of such unpaid
amounts;

(ii) second, to the Class VI-A and Class D-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class VI-A Certificates and (y)
the portion of the Interest Distribution Amount for the Class D-X Certificates
derived from the Group VI Loans, in each case for the current Distribution Date,
pro rata according to their respective Interest Distribution Amounts; and

(iii) third, to the Class VI-A Certificates, as principal, the Group VI Senior
Principal Distribution Amount, until the Class VI-A Principal Balance has been
reduced to zero;

(g) With respect to the Class D-X and Group VII Certificates, on any
Distribution Date, to the extent of the REMIC II Available Distribution Amount
for the Group VII Certificates for such Distribution Date:

(i) first, to the Class VII-A and Class D-X Certificates, concurrently, the sum
of (x) the Interest Distribution Amounts for the Class VII-A Certificates and
(y) the portion of the Interest Distribution Amount for the Class D-X
Certificates derived from the Group VII Loans, in each case remaining unpaid
from previous Distribution Dates, pro rata according to their respective shares
of such unpaid amounts;

(ii) second, to the Class VII-A and Class D-X Certificates, concurrently, the
sum of (x) the Interest Distribution Amounts for the Class VII-A Certificates
and (y) the portion of the Interest Distribution Amount for the Class D-X
Certificates derived from the Group VII Loans, in each case for the current
Distribution Date, pro rata according to their respective Interest Distribution
Amounts; and

                                       52

(iii) third, to the Class VII-A Certificates, as principal, the Group VII Senior
Principal Distribution Amount, until the Class VII-A Principal Balance has been
reduced to zero;

(h) With respect to the Group I, Group II, Group III, Group IV, Group V, Group
VI, Group VII and Class B Certificates and the Class R-2 Residual Interest, on
any Distribution Date, to the extent of the REMIC II Available Distribution
Amounts for the Group I, Group II, Group III, Group IV, Group V, Group VI and
Group VII Certificates for such Distribution Date remaining after the payment of
the amounts pursuant to paragraphs (a), (b), (c), (d), (e), (f) and (g) of this
definition of "REMIC II Distribution Amount":

(i) first, to the Class B-1 Certificates, the Interest Distribution Amount for
such Class of Certificates remaining unpaid from previous Distribution Dates;

(ii) second, to the Class B-1 Certificates, the Interest Distribution Amount for
such Class of Certificates for the current Distribution Date;

(iii) third, to the Class B-1 Certificates, the portion of the Subordinate
Principal Distribution Amount allocable to such Class of Certificates pursuant
to the definition of "Subordinate Principal Distribution Amount," until the
Class B-1 Principal Balance has been reduced to zero;

(iv) fourth, to the Class B-2 Certificates, the Interest Distribution Amount for
such Class of Certificates remaining unpaid from previous Distribution Dates;

(v) fifth, to the Class B-2 Certificates, the Interest Distribution Amount for
such Class of Certificates for the current Distribution Date;

(vi) sixth, to the Class B-2 Certificates, the portion of the Subordinate
Principal Distribution Amount allocable to such Class of Certificates pursuant
to the definition of "Subordinate Principal Distribution Amount," until the
Class B-2 Principal Balance has been reduced to zero;

(vii) seventh, to the Class B-3 Certificates, the Interest Distribution Amount
for such Class of Certificates remaining unpaid from previous Distribution
Dates;

(viii) eighth, to the Class B-3 Certificates, the Interest Distribution Amount
for such Class of Certificates for the current Distribution Date;

(ix) ninth, to the Class B-3 Certificates, the portion of the Subordinate
Principal Distribution Amount allocable to such Class of Certificates pursuant
to the definition of "Subordinate Principal Distribution Amount," until the
Class B-3 Principal Balance has been reduced to zero;

(x) tenth, to the Class B-4 Certificates, the Interest Distribution Amount for
such Class of Certificates remaining unpaid from previous Distribution Dates;

                                       53

(xi) eleventh, to the Class B-4 Certificates, the Interest Distribution Amount
for such Class of Certificates for the current Distribution Date;

(xii) twelfth, to the Class B-4 Certificates, the portion of the Subordinate
Principal Distribution Amount allocable to such Class of Certificates pursuant
to the definition of "Subordinate Principal Distribution Amount," until the
Class B-4 Principal Balance has been reduced to zero;

(xiii) thirteenth, to the Class B-5 Certificates, the Interest Distribution
Amount for such Class of Certificates remaining unpaid from previous
Distribution Dates;

(xiv) fourteenth, to the Class B-5 Certificates, the Interest Distribution
Amount for such Class of Certificates for the current Distribution Date;

(xv) fifteenth, to the Class B-5 Certificates, the portion of the Subordinate
Principal Distribution Amount allocable to such Class of Certificates pursuant
to the definition of "Subordinate Principal Distribution Amount," until the
Class B-5 Principal Balance has been reduced to zero;

(xvi) sixteenth, to the Class B-6 Certificates, the Interest Distribution Amount
for such Class of Certificates remaining unpaid from previous Distribution
Dates;

(xvii) seventeenth, to the Class B-6 Certificates, the Interest Distribution
Amount for such Class of Certificates for the current Distribution Date;

(xviii) eighteenth, to the Class B-6 Certificates, the portion of the
Subordinate Principal Distribution Amount allocable to such Class of
Certificates pursuant to the definition of "Subordinate Principal Distribution
Amount," until the Class B-6 Principal Balance has been reduced to zero;

(xix) nineteenth, to each Class of Certificates in order of seniority (which,
from highest to lowest, shall be as follows: the Class I-A, Class II-A, Class
III-A, Class IV-A, Class V-A, Class VI-A and Class VII-A Certificates of equal
seniority, and then Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
Class B-6 of decreasing seniority) the remaining portion, if any, of the REMIC
II Available Distribution Amounts for the Group I, Group II, Group III, Group
IV, Group V, Group VI and Group VII Certificates, up to the amount of
unreimbursed Realized Losses allocable to principal previously allocated or to
be allocated on such Distribution Date to such Class, if any; provided, however,
that in the case of Classes of Certificates of equal seniority, the amount
distributable to such Classes shall be allocated among such Classes according to
the amount of losses allocated thereto; provided, further, that any amounts
distributed pursuant to this paragraph (h)(xix) of this definition of "REMIC II
Distribution Amount" shall not cause a reduction in the Class Principal Balances
of any of the Certificates; and

(xx) twentieth, to the Class R-2 Residual Interest, the Residual Distribution
Amounts for the Group I, Group II, Group III, Group IV, Group V, Group VI and
Group VII Certificates for such Distribution Date.

                                       54

Notwithstanding  the  foregoing  paragraph  (h) of this  definition of "REMIC II
Distribution Amount,"

(X) on any Distribution Date on which both of the following conditions specified
in clauses (1) and (2) are met:

(1) the aggregate Class Principal Balance of any of the Class I-A Certificates,
the Class II-A Certificates, the Class III-A Certificates, the Class IV-A
Certificates, the Class V-A Certificates, the Class VI-A Certificates or the
Class VII-A Certificates has been reduced to zero, and

(2) either (a) the Class B Percentage for such Distribution Date is less than
200% of the Class B Percentage as of the Closing Date or (b) the outstanding
principal balance of the Mortgage Loans in any of Loan Group I, Loan Group II,
Loan Group III, Loan Group IV, Loan Group V, Loan Group VI or Loan Group VII
delinquent 60 days or more averaged over the last six months (including Mortgage
Loans in foreclosure and Mortgage Loans the Mortgaged Property of which is held
by REMIC I and acquired by foreclosure or deed in lieu of foreclosure), as a
percentage of the related Subordinate Component Balance, is greater than or
equal to 50%,

all principal received or advanced with respect to the Mortgage Loans in the
Loan Group related to the Class A Certificates that have been paid in full shall
be paid as principal to the remaining Class A Certificates of such other
Certificate Group or Groups to the extent of and in reduction of the Class
Principal Balances thereof, prior to any distributions of principal to the Class
B Certificates pursuant to paragraph (h) above; provided, however, that if there
are two or more Certificate Groups with outstanding Class A Certificates, then
such principal will be distributed between those Certificate Groups pro rata
according to the aggregate Class Principal Balance of the Class A Certificates
of such Certificate Groups, and

(Y) if on any Distribution Date any of Loan Group I, Loan Group II, Loan Group
III, Loan Group IV, Loan Group V, Loan Group VI or Loan Group VII is an
Undercollateralized Group and the other such Loan Group or Groups is an
Overcollateralized Group, then the REMIC II Available Distribution Amount for
the Certificate Group or Groups related to the Overcollateralized Group or
Groups, to the extent remaining following distributions of interest and
principal to the Group I, Group II, Group III, Group IV, Group V, Group VI,
Group VII Class C-X and Class C-P Certificates pursuant to paragraph (a), (b),
(c), (d), (e), (f) or (g) above, as applicable, shall be paid in the following
priority: (1) first, such remaining amount, up to the Total Transfer Amount for
each Undercollateralized Group, pro rata according to the Total Transfer Amount
for each such Undercollateralized Group, shall be distributed (a) first, to the
Class A Certificates related to each Undercollateralized Group, in payment of
any portion of the Interest Distribution Amounts for such Classes of
Certificates remaining unpaid from such Distribution Date or previous
Distribution Dates, pro rata according to their respective shares of such unpaid
amounts, and (b) second, to the Class A Certificates related to each such
Undercollateralized Group, as principal, and (2) second, any remaining amount
shall be distributed pursuant to paragraph (h).

                                       55

REMIC II Regular Interests: The Classes of undivided beneficial interests in
REMIC II designated as "regular interests" in the table titled "REMIC II
Interests" in the Preliminary Statement hereto. The REMIC II Regular Interests,
together with the Class R-2 Residual Interest, shall be deemed to be a separate
series of beneficial interests in the assets of the Trust consisting of the
REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

Residual Certificates:  The Class R Certificates.

Residual Distribution Amount: For any Distribution Date, with respect to the
Class R-1 Residual Interest, any portion of the REMIC I Available Distribution
Amounts for Loan Group I, Loan Group II, Loan Group III, Loan Group IV, Loan
Group V, Loan Group VI and Loan Group VII remaining after all distributions of
such REMIC I Available Distribution Amounts pursuant to clauses (a), (b), (c),
(d), (e) and (f) (other than the last subclause of clause (f)) of the definition
of "REMIC I Distribution Amount."

For any Distribution Date, with respect to the Class R-2 Residual Interest and
for the Group I, Group II, Group III, Group IV, Group V, Group VI and Group VII
Certificates, any portion of the REMIC II Available Distribution Amount for the
Group I, Group II, Group III, Group IV, Group V, Group VI and Group VII
Certificates, respectively, remaining after all distributions of such REMIC II
Available Distribution Amount pursuant to clauses (a), (b), (c), (d), (e), (f),
(g) and (h), as applicable, of the definition of "REMIC II Distribution Amount"
(other than the distributions pursuant to the last subclause of clause (h)).

Upon termination of the obligations created by this Agreement and liquidation of
REMIC I and REMIC II, the amounts which remain on deposit in the Certificate
Account after payment to the Holders of the REMIC I Regular Interests of the
amounts set forth in Section 9.01 of this Agreement, and subject to the
conditions set forth therein, shall be distributed to the Class R-1 and Class
R-2 Residual Interests in accordance with the preceding sentences of this
definition as if the date of such distribution were a Distribution Date.

Responsible Officer: When used with respect to the Trustee or the Delaware
Trustee, any officer assigned to and working in the Corporate Trust Office (in
the case of the Trustee) or its corporate trust office (in the case of the
Delaware Trustee) or, in each case, in a similar group 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.

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

Secretary of State: The Secretary of State of the State of Delaware.

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

Security Agreement: With respect to a Cooperative Loan, the agreement or
mortgage creating a security interest in favor of the originator of the
Cooperative Loan in the related Cooperative Stock.

                                       56

Selling and Servicing Contract: (a) The contract (including the Washington
Mutual Mortgage Securities Corp. Selling Guide and Washington Mutual Mortgage
Securities Corp. Servicing Guide to the extent incorporated by reference
therein) between the Company and a Person relating to the sale of the Mortgage
Loans to the Company and the servicing of such Mortgage Loans for the benefit of
the Certificateholders, which contract is substantially in the form of Exhibit E
hereto, as such contract may be amended or modified from time to time; provided,
however, that any such amendment or modification shall not materially adversely
affect the interests and rights of Certificateholders or (b) any other similar
contract, including any mortgage loan purchase and servicing agreement or any
assignment, assumption and recognition agreement related to a mortgage loan
purchase and sale agreement, providing substantially similar rights and benefits
as those provided by the forms of contract attached as Exhibit E hereto.

Senior Certificates: The Class C-X, Class D-X, Group I, Group II, Group III,
Group IV, Group V, Group VI, Group VII and Residual Certificates.

Senior  Subordinate  Certificates:  The Subordinate  Certificates other than the
Junior Subordinate Certificates.

Servicer: A mortgage loan servicing institution to which the Master Servicer has
assigned servicing duties with respect to any Mortgage Loan under a Selling and
Servicing Contract; provided, however, the Master Servicer may designate itself
or one or more other mortgage loan servicing institutions as Servicer upon
termination of an initial Servicer's servicing duties.

Servicing Fee: For each Mortgage Loan, the fee paid to the Servicer thereof to
perform primary servicing functions for the Master Servicer with respect to such
Mortgage Loan, equal to the per annum rate set forth for each Mortgage Loan in
the Mortgage Loan Schedule on the outstanding Principal Balance of such Mortgage
Loan. In addition, any prepayment penalty received on a Mortgage Loan will be
paid as additional servicing compensation to the Master Servicer or the related
Servicer.

Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans or the
Certificates, as applicable, whose name and specimen signature appear on a list
of servicing officers furnished to the Trustee by the Master Servicer, as such
list may from time to time be amended.

Special Hazard Coverage: The Special Hazard Coverage on the most recent
anniversary of the Cut-Off Date (calculated in accordance with the second
sentence of this paragraph) or, if prior to the first such anniversary,
$3,265,293, in each case reduced by Special Hazard Losses allocated to the
Certificates since the most recent anniversary of the Cut-Off Date (or, if prior
to the first such anniversary, since the Cut-Off Date). 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 Mortgage Loans located in the single
California zip code area containing the largest aggregate principal balance of
Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the
Mortgage Loans and (c) twice the unpaid principal balance of the largest single
Mortgage Loan, in each case calculated as of the Due Date in the immediately

                                       57

preceding month, and (2) $3,265,293, as reduced by the Special Hazard Losses
allocated to the Certificates since the Cut-Off Date.

The Special Hazard Coverage may be reduced upon written confirmation from the
Rating Agencies that such reduction will not adversely affect the then current
ratings assigned to the Certificates by the Rating Agencies.

Special Hazard Loss: A Realized Loss (or portion thereof) with respect to a
Mortgage Loan arising from 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 of sovereign power
(de jure or de facto), 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
occurrence; or (viii) seizure or destruction under quarantine or customs
regulations, or confiscation by order of any government or public authority.

Special Primary Insurance Policy: Any Primary Insurance Policy covering a
Mortgage Loan the premium of which is payable by the Trustee pursuant to Section
4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special
Primary Insurance Policies with respect to any of the Mortgage Loans.

Special Primary Insurance Premium: With respect to any Special Primary Insurance
Policy, the monthly premium payable thereunder.

Statutory  Trust  Statute:  Chapter  38 of Title  12 of the  Delaware  Code,  12
Del.C.ss.3801 et seq., as the same may be amended from time to time.

Stripped Interest Rate: For each Group I Loan and Group V Loan, the excess, if
any, of the Pass-Through Rate for such Mortgage Loan over 5.000% per annum. For
each Group II Loan and Group VII Loan, the excess, if any, of the Pass-Through
Rate for such Mortgage Loan over 5.500% per annum. For each Group III Loan, the
excess, if any, of the Pass-Through Rate for such Mortgage Loan over 6.000% per
annum. For each Group IV, the excess, if any, of the Pass-Through Rate for such
Mortgage Loan over 6.500% per annum. For each Group VI, the excess, if any, of
the Pass-Through Rate for such Mortgage Loan over 4.500% per annum.

                                       58

Subordinate Certificates:  The Class B Certificates.

Subordinate Component Balance: With respect to Loan Group I for any date of
determination, the then outstanding aggregate Principal Balance of the Group I
Loans minus the then outstanding aggregate Class Principal Balance of the Class
I-A Certificates. With respect to Loan Group II for any date of determination,
the then outstanding aggregate Principal Balance of the Group II Loans minus the
then outstanding aggregate Class Principal Balance of the Class II-A
Certificates. With respect to Loan Group III for any date of determination, the
then outstanding aggregate Principal Balance of the Group III Loans minus the
then outstanding aggregate Class Principal Balance of the Class III-A and
Residual Certificates. With respect to Loan Group IV for any date of
determination, the then outstanding aggregate Principal Balance of the Group IV
Loans minus the then outstanding aggregate Class Principal Balance of the Class
IV-A Certificates. With respect to Loan Group V for any date of determination,
the then outstanding aggregate Principal Balance of the Group V Loans minus the
then outstanding aggregate Class Principal Balance of the Class V-A
Certificates. With respect to Loan Group VI for any date of determination, the
then outstanding aggregate Principal Balance of the Group VI Loans minus the
then outstanding aggregate Class Principal Balance of the Class VI-A
Certificates. With respect to Loan Group VII for any date of determination, the
then outstanding aggregate Principal Balance of the Group VII Loans minus the
then outstanding aggregate Class Principal Balance of the Class VII-A
Certificates.

Subordinate Liquidation Amount: For any Distribution Date, the excess, if any,
of the sum of (A) the aggregate of Liquidation Principal for all Mortgage Loans
which became Liquidated Mortgage Loans during the Prior Period and (B) any
Subsequent Recoveries for such Distribution Date for Loan Group I, Loan Group
II, Loan Group III, Loan Group IV, Loan Group V, Loan Group VI and Loan Group
VII, over the sum of the Group I Senior Liquidation Amount, Group II Senior
Liquidation Amount, Group III Senior Liquidation Amount, Group IV Senior
Liquidation Amount, Group V Senior Liquidation Amount, Group VI Senior
Liquidation Amount and Group VII Senior Liquidation Amount for such Distribution
Date.

Subordinate Percentage: The Group I Subordinate Percentage, Group II Subordinate
Percentage, Group III Subordinate Percentage, Group IV Subordinate Percentage,
Group V Subordinate Percentage, Group VI Subordinate Percentage or Group VII
Subordinate Percentage, as applicable.

Subordinate Principal Distribution Amount: For any Distribution Date, the excess
of (A) the sum of (i) the Group I Subordinate Percentage of the Principal
Payment Amount for Loan Group I, (ii) the Group II Subordinate Percentage of the
Principal Payment Amount for Loan Group II, (iii) the Group III Subordinate
Percentage of the Principal Payment Amount for Loan Group III, (iv) the Group IV
Subordinate Percentage of the Principal Payment Amount for Loan Group IV, (v)
the Group V Subordinate Percentage of the Principal Payment Amount for Loan
Group V, (vi) the Group VI Subordinate Percentage of the Principal Payment
Amount for Loan Group VI, (vii) the Group VII Subordinate Percentage of the
Principal Payment Amount for Loan Group VII, (viii) the Subordinate Principal
Prepayments Distribution Amount (without regard to the proviso in the definition
thereof) and (viii) the Subordinate Liquidation Amount over (B) the sum of (x)
in the event that the aggregate Class Principal Balance of any of the Class I-A,
Class II-A, Class III-A, Class IV-A, Class V-A, Class VI-A or Class VII-A
Certificates has been reduced to zero, principal paid from the REMIC II
Available Distribution Amount related to such Class A Certificates to the
remaining Class A Certificates, as set forth in clause (X) of the sentence
immediately following paragraph (h) of the definition of "REMIC II Distribution
Amount," and (y) the amounts paid from the REMIC II Available Distribution

                                       59

Amount for the Certificate Group related to an Overcollateralized Group to the
Class A Certificates related to an Undercollateralized Group pursuant to clause
(Y) of the sentence immediately following paragraph (h) of the definition of
"REMIC II Distribution Amount."

On any Distribution Date, the Subordinate Principal Distribution Amount shall be
allocated pro rata, by Class Principal Balance, among the Classes of Class B
Certificates and paid in the order of distribution to such Classes pursuant to
clause (h) of the definition of "REMIC II Distribution Amount" except as
otherwise stated in such definition. Notwithstanding the foregoing, on any
Distribution Date prior to distributions on such date, if the Subordination
Level for any Class of Class B Certificates is less than such Subordination
Level as of the Closing Date, the pro rata portion of the Subordinate Principal
Prepayments Distribution Amount otherwise allocable to the Class or Classes of
Class B Certificates junior to such Class will be distributed to the most senior
Class of Class B Certificates for which the Subordination Level is less than the
Subordination Level as of the Closing Date, and to the Class or Classes of Class
B Certificates senior thereto, pro rata according to the Class Principal
Balances of such Classes. For purposes of this definition and the definition of
"Subordination Level," the relative seniority, from highest to lowest, of the
Class B Certificates shall be as follows: Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5 and Class B-6.

Subordinate Principal Prepayments Distribution Amount: For any Distribution
Date, the sum of (i) the Group I Subordinate Prepayment Percentage of the
Principal Prepayment Amount for Loan Group I, (ii) the Group II Subordinate
Prepayment Percentage of the Principal Prepayment Amount for Loan Group II,
(iii) the Group III Subordinate Prepayment Percentage of the Principal
Prepayment Amount for Loan Group III, (iv) the Group IV Subordinate Prepayment
Percentage of the Principal Prepayment Amount for Loan Group IV, (v) the Group V
Subordinate Prepayment Percentage of the Principal Prepayment Amount for Loan
Group V, (vi) the Group VI Subordinate Prepayment Percentage of the Principal
Prepayment Amount for Loan Group VI; (vii) the Group VII Subordinate Prepayment
Percentage of the Principal Prepayment Amount for Loan Group VII; provided,
however, that if the amount specified in clause (B) of the definition of
"Subordinate Principal Distribution Amount" is greater than the sum of the
amounts specified in clauses (A)(i), (A)(ii), (A)(iii), (A)(iv), (A)(v),
(A)(vi), (A)(vii) and (A)(viii) of such definition, then the Subordinate
Principal Prepayments Distribution Amount shall be reduced by the amount of such
excess.

Subordination Level: On any specified date, with respect to any Class of Class B
Certificates, the percentage obtained by dividing the aggregate Class Principal
Balance of the Classes of Class B Certificates which are subordinate in right of
payment to such Class by the aggregate Class Principal Balance of the Group I,
Group II, Group III, Group IV, Group V, Group VI, Group VII and Class B
Certificates and the Class R-1 Residual Interest as of such date prior to giving
effect to distributions of principal and interest and allocations of Realized
Losses on the Mortgage Loans on such date.

                                       60

Subsequent Recoveries: For any Distribution Date and any Loan Group, amounts
received by the Master Servicer during the Prior Period (after deduction of
amounts reimbursable under Section 3.05(a)(i) and (ii)) in connection with the
liquidation of defaulted Mortgage Loans in such Loan Group after such Mortgage
Loans became Liquidated Mortgage Loans, for each such Mortgage Loan up to the
amount of Realized Losses, if any, previously allocated in respect of such
Mortgage Loan in reduction of the Class Principal Balance of any Class of
Certificates.

Substitute Mortgage Loan: A Mortgage Loan which is substituted for another
Mortgage Loan pursuant to and in accordance with the provisions of Section 2.07.

Tax Matters Person: With respect to each of REMIC I and REMIC II, a Holder of a
Class R Certificate with a Percentage Interest of at least 0.01% or any
Permitted Transferee of such Class R Certificateholder designated as succeeding
to the position of Tax Matters Person in a notice to the Trustee signed by
authorized representatives of the transferor and transferee of such Class R
Certificate. The Company is hereby appointed to act as the Tax Matters Person
for REMIC I and REMIC II so long as it holds a Class R Certificate with a
Percentage Interest of at least 0.01%. The Company is hereby appointed to act as
agent for the Tax Matters Person for REMIC I and REMIC II, to perform the
functions of such Tax Matters Person as provided herein, so long as the Company
is the Master Servicer hereunder, in the event that the Company ceases to hold a
Class R Certificate with the required Percentage Interest. In the event that the
Company ceases to be the Master Servicer hereunder, the successor Master
Servicer is hereby appointed to act as agent for the Tax Matters Person for
REMIC I and REMIC II, to perform the functions of such Tax Matters Person as
provided herein. If the Tax Matters Person for REMIC I and REMIC II becomes a
Disqualified Organization, the last preceding Holder, that is not a Disqualified
Organization, of the Class R Certificate held by the Disqualified Organization
shall be Tax Matters Person pursuant to and as permitted by Section 5.01(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.

Termination Date: The date upon which final payment of the Certificates will be
made pursuant to the procedures set forth in Section 9.01(b).

Termination Payment: The final payment delivered to the Certificateholders on
the Termination Date pursuant to the procedures set forth in Section 9.01(b).

Total Transfer Amount: For any Distribution Date and for any Undercollateralized
Group, an amount equal to the sum of the Interest Transfer Amount and the
Principal Transfer Amount for such Undercollateralized Group.

Transfer: Any direct or indirect transfer or sale of any Ownership Interest in a
Residual Certificate.

Transferee:  Any Person who is acquiring by Transfer any Ownership Interest in a
Residual Certificate.

Transferee  Affidavit  and  Agreement:  An affidavit  and  agreement in the form
attached hereto as Exhibit J.

                                       61

Trust: WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust, a Delaware
statutory trust, created pursuant to this Agreement.

Trustee:  Citibank,  N.A., or its  successor-in-interest  as provided in Section
8.09, or any successor trustee appointed as herein provided.

Uncollected Interest: With respect to any Distribution Date for any Mortgage
Loan on which a Payoff was made by a Mortgagor during the related Payoff Period,
except for Payoffs received during the period from the first through the 14th
day of the month of such Distribution Date, an amount equal to one month's
interest at the applicable Pass-Through Rate on such Mortgage 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, for any
Distribution Date, the sum of (i) the aggregate Relief Act Shortfall for such
Distribution Date with respect to the Mortgage Loans in such Loan Group, (ii)
aggregate Curtailment Shortfall for such Distribution Date with respect to the
Mortgage Loans in such Loan Group and (iii) the excess, if any, of (a) aggregate
Uncollected Interest for such Distribution Date with respect to the Mortgage
Loans in such Loan Group over (b) Compensating Interest for such Distribution
Date with respect to the Mortgage Loans in such Loan Group.

Uncompensated Interest Shortfall for Loan Group I shall be allocated to the
Group I Certificates and the portions of the Class B Certificates that derive
their Interest Distribution Amounts from the Group I Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group II shall be allocated to the
Group II Certificates and the portions of the Class B Certificates that derive
their Interest Distribution Amounts from the Group II Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group III shall be allocated to the
Group III Certificates and the portions of the Class B Certificates that derive
their Interest Distribution Amounts from the Group III Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group IV shall be allocated to the
Group IV Certificates and the portions of the Class B Certificates that derive
their Interest Distribution Amounts from the Group IV Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group V shall be allocated to the
Group V Certificates and the portions of the Class B Certificates that derive
their Interest Distribution Amounts from the Group V Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group VI shall be allocated to the
Group VI Certificates and the portions of the Class B Certificates that derive

                                       62

their Interest Distribution Amounts from the Group VI Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group VII shall be allocated to the
Group VII Certificates and the portions of the Class B Certificates that derive
their Interest Distribution Amounts from the Group VII Loans, pro rata according
to the amount of interest accrued but unpaid on each such Class or portion
thereof, in reduction thereof.

The aggregate of Uncompensated Interest Shortfall for Loan Group I and Loan
Group V shall be allocated to the Class C-X-M, Class D-X-M, Class C-Y-1 and
Class C-Z-1 Regular Interests, pro rata according to the amount of interest
accrued but unpaid on each such Class, in reduction thereof.

The aggregate of Uncompensated Interest Shortfall for Loan Group II and Loan
Group VII shall be allocated to the Class C-X-M, Class D-X-M, Class C-Y-2 and
Class C-Z-2 Regular Interests, pro rata according to the amount of interest
accrued but unpaid on each such Class, in reduction thereof.

Uncompensated Interest Shortfall for Loan Group III shall be allocated to the
Class C-X-M, Class C-Y-3 and Class C-Z-3 Regular Interests, pro rata according
to the amount of interest accrued but unpaid on each such Class, in reduction
thereof.

Uncompensated Interest Shortfall for Loan Group IV shall be allocated to the
Class C-X-M, Class C-Y-4 and Class C-Z-4 Regular Interests, pro rata according
to the amount of interest accrued but unpaid on each such Class, in reduction
thereof.

Uncompensated Interest Shortfall for Loan Group VI shall be allocated to the
Class D-X-M, Class C-Y-5 and Class C-Z-5 Regular Interests, pro rata according
to the amount of interest accrued but unpaid on each such Class, in reduction
thereof.

Undercollateralized Group: For any Distribution Date, Loan Group I, if
immediately prior to such Distribution Date the aggregate Class Principal
Balance of the Class I-A Certificates is greater than the aggregate Principal
Balance of the Group I Loans; for any Distribution Date, Loan Group II, if
immediately prior to such Distribution Date the aggregate Class Principal
Balance of the Class II-A Certificates is greater than the aggregate Principal
Balance of the Group II Loans; for any Distribution Date, Loan Group III, if
immediately prior to such Distribution Date the aggregate Class Principal
Balance of the Group III-A and Residual Certificates is greater than the
aggregate Principal Balance of the Group III Loans; for any Distribution Date,
Loan Group IV, if immediately prior to such Distribution Date the aggregate
Class Principal Balance of the Class IV-A Certificates is greater than the
aggregate Principal Balance of the Group IV Loans; for any Distribution Date,
Loan Group V, if immediately prior to such Distribution Date the aggregate Class
Principal Balance of the Class V-A Certificates is greater than the aggregate
Principal Balance of the Group V Loans; for any Distribution Date, Loan Group
VI, if immediately prior to such Distribution Date the aggregate Class Principal

                                       63

Balance of the Class VI-A Certificates is greater than the aggregate Principal
Balance of the Group VI Loans; and for any Distribution Date, Loan Group VII, if
immediately prior to such Distribution Date the aggregate Class Principal
Balance of the Class VII-A Certificates is greater than the aggregate Principal
Balance of the Group VII Loans.

Underwriter: WaMu Capital Corp.

Underwriting Standards: The underwriting standards of the Company, Washington
Mutual Bank, FA, Washington Mutual Bank fsb or Washington Mutual Bank, a
Washington state chartered savings bank, as applicable.

Uninsured Cause: Any cause of damage to a Mortgaged Property, the cost of the
complete restoration of which is not fully reimbursable under the hazard
insurance policies required to be maintained pursuant to Section 3.07.

U.S. Person: A citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, or an estate or
trust that is subject to U.S. federal income tax regardless of the source of its
income.

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

Withdrawal Date: Any day during the period commencing on the 18th day of the
month of the related Distribution Date (or if such day is not a Business Day,
the immediately preceding Business Day) and ending on the last Business Day
prior to the 21st day of the month of such Distribution Date. The "related Due
Date" for any Withdrawal Date is the Due Date immediately preceding the related
Distribution Date.

                                   ARTICLE II

         Creation of the Trust; Conveyance of the Mortgage Pool Assets,
           REMIC I Regular Interests and REMIC II Regular Interests;
       REMIC Election and Designations; Original Issuance of Certificates

Section 2.01. Creation of the Trust. The Trust is hereby created and shall be
known as "WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust". The
purpose of the Trust is, and the Trust shall have the power and authority, to
engage in the following activities, all as provided by and subject to the terms
of this Agreement:

(i) to acquire, hold, lease, manage, administer, control, invest, reinvest,
operate and/or transfer the Mortgage Pool Assets and the REMIC II Assets;

(ii) to issue the REMIC I Regular Interests, the Class R-1 and Class R-2
Residual Interests and the Certificates;

(iii) to make distributions to the REMIC I Regular Interests and the
Certificates; and

                                       64

(iv) to engage in such other activities, including entering into agreements, as
are described in or required by the terms of this Agreement or as are necessary,
suitable or convenient to accomplish the foregoing or incidental thereto.

Citibank, N.A. is hereby appointed as a trustee of the Trust, to have all the
rights, duties and obligations of the Trustee with respect to the Trust
expressly set forth hereunder, and Citibank, N.A. hereby accepts such
appointment and the Trust created hereby. Christiana Bank & Trust Company is
hereby appointed as a Delaware trustee of the Trust, to have all the rights,
duties and obligations of the Delaware Trustee with respect to the Trust
hereunder, and Christiana Bank & Trust Company hereby accepts such appointment
and the Trust created hereby. It is the intention of the Company, the Trustee
and the Delaware Trustee that the Trust constitute a statutory trust under the
Statutory Trust Statute, that this Agreement constitute the governing instrument
of the Trust, and that this Agreement amend and restate the Original Trust
Agreement. The parties hereto acknowledge and agree that, prior to the execution
and delivery hereof, the Delaware Trustee has filed the Certificate of Trust.
The parties hereto acknowledge that the Trust includes six separate pools of
mortgage loans (referred to herein as Loan Groups), and that the assets of each
Loan Group are available to make payments to the holders of Certificates as
provided in the definitions of "REMIC I Distribution Amount" and "REMIC II
Distribution Amount," Section 4.01 and Section 4.04 hereof.

The assets of the Trust shall remain in the custody of the Trustee, on behalf of
the Trust, and shall be owned by the Trust except as otherwise expressly set
forth herein. Moneys to the credit of the Trust shall be held by the Trustee and
invested as provided herein. All assets received and held in the Trust will not
be subject to any right, charge, security interest, lien or claim of any kind in
favor of either of Citibank, N.A. or Christiana Bank & Trust Company in its own
right, or any Person claiming through it. Neither the Trustee nor the Delaware
Trustee, on behalf of the Trust, shall have the power or authority to transfer,
assign, hypothecate, pledge or otherwise dispose of any of the assets of the
Trust to any Person, except as permitted herein. No creditor of a beneficiary of
the Trust, of the Trustee, of the Delaware Trustee, of the Master Servicer or of
the Company shall have any right to obtain possession of, or otherwise exercise
legal or equitable remedies with respect to, the property of the Trust, except
in accordance with the terms of this Agreement.

On the Closing Date, the Company shall deposit in the Certificate Account the
amount of $14,694.82 representing one month's interest with respect to Mortgage
Loans which do not have a Due Date until August 2004.

Section 2.02. Restrictions on Activities of the Trust. Notwithstanding any other
provision of this Agreement and any provision of law that otherwise so empowers
the Trust, so long as any Certificates are outstanding, the Trust shall not, and
none of the Trustee, the Delaware Trustee, the Company or the Master Servicer
shall knowingly cause the Trust to, do any of the following:

(i) engage in any business or activity other than those set forth in Section
2.01;

                                       65

(ii) incur or assume any indebtedness except for such indebtedness that may be
incurred by the Trust in connection with the execution or performance of this
Agreement or any other agreement contemplated hereby;

(iii) guarantee or otherwise assume liability for the debts of any other party;

(iv) do any act in contravention of this Agreement or any other agreement
contemplated hereby to which the Trust is a party;

(v) do any act which would make it impossible to carry on the ordinary business
of the Trust;

(vi) confess a judgment against the Trust;

(vii) possess or assign the assets of the Trust for other than a Trust purpose;

(viii) cause the Trust to lend any funds to any entity, except as contemplated
by this Agreement; or

(ix) change the purposes and powers of the Trust from those set forth in this
Agreement.

Section 2.03. Separateness Requirements. Notwithstanding any other provision of
this Agreement and any provision of law that otherwise so empowers the Trust, so
long as any Certificates are outstanding, the Trust shall perform the following:

(i) except as expressly permitted by this Agreement, maintain its books,
records, bank accounts and files separate from those of any other Person;

(ii) except as expressly permitted by this Agreement, maintain its assets in its
own separate name and in such a manner that it is not costly or difficult to
segregate, identify, or ascertain such assets;

(iii) consider the interests of the Trust's creditors in connection with its
actions;

(iv) hold itself out to creditors and the public as a legal entity separate and
distinct from any other Person and correct any known misunderstanding regarding
its separate identity and refrain from engaging in any activity that compromises
the separate legal identity of the Trust;

(v) prepare and maintain separate records, accounts and financial statements in
accordance with generally accepted accounting principles, consistently applied,
and susceptible to audit. To the extent it is included in consolidated financial
statements or consolidated tax returns, such financial statements and tax
returns will reflect the separateness of the respective entities and indicate
that the assets of the Trust will not be available to satisfy the debts of any
other Person;

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(vi) allocate and charge fairly and reasonably any overhead shared with any
other Person;

(vii) transact all business with affiliates on an arm's-length basis and
pursuant to written, enforceable agreements;

(viii) conduct business solely in the name of the Trust. In that regard all
written and oral communications of the Trust, including, without limitation,
letters, invoices, purchase orders and contracts, shall be made solely in the
name of the Trust;

(ix) maintain a separate office through which its business shall be conducted,
provided that such office may be an office of the Trustee, which office shall
not be shared with the Company or any affiliates of the Company;

(x) in the event that services have been or are in the future performed or paid
by any Person on behalf of the Trust (other than the Trustee, the Delaware
Trustee, the Master Servicer or the Tax Matters Person as permitted herein),
reimburse such Person, as applicable, for the commercially reasonable value of
such services or expenses provided or incurred by such Person. Accordingly, (i)
the Trust shall reimburse such Person, as applicable, for the commercially
reasonable value of such services or expenses provided or incurred by such
Person; (ii) to the extent invoices for such services are not allocated and
separately billed to the Trust, the amount thereof that was or is to be
allocated and separately billed to the Trust was or will be reasonably related
to the services provided to the Trust; and (iii) any other allocation of direct,
indirect or overhead expenses for items shared between the Trust and any other
Person, was or will be, to the extent practicable, allocated on the basis of
actual use or value of services rendered or otherwise on a basis reasonably
related to actual use or the value of services rendered;

(xi) except as expressly permitted by this Agreement, not commingle its assets
or funds with those of any other Person;

(xii) except as expressly permitted by this Agreement, not assume, guarantee, or
pay the debts or obligations of any other Person;

(xiii) except as expressly permitted by this Agreement, not pledge its assets
for the benefit of any other Person;

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

(xv) pay its liabilities only out of its funds;

(xvi) pay the salaries of its own employees, if any; and

(xvii) cause the agents and other representatives of the Trust, if any, to act
at all times with respect to the Trust consistently and in furtherance of the
foregoing.

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None of the Trustee, the Delaware Trustee, the Company or the Master Servicer
shall take any action that is inconsistent with the purposes of the Trust or
Section 2.02 or Section 2.03. Neither the Company nor the Master Servicer shall
direct the Trustee or the Delaware Trustee to take any action that is
inconsistent with the purposes of the Trust or Section 2.02 or Section 2.03.

Section 2.04.     Conveyance of Mortgage Pool Assets; Security Interest.

Concurrently with the execution and delivery hereof, the Company does hereby
irrevocably sell, transfer, assign, set over and otherwise convey to the Trust,
without recourse, all the Company's right, title and interest in and to the
Mortgage Pool Assets (such transfer and assignment by the Company to be referred
to herein as the "Conveyance").

It is the express intent of the parties hereto that the Conveyance of the
Mortgage Pool Assets to the Trust by the Company as provided in this Section
2.04 be, and be construed as, an absolute sale of the Mortgage Pool Assets. It
is, further, not the intention of the parties that such Conveyance be deemed the
grant of a security interest in the Mortgage Pool Assets by the Company to the
Trust to secure a debt or other obligation of the Company. However, in the event
that, notwithstanding the intent of the parties, the Mortgage Pool Assets are
held to be the property of the Company, or if for any other reason this
Agreement is held or deemed to create a security interest in the Mortgage Pool
Assets, then

(a) this Agreement shall constitute a security agreement;

(b) the conveyance provided for in this Section 2.04 shall be deemed to be a
grant by the Company to the Trust of, and the Company hereby grants to the
Trust, to secure all of the Company's obligations hereunder, a security interest
in all of the Company's right, title, and interest, whether now owned or
hereafter acquired, in and to:
(I) The Mortgage Pool Assets;

(II) All accounts, chattel paper, deposit accounts, documents, general
intangibles, goods, instruments, investment property, letter-of-credit rights,
letters of credit, money, and oil, gas, and other minerals, consisting of,
arising from, or relating to, any of the foregoing; and

(III) All proceeds of the foregoing.

The Company shall file such financing statements, and the Company and the
Trustee acting on behalf of the Trust at the direction of the Company shall, to
the extent consistent with this Agreement, take such other actions as may be
necessary to ensure that, if this Agreement were found to create a security
interest in the Mortgage Pool Assets, such security interest would be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of the Agreement. In connection herewith,
the Trust shall have all of the rights and remedies of a secured party and
creditor under the Uniform Commercial Code as in force in the relevant
jurisdiction.

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Section 2.05.     Delivery of Mortgage Files.

In connection with the sale, transfer and assignment referred to in Section
2.04, the Company, concurrently with the execution and delivery hereof, does
deliver to, and deposit with, or cause to be delivered to and deposited with,
the Trustee or Custodian the Mortgage Files, which shall at all times be
identified in the records of the Trustee or the Custodian, as applicable, as
being held by or on behalf of the Trust.

Concurrently with the execution and delivery hereof, the Company shall cause to
be filed the UCC assignment or amendment referred to in clause (Y)(vii) of the
definition of "Mortgage File." In connection with its servicing of Cooperative
Loans, the Master Servicer will use its best efforts to file timely continuation
statements, if necessary, with regard to each financing statement and assignment
relating to Cooperative Loans.

In instances where the original recorded Mortgage or any intervening assignment
thereof (recorded or in recordable form) required to be included in the Mortgage
File pursuant to the definition of "Mortgage File" relating to a Mortgage Loan
is not included in the Mortgage File delivered to the Trustee (or the Custodian)
prior to or concurrently with the execution and delivery hereof (due to a delay
on the part of the recording office), the Company shall deliver to the Trustee
(or the Custodian) a fully legible reproduction (which may be in electronic
form) of the original Mortgage or intervening assignment provided that the
originator, the related Lender or the escrow or title company which provided
closing services in connection with such Mortgage Loan certifies on the face of
such reproduction(s) or copy as follows: "Certified true and correct copy of
original which has been transmitted for recordation." For purposes hereof,
transmitted for recordation means having been mailed or otherwise delivered for
recordation to the appropriate authority. In all such instances, the Company
shall transmit the original recorded Mortgage and any intervening assignments
with evidence of recording thereon (or a copy of such original Mortgage or
intervening assignment certified by the applicable recording office) (which may
be in electronic form) (collectively, "Recording Documents") to the Trustee (or
the Custodian) within 270 days after the execution and delivery hereof. In
instances where, due to a delay on the part of the recording office where any
such Recording Documents have been delivered for recordation, the Recording
Documents cannot be delivered to the Trustee within 270 days after execution and
delivery hereof, the Company shall deliver to the Trustee within such time
period a certificate (a "Company Officer's Certificate") signed by the Chairman
of the Board, President, any Vice President or Treasurer of the Company stating
the date by which the Company expects to receive such Recording Documents from
the applicable recording office. In the event that Recording Documents have
still not been received by the Company and delivered to the Trustee (or the
Custodian) by the date specified in its previous Company Officer's Certificate
delivered to the Trustee, the Company shall deliver to the Trustee by such date
an additional Company Officer's Certificate stating a revised date by which the
Company expects to receive the applicable Recording Documents. This procedure
shall be repeated until the Recording Documents have been received by the
Company and delivered to the Trustee (or the Custodian).

For Mortgage Loans for which the Company has received a Payoff after the Cut-Off
Date and prior to the date of execution and delivery hereof, the Company, in

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lieu of delivering the above documents, herewith delivers to the Trustee a
certification of a Servicing Officer of the nature set forth in Section 3.10.

The Trustee is authorized, with the Master Servicer's consent, to appoint any
bank or trust company approved by each of the Company and the Master Servicer as
Custodian of the documents or instruments referred to in this Section 2.05 or in
Section 2.10, and to enter into a Custodial Agreement for such purpose;
provided, however, that the Trustee shall be and remain liable for the acts of
any such Custodian only to the extent that it is responsible for its own acts
hereunder. Any documents delivered by the Company or the Master Servicer to the
Custodian, shall be deemed to have been delivered to the Trustee for all
purposes hereunder; and any documents held by the Custodian, shall be deemed to
be held by the Trustee for all purposes hereunder. There shall be a written
Custodial Agreement between the Trustee and each Custodian. Each Custodial
Agreement shall contain an acknowledgment by the Custodian that all Mortgage
Pool Assets, Mortgage Files, and documents and property held by it at any time
are held by it for the benefit of the Trust. Pursuant to the Initial Custodial
Agreement, the Initial Custodian shall perform responsibilities of the Trustee
on the Trustee's behalf with respect to the delivery, receipt, examination and
custody of the Mortgage Files related to the Mortgage Loans identified in the
Initial Custodial Agreement, as provided therein.

On or promptly after the Closing Date, the Master Servicer shall cause the
MERS(R) System to indicate that each MERS Loan, if any, has been assigned to
"Citibank, N.A., as Trustee, without recourse" or to "WaMu Mortgage Pass-Through
Certificates Series 2004-CB2 Trust, without recourse" by including in the
MERS(R) System computer files (a) the code necessary to identify the Trustee and
(b) the code necessary to identify the series of the Certificates issued in
connection with such Mortgage Loans; provided, however, that in the event the
Company acquired such Mortgage Loans from an affiliate of the Company, then the
Master Servicer need not cause the MERS(R) System to indicate such assignment.
The Master Servicer shall not alter the codes referenced in this paragraph with
respect to any MERS Loan during the term of this Agreement except in connection
with an assignment of such MERS Loan or de-registration thereof from the MERS(R)
System in accordance with the terms of this Agreement.

Section 2.06.     REMIC Election for REMIC I.

The Tax Matters Person, shall, on behalf of REMIC I, elect to treat REMIC I as a
REMIC within the meaning of Section 860D of the Code and, if necessary, under
applicable state laws. Such election shall be included in the Form 1066 and any
appropriate state return to be filed on behalf of REMIC I for its first taxable
year.

The Closing Date is hereby designated as the "startup day" of REMIC I within the
meaning of Section 860G(a)(9) of the Code.

The regular interests (as set forth in the table contained in the Preliminary
Statement hereto) relating to REMIC I are hereby designated as "regular
interests" in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class
R-1 Residual Interest is hereby designated as the sole class of "residual
interest" in REMIC I for purposes of Section 860G(a)(2) of the Code. The REMIC I
Regular Interests and the Class R-1 Residual Interest shall together be deemed
to be a separate series of beneficial interests in the assets of the Trust

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consisting of the REMIC I Assets pursuant to Section 3806(b)(2) of the Statutory
Trust Statute.

The parties intend that the affairs of REMIC I shall constitute, and that the
affairs of REMIC I shall be conducted so as to qualify REMIC I as a REMIC. In
furtherance of such intention, the Tax Matters Person shall, on behalf of REMIC
I: (a) prepare and file, or cause to be prepared and filed, a federal tax return
using a calendar year as the taxable year and using an accrual method of
accounting for REMIC I when and as required by the REMIC Provisions and other
applicable federal income tax laws; (b) make an election, on behalf of the
trust, for REMIC I to be treated as a REMIC on the federal tax return of REMIC I
for its first taxable year, in accordance with the REMIC Provisions; (c) prepare
and forward, or cause to be prepared and forwarded, to the Holders of the REMIC
I Regular Interests and the Class R-1 Residual Interest and the Trustee, all
information reports as and when required to be provided to them in accordance
with the REMIC Provisions, and make available the information necessary for the
application of Section 860E(e) of the Code; (d) conduct the affairs of REMIC I
at all times that any REMIC I Regular Interests are outstanding so as to
maintain the status of REMIC I as a REMIC under the REMIC Provisions; (e) not
knowingly or intentionally take any action or omit to take any action that would
cause the termination of the REMIC status of REMIC I; and (f) pay the amount of
any federal prohibited transaction penalty taxes imposed on REMIC I when and as
the same shall be due and payable (but such obligation shall not prevent the
Company or any other appropriate person from contesting any such tax in
appropriate proceedings and shall not prevent the Company from withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings); provided, that the Company shall be entitled to be indemnified by
REMIC I for any such prohibited transaction penalty taxes if the Company's
failure to exercise reasonable care was not the primary cause of the imposition
of such prohibited transaction penalty taxes.

The Trustee and the Master Servicer shall promptly provide the Company with such
information in the possession of the Trustee or the Master Servicer,
respectively, as the Company may from time to time request for the purpose of
enabling the Company to prepare tax returns. If so requested by the Tax Matters
Person, the Trustee shall sign tax returns on behalf of the REMICs.

In the event that a Mortgage Loan is discovered to have a defect which, had such
defect been discovered before the startup day, would have prevented such
Mortgage Loan from being a "qualified mortgage" within the meaning of Section
860G(a)(3) of the Code, and the Company does not repurchase such Mortgage Loan
within 90 days of such date, the Master Servicer, on behalf of the Trustee,
shall within 90 days of the date such defect is discovered sell such Mortgage
Loan at such price as the Master Servicer in its sole discretion, determines to
be the greatest price that will result in the purchase thereof within 90 days of
such date, unless the Master Servicer delivers to the Trustee an Opinion of
Counsel to the effect that continuing to hold such Mortgage Loan will not
adversely affect the status of the electing portion of REMIC I as a REMIC for
federal income tax purposes.

In the event that any tax is imposed on "prohibited transactions" of REMIC I as
defined in Section 860F of the Code and not paid by the Company pursuant to
clause (f) of the third preceding paragraph, such tax shall be charged against

                                       71

amounts otherwise distributable to the Class R-1 Residual Interest.
Notwithstanding anything to the contrary contained herein, the Trustee is hereby
authorized to retain from amounts otherwise distributable to the Class R-1
Residual Interest on any Distribution Date sufficient funds to reimburse the Tax
Matters Person (or any agent therefor appointed in accordance with the
definition of "Tax Matters Person" herein, if applicable), for the payment of
such tax (upon the written request of the Tax Matters Person or its agent, to
the extent reimbursable, and to the extent that the Tax Matters Person or its
agent has not been previously reimbursed therefor).

Section 2.07. Acceptance by Trustee. The Trustee acknowledges receipt (or with
respect to any Mortgage Loan subject to a Custodial Agreement, receipt by the
Custodian thereunder) on behalf of the Trust of the documents (or certified
copies thereof as specified in Section 2.05) referred to in Section 2.05 above,
but without having made the review required to be made within 45 days pursuant
to this Section 2.07. The Trustee acknowledges that all Mortgage Pool Assets,
Mortgage Files, and related documents and property held by it at any time are
held by it as Trustee of the Trust for the benefit of the Trust as holder of the
REMIC I Regular Interests and the Class R-1 Residual Interest. The Trustee
agrees, for the benefit of the Trust, to review (or, with respect to the
Mortgage Loans identified in the Initial Custodial Agreement, cause the Initial
Custodian to review) each Mortgage File within 45 days after the Closing Date
and deliver to the Company a certification (or, with respect to the Mortgage
Loans identified in the Initial Custodial Agreement, cause the Initial Custodian
to deliver to the Company a certification, which satisfies the applicable
requirements of this Agreement) in the form attached as Exhibit M hereto, to the
effect that, except as noted, all documents required (in the case of instruments
described in clauses (X)(iv) and (Y)(ix) of the definition of "Mortgage File,"
known by the Trustee to be required) pursuant to the definition of "Mortgage
File" and Section 2.05 have been executed and received, and that such documents
relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In
performing such review, the Trustee may rely upon the purported genuineness and
due execution of any such document, and on the purported genuineness of any
signature thereon. The Trustee shall not be required to 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, enforceability or genuineness of any of the Mortgage
Loans identified on the Mortgage Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any Mortgage Loan. If the Trustee
finds any document or documents constituting a part of a Mortgage File not to
have been executed or received, or to be unrelated to the Mortgage Loans
identified in the Mortgage Loan Schedule, the Trustee shall promptly so notify
the Company. The Company hereby covenants and agrees that, if any such defect
cannot be corrected or cured, the Company shall, not later than 60 days after
the Trustee's notice to it respecting such defect, within the three-month period
commencing on the Closing Date (or within the two-year period commencing on the
Closing Date if the related Mortgage Loan is a "defective obligation" within the
meaning of Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulation Section

                                       72

1.860G-2(f)), either (i) repurchase the related Mortgage Loan from the Trust at
the Purchase Price, or (ii) substitute for any Mortgage Loan to which such
defect relates a different mortgage loan (a "Substitute Mortgage Loan") which is
a "qualified replacement mortgage" (as defined in the Code) and, (iii) after
such three-month or two-year period, as applicable, the Company shall repurchase
the Mortgage Loan from the Trust at the Purchase Price but only if the Mortgage
Loan is in default or default is, in the judgment of the Company, reasonably
imminent. If such defect would cause the Mortgage Loan to be other than a
"qualified mortgage" (as defined in the Code), then notwithstanding the previous
sentence or any provision in the definition of "Purchase Price", the repurchase
or substitution must occur within the sooner of (i) 90 days from the date the
defect was discovered or (ii) in the case of substitution, two years from the
Closing Date.

Such Substitute Mortgage Loan shall mature no later than, and not more than two
years earlier than, have a principal balance and Loan-to-Value Ratio equal to or
less than, and have a Pass-Through Rate on the date of substitution equal to or
no more than 1 percentage point greater than the Mortgage Loan being substituted
for. If the aggregate of the principal balances of the Substitute Mortgage Loans
substituted for a Mortgage Loan is less than the Principal Balance of such
Mortgage Loan, the Company shall pay the difference in cash, together with
unpaid accrued interest, if any, on the difference between the aggregate of the
principal balances of the Substitute Mortgage Loans and the Principal Balance of
such Mortgage Loan during the calendar month in which the substitution occurs to
the last day of such month at a rate equal to the applicable Pass-Through Rate,
to the Trustee for deposit into the Certificate Account, and such payment by the
Company shall be treated in the same manner as proceeds of the repurchase by the
Company of a Mortgage Loan pursuant to this Section 2.07. Furthermore, such
Substitute Mortgage Loan shall otherwise have such characteristics so that the
representations and warranties of the Company set forth in Section 2.08 hereof
would not have been incorrect had such Substitute Mortgage Loan originally been
a Mortgage Loan, and the Company shall be deemed to have made such
representations and warranties as to such Substitute Mortgage Loan. A Substitute
Mortgage Loan may be substituted for a defective Mortgage Loan whether or not
such defective Mortgage Loan is itself a Substitute Mortgage Loan.
Notwithstanding anything herein to the contrary, each Substitute Mortgage Loan
shall be deemed to have the same Pass-Through Rate as the Mortgage Loan for
which it was substituted.

The Purchase Price for each purchased or repurchased Mortgage Loan shall be
deposited by the Company in the Certificate Account and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee shall (or, if applicable, shall cause the Custodian to) release to
the Company the related Mortgage File and shall execute and deliver (or, in the
event that the Mortgage Files are held in the name of the Custodian, shall cause
the Custodian to execute and deliver) on behalf of the Trust such instruments of
transfer or assignment, in each case without recourse, as shall be necessary to
vest in the Company or its designee or assignee title to any Mortgage Loan
released pursuant hereto. In furtherance of the foregoing, if such Mortgage Loan
is a MERS Loan and as a result of the repurchase thereof such Mortgage Loan
shall cease to be serviced by a servicer that is a member of MERS or if the
Company or its assignee shall so request, the Master Servicer shall cause MERS
to execute and deliver an assignment of the Mortgage in recordable form from
MERS to the Company or its assignee and shall cause the Mortgage Loan to be
removed from registration on the MERS(R) System in accordance with MERS' rules
and procedures. The obligation of the Company to repurchase or substitute any
Mortgage Loan as to which such a defect in a constituent document exists shall
constitute the sole remedy respecting such defect available to the Trust or the
Holders of the REMIC I Regular Interests or the Class R-1 Residual Interest.

Section 2.08. Representations and Warranties of the Company Concerning the
Mortgage Loans. With respect to the conveyance of the Mortgage Loans provided
for in Section 2.04 herein, the Company hereby represents and warrants to the
Trust that as of the Cut-Off Date unless otherwise indicated:

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(i) The information set forth in the Mortgage Loan Schedule was true and correct
in all material respects at the date or dates respecting which such information
is furnished;

(ii) As of the Closing Date, each Mortgage relating to a Mortgage Loan that is
not a Cooperative Loan is a valid and enforceable (subject to Section 2.08(xvi))
first lien on an unencumbered estate in fee simple or (if the related Mortgage
Loan is secured by the interest of the Mortgagor as a lessee under a ground
lease) leasehold estate in the related Mortgaged Property subject only to (a)
liens for current real property taxes and special assessments; (b) covenants,
conditions and restrictions, rights of way, easements and other matters of
public record as of the date of recording such Mortgage, such exceptions
appearing of record being acceptable to mortgage lending institutions generally
or specifically reflected in the appraisal obtained in connection with the
origination of the Mortgage Loan; (c) exceptions set forth in the title
insurance policy relating to such Mortgage, such exceptions being acceptable to
mortgage lending institutions generally; and (d) other matters to which like
properties are commonly subject which do not materially interfere with the
benefits of the security intended to be provided by the Mortgage;

(iii) Immediately upon the transfer and assignment contemplated herein, the
Trust shall have good title to, and will be the sole legal owner of, each
Mortgage Loan, free and clear of any encumbrance or lien (other than any lien
under this Agreement);

(iv) As of the day prior to the Cut-Off Date, all payments due on each Mortgage
Loan had been made and no Mortgage Loan had been delinquent (i.e., was more than
30 days past due) more than once in the preceding 12 months and any such
delinquency lasted for no more than 30 days;

(v) As of the Closing Date, there is no late assessment for delinquent taxes
outstanding against any Mortgaged Property;

(vi) As of the Closing Date, there is no offset, defense or counterclaim to any
Mortgage Note, including the obligation of the Mortgagor to pay the unpaid
principal or interest on such Mortgage Note except to the extent that the
Buydown Agreement for a Buydown Loan forgives certain indebtedness of a
Mortgagor;

(vii) As of the Closing Date, each Mortgaged Property is free of damage and in
good repair, ordinary wear and tear excepted;

(viii) Each Mortgage Loan at the time it was made complied with all applicable
local, state and federal laws, including, without limitation, usury, equal
credit opportunity, disclosure and recording laws, and predatory and abusive
lending laws applicable to the originating lender;

(ix) Each Mortgage Loan was originated by a savings association, savings bank,
credit union, insurance company, or similar institution which is supervised and
examined by a federal or state authority or by a mortgagee approved by the FHA
and will be serviced by an institution which meets the servicer eligibility
requirements established by the Company;

                                       74

(x) As of the Closing Date, each Mortgage Loan that is not a Cooperative Loan is
covered by an ALTA form or CLTA form of mortgagee title insurance policy or
other form of policy of insurance which has been issued by, and is the valid and
binding obligation of, a title insurer which, as of the origination date of such
Mortgage Loan, was qualified to do business in the state in which the related
Mortgaged Property is located. Such policy insures the originator of the
Mortgage Loan, its successors and assigns as to the first priority lien of the
Mortgage in the original principal amount of the Mortgage Loan subject to the
exceptions set forth in such policy. Such policy is in full force and effect and
inures to the benefit of the Trust upon the consummation of the transactions
contemplated by this Agreement and no claims have been made under such policy,
and no prior holder of the related Mortgage, including the Company, has done, by
act or omission, anything which would impair the coverage of such policy;

(xi) Except for approximately 10.8 (by Principal Balance) of the Group II Loans,
each Mortgage Loan with a Loan-to-Value Ratio as of the Cut-Off Date in excess
of 80% was covered by a Primary Insurance Policy or an FHA insurance policy or a
VA guaranty, and such policy or guaranty is valid and remains in full force and
effect;

(xii) As of the Closing Date, all policies of insurance required by this
Agreement or by a Selling and Servicing Contract have been validly issued and
remain in full force and effect, including such policies covering the Company,
the Master Servicer or any Servicer;

(xiii) As of the Closing Date, each insurer issuing a Primary Insurance Policy
holds a rating acceptable to the Rating Agencies;

(xiv) Each Mortgage (exclusive of any riders thereto) was documented by
appropriate Fannie Mae/Freddie Mac mortgage instruments in effect at the time of
origination, or other instruments approved by the Company;

(xv) As of the Closing Date, the Mortgaged Property securing each Mortgage
relating to a Mortgage Loan that is not a Cooperative Loan is improved with a
one- to four-family dwelling unit, including units in a duplex, triplex,
fourplex, condominium project, townhouse, a planned unit development or a de
minimis planned unit development;

(xvi) As of the Closing Date, each Mortgage and Mortgage Note is the legal,
valid and binding obligation of the maker thereof and is enforceable in
accordance with its terms, except only as such enforcement may be limited by
laws affecting the enforcement of creditors' rights generally and principles of
equity;

(xvii) As of the date of origination, as to Mortgaged Properties which are units
in condominiums or planned unit developments, all of such units met the
applicable Underwriting Standards, are located in a condominium or planned unit
development projects which have received Fannie Mae or Freddie Mac approval, or
are approvable by Fannie Mae or Freddie Mac or have otherwise been approved by
the Company;

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(xviii) None of the Mortgage Loans are Buydown Loans;

(xix) Based solely on representations of the Mortgagors obtained at the
origination of the related Mortgage Loans, none of the Group I Loans will be
secured by owner occupied Mortgaged Properties which are the primary residences
of the related Mortgagors, none of the Group I Loans will be secured by owner
occupied Mortgaged Properties which were second or vacation homes of the
Mortgagors and 100% (by Principal Balance) of the Group I Loans will be secured
by Mortgaged Properties which were investor properties of the related
Mortgagors; none of the Group II Loans will be secured by owner occupied
Mortgaged Properties which are the primary residences of the related Mortgagors,
none of the Group II Loans will be secured by owner occupied Mortgaged
Properties which were second or vacation homes of the Mortgagors and 100% (by
Principal Balance) of the Group II Loans will be secured by Mortgaged Properties
which were investor properties of the related Mortgagors; none of the Group III
Loans will be secured by owner occupied Mortgaged Properties which are the
primary residences of the related Mortgagors, none of the Group III Loans will
be secured by owner occupied Mortgaged Properties which were second or vacation
homes of the Mortgagors and 100% (by Principal Balance) of the Group III Loans
will be secured by Mortgaged Properties which were investor properties of the
related Mortgagors; none of the Group IV Loans will be secured by owner occupied
Mortgaged Properties which are the primary residences of the related Mortgagors,
none of the Group IV Loans will be secured by owner occupied Mortgaged
Properties which were second or vacation homes of the Mortgagors and 100% (by
Principal Balance) of the Group IV Loans will be secured by Mortgaged Properties
which were investor properties of the related Mortgagors; none of the Group V
Loans will be secured by owner occupied Mortgaged Properties which are the
primary residences of the related Mortgagors, none of the Group V Loans will be
secured by owner occupied Mortgaged Properties which were second or vacation
homes of the Mortgagors and 100% (by Principal Balance) of the Group V Loans
will be secured by Mortgaged Properties which were investor properties of the
related Mortgagors; none of the Group VI Loans will be secured by owner occupied
Mortgaged Properties which are the primary residences of the related Mortgagors,
none of the Group VI Loans will be secured by owner occupied Mortgaged
Properties which were second or vacation homes of the Mortgagors and 100% (by
Principal Balance) of the Group VI Loans will be secured by Mortgaged Properties
which were investor properties of the related Mortgagors; and none of the Group
VII Loans will be secured by owner occupied Mortgaged Properties which are the
primary residences of the related Mortgagors, none of the Group VII Loans will
be secured by owner occupied Mortgaged Properties which were second or vacation
homes of the Mortgagors and 100% (by Principal Balance) of the Group VII Loans
will be secured by Mortgaged Properties which were investor properties of the
related Mortgagors.

(xx) Prior to origination or refinancing, an appraisal of each Mortgaged
Property was made by an appraiser on a form satisfactory to Fannie Mae or
Freddie Mac;

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(xxi) The Mortgage Loans have been underwritten substantially in accordance with
the applicable Underwriting Standards;

(xxii) All of the Mortgage Loans have due-on-sale clauses; however, the due on
sale provisions may not be exercised at the time of a transfer if prohibited by
law;

(xxiii) The Company used no adverse selection procedures in selecting the
Mortgage Loans from among the outstanding fixed-rate conventional mortgage loans
purchased by it which were available for inclusion in the Mortgage Pool and as
to which the representations and warranties in this Section 2.08 could be made;

(xxiv) With respect to each Cooperative Loan, the Cooperative Stock that is
pledged as security for the Cooperative Loan is held by a person as a
tenant-stockholder (as defined in Section 216 of the Code) in a cooperative
housing corporation (as defined in Section 216 of the Code);

(xxv) Each Cooperative Loan is secured by a valid, subsisting and enforceable
(except as such enforcement may be limited by laws affecting the enforcement of
creditors' rights generally and principles of equity) perfected first lien and
security interest in the related Cooperative Stock securing the related Mortgage
Note, subject only to (a) liens of the Cooperative for unpaid assessments
representing the Mortgagor's pro rata share of the Cooperative's payments for
its blanket mortgage, current and future real property taxes, insurance
premiums, maintenance fees and other assessments to which like collateral is
commonly subject, and (b) other matters to which like collateral is commonly
subject which do not materially interfere with the benefits of the security
intended to be provided by the Security Agreement;

(xxvi) With respect to any Mortgage Loan as to which an affidavit has been
delivered to the Trustee certifying that the original Mortgage Note is a
Destroyed Mortgage Note, if such Mortgage Loan is subsequently in default, the
enforcement of such Mortgage Loan or of the related Mortgage by or on behalf of
the Trust will not be materially adversely affected by the absence of the
original Mortgage Note (or portion thereof, as applicable);

(xxvii) Based upon an appraisal of the Mortgaged Property securing each Mortgage
Loan, approximately 93.72% (by Principal Balance) of the Group I Loans had a
current Loan-to-Value Ratio less than or equal to 80%, approximately 6.28% (by
Principal Balance) of the Group I Loans had a current Loan-to-Value Ratio
greater than 80% but less than or equal to 90% and no Group I Loan had a current
Loan-to-Value Ratio greater than 90%; approximately 94.54% (by Principal
Balance) of the Group II Loans had a current Loan-to-Value Ratio less than or
equal to 80%, approximately 5.46% (by Principal Balance) of the Group II Loans
had a current Loan-to-Value Ratio greater than 80% but less than or equal to 95%
and no Group II Loan had a current Loan-to-Value Ratio greater than 95%;
approximately 89.24% (by Principal Balance) of the Group III Loans had a current
Loan-to-Value Ratio less than or equal to 80%, approximately 10.76% (by
Principal Balance) of the Group III Loans had a current Loan-to-Value Ratio
greater than 80% but less than or equal to 95% and no Group III Loan had a
current Loan-to-Value Ratio greater than 95%; approximately 85.12% (by Principal
Balance) of the Group IV Loans had a current Loan-to-Value Ratio less than or

                                       77

equal to 80%, approximately 14.89% (by Principal Balance) of the Group IV Loans
had a current Loan-to-Value Ratio greater than 80% but less than or equal to 90%
and no Group IV Loan had a current Loan-to-Value Ratio greater than 90%;
approximately 99.06% (by Principal Balance) of the Group V Loans had a current
Loan-to-Value Ratio less than or equal to 80%, approximately 0.93% (by Principal
Balance) of the Group V Loans had a current Loan-to-Value Ratio greater than 80%
but less than or equal to 90% and no Group V Loan had a current Loan-to-Value
Ratio greater than 90%; approximately 96.70% (by Principal Balance) of the Group
VI Loans had a current Loan-to-Value Ratio less than or equal to 80%,
approximately 3.30% (by Principal Balance) of the Group VI Loans had a current
Loan-to-Value Ratio greater than 80% but less than or equal to 90% and no Group
VI Loan had a current Loan-to-Value Ratio greater than 90%; and approximately
97.28% (by Principal Balance) of the Group VII Loans had a current Loan-to-Value
Ratio less than or equal to 80%, approximately 2.72% (by Principal Balance) of
the Group VII Loans had a current Loan-to-Value Ratio greater than 80% but less
than or equal to 90% and no Group VII Loan had a current Loan-to-Value Ratio
greater than 90%;

(xxviii) Approximately 68.95% (by Principal Balance) of the Group I Loans,
approximately 61.29% (by Principal Balance) of the Group II Loans, approximately
61.59% (by Principal Balance) of the Group III Loans, approximately 57.05% (by
Principal Balance) of the Group IV Loans, approximately 83.68% (by Principal
Balance) of the Group V Loans, approximately 89.75% (by Principal Balance) of
the Group VI Loans and approximately 78.94% (by Principal Balance) of the Group
VII Loans were originated for the purpose of refinancing existing mortgage debt,
including cash-out refinancings; and approximately 31.05% (by Principal Balance)
of the Group I Loans, approximately 38.71% (by Principal Balance) of the Group
II Loans, approximately 38.41% (by Principal Balance) of the Group III Loans,
approximately 42.95% (by Principal Balance) of the Group IV Loans, approximately
16.32% (by Principal Balance) of the Group V Loans, approximately 10.25% (by
Principal Balance) of the Group VI Loans and approximately 21.06% (by Principal
Balance) of the Group VII Loans were originated for the purpose of purchasing
the Mortgaged Property;

(xxix) Not less than approximately 96.08%, 96.54%, 90.14%, 83.15%, 76.50%,
93.26% and 79.60% (by Principal Balance) of the Group I Loans, Group II Loans,
Group III Loans, Group IV Loans, Group V Loans, Group VI and Group VII Loans,
respectively, were originated under full documentation programs;

(xxx) No Mortgage Loan is subject to the Home Ownership and Equity Protection
Act of 1994 or Section 226.32 of Regulation Z, is a "high-cost" loan or a
"predatory" loan as defined under any state or local law or regulation
applicable to the originator of such Mortgage Loan or which would result in
liability to the purchaser or assignee of such Mortgage Loan under any predatory
or abusive lending law, or, without limiting the generality of the foregoing, is
a "covered" loan under the laws of the states of California, Colorado or Ohio;

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(xxxi) No Mortgage Loan is a High Cost Loan or Covered Loan (as such terms are
defined in the Standard & Poor's LEVELS(R) Glossary in effect on the Closing
Date, which is now Version 5.6 Revised, Appendix E, applicable portions of which
are attached hereto as Exhibit C), except that the definition of a High Cost
Loan for the purposes hereof shall not include Mortgage Loans originated in Los
Angeles or Oakland, California and no Mortgage Loan originated on or after
October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending
Act; and

(xxxii) Each Mortgage Loan constitutes a qualified mortgage under Section
860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1).

It is understood and agreed that the representations and warranties set forth in
this Section 2.08 shall survive delivery of the respective Mortgage Files to the
Trustee or the Custodian, as the case may be, and shall continue throughout the
term of this Agreement. Upon discovery by any of the Company, the Master
Servicer, the Trustee or the Custodian of a breach of any of the foregoing
representations and warranties which materially and adversely affects the value
of the related Mortgage Loans or the interests of the Trust in the related
Mortgage Loans, the Company, the Master Servicer, the Trustee or the Custodian,
as the case may be, discovering such breach shall give prompt written notice to
the others. Any breach of the representation set forth in clauses (xxx) or
(xxxi) of this Section 2.08 shall be deemed to materially and adversely affect
the value of the related Mortgage Loans or the interests of the Trust in the
related Mortgage Loans. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall repurchase, subject to the limitations set forth in
the definition of "Purchase Price," or substitute for the affected Mortgage Loan
or Mortgage Loans or any property acquired in respect thereof from the Trust,
unless it has cured such breach in all material respects. After the end of the
three-month period beginning on the "start-up day," any such substitution shall
be made only if the Company provides to the Trustee an Opinion of Counsel
addressed to the Trust and the Trustee reasonably satisfactory to the Trustee
that each Substitute Mortgage Loan will be a "qualified replacement mortgage"
within the meaning of Section 860G(a)(4) of the Code. Such substitution shall be
made in the manner and within the time limits set forth in Section 2.07. Any
such repurchase by the Company shall be accomplished in the manner and at the
Purchase Price, if applicable, but shall not be subject to the time limits, set
forth in Section 2.07. It is understood and agreed that the obligation of the
Company to provide such substitution or to make such repurchase of any affected
Mortgage Loan or Mortgage Loans or any property acquired in respect thereof as
to which a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Holders of the REMIC I Regular
Interests and the Class R-1 Residual Interest or the Trustee on behalf of the
Holders of the REMIC I Regular Interests and the Class R-1 Residual Interest.

Section 2.09. Acknowledgment of Transfer of Mortgage Pool Assets. The Trustee
hereby acknowledges and accepts on behalf of the Trust the transfer and
assignment to the Trust of the Mortgage Pool Assets, but without having made the
review required to be made within 45 days pursuant to Section 2.07, and declares
that as of the Closing Date it holds and shall hold any documents constituting a
part of the Mortgage Pool Assets, and the Mortgage Pool Assets, as Trustee in
trust, upon the trust herein set forth, for the use and benefit of all present
and future Holders of the REMIC I Regular Interests and the Class R-1 Residual
Interest. In connection therewith, as of the Closing Date, in exchange for the
Mortgage Pool Assets, the Trustee on behalf of the Trust does hereby issue to
the Company the REMIC I Regular Interests and the Class R-1 Residual Interest.

Section 2.10. Conveyance of REMIC II Assets; Security Interest. Concurrently
with the execution and delivery hereof, the Company does hereby irrevocably
sell, transfer, assign, set over, and otherwise convey to the Trust, without
recourse, all the Company's right, title and interest in and to the REMIC II
Assets. Pursuant to Section 3818 of the Statutory Trust Statute, the REMIC I

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Regular Interests shall not be cancelled and shall be held as treasury interests
owned by the Trust. The Trustee acknowledges that the REMIC II Assets are held
by it as Trustee of the Trust for the benefit of the holders of the
Certificates. It is the express intent of the parties hereto that the conveyance
of the REMIC II Assets to the Trust by the Company as provided in this Section
2.10 be, and be construed as, an absolute sale of the REMIC II Assets. It is,
further, not the intention of the parties that such conveyance be deemed the
grant of a security interest in the REMIC II Assets by the Company to the Trust
to secure a debt or other obligation of the Company. However, in the event that,
notwithstanding the intent of the parties, the REMIC II Assets are held to be
the property of the Company, or if for any other reason this Agreement is held
or deemed to create a security interest in the REMIC II Assets, then

(a) this Agreement shall constitute a security agreement;

(b) the conveyance provided for in this Section 2.10 shall be deemed to be a
grant by the Company to the Trust of, and the Company hereby grants to the
Trust, to secure all of the Company's obligations hereunder, a security interest
in all of the Company's right, title, and interest, whether now owned or
hereafter acquired, in and to:

(I) The REMIC I Regular Interests, including without limitation all rights
represented thereby in and to the Mortgage Pool Assets and the proceeds thereof;

(II) All accounts, chattel paper, deposit accounts, documents, general
intangibles, goods, instruments, investment property, letter-of-credit rights,
letters of credit, money, and oil, gas, and other minerals, consisting of,
arising from, or relating to, any of the foregoing; and

(III) All proceeds of the foregoing.

The Company shall file such financing statements, and the Company and the
Trustee acting on behalf of the Trust at the direction of the Company shall, to
the extent consistent with this Agreement, take such other actions as may be
necessary to ensure that, if this Agreement were found to create a security
interest in the REMIC II Assets, such security interest would be a perfected
security interest of first priority under applicable law and will be maintained
as such throughout the term of this Agreement. In connection herewith, the Trust
shall have all of the rights and remedies of a secured party and creditor under
the Uniform Commercial Code as in force in the relevant jurisdiction.

Section 2.11.     REMIC Election for REMIC II.

The Tax Matters Person shall, on behalf of REMIC II, elect to treat REMIC II as
a REMIC within the meaning of Section 860D of the Code and, if necessary, under
applicable state laws. Such election shall be included in the Form 1066 and any
appropriate state return to be filed on behalf of REMIC II for its first taxable
year.

The Closing Date is hereby designated as the "startup day" of REMIC II within
the meaning of Section 860G(a)(9) of the Code.

The regular interests (as set forth in the table contained in the Preliminary
Statement hereto) relating to REMIC II are hereby designated as "regular
interests" in REMIC II for purposes of Section 860G(a)(1) of the Code. The Class

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R-2 Residual Interest is hereby designated as the sole class of "residual
interest" in REMIC II for purposes of Section 860G(a)(2) of the Code. The REMIC
II Regular Interests and the Class R-2 Residual Interest shall together be
deemed to be a separate series of beneficial interests in the assets of the
Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the
Statutory Trust Statute.

The parties intend that the affairs of REMIC II shall constitute, and that the
affairs of REMIC II shall be conducted so as to qualify it as, a REMIC. In
furtherance of such intention, the Tax Matters Person shall, on behalf of REMIC
II: (a) prepare and file, or cause to be prepared and filed, a federal tax
return using a calendar year as the taxable year for REMIC II when and as
required by the REMIC provisions and other applicable federal income tax laws;
(b) make an election, on behalf of REMIC II, to be treated as a REMIC on the
federal tax return of REMIC II for its first taxable year, in accordance with
the REMIC provisions; (c) prepare and forward, or cause to be prepared and
forwarded, to the Certificateholders and the Holders of the Class R-2 Residual
Interest all information reports as and when required to be provided to them in
accordance with the REMIC provisions; (d) conduct the affairs of REMIC II at all
times that any of the Certificates are outstanding so as to maintain the status
of REMIC II as a REMIC under the REMIC provisions; (e) not knowingly or
intentionally take any action or omit to take any action that would cause the
termination of the REMIC status of REMIC II; and (f) pay the amount of any
federal prohibited transaction penalty taxes imposed on REMIC II when and as the
same shall be due and payable (but such obligation shall not prevent the Company
or any other appropriate person from contesting any such tax in appropriate
proceedings and shall not prevent the Company from withholding payment of such
tax, if permitted by law, pending the outcome of such proceedings); provided,
that the Company shall be entitled to be indemnified from REMIC II for any such
prohibited transaction penalty taxes if the Company's failure to exercise
reasonable care was not the primary cause of the imposition of such prohibited
transaction penalty taxes.

In the event that any tax is imposed on "prohibited transactions" of REMIC II as
defined in Section 860F of the Code and not paid by the Company pursuant to
clause (f) of the preceding paragraph, such tax shall be charged against amounts
otherwise distributable to the Holders of the Class R-2 Residual Interest.
Notwithstanding anything to the contrary contained herein, the Company is hereby
authorized to retain from amounts otherwise distributable to the Holders of the
Class R-2 Residual Interest on any Distribution Date sufficient funds to
reimburse the Company for the payment of such tax (to the extent that the
Company has not been previously reimbursed therefor).

Section 2.12. Acknowledgement of Transfer of REMIC II Assets; Authentication of
Certificates. The Trustee hereby acknowledges and accepts on behalf of the Trust
the assignment to the Trust of the REMIC II Assets and declares that as of the
Closing Date it holds and shall hold any documents constituting a part of the
REMIC II Assets, and the REMIC II Assets, as Trustee in trust, upon the trust
herein set forth, for the use and benefit of all present and future Holders of
the Certificates (other than the Class R Certificates) and the Class R-2
Residual Interest. In connection therewith, as of the Closing Date, in exchange
for the REMIC II Assets, the Trustee on behalf of the Trust shall cause to be
authenticated and delivered, upon and pursuant to the order of the Company, the
Certificates in Authorized Denominations.

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Section  2.13.  Legal  Title.  Legal  title to all assets of the Trust  shall be
vested at all times in the Trust as a separate legal entity.

Section 2.14. Compliance with ERISA Requirements. For purposes of ensuring
compliance with the requirements of the "underwriter's exemption" (U.S.
Department of Labor Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487
(Aug. 22, 2002)), issued under ERISA, and for the avoidance of any doubt as to
the applicability of other provisions of this Agreement, to the fullest extent
permitted by applicable law and except as contemplated by this Agreement, (1)
the Trust shall not be a party to any merger, consolidation or reorganization,
or liquidate or sell its assets and (2) so long as any Certificates are
outstanding, none of the Company, the Trustee or the Delaware Trustee shall
institute against the Trust, or join in any institution against the Trust of,
any bankruptcy or insolvency proceedings under any federal or state bankruptcy,
insolvency or similar law.

Section 2.15. Additional Representation of the Company Concerning the Mortgage
Loans. The Company hereby represents and warrants to the Trust that it does not
intend for the Mortgage Pool to include any Mortgage Loan that is a "high-cost
home loan" as defined under the New Jersey Home Ownership Security Act of 2002
or the New Mexico Home Loan Protection Act. Based on the foregoing
representation and warranty and on the Company's obligation, pursuant to Section
2.08, to repurchase or substitute for the affected Mortgage Loan in the event of
a breach of the representation set forth in clause (xxviii) of Section 2.08, the
other parties hereto agree and understand that it is not intended for the
Mortgage Pool to include any Mortgage Loan that is a "high-cost home loan" as
defined under the New Jersey Home Ownership Security Act of 2002 or the New
Mexico Home Loan Protection Act.

                                  ARTICLE III

                 Administration and Servicing of Mortgage Loans

Section 3.01. The Company to Act as Master Servicer. The Company shall act as
Master Servicer to service and administer the Mortgage Loans on behalf of the
Trust and for the benefit of the Certificateholders in accordance with the terms
hereof, consistent with prudent mortgage loan servicing practices and (unless
inconsistent with prudent mortgage loan servicing practices) 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, and shall
have full power and authority to do or cause to be done any and all things in
connection with such servicing and administration which a prudent servicer of
mortgage loans would do under similar circumstances, including, without
limitation, the power and authority to bring actions and defend the Mortgage
Pool Assets on behalf of the Trust in order to enforce the terms of the Mortgage
Notes. The Master Servicer may perform its master servicing responsibilities
through agents or independent contractors, but shall not thereby be released
from any of its responsibilities hereunder and the Master Servicer shall
diligently pursue all of its rights against such agents or independent
contractors.

The Master Servicer shall make reasonable efforts to collect or cause to be
collected all payments called for under the terms and provisions of the Mortgage
Loans and shall, to the extent such procedures shall be consistent with this
Agreement and the terms and provisions of any Primary Insurance Policy, any FHA

                                       82

insurance policy or VA guaranty, any hazard insurance policy, and federal flood
insurance, cause to be followed such collection procedures as are followed with
respect to mortgage loans comparable to the Mortgage Loans and held in
portfolios of responsible mortgage lenders in the local areas where each
Mortgaged Property is located. The Master Servicer shall enforce "due-on-sale"
clauses with respect to the related Mortgage Loans, to the extent permitted by
law, subject to the provisions set forth in Section 3.08.

Consistent with the foregoing, the Master Servicer may, in accordance with
prudent mortgage loan servicing practices, (i) waive or cause to be waived any
assumption fee or late payment charge in connection with the prepayment of any
Mortgage Loan and (ii) only upon determining that the coverage of any applicable
insurance policy or guaranty related to a Mortgage Loan will not be materially
adversely affected, arrange a schedule, running for no more than 180 days after
the first delinquent Due Date, for payment of any delinquent installment on any
Mortgage Note or for the liquidation of delinquent items. Subject to the fourth
sentence of this paragraph, the Master Servicer shall have the right, but not
the obligation, to purchase any Mortgage Loan delinquent 90 consecutive days or
more for an amount equal to its Purchase Price; provided, however, that the
aggregate Purchase Price of Mortgage Loans so purchased pursuant to this
sentence shall not exceed one-half of one percent (0.50%) of the aggregate
Principal Balance, as of the Cut-Off Date, of all Mortgage Loans. Subject to the
fourth sentence of this paragraph, the Master Servicer shall also have the
right, but not the obligation, to purchase, for an amount equal to its Purchase
Price, any Mortgage Loan delinquent 90 consecutive days or more, for the purpose
of requiring the Person who sold such Mortgage Loan to the Company to repurchase
such Mortgage Loan based on a breach of a representation or warranty made by
such Person in connection with the Company's purchase or acquisition of such
Mortgage Loan. Notwithstanding the immediately preceding two sentences, the
Master Servicer's right to purchase any Mortgage Loan pursuant to either of such
preceding sentences shall be subject to the following additional conditions: (x)
if the date on which the Mortgage Loan first became 90-day delinquent (the
"Initial Delinquency Date") occurred during the first two calendar months of a
calendar quarter, the Master Servicer may exercise the purchase right during the
period commencing on the Initial Delinquency Date and ending on the last Master
Servicer Business Day of such calendar quarter, (y) if the Initial Delinquency
Date occurred during the third calendar month of a calendar quarter, the Master
Servicer may exercise the purchase right during the period commencing on the
first day of the immediately succeeding calendar quarter and ending on the last
Master Servicer Business Day of such succeeding calendar quarter and (z) if the
Master Servicer does not exercise the purchase right with respect to a Mortgage
Loan during the period specified in clause (x) or (y), as applicable, such
Mortgage Loan shall thereafter again become eligible for purchase pursuant to
the preceding two sentences only after the Mortgage Loan ceases to be 90-day
delinquent and thereafter becomes 90-day delinquent again. For purposes of this
paragraph, a Mortgage Loan is considered delinquent for 90 consecutive days if a
Monthly Payment is not received by the first day of the third month following
the month during which such payment was due.

Consistent with the terms of this Section 3.01, the Master Servicer may waive,
modify or vary any term of any Mortgage Loan or consent to the postponement of
strict compliance with any such term or in any manner grant indulgence to any
Mortgagor if it has determined, exercising its good faith business judgment in
the same manner as it would if it were the owner of the related Mortgage Loan,
that the security for, and the timely and full collectibility of, such Mortgage

                                       83

Loan would not be adversely affected by such waiver, modification, postponement
or indulgence; provided, however, that (unless the Mortgagor is in default with
respect to the Mortgage Loan or in the reasonable judgment of the Master
Servicer such default is imminent) the Master Servicer shall not permit any
modification with respect to any Mortgage Loan that would (i) change the
applicable Mortgage Interest Rate, defer or forgive the payment of any principal
or interest, reduce the outstanding principal balance (except for actual
payments of principal) or extend the final maturity date with respect to such
Mortgage Loan, or (ii) be inconsistent with the terms of any applicable Primary
Insurance Policy, FHA insurance policy, VA guaranty, hazard insurance policy or
federal flood insurance policy. Notwithstanding the foregoing, the Master
Servicer shall not permit any modification with respect to any Mortgage Loan
that would both constitute a sale or exchange of such Mortgage Loan within the
meaning of Section 1001 of the Code (including any proposed, temporary or final
regulations promulgated thereunder) (other than in connection with a proposed
conveyance or assumption of such Mortgage Loan that is treated as a Principal
Prepayment or in a default situation) and cause any REMIC to fail to qualify as
such under the Code. The Master Servicer shall be entitled to approve a request
from a Mortgagor for a partial release of the related Mortgaged Property, the
granting of an easement thereon in favor of another Person, any alteration or
demolition of the related Mortgaged Property or other similar matters if it has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related Mortgage Loan, that the security for,
and the timely and full collectibility of, such Mortgage Loan would not be
adversely affected thereby and that REMIC I and REMIC II would not fail to
continue to qualify as REMICs under the Code as a result thereof and that no tax
on "prohibited transactions" or "contributions" after the startup day would be
imposed on any REMIC as a result thereof.

The Master Servicer is hereby authorized and empowered by the Trust to execute
and deliver or cause to be executed and delivered on behalf of the Holders of
the REMIC I Regular Interests and the Class R-1 Residual Interest, and the Trust
or any of them, any and all instruments of satisfaction or cancellation, or of
partial or full release, discharge or modification, assignments of Mortgages and
endorsements of Mortgage Notes in connection with refinancings (in jurisdictions
where such assignments are the customary and usual standard of practice of
mortgage lenders) and all other comparable instruments, with respect to the
Mortgage Loans and with respect to the Mortgaged Properties. The Master Servicer
is hereby further authorized and empowered by the Trust to execute and deliver
or cause to be executed and delivered on behalf of the Holders of the REMIC I
Regular Interests and the Class R-1 Residual Interest and the Trust, or any of
them, such instruments of assignment or other comparable instruments as the
Master Servicer shall, in its sole judgment, deem appropriate in order to
register any Mortgage Loan on the MERS(R) System or to cause the removal of any
Mortgage Loan from registration thereon. Any expenses incurred in connection
with the actions described in the preceding sentence shall be borne by the
Master Servicer with no right of reimbursement; provided, however, that any such
expenses incurred as a result of any termination by MERS of the MERS(R) System
shall be reimbursable to the Master Servicer. The Trustee on behalf of the Trust
shall execute and furnish to the Master Servicer, at the Master Servicer's
direction, any powers of attorney and other documents prepared by the Master
Servicer and determined by the Master Servicer to be necessary or appropriate to
enable the Master Servicer to carry out its supervisory, servicing and
administrative duties under this Agreement.

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The Master Servicer and each Servicer shall obtain (to the extent generally
commercially available) and maintain fidelity bond and errors and omissions
coverage acceptable to Fannie Mae or Freddie Mac with respect to their
obligations under this Agreement and the applicable Selling and Servicing
Contract, respectively. The Master Servicer or each Servicer, as applicable,
shall establish escrow accounts for, or pay when due (by means of an advance),
any tax liens in connection with the Mortgaged Properties that are not paid by
the Mortgagors when due to the extent that any such payment would not constitute
a Nonrecoverable Advance when made.

In connection with the servicing and administering of each Mortgage Loan, the
Master Servicer and any affiliate of the Master Servicer (i) may perform
services such as appraisals, default management and (in the case of affiliates
only) brokerage services that are not customarily provided by servicers of
mortgage loans, and shall be entitled to reasonable compensation therefor and
(ii) may, at its own discretion and on behalf of the Trust, obtain credit
information in the form of a "credit score" from a credit repository.

Section 3.02. Custodial Accounts and Buydown Fund Accounts. The Master Servicer
shall cause to be established and maintained by each Servicer under the Master
Servicer's supervision the Custodial Account for P&I, Buydown Fund Accounts (if
any) and special Custodial Account for Reserves and shall deposit or cause to be
deposited therein daily the following amounts received or advanced by the
Servicer with respect to the Mortgage Loans:

(i) all scheduled payments of principal;

(ii) all scheduled payments of interest, net of the Servicing Fees due the
applicable Servicers;

(iii) all Curtailments and Payoffs; and
(iv) all Insurance Proceeds, Liquidation Proceeds, Excess Liquidation Proceeds
and Subsequent Recoveries;

provided, however, that (x) proceeds received with respect to individual
Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty,
Primary Insurance Policy or other insurance policy (other than any Special
Primary Insurance Policy) covering such Mortgage Loans, if required for the
restoration or repair of the related Mortgaged Property, may be deposited either
in the Custodial Account for Reserves or the Custodial Account for P&I and (y)
such proceeds (other than proceeds from any Special Primary Insurance Policy),
if not required for the restoration or repair of the related Mortgaged Property,
and if not released to the Mortgagor in accordance with prudent mortgage loan
servicing practices, shall be deposited in the Custodial Account for P&I, and
shall be applied to the balances of the related Mortgage Loans as payments of
interest and principal.

The Master Servicer is hereby authorized to make withdrawals from and to issue
drafts against the Custodial Accounts for P&I and the Custodial Accounts for
Reserves for the purposes required or permitted by this Agreement. Each
Custodial Account for P&I and each Custodial Account for Reserves shall bear a
designation clearly showing the respective interests of the applicable Servicer,
as trustee, and of the Master Servicer, in substantially one of the following
forms:

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(a) With respect to the Custodial Account for P&I: (i) [Servicer's Name], as
agent, trustee and/or bailee of principal and interest custodial account for
Washington Mutual Mortgage Securities Corp., its successors and assigns, for
various owners of interests in Washington Mutual Mortgage Securities Corp.
mortgage-backed pools or (ii) [Servicer's Name] in trust for Washington Mutual
Mortgage Securities Corp.;

(b) With respect to the Custodial Account for Reserves: (i) [Servicer's Name],
as agent, trustee and/or bailee of taxes and insurance custodial account for
Washington Mutual Mortgage Securities Corp., its successors and assigns for
various mortgagors and/or various owners of interests in Washington Mutual
Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in
trust for Washington Mutual Mortgage Securities Corp. and various Mortgagors.

The Master Servicer hereby undertakes to assure remittance to the Certificate
Account of all amounts relating to the Mortgage Loans that have been collected
by any Servicer and are due to the Certificate Account pursuant to Section 4.01
of this Agreement.

Funds held in the Custodial Account for P&I and the Custodial Account for
Reserves may, at the Master Servicer's option, be invested in (i) one or more
Eligible Investments which shall in no event mature later than the Business Day
prior to the related Withdrawal Date (except if such Eligible Investments are
obligations of the Trustee, such Eligible Investments may mature on the
Withdrawal Date), or (ii) such other instruments as shall be required to
maintain the Ratings.

Section 3.03. The Investment Account; Eligible Investments.(a) Not later than
the Withdrawal Date, the Master Servicer shall withdraw or direct the withdrawal
of funds in the Custodial Accounts for P&I, for deposit in the Investment
Account, in an amount representing:

(i) Scheduled installments of principal and interest on the Mortgage Loans
received or advanced by the applicable Servicers which were due on the related
Due Date, net of Servicing Fees due the applicable Servicers and less any
amounts to be withdrawn later by the applicable Servicers from the applicable
Buydown Fund Accounts;

(ii) Payoffs and the proceeds of other types of liquidations of the Mortgage
Loans received by the applicable Servicer for such Mortgage Loans during the
applicable Payoff Period, with interest to the date of Payoff or liquidation
less any amounts to be withdrawn later by the applicable Servicers from the
applicable Buydown Fund Accounts; and

(iii) Curtailments received by the applicable Servicers in the Prior Period.

At its option, the Master Servicer may invest funds withdrawn from the Custodial
Accounts for P&I, as well as any Buydown Funds, Insurance Proceeds and
Liquidation Proceeds previously received by the Master Servicer (including
amounts paid by the Company in respect of any Purchase Obligation or its
substitution obligations set forth in Section 2.07 or Section 2.08 or in
connection with the exercise of the option to terminate this Agreement pursuant
to Section 9.01) for its own account and at its own risk, during any period

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prior to their deposit in the Certificate Account. Such funds, as well as any
funds which were withdrawn from the Custodial Accounts for P&I on or before the
Withdrawal Date, but not yet deposited into the Certificate Account, shall
immediately be deposited by the Master Servicer with the Investment Depository
in an Investment Account in the name of the Master Servicer and the Trust for
investment only as set forth in this Section 3.03. The Master Servicer shall
bear any and all losses incurred on any investments made with such funds and
shall be entitled to retain all gains realized on such investments as additional
servicing compensation. Not later than the Business Day prior to the
Distribution Date, the Master Servicer shall deposit such funds, net of any
gains (except Payoff Earnings) earned thereon, in the Certificate Account.

(b) Funds held in the Investment Account shall be invested in (i) one or more
Eligible Investments which shall in no event mature later than the Business Day
prior to the related Distribution Date (except if such Eligible Investments are
obligations of the Trustee, such Eligible Investments may mature on the
Distribution Date), or (ii) such other instruments as shall be required to
maintain the Ratings.

Section 3.04.     The Certificate Account.

(a) On or prior to the Closing Date, the Trustee shall establish the Certificate
Account, which shall be entitled "Washington Mutual Mortgage Securities Corp.
Certificate Account under the Pooling and Servicing Agreement, dated as of June
1, 2004, among Washington Mutual Mortgage Securities Corp., as Depositor and
Master Servicer, Citibank, N.A., as the Trustee, and Christiana Bank & Trust
Company, as the Delaware Trustee, for the benefit of WaMu Mortgage Pass-Through
Certificates Series 2004-CB2 Trust created pursuant thereto". Promptly after the
Closing Date, the Trustee shall communicate to the Master Servicer the account
number and wiring instructions for the Certificate Account.

Not later than the Business Day prior to the related Distribution Date, the
Master Servicer shall direct the Investment Depository to deposit into the
Certificate Account the amounts previously deposited into the Investment Account
(which may include a deposit of Eligible Investments) to which the Holders of
the REMIC I Regular Interests and the Class R-1 Residual Interest are entitled
or which are necessary for payment of any Special Primary Insurance Premiums. In
addition, not later than the Business Day prior to the Distribution Date, the
Master Servicer shall deposit into the Certificate Account any Monthly P&I
Advances or other payments required to be made by the Master Servicer pursuant
to Section 4.02 of this Agreement and any Insurance Proceeds or Liquidation
Proceeds (including amounts paid by the Company in respect of any Purchase
Obligation) not previously deposited in the Custodial Accounts for P&I or the
Investment Account, and any amounts paid by the Master Servicer in connection
with the exercise of its option to terminate this Agreement pursuant to Section
9.01 or any other purchase of Mortgage Loans permitted by this Agreement.

(b) Funds held in the Certificate Account shall be invested at the written
direction of the Master Servicer in (i) one or more Eligible Investments which
shall in no event mature later than the Business Day prior to the related
Distribution Date (except if such Eligible Investments are obligations of the
Trustee, such Eligible Investments may mature on the Distribution Date), or (ii)
such other instruments as shall be required to maintain the Ratings. The Master
Servicer shall be entitled to receive any gains earned on such Eligible
Investments and shall bear any losses suffered in connection therewith. If the

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Trustee has not received such written investment directions from the Master
Servicer, the Trustee shall not invest funds held in the Certificate Account.
The Trustee shall have no liability for any losses on investments of funds held
in the Certificate Account.

Section 3.05. Permitted Withdrawals from the Certificate Account, the Investment
Account and Custodial Accounts for P&I and of Buydown Funds from the Buydown
Fund Accounts.

(a) The Master Servicer is authorized to make withdrawals (or, in the case of
the Certificate Account, to direct the Trustee to make withdrawals), from time
to time, from the Investment Account, the Certificate Account or the Custodial
Accounts for P&I established by the Servicers of amounts deposited therein in
respect of the Certificates (and, to the extent applicable, to make deposits of
the amounts withdrawn), as follows:

(i) To reimburse itself or the applicable Servicer for Monthly P&I Advances made
pursuant to Section 4.02 or a Selling and Servicing Contract, such right to
reimbursement pursuant to this paragraph (i) being limited to amounts received
on particular Mortgage Loans (including, for this purpose, Insurance Proceeds
and Liquidation Proceeds) which represent late recoveries of principal and/or
interest respecting which any such Monthly P&I Advance was made;

(ii) To reimburse itself or the applicable Servicer for amounts expended by or
for the account of the Master Servicer pursuant to Section 3.09 or amounts
expended by such Servicer pursuant to the Selling and Servicing Contracts in
connection with the restoration of property damaged by an Uninsured Cause or in
connection with the liquidation of a Mortgage Loan;

(iii) To pay to itself, with respect to the related Mortgage Loans, the Master
Servicing Fee (net of Compensating Interest reduced by Payoff Earnings and
Payoff Interest) as to which no prior withdrawals from funds deposited by the
Master Servicer have been made;

(iv) To reimburse itself or the applicable Servicer for advances made with
respect to related Mortgage Loans (except for Mortgage Loans purchased pursuant
to a Purchase Obligation or pursuant to the second or third sentence of the
third paragraph of Section 3.01) which the Master Servicer has determined to be
Nonrecoverable Advances;

(v) To pay to itself reinvestment earnings deposited or earned in the Investment
Account and the Certificate Account to which it is entitled and to reimburse
itself for expenses incurred by and reimbursable to it pursuant to Section 6.03;

(vi) To deposit to the Investment Account amounts in the Certificate Account not
required to be on deposit therein at the time of such withdrawal;

(vii) To deposit in the Certificate Account, not later than the Business Day
prior to the related Distribution Date, the amounts in the Investment Account
specified in Section 3.04(a);

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(viii) To pay on behalf of the Trustee any Special Primary Insurance Premium
payable by the Trustee pursuant to Section 4.04(a); provided, the Master
Servicer shall give written notice thereof to the Trustee prior to noon New York
City time two Business Days prior to the applicable Distribution Date; and

after making or providing for the above withdrawals

(ix) To clear and terminate the Investment Account and the Certificate Account
following termination of this Agreement pursuant to Section 9.01.

Since, in connection with withdrawals pursuant to paragraphs (i) and (ii), the
Master Servicer's entitlement thereto is limited to collections or other
recoveries on the related Mortgage Loan, the Master Servicer or the applicable
Servicer shall keep and maintain separate accounting for each Mortgage Loan, for
the purpose of justifying any such withdrawals.

(b) The Master Servicer or the applicable Servicer, if such Servicer holds and
maintains a Buydown Fund Account, is authorized to make withdrawals, from time
to time, of Buydown Funds from the Buydown Fund Account or Custodial Account for
P&I established by any Servicer under its supervision (and, to the extent
applicable, to make deposits of the amounts withdrawn), as follows:

(i) To deposit each month in the Investment Account the amount necessary to
supplement payments received on Buydown Loans;

(ii) In the event of a Payoff of any Mortgage Loan having a related Buydown
Fund, to apply amounts remaining in Buydown Fund Accounts to reduce the required
amount of such principal Payoff (or, if the Mortgagor has made a Payoff, to
refund such remaining Buydown Fund amounts to the Person entitled thereto);

(iii) In the event of foreclosure or liquidation of any Mortgage Loan having a
Buydown Fund, to deposit remaining Buydown Fund amounts in the Investment
Account as Liquidation Proceeds; and

(iv) To clear and terminate the portion of any account representing Buydown
Funds following termination of this Agreement pursuant to Section 9.01;

(c) The Trustee is authorized to make withdrawals from time to time from the
Certificate Account to reimburse itself for advances it has made pursuant to
Section 7.01(a) hereof that it has determined to be Nonrecoverable Advances.

(d) Each Servicer is authorized to make withdrawals, from time to time, from the
related Custodial Account for P&I, (i) to pay to itself, with respect to the
related Mortgage Loans, the Servicing Fee and (ii) to reimburse itself for
expenses to the same extent that the Master Servicer is authorized to make
withdrawals to reimburse the Servicer for expenses pursuant to clauses (i), (ii)
and (iv) of Section 3.05(a), in the case of each of clause (d)(i) and (d)(ii),
to the extent no prior withdrawals of such amounts have been made by the
Servicer or the Master Servicer.

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Section 3.06. Maintenance of Primary Insurance Policies; Collections Thereunder.
The Master Servicer shall use commercially reasonable efforts to keep, and to
cause the Servicers to keep, in full force and effect each Primary Insurance
Policy (except any Special Primary Insurance Policy) required with respect to a
Mortgage Loan, until no longer required, and the Master Servicer shall use
commercially reasonable efforts to keep in full force and effect each Special
Primary Insurance Policy, if any. Notwithstanding the foregoing, the Master
Servicer shall have no obligation to maintain any Primary Insurance Policy for a
Mortgage Loan for which the outstanding Principal Balance thereof at any time
subsequent to origination was 80% or less of the Appraised Value of the related
Mortgaged Property, unless required by applicable law.

Unless required by applicable law, the Master Servicer shall not cancel or
refuse to renew, or allow any Servicer under its supervision to cancel or refuse
to renew, any Primary Insurance Policy in effect at the date of the initial
issuance of the Certificates that is required to be kept in force hereunder;
provided, however, that neither the Master Servicer nor any Servicer shall
advance funds for the payment of any premium due under (i) any Primary Insurance
Policy (other than a Special Primary Insurance Policy) if it shall determine
that such an advance would be a Nonrecoverable Advance or (ii) any Special
Primary Insurance Policy.

Section 3.07. Maintenance of Hazard Insurance. The Master Servicer shall cause
to be maintained for each Mortgage Loan (other than a Cooperative Loan) fire
insurance with extended coverage in an amount which is not less than the
original principal balance of such Mortgage Loan, except in cases approved by
the Master Servicer in which such amount exceeds the value of the improvements
to the Mortgaged Property. The Master Servicer shall also require fire insurance
with extended coverage in a comparable amount on property acquired upon
foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative Loan). Any amounts collected under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property) shall be deposited into the Custodial Account for P&I, subject to
withdrawal pursuant to the applicable Selling and Servicing Contract and
pursuant to Section 3.03 and Section 3.05. Any unreimbursed costs incurred in
maintaining any insurance described in this Section 3.07 shall be recoverable as
an advance by the Master Servicer from the Investment Account or the Certificate
Account. Such insurance shall be with insurers approved by the Master Servicer
and Fannie Mae or Freddie Mac. Other additional insurance may be required of a
Mortgagor, in addition to that required pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such
additional insurance. Where any part of any improvement to the Mortgaged
Property (other than a Mortgaged Property secured by a Cooperative Loan) is
located in a federally designated special flood hazard area and in a community
which participates in the National Flood Insurance Program at the time of
origination of the related Mortgage Loan, the Master Servicer shall cause flood
insurance to be provided. The hazard insurance coverage required by this Section
3.07 may be met with blanket policies providing protection equivalent to
individual policies otherwise required. The Master Servicer or the applicable
Servicer shall be responsible for paying any deductible amount on any such
blanket policy. The Master Servicer agrees to present, or cause to be presented,
on behalf of and for the benefit of the Trust, claims under the hazard insurance
policy respecting any Mortgage Loan, and in this regard to take such reasonable
actions as shall be necessary to permit recovery under such policy.

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Section 3.08. Enforcement of Due-on-Sale Clauses; Assumption Agreements. When
any Mortgaged Property is about to be conveyed by the Mortgagor, the Master
Servicer shall, to the extent it has knowledge of such prospective conveyance
and prior to the time of the consummation of such conveyance, exercise on behalf
of the Trust the Trust's rights to accelerate the maturity of such Mortgage
Loan, to the extent that such acceleration is permitted by the terms of the
related Mortgage Note, under any "due-on-sale" clause applicable thereto;
provided, however, that the Master Servicer shall not exercise any such right if
the due-on-sale clause, in the reasonable belief of the Master Servicer, is not
enforceable under applicable law or if such exercise would result in
non-coverage of any resulting loss that would otherwise be covered under any
insurance policy. In the event the Master Servicer is prohibited from exercising
such right, the Master Servicer is authorized to take or enter into an
assumption and modification agreement from or with the Person to whom a
Mortgaged Property has been or is about to be conveyed, pursuant to which such
Person becomes liable under the Mortgage Note and, unless prohibited by
applicable state law or unless the Mortgage Note contains a provision allowing a
qualified borrower to assume the Mortgage Note, the Mortgagor remains liable
thereon; provided that the Mortgage Loan shall continue to be covered (if so
covered before the Master Servicer enters such agreement) by any related Primary
Insurance Policy. The Master Servicer is also authorized to enter into a
substitution of liability agreement with such Person, pursuant to which the
original Mortgagor is released from liability and such Person is substituted as
Mortgagor and becomes liable under the Mortgage Note. The Master Servicer shall
not enter into any substitution or assumption with respect to a Mortgage Loan if
such substitution or assumption shall (i) both constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or Treasury regulations promulgated thereunder) and cause the REMICs
to fail to qualify as a REMIC under the REMIC Provisions or (ii) cause the
imposition of any tax on "prohibited transactions" or "contributions" after the
startup day under the REMIC Provisions. The Master Servicer shall notify the
Trustee that any such substitution or assumption agreement has been completed by
forwarding to the Trustee the original copy of such substitution or assumption
agreement and other documents and instruments constituting a part thereof. In
connection with any such assumption or substitution agreement, the terms of the
related Mortgage Note shall not be changed. Any fee collected by the applicable
Servicer for entering into an assumption or substitution of liability agreement
shall be retained by such Servicer as additional servicing compensation.

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

Section 3.09. Realization Upon Defaulted Mortgage Loans. The Master Servicer
shall foreclose upon or otherwise comparably convert, or cause to be foreclosed
upon or comparably converted, the ownership of any Mortgaged Property securing a
Mortgage Loan which comes into and continues in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.01. In lieu of such foreclosure or other conversion, and
taking into consideration the desirability of maximizing net Liquidation
Proceeds after taking into account the effect of Insurance Proceeds upon
Liquidation Proceeds, the Master Servicer may, to the extent consistent with
prudent mortgage loan servicing practices, accept a payment of less than the

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outstanding Principal Balance of a delinquent Mortgage Loan in full satisfaction
of the indebtedness evidenced by the related Mortgage Note and release the lien
of the related Mortgage upon receipt of such payment. The Master Servicer shall
not foreclose upon or otherwise comparably convert a Mortgaged Property if the
Master Servicer is aware of evidence of toxic waste, other hazardous substances
or other evidence of environmental contamination thereon and the Master Servicer
determines that it would be imprudent to do so. In connection with such
foreclosure or other conversion, the Master Servicer shall cause to be followed
such practices and procedures as it shall deem necessary or advisable and as
shall be normal and usual in general mortgage servicing activities. The
foregoing is subject to the provision that, in the case of damage to a Mortgaged
Property from an Uninsured Cause, the Master Servicer shall not be required to
advance its own funds towards the restoration of the property unless it shall be
determined in the sole judgment of the Master Servicer, (i) that such
restoration will increase the proceeds of liquidation of the Mortgage Loan to
Certificateholders after reimbursement to itself for such expenses, and (ii)
that such expenses will be recoverable to it through Liquidation Proceeds. The
Master 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 its normal servicing compensation) as an
advance. The Master Servicer shall maintain information required for tax
reporting purposes regarding any Mortgaged Property which is abandoned or which
has been foreclosed or otherwise comparably converted. The Master Servicer shall
report such information to the Internal Revenue Service and the Mortgagor in the
manner required by applicable law.

The Master Servicer may enter into one or more special servicing agreements with
a Lowest Class B Owner, subject to each Rating Agency's acknowledgment that the
Ratings of the Certificates 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 Lowest Class B Owner may (a) instruct the Master
Servicer to instruct a Servicer to the extent provided in the applicable Selling
and Servicing Contract to commence or delay foreclosure proceedings with respect
to related delinquent Mortgage Loans, provided that the Lowest Class B Owner
deposits a specified amount of cash with the Master Servicer that will be
available for distribution to Certificateholders if Liquidation Proceeds are
less than they otherwise may have been had the Servicer acted pursuant to its
normal servicing procedures, (b) purchase such delinquent Mortgage Loans from
the Trust immediately prior to the commencement of foreclosure proceedings at a
price equal to the aggregate outstanding Principal Balance of such Mortgage
Loans plus accrued interest thereon at the applicable Mortgage Interest Rate
through the last day of the month in which such Mortgage Loans are purchased
and/or (c) assume all of the servicing rights and obligations with respect to
such delinquent Mortgage Loans so long as (i) the Master Servicer has the right
to transfer the servicing rights and obligations of such Mortgage Loans to
another servicer and (ii) such Lowest Class B Owner will service such Mortgage
Loans in accordance with the applicable Selling and Servicing Contract.

REMIC I 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
Mortgage Loan. In the event that REMIC I acquires any real property (or personal
property incident to such real property) in connection with a default or
imminent default of a Mortgage Loan, such property shall be disposed of by the

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Master Servicer as soon as practicable in a manner that, consistent with prudent
mortgage loan servicing practices, maximizes the net present value of the
recovery to the Trust, but in any event within three years after its acquisition
by the Master Servicer for REMIC I unless the Master Servicer provides to the
Trustee an Opinion of Counsel to the effect that the holding by REMIC I of such
Mortgaged Property subsequent to three years after its acquisition will not
result in the imposition of taxes on "prohibited transactions" of REMIC I as
defined in Section 860F of the Code or under the law of any state in which real
property securing a Mortgage Loan owned by REMIC I is located or cause REMIC I
to fail to qualify as a REMIC for federal income tax purposes or for state tax
purposes under the laws of any state in which real property securing a Mortgage
Loan owned by REMIC I is located at any time that any Certificates are
outstanding. The Master Servicer shall conserve, protect and operate each such
property for the Certificateholders solely for the purpose of its prompt
disposition and sale in a manner which does not cause such property to fail to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or
result in the receipt by the REMIC of any "income from non-permitted assets"
within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from
foreclosure property" which is subject to taxation under the REMIC Provisions.
Pursuant to its efforts to sell such property, the Master Servicer shall either
itself or through an agent selected by the Master Servicer protect and conserve
such 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 assets of the Trust, rent the same, or any part thereof,
as the Master Servicer deems to be in the best interest of the Master Servicer
and the Trust for the period prior to the sale of such property. Additionally,
the Master Servicer shall perform the tax withholding and shall file information
returns with respect to the receipt of mortgage interests received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Notwithstanding any other provision of this Agreement, the Master Servicer and
the Trustee, as applicable, shall comply with all federal withholding
requirements with respect to payments to Certificateholders of interest or
original issue discount that the Master Servicer or the Trustee reasonably
believes are applicable under the Code. The consent of Certificateholders shall
not be required for any such withholding. Without limiting the foregoing, the
Master Servicer agrees that it will not withhold with respect to payments of
interest or original issue discount in the case of a Certificateholder that has
furnished or caused to be furnished an effective Form W-8 or an acceptable
substitute form or a successor form and who is not a "10 percent shareholder"
within the meaning of Code Section 871(h)(3)(B) or a "controlled foreign
corporation" described in Code Section 881(c)(3)(C) with respect to REMIC I,
REMIC II or the depositor. In the event the Trustee withholds any amount from
interest or original issue discount payments or advances thereof to any
Certificateholder pursuant to federal withholding requirements, the Trustee
shall indicate the amount withheld to such Certificateholder.

Section 3.10. Trustee to Cooperate; Release of Mortgage Files. Upon the Payoff
or scheduled maturity of any Mortgage Loan, the Master Servicer shall cause such
final payment to be immediately deposited in the related Custodial Account for
P&I or the Investment Account. The Master Servicer shall promptly notify the

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Trustee thereof by a certification (which certification shall include a
statement to the effect that all amounts received in connection with such
payment which are required to be deposited in either such account have been so
deposited) of a Servicing Officer and shall request delivery to it of the
Mortgage File; provided, however, that such certification shall not be required
if the Mortgage File is held by a Custodian which is also the Servicer of the
Mortgage Loan. Upon receipt of such certification and request, the Trustee
shall, not later than the fifth succeeding Business Day, release, or cause to be
released, the related Mortgage File to the Master Servicer or the applicable
Servicer indicated in such request. With any such Payoff or other final payment,
the Master Servicer is authorized (i) to prepare for and procure from the
trustee or mortgagee under the Mortgage which secured the Mortgage Note a deed
of full reconveyance or other form of satisfaction or assignment of Mortgage and
endorsement of Mortgage Note in connection with a refinancing covering the
Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning
document shall be delivered by the Master Servicer to the person or persons
entitled thereto, and (ii) with respect to any MERS Loan, to cause the removal
of such Mortgage Loan from registration on the MERS(R) System. No expenses
incurred in connection with such satisfaction or assignment shall be payable to
the Master Servicer by the Trustee or from the Certificate Account, the related
Investment Account or the related Custodial Account for P&I. From time to time
as appropriate for the servicing or foreclosure of any Mortgage Loan, including,
for this purpose, collection under any Primary Insurance Policy, the Trustee
shall, upon request of the Master Servicer and delivery to it of a trust receipt
signed by a Servicing Officer, release not later than the fifth Business Day
following the date of receipt of such request and trust receipt the related
Mortgage File to the Master Servicer or the related Servicer as indicated by the
Master Servicer and shall execute such documents as shall be necessary to the
prosecution of any such proceedings. Such trust receipt shall obligate the
Master Servicer to return the Mortgage File to the Trustee when the need
therefor by the Master Servicer no longer exists, unless the Mortgage Loan shall
be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that herein above specified, the trust receipt shall be
released by the Trustee to the Master Servicer.

Section 3.11. Compensation to the Master Servicer and the Servicers. As
compensation for its activities hereunder, the Master Servicer shall be entitled
to receive from the Investment Account or the Certificate Account the amounts
provided for by Section 3.05(a)(iii). The Master Servicer 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.

As compensation for its activities under the applicable Selling and Servicing
Contract, the applicable Servicer shall be entitled to withhold or withdraw from
the related Custodial Account for P&I the amounts provided for in such Selling
and Servicing Contract to the extent not inconsistent with this Agreement
(including Section 3.05(d)). Each Servicer is required to pay all expenses
incurred by it in connection with its servicing activities under its Selling and
Servicing Contract (including payment of premiums for Primary Insurance
Policies, other than Special Primary Insurance Policies, if required) and shall
not be entitled to reimbursement therefor except as specifically provided in
such Selling and Servicing Contract and not inconsistent with this Agreement.

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Section 3.12. Reports to the Trustee; Certificate Account Statement. Not later
than 15 days after each Distribution Date, the Master Servicer shall forward a
statement, certified by a Servicing Officer, to the Trustee setting forth the
status of the Certificate Account as of the close of business on such
Distribution Date and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Certificate Account for each
category of deposit specified in Section 3.04 and each category of withdrawal
specified in Section 3.05, and stating that all distributions required by this
Agreement have been made (or if any required distribution has not been made,
specifying the nature and amount thereof). The Trustee shall make available such
statements to any Certificateholder upon request at the expense of the Master
Servicer. Such statement shall also, to the extent available, include
information regarding delinquencies on the Mortgage Loans, indicating the number
and aggregate Principal Balance of Mortgage Loans which are one, two, three or
more months delinquent, the number and aggregate Principal Balance of Mortgage
Loans with respect to which foreclosure proceedings have been initiated and the
book value of any Mortgaged Property acquired by the Trust through foreclosure,
deed in lieu of foreclosure or other exercise of the Trust's security interest
in the Mortgaged Property.

Section 3.13. Annual Statement as to Compliance. The Master Servicer shall
deliver to the Trustee, on or before April 30 of each year, beginning with the
first April 30 succeeding the Cut-Off Date by at least six months, an Officer's
Certificate stating as to the signer thereof, that (i) a review of the
activities of the Master Servicer during the preceding calendar year and
performance under this Agreement has been made under such officer's supervision,
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officer and the
nature and status thereof. Copies of such statement shall be provided by the
Master Servicer to Certificateholders upon request or by the Trustee (solely to
the extent that such copies are available to the Trustee) at the expense of the
Master Servicer, should the Master Servicer fail to so provide such copies.

Section 3.14. Access to Certain Documentation and Information Regarding the
Mortgage Loans. In the event that the Certificates are legal for investment by
federally-insured savings associations, the Master Servicer shall provide to the
OTS, the FDIC and the supervisory agents and examiners of the OTS and the FDIC
access to the documentation regarding the related Mortgage Loans required by
applicable regulations of the OTS or the FDIC, as applicable, and shall in any
event provide such access to the documentation regarding such Mortgage Loans to
the Trustee and its representatives, such access being afforded without charge,
but only upon reasonable request and during normal business hours at the offices
of the Master Servicer designated by it.

Section 3.15. Annual Independent Public Accountants' Servicing Report. On or
before April 30 of each year, beginning with the first April 30 succeeding the
Cut-Off Date by at least six months, the Master Servicer, at its expense, shall
furnish to the Trustee a copy of a report delivered to the Master Servicer by a
firm of independent public accountants (who may also render other services to
the Master Servicer or any affiliate thereof) to the effect that, on the basis
of an examination conducted by such firm in accordance with standards
established by the American Institute of Certified Public Accountants, the
Master Servicer has complied with certain minimum residential mortgage loan
servicing standards in its role as Master Servicer with respect to the servicing
of residential mortgage loans (including the Mortgage Loans) during the most
recently completed fiscal year. In rendering its report such firm may rely, (a)

                                       95

as to matters relating to the Certificates, upon a statistical sampling of
series of mortgage-backed certificates which may include the Certificates and
(b) as to matters relating to the direct servicing of residential mortgage loans
by subservicers, upon comparable reports of firms of independent certified
public accountants rendered on the basis of examinations conducted in accordance
with the same standards (rendered within one year of such report) with respect
to those subservicers.

Section 3.16.     [Reserved.]

Section 3.17.     [Reserved.]

Section 3.18.     [Reserved.]

Section 3.19.     [Reserved.]

Section 3.20. Assumption or Termination of Selling and Servicing Contracts by
Trustee. In the event the Master Servicer, or any successor Master Servicer,
shall for any reason no longer be the Master Servicer (including by reason of an
Event of Default), the Trustee as trustee hereunder or its designee shall
thereupon assume all of the rights and obligations of the Master Servicer under
the Selling and Servicing Contracts with respect to the related Mortgage Loans
unless the Trustee elects to terminate the Selling and Servicing Contracts with
respect to such Mortgage Loans in accordance with the terms thereof. The
Trustee, its designee or the successor servicer for the Trustee shall be deemed
to have assumed all of the Master Servicer's interest therein with respect to
the related Mortgage Loans and to have replaced the Master Servicer as a party
to the Selling and Servicing Contracts to the same extent as if the rights and
duties under the Selling and Servicing Contracts relating to such Mortgage Loans
had been assigned to the assuming party, except that the Master Servicer shall
not thereby be relieved of any liability or obligations under the Selling and
Servicing Contracts with respect to the Master Servicer's duties to be performed
prior to its termination hereunder.

The Master Servicer at its expense shall, upon request of the Trustee, deliver
to the assuming party all documents and records relating to the Selling and
Servicing Contracts and the Mortgage Loans then being master serviced by the
Master Servicer and an accounting of amounts collected and held by the Master
Servicer and otherwise use its best efforts to effect the orderly and efficient
transfer of the rights and duties under the related Selling and Servicing
Contracts relating to such Mortgage Loans to the assuming party.

                                   ARTICLE IV

               Payments to Certificateholders; Payment of Expenses

Section 4.01. Distributions to Holders of REMIC I Regular Interests and Class
R-1 Residual Interest. On each Distribution Date, the Trustee (or any duly
appointed paying agent) (i) shall be deemed to have distributed from the
Certificate Account the REMIC I Distribution Amount to the Holders of the REMIC
I Regular Interests and to have deposited such amount for their benefit into the
Certificate Account and (ii) from the Certificate Account shall distribute to
the Class R Certificateholders, in accordance with the written statement
received from the Master Servicer pursuant to Section 4.02(b), the sum of (a)
the Excess Liquidation Proceeds and (b) the amounts to be distributed to the
Holders of the Class R-1 Residual Interest pursuant to the definition of "REMIC
I Distribution Amount" for such Distribution Date. Amounts distributed pursuant
to clause (ii) above shall be distributed by wire transfer in immediately

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available funds for the account of each Class R Certificateholder, or by any
other means of payment acceptable to each Class R Certificateholder of record on
the immediately preceding Record Date (other than as provided in Section 9.01
respecting the final distribution), as specified by each such Certificateholder
and at the address of such Holder appearing in the Certificate Register.
Notwithstanding any other provision of this Agreement, no actual distributions
pursuant to clause (i) of this Section 4.01 shall be made on account of the
deemed distributions described in this paragraph except in the event of a
liquidation of REMIC II and not REMIC I.

Section 4.02.     Advances by the Master Servicer; Distribution Reports to the Trustee.

(a) To the extent described below, the Master 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 Mortgage Loans, and (ii) the
amounts actually deposited in the Certificate Account on account of such
payments. The Master Servicer's obligation to make any advance or advances
described in this Section 4.02 is effective only to the extent that such advance
is, in the good faith judgment of the Master Servicer made on or before the
second Business Day prior to each Distribution Date, reimbursable from Insurance
Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as
late Monthly Payments with respect to the related Mortgage Loans or otherwise.

Prior to the close of business on the second Business Day prior to each
Distribution Date, the Master Servicer shall determine whether or not it will
make a Monthly P&I Advance on the Business Day prior to such Distribution Date
(in the event that the applicable Servicer fails to make such advances) and
shall furnish a written statement to the Trustee, the Paying Agent, if any, and
to any Certificateholder requesting the same, setting forth the aggregate amount
to be advanced on account of principal and interest in respect of the Mortgage
Loans, stated separately.

In the event that the Master Servicer shall be required to make a Monthly P&I
Advance, it shall on the Business Day prior to the related Distribution Date
either (i) deposit in the Certificate Account an amount equal to such Monthly
P&I Advance, (ii) 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 4.02, used by the Master
Servicer to make such Monthly P&I Advance, or (iii) make advances in the form of
any combination of (i) and (ii) aggregating the amount of such Monthly P&I
Advance. Any funds being held for future distribution to Certificateholders and
so used shall be replaced by the Master Servicer by deposit in the Certificate
Account on the Business Day immediately preceding any future Distribution Date
to the extent that funds in the Certificate Account on such Distribution Date

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with respect to the Mortgage Loans shall be less than payments to
Certificateholders required to be made on such date with respect to the Mortgage
Loans. Under each Selling and Servicing Contract, the Master Servicer is
entitled to receive from the Custodial Accounts for P&I established by the
Servicers amounts received by the applicable Servicers on particular Mortgage
Loans as late payments of principal and interest or as Liquidation or Insurance
Proceeds and respecting which the Master Servicer has made an unreimbursed
advance of principal and interest. The Master Servicer is also entitled to
receive other amounts from the related Custodial Accounts for P&I established by
the Servicers to reimburse itself for prior Nonrecoverable Advances respecting
Mortgage Loans serviced by such Servicers. The Master Servicer shall deposit
these amounts in the Investment Account prior to withdrawal pursuant to Section
3.05.

In accordance with Section 3.05, Monthly P&I Advances are reimbursable to the
Master Servicer from cash in the Investment Account or the Certificate Account
to the extent that the Master Servicer shall determine that any such advances
previously made are Nonrecoverable Advances pursuant to Section 4.03.

(b) Prior to noon New York City time two Business Days prior to each
Distribution Date, the Master Servicer shall provide (x) the Trustee and (y) the
Company (if the Company is no longer acting as Master Servicer) with a statement
in writing of (1) the amount, as applicable, of (i) interest, (ii) the interest
portion, if any, of Realized Losses, (iii) Uncompensated Interest Shortfall,
(iv) scheduled principal, (v) Principal Prepayments, (vi) Liquidation Principal,
(vii) Subsequent Recoveries, (viii) the principal portion of Realized Losses
(after giving effect to any reduction thereof by application of any Cumulative
Carry-Forward Subsequent Recoveries Amount), (ix) the Residual Distribution
Amount and (x) the Excess Liquidation Proceeds to be distributed or allocated,
as applicable, to each Class of Certificates on such Distribution Date (such
amounts to be determined in accordance with the definitions of "REMIC I
Distribution Amount" and "REMIC II Distribution Amount," Section 4.01 and
Section 4.04 hereof and other related definitions set forth in Article I
hereof); (2) the applicable Class Principal Balance after giving effect to such
distributions and allocations; (3) the Cumulative Carry-Forward Subsequent
Recoveries Amount for such Distribution Date and each Subgroup; and (4) the
amount of any Special Primary Insurance Premium payable on such Distribution
Date.

Section 4.03. Nonrecoverable Advances. Any advance previously made by a Servicer
pursuant to its Selling and Servicing Contract with respect to a Mortgage Loan
or by the Master Servicer that the Master 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 Mortgage Loan or
recoverable as late Monthly Payments with respect to such Mortgage Loan shall be
a Nonrecoverable Advance. The determination by the Master Servicer that it or
the applicable Servicer has made a Nonrecoverable Advance or that any advance
would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's
Certificate of the Master 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 Mortgage
Loans, or any other agreement relating to the Mortgage Loans to which the
Company or the Master Servicer is a party, (a) the Master Servicer and each
Servicer shall not be obligated to, and shall not, make any advance that, after
reasonable inquiry and in its sole discretion, the Master Servicer or such
Servicer shall determine would be a Nonrecoverable Advance, and (b) the Master
Servicer and each Servicer shall be entitled to reimbursement for any advance as
provided in Section 3.05(a)(i), (ii) and (iv) of this Agreement.

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Section 4.04.  Distributions to  Certificateholders;  Payment of Special Primary
Insurance Premiums.

(a) On each Distribution Date, the Trustee (or any duly appointed paying agent)
shall (i) subject to Section 3.05(a)(viii), withdraw from the Certificate
Account any Special Primary Insurance Premium payable on such Distribution Date
and pay such amount to the insurer under the applicable Special Primary
Insurance Policy and (ii) withdraw from the Certificate Account the REMIC II
Available Distribution Amount for such Distribution Date and distribute, from
the amount so withdrawn, to the extent of the REMIC II Available Distribution
Amount, the REMIC II Distribution Amount to the Certificateholders (including
the Class R Certificateholders with respect to any distribution to the Holders
of the Class R-2 Residual Interest), all in accordance with the written
statement received from the Master Servicer pursuant to Section 4.02(b). Any
Special Primary Insurance Premiums distributed pursuant to clause (i) above
shall be distributed by means of payment acceptable to the insurer under the
respective Special Primary Insurance Policy. Amounts distributed to the
Certificateholders pursuant to clause (ii) above shall be distributed by wire
transfer in immediately available funds for the account of, or by check mailed
to, each such Certificateholder of record on the immediately preceding Record
Date (other than as provided in Section 9.01 respecting the final distribution),
as specified by each such Certificateholder and at the address of such Holder
appearing in the Certificate Register.

(b) All reductions in the Certificate Principal Balance of a Certificate
effected by distributions of principal and all allocations of Realized Losses
made on any 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 upon the Class R Certificates upon (i) the
termination of REMIC I and REMIC II and (ii) the payment, or making provision
for payment, of all liabilities of the Trust) 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 Certificate Registrar
specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section
9.01(b).

(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the
Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and
expected to be received during the Payoff Period, the Master Servicer 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 shall, no later than the 18th day 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 and to the Rating Agencies 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

                                       99

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.

Section 4.05. Statements to Certificateholders. With each distribution from the
Certificate Account on a Distribution Date, the Trustee shall send to each
Rating Agency and shall make available to each Certificateholder the statement
required by Section 4.02(b). The Trustee may make available such statement and
certain other information, including, without limitation, information required
to be provided by the Trustee pursuant to Sections 3.12 and 3.13, to
Certificateholders through the Trustee's Corporate Trust home page on the world
wide web. Such web page is currently located at "www.sf.citidirect.com." The
location of such web page and the procedures used therein are subject to change
from time to time at the Trustee's discretion.

Upon request by any Certificateholder or Rating Agency or the Trustee, the
Master Servicer shall forward to such Certificateholder or Rating Agency and the
Trustee and the Company (if the Company is no longer acting as Master Servicer)
an additional report which sets forth with respect to the Mortgage Loans:

(a) The number and aggregate Principal Balance of the Mortgage Loans delinquent
one, two and three months or more, in each case, by Loan Group;

(b) 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 Trust's security interest in the Mortgage Loans, in each case, by Loan
Group;

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

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

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

(f) The cumulative amount of Realized Losses incurred in respect of each Loan
Group allocated to the related Certificates since the Cut-Off Date.

Upon request by any Certificateholder, the Master Servicer, as soon as
reasonably practicable, shall provide the requesting Certificateholder with such
information as is necessary and appropriate, in the Master Servicer's sole
discretion, for purposes of satisfying applicable reporting requirements under
Rule 144A of the Securities Act.

The Company may make available any reports, statements or other information to
Certificateholders through the Company's home page on the world wide web. As of
the Closing Date, such web page is located at "www.wamumsc.com" and information
is available by clicking on "Investor Information."

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                                   ARTICLE V

                                The Certificates

Section 5.01.     The Certificates.

(a) The Certificates shall be substantially in the forms set forth in Exhibit A
and B with the additional insertion from Exhibit H attached hereto, and shall be
executed by the Trustee on behalf of the Trust, authenticated by the Trustee (or
any duly appointed Authenticating Agent) and delivered (i) upon and pursuant to
the order of the Company and (ii) upon receipt by the Trustee of the documents
specified in Section 2.01. The Certificates shall be issuable in Authorized
Denominations. Certificates shall be executed by manual or facsimile signature
on behalf of the Trust 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,
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 5.01:
"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 Certificates to Disqualified
Organizations are set forth in this Section 5.01(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 or its designee under clause (iii)(A) below
to deliver payments to a Person other than such Person and to negotiate the

                                      101

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 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 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 Company, 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 5.01(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 Company,
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 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 in the form attached hereto as Exhibit J; (ii) to obtain the
express written consent of the Company prior to any transfer of such Ownership
Interest, which consent may be withheld in the Company's sole discretion; and
(iii) to provide a certificate to the Trustee in the form attached hereto as
Exhibit I.

(ii) 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 as a condition to such registration.

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(iii) (A) If any "disqualified organization" (as defined in Section 860E(e)(5)
of the Code) 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. Neither
the Trust nor the Trustee shall be under any liability to any Person for any
registration of Transfer of a Residual Certificate that is in fact not permitted
by this Section 5.01(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 a Residual Certificate
in violation of the restrictions in this Section 5.01(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 Company 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 Company on such terms as the Company
may choose. Such purported Transferee shall promptly endorse and deliver each
Residual Certificate in accordance with the instructions of the Company. Such
purchaser may be the Company itself or any affiliate of the Company. The
proceeds of such sale, net of the commissions (which may include commissions
payable to the Company or its affiliates), expenses and taxes due, if any, shall
be remitted by the Company 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 Company, and the Company shall not be liable to any
Person having an Ownership Interest in a Residual Certificate as a result of its
exercise of such discretion.

(iv) The Company, on behalf of the Trustee, shall make available, upon written
request from the Trustee, all information necessary to compute any tax imposed
(A) as a result of the Transfer of an Ownership Interest in a Residual
Certificate to any Person who is not a Permitted Transferee, including the
information regarding "excess inclusions" of such Residual Certificates 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

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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 Company from such Person.

(v) The provisions of this Section 5.01 set forth prior to this Section (v) may
be modified, added to or eliminated by the Company and the Trustee, provided
that there shall have been delivered to the Trustee the following:

(A) written notification from each of the Rating Agencies 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 Company (as
evidenced by a certificate of the Company), to the effect that such
modification, addition to or absence of such provisions will not cause REMIC I
and REMIC II to cease to qualify as a REMIC and will not create a risk that (1)
REMIC I and REMIC II 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 TRANSFER AFFIDAVIT TO THE COMPANY AND THE
TRUSTEE 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 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

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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 Tax Matters Person for each of REMIC I and REMIC II, while not a
Disqualified Organization, shall be the tax matters person for the related REMIC
within the meaning of Section 6231(a)(7) of the Code and Treasury Regulation
Section 1.860F-4(d).

(d) In the case of any Junior Subordinate Certificate presented for registration
in the name of any Person, the Trustee shall require (i) an officer's
certificate substantially in the form of Exhibit N attached hereto acceptable to
and in form and substance satisfactory to the Trustee and the Company, which
officer's certificate shall not be an expense of the Trust, the Trustee, the
Master Servicer or the Company, and (ii) only if such officer's certificate
indicates that a Benefit Plan Opinion is delivered in connection therewith, a
Benefit Plan Opinion.

In the case of any Residual Certificate presented for registration in the name
of any Person, the Trustee shall require (i) a Transferee Affidavit and
Agreement which includes the representation set forth in paragraph 19 of the
form attached hereto as Exhibit J and (ii) only if the representation set forth
in such paragraph 19 indicates that a Benefit Plan Opinion is delivered in
connection therewith, a Benefit Plan Opinion.

(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 5.01(e) or Section 5.01(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 5.01(e) and Section 5.01(f), as applicable. No transfer of a Junior
Subordinate Certificate shall be deemed to be made in accordance with this
Section 5.01(e) unless such transfer is made pursuant to an effective
registration statement under the Securities Act or unless the Trustee is
provided with the certificates and an Opinion of Counsel, if required, on which
the Trustee may conclusively rely, to the effect 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 shall require, in order to assure compliance with
the Securities Act, that the Certificateholder desiring to effect such transfer
certify to the Trustee 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 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 shall require an Opinion of Counsel that
such transfer may be made without registration, which Opinion of Counsel shall

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not be obtained at the expense of the Trustee, the Trust or the Company. Such
Opinion of Counsel shall allow for the forwarding, and the Trustee shall
forward, a copy thereof to the Rating Agencies. Notwithstanding the foregoing,
any Junior Subordinate Certificate may be transferred, sold, pledged or
otherwise disposed of in accordance with the requirements set forth in Section
5.01(f).

(f) To effectuate a Certificate transfer of a Junior Subordinate Certificate in
accordance with this Section 5.01(f), the proposed transferee of such
Certificate must provide the Trustee and the Company with an investment letter
substantially in the form of Exhibit L attached hereto, which investment letter
shall not be an expense of the Trust, the Trustee or the Company, 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 or the Company
with Annex 1 or Annex 2 to the form of Exhibit L attached hereto if the Company
so consents prior to each such transfer. Such transfers shall be deemed to have
complied with the requirements of this Section 5.01(f). The Holder of a
Certificate desiring to effect such transfer does hereby agree to indemnify the
Trust, the Trustee, the Company, and the Certificate Registrar against any
liability that may result if transfer is not made in accordance with this
Agreement.

(g) (1) In the case of any ERISA Restricted Certificate presented for
registration in the name of any Person, the prospective transferee shall be
required to provide the Trustee and the Company (A) an officer's certificate
substantially in the form of Exhibit O attached hereto acceptable to and in form
and substance satisfactory to the Trustee and the Company, which officer's
certificate shall not be an expense of the Trust, the Trustee, the Master
Servicer or the Company, and (B) only if such officer's certificate indicates
that a Benefit Plan Opinion is delivered in connection therewith, a Benefit Plan
Opinion.

(2) Notwithstanding the foregoing, a certification (and, if applicable, a
Benefit Plan Opinion) as described in Section 5.01(g)(1) above will not be
required with respect to the transfer of any ERISA Restricted Certificate to a
Clearing Agency, or for any subsequent transfer of any interest in a ERISA
Restricted Certificate for so long as such Certificate is a Book-Entry
Certificate (each such ERISA Restricted Certificate, a "Book-Entry ERISA
Restricted Certificate"). Any transferee of a Book-Entry ERISA Restricted
Certificate will be deemed to have represented, by virtue of its acquisition or
holding of such Certificate (or interest therein), that either (i) such
transferee is not an employee benefit or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code, or any person
(including an investment manager, a named fiduciary or a trustee of any such
plan) acting, directly or indirectly, on behalf of or purchasing such
Certificate with "plan assets" of any such plan (a "Plan Investor"), (ii) such
transferee is an insurance company, the source of funds to be used by it to
acquire or hold such Certificate is an "insurance company general account"
(within the meaning of Department of Labor Prohibited Transaction Class
Exemption ("PTCE") 95-60), and the conditions in Sections I and III of PTCE
95-60 have been satisfied (each entity that satisfies this clause (ii), a
"Complying Insurance Company") or (iii) such Certificate was rated "BBB-" or
better (or its equivalent) by at least one of the Rating Agencies at the time of
such transferee's acquisition of such Certificate (or interest therein).

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(3) If any Book-Entry ERISA Restricted Certificate (or any interest therein) is
acquired or held in violation of the provisions of Section 5.01(g)(2) above,
then the last preceding transferee that either (i) is not a Plan Investor, (ii)
is a Complying Insurance Company or (iii) acquired such Certificate at a time
when such Certificate was rated "BBB-" or better (or its equivalent) by at least
one of the Rating Agencies shall be restored, to the extent permitted by law, to
all rights and obligations as Beneficial Holder thereof retroactive to the date
of transfer of such Certificate by such preceding transferee. Neither the Trust
nor the Trustee shall be under any liability to any Person for making any
payments due on such Certificate to such preceding transferee.

(4) Any purported Beneficial Holder whose acquisition or holding of any
Book-Entry ERISA Restricted Certificate (or interest therein) was effected in
violation of the restrictions in this Section 5.01(g) shall indemnify and hold
harmless the Company, the Trustee, the Delaware Trustee, the Master Servicer,
the Trust and the Underwriter from and against any and all liabilities, claims,
costs or expenses incurred by such parties as a result of such acquisition or
holding.

Section 5.02. Certificates Issuable in Classes; Distributions of Principal and
Interest; Authorized Denominations. The aggregate principal amount of the
Certificates that may be authenticated and delivered under this Agreement is
limited to the aggregate Principal Balance of the Mortgage 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 5.03. Such aggregate principal amount shall be allocated among one or
more Classes having designations, types of interests, initial per annum
Certificate Interest Rates, initial Class Principal Balances and Final Maturity
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 5.03. Registration of Transfer and Exchange of Certificates. The Trustee
shall cause to be maintained at one of its offices or at its designated agent, a
Certificate Register in which there shall be recorded the name and address of
each Certificateholder. Subject to such 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 10.06. The Trustee hereby appoints
itself as the initial Certificate Registrar.

Upon surrender for registration of transfer of any Certificate to the Trustee at
the Corporate Trust Office of the Trustee, or such other address or agency as
may hereafter be provided to the Master 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. At the
option of the Certificateholders, Certificates may be exchanged for other
Certificates in Authorized Denominations of like Certificate Principal Balance
or Percentage Interest, as applicable, upon surrender of the Certificates to be
exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange, the Trustee on behalf of the Trust shall execute, and
the Trustee, or any Authenticating Agent, shall authenticate and deliver, the

                                      107

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 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 cancelled by the
Trustee or any Authenticating Agent.

Section 5.04. 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 such security or indemnity
as may be required by them to save each of them and the Trust harmless, then, in
the absence of notice to the Trustee or any Authenticating Agent that such
Certificate has been acquired by a protected 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 Certificate Principal Balance or
Percentage Interest as applicable. Upon the issuance of any new Certificate
under this Section 5.04, the Trustee or any Authenticating Agent may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may 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 5.04 shall
constitute complete and indefeasible evidence of ownership in REMIC II (or with
respect to the Class R Certificates, the residual ownership interests in REMIC I
and REMIC II) as if originally issued, whether or not the lost or stolen
Certificate shall be found at any time.

Section 5.05. Persons Deemed Owners. The Company, the Master Servicer, the
Trust, the Trustee, the Delaware Trustee 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 4.01
and Section 4.04 and for all other purposes whatsoever, and neither the Company,
the Master Servicer, the Trust, the Trustee, the Delaware Trustee, the
Certificate Registrar nor any agent of the Company, the Master Servicer, the
Trust, the Trustee or the Delaware Trustee shall be affected by notice to the
contrary.

Section 5.06. Temporary Certificates. Upon the initial issuance of the
Certificates, the Trustee on behalf of the Trust 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

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Certificates set forth as Exhibits A, B and H 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 of temporary Certificates.

If temporary Certificates are issued, the Trustee shall cause definitive
Certificates to be prepared within ten Business Days after 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 Master Servicer. Upon surrender for
cancellation of any one or more temporary Certificates, the Trustee on behalf of
the Trust 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 5.07. 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 Company. 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 5.09. Each Book-Entry Certificate shall bear the following
legend:

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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 5.09:

(a) the provisions of this Section 5.07 shall be in full force and effect with
respect to the Book-Entry Certificates;

(b) the Master Servicer 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;

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(c) to the extent that the provisions of this Section 5.07 conflict with any
other provisions of this Agreement, the provisions of this Section 5.07 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 5.09, 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.

Section 5.08. 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 5.09, 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 5.09. Definitive Certificates. If (a) the Clearing Agency or the Master
Servicer, with the consent of the applicable DTC Participants, notifies the
Trustee in writing that the Clearing Agency 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 Master Servicer is
unable to locate a qualified successor, (b) the Master Servicer, at its option,
advises 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 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
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
on behalf of the Trust shall execute and the Trustee or any Authenticating Agent
shall authenticate and deliver the Definitive Certificates. Neither the Company,
the Master Servicer, the Trust 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

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imposed upon or to be performed by the Clearing Agency shall be deemed to be
imposed upon and performed by the Trustee, to the extent applicable with respect
to such Definitive Certificates, and the Trustee shall recognize the Holders of
Definitive Certificates as Certificateholders hereunder.

Section 5.10. Office for Transfer of Certificates. The Trustee shall maintain in
New York, New York, an office or agency where Certificates may be surrendered
for registration of transfer or exchange. The Corporate Trust Office is
initially designated for said purpose.

Section 5.11. Nature of Certificates. The Certificates shall be personal
property giving only the rights specifically set forth therein and in this
Agreement. The Certificates shall have no preemptive or similar rights and when
issued and delivered to the Holders against payment of the purchase price
therefor will be fully paid and nonassessable by the Trust. The Holders of the
Certificates, in their capacities as such, shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State
of Delaware. THE RECEIPT AND ACCEPTANCE OF A CERTIFICATE OR ANY INTEREST THEREIN
BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH CERTIFICATE OF
ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND SHALL CONSTITUTE THE
AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND
PROVISIONS OF THIS AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS
BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS.

                                   ARTICLE VI

                       The Company and the Master Servicer

Section 6.01. Liability of the Company and the Master Servicer. The Company and
the Master Servicer shall be liable in accordance herewith only to the extent of
the obligations specifically imposed upon and undertaken by the Company or the
Master Servicer, as applicable, herein.

Section 6.02. Merger or Consolidation of the Company, or the Master Servicer.
Any Corporation into which the Company or the Master Servicer may be merged or
consolidated, or any Corporation resulting from any merger, conversion or
consolidation to which the Company or the Master Servicer shall be a party, or
any Corporation succeeding to the business of the Company or the Master
Servicer, shall be the successor of the Company or the Master 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 6.03. Limitation on Liability of the Company, the Master Servicer and
Others. Neither the Company nor the Master Servicer nor any of the directors,
officers, employees or agents of the Company or the Master Servicer shall be
under any liability to the Trust, the Holders of the REMIC I Regular Interests
or the Certificateholders for any action taken by such Person or by a Servicer

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or for such Person's or Servicer's 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 Master Servicer
or any such Person 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 duties and obligations
hereunder. The Company, the Master Servicer and any director, officer, employee
or agent of the Company or the Master Servicer may rely in good faith on any
document of any kind properly executed and submitted by any Person respecting
any matters arising hereunder. The Company, the Master Servicer and any
director, officer, employee or agent of the Company or the Master Servicer shall
be indemnified by the Trust 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 relating to any
Mortgage Loan (other than as otherwise permitted in this Agreement) or 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. The Company and the Master Servicer shall not
be under any obligation to appear in, prosecute or defend any legal action which
is not incidental to its duties to service the Mortgage Loans in accordance with
this Agreement and which in its opinion may involve it in any expense or
liability; provided, however, that the Company or the Master Servicer may in its
discretion undertake any such action which it may deem necessary or desirable
with respect to the Mortgage Loans, this Agreement, the Certificates or 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 and the Company and the Master Servicer shall be
entitled to be reimbursed therefor out of the Certificate Account, as provided
by Section 3.05.

Section 6.04. The Company and the Master Servicer not to Resign. The Company
shall not resign from the obligations and duties (including, without limitation,
its obligations and duties as initial Master Servicer) hereby imposed on it
except upon determination that its duties hereunder are no longer permissible
under applicable law. Any successor Master 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. Any such
determination permitting the resignation of the Company or any successor Master
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to
the Trustee. No such resignation shall become effective until the Trustee or a
successor Master Servicer shall have assumed the Master Servicer's
responsibilities and obligations in accordance with Section 7.02 hereof.

If the Company is no longer acting as Master Servicer, then the successor Master
Servicer shall give prompt written notice to the Company of any information
received by such successor Master Servicer which affects or relates to an
ongoing obligation or right of the Company under this Agreement.

Section 6.05. Trustee Access. The Master Servicer shall afford the Company and
the Trustee, upon reasonable notice, during normal business hours access to all
records maintained by the Master Servicer, in respect of the Mortgage Loans and
in respect of its rights and obligations hereunder and access to such of its
officers as are responsible for such obligations. Upon reasonable request, the
Master Servicer, shall furnish the Company and the Trustee with its most recent

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financial statements (or, for so long as the Company is the Master Servicer, the
most recent consolidated financial statements for the Company appearing in the
audited financial statements of Washington Mutual, Inc., or the entity with
whose financial statements the financial statements of the Company are
consolidated) and such other information as it possesses, and which it is not
prohibited by law or, to the extent applicable, binding obligations to third
parties with respect to confidentiality from disclosing, regarding its business,
affairs, property and condition, financial or otherwise.

                                  ARTICLE VII

                                     Default

Section 7.01. Events of Default. (a) In case one or more of the following Events
of Default by the Master Servicer or by a successor  Master Servicer shall occur
and be continuing, that is to say:

(i) Any failure by the Master Servicer to deposit into the Certificate Account
any payment required to be deposited therein by the Master Servicer under the
terms of this Agreement which continues unremedied for a period of five Business
Days after the date upon which written notice of such failure, requiring the
same to be remedied, shall have been given to the Master Servicer by the Trustee
or to the Master Servicer and the Trustee by the Holders of Certificates
evidencing Percentage Interests aggregating not less than 25% of REMIC II; or

(ii) Failure on the part of the Master Servicer duly to observe or perform in
any material respect any other of the covenants or agreements on the part of the
Master Servicer contained in 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 Master Servicer by the Trustee, or to the Master Servicer and the Trustee
by the Holders of Certificates evidencing Percentage Interests aggregating not
less than 25% of REMIC II; or

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

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

(v) The Master 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 bankruptcy, insolvency or reorganization statute, make an assignment
for the benefit of its creditors, or voluntarily suspend payment of its
obligations; or

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(vi) Any failure of the Master Servicer to make any Monthly P&I Advance (other
than a Nonrecoverable Advance) which continues unremedied at the opening of
business on the Distribution Date in respect of which such Monthly P&I Advance
was to have been made; then, and in each and every such case, so long as an
Event of Default shall not have been remedied, either the Trustee or the Holders
of Certificates evidencing Percentage Interests aggregating not less than 25% of
REMIC II, by notice in writing to the Company and the Master Servicer (and to
the Trustee if given by the Certificateholders, in which case such notice shall
set forth evidence reasonably satisfactory to the Trustee that such Event of
Default has occurred and shall not have been remedied) may terminate all of the
rights (other than its right to reimbursement for advances) and obligations of
the Master Servicer, including its right to the Master Servicing Fee, under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, if any.
Such determination shall be final and binding. On or after the receipt by the
Master Servicer of such written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates or the
Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
to and under this Section 7.01; and, without limitation, the Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the Master
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 Mortgage Loans and
related documents, or otherwise. The Master Servicer agrees to cooperate with
the Trustee in effecting the termination of the Master Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee for administration by it of all cash amounts which shall
at the time be credited by the Master Servicer to the Certificate Account or
thereafter be received with respect to the Mortgage Loans.

Notwithstanding the foregoing, if an Event of Default described in clause (vi)
of this Section 7.01(a) shall occur, the Trustee shall, by notice in writing to
the Master Servicer, which may be delivered by telecopy, immediately suspend all
of the rights and obligations of the Master Servicer thereafter arising under
this Agreement, but without prejudice to any rights it may have as a
Certificateholder or to reimbursement of Monthly P&I Advances and other advances
of its own funds, and the Trustee shall act as provided in Section 7.02 to carry
out the duties of the Master Servicer, including the obligation to make any
Monthly P&I Advance the nonpayment of which was an Event of Default described in
clause (vi) of this Section 7.01(a). Any such action taken by the Trustee must
be prior to the distribution on the relevant Distribution Date. If the Master
Servicer shall within two Business Days following such suspension remit to the
Trustee the amount of any Monthly P&I Advance the nonpayment of which by the
Master Servicer was an Event of Default described in clause (vi) of this Section
7.01(a), the Trustee, subject to the last sentence of this paragraph, shall
permit the Master Servicer to resume its rights and obligations as Master
Servicer hereunder. The Master Servicer agrees that it will reimburse the
Trustee for actual, necessary and reasonable costs incurred by the Trustee
because of action taken pursuant to clause (vi) of this Section 7.01(a). The
Master Servicer agrees that if an Event of Default as described in clause (vi)
of this Section 7.01(a) shall occur more than two times in any twelve month
period, the Trustee shall be under no obligation to permit the Master Servicer
to resume its rights and obligations as Master Servicer hereunder.

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

(i) Failure on the part of the Company duly to observe or perform in any
material respect any of the covenants or agreements on the part of the Company
contained 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 Company by the
Trustee, or to the Company and the Trustee by the Holders of Certificates
evidencing Percentage Interests aggregating not less than 25% of REMIC II; or

(ii) A decree or order of a court or agency or supervisory authority having
jurisdiction in the premises for the appointment of a trustee in bankruptcy,
conservator or receiver or liquidator in any bankruptcy, 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 Company and such decree or order shall have remained in
force undischarged or unstayed for a period of 60 days; or

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

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

then, and in each and every such case, so long as such Event of Default shall
not have been remedied, the Holders of Certificates evidencing Percentage
Interests aggregating not less than 25% of REMIC II, by notice in writing to the
Company and the Trustee, may direct the Trustee in accordance with Section 10.03
to institute an action, suit or proceeding in its own name as Trustee hereunder
to enforce the Company's obligations hereunder.

(c) In any circumstances in which this Agreement states that Certificateholders
owning Certificates evidencing a certain Percentage Interest in REMIC II may
take certain action, such action shall be taken by the Trustee, but only if the
requisite percentage of Certificateholders required under this Agreement for
taking like action or giving like instruction to the Trustee under this
Agreement shall have so directed the Trustee in writing.

Section 7.02.     Trustee to Act; Appointment of Successor.

(a) On and after the date on which the Master Servicer receives a notice of
termination pursuant to Section 7.01 or the Master Servicer resigns pursuant to
Section 6.04, the Trustee shall be the successor in all respects to the Master
Servicer under this Agreement and under the Selling and Servicing Contracts with
respect to the Mortgage Loans in the Mortgage Pool and with respect to the
transactions set forth or provided for herein and shall have all the rights and

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powers and be subject to all the responsibilities, duties and liabilities
relating thereto arising on or after such date of termination or resignation
placed on the Master Servicer by the terms and provisions hereof and thereof,
and shall have the same limitations on liability herein granted to the Master
Servicer; provided, that the Trustee shall not under any circumstances be
responsible for any representations and warranties or any Purchase Obligation of
the Company or any liability incurred by the Master Servicer prior to such date
of termination or resignation and the Trustee shall not be obligated to make a
Monthly P&I Advance if it is prohibited by law from so doing. As compensation
therefor, the Trustee shall be entitled to all funds relating to the Mortgage
Loans which the Master Servicer would have been entitled to retain or to
withdraw from the Certificate Account if the Master Servicer had continued to
act hereunder, except for those amounts due to the Master Servicer as
reimbursement for advances previously made or amounts previously expended and
are otherwise reimbursable hereunder. Notwithstanding the above, the Trustee
may, if it shall be unwilling to so act, or shall if it is unable to so act,
appoint, or petition a court of competent jurisdiction to appoint, any
established housing and home finance institution having a net worth of not less
than $10,000,000 as the successor to the Master Servicer hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of
the Master Servicer hereunder. Pending any such appointment, the Trustee is
obligated to act in such capacity. In connection with such appointment and
assumption, the Trustee may make such arrangements for the compensation of such
successor out of payments on Mortgage Loans as it and such successor shall
agree; provided, however, that no such compensation shall, together with the
compensation to the Trustee, be in excess of that permitted the Master Servicer
hereunder. The Trustee and such successor shall take such actions, consistent
with this Agreement, as shall be necessary to effectuate any such succession.

(b) In connection with any termination or resignation of the Master Servicer
hereunder, in the event that any of the Mortgage Loans are MERS Loans, either
(i) the successor Master Servicer (including the Trustee if the Trustee is
acting as successor Master Servicer) shall represent and warrant that it is a
member of MERS in good standing and shall agree to comply in all material
respects with the rules and procedures of MERS in connection with the servicing
of the MERS Loans, in which case the predecessor Master Servicer shall cooperate
with the successor Master Servicer in registering the transfer of servicing of
the MERS Loans to the successor Master Servicer on the MERS(R) System in
accordance with MERS' rules and procedures, or (ii) if the successor Master
Servicer is not a member of MERS, the predecessor Master Servicer shall
cooperate with the successor Master Servicer in (A) de-registering the MERS
Loans from the MERS(R) System and (B) causing MERS to execute and deliver an
assignment from MERS to the Trust of the Mortgage securing each MERS Loan in
recordable form and in the form otherwise provided under clause (X)(iii) of the
definition of "Mortgage File" herein and to execute and deliver such other
notices, documents and other instruments as may be necessary or desirable to
effect such de-registration and assignment. The predecessor Master Servicer
shall bear any and all fees of MERS and all fees and costs of preparing and
recording any assignments of Mortgages as required under this Section 7.02(b).

Section 7.03. Notification to Certificateholders. Upon any such termination or
appointment of a successor to the Master Servicer, the Trustee shall give prompt
written notice thereof to the Certificateholders at their respective addresses
appearing in the Certificate Register.

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                                  ARTICLE VIII

                             Concerning the Trustees

Section 8.01.     Duties of Trustees.

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

(b) The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to it which
are specifically required to be furnished to it 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 such certificate, statement,
opinion, report, or other order or instrument furnished by the Company or Master
Servicer to the Trustee pursuant to this Agreement.

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

(i) Prior to the occurrence of an Event of Default and after the curing of all
such Events of Default which may have occurred, the duties and obligations of
the Trustee shall be determined solely by the express provisions of this
Agreement,

(ii) Neither the Trustee nor the Delaware Trustee shall 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 or the Delaware Trustee, and, in the absence of bad faith on
the part of the Trustee or the Delaware Trustee, such 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 such trustee
and conforming to the requirements of this Agreement; and

(iii) Neither the Trustee nor the Delaware Trustee shall be personally liable
with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Certificateholders holding Certificates
which evidence Percentage Interests aggregating not less than 25% of REMIC II
relating to the time, method and place of conducting any proceeding for any
remedy available to such trustee, or relating to the exercise of any trust or
power conferred upon such trustee under this Agreement.

(d) Within ten Business Days after the occurrence of any Event of Default known
to the Trustee, the Trustee shall transmit by mail to the Rating Agencies notice
of each Event of Default. Within 90 days after the occurrence of any Event of

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Default known to the Trustee, the Trustee shall transmit by mail to all
Certificateholders (with a copy to the Rating Agencies) notice of each Event of
Default, unless such Event of Default shall have been cured or waived; provided,
however, the Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Trustee in good faith determines that the
withholding of such notice is in the best interests of the Certificateholders;
and provided, further, that in the case of any Event of Default of the character
specified in Section 7.01(i) and Section 7.01(ii) no such notice to
Certificateholders or to the Rating Agencies shall be given until at least 30
days after the occurrence thereof.

Section  8.02.  Certain  Matters  Affecting  the  Trustees.  Except as otherwise
provided in Section 8.01:

(i) Each of the Trustee and the Delaware Trustee may request and rely upon and
shall be protected in acting or refraining from acting upon any resolution,
Officer's Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, 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) Each of the Trustee and the Delaware Trustee may consult with counsel and
any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken or suffered or omitted by it hereunder in good
faith and in accordance with such Opinion of Counsel;

(iii) Neither the Trustee nor the Delaware Trustee shall be personally liable
for any action taken or omitted by it in good faith and reasonably believed by
it to be authorized or within the discretion or rights or powers conferred upon
it by this Agreement;

(iv) Prior to the occurrence of an Event of Default hereunder and after the
curing of all Events of Default which may have occurred, neither the Trustee nor
the Delaware Trustee shall be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing to do so by the Holders of Certificates
evidencing Percentage Interests aggregating not less than 25% of REMIC II;
provided, however, that if the payment within a reasonable time to the Trustee
or the Delaware Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of such
trustee, not reasonably assured to such trustee by the security, if any,
afforded to it by the terms of this Agreement, such trustee may require
reasonable indemnity against such expense or liability as a condition to
proceeding;

(v) Each of the Trustee and the Delaware Trustee may execute the trust or any of
the powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys selected by it with reasonable care or (as in the
case of the Initial Custodian) designated by the Company;

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(vi) Neither the Trustee nor the Delaware Trustee shall be deemed to have
knowledge or notice of any matter, including without limitation an Event of
Default, unless actually known by a Responsible Officer, or unless written
notice thereof referencing this Agreement or the Certificates is received at the
Notice Address of such trustee;

(vii) In no event shall the Trustee or the Delaware Trustee be held liable for
acts or omissions of the Master Servicer or the other trustee (excepting the
Trustee's own actions as Master Servicer). No provision of this Agreement shall
require the Trustee or the Delaware Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder (except for the giving of required notices), or in the exercise of any
of its rights or powers, if it shall have reasonable grounds for believing the
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it;

(viii) When the Trustee is acting as Master Servicer pursuant to Section 7.02,
and to the extent permitted under applicable law, the Trustee is hereby
authorized, in making or disposing of any investment permitted hereunder, to
deal with itself (in its individual capacity) or with any one or more of its
affiliates, whether it or its affiliate is acting as an agent of the Trustee or
of any third person or dealing as principal for its own account;

(ix) Except as expressly provided in this Agreement, in no event shall the
Trustee be under any duty or obligation to monitor, determine, investigate or
compel compliance by the Trust with the requirements of the Statutory Trust
Statute; and

(x) In no event shall the Trustee be obligated or responsible for preparing,
executing, filing or delivering in respect of the Trust or another party either
(A) any report or filing required by the Securities and Exchange Commission to
be prepared, executed, filed or delivered in respect of the Trust or another
party or (B) any certification in respect of a report or filing required by the
Securities and Exchange Commission.

Section 8.03. Trustees Not Liable for Certificates or Mortgage Loans. The
recitals contained herein (other than those relating to the due organization,
power and authority of the Trustee and the Delaware Trustee) and in the
Certificates (other than the execution of, and certificate of authentication on,
the Certificates) shall be taken as the statements of the Company or the Trust,
as applicable, and neither the Trustee nor the Delaware Trustee assumes any
responsibility for their correctness. Neither the Trustee nor the Delaware
Trustee makes any representations as to the validity or sufficiency of this
Agreement or of the Certificates or any Mortgage Loan. Neither the Trustee nor
the Delaware Trustee shall be accountable for the use or application by the
Company or the Trust, as applicable, of any of the Certificates or of the
proceeds of such Certificates, or for the use or application of any funds paid
to the Master Servicer, the Servicers or the Company in respect of the Mortgage
Loans or deposited into the Custodial Accounts for P&I, any Buydown Fund
Account, or the Custodial Accounts for P&I by any Servicer or into the
Investment Account, or the Certificate Account by the Master Servicer or the
Company.

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Section 8.04. Trustees May Own Certificates. The Trustee, the Delaware Trustee
or any agent or affiliate of such trustee, in its individual or any other
capacity, may become the owner or pledgee of Certificates with the same rights
it would have if it were not trustee.

Section 8.05. The Master Servicer to Pay Trustees' Fees and Expenses. Subject to
separate written agreements with the Trustee and the Delaware Trustee, the
Master Servicer covenants and agrees to, and the Master Servicer shall, pay each
of the Trustee and the Delaware Trustee from time to time, and such trustee
shall be entitled to payment, for all services rendered by it in the execution
of the trust hereby created and in the exercise and performance of any of the
powers and duties hereunder of such trustee. Except as otherwise expressly
provided herein, the Master Servicer shall pay or reimburse each of the Trustee
and the Delaware Trustee upon such trustee's request for all reasonable expenses
and disbursements incurred or made by such trustee in accordance with any of the
provisions of this Agreement and indemnify such trustee from any loss, liability
or expense incurred by it hereunder (including the reasonable compensation and
the expenses and disbursements of its counsel and of all persons not regularly
in its employ and any expenses which arise out of or are imposed upon the
Trustee or the Delaware Trustee in connection with the creation, operation or
termination of the Trust) except any such expense or disbursement as may arise
from its own negligence or bad faith. Such obligation shall survive the
termination of this Agreement or resignation or removal of the Trustee or the
Delaware Trustee. The Tax Matters Person shall, at its expense, prepare or cause
to be prepared all federal and state income tax and franchise tax and
information returns relating to REMIC I or REMIC II required to be prepared or
filed by the Trustee or the Delaware Trustee and shall indemnify the Trustee and
the Delaware Trustee for any liability of such trustees arising from any error
in such returns.

Section 8.06. Eligibility Requirements for Trustees. The Trustee hereunder shall
at all times be (i) an institution insured by the FDIC, (ii) a Corporation
organized and doing business under the laws of the United States of America or
of any state, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by federal or state authority and (iii) acceptable
to the Rating Agencies. If such Corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of any aforementioned
supervising or examining authority, then for the purposes of this Section 8.06,
the combined capital and surplus of such Corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. The Delaware Trustee hereunder shall at all times have its
principal place of business in the State of Delaware and shall satisfy the
applicable requirements under the laws of the State of Delaware authorizing it
to act as the Delaware trustee of the Trust. In case at any time the Trustee or
the Delaware Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06, such trustee shall resign immediately in the
manner and with the effect specified in Section 8.07.

Section 8.07. Resignation and Removal of Trustees. Each of the Trustee and the
Delaware Trustee may at any time resign and be discharged from the trust hereby
created by giving written notice thereof to the Master Servicer. Upon receiving
such notice of resignation, the Master 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

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shall have accepted appointment within 30 days after the giving of such notice
of resignation, the resigning trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

If at any time the Trustee or the Delaware Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Master Servicer, or if at any time the Trustee
or the Delaware Trustee shall become incapable of acting, or shall be adjudged
bankrupt or insolvent, or a receiver of such trustee or of its property shall be
appointed, or any public officer shall take charge or control of such trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Master Servicer may remove such trustee and appoint a
successor trustee by written instrument, in duplicate, copies of which
instrument shall be delivered to the trustee so removed, the trustee continuing
in its capacity and the successor trustee.

The Holders of Certificates evidencing Percentage Interests aggregating more
than 50% of REMIC II may at any time remove the Trustee or the Delaware 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 instruments shall be delivered to the Master Servicer,
one complete set to the Trustee so removed and one complete set to the successor
so appointed.

Any resignation or removal of the Trustee or the Delaware Trustee and
appointment of a successor trustee pursuant to any of the provisions of this
Section 8.07 shall become effective upon acceptance of appointment by the
successor trustee as provided in Section 8.08. Any expenses associated with the
resignation of the Trustee or the Delaware Trustee shall be borne by such
trustee, and any expenses associated with the removal of the Trustee or the
Delaware Trustee shall be borne by the Master Servicer.

Section 8.08. Successor Trustee. Any successor trustee appointed as provided in
Section 8.07 shall execute, acknowledge and deliver to the Master 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 or Delaware Trustee herein. The predecessor shall deliver to
the successor trustee all Mortgage Files, related documents, statements and all
other property held by it hereunder, and the Master Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for more fully and certainly vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

No successor trustee shall accept appointment as provided in this Section 8.08
unless at the time of such appointment such successor trustee shall be eligible
under the provisions of Section 8.06.

Upon acceptance of appointment by a successor trustee as provided in this
Section 8.08, the Master Servicer shall mail notice of the succession of such
trustee hereunder to (i) all Certificateholders at their addresses as shown in
the Certificate Register and (ii) the Rating Agencies. If the Master 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.

Section 8.09. Merger or Consolidation of Trustee. Any Corporation into which the
Trustee or the Delaware Trustee 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 Trustee or the Delaware Trustee shall be a party, or
any Corporation succeeding to the corporate trust business of such trustee,
shall be the successor of such trustee hereunder, provided such resulting or
successor Corporation shall be eligible under the provisions of Section 8.06,
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 8.10. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions hereof, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the assets of the Trust
may at the time be located, the Master Servicer and the Trustee or the Delaware
Trustee, as applicable, acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by such
trustee to act as co-trustee or co-trustees, jointly with such trustee, or
separate trustee or separate trustees, of all or any part of the assets of the
Trust and to vest in such Person or Persons, in such capacity, such title to the
assets of the Trust, or any part thereof, and, subject to the other provisions
of this Section 8.10, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee or the Delaware Trustee, as applicable, may
consider necessary or desirable; provided, that the Trustee or the Delaware
Trustee, as applicable, shall remain liable for all of its obligations and
duties under this Agreement. If the Master Servicer shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
or in case an Event of Default shall have occurred and be continuing, the
Trustee or the Delaware Trustee, as applicable, alone shall have the power to
make such appointment; provided, that such trustee shall remain liable for all
of its obligations and duties under this Agreement. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 8.06 hereunder and no notice to
Certificateholders of the appointment of co-trustee(s) or separate trustee(s)
shall be required under Section 8.08 hereof.

In the case of any appointment of a co-trustee or separate trustee pursuant to
this Section 8.10, all rights, powers, duties and obligations conferred or
imposed upon the Trustee or the Delaware Trustee, as applicable, shall be
conferred or imposed upon and exercised or performed by the Trustee or the
Delaware Trustee, as applicable, and such separate trustee or co-trustee jointly
and severally, except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed by the Trustee or the
Delaware Trustee, as applicable (whether as Trustee or Delaware Trustee
hereunder or as successor to the Master Servicer hereunder), such 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
assets of the Trust or any portion thereof in any such jurisdiction) shall be
exercised and performed by such separate trustee or co-trustee at the direction
of the Trustee or the Delaware Trustee, as applicable.

Any notice, request or other writing given to the Trustee or the Delaware
Trustee shall be deemed to have been given to each of the then related separate
trustee(s) and co-trustee(s), as effectively as if given to each of them. Every

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instrument appointing any separate trustee(s) or co-trustee(s) 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 the Delaware Trustee, as applicable, or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee or the
Delaware Trustee, as applicable. Every such instrument shall be filed with the
Trustee or the Delaware Trustee, as applicable.

Any separate trustee or co-trustee may, at any time, constitute the Trustee or
the Delaware Trustee, as applicable, 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. 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 the trust shall
vest in and be exercised by the Trustee or the Delaware Trustee, as applicable,
to the extent permitted by law, without the appointment of a new or successor
trustee.

Section 8.11. Authenticating Agents. The Trustee may appoint one or more
Authenticating Agents 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 an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent must be acceptable to the Master Servicer and must be
a corporation, trust company or banking association organized and doing business
under the laws of the United States of America or of any state, having an office
and place of business in New York, New York, having a combined capital and
surplus of at least $15,000,000, authorized under such laws to do a trust
business and subject to supervision or examination by federal or state
authorities.

Any corporation into which any 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 any Authenticating Agent shall be a
party, or any corporation succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent so long as
it shall be eligible in accordance with the provisions of the first paragraph of
this Section 8.11 without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and the Master Servicer. The Trustee may, upon prior
written approval of the Master Servicer, at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Master Servicer. Upon receiving a notice of
resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible in accordance with the
provisions of the first paragraph of this Section 8.11, the Trustee may appoint,
upon prior written approval of the Master Servicer, a successor Authenticating

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Agent, shall give written notice of such appointment to the Master 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. Any reasonable compensation paid to an Authenticating Agent shall be a
reimbursable expense pursuant to Section 8.05 if paid by the Trustee.

Section 8.12. Paying Agents. The Trustee may appoint one or more Paying Agents
which shall be authorized to act on behalf of the Trustee in making withdrawals
from the Certificate Account, and distributions to Certificateholders as
provided in Section 4.01, Section 4.04(a) and Section 9.01(b) to the extent
directed to do so by the Master Servicer. Wherever reference is made in this
Agreement to the withdrawal from the Certificate Account by the Trustee, such
reference shall be deemed to include such a withdrawal on behalf of the Trustee
by a Paying Agent. Whenever reference is made in this Agreement to a
distribution by the Trustee or the furnishing of a statement to
Certificateholders by the Trustee, such reference shall be deemed to include
such a distribution or furnishing on behalf of the Trustee by a Paying Agent.
Each Paying Agent shall provide to the Trustee such information concerning the
Certificate Account as the Trustee shall request from time to time. Each Paying
Agent must be reasonably acceptable to the Master Servicer and must be a
corporation, trust company or banking association organized and doing business
under the laws of the United States of America or of any state, having an office
and place of business in New York, New York, having a combined capital and
surplus of at least $15,000,000, authorized under such laws to do a trust
business and subject to supervision or examination by federal or state
authorities.

Any corporation into which any Paying 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 any Paying Agent shall be a party, or any
corporation succeeding to the corporate agency business of any Paying Agent,
shall continue to be the Paying Agent provided that such corporation after the
consummation of such merger, conversion, consolidation or succession meets the
eligibility requirements of this Section 8.12.

Any Paying Agent may at any time resign by giving written notice of resignation
to the Trustee and to the Master Servicer; provided, that the Paying Agent has
returned to the Certificate Account or otherwise accounted, to the reasonable
satisfaction of the Master Servicer, for all amounts it has withdrawn from the
Certificate Account. The Trustee may, upon prior written approval of the Master
Servicer, at any time terminate the agency of any Paying Agent by giving written
notice of termination to such Paying Agent and to the Master Servicer. Upon
receiving a notice of resignation or upon such a termination, or in case at any
time any Paying Agent shall cease to be eligible in accordance with the
provisions of the first paragraph of this Section 8.12, the Trustee may appoint,
upon prior written approval of the Master Servicer, a successor Paying Agent,
shall give written notice of such appointment to the Master Servicer and shall
mail notice of such appointment to all Certificateholders. Any successor Paying
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 Paying Agent. Any reasonable
compensation paid to any Paying Agent shall be a reimbursable expense pursuant
to Section 8.05 if paid by the Trustee.

Section 8.13.     Duties of Delaware Trustee.

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(a) The Delaware Trustee is appointed to serve as the trustee of the Trust in
the State of Delaware for the sole purpose of satisfying the requirement of
Section 3807(a) of the Statutory Trust Statute that the Trust have at least one
trustee with a principal place of business in Delaware. It is understood and
agreed by the parties hereto that the Delaware Trustee shall have none of the
duties or liabilities of the Trustee.

(b) The duties of the Delaware Trustee shall be limited to (i) accepting legal
process served on the Trust in the State of Delaware, (ii) the execution of any
certificates with respect to the Trust required to be filed with the Secretary
of State which the Delaware Trustee is required to execute under Section 3811 of
the Statutory Trust Statute and (iii) such other duties as are set forth in this
Article VIII. To the extent that, at law or in equity, the Delaware Trustee has
duties (including fiduciary duties) and liabilities relating thereto to the
Trust or the Holders of the REMIC I Regular Interests or the Certificates, it is
hereby understood and agreed by the parties hereto that such duties and
liabilities are replaced by the duties and liabilities of the Delaware Trustee
expressly set forth in this Agreement.
Section 8.14. Amendment to Certificate of Trust. If at any time required by
Section 3810 of the Statutory Trust Statute, the Trustee, the Delaware Trustee
and any other trustee of the Trust shall cause an amendment to the Certificate
of Trust to be filed with the Secretary of State in accordance with the
provisions of such Section 3810.

Section 8.15. Limitation of Liability. It is expressly understood and agreed by
the parties hereto that (a) each of the representations, undertakings and
agreements herein made on the part of the Trust is made and intended not as
personal representations, undertakings and agreements by the Trustee but is made
and intended for the purpose of binding only the Trust and (b) under no
circumstances shall the Trustee be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Agreement.

                                   ARTICLE IX

                                   Termination

Section 9.01. Termination Upon Purchase by the Master Servicer or Liquidation of
All Mortgage Loans.

(a) Except as otherwise set forth in this Article IX, including, without
limitation, the obligation of the Master Servicer to make payments to
Certificateholders as hereafter set forth, the Trust and the respective
obligations and responsibilities of the Company, the Master Servicer, the
Trustee and the Delaware Trustee created hereby shall terminate in accordance
with Section 3808 of the Statutory Trust Statute upon (i) the purchase by the
Master Servicer pursuant to the following paragraph of this Section 9.01(a) of
all Mortgage Loans (other than Liquidated Mortgage Loans), all property acquired
in respect of any Mortgage Loan remaining in the Trust and all other property
included in any REMIC formed under this Agreement at a price equal, after the
deduction of related advances, to the sum of (x) the excess of (A) 100% of the
aggregate outstanding Principal Balance of such Mortgage Loans (other than

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Liquidated Mortgage Loans) plus accrued interest at the applicable Pass-Through
Rate with respect to such Mortgage Loan (other than a Liquidated Mortgage Loan)
through the last day of the month of such purchase, over (B) with respect to any
Mortgage Loan which is not a Liquidated Mortgage Loan, the amount of the
Bankruptcy Loss incurred with respect to such Mortgage Loan as of the date of
such purchase by the Master Servicer to the extent that the Principal Balance of
such Mortgage Loan has not been previously reduced by such Bankruptcy Loss, and
(y) the appraised fair market value as of the effective date of the termination
of the Trust of (A) all property in the Trust which secured a Mortgage Loan and
which was acquired by foreclosure or deed in lieu of foreclosure after the
Cut-Off Date, including related Insurance Proceeds, and (B) all other property
included in any REMIC formed under this Agreement, any such appraisal to be
conducted by an appraiser mutually agreed upon by the Master Servicer and the
Trustee, or (ii) the later of the final payment or other liquidation (or any
advance with respect thereto) of the last Mortgage Loan remaining in the Trust
or the disposition of all property acquired upon foreclosure in respect of any
Mortgage Loan, and the payment to the Certificateholders of all amounts required
to be paid to them hereunder; provided, however, that in no event shall the
Trust continue beyond the expiration of 21 years from the death of the survivor
of the issue of Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James, living on the date hereof.

On any Distribution Date after the first date on which the aggregate Principal
Balance of the Mortgage Loans is less than the Clean-Up Call Percentage of the
aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date, the
Master Servicer may purchase the outstanding Mortgage Loans (other than
Liquidated Mortgage Loans), all property acquired in respect of any Mortgage
Loan remaining in the Trust and all other property included in any REMIC formed
under this Agreement at the price stated in clause (i) of the preceding
paragraph; provided, that the Master Servicer may not so purchase the
outstanding Mortgage Loans (other than Liquidated Mortgage Loans), all property
acquired in respect of any Mortgage Loan remaining in the Trust and all other
property included in any REMIC formed under this Agreement if the price stated
in clause (i) of the preceding paragraph exceeds the fair market value,
determined in accordance with prudent industry practices, of all outstanding
Mortgage Loans (other than Liquidated Mortgage Loans), all property acquired in
respect of any Mortgage Loan remaining in the Trust and all other property
included in any REMIC formed under this Agreement. If such right is exercised,
the Master Servicer shall provide to the Trustee (and to the Company, if the
Company is no longer acting as Master Servicer) the written certification of an
officer of the Master Servicer (which certification shall include a statement to
the effect that all amounts required to be paid in order to purchase the
Mortgage Loans have been deposited in the Certificate Account) and the Trustee
on behalf of the Trust shall promptly execute all instruments as may be
necessary to release and assign to the Master Servicer the Mortgage Files and
any foreclosed Mortgaged Property pertaining to the Trust.

In no event shall the Master Servicer be required to expend any amounts other
than those described in the first paragraph of this Section 9.01(a) in order to
terminate the Trust or purchase the Mortgage Loans under this Section 9.01, and
in no event shall the Company be required to expend any amounts in connection
with such termination or purchase.

(b) Notice of any termination, specifying the date upon which the
Certificateholders may surrender their Certificates to the Trustee for payment
and cancellation, shall be given promptly by letter from the Trustee to
Certificateholders mailed not less than 30 days prior to such final
distribution, specifying (i) the date upon which final payment of the
Certificates will be made upon presentation and surrender of Certificates at the

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office of the Certificate Registrar therein designated (the "Termination Date"),
(ii) the amount of such final payment (the "Termination Payment") and (iii) that
the Record Date otherwise applicable to the Distribution Date upon which the
Termination Date occurs is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office of the Certificate
Registrar therein specified. Upon any such notice, the Certificate Account shall
terminate subject to the Master Servicer's obligation to hold all amounts
payable to Certificateholders in trust without interest pending such payment.

In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the Termination Date, the
Master Servicer shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive
the Termination Payment with respect thereto. If within one year after the
second notice all the Certificates shall not have been surrendered for
cancellation, the Master Servicer may take appropriate steps to contact the
remaining Certificateholders concerning surrender of their Certificates, and the
cost thereof shall be paid out of the funds and other assets which remain in
trust hereunder.

Upon the completion of winding up of the Trust, including the payment or the
making reasonable provision for payment of all obligations of the Trust in
accordance with Section 3808(e) of the Statutory Trust Statute, the Delaware
Trustee shall prepare, the Trustee, the Delaware Trustee and any other trustee
hereunder shall sign, and the Delaware Trustee (upon the Trustee's consent
acting at the direction of the Master Servicer) shall file, a certificate of
cancellation with the Secretary of State in accordance with Section 3810 of the
Statutory Trust Statute, at which time the Trust and this Agreement shall
terminate. The Master Servicer shall act as the liquidator of the Trust and
shall be responsible for taking all actions in connection with winding up the
Trust, in accordance with the requirements of this Agreement (including this
Section 9.01 and Section 9.02) and applicable law.

Section 9.02.     Additional Termination Requirements.

(a) In the event the Master Servicer exercises its purchase option as provided
in Section 9.01, REMIC I and REMIC II shall be terminated in accordance with the
following additional requirements, unless the Master Servicer, at its own
expense, obtains for the Trustee an Opinion of Counsel to the effect that the
failure of REMIC I and REMIC II to comply with the requirements of this Section
9.02 will not (i) result in the imposition of taxes on "prohibited transactions"
of REMIC I and REMIC II as described in Section 860F of the Code, or (ii) cause
REMIC I or REMIC II to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

(i) Within 90 days prior to the final Distribution Date set forth in the notice
given by the Trustee under Section 9.01, the Tax Matters Person shall prepare
the documentation required and the Tax Matters Person and the Trustee shall
adopt a plan of complete liquidation on behalf of REMIC I and REMIC II meeting
the requirements of a qualified liquidation under Section 860F of the Code and

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any regulations thereunder, as evidenced by an Opinion of Counsel obtained at
the expense of the Master Servicer, on behalf of REMIC I and REMIC II; and

(ii) At or after the time of adoption of such a plan of complete liquidation and
at or prior to the final Distribution Date, the Master Servicer as agent of the
Trust shall sell all of the assets of REMIC I and REMIC II to the Master
Servicer for cash in the amount specified in Section 9.01.

(b) By its acceptance of any Residual Certificate, the Holder thereof hereby
agrees to authorize the Tax Matters Person and the Trustee to adopt such a plan
of complete liquidation upon the written request of the Tax Matters Person and
the Trustee and to take such other action in connection therewith as may be
reasonably requested by the Tax Matters Person or the Trustee.

Section 9.03. Trust Irrevocable.  Except as expressly provided herein, the trust
created hereby is irrevocable.

                                   ARTICLE X

                            Miscellaneous Provisions

Section 10.01.    Amendment.

(a) This Agreement may be amended from time to time by the Master Servicer, the
Company and the Trustee, without the consent of any of the Certificateholders:

(i) to cure any ambiguity;

(ii) to correct or supplement any provision herein which may be defective or
inconsistent with any other provisions herein;

(iii) to comply with any requirements imposed by the Code or any regulations
thereunder;

(iv) to correct the description of any property at any time included in REMIC I
or REMIC II, or to assure the conveyance to the Trust of any property included
in REMIC I or REMIC II;

(v) pursuant to Section 5.01(c)(v); and

(vi) to add any provision to, or amend any provision in, this Agreement,
provided that such amendment or addition does not adversely affect in any
material respect the interests of any Certificateholder;

provided, however, that any such amendment which modifies the rights or
obligations of the Delaware Trustee hereunder shall require the consent of the
Delaware Trustee. No such amendment (other than one entered into pursuant to
clause (iii) of the preceding sentence) shall change the powers of the Master
Servicer. Prior to entering into any amendment (other than one entered into
pursuant to clause (iii) of the second preceding sentence) without the consent

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of Certificateholders pursuant to this paragraph, the Trustee shall require an
Opinion of Counsel addressed to the Trust and the Trustee to the effect that
such amendment is permitted under this Agreement and has no material adverse
effect on the interests of the Certificateholders; provided, however, that no
such Opinion of Counsel shall be required if the Company obtains a letter from
each Rating Agency stating that the amendment would not result in the
downgrading or withdrawal of the respective ratings then assigned to the
Certificates. Prior to entering into any amendment pursuant to clause (iii) of
the third preceding sentence without the consent of Certificateholders pursuant
to this paragraph, the Trustee shall require an Opinion of Counsel to the effect
that such action is necessary or helpful to comply with the requirements imposed
by the Code or any regulations thereunder and shall not cause any REMIC formed
under this Agreement to fail to qualify as such under the Code.

(b) This Agreement may also be amended from time to time by the Master Servicer,
the Company and the Trustee with the consent of the Holders of Certificates
evidencing Percentage Interests aggregating not less than 66% of REMIC II for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall, without the consent of the Holder of each Certificate affected
thereby (i) reduce in any manner the amount of, or delay the timing of,
distributions of principal or interest required to be made hereunder or reduce
the Certificateholder's Percentage Interest, the Certificate Interest Rate or
the Termination Payment with respect to any of the Certificates, (ii) reduce the
percentage of Percentage Interests specified in this Section 10.01 which are
required to amend this Agreement, (iii) create or permit the creation of any
lien against any part of REMIC I or REMIC II, or (iv) modify any provision in
any way which would permit an earlier retirement of the Certificates; provided,
further, that any such amendment which modifies the rights or obligations of the
Delaware Trustee hereunder shall require the consent of the Delaware Trustee.

Promptly after the execution of any such amendment, the Trustee shall furnish
written notification of the substance of such amendment to the Delaware Trustee
and each Certificateholder. Any failure to provide such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such amendment.

It shall not be necessary for the consent of Certificateholders under this
Section 10.01 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.

Section 10.02. Recordation of Agreement. To the extent permitted by applicable
law, this Agreement is subject to recordation in all appropriate public offices
for real property records in all the counties or the comparable jurisdictions in
which any Mortgaged Property is situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Company
and at its expense on direction by the Trustee, but only upon direction
accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Certificateholders.

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Section 10.03. Limitation on Rights of Certificateholders. The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding-up of the Trust, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

No Certificateholder shall have any right to vote or in any manner otherwise to
control the operation and management of the Trust or the obligations of the
parties hereto (except as provided in Section 5.09, Section 7.01, Section 8.01,
Section 8.02, Section 8.07, Section 10.01 and this Section 10.03), 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 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 also the
Holders of Certificates evidencing Percentage Interests aggregating not less
than 25% of REMIC II 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. However, the Trustee is under no obligation to
exercise any of the extraordinary trusts or powers vested in it by this
Agreement or to make any investigation of matters arising hereunder or to
institute, conduct or defend any litigation hereunder or in relation hereto at
the request, order or direction of any of the Certificateholders unless such
Certificateholders have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred therein or
thereby. It is understood and intended, and 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 equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
Section 10.03, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

Section 10.04. Access to List of Certificateholders. The Certificate Registrar
shall furnish or cause to be furnished to the Trustee, within 30 days after
receipt of a request by the Trustee in writing, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date for payment of
distributions to such Certificateholders.

                                      130

If three or more Certificateholders (hereinafter referred to as "applicants")
apply in writing to the Trustee, and such application states that the applicants
desire to communicate with other Certificateholders with respect to their rights
under this Agreement or under the Certificates and is accompanied by a copy of
the communication which such applicants propose to transmit, then the Trustee
shall, within five Business Days after the receipt of such list from the
Certificate Registrar, afford such applicants access during normal business
hours to the most recent list of Certificateholders held by the Trustee. If such
a list is as of a date more than 90 days prior to the date of receipt of such
applicants' request, the Trustee shall promptly request from the Certificate
Registrar a current list as provided above, and shall afford such applicants
access to such list promptly upon receipt.

Every Certificateholder, by receiving and holding the same, agrees with the
Master Servicer, the Trust, the Trustee and the Delaware Trustee that none of
the Master Servicer, the Trust, the Trustee or the Delaware Trustee shall be
held accountable by reason of the disclosure of any such information as to the
names and addresses of the Certificateholders hereunder, regardless of the
source from which such information was derived.

Section 10.05. Governing Law. This Agreement shall be construed in accordance
with the laws of the State of Delaware without giving effect to its conflict of
laws provisions and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws without giving effect
to conflict of laws provisions.

Section 10.06. 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 registered or certified mail to the applicable Notice
Address. Notices to the Rating Agencies shall also be deemed to have been duly
given if mailed by first class mail, postage prepaid, to the above listed
addresses of the Rating Agencies. 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 so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives
such notice.

Section 10.07. 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 10.08. Counterpart Signatures. 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 10.09. Benefits of Agreement. Nothing in this Agreement or in any
Certificate, expressed or implied, shall give to any Person, other than the
parties hereto and their respective successors hereunder, any separate trustee
or co-trustee appointed under Section 8.10 and the Certificateholders, any
benefit or any legal or equitable right, remedy or claim under this Agreement.

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Section 10.10.    Notices and Copies to Rating Agencies.

(a) The Trustee shall notify the Rating Agencies of the occurrence of any of the
following events, in the manner provided in Section 10.06:

(i) the occurrence of an Event of Default pursuant to Section 7.01, subject to
the provisions of Section 8.01(d); and

(ii) the appointment of a successor Master Servicer pursuant to Section 7.02;

(b) The Master Servicer shall notify the Rating Agencies of the occurrence of
any of the following events, or in the case of clauses (iii), (iv), (vii) and
(viii) promptly upon receiving notice thereof, in the manner provided in Section
10.06:

(i) any amendment of this Agreement pursuant to Section 10.01;

(ii) the appointment of a successor Trustee or successor Delaware Trustee
pursuant to Section 8.08;

(iii) the filing of any claim under or the cancellation or modification of any
fidelity bond and errors and omissions coverage pursuant to Section 3.01 and
Section 3.06 with respect to the Master Servicer or any Servicer;

(iv) any change in the location of the Certificate Account, any Custodial
Account for P&I or any Custodial Account for Reserves;

(v) the purchase of any Mortgage Loan pursuant to a Purchase Obligation or as
permitted by this Agreement or the purchase of the outstanding Mortgage Loans
pursuant to Section 9.01;

(vi) the occurrence of the final Distribution Date or the termination of the
trust pursuant to Section 9.01(a)(ii);

(vii) the failure of the Master Servicer to make a Monthly P&I Advance following
a determination on the Determination Date that the Master Servicer would make
such advance pursuant to Section 4.02; and

(viii) the failure of the Master Servicer to make a determination on the
Determination Date regarding whether it would make a Monthly P&I Advance when a
shortfall exists between (x) payments scheduled to be received in respect of the
Mortgage Loans and (y) the amounts actually deposited in the Certificate Account
on account of such payments, pursuant to Section 4.02.

The Master Servicer shall provide copies of the statements pursuant to Section
4.02, Section 4.05, Section 3.12, Section 3.13 or Section 3.15 or any other

                                      132

statements or reports to the Rating Agencies in such time and manner that such
statements or determinations are required to be provided to Certificateholders.
With respect to the reports described in the second paragraph of Section 4.05,
the Master Servicer shall provide such reports to the Rating Agencies in respect
of each Distribution Date, without regard to whether any Certificateholder or
the Trustee or the Delaware Trustee has requested such report for such
Distribution Date.

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IN WITNESS WHEREOF, the Company, the Trustee and the Delaware 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.

                                 WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

                                 By: /s/ Barbara Loper
                                      Name: Barbara Loper
                                      Title: Vice President

                                 CITIBANK, N.A.,
                                   as Trustee

                                 By: /s/ John Hannon
                                      Name: John Hannon
                                      Title: Associate

                                 CHRISTIANA BANK & TRUST COMPANY,
                                 as Delaware Trustee

                                 By: James M. Young
                                      Name: James M. Young
                                      Title: Assistant Vice President

  [Signature page to Pooling and Servicing Agreement for WaMu Series 2004-CB2]

                         ACKNOWLEDGEMENT OF CORPORATION

STATE OF WASHINGTON        )
                           )  SS.
COUNTY OF KING             )

     I certify that I know or have  satisfactory  evidence that Barbara Loper is
the person who appeared before me, and said person  acknowledged that she signed
this  instrument,  on  oath  stated  that  she was  authorized  to  execute  the
instrument  and  acknowledged  it as the Vice  President  of  WASHINGTON  MUTUAL
MORTGAGE  SECURITIES  CORP.,  to be the free and voluntary act of such party for
the uses and purposes mentioned therein.

Dated this 18th day of June, 2004.

                                     /s/ Chriselda Landon

                                     Notary Public in and for the State of
                                     Washington, residing at Seattle
                                     My commission expires: 2-26-2007

                                 ACKNOWLEDGEMENT

STATE OF NEW YORK             )
                              )  SS.
COUNTY OF NEW YORK            )

         On this 23rd day of June 2004 before me, a Notary Public in and for
said State, personally appeared John Hannon, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacit(ies), and that
by his/her/their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person(s) acted, executed the instrument.

         WITNESS my hand and official seal.

         Signature /s/ Nanette Murphy

         (SEAL)            Nanette Murphy
                           Notary Public, State of New York
                           No. 01MU6086415
                           Qualified in Kings County
                           Commission Expires 1/21/04

                                 ACKNOWLEDGEMENT

STATE OF DELAWARE                )
                                 )  SS.
COUNTY OF NEWCASTLE              )

         On this 17th day of June 2004 before me, a Notary Public in and for
said State, personally appeared James M. Young, personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacit(ies), and that
by his/her/their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person(s) acted, executed the instrument.

         WITNESS my hand and official seal.

         Signature /a/ Patricia A. Smith

         (SEAL)  Patricia A. Smith
                    Notary Public
                    State of Delaware
                    My Commission Expires Aug. 20, 2005

         Appendix 1: Definition of Class C-Y Principal Reduction Amounts

         Copies of Appendix 1 (which has been intentionally omitted from this
filing) may be obtained from Washington Mutual Mortgage Securities Corp. or
Citibank, N.A. by contacting:

          in the case of Washington Mutual Mortgage Securities Corp.,

               Laura Kelsey
               Master Servicing Department
               Washington Mutual Mortgage Securities Corp.
               75 N. Fairway Drive, VHF2A01
               Vernon Hills, IL 60061
               Telephone: (847) 393-5198
               Facsimile: (847) 549-2997

          in the case of Citibank N.A.,

               Karen Schluter
               Citibank, N.A.
               111 Wall Street
               14th Floor, Zone 3
               New York, New York 10005
               Telephone: (212) 657-7781
               Facsimile: (212) 657-4009

Exhibit A
CUSIP 92922F TW 8

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class I-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series  2004-CB2  Portion of the Class I-A  Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $27,793,587.00

Class I-A Certificate Interest Rate: 5.000%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: July 25, 2034

Class I-A Principal Balance
as of the Cut-Off Date: $27,793,587.00

                                   Cede & Co.
                                Registered Owner

                                      A-1

Exhibit A
CUSIP 92922F TX 6

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class II-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series  2004-CB2  Portion of the Class II-A Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $80,272,386.00

Class II-A Certificate Interest Rate: 5.500%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: July 25, 2034

Class II-A Principal Balance
as of the Cut-Off Date: $80,272,386.00

                                   Cede & Co.
                                Registered Owner

                                      A-2

Exhibit A
CUSIP 92922F TY 4

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class III-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series 2004-CB2  Portion of the Class III-A Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $81,301,890.00

Class III-A Certificate Interest Rate: 6.000%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class III-A Principal Balance
as of the Cut-Off Date: $81,301,890.00

                                   Cede & Co.
                                Registered Owner

                                      A-3

Exhibit A
CUSIP 92922F TZ 1

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class IV-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series  2004-CB2  Portion of the Class IV-A Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $32,477,243.00

Class IV-A Certificate Interest Rate: 6.500%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class IV-A Principal Balance
as of the Cut-Off Date: $32,477,243.00

                                   Cede & Co.
                                Registered Owner

                                      A-4

Exhibit A
CUSIP 92922F UA 4

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class V-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series  2004-CB2  Portion of the Class V-A  Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $35,154,145.00

Class V-A Certificate Interest Rate: 5.000%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: July 25, 2019

Class V-A Principal Balance
as of the Cut-Off Date: $35,154,145.00

                                   Cede & Co.
                                Registered Owner

                                      A-5

Exhibit A
CUSIP 92922F UB 2

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class VI-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series  2004-CB2  Portion of the Class VI-A Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $13,834,712.00

Class VI-A Certificate Interest Rate: 4.500%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: July 25, 2019

Class VI-A Principal Balance
as of the Cut-Off Date: $13,834,712.00

                                   Cede & Co.
                                Registered Owner

                                      A-6

Exhibit A
CUSIP 92922F UC 0

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                   Class VII-A

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series 2004-CB2  Portion of the Class VII-A Principal  Balance as of the Cut-Off
Date Evidenced by this Certificate: $33,654,547.00

Class VII-A Certificate Interest Rate: 5.500%

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2019

Class VII-A Principal Balance
as of the Cut-Off Date: $33,654,547.00

                                   Cede & Co.
                                Registered Owner

                                      A-7

Exhibit A
CUSIP 92922F UD 8

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class C-X

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series 2004-CB2  Portion of the Class C-X Notional Amount as of the Cut-Off Date
Evidenced by this Certificate: $6,178,097.00

Class C-X Certificate Interest Rate: 5.500%, applied to the
Class C-X Notional Amount

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class C-X Principal Balance
as of the Cut-Off Date: $0.00

Class C-X Notional Amount
as of the Cut-Off Date: $6,178,097.00

                                   Cede & Co.
                                Registered Owner

                                      A-8

Exhibit A
CUSIP 92922F UE 6

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class D-X

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

Series 2004-CB2  Portion of the Class D-X Notional Amount as of the Cut-Off Date
Evidenced by this Certificate: $3,455,424.00

Class D-X Certificate Interest Rate: 5.000%, applied to the
Class D-X Notional Amount

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2019

Class D-X Principal Balance
as of the Cut-Off Date: $0.00

Class D-X Notional Amount
as of the Cut-Off Date: $3,455,424.00

                                   Cede & Co.
                                Registered Owner

                                      A-9

Exhibit A
CUSIP 92922F UF 3

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-1

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of beneficial interests in
another pool of assets consisting of, among other things, conventional one- to
four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

NO TRANSFER OF THIS CLASS B-1 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS
RECEIVED (I) AN OFFICER'S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER'S CERTIFICATE,
AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE
DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

NOTWITHSTANDING THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS
CLASS B-1 CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT
TRANSFER OF ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS
HELD BY DTC OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER'S CERTIFICATE (AND, IF
APPLICABLE, A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH,
SHALL NOT BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY
VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN),
THAT EITHER (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT
TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
OR ANY PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
OF ANY SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING
THIS CERTIFICATE WITH "PLAN ASSETS" OF ANY SUCH PLAN (A "PLAN INVESTOR"), (B)
SUCH TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT TO
ACQUIRE OR HOLD THIS CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT"
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
EXEMPTION ("PTCE") 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A
"COMPLYING INSURANCE COMPANY") OR (C) THIS CERTIFICATE WAS RATED "BBB-" OR
BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE TIME OF
SUCH TRANSFEREE'S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN); AND

2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION
OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY OR
(III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED "BBB-"
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL BE
RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS AS
BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS

                                      A-10

CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS
CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

ANY PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
(OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE COMPANY,
THE TRUSTEE, THE MASTER SERVICER, THE TRUST AND THE UNDERWRITER FROM AND AGAINST
ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH PARTIES AS A
RESULT OF SUCH ACQUISITION OR HOLDING.

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.

Series 2004-CB2 Portion of the Class B-1 Principal Balance as of the Cut-Off
Date Evidenced by this Certificate: $9,306,086.00

Class B-1 Certificate Interest Rate: Variable

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class B-1 Principal Balance
as of the Cut-Off Date: $9,306,086.00

                                   Cede & Co.
                                Registered Owner

                                      A-11

Exhibit A
CUSIP 92922F UG 1

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-2

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

NO TRANSFER OF THIS CLASS B-2 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS
RECEIVED (I) AN OFFICER'S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER'S CERTIFICATE,
AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
TRUSTEE , THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE
DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

NOTWITHSTANDING THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS
CLASS B-2 CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT
TRANSFER OF ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS
HELD BY DTC OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER'S CERTIFICATE (AND, IF
APPLICABLE, A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH,
SHALL NOT BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY
VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN),
THAT EITHER (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT
TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
OR ANY PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
OF ANY SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING
THIS CERTIFICATE WITH "PLAN ASSETS" OF ANY SUCH PLAN (A "PLAN INVESTOR"), (B)
SUCH TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT TO
ACQUIRE OR HOLD THIS CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT"
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
EXEMPTION ("PTCE") 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A
"COMPLYING INSURANCE COMPANY") OR (C) THIS CERTIFICATE WAS RATED "BBB-" OR
BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE TIME OF
SUCH TRANSFEREE'S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN); AND

2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION
OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY OR
(III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED "BBB-"
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL BE

                                      A-12

RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS AS
BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS
CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

ANY PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
(OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE COMPANY,
THE TRUSTEE, THE MASTER SERVICER, THE TRUST AND THE UNDERWRITER FROM AND AGAINST
ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH PARTIES AS A
RESULT OF SUCH ACQUISITION OR HOLDING.

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.

Series 2004-CB2 Portion of the Class B-2 Principal Balance as of the Cut-Off
Date Evidenced by this Certificate: $4,244,881.00

Class B-2 Certificate Interest Rate: Variable

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class B-2 Principal Balance
as of the Cut-Off Date: $4,244,881.00

                                   Cede & Co.
                                Registered Owner

                                      A-13

Exhibit A
CUSIP 92922F UH 9

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-3

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company 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.

NO TRANSFER OF THIS CLASS B-3 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS
RECEIVED (I) AN OFFICER'S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER'S CERTIFICATE,
AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE
DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

NOTWITHSTANDING THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS
CLASS B-3 CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT
TRANSFER OF ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS
HELD BY DTC OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER'S CERTIFICATE (AND, IF
APPLICABLE, A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH,
SHALL NOT BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY
VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN),
THAT EITHER (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT
TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
OR ANY PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
OF ANY SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING
THIS CERTIFICATE WITH "PLAN ASSETS" OF ANY SUCH PLAN (A "PLAN INVESTOR"), (B)
SUCH TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT TO
ACQUIRE OR HOLD THIS CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT"
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
EXEMPTION ("PTCE") 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A
"COMPLYING INSURANCE COMPANY") OR (C) THIS CERTIFICATE WAS RATED "BBB-" OR
BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE TIME OF
SUCH TRANSFEREE'S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN); AND

2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION
OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY OR
(III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED "BBB-"
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL BE
RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS AS
BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS

                                      A-14

CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS
CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

ANY PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
(OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE COMPANY,
THE TRUSTEE, THE MASTER SERVICER, THE TRUST AND THE UNDERWRITER FROM AND AGAINST
ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH PARTIES AS A
RESULT OF SUCH ACQUISITION OR HOLDING.

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.

Series 2004-CB2 Portion of the Class B-3 Principal Balance as of the Cut-Off
Date Evidenced by this Certificate: $2,612,234.00

Class B-3 Certificate Interest Rate: Variable

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class B-3 Principal Balance
as of the Cut-Off Date: $2,612,234.00

                                   Cede & Co.
                                Registered Owner

                                      A-15

Exhibit A
CUSIP 92922F UK 2

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-4

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

NO TRANSFER OF THIS CLASS B-4 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS
RECEIVED (I) AN OFFICER'S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER'S CERTIFICATE,
AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE
DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

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.

Series 2004-CB2 Portion of the Class B-4 Principal Balance as of the Cut-Off
Date Evidenced by this Certificate: $2,612,234.00

Class B-4 Certificate Interest Rate: Variable

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class B-4 Principal Balance
as of the Cut-Off Date: $2,612,234.00

                                ----------------
                                Registered Owner

                                      A-16

Exhibit A
CUSIP 92922F UL 0

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-5

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

NO TRANSFER OF THIS CLASS B-5 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS
RECEIVED (I) AN OFFICER'S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER'S CERTIFICATE,
AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE
DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

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.

Series 2004-CB2 Portion of the Class B-5 Principal Balance as of the Cut-Off
Date Evidenced by this Certificate: $1,959,176.00

Class B-5 Certificate Interest Rate: Variable

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class B-5 Principal Balance
as of the Cut-Off Date: $1,959,176.00

                                ----------------
                                Registered Owner

                                      A-17

Exhibit A
CUSIP 92922F UM 8

                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

                                    Class B-6

Evidencing a beneficial interest in a pool of assets consisting of beneficial
interests in another pool of assets consisting of, among other things,
conventional one- to four-family mortgage loans formed and administered by

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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 of this Certificate is June 23, 2004.

NO TRANSFER OF THIS CLASS B-6 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE HAS
RECEIVED (I) AN OFFICER'S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER'S CERTIFICATE,
AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE
DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

The Class B-6 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.

Series 2004-CB2 Portion of the Class B-6 Principal Balance as of the Cut-Off
Date Evidenced by this Certificate: $1,306,122.93

Class B-6 Certificate Interest Rate: Variable

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class B-6 Principal Balance
as of the Cut-Off Date: $1,306,122.93

                                ----------------
                                Registered Owner

                                      A-18

Exhibit B
CUSIP 92922F UJ 5

                     WaMu 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

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY AND THE
TRUSTEE 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
ANY PERSON, THE TRUSTEE SHALL REQUIRE (I) AN OFFICER'S CERTIFICATE IN THE FORM
DESCRIBED IN SECTION 5.01(d) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED
IN SUCH OFFICER'S CERTIFICATE, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM
AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE
PURCHASE AND HOLDING OF A CLASS R CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE
LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUST, THE
TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY
OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE
POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE
TRUST, THE TRUSTEE, THE DELAWARE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.

This Certificate is issued by WaMu Mortgage Pass-Through Certificates Series
2004-CB2 Trust. 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.

Series 2004-CB2 Percentage Interest evidenced by this Class R Certificate in the
distributions to be made with respect to the Class R Certificates: ____%

Class R Certificate Interest Rate: 6.000%. Additionally the Class R Certificates
are entitled to Excess Liquidation Proceeds and the Residual Distribution Amount
as defined in the Pooling Agreement.

Cut-Off Date: June 1, 2004

First Distribution Date: July 26, 2004

Last Scheduled Distribution Date: August 25, 2034

Class R Principal Balance as of the Cut-Off Date: $100.00

                               ------------------
                                Registered Owner
                            Certificate No. _________

                                      B-1

This Certificate does not represent an obligation of or interest in Washington
Mutual Mortgage Securities Corp. or any of its affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed by any agency or
instrumentality of the United States.

This certifies that the above-named Registered Owner is the registered owner of
certain interests in (i) a pool of assets ("REMIC I") consisting of, among other
things, conventional one- to four-family mortgage loans (the "Mortgage Loans"),
formed and administered by Washington Mutual Mortgage Securities Corp. (the
"Company"), which term includes any successor entity under the Pooling Agreement
referred to below, and (ii) a pool of assets ("REMIC II") consisting of
interests in REMIC I. REMIC I and REMIC II were created pursuant to a Pooling
and Servicing Agreement, dated as of the Cut-Off Date stated above (the "Pooling
Agreement"), among the Company, Citibank, N.A., as Trustee (the "Trustee"), and
Christiana Bank & Trust Company, as Delaware 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 day (or if such last day is
not a Business Day, the Business Day immediately preceding such last 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 portions (if any) then distributable on the Certificates
of this Class of (i) the REMIC I Available Distribution Amount for such
Distribution Date, as specified in Section 4.01 of the Pooling Agreement, and
(ii) the REMIC II Available Distribution Amount for such Distribution Date, as
specified in Section 4.04 of the Pooling Agreement.

Distributions on this Certificate will be made by the Trustee by wire transfer
or check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register. Notwithstanding the above, the
final distribution on this Certificate will be made after due notice by the
Trustee 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.

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.

                                      B-2

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

                        WaMu MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-CB2 TRUST

                        By:      CITIBANK, N.A., as Trustee

                        By:
                            ----------------------------------------------------

                    (TRUSTEE'S CERTIFICATE OF AUTHENTICATION)

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

CITIBANK, N.A.,
as Trustee

By:
    ----------------------------------------

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

                                      B-3

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

This Certificate is one of a duly authorized issue of Certificates designated as
WaMu Mortgage Pass-Through Certificates of the Series and Class specified hereon
(herein called the "Certificates") and representing certain interests in REMIC I
and REMIC II.

The Certificates do not represent an obligation of, or an interest in, the
Company 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 Mortgage Loans, all as more
specifically set forth herein and in the Pooling Agreement. In the event funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Master Servicer from the related recoveries on such Mortgage Loan or from
other cash deposited in the Certificate Account to the extent that such advance
is not otherwise recoverable.

As provided in the Pooling Agreement, withdrawals from the Certificate Account
may be made from time to time for purposes other than distributions to
Certificateholders, such purposes including reimbursement to the Master 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
Company and the rights of the Certificateholders under the Pooling Agreement at
any time by the Company, the Master Servicer and the Trustee with the consent of
the Holders of the Certificates evidencing Percentage Interests aggregating not
less than 66% of REMIC II. 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 same Percentage Interest set forth hereinabove will be issued to the
designated transferee or transferees.

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
of like Certificate Principal Balance or Percentage Interest, as applicable, 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 may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

The Company, the Trustee and the Certificate Registrar and any agent of the
Company, the Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Company, the Trustee, the Certificate Registrar nor any such agent
shall be affected by notice to the contrary.

                                      B-4

The obligations created by the Pooling Agreement and the Trust created thereby
shall terminate upon (i) the later of the maturity or other liquidation
(including purchase by the Master Servicer) of the last Mortgage Loan remaining
in the Trust or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan, and (ii) the payment to
Certificateholders of all amounts held by the Trustee and required to be paid to
them pursuant to the Pooling Agreement. In the event that the Company or the
Master Servicer purchases any Mortgage Loan pursuant to the Pooling Agreement,
the Pooling Agreement generally requires that the Trustee distribute to the
Certificateholders in the aggregate an amount equal to 100% of the unpaid
Principal Balance of such Mortgage Loan, plus unpaid accrued interest thereon at
the applicable Pass-Through Rate to the last day of the month in which such
purchase occurs. The Pooling Agreement permits, but does not require, the Master
Servicer to purchase from the Trust all Mortgage Loans at the time subject
thereto and all property acquired in respect of any Mortgage Loan upon payment
to the Certificateholders of the amounts specified in the Pooling Agreement. The
exercise of such right will effect early retirement of the Certificates, the
Master Servicer's right to purchase being subject to the aggregate Principal
Balance of the Mortgage Loans at the time of purchase being less than the
Clean-Up Call Percentage of the aggregate Principal Balance of the Mortgage
Loans as of the Cut-Off Date.

                                      B-5

                                   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 WaMu 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.  This  Certificate  does not  represent an obligation of
            or an interest in Washington  Mutual Mortgage  Securities Corp. or
            any  of  its   affiliates.   Neither  this   Certificate  nor  the
            underlying   Mortgage  Loans  are  guaranteed  by  any  agency  or
            instrumentality of the United States.

                                      B-6

                                    Exhibit C

                      ANTI-PREDATORY LENDING CATEGORIZATION

I.       High-Cost Loan Categorization

                                                           Category under Applicable Anti-
                   State/Jurisdiction                          Predatory Lending Law
     --------------------------------------------- -------------------------------------------------
     Arkansas                                      High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Cleveland Heights, OH                         Covered Loan
     --------------------------------------------- -------------------------------------------------
     Colorado                                      Covered Loan
     --------------------------------------------- -------------------------------------------------
     Connecticut                                   High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     District of Columbia                          Covered Loan
     --------------------------------------------- -------------------------------------------------
     Florida                                       High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Georgia (Oct 1, 2002 - Mar 6, 2003)           High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Georgia as amended (Mar 7, 2003 - current)    High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     HOEPA Section 32                              High Cost Loan
     --------------------------------------------- -------------------------------------------------
     Illinois                                      High Risk Home Loan
     --------------------------------------------- -------------------------------------------------
     Kansas                                        High Loan to Value Consumer Loan and;
     --------------------------------------------- -------------------------------------------------
                                                   High APR Consumer Loan
     --------------------------------------------- -------------------------------------------------
     Kentucky                                      High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Los Angeles, CA                               High Cost Refinance Home Loan
     --------------------------------------------- -------------------------------------------------
     Maine                                         High Rate High Fee Mortgage
     --------------------------------------------- -------------------------------------------------
     Massachusetts                                 High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Nevada                                        Home Loan
     --------------------------------------------- -------------------------------------------------
     New Jersey                                    High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     New York                                      High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     New Mexico                                    High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     North Carolina                                High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Oakland, CA                                   High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     Ohio                                          Covered Loan
     --------------------------------------------- -------------------------------------------------
     Oklahoma                                      Subsection 10 Mortgage
     --------------------------------------------- -------------------------------------------------
     South Carolina                                High Cost Home Loan
     --------------------------------------------- -------------------------------------------------
     West Virginia                                 West Virginia Mortgage Loan Act Loan
     --------------------------------------------- -------------------------------------------------

II.      Covered Loan Categorization
                                                         Category under Applicable Anti-
                   State/Jurisdiction                         Predatory Lending Law
     --------------------------------------------- -------------------------------------------------
     Georgia (Oct 1, 2002 - Mar 6, 2003)           Covered Loan
     --------------------------------------------- -------------------------------------------------
     New Jersey                                    Covered Home Loan
     --------------------------------------------- -------------------------------------------------

                                      C-1

                                    Exhibit D

                             Mortgage Loan Schedule

         Copies of the Mortgage Loan Schedule (which has been intentionally
omitted from this filing) may be obtained from Washington Mutual Mortgage
Securities Corp. or Citibank, N.A. by contacting:

          in the case of Washington Mutual Mortgage Securities Corp.,

               Laura Kelsey
               Master Servicing Department
               Washington Mutual Mortgage Securities Corp.
               75 N. Fairway Drive, VHF2A01
               Vernon Hills, IL 60061
               Telephone: (847) 393-5198
               Facsimile: (847) 549-2997

          in the case of Citibank N.A.,

               Karen Schluter
               Citibank, N.A.
               111 Wall Street
               14th Floor, Zone 3
               New York, New York 10005
               Telephone: (212) 657-7781
               Facsimile: (212) 657-4009

                                      D-1

                              SELLING AND SERVICING

                                    CONTRACT

This Selling and Servicing Contract (this "Agreement") is made and entered into
by Washington Mutual Mortgage Securities Corp. and its successors and assigns
("Washington Mutual Mortgage") and the entity identified below and its
successors and assigns (the "Company").

                                   WITNESSETH:

         WHEREAS, this Company wishes to sell first lien residential mortgage
loans to, and service first lien residential mortgage loans on behalf of,
Washington Mutual Mortgage; and

         WHEREAS, the Company has submitted a Seller Application to Washington
Mutual Mortgage and has been approved by Washington Mutual Mortgage for
participation in the Washington Mutual Mortgage Purchase Programs; and

         WHEREAS, the Company has received and reviewed the Washington Mutual
Mortgage Purchase Programs Seller Guide (the "Seller Guide"), as well as the
Washington Mutual Mortgage Servicing Guide (the "Servicing Guide" and, together
with the Seller Guide, the "Guides"), and understands each and every provision
thereof;

         NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, Washington Mutual Mortgage and the Company hereby
agree as follows:

         1. Guides. The Guides, which set forth the terms and conditions under
which Washington Mutual Mortgage may elect to purchase mortgage loans from the
Company, and the Company shall service mortgage loans on behalf of Washington
Mutual Mortgage, are a supplement to this Agreement and such Guides, as may be
amended or supplemented from time to time by Washington Mutual Mortgage, are
incorporated into this Agreement in full by reference and made a part hereof as
fully as if set forth at length herein. All capitalized terms used and not
defined herein have the meanings ascribed to them in the Guides.

         2. Company's Duties. The Company shall diligently perform all duties
incident to the origination, sale and servicing of the mortgage loans subject to
this Agreement. In the performance of its servicing duties, the Company shall
exercise the same degree of care it exercises when servicing mortgage loans for
its own account, but in no event shall the Company exercise less care than a
reasonable prudent servicer would exercise under similar circumstances. In
addition, the Company shall comply with all of the provisions of the Guides and
with all other requirements and instructions of Washington Mutual Mortgage. The
Company shall perform such duties at its sole expense, except as otherwise
expressly provided in the Guides.

         3. Representations, Warranties and Covenants of the Company; Remedies
of Washington Mutual Mortgage. With respect to each mortgage loan sold by the
Company to Washington Mutual Mortgage pursuant to the terms of this Agreement,
the Company shall make all of the representations, warranties and covenants set
forth in the Guide and, in the event of the breach of any of such
representations, warranties and covenants, Washington Mutual Mortgage shall have
all of the remedies available at law or in equity, as well as all of the
remedies set forth in the Guide, including, but not limited to, repurchase and
indemnification. The representations and warranties made by the Company with
respect to any mortgage loan subject to this Agreement, as well as the remedies
available to Washington Mutual Mortgage upon the breach thereof, shall survive:

                                      E-1

(a) any investigation regarding the mortgage loan conducted by Washington Mutual
Mortgage, its assignees or designees, (b) the liquidation of the mortgage loan,
(c) the purchase of the mortgage loan by Washington Mutual Mortgage, its
assignee or designee, (d) the repurchase of the mortgage loan by the Company and
(e) the termination of this Agreement.

         4. Compensation. The Company shall be compensated for its services
hereunder as specified in the Guides.

         5. No Assignment. This Agreement may not be assigned by the Company
without the prior written consent of Washington Mutual Mortgage. The Company
hereby consents to the assignment by Washington Mutual Mortgage of all or any
part of its rights and obligations under this Agreement to any affiliate
designated by Washington Mutual Mortgage. Any other transfer by Washington
Mutual Mortgage will be allowed and be effective upon written notice by
Washington Mutual Mortgage to the Company.

         6. Prior Agreements. This Agreement supersedes any prior agreements and
understandings between Washington Mutual Mortgage and the Company governing the
subject matter hereof; provided, however, the Company shall not be released from
any responsibility or liability that may have arisen under such agreements and
understanding.

         7. Effective Date of Agreement. This Agreement is not effective until
it is executed and accepted by Washington Mutual Mortgage at its home office in
Illinois.

         8. Notices. All notices, requests, demands or other communications that
are to be given under this Agreement shall be in writing, addressed to the
appropriate parties, and shall be sent by certified mail, return receipt
requested, postage prepaid, if to the Company, at the address below and, if to
Washington Mutual Mortgage, to the appropriate address or facsimile number
specified in the Guides. Any such notice, request, demand or other communication
shall be deemed effective upon receipt.

         9. Independent Contractor. At no time shall the Company represent that
it is acting as an agent, partner or joint venturer of Washington Mutual
Mortgage. The Company shall at all times act as an independent contracting
party.

         10. Amendment. This Agreement may not be amended or modified orally,
and no provision of this Agreement may be waived or amended, except in writing
signed by the party against whom enforcement is sought. Such a written waiver or
amendment must expressly reference this Agreement. However, by their terms the
Guides may be amended or supplemented by Washington Mutual Mortgage from time to
time. Any such amendment(s) to the Guides shall be in writing and be binding
upon the parties hereto on and after the effective date specified therein.

         11. Miscellaneous. This Agreement, including all documents incorporated
by reference herein, constitutes the entire understanding between the parties
hereto and supersedes all other agreements, covenants, representations,
warranties, understandings and communications between the parties, whether
written or oral, with respect to the transactions contemplated by this
Agreement. All section headings contained herein are for convenience only and
shall not be construed as part of this Agreement. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall as to
such jurisdiction be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining portions hereof or affecting

                                      E-2

the validity or enforceability of such provision in any other jurisdiction, and
to this end, the provisions hereof are severable. This Agreement shall be
governed by, and construed and enforced in accordance with, applicable federal
laws and laws of the State of Illinois, without reference to conflict of laws
principles. This Agreement may be executed in one or more counterparts, each of
which shall constitute an original and all of which shall constitute the same
Agreement.

         IN WITNESS WHEREOF, the parties have executed this Agreement by proper
officials duly authorized on the dates hereinafter set forth. This Agreement
shall take effect as of the date of its execution in original or facsimile
signature by a duly authorized officer of Washington Mutual Mortgage.

_______________________                 _______________________________
Name of the  Company                    Company  I.D.  Number
_______________________                 _______________________________
Type of organization                    Organized under laws of
____________________________            _____________________________________
Principal place of business:            street address, city, state, zip code
________________________________________________________
Typed name and title of the Company's authorized officer
_______________________________________________________  _______________________
Signature of the Company's authorized officer            Date

Agreed to and accepted by Washington Mutual Mortgage Securities Corp.
________________________________________________________________________________
Typed name and title of authorized representative
_______________________________________________________   ______________________
Signature of authorized representative                    Date

                                      E-3

Exhibit F

                       FORM OF TRANSFEROR CERTIFICATE FOR
                         JUNIOR SUBORDINATE CERTIFICATES

                                     [Date]

Citibank, N.A., as Trustee
111 Wall Street, 14th Floor, Zone 3
New York, New York 10005
Attn:  Structured Finance Group, Washington Mutual 2004-CB2

Re:  Purchase of  Washington  Mutual  Mortgage  Securities  Corp.  WaMu Mortgage
Pass-Through Certificates Series 2004-CB2, Class [ ] (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

Exhibit G

                       FORM OF TRANSFEREE'S AGREEMENT FOR
                         JUNIOR SUBORDINATE CERTIFICATES

                                     [Date]

Citibank, N.A., as Trustee
111 Wall Street, 14th Floor, Zone 3
New York, New York 10005
Attn:  Structured Finance Group, Washington Mutual 2004-CB2

Washington Mutual Mortgage Securities Corp.
75 N. Fairway Drive
Vernon Hills, Illinois  60061

The  undersigned  (the  "Purchaser")  proposes  to  purchase  Washington  Mutual
Mortgage  Securities  Corp.  WaMu  Mortgage  Pass-Through  Certificates,  Series
2004-CB2,  Class [ ] (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 June 1, 2004 (the "Pooling Agreement"), by and
among Washington Mutual Mortgage Securities Corp. ("Washington Mutual"),
Citibank, N.A., as trustee (the "Trustee"), and Christiana Bank & Trust Company,
as Delaware trustee, of the Washington Mutual Mortgage Securities Corp. WaMu
Mortgage Pass-Through Certificates, Series 2004-CB2.

Section 2. Representations and Warranties of the Purchaser. In connection with
the proposed transfer, the Purchaser represents and warrants to Washington
Mutual, the Trustee and the Trust 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;

(b) The Purchaser is acquiring the Purchased Certificates for its own account as
principal and not with a view to 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 Washington Mutual has made available to the
Purchaser the opportunity to ask questions of, and receive answers from
Washington Mutual concerning the trust created pursuant to the Pooling Agreement
(the "Trust"), the purchase by the Purchaser of the Purchased Certificates and
all matters relating thereto that Washington Mutual possesses or can acquire
without unreasonable effort or expense; and

(f) If applicable, the Purchaser has complied, and will continue to comply, with
the guidelines established by Thrift Bulletin 13a issued April 23, 1998, by the
Office of Regulatory Activities of the Federal Home Loan Bank System.

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 Washington Mutual 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 shall require, in order to assure compliance
with such laws, that the Certificateholder's prospective transferee each certify
to Washington Mutual, the Trustee and the Trust as to the factual basis for the
registration or qualification exemption relied upon, and (ii) the Trustee or
Washington Mutual 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 Trust, the Trustee or
Washington Mutual. Any such Certificateholder desiring to effect such transfer
shall, and does hereby agree to, indemnify the Trust, the Trustee and Washington
Mutual 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.

(b) No transfer of a Purchased Certificate shall be made unless the transferee
provides Washington Mutual and the Trustee with (i) a Transferee's Agreement,
substantially in the form of this Agreement, (ii) an affidavit substantially in
the form of Exhibit N to the Pooling Agreement and (iii) if so indicated in such
affidavit, a Benefit Plan Opinion (as defined in Section 1.01 of the Pooling
Agreement).

(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:

Exhibit H

                   FORM OF ADDITIONAL MATTER INCORPORATED INTO
       THE FORM OF THE CERTIFICATES (OTHER THAN THE CLASS R CERTIFICATES)

This Certificate does not represent an obligation of or interest in Washington
Mutual Mortgage Securities Corp. or any of its affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed by any agency or
instrumentality of the United States.

This certifies that the above-named Registered Owner is the registered owner of
certain interests in a pool of assets ("REMIC II") consisting of interests in
another pool of assets ("REMIC I") consisting of, among other things,
conventional one- to four-family mortgage loans (the "Mortgage Loans"), formed
and administered by Washington Mutual Mortgage Securities Corp. (the "Company"),
which term includes any successor entity under the Pooling Agreement referred to
below. REMIC I and REMIC II were created pursuant to a Pooling and Servicing
Agreement, dated as of the Cut-Off Date stated above (the "Pooling Agreement"),
among the Company, Citibank, N.A., as Trustee (the "Trustee"), and Christiana
Bank & Trust Company, as Delaware 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 day (or if such last day is
not a Business Day, the Business Day immediately preceding such last 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 REMIC II Available Distribution Amount
for such Distribution Date then distributable on the Certificates of this Class,
as specified in Section 4.04 of the Pooling Agreement.

Distributions on this Certificate will be made by the Trustee by wire transfer
or check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register. Notwithstanding the above, the
final distribution on this Certificate will be made after due notice by the
Trustee 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.

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 Trust has caused this Certificate to be duly executed.

                        WaMu MORTGAGE PASS-THROUGH CERTIFICATES
                         SERIES 2004-CB2 TRUST

                        By:      CITIBANK, N.A., as Trustee

                        By:
                            ---------------------------------------------------

                    (TRUSTEE'S CERTIFICATE OF AUTHENTICATION)

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

CITIBANK, N.A.,
as Trustee

By:
    ----------------------------------------

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

                   WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.
                     WaMu MORTGAGE PASS-THROUGH CERTIFICATE

This Certificate is one of a duly authorized issue of Certificates designated as
WaMu Mortgage Pass-Through Certificates of the Series and Class specified hereon
(herein called the "Certificates") and representing certain interests in REMIC
II.

The Certificates do not represent an obligation of, or an interest in, the
Company 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 Mortgage Loans, all as more
specifically set forth herein and in the Pooling Agreement. In the event funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Master Servicer from the related recoveries on such Mortgage Loan or from
other cash deposited in the Certificate Account to the extent that such advance
is not otherwise recoverable.

As provided in the Pooling Agreement, withdrawals from the Certificate Account
may be made from time to time for purposes other than distributions to
Certificateholders, such purposes including reimbursement to the Master 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
Company and the rights of the Certificateholders under the Pooling Agreement at
any time by the Company, the Master Servicer and the Trustee with the consent of
the Holders of the Certificates evidencing Percentage Interests aggregating not
less than 66% of REMIC II. 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 herefor 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 same Percentage Interest set forth hereinabove will be issued to the
designated transferee or transferees.

[to be used only in the case of the Junior Subordinate Certificates:] [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. In the event that a transfer is to be made without registration or
qualification under applicable laws, (i) in the event such transfer is made
pursuant to Rule 144A under the Securities Act, the Company and the Trustee
shall require the transferee to execute an investment letter in substantially
the form attached as Exhibit L to the Pooling Agreement, which investment letter

shall not be an expense of the Company, the Master Servicer, the Trust or the
Trustee and (ii) in the event that such a transfer is not made pursuant to Rule
144A under the Securities Act, the Trustee may require an Opinion of Counsel
satisfactory to the Trustee that such transfer may be made without such
registration or qualification, which Opinion of Counsel shall not be an expense
of the Company, the Master Servicer, the Trust or the Trustee. Neither the
Company nor the Trust will register the Certificate under the Securities Act,
qualify the Certificate under any state securities law or provide registration
rights to any purchaser. Any Holder desiring to effect such transfer shall, and
does hereby agree to, indemnify the Trust, the Trustee, the Company and the
Master Servicer 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.]

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
of like Certificate Principal Balance or Percentage Interest, as applicable, 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 may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

The Company, the Trustee and the Certificate Registrar and any agent of the
Company, the Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Company, the Trustee, the Certificate Registrar nor any such agent
shall be affected by notice to the contrary.

The obligations created by the Pooling Agreement and the Trust created thereby
shall terminate upon (i) the later of the maturity or other liquidation
(including purchase by the Master Servicer) of the last Mortgage Loan remaining
in the Trust or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan, and (ii) the payment to
Certificateholders of all amounts held by the Trustee and required to be paid to
them pursuant to the Pooling Agreement. In the event that the Company or the
Master Servicer purchases any Mortgage Loan pursuant to the Pooling Agreement,
the Pooling Agreement generally requires that the Trustee distribute to the
Certificateholders in the aggregate an amount equal to 100% of the unpaid
Principal Balance of such Mortgage Loan, plus unpaid accrued interest thereon at
the applicable Pass-Through Rate to the last day of the month in which such
purchase occurs. The Pooling Agreement permits, but does not require, the Master
Servicer to purchase from the Trust all Mortgage Loans at the time subject
thereto and all property acquired in respect of any Mortgage Loan upon payment
to the Certificateholders of the amounts specified in the Pooling Agreement. The
exercise of such right will effect early retirement of the Certificates, the
Master Servicer's right to purchase being subject to the aggregate Principal
Balance of the Mortgage Loans at the time of purchase being less than the
Clean-Up Call Percentage of the aggregate Principal Balance of the Mortgage
Loans as of the Cut-Off Date.

                                   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 WaMu 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.  This  Certificate  does not  represent an obligation of
            or an interest in Washington  Mutual Mortgage  Securities Corp. or
            any  of  its   affiliates.   Neither  this   Certificate  nor  the
            underlying   Mortgage  Loans  are  guaranteed  by  any  agency  or
            instrumentality of the United States.

Exhibit I

                             TRANSFEROR CERTIFICATE

                                     [Date]

Citibank, N.A., as Trustee
111 Wall Street, 14th Floor, Zone 3
New York, New York 10005
Attn:  Structured Finance Group, Washington Mutual 2004-CB2

Re:      Washington Mutual Mortgage Securities Corp.
WaMu Mortgage Pass-Through Certificates, Series 2004-CB2, Class R

Ladies and Gentlemen:

This letter is delivered to you in connection with the sale from (the "Seller")
to (the "Purchaser") of $____________________ initial Certificate Principal
Balance of WaMu Mortgage Pass-Through Certificates, Series 2004-CB2, Class R
(the "Certificate"), pursuant to Section 5.01 of the Pooling and Servicing
Agreement (the "Pooling Agreement"), dated as of June 1, 2004 among Washington
Mutual Mortgage Securities Corp., as depositor and master servicer (the
"Company"), Citibank, N.A., as trustee (the "Trustee"), and Christiana Bank &
Trust Company, as Delaware trustee. All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling Agreement. The Seller
hereby certifies, represents and warrants to, and covenants with, the Company,
the Trustee and the Trust 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 and
the Company a transferee affidavit and agreement in the form attached to the
Pooling 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.

5. 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.

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.

                                        Very truly yours,

                                        [Seller]

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

Exhibit J

                       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
[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 Certificates, and (ii) is acquiring the Class R
Certificates 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 Certificates after March 31, 1988; (ii) that such tax would be on
the transferor, or, if such transfer is through an agent (which person includes
a broker, nominee or middle-man) 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 furnishes 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 Certificates may be a "noneconomic residual
interest" 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.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
the Class R Certificates 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 will not register the Transfer of
the Class R-1 Certificates unless the transferee, or the transferees' agent,
delivers to it 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 Certificates and the provisions of Section 5.01 of the Pooling Agreement
under which the Class R Certificates were issued (in particular, clauses
(iii)(A) and (iii)(B) of Section 5.01(c) which authorize the Trustee to deliver
payments to a person other than the Owner and negotiate a mandatory sale by the
Trustee in the event the Owner holds such Certificates in violation of Section
5.01). 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 Certificates 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
Certificates by the Owner is or will be to enable the transferor to impede the
assessment or collection of tax, and that in making this representation, the
Owner warrants that the Owner is familiar with Treasury Regulation 1.860E-1(c)
and with the preamble to the adoption of amendments to that regulation as of
July 19, 2002, attached hereto as Exhibit 1.

10. That the Owner anticipates that it will, so long as it holds the Class R
Certificates, have sufficient assets to pay any taxes owed by the holder of such
Certificates, and hereby represents to and for the benefit of the person from
whom it acquired the Class R Certificates that the Owner intends to pay taxes
associated with holding such Certificates as they become due, fully
understanding that it may incur tax liabilities in excess of any cash flows
generated by the Class R Certificates. That the Owner has provided financial
statements or other financial information requested by the transferor in
connection with the transfer of the Class R Certificates to permit the
transferor to assess the financial capability of the Owner to pay such taxes.

11. 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 Class R
Certificates remain outstanding.

12. 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 Class
R Certificates remain outstanding.

13. That the Owner is familiar with Treasury Regulation 1.860E-1(c) and with the
preamble to the adoption of amendments to that regulation as of July 19, 2002,
attached hereto as Exhibit 1, and that no purpose of the Owner relating to any
sale of the Class R Certificates by the Owner will be to impede the assessment
or collection of tax.

14. The Owner is a citizen or resident of the United States, a corporation,
partnership or other entity treated as a partnership or corporation for U.S.
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, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.

15. The Owner hereby agrees that it will not cause income from the Class R
Certificates to be attributable to a foreign permanent establishment or fixed
base (within the meaning of an applicable income tax treaty) of the Owner or
another United States taxpayer.

16. The Owner hereby agrees to cooperate with the Company 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 REMIC
I and REMIC II (the "REMICs").

17. The Owner hereby agrees that it will not take any action that could endanger
the REMIC status of the REMICs or result in the imposition of tax on the REMICs
unless counsel for, or acceptable to, the Company 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.

18. The Owner as transferee of the Class R Certificates has represented to the
transferor that, if the Class R Certificates constitute a noneconomic residual
interest, 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 Certificates as they become due.

         19. That the Owner satisfies the condition in the paragraph marked
below [mark one paragraph only]:

___ The Owner is not an employee benefit or other plan subject to the prohibited
transaction provisions of the Employee Retirement Income Security Act of 1974,
as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee of any Plan) acting, directly or indirectly, on behalf of, or
purchasing the Class R Certificates with "plan assets" of, any Plan within the
meaning of the Department of Labor ("DOL") regulation at 29 C.F.R. Section
2510.3-101.

___ The Owner has delivered a Benefit Plan Opinion (as defined in Section 1.01
of the Pooling Agreement under which the Class R Certificates were issued).

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

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 the 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__

                        Exhibit 1 to Transferee Affidavit

DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY: This document contains final regulations relating to safe harbor
transfers of noneconomic residual interests in real estate mortgage investment
conduits (REMICs). The final regulations provide additional limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES:   Effective Date: These regulations are effective July 19, 2002.
Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER  INFORMATION  CONTACT:  Courtney Shepardson at (202) 622-3940 (not a
toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information in this final rule has been reviewed and, pending
receipt and evaluation of public comments, approved by the Office of Management
and Budget (OMB) under 44 U.S.C. 3507 and assigned control number 1545-1675. The
collection of information in this regulation is in Sec. 1.860E-1(c)(5)(ii). This
information is required to enable the IRS to verify that a taxpayer is complying
with the conditions of this regulation. The collection of information is
mandatory and is required. Otherwise, the taxpayer will not receive the benefit
of safe harbor treatment as provided in the regulation. The likely respondents
are businesses and other for-profit institutions.

Comments on the collection of information should be sent to the Office of
Management and Budget, Attn: Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to the Internal Revenue Service, Attn: IRS Reports Clearance Officer,
W:CAR:MP:FP:S, Washington, DC 20224. Comments on the collection of information
should be received by September 17, 2002. Comments are specifically requested
concerning:

Whether the collection of information is necessary for the proper performance of
the functions of the Internal Revenue Service, including whether the information
will have practical utility;

The accuracy of the estimated burden associated with the collection
of information (see below);

How the quality,  utility, and clarity of the information to be collected may be
enhanced;

How the burden of complying with the collection of information may be minimized,
including through the application of automated collection techniques or other
forms of information technology; and

Estimates of capital or start-up costs and costs of operation, maintenance, and
purchase of service to provide information.

An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless it displays a valid control number
assigned by the Office of Management and Budget.

The estimated total annual reporting burden is 470 hours, based on an estimated
number of respondents of 470 and an estimated average annual burden hours per
respondent of one hour.

Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

This document contains final regulations regarding the proposed amendments to 26
CFR part 1 under section 860E of the Internal Revenue Code (Code). The
regulations provide the circumstances under which a transferor of a noneconomic
REMIC residual interest meeting the investigation and representation
requirements may avail itself of the safe harbor by satisfying either the
formula test or the asset test.

Final regulations governing REMICs, issued in 1992, contain rules governing the
transfer of noneconomic REMIC residual interests. In general, a transfer of a
noneconomic residual interest is disregarded for all tax purposes if a
significant purpose of the transfer is to enable the transferor to impede the
assessment or collection of tax. A purpose to impede the assessment or
collection of tax (a wrongful purpose) exists if the transferor, at the time of
the transfer, either knew or should have known that the transferee would be
unwilling or unable to pay taxes due on its share of the REMIC's taxable income.

Under a safe harbor, the transferor of a REMIC noneconomic residual interest is
presumed not to have a wrongful purpose if two requirements are satisfied: (1)
the transferor conducts a reasonable investigation of the transferee's financial
condition (the investigation requirement); and (2) the transferor secures a
representation from the transferee to the effect that the transferee understands
the tax obligations associated with holding a residual interest and intends to
pay those taxes (the representation requirement).

The IRS and Treasury have been concerned that some transferors of noneconomic
residual interests claim they satisfy the safe harbor even in situations where
the economics of the transfer clearly indicate the transferee is unwilling or
unable to pay the tax associated with holding the interest. For this reason, on
February 7, 2000, the IRS published in the Federal Register (65 FR 5807) a
notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to clarify
the safe harbor by adding the "formula test," an economic test. The proposed
regulation provides that the safe harbor is unavailable unless the present value
of the anticipated tax liabilities associated with holding the residual interest
does not exceed the sum of: (1) The present value of any consideration given to
the transferee to acquire the interest; (2) the present value of the expected
future distributions on the interest; and (3) the present value of the
anticipated tax savings associated with holding the interest as the REMIC
generates losses.

The notice of proposed rulemaking also contained rules for FASITs. Section
1.860H-6(g) of the proposed regulations provides requirements for transfers of
FASIT ownership interests and adopts a safe harbor by reference to the safe
harbor provisions of the REMIC regulations.

In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to set
forth an alternative safe harbor that taxpayers could use while the IRS and the
Treasury considered comments on the proposed regulations. Under the alternative
safe harbor, if a transferor meets the investigation requirement and the
representation requirement but the transfer fails to meet the formula test, the
transferor may invoke the safe harbor if the transferee meets a two-prong test
(the asset test). A transferee generally meets the first prong of this test if,
at the time of the transfer, and in each of the two years preceding the year of
transfer, the transferee's gross assets exceed $100 million and its net assets
exceed $10 million. A transferee generally meets the second prong of this test
if it is a domestic, taxable corporation and agrees in writing not to transfer
the interest to any person other than another domestic, taxable corporation that
also satisfies the requirements of the asset test. A transferor cannot rely on
the asset test if the transferor knows, or has reason to know, that the
transferee will not comply with its written agreement to limit the restrictions
on subsequent transfers of the residual interest.

Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise eligible transferee. If such a transfer or assignment
were permitted, a corporate taxpayer might seek to claim that the provisions of
an applicable income tax treaty would resource excess inclusion income as
foreign source income, and that, as a consequence, any U.S. tax liability
attributable to the excess inclusion income could be offset by foreign tax

credits. Such a claim would impede the assessment or collection of U.S. tax on
excess inclusion income, contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1), (b),
(e) and 860G(b) of the Code.

The Treasury and the IRS have learned that certain taxpayers transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula test to obtain safe harbor treatment in an effort to impede the
assessment or collection of U.S. tax on excess inclusion income. Accordingly,
the final regulations provide that if a noneconomic residual interest is
transferred to a foreign permanent establishment or fixed base of a U.S.
taxpayer, the transfer is not eligible for safe harbor treatment under either
the asset test or the formula test. The final regulations also require a
transferee to represent that it will not cause income from the noneconomic
residual interest to be attributable to a foreign permanent establishment or
fixed base.

Section 1.860E-1(c)(8) provides computational rules that a taxpayer may use to
qualify for safe harbor status under the formula test. Section 1.860E-1(c)(8)(i)
provides that the transferee is presumed to pay tax at a rate equal to the
highest rate of tax specified in section 11(b). Some commentators were concerned
that this presumed rate of taxation was too high because it does not take into
consideration taxpayers subject to the alternative minimum tax rate. In light of
the comments received, this provision has been amended in the final regulations
to allow certain transferees that compute their taxable income using the
alternative minimum tax rate to use the alternative minimum tax rate applicable
to corporations.

Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present values in the
formula test are to be computed using a discount rate equal to the applicable
Federal short-term rate prescribed by section 1274(d). This is a change from the
proposed regulation and Rev. Proc. 2001-12. In those publications the provision
stated that "present values are computed using a discount rate equal to the
applicable Federal rate prescribed in section 1274(d) compounded semiannually"
and that "[a] lower discount rate may be used if the transferee can demonstrate
that it regularly borrows, in the course of its trade or business, substantial
funds at such lower rate from an unrelated third party." The IRS and the
Treasury Department have learned that, based on this provision, certain
taxpayers have been attempting to use unrealistically low or zero interest rates
to satisfy the formula test, frustrating the intent of the test. Furthermore,
the Treasury Department and the IRS believe that a rule allowing for a rate
other than a rate based on an objective index would add unnecessary complexity
to the safe harbor. As a result, the rule in the proposed regulations that
permits a transferee to use a lower discount rate, if the transferee can
demonstrate that it regularly borrows substantial funds at such lower rate, is
not included in the final regulations; and the Federal short-term rate has been
substituted for the applicable Federal rate. To simplify taxpayers'
computations, the final regulations allow use of any of the published short-term
rates, provided that the present values are computed with a corresponding period
of compounding. With the exception of the provisions relating to transfers to
foreign branches, these changes generally have the proposed applicability date
of February 4, 2000, but taxpayers may choose to apply the interest rate formula
set forth in the proposed regulation and Rev. Proc. 2001-12 for transfers
occurring before August 19, 2002.

It is anticipated that when final regulations are adopted with respect to
FASITs, Sec. 1.860H-6(g) of the proposed regulations will be adopted in
substantially its present form, with the result that the final regulations

contained in this document will also govern transfers of FASIT ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of noneconomic
residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

It is hereby certified that these regulations will not have a significant
economic impact on a substantial number of small entities. This certification is
based on the fact that it is unlikely that a substantial number of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis under the Regulatory Flexibility Act (5 U.S.C. chapter 6) is not
required. It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866. Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the Administrative Procedure Act (5 U.S.C. chapter 5) do
not apply to these regulations.

Drafting Information

The principal author of these regulations is Courtney Shepardson. However, other
personnel from the IRS and Treasury Department participated in their
development.

List of Subjects

26 CFR Part 1

Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

                                    Exhibit K

                                   [Reserved]

                                   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 other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer warrants and represents to, and covenants with, the Seller, the
Trustee, the Trust and the Master Servicer (as defined in Section 1.01 of the
Pooling and Servicing Agreement (the "Agreement") dated as of June 1, 2004 among
Washington Mutual Mortgage Securities Corp., as Depositor and Master Servicer,
Citibank, N.A., as Trustee, and Christiana Bank & Trust Company, as Delaware
trustee) pursuant to Section 5.01(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 June 23, 2004 relating to the Rule 144A Securities and has been furnished
with all information regarding the Rule 144A Securities that it has requested
from the Seller, the Trustee, the Company or the Master 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 Company with respect to Annex 1 and Annex 2 pursuant
to Section 5.01(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 13a issued April 23, 1998, by the
Office of Regulatory Activities of the Federal Home Loan Bank System.

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.

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

______________________                        ____________________________
 Print Name of Seller                           Print Name of Buyer

By: ___________________                      By: ______________________
    Name:                                        Name:
    Title:                                       Title:

Taxpayer Identification:________            Taxpayer Identification: __________
No._____________________________            No.________________________________
Date:___________________________            Date:______________________________

                              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 $______________________ (the Buyer must own and/or invest on
a discretionary basis at least $100,000,000 in securities unless the Buyer is a
dealer, and, in that case, the Buyer must own and/or invest on a discretionary
basis at least $10,000,000 in securities) in securities (except for the excluded
securities referred to below) as of the end of the Buyer's most recent fiscal
year (such amount being calculated in accordance with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

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

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

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

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

___ Insurance Company. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the 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 subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of
its employees, or (b) employee benefit plans within the meaning of Title I of
the Employee Retirement Income Security Act of 1974, but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

3. The term "securities" as used herein does not include (i) securities of
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 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:

                              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 part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.

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

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

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

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

4. The term "securities" as used herein does not include (i) securities of
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 because one or more sales to the Buyer will be in
reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer's
own account.

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)

                                   Exhibit M

                                     [Date]

[Company]

Re:  Pooling  and  Servicing  Agreement  dated as of June 1,  2004 by and  among
Washington  Mutual Mortgage  Securities Corp., as Depositor and Master Servicer,
Citibank,  N.A., as Trustee,  and Christiana  Bank & Trust Company,  as Delaware
trustee,  relating to Washington Mutual Mortgage  Securities Corp. WaMu Mortgage
Pass-Through Certificates, Series 2004-CB2

Ladies and Gentlemen:

In accordance with Section 2.07 of the above-captioned Pooling and Servicing
Agreement, the undersigned, as [Trustee] [Initial Custodian], hereby certifies
that, except as noted on the attachment hereto, as to each Mortgage Loan listed
in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
listed on the attachment hereto) it has reviewed the documents delivered to it
pursuant to Section 2.04 of the Pooling and Servicing Agreement and has
determined that (i) all documents required (in the case of instruments described
in clauses (X)(iv) and (Y)(ix) of the definition of "Mortgage File," known by it
to be required) pursuant to the definition of "Mortgage File" and Section 2.05
of the Pooling and Servicing Agreement to have been executed and received as of
the date hereof are in its possession and (ii) all such documents have been
executed and relate to the Mortgage Loans identified in the Mortgage Loan
Schedule. The [Trustee] [Initial Custodian] has made no independent examination
of such documents beyond the review specifically required in the above
referenced Pooling and Servicing Agreement and has relied upon the purported
genuineness and due execution of any such documents and upon the purported
genuineness of any signature thereon. The [Trustee] [Initial Custodian] makes no
representations as to: (i) the validity, legality, enforceability or genuineness
of any of the documents contained in each Mortgage File or any of the Mortgage
Loans identified on the Mortgage Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.

Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the above-captioned Pooling and Servicing Agreement.

                                             ________________________________
                                             as [Trustee] [Initial Custodian]

                                             By:_________________________
                                                  Name:
                                                  Title:

                                   Exhibit N

                             BENEFIT PLAN AFFIDAVIT

Citibank, N.A., as Trustee
111 Wall Street, 14th Floor, Zone 3
New York, New York 10005
Attn:  Structured Finance Group, Washington Mutual 2004-CB2

Washington Mutual Mortgage Securities Corp. ("Washington Mutual")
75 North Fairway Drive
Vernon Hills, IL  60061

RE: CLASS [B-4] [B-5] [B-6] CERTIFICATES (THE "PURCHASED  CERTIFICATES")  ISSUED
BY WaMu MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-CB2 TRUST (THE "TRUST")

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 the assets of the Trust.

3. That the Purchaser satisfies the condition in the paragraph marked below
[mark one paragraph only]:

___ The Purchaser is not an employee benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as
amended (a "Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of any Plan) acting, directly or indirectly, on
behalf of, or purchasing any of the Purchased Certificates with "plan assets"
of, any Plan within the meaning of the Department of Labor ("DOL") regulation at
29 C.F.R. Section 2510.3-101.

___ The Purchaser is an insurance company, the source of funds to be used by it
to acquire or hold the Purchased Certificate is an "insurance company general
account" (within the meaning of DOL Prohibited Transaction Class Exemption
("PTCE") 95-60), and the conditions in Sections I and III of PTCE 95-60 have
been satisfied.

___ The Purchaser has delivered to Washington Mutual and the Trustee a Benefit
Plan Opinion (as defined in Section 1.01 of the Pooling and Servicing Agreement,
dated as of June 1, 2004, by and among Washington Mutual, the Trustee and the
Delaware Trustee thereunder, and relating to the Trust).

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:

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

                                   Exhibit O

                             BENEFIT PLAN AFFIDAVIT

Citibank, N.A., as Trustee
111 Wall Street, 14th Floor, Zone 3
New York, New York 10005
Attn:  Structured Finance Group, Washington Mutual 2004-CB2

Washington Mutual Mortgage Securities Corp. ("Washington Mutual")
75 North Fairway Drive
Vernon Hills, IL  60061

RE: CLASS [B-1] [B-2] [B-3] CERTIFICATES (THE "PURCHASED  CERTIFICATES")  ISSUED
BY WaMu MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-CB2 TRUST (THE "TRUST")

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 the assets of the Trust.

3. That the Purchaser satisfies the condition in the paragraph marked below
[mark one paragraph only]:

___ The Purchaser is not 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 Internal Revenue Code of
1986, as amended (a "Plan"), or any other person (including an investment
manager, a named fiduciary or a trustee of any such Plan) acting, directly or
indirectly, on behalf of or purchasing the Purchased Certificate with "plan
assets" of, any Plan within the meaning of the Department of Labor ("DOL")
regulation at 29 C.F.R. Section 2510.3-101.

___ The Purchaser is an insurance company, the source of funds to be used by it
to acquire or hold the Purchased Certificate is an "insurance company general
account" (within the meaning of DOL Prohibited Transaction Class Exemption
("PTCE") 95-60), and the conditions in Sections I and III of PTCE 95-60 have
been satisfied.

___ The Purchased Certificate was rated "BBB-" or better (or its equivalent) by
at least one of the Rating Agencies (as defined in Section 1.01 of the Pooling
and Servicing Agreement (the "the Pooling and Servicing Agreement"), dated as of
June 1, 2004, by and among Washington Mutual, the Trustee and the Delaware
Trustee thereunder, and relating to the Trust) at the time of Purchaser's
acquisition of the Purchased Certificate (or interest therein).

___ The Purchaser has delivered to Washington Mutual and the Trustee a Benefit
Plan Opinion (as defined in Section 1.01 of the Pooling and Servicing
Agreement).

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:

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 Publicexv10w1

 

EXHIBIT 10.1

$30,000,000

CREDIT AGREEMENT

Dated as of June 29, 2004

among

AMKOR TECHNOLOGY, INC.

as Borrower

and

THE LENDERS AND ISSUERS PARTY HERETO

and

CITICORP NORTH AMERICA, INC.

as Administrative Agent

and

JPMORGAN CHASE BANK

as Syndication Agent

and

MERRILL LYNCH CAPITAL CORPORATION

as Documentation Agent

and

CITIGROUP GLOBAL MARKETS INC.

as Sole Lead Arranger and Sole Bookrunner

and

			
	J.P. MORGAN SECURITIES INC.
	 	MERRILL LYNCH CAPITAL CORPORATION

as Arrangers

WEIL, GOTSHAL & MANGES LLP

767 FIFTH AVENUE

NEW YORK, NEW YORK 10153-0119

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	Article I Definitions, Interpretation and Accounting Terms	 	 	1	 
	 
	 	Section 1.1	 	Defined Terms	 	 	1	 
	 
	 	Section 1.2	 	Computation of Time Periods	 	 	20	 
	 
	 	Section 1.3	 	Accounting Terms and Principles	 	 	20	 
	 
	 	Section 1.4	 	Certain Terms	 	 	20	 
	Article II The Facility	 	 	21	 
	 
	 	Section 2.1	 	The Revolving Credit Commitments	 	 	21	 
	 
	 	Section 2.2	 	Borrowing Procedures	 	 	21	 
	 
	 	Section 2.3	 	Letters of Credit	 	 	22	 
	 
	 	Section 2.4	 	Reduction and Termination of the Commitments	 	 	26	 
	 
	 	Section 2.5	 	Repayment of Loans	 	 	26	 
	 
	 	Section 2.6	 	Evidence of Debt	 	 	26	 
	 
	 	Section 2.7	 	Optional Prepayments	 	 	27	 
	 
	 	Section 2.8	 	Mandatory Prepayments	 	 	28	 
	 
	 	Section 2.9	 	Interest	 	 	28	 
	 
	 	Section 2.10	 	Conversion/Continuation Option	 	 	29	 
	 
	 	Section 2.11	 	Fees	 	 	29	 
	 
	 	Section 2.12	 	Payments and Computations	 	 	30	 
	 
	 	Section 2.13	 	Special Provisions Governing Eurodollar Rate Loans	 	 	32	 
	 
	 	Section 2.14	 	Capital Adequacy	 	 	33	 
	 
	 	Section 2.15	 	Taxes	 	 	34	 
	Article III Conditions to Loans and Letters of Credit	 	 	36	 
	 
	 	Section 3.1	 	Conditions Precedent to Initial Loans and Letters of Credit	 	 	36	 
	 
	 	Section 3.2	 	Conditions Precedent to Each Loan and Letter of Credit	 	 	38	 
	 
	 	Section 3.3	 	Determinations of Initial Borrowing Conditions	 	 	39	 
	Article IV Representations and Warranties	 	 	39	 
	 
	 	Section 4.1	 	Corporate Existence; Compliance with Law	 	 	39	 
	 
	 	Section 4.2	 	Corporate Power; Authorization; Enforceable Obligations	 	 	40	 
	 
	 	Section 4.3	 	Ownership of Subsidiaries	 	 	40	 
	 
	 	Section 4.4	 	Financial Statements	 	 	41	 
	 
	 	Section 4.5	 	Solvency	 	 	41	 
	 
	 	Section 4.6	 	Litigation	 	 	41	 
	 
	 	Section 4.7	 	Taxes	 	 	41	 

i 

 

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(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 
	 	Section 4.8	 	Full Disclosure	 	 	42	 
	 
	 	Section 4.9	 	Margin Regulations	 	 	42	 
	 
	 	Section 4.10	 	No Burdensome Restrictions; No Defaults	 	 	42	 
	 
	 	Section 4.11	 	Investment Company Act; Public Utility Holding Company Act	 	 	42	 
	 
	 	Section 4.12	 	Use of Proceeds	 	 	42	 
	 
	 	Section 4.13	 	Labor Matters	 	 	42	 
	 
	 	Section 4.14	 	ERISA	 	 	42	 
	 
	 	Section 4.15	 	Environmental Matters	 	 	43	 
	 
	 	Section 4.16	 	Title; Real Property; Leased Property	 	 	43	 
	Article V Reporting Covenants	 	 	43	 
	 
	 	Section 5.1	 	Financial Statements	 	 	43	 
	 
	 	Section 5.2	 	Default Notices	 	 	45	 
	 
	 	Section 5.3	 	Litigation	 	 	45	 
	 
	 	Section 5.4	 	SEC Filings; Press Releases	 	 	45	 
	 
	 	Section 5.5	 	Insurance	 	 	45	 
	 
	 	Section 5.6	 	ERISA Matters	 	 	45	 
	 
	 	Section 5.7	 	Environmental Matters	 	 	45	 
	 
	 	Section 5.8	 	Other Information	 	 	46	 
	Article VI Affirmative Covenants	 	 	46	 
	 
	 	Section 6.1	 	Preservation of Corporate Existence, Etc	 	 	46	 
	 
	 	Section 6.2	 	Compliance with Laws, Etc	 	 	46	 
	 
	 	Section 6.3	 	Payment of Taxes, Etc	 	 	46	 
	 
	 	Section 6.4	 	Maintenance of Insurance	 	 	46	 
	 
	 	Section 6.5	 	Keeping of Books	 	 	46	 
	 
	 	Section 6.6	 	Maintenance of Properties, Etc	 	 	46	 
	 
	 	Section 6.7	 	Ledger	 	 	47	 
	 
	 	Section 6.8	 	Environmental	 	 	47	 
	 
	 	Section 6.9	 	Additional Collateral and Guaranties	 	 	47	 
	 
	 	Section 6.10	 	Control Accounts	 	 	48	 
	 
	 	Section 6.11	 	Performance of Related Documents	 	 	49	 
	 
	 	Section 6.12	 	Joint Ventures, Mergers, Acquisitions	 	 	49	 
	Article VII Negative Covenants	 	 	49	 
	 
	 	Section 7.1	 	Indebtedness	 	 	49	 

ii 

 

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(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 
	 	Section 7.2	 	Liens, Etc	 	 	50	 
	 
	 	Section 7.3	 	Investments	 	 	51	 
	 
	 	Section 7.4	 	Sale of Assets	 	 	51	 
	 
	 	Section 7.5	 	Restricted Payments	 	 	51	 
	 
	 	Section 7.6	 	Prepayment of Indebtedness;
Modification of Related Documents	 	 	52	 
	 
	 	Section 7.7	 	Restriction on Fundamental Changes	 	 	52	 
	 
	 	Section 7.8	 	Change in Nature of Business	 	 	52	 
	 
	 	Section 7.9	 	Limitations on Restrictions on
Subsidiary Distributions; No New Negative Pledge	 	 	52	 
	 
	 	Section 7.10	 	Modification of Constituent Documents	 	 	53	 
	 
	 	Section 7.11	 	Transactions with Affiliates	 	 	53	 
	 
	 	Section 7.12	 	No Speculative Transactions	 	 	54	 
	Article VIII Events of Default	 	 	54	 
	 
	 	Section 8.1	 	Events of Default	 	 	54	 
	 
	 	Section 8.2	 	Remedies	 	 	55	 
	 
	 	Section 8.3	 	Actions in Respect of Letters of Credit	 	 	56	 
	Article IX The Administrative Agent; The Agents	 	 	56	 
	 
	 	Section 9.1	 	Authorization and Action	 	 	56	 
	 
	 	Section 9.2	 	Administrative Agent’s Reliance, Etc	 	 	57	 
	 
	 	Section 9.3	 	Posting of Approved Electronic Communications	 	 	58	 
	 
	 	Section 9.4	 	The Agent as Lenders	 	 	58	 
	 
	 	Section 9.5	 	Lender Credit Decision	 	 	58	 
	 
	 	Section 9.6	 	Indemnification	 	 	59	 
	 
	 	Section 9.7	 	Successor Administrative Agent	 	 	59	 
	 
	 	Section 9.8	 	Release of Collateral and Subsidiary Guarantors	 	 	60	 
	 
	 	Section 9.9	 	Collateral Matters Relating to Related Obligations	 	 	60	 
	Article X Miscellaneous	 	 	61	 
	 
	 	Section 10.1	 	Amendments, Waivers, Etc	 	 	61	 
	 
	 	Section 10.2	 	Assignments and Participations	 	 	62	 
	 
	 	Section 10.3	 	Costs and Expenses	 	 	64	 
	 
	 	Section 10.4	 	Indemnities	 	 	65	 
	 
	 	Section 10.5	 	Limitation of Liability	 	 	67	 
	 
	 	Section 10.6	 	Right of Set-off	 	 	67	 

iii 

 

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(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 
	 	Section 10.7	 	Sharing of Payments, Etc	 	 	67	 
	 
	 	Section 10.8	 	Notices, Etc	 	 	68	 
	 
	 	Section 10.9	 	No Waiver; Remedies	 	 	70	 
	 
	 	Section 10.10	 	Binding Effect	 	 	70	 
	 
	 	Section 10.11	 	Governing Law	 	 	70	 
	 
	 	Section 10.12	 	Submission to Jurisdiction; Service of Process	 	 	70	 
	 
	 	Section 10.13	 	Waiver of Jury Trial	 	 	70	 
	 
	 	Section 10.14	 	Marshaling; Payments Set Aside	 	 	71	 
	 
	 	Section 10.15	 	Section Titles	 	 	71	 
	 
	 	Section 10.16	 	Execution in Counterparts	 	 	71	 
	 
	 	Section 10.17	 	Entire Agreement	 	 	71	 
	 
	 	Section 10.18	 	Confidentiality	 	 	71	 

SCHEDULES

	 	 	 	 	 
	Schedule I

	 	-
	 	Commitments
	Schedule II

	 	-
	 	Applicable Lending Offices and Addresses for Notices
	Schedule 2.3

	 	-
	 	Existing Letters of Credit
	Schedule 4.2

	 	-
	 	Consents
	Schedule 4.3

	 	-
	 	Ownership of Subsidiaries
	Schedule 4.6

	 	-
	 	Litigation
	Schedule 4.16(a)

	 	-
	 	Real Property
	Schedule 4.16(b)

	 	-
	 	Leased Property
	Schedule 7.1

	 	-
	 	Existing Indebtedness
	Schedule 7.2

	 	-
	 	Existing Liens

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	-
	 	Form of Assignment and Acceptance
	Exhibit B

	 	-
	 	Form of Revolving Credit Note
	Exhibit C

	 	-
	 	Form of Notice of Borrowing
	Exhibit D

	 	-
	 	Form of Letter of Credit Request
	Exhibit E

	 	-
	 	Form of Notice of Conversion or Continuation
	Exhibit F

	 	-
	 	Form of Opinion of Counsel for the Loan Parties
	Exhibit G

	 	-
	 	Form of Guaranty
	Exhibit H

	 	-
	 	Form of Pledge and Security Agreement
	Exhibit I

	 	-
	 	Form of A/R Test Certificate

iv 

 

     CREDIT AGREEMENT, dated as of June 29, 2004 (this “Agreement”), among
AMKOR TECHNOLOGY, INC., a Delaware corporation (the “Borrower”), the Lenders
(as defined below), the Issuers (as defined below), CITICORP NORTH AMERICA,
INC. (“CNAI”), as agent for the Lenders and the Issuers (in such capacity, the
“Administrative Agent”), CITIGROUP GLOBAL MARKETS INC. (“CGMI”), as sole lead
arranger (in such capacity, the “Lead Arranger”) and sole bookrunner, JPMORGAN
CHASE BANK, in its capacity as syndication agent for the Lenders and the
Issuers (in such capacity, the “Syndication Agent”), and MERRILL LYNCH CAPITAL
CORPORATION, in its capacity as documentation agent (in such capacity, the
“Documentation Agent”; together with the Administrative Agent and the
Syndication Agent, the “Agents”).

W I T N E S S E T H:

     WHEREAS, the Borrower has requested that the Lenders and Issuers make
available for the purposes specified in this Agreement, a revolving credit and
letter of credit facility; and

     WHEREAS, the Lenders and Issuers are willing to make available to the
Borrower such revolving credit and letter of credit facility upon the terms and
subject to the conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS

     Section 1.1 Defined Terms

     As used in this Agreement, the following terms have the following meanings
(such meanings to be equally applicable to both the singular and plural forms
of the terms defined):

     “Account” has the meaning given to such term in the UCC.

     “Affiliate” means, with respect to any Person, any other Person directly
or indirectly controlling or that is controlled by or is under common control
with such Person, each officer, director, general partner or joint-venturer of
such Person, and each Person that is the beneficial owner of 10% or more of any
class of Voting Stock of such Person. For the purposes of this definition,
“control” means the possession of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise.

     “Agent Affiliate” has the meaning specified in Section 9.3 (Posting of
Approved Electronic Communications).

     “Applicable Lending Office” means, with respect to each Lender, its
Domestic Lending Office in the case of a Base Rate Loan, and its Eurodollar
Lending Office in the case of a Eurodollar Rate Loan.

 

 

CREDIT AGREEMENT

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     “Applicable Margin” means, with respect to (a) Revolving Loans maintained
as Base Rate Loans, a rate equal to 2.50% per annum and (b) Revolving Loans
maintained as Eurodollar Rate Loans, a rate equal to 3.50% per annum.

     “Applicable Unused Commitment Fee Rate” means 0.50% per annum.

     “Approved Electronic Communications” means each notice, demand,
communication, information, document and other material that any Loan Party is
obligated to, or otherwise chooses to, provide to the Administrative Agent
pursuant to any Loan Document or the transactions contemplated therein,
including (a) any supplement to the Guaranty, any joinder to the Pledge and
Security Agreement and any other written Contractual Obligation delivered or
required to be delivered in respect of any Loan Document or the transactions
contemplated therein and (b) any Financial Statement, financial and other
report, notice, request, certificate and other information material; provided,
however, that, “Approved Electronic Communication” shall exclude (x) any Notice
of Borrowing, Letter of Credit Request, Notice of Conversion or Continuation,
and any other notice, demand, communication, information, document and other
material relating to a request for a new, or a conversion of an existing,
Borrowing, (ii) any notice pursuant to Section 2.7 (Optional Prepayments) and
Section 2.8 (Mandatory Prepayments) and any other notice relating to the
payment of any principal or other amount due under any Loan Document prior to
the scheduled date therefor, (iii) all notices of any Default or Event of
Default and (iv) any notice, demand, communication, information, document and
other material required to be delivered to satisfy any of the conditions set
forth in Article III (Conditions to Loans and Letters of Credit) or Section
2.3(a) (Letters of Credit) or any other condition to any Borrowing or other
extension of credit hereunder or any condition precedent to the effectiveness
of this Agreement.

     “Approved Electronic Platform” has the meaning specified in Section 9.3
(Posting of Approved Electronic Communications).

     “Approved Fund” means any Fund that is advised or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or Affiliate of an entity that
administers or manages a Lender.

     “Approved Securities Intermediary” means a “securities intermediary” or
“commodity intermediary” (as such terms are defined in the UCC) selected or
approved by the Administrative Agent.

     “A/R Test” means, at any date of determination, the maintenance by the
Borrower of a ratio of (i) Eligible Receivables as at the date of the most
recently delivered A/R Test Certificate pursuant to Section 5.1(c) to (ii)
Revolving Credit Outstandings at such date of not less than 3.0 to 1.0.

     “A/R Test Certificate” means a certificate in substantially the form of
Exhibit I hereto, duly certified by the chief financial officer of the
Borrower.

     “Asset Sale” has the meaning specified in Section 7.4 (Sale of Assets).

     “Assignment and Acceptance” means an assignment and acceptance entered
into by a Lender and an Eligible Assignee, and accepted by the Administrative
Agent, in substantially the form of Exhibit A (Form of Assignment and
Acceptance).

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CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

     “Available Credit” means, at any time, (a) the then effective Maximum
Credit minus (b) the aggregate Revolving Credit Outstandings at such time.

     “Base Rate” means, for any period, a fluctuating interest rate per annum
as shall be in effect from time to time, which rate per annum shall be equal at
all times to the highest of the following: (a) the rate of interest announced
publicly by Citibank in New York, New York, from time to time, as Citibank’s
base rate; (b) the sum (adjusted to the nearest 0.25% or, if there is no
nearest 0.25%, to the next higher 0.25%) of (i) 0.5% per annum, (ii) the rate
per annum obtained by dividing (A) the latest three-week moving average of
secondary market morning offering rates in the United States for three-month
certificates of deposit of major United States money market banks, such
three-week moving average being determined weekly on each Monday (or, if any
such day is not a Business Day, on the next succeeding Business Day) for the
three-week period ending on the previous Friday by Citibank on the basis of
such rates reported by certificate of deposit dealers to and published by the
Federal Reserve Bank of New York or, if such publication shall be suspended or
terminated, on the basis of quotations for such rates received by Citibank from
three New York certificate of deposit dealers of recognized standing selected
by Citibank, by (B) a percentage equal to 100% minus the average of the daily
percentages specified during such three-week period by the Federal Reserve
Board for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) for Citibank in respect of
liabilities consisting of or including (among other liabilities) three-month
U.S. dollar nonpersonal time deposits in the United States and (iii) the
average during such three-week period of the maximum annual assessment rates
estimated by Citibank for determining the then current annual assessment
payable by Citibank to the Federal Deposit Insurance Corporation (or any
successor) for insuring Dollar deposits in the United States; and (c) 0.5% per
annum plus the Federal Funds Rate.

     “Base Rate Loan” means any Loan during any period in which it bears
interest based on the Base Rate.

     “Borrower’s Accountants” means PriceWaterhouseCoopers LLP or other
independent nationally-recognized public accountants acceptable to the
Administrative Agent.

     “Borrowing” means a borrowing consisting of Revolving Loans made on the
same day by the Lenders ratably according to their respective Revolving Credit
Commitments.

     “Business Day” means a day of the year on which banks are not required or
authorized to close in New York City and, if the applicable Business Day
relates to notices, determinations, fundings and payments in connection with
the Eurodollar Rate or any Eurodollar Rate Loans, a day on which dealings in
Dollar deposits are also carried on in the London interbank market.

     “Capital Lease” means, with respect to any Person, any lease of, or other
arrangement conveying the right to use, property by such Person as lessee that
would be accounted for as a capital lease on a balance sheet of such Person
prepared in conformity with GAAP.

     “Capital Lease Obligations” means, with respect to any Person, the
capitalized amount of all Consolidated obligations of such Person or any of its
Subsidiaries under Capital Leases.

3

 

CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

     “Cash Collateral Account” means any Deposit Account or Securities Account
that is (a) established by the Administrative Agent from time to time in its
sole discretion to receive cash and Cash Equivalents (or purchase cash or Cash
Equivalents with funds received) from the Loan Parties or Persons acting on
their behalf pursuant to the Loan Documents, (b) with such depositaries and
securities intermediaries as the Administrative Agent may determine in its sole
discretion, (c) in the name of the Administrative Agent (although such account
may also have words referring to the Borrower and the account’s purpose), (d)
under the “control” (as defined in the UCC) of the Administrative Agent and (e)
in the case of a Securities Account, with respect to which the Administrative
Agent shall be the Entitlement Holder and the only Person authorized to give
Entitlement Orders with respect thereto.

     “Cash Equivalents” means: (a) United States dollars or currency of any
other sovereign nation in which the Company or any Restricted Subsidiary
conducts business; (b) securities issued or direct and fully guaranteed or
insured by the full faith and credit of the United States government or any
agency or instrumentality thereof having maturities of not more than 12 months
from the date of acquisition; (c) certificates of deposit and eurodollar time
deposits with maturities of 12 months or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding 12 months and overnight bank
deposits, in each case with (i) any domestic commercial bank having capital and
surplus in excess of $500.0 million and a Fitch Individual Rating (formerly
Thompson Bank Watch Rating) of “B” or better, or (ii) any commercial bank
organized under the laws of any foreign country recognized by the United States
of America having capital and surplus in excess of $500.0 million (or the
foreign currency equivalent thereof) and a Fitch Individual Rating (formerly
Thompson Bank Watch Rating) of “B” or better; (d) repurchase obligations with a
term of not more than seven days for underlying securities of the types
described in clauses (b) and (c) above entered into with any financial
institution meeting the qualifications specified in clause (c) above; (e)
commercial paper having the highest rating obtainable from Moody’s Investors
Service, Inc. or Standard & Poor’s Corporation and in each case maturing within
six months after the date of acquisition; and (f) money market funds at least
95.0% of the assets of which constitute Cash Equivalents of the kinds described
in clauses (a) through (e) of this definition.

     “Cash Management Document” means any certificate, agreement or other
document executed by any Loan Party in respect of the Cash Management
Obligations of any Loan Party.

     “Cash Management Obligation” means, as applied to any Person, any direct
or indirect liability, contingent or otherwise, of such Person in respect of
cash management services (including treasury, depository, overdraft, credit or
debit card, electronic funds transfer and other cash management arrangements)
provided by the Administrative Agent, any Lender or any Affiliate of any of
them, including obligations for the payment of fees, interest, charges,
expenses, attorneys’ fees and disbursements in connection therewith.

     “Cayman Share Mortgage” means the Cayman law Share Mortgage in respect of
shares in Amkor International Holdings dated as of June 29, 2004, between
Guardian Assets, Inc. and CNAI.

     “Change of Control” means the occurrence of any of the following: (a)
the first date during any consecutive two year period on which a majority of
the members of the board of directors of Borrower are not (i) individuals who,
at the beginning of such period, were members of the board of directors of the
Borrower (such members, the “Original Directors”) or (ii) Persons

4

 

CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

nominated or elected to the board of directors with the approval of a
majority of the Original Directors who were members of the board of directors
at the time of such election or nomination; or (b) any Person or two or more
Persons (other than the Existing Stockholders) acting in concert shall have
acquired by contract or otherwise, or shall have entered into a contract or
arrangement that, upon consummation, will result in its or their acquisition of
control over Voting Stock of Borrower (or other securities convertible into
such Voting Stock) representing 35% or more of the combined voting power of all
Voting Stock of the Borrower.

     “Citibank” means Citibank, N.A., a national banking association.

     “Closing Date” means the first date on which any Loan is made or any
Letter of Credit is Issued.

     “Code” means the U.S. Internal Revenue Code of 1986, as amended.

     “Collateral” means all property and interests in property and proceeds
thereof now owned or hereafter acquired by any Loan Party in or upon which a
Lien is granted under any Collateral Document.

     “Collateral Documents” means the Pledge and Security Agreement, Cayman
Share Mortgage, the Mortgages, the Securities Account Control Agreements and
any other document executed and delivered by a Loan Party granting or
perfecting a Lien on any of its property to secure payment of the Secured
Obligations.

     “Commodity Account” has the meaning given to such term in the UCC.

     “Consolidated” means, with respect to any Person, the consolidation of
accounts of such Person and its Subsidiaries in accordance with GAAP.

     “Constituent Documents” means, with respect to any Person, (a) the
articles of incorporation, certificate of incorporation, constitution or
certificate of formation (or the equivalent organizational documents) of such
Person, (b) the by-laws, operating agreement (or the equivalent governing
documents) of such Person and (c) any document setting forth the manner of
election and duties of the directors or managing members of such Person (if
any) and the designation, amount or relative rights, limitations and
preferences of any class or series of such Person’s Stock.

     “Contaminant” means any material, substance or waste that is classified,
regulated or otherwise characterized under any Environmental Law as hazardous,
toxic, a contaminant or a pollutant or by other words of similar meaning or
regulatory effect, including any petroleum or petroleum-derived substance or
waste, asbestos and polychlorinated biphenyls.

     “Contractual Obligation” of any Person means any obligation, agreement,
undertaking or similar provision of any Security issued by such Person or of
any agreement, undertaking, contract, lease, indenture, mortgage, deed of trust
or other instrument (excluding a Loan Document) to which such Person is a party
or by which it or any of its property is bound or to which any of its property
is subject.

     “Control Account” means a Securities Account or Commodity Account that is
the subject of an effective Securities Account Control Agreement and that is
maintained by any

5

 

CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

Loan Party with an Approved Securities Intermediary. “Control Account”
includes all Financial Assets held in a Securities Account or a Commodity
Account and all certificates and instruments, if any, representing or
evidencing the Financial Assets contained therein.

     “Customary Permitted Liens” means, with respect to any Person, any of the
following Liens: (a) Liens with respect to the payment of taxes, assessments or
governmental charges in each case that are not yet due or that are being
contested in good faith by appropriate proceedings and with respect to which
adequate reserves or other appropriate provisions are being maintained to the
extent required by GAAP; (b) Liens of landlords arising by statute and liens of
suppliers, mechanics, carriers, materialmen, warehousemen or workmen and other
liens imposed by law created in the ordinary course of business for amounts not
yet due or that are being contested in good faith by appropriate proceedings
and with respect to which adequate reserves or other appropriate provisions are
being maintained to the extent required by GAAP; (c) deposits made in the
ordinary course of business in connection with workers’ compensation,
unemployment insurance or other types of social security benefits or to secure
the performance of bids, tenders, sales, contracts (other than for the
repayment of borrowed money) and surety, appeal, customs or performance bonds;
(d) encumbrances arising by reason of zoning restrictions, easements, licenses,
reservations, covenants, rights-of-way, utility easements, building
restrictions and other similar encumbrances on the use of real property not
materially detracting from the value of such real property or not materially
interfering with the ordinary conduct of the business conducted and proposed to
be conducted at such real property; (e) encumbrances arising under leases or
subleases of real property that do not, in the aggregate, materially detract
from the value of such real property or interfere with the ordinary conduct of
the business conducted and proposed to be conducted at such real property; (f)
financing statements with respect to a lessor’s rights in and to personal
property leased to such Person in the ordinary course of such Person’s business
other than through a Capital Lease; (g) judgment Liens not constituting a
Default under Section 8.1; (h) Liens in favor of customs authorities arising as
a matter of law to secured payment of duties in connection with the importation
of goods; and (i) Liens arising out of consignment or similar arrangements for
the sale of goods in the ordinary course of business.

     “Default” means any event that, with the passing of time or the giving of
notice or both, would become an Event of Default.

     “Documentary Letter of Credit” means any Letter of Credit that is drawable
upon presentation of documents evidencing the sale or shipment of goods
purchased by the Borrower or any of its Subsidiaries in the ordinary course of
its business.

     “Dollars” and the sign “$” each mean the lawful money of the United States
of America.

     “Domestic Lending Office” means, with respect to any Lender, the office of
such Lender specified as its “Domestic Lending Office” opposite its name on
Schedule II (Applicable Lending Offices and Addresses for Notices) or on the
Assignment and Acceptance by which it became a Lender or such other office of
such Lender as such Lender may from time to time specify to the Borrower and
the Administrative Agent.

     “Domestic Person” means any “United States person” under and as defined in
Section 7701(a)(30) of the Code.

6

 

CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

     “Domestic Subsidiary” means any Subsidiary of the Borrower organized under
the laws of any state of the United States of America or the District of
Columbia.

     “Eligible Assignee” means (a) a Lender or an Affiliate or Approved Fund of
any Lender, (b) a commercial bank having total assets in excess of
$5,000,000,000, (c) a finance company, insurance company or any other financial
institution or Fund, in each case reasonably acceptable to the Administrative
Agent and regularly engaged in making, purchasing or investing in loans and
having a net worth, determined in accordance with GAAP, in excess of
$250,000,000 (or, to the extent net worth is less than such amount, a finance
company, insurance company, other financial institution or Fund, reasonably
acceptable to the Administrative Agent and the Borrower) or (d) a savings and
loan association or savings bank organized under the laws of the United States
or any State thereof having a net worth, determined in accordance with GAAP, in
excess of $250,000,000.

     “Eligible Receivables” means, at any time, the book value of the
Receivables (net of allowances for doubtful accounts) of the Borrower and the
Subsidiary Guarantors at such time.

     “Entitlement Holder” has the meaning given to such term in the UCC.

     “Entitlement Order” has the meaning given to such term in the UCC.

     “Environmental Laws” means all applicable Requirements of Law now or
hereafter in effect and as amended or supplemented from time to time, relating
to pollution or the regulation and protection of human or animal health,
safety, the environment or natural resources, including the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. § 9601 et seq.); the Hazardous Material Transportation Act, as amended
(49 U.S.C. § 1801 et seq.); the Federal Insecticide, Fungicide, and Rodenticide
Act, as amended (7 U.S.C. § 136 et seq.); the Resource Conservation and
Recovery Act, as amended (42 U.S.C. § 6901 et seq.); the Toxic Substance
Control Act, as amended (15 U.S.C. § 2601 et seq.); the Clean Air Act, as
amended (42 U.S.C. § 7401 et seq.); the Federal Water Pollution Control Act, as
amended (33 U.S.C. § 1251 et seq.); the Occupational Safety and Health Act, as
amended (29 U.S.C. § 651 et seq.); the Safe Drinking Water Act, as amended (42
U.S.C. § 300f et seq.); and each of their state and local counterparts or
equivalents and any transfer of ownership notification or approval statute,
including the Industrial Site Recovery Act (N.J. Stat. Ann. § 13:1K-6 et seq.).

     “Environmental Liabilities and Costs” means, with respect to any Person,
all liabilities, obligations, Remedial Actions, losses, damages, punitive
damages, consequential damages, treble damages, costs and expenses (including
all fees, disbursements and expenses of counsel, experts and consultants and
costs of investigation and feasibility studies), fines, penalties, sanctions
and interest incurred as a result of any claim or demand by any other Person,
whether based in contract, tort, implied or express warranty, strict liability,
criminal or civil statute and whether arising under any Environmental Law,
Permit, order or agreement with any Governmental Authority or other Person, in
each case relating to any environmental, health or safety condition or to any
Release or threatened Release and resulting from the past, present or future
operations of, or ownership of property by, such Person or any of its
Subsidiaries.

     “Environmental Lien” means any Lien in favor of any Governmental Authority
for Environmental Liabilities and Costs.

7

 

CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

     “ERISA” means the United States Employee Retirement Income Security Act of
1974.

     “ERISA Affiliate” means any trade or business (whether or not
incorporated) under common control or treated as a single employer with the
Borrower or any of its Subsidiaries within the meaning of Section 414(b), (c),
(m) or (o) of the Code.

     “ERISA Event” means (a) a reportable event described in Section 4043(b) or
4043(c)(1), (2), (3), (5), (6), (8) or (9) of ERISA with respect to a Title IV
Plan or a Multiemployer Plan, (b) the withdrawal of the Borrower, any of its
Subsidiaries or any ERISA Affiliate from a Title IV Plan subject to Section
4063 of ERISA during a plan year in which it was a substantial employer, as
defined in Section 4001(a)(2) of ERISA, (c) the complete or partial withdrawal
of the Borrower, any of its Subsidiaries or any ERISA Affiliate from any
Multiemployer Plan, (d) notice of reorganization or insolvency of a
Multiemployer Plan, (e) the filing of a notice of intent to terminate a Title
IV Plan or the treatment of a plan amendment as a termination under Section
4041 of ERISA, (f) the institution of proceedings to terminate a Title IV Plan
or Multiemployer Plan by the PBGC, (g) the failure to make any required
contribution to a Title IV Plan or Multiemployer Plan, (h) the imposition of a
lien under Section 412 of the Code or Section 302 of ERISA on the Borrower or
any of its Subsidiaries or any ERISA Affiliate or (i) any other event or
condition that might reasonably be expected to constitute grounds under Section
4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Title IV Plan or Multiemployer Plan or the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due but not
delinquent under Section 4007 of ERISA.

     “Eurocurrency Liabilities” has the meaning assigned to that term in
Regulation D of the Federal Reserve Board.

     “Eurodollar Base Rate” means, with respect to any Interest Period for any
Eurodollar Rate Loan, the rate determined by the Administrative Agent to be the
offered rate for deposits in Dollars for the applicable Interest Period
appearing on the Dow Jones Markets Telerate Page 3750 as of 11:00 a.m., London
time, on the second full Business Day next preceding the first day of each
Interest Period. In the event that such rate does not appear on the Dow Jones
Markets Telerate Page 3750 (or otherwise on the Dow Jones Markets screen), the
Eurodollar Base Rate for the purposes of this definition shall be determined by
reference to such other comparable publicly available service for displaying
eurodollar rates as may be selected by the Administrative Agent.

     “Eurodollar Lending Office” means, with respect to any Lender, the office
of such Lender specified as its “Eurodollar Lending Office” opposite its name
on Schedule II (Applicable Lending Offices and Addresses for Notices) or on the
Assignment and Acceptance by which it became a Lender (or, if no such office is
specified, its Domestic Lending Office) or such other office of such Lender as
such Lender may from time to time specify to the Borrower and the
Administrative Agent.

     “Eurodollar Rate” means, with respect to any Interest Period for any
Eurodollar Rate Loan, an interest rate per annum equal to the rate per annum
obtained by dividing (a) the Eurodollar Base Rate by (b)(i) a percentage equal
to 100% minus (ii) the reserve percentage applicable two Business Days before
the first day of such Interest Period under regulations issued from time to
time by the Federal Reserve Board for determining the maximum reserve

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CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

requirement (including any emergency, supplemental or other marginal
reserve requirement) for a member bank of the Federal Reserve System in New
York City with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities (or with respect to any other category of liabilities
that includes deposits by reference to which the Eurodollar Rate is determined)
having a term equal to such Interest Period.

     “Eurodollar Rate Loan” means any Loan that, for an Interest Period, bears
interest based on the Eurodollar Rate.

     “Event of Default” has the meaning specified in Section 8.1 (Events of
Default).

     “Excluded Foreign Subsidiary” means any Subsidiary that is not a Domestic
Subsidiary in respect of which either (a) the pledge of all of the Stock of
such Subsidiary as Collateral to secure payment of the Obligations of the
Borrower or (b) the guaranteeing by such Subsidiary of the Obligations of the
Borrower, would, in the good faith judgment of the Borrower based on an
analysis reasonably satisfactory to the Administrative Agent, result in
materially adverse tax consequences to the Loan Parties and their Subsidiaries,
taken as a whole.

     “Existing Agent” means Citicorp USA, Inc., in its capacity as
administrative agent under the Existing Credit Agreement.

     “Existing Credit Agreement” means that certain Second Amended and Restated
Credit Agreement, dated as of April 22, 2003, among the Borrower, the
institutions party thereto as lenders and issuing banks and the Existing Agent.

     “Existing Stockholders” means James J. Kim, Agnes C. Kim, David D. Kim
Trust of December 31, 1987, John T. Kim Trust of December 31, 1987, Susan Y.
Kim Trust of December 31, 1987 and Mr. H.S. Kim.

     “Facility” means the Revolving Credit Commitments and the provisions
herein related to the Revolving Loans and Letters of Credit.

     “Fair Market Value” means (a) with respect to any asset or group of assets
(other than a marketable debt or equity security) at any date, the value of the
consideration obtainable in a sale of such asset at such date assuming a sale
by a willing seller to a willing purchaser dealing at arm’s length and arranged
in an orderly manner over a reasonable period of time having regard to the
nature and characteristics of such asset, as reasonably determined by any of
the chief financial officer, the chief executive officer, the corporate
controller or the president of the Borrower, or, if such asset shall have been
the subject of a relatively contemporaneous appraisal by an independent third
party appraiser, the basic assumptions underlying which have not materially
changed since its date, the value set forth in such appraisal, and (b) with
respect to any marketable debt or equity security at any date, the closing sale
price of such marketable debt or equity security on the Business Day next
preceding such date, as appearing in any published list of any national
securities exchange or the Nasdaq Stock Market or, if there is no such closing
sale price of such marketable debt or equity security, the final price for the
purchase of such marketable debt or equity security at face value quoted on
such business day by a financial institution of recognized standing which
regularly deals in securities of such type selected by the Administrative
Agent.

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CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

     “Federal Funds Rate” means, for any period, a fluctuating interest rate
per annum equal for each day during such period to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers, as published for such day
(or, if such day is not a Business Day, for the next preceding Business Day) by
the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average of the quotations for such day on
such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.

     “Federal Reserve Board” means the Board of Governors of the United States
Federal Reserve System, or any successor thereto.

     “Fee Letter” shall mean the letter dated as of April 22, 2004, addressed
to the Borrower from CNAI and the Lead Arranger and accepted by the Borrower on
April 23, 2004, with respect to certain fees to be paid from time to time to
CNAI and the Lead Arranger.

     “Financial Asset” has the meaning given to such term in the UCC.

     “Financial Statements” means the financial statements of the Borrower and
its Subsidiaries delivered in accordance with Section 4.4 (Financial
Statements) and Section 5.1 (Financial Statements).

     “Fiscal Quarter” means each of the three month periods ending on March 31,
June 30, September 30 and December 31.

     “Fiscal Year” means the twelve month period ending on December 31.

     “Fund” means any Person (other than a natural Person) that is or will be
engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

     “GAAP” means generally accepted accounting principles in the United States
of America as in effect from time to time set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and the statements and pronouncements of the
Financial Accounting Standards Board, or in such other statements by such other
entity as may be in general use by significant segments of the accounting
profession, that are applicable to the circumstances as of the date of
determination.

     “General Intangible” has the meaning given to such term in the UCC.

     “Governmental Authority” means any nation, sovereign or government, any
state or other political subdivision thereof and any entity or authority
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including any central bank or stock
exchange.

     “Guaranty” means the guaranty, in substantially the form of Exhibit G
(Form of Guaranty), executed by the Subsidiary Guarantors.

     “Guaranty Obligation” means, as applied to any Person, any direct or
indirect liability, contingent or otherwise, of such Person with respect to any
Indebtedness of another

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Person, if the purpose or intent of such Person in incurring the Guaranty
Obligation is to provide assurance to the obligee of such Indebtedness that
such Indebtedness will be paid or discharged, that any agreement relating
thereto will be complied with, or that any holder of such Indebtedness will be
protected (in whole or in part) against loss in respect thereof, including (a)
the direct or indirect guaranty, endorsement (other than for collection or
deposit in the ordinary course of business), co-making, discounting with
recourse or sale with recourse by such Person of Indebtedness of another Person
and (b) any liability of such Person for Indebtedness of another Person through
any agreement (contingent or otherwise) (i) to purchase, repurchase or
otherwise acquire such Indebtedness or any security therefor or to provide
funds for the payment or discharge of such Indebtedness (whether in the form of
a loan, advance, stock purchase, capital contribution or otherwise), (ii) to
maintain the solvency or any balance sheet item, level of income or financial
condition of another Person, (iii) to make take-or-pay or similar payments, if
required, regardless of non-performance by any other party or parties to an
agreement, (iv) to purchase, sell or lease (as lessor or lessee) property, or
to purchase or sell services, primarily for the purpose of enabling the debtor
to make payment of such Indebtedness or to assure the holder of such
Indebtedness against loss or (v) to supply funds to, or in any other manner
invest in, such other Person (including to pay for property or services
irrespective of whether such property is received or such services are
rendered), if in the case of any agreement described under clause (b)(i), (ii),
(iii), (iv) or (v) above the primary purpose or intent thereof is to provide
assurance that Indebtedness of another Person will be paid or discharged, that
any agreement relating thereto will be complied with or that any holder of such
Indebtedness will be protected (in whole or in part) against loss in respect
thereof. The amount of any Guaranty Obligation shall be equal to the amount of
the Indebtedness so guaranteed or otherwise supported.

     “Hedging Contracts” means all interest rate swap agreements, interest rate
cap agreements, interest rate collar agreements, interest rate insurance,
foreign exchange contracts, currency swap or option agreements, forward
contracts, commodity swap, purchase or option agreements, other commodity price
hedging arrangements and all other similar non-speculative agreements or
arrangements designed to alter the risks of any Person arising from
fluctuations in interest rates, currency values or commodity prices.

     “Indebtedness” of any Person means without duplication (a) all
indebtedness of such Person for borrowed money, (b) all obligations of such
Person evidenced by notes, bonds, debentures or similar instruments or that
bear interest, (c) all reimbursement and all obligations with respect to
letters of credit, bankers’ acceptances, surety bonds and performance bonds,
whether or not matured, (d) all indebtedness for the deferred purchase price of
property or services, other than trade payables incurred in the ordinary course
of business that are not overdue, (e) all indebtedness of such Person created
or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and
remedies of the seller or lender under such agreement in the event of default
are limited to repossession or sale of such property), (f) all Capital Lease
Obligations of such Person and the present value of future rental payments
under all synthetic leases, (g) all Guaranty Obligations of such Person, (h)
all obligations of such Person to purchase, redeem, retire, defease or
otherwise acquire for value any Stock or Stock Equivalents of such Person,
valued, in the case of redeemable preferred stock, at the greater of its
voluntary liquidation preference and its involuntary liquidation preference
plus accrued and unpaid dividends, (i) all payments that such Person would have
to make in the event of an early termination on the date Indebtedness of such
Person is being determined in respect of Hedging Contracts of such Person and
(j) all Indebtedness of the type referred to above secured by (or for which the
holder of such

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Indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien upon or in property (including Accounts and General Intangibles)
owned by such Person, even though such Person has not assumed or become liable
for the payment of such Indebtedness.

     “Indemnified Matter” has the meaning specified in Section 10.4
(Indemnities).

     “Indemnitee” has the meaning specified in Section 10.4 (Indemnities).

     “Indentures” means the (i) Senior Notes Indenture dated as of May 13, 1999
between the Borrower and State Street Bank and Trust Company, as trustee, (ii)
the Senior Notes Indenture dated as of February 20, 2001 between the Borrower
and State Street Bank and Trust Company, as trustee, (iii) Senior Notes
Indenture dated as of March 12, 2004 between the Borrower and Wells Fargo Bank,
N.A., as trustee, (iv) the Senior Subordinated Notes Indenture, dated as of May
13, 1999 between the Borrower and State Street Bank and Trust Company, as
trustee, (v) the Convertible Subordinated Notes Indenture dated as of March 22,
2000 between the Borrower and State Street Bank and Trust Company, as trustee,
(vi) the Convertible Subordinated Notes Indenture dated as of May 25, 2001
between the Borrower and State Street Bank and Trust Company, as trustee, and
(vii) and any other indenture governing the terms of Indebtedness incurred or
issued pursuant to Section 7.1(h).

     “Interest Period” means, in the case of any Eurodollar Rate Loan, (a)
initially, the period commencing on the date such Eurodollar Rate Loan is made
or on the date of conversion of a Base Rate Loan to such Eurodollar Rate Loan
and ending one, two, three or six months thereafter, as selected by the
Borrower in its Notice of Borrowing or Notice of Conversion or Continuation
given to the Administrative Agent pursuant to Section 2.2 (Borrowing
Procedures) or 2.10 (Conversion/Continuation Option) and (b) thereafter, if
such Loan is continued, in whole or in part, as a Eurodollar Rate Loan pursuant
to Section 2.10 (Conversion/Continuation Option), a period commencing on the
last day of the immediately preceding Interest Period therefor and ending one,
two, three or six months thereafter, as selected by the Borrower in its Notice
of Conversion or Continuation given to the Administrative Agent pursuant to
Section 2.10 (Conversion/Continuation Option); provided, however, that all of
the foregoing provisions relating to Interest Periods in respect of Eurodollar
Rate Loans are subject to the following: (i) if any Interest Period would
otherwise end on a day that is not a Business Day, such Interest Period shall
be extended to the next succeeding Business Day, unless the result of such
extension would be to extend such Interest Period into another calendar month,
in which event such Interest Period shall end on the immediately preceding
Business Day; (ii) any Interest Period that begins on the last Business Day of
a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of a calendar month; (iii) the Borrower may not select any
Interest Period in respect of Loans having an aggregate principal amount of
less than $1,000,000; and (iv) there shall be outstanding at any one time no
more than five (5) Interest Periods in the aggregate.

     “Investment” means, with respect to any Person, (a) any purchase or other
acquisition by such Person of (i) any Security issued by, (ii) a beneficial
interest in any Security issued by, or (iii) any other equity ownership
interest in, any other Person, (b) any purchase by such Person of all or a
significant part of the assets of a business conducted by any other Person, or
all or substantially all of the assets constituting the business of a division,
branch or other unit operation of any other Person, (c) any loan, advance
(other than deposits with financial institutions available for withdrawal on
demand, prepaid expenses, accounts receivable and similar items made or
incurred in the ordinary course of business as presently conducted) or

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capital contribution by such Person to any other Person, including all
Indebtedness of any other Person to such Person arising from a sale of property
by such Person other than in the ordinary course of its business, and (d) any
Guaranty Obligation incurred by such Person in respect of Indebtedness of any
other Person.

     “IRS” means the Internal Revenue Service of the United States or any
successor thereto.

     “Issue” means, with respect to any Letter of Credit, to issue, extend the
expiry of, renew or increase the maximum face amount (including by deleting or
reducing any scheduled decrease in such maximum face amount) of, such Letter of
Credit. The terms “Issued” and “Issuance” shall have corresponding meanings.

     “Issuer” means each Lender or Affiliate of a Lender that (a) is listed on
the signature pages hereof as an “Issuer” or (b) hereafter becomes an Issuer
with the approval of the Administrative Agent and the Borrower by agreeing
pursuant to an agreement with and in form and substance satisfactory to the
Administrative Agent and the Borrower to be bound by the terms hereof
applicable to Issuers.

     “Land” of any Person means all of those plots, pieces or parcels of land
now owned, leased or hereafter acquired or leased or purported to be owned,
leased or hereafter acquired or leased (including, in respect of the Loan
Parties, as reflected in the most recent Financial Statements) by such Person.

     “Lead Arranger” means Citigroup Global Markets Inc., in its capacity as
sole lead arranger and sole bookrunner.

     “Leases” means, with respect to any Person, all of those leasehold estates
in real property of such Person, as lessee, as such may be amended,
supplemented or otherwise modified from time to time.

     “Lender” means each financial institution or other entity that (a) is
listed on the signature pages hereof as a “Lender” or (b) from time to time
becomes a party hereto by execution of an Assignment and Acceptance.

     “Letter of Credit” means any letter of credit Issued pursuant to Section
2.3 (Letters of Credit).

     “Letter of Credit Obligations” means, at any time, the aggregate of all
liabilities at such time of the Borrower to all Issuers with respect to Letters
of Credit, whether or not any such liability is contingent, including, without
duplication, the sum of (a) the Reimbursement Obligations at such time and (b)
the Letter of Credit Undrawn Amounts at such time.

     “Letter of Credit Reimbursement Agreement” has the meaning specified in
Section 2.3(a) (Letters of Credit).

     “Letter of Credit Request” has the meaning specified in Section 2.3(c)
(Letters of Credit).

     “Letter of Credit Sublimit” means $10,000,000.

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     “Letter of Credit Undrawn Amounts” means, at any time, the aggregate
undrawn face amount of all Letters of Credit outstanding at such time.

     “Lien” means any mortgage, deed of trust, pledge, hypothecation,
assignment, charge, deposit arrangement, encumbrance, lien (statutory or
other), security interest or preference, priority or other security agreement
or preferential arrangement of any kind or nature whatsoever intended to secure
payment of any Indebtedness or the performance of any other obligation,
including any conditional sale or other title retention agreement, the interest
of a lessor under a Capital Lease and any financing lease having substantially
the same economic effect as any of the foregoing (but excluding the interest of
a lessor under an operating lease).

     “Loan” means any loan made by any Lender pursuant to this Agreement.

     “Loan Documents” means, collectively, this Agreement, the Notes (if any),
the Guaranty, the Fee Letter, each Letter of Credit Reimbursement Agreement,
each Hedging Contract between any Loan Party and any Person that was a Lender
or an Affiliate of a Lender at the time it entered into such Hedging Contract,
each Cash Management Document, the Collateral Documents and each certificate,
agreement or document executed by a Loan Party and delivered to the
Administrative Agent or any Lender in connection with or pursuant to any of the
foregoing.

     “Loan Party” means each of the Borrower, each Subsidiary Guarantor and
each other Subsidiary of the Borrower that executes and delivers a Loan
Document.

     “Material Adverse Change” means any material adverse change in the
business, assets, properties, liabilities (actual and contingent), condition
(financial or otherwise), operations or prospects of the Borrower and its
Subsidiaries, taken as a whole.

     “Material Adverse Effect” means a material adverse effect on (a) the
business, assets, properties, liabilities (actual and contingent), operations,
condition (financial or otherwise), or prospects of the Borrower and its
Subsidiaries, taken as a whole, (b) the rights and remedies of the
Administrative Agent or any Lender under any Loan Document or Related Documents
or (c) the ability of any Loan Party to perform its Obligations under any Loan
Document or Related Documents to which it is or is to be a party.

     “Maximum Credit” means, at any time, the lesser of (i) the then effective
Revolving Credit Commitments and (ii) the maximum aggregate amount of Revolving
Credit Outstandings which are permitted in compliance with the A/R Test at such
time.

     “Moody’s” means Moody’s Investors Services, Inc.

     “Mortgages” means the mortgages, deeds of trust or other real estate
security documents made or required herein to be made by the Borrower or any
other Loan Party, each in form and substance satisfactory to the Administrative
Agent.

     “Multiemployer Plan” means a multiemployer plan, as defined in Section
4001(a)(3) of ERISA, to which the Borrower, any of its Subsidiaries or any
ERISA Affiliate has any obligation or liability, contingent or otherwise.

     “Non-Funding Lender” has the meaning specified in Section 2.2(d)
(Borrowing Procedures).

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     “Non-U.S. Lender” means each Lender or Issuer (or the Administrative
Agent) that is a Non-U.S. Person.

     “Non-U.S. Person” means any Person that is not a Domestic Person.

     “Notice of Borrowing” has the meaning specified in Section 2.2(a)
(Borrowing Procedures).

     “Notice of Conversion or Continuation” has the meaning specified in
Section 2.10 (Conversion/Continuation Option).

     “Obligations” means the Loans, the Letter of Credit Obligations and all
other amounts, obligations, covenants and duties owing by the Borrower to the
Administrative Agent, any Lender, any Issuer, any Affiliate of any of them or
any Indemnitee, of every type and description (whether by reason of an
extension of credit, opening or amendment of a letter of credit or payment of
any draft drawn or other payment thereunder, loan, guaranty, indemnification,
foreign exchange or currency swap transaction, interest rate hedging
transaction or otherwise), present or future, arising under this Agreement, any
other Loan Document (including Cash Management Documents and Hedging Contracts
that are Loan Documents), whether direct or indirect (including those acquired
by assignment), absolute or contingent, due or to become due, now existing or
hereafter arising and however acquired and whether or not evidenced by any
note, guaranty or other instrument or for the payment of money, including all
letter of credit, cash management and other fees, interest, charges, expenses,
attorneys’ fees and disbursements, Cash Management Obligations and other sums
chargeable to the Borrower under this Agreement, any other Loan Document
(including Cash Management Documents and Hedging Contracts that are Loan
Documents) and all obligations of the Borrower under any Loan Document to
provide cash collateral for any Letter of Credit Obligation.

     “PBGC” means the Pension Benefit Guaranty Corporation or any successor
thereto.

     “Permit” means any permit, approval, authorization, license, variance or
permission required from a Governmental Authority under an applicable
Requirement of Law.

     “Person” means an individual, partnership, corporation (including a
business trust), joint stock company, estate, trust, limited liability company,
unincorporated association, joint venture or other entity or a Governmental
Authority.

     “Pledge and Security Agreement” means an agreement, in substantially the
form of Exhibit H (Form of Pledge and Security Agreement), executed by the
Borrower and each Subsidiary Guarantor.

     “Pledged Debt Instruments” has the meaning specified in the Pledge and
Security Agreement.

     “Pledged Stock” has the meaning specified in the Pledge and Security
Agreement.

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     “Projections” means those financial projections dated June 28, 2004
covering the fiscal years ending in 2004 through 2007 inclusive, to be
delivered to the Lenders by the Borrower.

     “Purchasing Lender” has the meaning specified in Section 10.7 (Sharing of
Payments, Etc.).

     “Ratable Portion” or (other than in the expression “equally and ratably”)
“ratably” means, with respect to any Lender, the percentage obtained by
dividing (a) the Revolving Credit Commitment of such Lender by (b) the
aggregate Revolving Credit Commitments of all Lenders (or, at any time after
the Revolving Credit Termination Date, the percentage obtained by dividing the
aggregate outstanding principal balance of the Revolving Credit Outstandings
owing to such Lender by the aggregate outstanding principal balance of the
Revolving Credit Outstandings owing to all Lenders).

     “Real Property” of any Person means the Land of such Person, together with
the right, title and interest of such Person, if any, in and to the streets,
the Land lying in the bed of any streets, roads or avenues, opened or proposed,
in front of, the air space and development rights pertaining to the Land and
the right to use such air space and development rights, all rights of way,
privileges, liberties, tenements, hereditaments and appurtenances belonging or
in any way appertaining thereto, all fixtures, all easements now or hereafter
benefiting the Land and all royalties and rights appertaining to the use and
enjoyment of the Land, including all alley, vault, drainage, mineral, water,
oil and gas rights, together with all of the buildings and other improvements
now or hereafter erected on the Land and any fixtures appurtenant thereto.

     “Receivables” means all accounts receivable (which are trade receivables),
as such terms are construed in accordance with GAAP.

     “Register” has the meaning specified in Section 2.6(b) (Evidence of Debt).

     “Reimbursement Date” has the meaning specified in Section 2.3(h) (Letters
of Credit).

     “Reimbursement Obligations” means, as and when matured, the obligation of
the Borrower to pay, on the date payment is made or scheduled to be made to the
beneficiary under each such Letter of Credit (or at such other date as may be
specified in the applicable Letter of Credit Reimbursement Agreement) in
Dollars, all amounts of each drafts and other requests for payments drawn under
Letters of Credit, and all other matured reimbursement or repayment obligations
of the Borrower to any Issuer with respect to amounts drawn under Letters of
Credit.

     “Related Documents” means the Indentures and each other document and
instrument executed with respect to either thereof.

     “Release” means, with respect to any Person, any release, spill, emission,
leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching
or migration, in each case, of any Contaminant into the indoor or outdoor
environment or into or out of any property owned, leased or operated by such
Person, including the movement of Contaminants through or in the air, soil,
surface water, ground water or property.

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     “Remedial Action” means all actions required to (a) clean up, remove,
treat or in any other way address any Contaminant in the indoor or outdoor
environment, (b) prevent the Release or threat of Release or minimize the
further Release so that a Contaminant does not migrate or endanger or threaten
to endanger public health or welfare or the indoor or outdoor environment or
(c) perform pre-remedial studies and investigations and post-remedial
monitoring and care.

     “Requirement of Law” means, with respect to any Person, the common law and
all federal, state, local and foreign laws, treaties, rules and regulations,
orders, judgments, decrees and other determinations of, concessions, grants,
franchises, licenses and other Contractual Obligations with, any Governmental
Authority or arbitrator, applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject.

     “Requisite Lenders” means, collectively, Lenders having more than fifty
percent (50%) of the aggregate outstanding amount of the Revolving Credit
Commitments or, after the Revolving Credit Termination Date, more than fifty
percent (50%) of the sum of the aggregate Revolving Credit Outstandings. A
Non-Funding Lender shall not be included in the calculation of “Requisite
Lenders.”

     “Responsible Officer” means, with respect to any Person, any of the
principal executive officers, managing members or general partners of such
Person but, in any event, with respect to financial matters, the chief
financial officer, treasurer or controller of such Person.

     “Restricted Payment” means (a) any dividend, distribution or any other
payment whether direct or indirect, on account of any Stock or Stock Equivalent
of the Borrower or any of its Subsidiaries now or hereafter outstanding and (b)
any redemption, retirement, sinking fund or similar payment, purchase or other
acquisition for value, direct or indirect, of any Stock or Stock Equivalent of
the Borrower or any of its Subsidiaries now or hereafter outstanding.

     “Revolving Credit Borrowing” means a borrowing consisting of Revolving
Loans made on the same day by the Lenders ratably according to their respective
Revolving Credit Commitments.

     “Revolving Credit Commitment” means, with respect to each Lender, the
commitment of such Lender to make Revolving Loans and acquire interests in
other Revolving Credit Outstandings in the aggregate principal amount
outstanding not to exceed the amount set forth opposite such Lender’s name on
Schedule I (Commitments) under the caption “Revolving Credit Commitment,” as
amended to reflect each Assignment and Acceptance executed by such Lender and
as such amount may be reduced pursuant to this Agreement.

     “Revolving Credit Note” means a promissory note of the Borrower payable to
the order of any Lender in a principal amount equal to the amount of such
Lender’s Revolving Credit Commitment evidencing the aggregate Indebtedness of
the Borrower to such Lender resulting from the Revolving Loans owing to such
Lender.

     “Revolving Credit Outstandings” means, at any particular time, the sum of
(a) the principal amount of the Revolving Loans outstanding at such time and
(b) the Letter of Credit Obligations outstanding at such time.

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     “Revolving Credit Termination Date” shall mean the earliest of (a) the
Scheduled Termination Date, (b) the date of termination of all of the Revolving
Credit Commitments pursuant to Section 2.4 (Reduction and Termination of the
Commitments) and (c) the date on which the Obligations become due and payable
pursuant to Section 8.2 (Remedies).

     “Revolving Loan” has the meaning specified in Section 2.1 (The Revolving
Credit Commitments).

     “S&P” means Standard & Poor’s Rating Services.

     “Sarbanes-Oxley Act” means the United States Sarbanes-Oxley Act of 2002.

     “Scheduled Termination Date” means the third anniversary of the Closing
Date.

     “Secured Obligations” means, in the case of the Borrower, the Obligations,
and, in the case of any other Loan Party, the obligations of such Loan Party
under the Guaranty and the other Loan Documents to which it is a party.

     “Secured Parties” means the Lenders, the Issuers, the Administrative Agent
and any other holder of any Secured Obligation.

     “Securities Account” has the meaning given to such term in the UCC.

     “Securities Account Control Agreement” has the meaning specified in the
Pledge and Security Agreement.

     “Security” means any Stock, Stock Equivalent, voting trust certificate,
bond, debenture, note or other evidence of Indebtedness, whether secured,
unsecured, convertible or subordinated, or any certificate of interest, share
or participation in, any temporary or interim certificate for the purchase or
acquisition of, or any right to subscribe to, purchase or acquire, any of the
foregoing, but shall not include any evidence of the Obligations.

     “Selling Lender” has the meaning specified in Section 10.7 (Sharing of
Payments, Etc.).

     “Solvent” means, with respect to any Person as of any date of
determination, that, as of such date, (a) the value of the assets of such
Person (both at fair value and present fair saleable value) is greater than the
total amount of liabilities (including contingent and unliquidated liabilities)
of such Person, (b) such Person is able to pay all liabilities of such Person
as such liabilities mature and (c) such Person does not have unreasonably small
capital. In computing the amount of contingent or unliquidated liabilities at
any time, such liabilities shall be computed at the amount that, in light of
all the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability.

     “Standby Letter of Credit” means any Letter of Credit that is not a
Documentary Letter of Credit.

     “Stock” means shares of capital stock (whether denominated as common stock
or preferred stock), beneficial, partnership or membership interests,
participations or other

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equivalents (regardless of how designated) of or in a corporation,
partnership, limited liability company or equivalent entity, whether voting or
non-voting.

     “Stock Equivalents” means all securities convertible into or exchangeable
for Stock and all warrants, options or other rights to purchase or subscribe
for any Stock, whether or not presently convertible, exchangeable or
exercisable.

     “Subsidiary” means, with respect to any Person, any corporation,
partnership, limited liability company or other business entity of which an
aggregate of 50% or more of the outstanding Voting Stock is, at the time,
directly or indirectly, owned or controlled by such Person or one or more
Subsidiaries of such Person.

     “Subsidiary Guarantor” means each Subsidiary of the Borrower party to or
that becomes party to the Guaranty.

     “Supermajority Lenders” means, collectively, Lenders having at least
sixty-six and two-thirds percent (66?%) of the aggregate outstanding amount of
the Revolving Credit Commitments or, after the Revolving Credit Termination
Date, at least sixty-six and two-thirds percent (66?%) of the sum of the
aggregate Revolving Credit Outstandings. A Non-Funding Lender shall not be
included in the calculation of “Supermajority Lenders.”

     “Tax Affiliate” means, with respect to any Person, (a) any Subsidiary of
such Person and (b) any Affiliate of such Person with which such Person files
or is eligible to file consolidated, combined or unitary tax returns.

     “Tax Return” has the meaning specified in Section 4.7 (Taxes).

     “Taxes” has the meaning specified in Section 2.15(a) (Taxes).

     “Title IV Plan” means a pension plan, other than a Multiemployer Plan,
covered by Title IV of ERISA and to which the Borrower any of its Subsidiaries
or any ERISA Affiliate has any obligation or liability, contingent or
otherwise.

     “UCC” has the meaning specified in the Pledge and Security Agreement.

     “Unused Commitment Fee” has the meaning specified in Section 2.11(a)
(Fees).

     “Voting Stock” means Stock of any Person having ordinary power to vote in
the election of members of the board of directors, managers, trustees or other
controlling Persons, of such Person (irrespective of whether, at the time,
Stock of any other class or classes of such entity shall have or might have
voting power by reason of the happening of any contingency).

     “Wholly-Owned Subsidiary” of any Person means any Subsidiary of such
Person, all of the Stock of which (other than director’s qualifying shares, as
may be required by law) is owned by such Person, either directly or indirectly
through one or more Wholly-Owned Subsidiaries of such Person.

     “Withdrawal Liability” means, with respect to the Borrower or any of its
Subsidiaries at any time, the aggregate liability incurred (whether or not
assessed) with respect to

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all Multiemployer Plans pursuant to Section 4201 of ERISA or for increases
in contributions required to be made pursuant to Section 4243 of ERISA.

     Section 1.2 Computation of Time Periods. In this Agreement, in the
computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including” and the words “to” and “until” each
mean “to but excluding” and the word “through” means “to and including.”

     Section 1.3 Accounting Terms and Principles. Except as set forth below,
all accounting terms not specifically defined herein shall be construed in
conformity with GAAP and all accounting determinations required to be made
pursuant hereto shall, unless expressly otherwise provided herein, be made in
conformity with GAAP.

     Section 1.4 Certain Terms

     (a) The terms “herein,” “hereof,” “hereto” and “hereunder” and similar
terms refer to this Agreement as a whole and not to any particular Article,
Section, subsection or clause in, this Agreement.

     (b) Unless otherwise expressly indicated herein, (i) references in this
Agreement to an Exhibit, Schedule, Article, Section, clause or sub-clause refer
to the appropriate Exhibit or Schedule to, or Article, Section, clause or
sub-clause in this Agreement and (ii) the words “above” and “below,” when
following a reference to a clause or a sub-clause of any Loan Document, refer
to a clause or sub-clause within, respectively, the same Section or clause.

     (c) Each agreement defined in this Article I shall include all appendices,
exhibits and schedules thereto. Unless the prior written consent of the
Requisite Lenders is required hereunder for an amendment, restatement,
supplement or other modification to any such agreement and such consent is not
obtained, references in this Agreement to such agreement shall be to such
agreement as so amended, restated, supplemented or modified.

     (d) References in this Agreement to any statute shall be to such statute
as amended or modified from time to time and to any successor legislation
thereto, in each case as in effect at the time any such reference is operative.

     (e) The term “including” when used in any Loan Document means “including
without limitation” except when used in the computation of time periods.

     (f) The terms “Lender,” “Issuer” and “Administrative Agent” include,
without limitation, their respective successors.

     (g) Upon the appointment of any successor Administrative Agent pursuant to
Section 9.7 (Successor Administrative Agent), references to CNAI in Section 9.4
(The Agent as Lenders) and to Citibank in the definitions of Base Rate and
Eurodollar Rate shall be deemed to refer to the financial institution then
acting as the Administrative Agent or one of its Affiliates if it so
designates.

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ARTICLE II

THE FACILITY

     Section 2.1 The Revolving Credit Commitments. On the terms and subject to
the conditions contained in this Agreement, each Lender severally agrees to
make loans in Dollars (each a “Revolving Loan”) to the Borrower from time to
time on any Business Day during the period from the date hereof until the
Revolving Credit Termination Date in an aggregate principal amount at any time
outstanding for all such loans by such Lender not to exceed such Lender’s
Revolving Credit Commitment; provided, however, that at no time shall any
Lender be obligated to make a Revolving Loan in excess of such Lender’s Ratable
Portion of the Available Credit. Within the limits of the Revolving Credit
Commitment of each Lender, amounts of Revolving Loans repaid may be reborrowed
under this Section 2.1.

     Section 2.2 Borrowing Procedures

     (a) Each Borrowing shall be made on notice given by the Borrower to the
Administrative Agent not later than 11:00 a.m. (New York time) (i) one Business
Day, in the case of a Borrowing of Base Rate Loans and (ii) three Business
Days, in the case of a Borrowing of Eurodollar Rate Loans, prior to the date of
the proposed Borrowing. Each such notice shall be in substantially the form of
Exhibit C (Form of Notice of Borrowing) (a “Notice of Borrowing”), specifying
(A) the date of such proposed Borrowing, (B) the aggregate amount of such
proposed Borrowing, (C) whether any portion of the proposed Borrowing will be
of Base Rate Loans or Eurodollar Rate Loans and (D) for each Eurodollar Rate
Loan, the initial Interest Period or Periods thereof. Loans shall be made as
Base Rate Loans unless, subject to Section 2.13 (Special Provisions Governing
Eurodollar Rate Loans), the Notice of Borrowing specifies that all or a portion
thereof shall be Eurodollar Rate Loans. Each Borrowing shall be in an
aggregate amount of not less than $1,000,000 or an integral multiple of
$500,000 in excess thereof. The Borrower may not request more than twelve
separate Revolving Credit Borrowings.

     (b) The Administrative Agent shall give to each Lender prompt notice of
the Administrative Agent’s receipt of a Notice of Borrowing and, if Eurodollar
Rate Loans are properly requested in such Notice of Borrowing, the applicable
interest rate determined pursuant to Section 2.13(a) (Determination of Interest
Rate). Each Lender shall, before 11:00 a.m. (New York time) on the date of the
proposed Borrowing, make available to the Administrative Agent at its address
referred to in Section 10.8 (Notices, Etc.), in immediately available funds,
such Lender’s Ratable Portion of such proposed Borrowing. Upon fulfillment (or
due waiver in accordance with Section 10.1 (Amendments, Waivers, Etc.)) (i) on
the Closing Date, of the applicable conditions set forth in Section 3.1
(Conditions Precedent to Initial Loans and Letters of Credit) and (ii) at any
time (including the Closing Date), of the applicable conditions set forth in
Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit), and after
the Administrative Agent’s receipt of such funds, the Administrative Agent
shall make such funds available to the Borrower.

     (c) Unless the Administrative Agent shall have received notice from a
Lender prior to the date of any proposed Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s Ratable Portion of
such Borrowing (or any portion thereof), the Administrative Agent may assume
that such Lender has made such Ratable Portion available to the Administrative
Agent on the date of such Borrowing in accordance with this Section 2.2 and the
Administrative Agent may, in reliance upon such assumption, make available

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to the Borrower on such date a corresponding amount. If and to the extent
that such Lender shall not have so made such Ratable Portion available to the
Administrative Agent, such Lender and the Borrower severally agree to repay to
the Administrative Agent forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available
to the Borrower until the date such amount is repaid to the Administrative
Agent, at (i) in the case of the Borrower, the interest rate applicable at the
time to the Loans comprising such Borrowing and (ii) in the case of such
Lender, the Federal Funds Rate for the first Business Day and thereafter at the
interest rate applicable at the time to the Loans comprising such Borrowing.
If such Lender shall repay to the Administrative Agent such corresponding
amount, such corresponding amount so repaid shall constitute such Lender’s Loan
as part of such Borrowing for purposes of this Agreement. If the Borrower
shall repay to the Administrative Agent such corresponding amount, such payment
shall not relieve such Lender of any obligation it may have hereunder to the
Borrower.

     (d) The failure of any Lender to make on the date specified any Loan or
any payment required by it (such Lender being a “Non-Funding Lender”),
including any payment in respect of its participation in Letter of Credit
Obligations, shall not relieve any other Lender of its obligations to make such
Loan or payment on such date but no such other Lender shall be responsible for
the failure of any Non-Funding Lender to make a Loan or payment required under
this Agreement.

     Section 2.3 Letters of Credit

     (a) On the terms and subject to the conditions contained in this
Agreement, each Issuer agrees to Issue at the request of the Borrower and for
the account of the Borrower one or more Letters of Credit from time to time on
any Business Day during the period commencing on the Closing Date and ending on
the earlier of the Revolving Credit Termination Date and 60 days prior to the
Scheduled Termination Date; provided, however, that no Issuer shall be under
any obligation to Issue (and, upon the occurrence of any of the events
described in clauses (ii), (iii), (iv) and (v)(A) below, shall not Issue) any
Letter of Credit upon the occurrence of any of the following: (i) any order,
judgment or decree of any Governmental Authority or arbitrator shall purport by
its terms to enjoin or restrain such Issuer from Issuing such Letter of Credit
or any Requirement of Law applicable to such Issuer or any request or directive
(whether or not having the force of law) from any Governmental Authority with
jurisdiction over such Issuer shall prohibit, or request that such Issuer
refrain from, the Issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon such Issuer with respect to such
Letter of Credit any restriction or reserve or capital requirement (for which
such Issuer is not otherwise compensated) not in effect on the date of this
Agreement or result in any unreimbursed loss, cost or expense that was not
applicable, in effect or known to such Issuer as of the date of this Agreement
and that such Issuer in good faith deems material to it; (ii) such Issuer shall
have received any written notice of the type described in clause (d) below;
(iii) after giving effect to the Issuance of such Letter of Credit, the
aggregate Revolving Credit Outstandings would exceed the Maximum Credit at such
time; (iv) after giving effect to the Issuance of such Letter of Credit, the
sum of (x) the Letter of Credit Undrawn Amounts at such time and (y) the
Reimbursement Obligations at such time exceeds the Letter of Credit Sublimit;
(v) (A) any fees due in connection with a requested Issuance have not been
paid, (B) such Letter of Credit is requested to be Issued in a form that is not
acceptable to such Issuer or (C) the Issuer for such Letter of Credit shall not
have received, in form and substance reasonably acceptable to it and, if
applicable, duly executed by such Borrower, applications, agreements and other
documentation (collectively, a “Letter of

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Credit Reimbursement Agreement”) such Issuer generally employs in the
ordinary course of its business for the Issuance of letters of credit of the
type of such Letter of Credit.

None of the Lenders (other than the Issuers in their capacity as such) shall
have any obligation to Issue any Letter of Credit.

     (b) In no event shall the expiration date of any Letter of Credit be more
than one year after the date of issuance thereof; provided, however, that (x)
any Letter of Credit with a term less than or equal to one year may provide for
the renewal thereof for additional periods less than or equal to one year, as
long as, on or before the expiration of each such term and each such period,
the Borrower and the Issuer of such Letter or Credit shall have the option to
prevent such renewal and (y) by not later than the Scheduled Termination Date
the Borrower shall provide cash collateral in respect of all Letters of Credit
that are outstanding at such date in accordance with Section 8.3(b) (Actions in
Respect of Letters of Credit).

     (c) In connection with the Issuance of each Letter of Credit, the Borrower
shall give the relevant Issuer and the Administrative Agent at least five
Business Days’ prior written notice, in substantially the form of Exhibit D
(Form of Letter of Credit Request) (or in such other written or electronic form
as is acceptable to the Issuer), of the requested Issuance of such Letter of
Credit (a “Letter of Credit Request”). Such notice shall be irrevocable and
shall specify the Issuer of such Letter of Credit, the face amount (in Dollars)
of the Letter of Credit requested, the date of Issuance of such requested
Letter of Credit, the date on which such Letter of Credit is to expire (which
date shall be a Business Day) and, in the case of an issuance, the Person for
whose benefit the requested Letter of Credit is to be issued. Such notice, to
be effective, must be received by the relevant Issuer and the Administrative
Agent not later than 11:00 a.m. (New York time) on the fifth Business Day prior
to the requested Issuance of such Letter of Credit.

     (d) Subject to the satisfaction of the conditions set forth in this
Section 2.3, the relevant Issuer shall, on the requested date, Issue a Letter
of Credit on behalf of the Borrower in accordance with such Issuer’s usual and
customary business practices. No Issuer shall Issue any Letter of Credit in
the period commencing on the first Business Day after it receives written
notice from any Lender that (x) one or more of the conditions precedent
contained in Section 3.2 (Conditions Precedent to Each Loan and Letter of
Credit) are not on such date satisfied or duly waived or (y) one or more of
events set forth in clause (a) above (other than those events set forth in
clauses (a)(v)(B) and (a)(v)(C) above and, to the extent such clause relates to
fees owing to the Issuer of such Letter of Credit and its Affiliates, clause
(a)(v)(A) above) have occurred, and ending when such conditions are satisfied
or duly waived or, in the case of the events set forth in clause (a) above,
when such events are no longer occurring. No Issuer shall otherwise be
required to determine that, or take notice whether, the conditions precedent
set forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of
Credit) have been satisfied in connection with the Issuance of any Letter of
Credit.

     (e) The Borrower agrees that, if requested by the Issuer of any Letter of
Credit, it shall execute a Letter of Credit Reimbursement Agreement in respect
to any Letter of Credit Issued hereunder. In the event of any conflict between
the terms of any Letter of Credit Reimbursement Agreement and this Agreement,
the terms of this Agreement shall govern.

     (f) Each Issuer shall comply with the following: (i) give the
Administrative Agent written notice (or telephonic notice confirmed promptly
thereafter in writing), which

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writing may be a telecopy or electronic mail, of the Issuance of any
Letter of Credit Issued by it, of all drawings under any Letter of Credit
Issued by it and of the payment (or the failure to pay when due) by the
Borrower of any Reimbursement Obligation when due (which notice the
Administrative Agent shall promptly transmit by telecopy, electronic mail or
similar transmission to each Lender); (ii) upon the request of any Lender,
furnish to such Lender copies of any Letter of Credit Reimbursement Agreement
to which such Issuer is a party and such other documentation as may reasonably
be requested by such Lender; and (iii) no later than 10 Business Days following
the last day of each calendar month, provide to the Administrative Agent (and
the Administrative Agent shall provide a copy to each Lender requesting the
same) and the Borrower separate schedules for Documentary Letters of Credit and
Standby Letters of Credit issued by it, in form and substance reasonably
satisfactory to the Administrative Agent, setting forth the aggregate Letter of
Credit Obligations, in each case outstanding at the end of each month and any
information requested by the Borrower or the Administrative Agent relating
thereto.

     (g) Immediately upon the issuance by an Issuer of a Letter of Credit in
accordance with the terms and conditions of this Agreement, such Issuer shall
be deemed to have sold and transferred to each Lender, and each Lender shall be
deemed irrevocably and unconditionally to have purchased and received from such
Issuer, without recourse or warranty, an undivided interest and participation,
to the extent of such Lender’s Ratable Portion of the Revolving Credit
Commitments, in such Letter of Credit and the obligations of the Borrower with
respect thereto (including all Letter of Credit Obligations with respect
thereto) and any security therefor and guaranty pertaining thereto.

     (h) The Borrower agrees to pay to the Issuer of any Letter of Credit the
amount of all Reimbursement Obligations owing to such Issuer under any Letter
of Credit issued for its account no later than the date that is the next
succeeding Business Day after the Borrower receives written notice from such
Issuer that payment has been made under such Letter of Credit (the
“Reimbursement Date”), irrespective of any claim, set-off, defense or other
right that the Borrower may have at any time against such Issuer or any other
Person. In the event that any Issuer makes any payment under any Letter of
Credit and the Borrower shall not have repaid such amount to such Issuer
pursuant to this clause (h) or any such payment by the Borrower is rescinded or
set aside for any reason, such Reimbursement Obligation shall be payable on
demand with interest thereon computed (i) from the date on which such
Reimbursement Obligation arose to the Reimbursement Date, at the rate of
interest applicable during such period to Revolving Loans that are Base Rate
Loans and (ii) from the Reimbursement Date until the date of repayment in full,
at the rate of interest applicable during such period to past due Revolving
Loans that are Base Rate Loans, and such Issuer shall promptly notify the
Administrative Agent, which shall promptly notify each Lender of such failure,
and each Lender shall promptly and unconditionally pay to the Administrative
Agent for the account of such Issuer the amount of such Lender’s Ratable
Portion of such payment in immediately available Dollars. If the
Administrative Agent so notifies such Lender prior to 11:00 a.m. (New York
time) on any Business Day, such Lender shall make available to the
Administrative Agent for the account of such Issuer its Ratable Portion of the
amount of such payment on such Business Day in immediately available funds.
Upon such payment by a Lender, such Lender shall, except during the continuance
of a Default or Event of Default under Section 8.1(e) (Events of Default) and
notwithstanding whether or not the conditions precedent set forth in Section
3.2 (Conditions Precedent to Each Loan and Letter of Credit) shall have been
satisfied (which conditions precedent the Lenders hereby irrevocably waive), be
deemed to have made a Revolving Loan to

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AMKOR TECHNOLOGY, INC.

the Borrower in the principal amount of such payment. Whenever any Issuer
receives from the Borrower a payment of a Reimbursement Obligation as to which
the Administrative Agent has received for the account of such Issuer any
payment from a Lender pursuant to this clause (h), such Issuer shall pay over
to the Administrative Agent any amount received in excess of such Reimbursement
Obligation and, upon receipt of such amount, the Administrative Agent shall
promptly pay over to each Lender, in immediately available funds, an amount
equal to such Lender’s Ratable Portion of the amount of such payment adjusted,
if necessary, to reflect the respective amounts the Lenders have paid in
respect of such Reimbursement Obligation.

     (i) If and to the extent such Lender shall not have so made its Ratable
Portion of the amount of the payment required by clause (h) above available to
the Administrative Agent for the account of such Issuer, such Lender agrees to
pay to the Administrative Agent for the account of such Issuer forthwith on
demand any such unpaid amount together with interest thereon, for the first
Business Day after payment was first due at the Federal Funds Rate and,
thereafter, until such amount is repaid to the Administrative Agent for the
account of such Issuer, at a rate per annum equal to the rate applicable to
Base Rate Loans under the Facility.

     (j) The Borrower’s obligation to pay each Reimbursement Obligation and the
obligations of the Lenders to make payments to the Administrative Agent for the
account of the Issuers with respect to Letters of Credit shall be absolute,
unconditional and irrevocable and shall be performed strictly in accordance
with the terms of this Agreement, under any and all circumstances whatsoever,
including the occurrence of any Default or Event of Default, and irrespective
of any of the following: (i) any lack of validity or enforceability of any
Letter of Credit or any Loan Document, or any term or provision therein; (ii)
any amendment or waiver of or any consent to departure from all or any of the
provisions of any Letter of Credit or any Loan Document; (iii) the existence of
any claim, set off, defense or other right that the Borrower, any other party
guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or
other Affiliate thereof or any other Person may at any time have against the
beneficiary under any Letter of Credit, any Issuer, the Administrative Agent or
any Lender or any other Person, whether in connection with this Agreement, any
other Loan Document or any other related or unrelated agreement or transaction;
(iv) any draft or other document presented under a Letter of Credit proving to
be forged, fraudulent, invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect; (v) payment by the Issuer
under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit; and (vi) any other act
or omission to act or delay of any kind of the Issuer, the Lenders, the
Administrative Agent or any other Person or any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section 2.3, constitute a legal or equitable discharge
of the Borrower’s obligations hereunder.

Any action taken or omitted to be taken by the relevant Issuer under or in
connection with any Letter of Credit, if taken or omitted in the absence of
gross negligence or willful misconduct, shall not result in any liability of
such Issuer to the Borrower or any Lender. In determining whether drafts and
other documents presented under a Letter of Credit comply with the terms
thereof, the Issuer may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any
notice or information to the contrary and, in making any payment under any
Letter of Credit, the Issuer may rely exclusively on the documents presented to
it under such Letter of Credit as to any and all matters set forth therein,
including reliance on the amount of any draft presented under such Letter of
Credit, whether or

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AMKOR TECHNOLOGY, INC.

not the amount due to the beneficiary thereunder equals the amount of such
draft and whether or not any document presented pursuant to such Letter of
Credit proves to be insufficient in any respect, if such document on its face
appears to be in order, and whether or not any other statement or any other
document presented pursuant to such Letter of Credit proves to be forged or
invalid or any statement therein proves to be inaccurate or untrue in any
respect whatsoever, and any noncompliance in any immaterial respect of the
documents presented under such Letter of Credit with the terms thereof shall,
in each case, be deemed not to constitute willful misconduct or gross
negligence of the Issuer.

     (k) Schedule 2.3 (Existing Letters of Credit) contains a schedule of
certain letters of credit issued prior to the Closing Date by Citicorp USA,
Inc. for the account of the Borrower. On the Closing Date (i) such letters of
credit, to the extent outstanding, shall be automatically and without further
action by the parties thereto converted to Letters of Credit issued pursuant to
this Section 2.3 for the account of the Borrower and subject to the provisions
hereof, and for this purpose the fees specified in Section 2.11(b) (Fees) shall
be payable (in substitution for any fees set forth in the applicable letter of
credit reimbursement agreements or applications relating to such letters of
credit) as if such letters of credit had been issued on the Closing Date, (ii)
the issuers of such Letters of Credit shall be deemed to be “Issuers” hereunder
solely for the purpose of maintaining such letters of credit, (iii) the face
amount of such letters of credit shall be included in the calculation of Letter
of Credit Obligations and (iv) all liabilities of the Borrower with respect to
such letters of credit shall constitute Obligations. No letter of credit
converted in accordance with this clause (k) shall be amended, extended or
renewed without the prior written consent of the Administrative Agent.

     Section 2.4 Reduction and Termination of the Commitments. The Borrower
may, upon at least three Business Days’ prior notice to the Administrative
Agent (which notice shall be irrevocable), permanently terminate in whole or
permanently reduce in part ratably the unused portions of the respective
Revolving Credit Commitments of the Lenders; provided, however, that each
partial reduction shall be in an aggregate amount of not less than $1,000,000
or an integral multiple of $500,000 in excess thereof. In addition, all
outstanding Revolving Credit Commitments shall terminate on the Revolving
Credit Termination Date.

     Section 2.5 Repayment of Loans. The Borrower promises to (a) repay the
entire unpaid principal amount of the Revolving Loans on the Scheduled
Termination Date or earlier, if otherwise required by the terms hereof, and (b)
provide, on the Revolving Credit Termination Date, cash collateral for the
Letter of Credit Obligations in the manner set forth in Section 8.3 (Actions in
Respect of Letters of Credit).

     Section 2.6 Evidence of Debt

     (a) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing Indebtedness of the Borrower to such Lender
resulting from each Loan of such Lender from time to time, including the
amounts of principal and interest payable and paid to such Lender from time to
time under this Agreement.

     (b) The Administrative Agent, acting as agent of the Borrower solely for
this purpose and for tax purposes, shall establish and maintain at its address
referred to in Section 10.8 (Notices, Etc.) a record of ownership (the
“Register”) in which the Administrative Agent agrees to register by book entry
the Administrative Agent’s, each Lender’s and each Issuer’s interest in each
Loan, each Letter of Credit and each Reimbursement Obligation, and in the right
to receive

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any payments hereunder and any assignment of any such interest or rights.
In addition, the Administrative Agent, acting as agent of the Borrower solely
for this purpose and for tax purposes, shall establish and maintain accounts in
the Register in accordance with its usual practice in which it shall record (i)
the names and addresses of the Lenders and the Issuers, (ii) the Commitments of
each Lender from time to time, (iii) the amount of each Loan made and, if a
Eurodollar Rate Loan, the Interest Period applicable thereto, (iv) the amount
of any principal or interest due and payable, and paid, by the Borrower to, or
for the account of, each Lender hereunder, (v) the amount that is due and
payable, and paid, by the Borrower to, or for the account of, each Issuer,
including the amount of Letter Credit Obligations (specifying the amount of any
Reimbursement Obligations) due and payable to an Issuer, and (vi) the amount of
any sum received by the Administrative Agent hereunder from the Borrower,
whether such sum constitutes principal or interest (and the type of Loan to
which it applies), fees, expenses or other amounts due under the Loan Documents
and each Lender’s and Issuer’s, as the case may be, share thereof, if
applicable. Notwithstanding anything to the contrary contained in this
Agreement, the Loans (including the Notes evidencing such Loans) and the
Reimbursement Obligations are registered obligations and the right, title, and
interest of the Lenders and the Issuers and their assignees in and to such
Loans or Reimbursement Obligations, as the case may be, shall be transferable
only upon notation of such transfer in the Register. A Note shall only
evidence the Lender’s or a registered assignee’s right, title and interest in
and to the related Loan, and in no event is any such Revolving Credit Note to
be considered a bearer instrument or obligation. This Section 2.6(b) and
Section 10.2 shall be construed so that the Loans and Reimbursement Obligations
are at all times maintained in “registered form” within the meaning of Sections
163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (or any
successor provisions of the Code or such regulations).

     (c) The entries made in the Register and in the accounts therein
maintained pursuant to clauses (a) and (b) above shall, to the extent permitted
by applicable law, be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided, however, that the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein
shall not in any manner affect the obligations of the Borrower to repay the
Loans in accordance with their terms. In addition, the Loan Parties, the
Administrative Agent, the Lenders and the Issuers shall treat each Person whose
name is recorded in the Register as a Lender or as an Issuer, as applicable,
for all purposes of this Agreement. Information contained in the Register with
respect to any Lender or Issuer shall be available for inspection by the
Borrower, the Administrative Agent, such Lender or such Issuer at any
reasonable time and from time to time upon reasonable prior notice.

     (d) Notwithstanding any other provision of the Agreement, in the event
that any Lender requests that the Borrower execute and deliver a promissory
note or notes payable to such Lender in order to evidence the Indebtedness
owing to such Lender by the Borrower hereunder, the Borrower shall promptly
execute and deliver a Note or Notes to such Lender evidencing any Revolving
Loans of such Lender, substantially in the forms of Exhibit B (Form of
Revolving Credit Note).

     Section 2.7 Optional Prepayments. The Borrower may, upon at least three
Business Days’ prior notice to the Administrative Agent, stating the proposed
date and aggregate principal amount of the prepayment, prepay the outstanding
principal amount of the Revolving Loans in whole or in part at any time;
provided, however, that if any prepayment of any Eurodollar Rate Loan is made
by the Borrower other than on the last day of an Interest Period for

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such Loan, the Borrower shall also pay any amount owing pursuant to
Section 2.13(e) (Breakage Costs). The Borrower shall have no right to prepay
the principal amount of any Revolving Loan other than as provided in this
Section 2.7.

     Section 2.8 Mandatory Prepayments. If at any time, the aggregate
principal amount of Revolving Credit Outstandings exceeds the Maximum Credit at
such time, the Borrower shall forthwith prepay the Revolving Loans then
outstanding in an amount equal to such excess. If any such excess remains
after repayment in full of the aggregate outstanding Revolving Loans, the
Borrower shall provide cash collateral for the Letter of Credit Obligations in
the manner set forth in Section 8.3(b) (Actions in Respect of Letters of
Credit) in an amount equal to 100% of such excess.

     Section 2.9 Interest

     (a) Rate of Interest. All Loans and the outstanding amount of all other
Obligations (other than pursuant to Hedging Contracts that are Loan Documents,
to the extent such Hedging Contracts provide for the accrual of interest on
unpaid obligations) shall bear interest, in the case of Loans, on the unpaid
principal amount thereof from the date such Loans are made and, in the case of
such other Obligations, from the date such other Obligations are due and
payable until, in all cases, paid in full, except as otherwise provided in
clause (c) below, as follows: (i) if a Base Rate Loan or such other Obligation,
at a rate per annum equal to the sum of (A) the Base Rate as in effect from
time to time and (B) the Applicable Margin, and (ii) if a Eurodollar Rate Loan,
at a rate per annum equal to the sum of (A) the Eurodollar Rate determined for
the applicable Interest Period and (B) the Applicable Margin in effect from
time to time during such Eurodollar Interest Period.

     (b) Interest Payments. (i) Interest accrued on each Base Rate Loan shall
be payable in arrears (A) on the last Business Day of each calendar month,
commencing on the first such day following the making of such Base Rate Loan,
(B) if not previously paid in full, at maturity (whether by acceleration or
otherwise) of such Base Rate Loan, (ii) interest accrued on each Eurodollar
Rate Loan shall be payable in arrears (A) on the last day of each Interest
Period applicable to such Loan and, if such Interest Period has a duration of
more than three months, on each date during such Interest Period occurring
every three months from the first day of such Interest Period, (B) upon the
payment or prepayment thereof in full or in part and (C) if not previously paid
in full, at maturity (whether by acceleration or otherwise) of such Eurodollar
Rate Loan and (iv) interest accrued on the amount of all other Obligations
shall be payable on demand from and after the time such Obligation becomes due
and payable (whether by acceleration or otherwise).

     (c) Default Interest. Notwithstanding the rates of interest specified in
clause (a) above or elsewhere herein, effective immediately upon the occurrence
of an Event of Default and for as long thereafter as such Event of Default
shall be continuing, the principal balance of all Loans, and the amount of all
other Obligations then due and payable, shall bear interest at a rate that is
two percent per annum in excess of the rate of interest applicable to such
Loans or other Obligations from time to time. Such interest shall be payable
on the date that would otherwise be applicable to such interest pursuant to
clause Section 2.9(b) above or otherwise on demand.

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     Section 2.10 Conversion/Continuation Option

     (a) The Borrower may elect (i) at any time on any Business Day to convert
Base Rate Loans or any portion thereof to Eurodollar Rate Loans and (ii) at the
end of any applicable Interest Period, to convert Eurodollar Rate Loans or any
portion thereof into Base Rate Loans or to continue such Eurodollar Rate Loans
or any portion thereof for an additional Interest Period; provided, however,
that the aggregate amount of the Eurodollar Loans for each Interest Period must
be in the amount of at least $1,000,000 or an integral multiple of $500,000 in
excess thereof. Each conversion or continuation shall be allocated among the
Loans of each Lender in accordance with such Lender’s Ratable Portion. Each
such election shall be in substantially the form of Exhibit E (Form of Notice
of Conversion or Continuation) (a “Notice of Conversion or Continuation”) and
shall be made by giving the Administrative Agent at least three Business Days’
prior written notice specifying (A) the amount and type of Loan being converted
or continued, (B) in the case of a conversion to or a continuation of
Eurodollar Rate Loans, the applicable Interest Period and (C) in the case of a
conversion, the date of such conversion.

     (b) The Administrative Agent shall promptly notify each Lender of its
receipt of a Notice of Conversion or Continuation and of the options selected
therein. Notwithstanding the foregoing, no conversion in whole or in part of
Base Rate Loans to Eurodollar Rate Loans and no continuation in whole or in
part of Eurodollar Rate Loans upon the expiration of any applicable Interest
Period shall be permitted at any time at which (A) a Default or an Event of
Default shall have occurred and be continuing or (B) the continuation of, or
conversion into, a Eurodollar Rate Loan would violate any provision of Section
2.13 (Special Provisions Governing Eurodollar Rate Loans). If, within the time
period required under the terms of this Section 2.10, the Administrative Agent
does not receive a Notice of Conversion or Continuation from the Borrower
containing a permitted election to continue any Eurodollar Rate Loans for an
additional Interest Period or to convert any such Loans, then, upon the
expiration of the applicable Interest Period, such Loans shall be automatically
converted to Base Rate Loans. Each Notice of Conversion or Continuation shall
be irrevocable.

     Section 2.11 Fees

     (a) Unused Commitment Fee. The Borrower agrees to pay in immediately
available Dollars to each Lender a commitment fee on the actual daily amount by
which the Revolving Credit Commitment of such Lender exceeds such Lender’s
Ratable Portion of the Revolving Credit Outstandings (the “Unused Commitment
Fee”) from the date hereof through the Revolving Credit Termination Date at the
Applicable Unused Commitment Fee Rate, payable in arrears (x) on the last
Business Day of each calendar quarter, commencing on the first such Business
Day following the Closing Date and (y) on the Revolving Credit Termination
Date.

     (b) Letter of Credit Fees. The Borrower agrees to pay the following
amounts with respect to Letters of Credit issued by any Issuer: (i) to the
Administrative Agent for the account of each Issuer of a Letter of Credit, with
respect to each Letter of Credit issued by such Issuer, an issuance fee equal
to 0.25% per annum of the average daily maximum undrawn face amount of such
Letter of Credit, payable in arrears (A) on the last Business Day of each
calendar quarter, commencing on the first such Business Day following the
issuance of such Letter of Credit and (B) on the Revolving Credit Termination
Date; provided that, in no event shall such issuance fee be less than $500;
(ii) to the Administrative Agent for the ratable benefit of the Lenders, with
respect to each Letter of Credit, a fee accruing in Dollars at a rate per annum
equal to the Applicable Margin for Eurodollar Rate Loans on the average daily
maximum

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undrawn face amount of such Letter of Credit, payable in arrears (A) on
the last Business Day of each calendar quarter, commencing on the first such
Business Day following the issuance of such Letter of Credit and (B) on the
Revolving Credit Termination Date; provided, however, that during the
continuance of an Event of Default, such fee shall be increased by two percent
per annum (instead of, and not in addition to, any increase pursuant to Section
2.9(c) (Interest)) and shall be payable on demand; and (iii) to the Issuer of
any Letter of Credit, with respect to the issuance, amendment or transfer of
each Letter of Credit and each drawing made thereunder, documentary and
processing charges in accordance with such Issuer’s standard schedule for such
charges in effect at the time of issuance, amendment, transfer or drawing, as
the case may be.

     (c) Additional Fees. The Borrower has agreed to pay to the Administrative
Agent and the Lead Arranger additional fees, the amount and dates of payment of
which are embodied in the Fee Letter.

     Section 2.12 Payments and Computations

     (a) The Borrower shall make each payment hereunder (including fees and
expenses) not later than 11:00 a.m. (New York time) on the day when due, in
Dollars to the Administrative Agent at its address referred to in Section 10.8
(Notices, Etc.) in immediately available funds without set-off or counterclaim.
The Administrative Agent shall promptly thereafter cause to be distributed
immediately available funds relating to the payment of principal, interest or
fees to the Lenders, in accordance with the application of payments set forth
in clause (e) or (f) below, as applicable, for the account of their respective
Applicable Lending Offices; provided, however, that amounts payable pursuant to
Section 2.14 (Capital Adequacy), Section 2.15 (Taxes) or Section 2.13(c) or (d)
(Special Provisions Governing Eurodollar Rate Loans) shall be paid only to the
affected Lender or Lenders. Payments received by the Administrative Agent
after 11:00 a.m. (New York time) shall be deemed to be received on the next
Business Day.

     (b) All computations of interest and of fees shall be made by the
Administrative Agent on the basis of a year of 360 days, in each case for the
actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest and fees are payable. Each
determination by the Administrative Agent of a rate of interest hereunder shall
be conclusive and binding for all purposes, absent manifest error.

     (c) Whenever any payment hereunder shall be stated to be due on a day
other than a Business Day, the due date for such payment shall be extended to
the next succeeding Business Day, and such extension of time shall in such case
be included in the computation of payment of interest or fees, as the case may
be; provided, however, that if such extension would cause payment of interest
on or principal of any Eurodollar Rate Loan to be made in the next calendar
month, such payment shall be made on the immediately preceding Business Day.
All repayments of any Revolving Loans shall be applied as follows: first, to
repay such Loans outstanding as Base Rate Loans and then, to repay such Loans
outstanding as Eurodollar Rate Loans, with those Eurodollar Rate Loans having
earlier expiring Eurodollar Interest Periods being repaid prior to those having
later expiring Eurodollar Interest Periods.

     (d) Unless the Administrative Agent shall have received notice from the
Borrower to the Lenders prior to the date on which any payment is due hereunder
that the Borrower will not make such payment in full, the Administrative Agent
may assume that the Borrower has made such payment in full to the
Administrative Agent on such date and the

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Administrative Agent may, in reliance upon such assumption, cause to be
distributed to each Lender on such due date an amount equal to the amount then
due such Lender. If and to the extent that the Borrower shall not have made
such payment in full to the Administrative Agent, each Lender shall repay to
the Administrative Agent forthwith on demand such amount distributed to such
Lender together with interest thereon (at the Federal Funds Rate for the first
Business Day and thereafter, at the rate applicable to Base Rate Loans) for
each day from the date such amount is distributed to such Lender until the date
such Lender repays such amount to the Administrative Agent.

     (e) Except for payments and other amounts received by the Administrative
Agent and applied in accordance with the provisions of clause (f) below (or
required to be applied in accordance with Section 2.8(a) (Mandatory
Prepayments)), all payments and any other amounts received by the
Administrative Agent from or for the benefit of the Borrower shall be applied
as follows: first, to pay principal of, and interest on, any portion of the
Loans the Administrative Agent may have advanced pursuant to the express
provisions of this Agreement on behalf of any Lender, for which the
Administrative Agent has not then been reimbursed by such Lender or the
Borrower, second, to pay all other Obligations then due and payable and third,
as the Borrower so designates. Payments in respect of Revolving Loans received
by the Administrative Agent shall be distributed to each Lender in accordance
with such Lender’s Ratable Portion of the Revolving Credit Commitments; and all
payments of fees and all other payments in respect of any other Obligation
shall be allocated among such of the Lenders and Issuers as are entitled
thereto and, for such payments allocated to the Lenders, in proportion to their
respective Ratable Portions.

     (f) The Borrower hereby irrevocably waives the right to direct the
application of any and all payments in respect of the Obligations and any
proceeds of Collateral after the occurrence and during the continuance of an
Event of Default and agrees that, notwithstanding the provisions of Section
2.8(a) (Mandatory Prepayments) and clause (e) above, the Administrative Agent
may, and, upon either (A) the written direction of the Requisite Lenders or (B)
the acceleration of the Obligations pursuant to Section 8.2 (Remedies), shall
apply all funds on deposit in any Cash Collateral Account and all proceeds of
Collateral in the following order: (i) first, to pay interest on and then
principal of any portion of the Revolving Loans that the Administrative Agent
may have advanced on behalf of any Lender for which the Administrative Agent
has not then been reimbursed by such Lender or the Borrower; (ii) second, to
pay Secured Obligations in respect of any expense reimbursements or indemnities
and Cash Management Obligations then due to the Administrative Agent; (iii)
third, to pay Secured Obligations in respect of any expense reimbursements or
indemnities and Cash Management Obligations then due to the Lenders and the
Issuers; (iv) fourth, to pay Secured Obligations in respect of any fees then
due to the Administrative Agent, the Lenders and the Issuers; (v) fifth, to pay
interest then due and payable in respect of the Loans and Reimbursement
Obligations; (vi) sixth, to pay or prepay principal amounts on the Loans and
Reimbursement Obligations and to provide cash collateral for outstanding Letter
of Credit Undrawn Amounts in the manner described in Section 8.3 (Actions in
Respect of Letters of Credit), and to pay Cash Management Obligations and
amounts owing with respect to Hedging Contracts, ratably to the aggregate
principal amount of such Loans, Reimbursement Obligations and Letter of Credit
Undrawn Amounts, Cash Management Obligations, and Obligations owing with
respect to Hedging Contracts; and (vii) seventh, to the ratable payment of all
other Secured Obligations;

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provided, however, that if sufficient funds are not available to fund all
payments to be made in respect of any Secured Obligation described in any of
clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) above, the available funds
being applied with respect to any such Secured Obligation (unless otherwise
specified in such clause) shall be allocated to the payment of such Secured
Obligation ratably, based on the proportion of the Administrative Agent’s and
each Lender’s or Issuer’s interest in the aggregate outstanding Secured
Obligations described in such clauses. The order of priority set forth in
clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) above may at any time and
from time to time be changed by the agreement of the Requisite Lenders without
necessity of notice to or consent of or approval by the Borrower, any Secured
Party that is not a Lender or Issuer or by any other Person that is not a
Lender or Issuer. The order of priority set forth in clauses (i), (ii), (iii),
and (iv) above may be changed only with the prior written consent of the
Administrative Agent in addition to that of the Requisite Lenders.

     Section 2.13 Special Provisions Governing Eurodollar Rate Loans

     (a) Determination of Interest Rate. The Eurodollar Rate for each Interest
Period for Eurodollar Rate Loans shall be determined by the Administrative
Agent pursuant to the procedures set forth in the definition of “Eurodollar
Rate.” The Administrative Agent’s determination shall be presumed to be
correct absent manifest error and shall be binding on the Borrower.

     (b) Interest Rate Unascertainable, Inadequate or Unfair. In the event
that (i) the Administrative Agent determines that adequate and fair means do
not exist for ascertaining the applicable interest rates by reference to which
the Eurodollar Rate then being determined is to be fixed or (ii) the Requisite
Lenders notify the Administrative Agent that the Eurodollar Rate for any
Interest Period will not adequately reflect the cost to the Lenders of making
or maintaining such Loans for such Interest Period, the Administrative Agent
shall forthwith so notify the Borrower and the Lenders, whereupon each
Eurodollar Loan shall automatically, on the last day of the current Interest
Period for such Loan, convert into a Base Rate Loan and the obligations of the
Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into
Eurodollar Rate Loans shall be suspended until the Administrative Agent shall
notify the Borrower that the Requisite Lenders have determined that the
circumstances causing such suspension no longer exist.

     (c) Increased Costs. If at any time any Lender determines that the
introduction of, or any change in or in the interpretation of, any law, treaty
or governmental rule, regulation or order (other than any change by way of
imposition or increase of reserve requirements included in determining the
Eurodollar Rate) or the compliance by such Lender with any guideline, request
or directive from any central bank or other Governmental Authority (whether or
not having the force of law), shall have the effect of increasing the cost to
such Lender of agreeing to make or making, funding or maintaining any
Eurodollar Rate Loans, then the Borrower shall from time to time, upon demand
by such Lender (with a copy of such demand to the Administrative Agent), pay to
the Administrative Agent for the account of such Lender additional amounts
sufficient to compensate such Lender for such increased cost. A certificate as
to the amount of such increased cost, submitted to the Borrower and the
Administrative Agent by such Lender, shall be conclusive and binding for all
purposes, absent manifest error.

     (d) Illegality. Notwithstanding any other provision of this Agreement, if
any Lender determines that the introduction of, or any change in or in the
interpretation of, any law, treaty or governmental rule, regulation or order
after the date of this Agreement shall make it

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unlawful, or any central bank or other Governmental Authority shall assert
that it is unlawful, for any Lender or its Eurodollar Lending Office to make
Eurodollar Rate Loans or to continue to fund or maintain Eurodollar Rate Loans,
then, on notice thereof and demand therefor by such Lender to the Borrower
through the Administrative Agent, (i) the obligation of such Lender to make or
to continue Eurodollar Rate Loans and to convert Base Rate Loans into
Eurodollar Rate Loans shall be suspended, and each such Lender shall make a
Base Rate Loan as part of any requested Borrowing of Eurodollar Rate Loans and
(ii) if the affected Eurodollar Rate Loans are then outstanding, the Borrower
shall immediately convert each such Loan into a Base Rate Loan. If, at any
time after a Lender gives notice under this clause (d), such Lender determines
that it may lawfully make Eurodollar Rate Loans, such Lender shall promptly
give notice of that determination to the Borrower and the Administrative Agent,
and the Administrative Agent shall promptly transmit the notice to each other
Lender. The Borrower’s right to request, and such Lender’s obligation, if any,
to make Eurodollar Rate Loans shall thereupon be restored.

     (e) Breakage Costs. In addition to all amounts required to be paid by the
Borrower pursuant to Section 2.9 (Interest), the Borrower shall compensate each
Lender, upon demand, for all losses, expenses and liabilities (including any
loss or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund or maintain such
Lender’s Eurodollar Rate Loans to the Borrower but excluding any loss of the
Applicable Margin on the relevant Loans) that such Lender may sustain (i) if
for any reason (other than solely by reason of such Lender being a Non-Funding
Lender) a proposed Borrowing, conversion into or continuation of Eurodollar
Rate Loans does not occur on a date specified therefor in a Notice of Borrowing
or a Notice of Conversion or Continuation given by the Borrower or in a
telephonic request by it for borrowing or conversion or continuation or a
successive Interest Period does not commence after notice therefor is given
pursuant to Section 2.10 (Conversion/Continuation Option), (ii) if for any
reason any Eurodollar Rate Loan is prepaid (including mandatorily pursuant to
Section 2.8 (Mandatory Prepayments)) on a date that is not the last day of the
applicable Interest Period, (iii) as a consequence of a required conversion of
a Eurodollar Rate Loan to a Base Rate Loan as a result of any of the events
indicated in clause (d) above or (iv) as a consequence of any failure by the
Borrower to repay Eurodollar Rate Loans when required by the terms hereof. The
Lender making demand for such compensation shall deliver to the Borrower
concurrently with such demand a written statement as to such losses, expenses
and liabilities, and this statement shall be conclusive as to the amount of
compensation due to such Lender, absent manifest error.

     Section 2.14 Capital Adequacy. If at any time any Lender determines that
(a) the adoption of, or any change in or in the interpretation of, any law,
treaty or governmental rule, regulation or order after the date of this
Agreement regarding capital adequacy, (b) compliance with any such law, treaty,
rule, regulation or order or (c) compliance with any guideline or request or
directive from any central bank or other Governmental Authority (whether or not
having the force of law) shall have the effect of reducing the rate of return
on such Lender’s (or any corporation controlling such Lender’s) capital as a
consequence of its obligations hereunder or under or in respect of any Letter
of Credit to a level below that which such Lender or such corporation could
have achieved but for such adoption, change, compliance or interpretation,
then, upon demand from time to time by such Lender (with a copy of such demand
to the Administrative Agent), the Borrower shall pay to the Administrative
Agent for the account of such Lender, from time to time as specified by such
Lender, additional amounts sufficient to compensate such Lender for such
reduction. A certificate as to such amounts

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submitted to the Borrower and the Administrative Agent by such Lender
shall be conclusive and binding for all purposes absent manifest error.

     Section 2.15 Taxes

     (a) Except as otherwise provided in this Section 2.15, any and all
payments by any Loan Party under each Loan Document shall be made free and
clear of and without deduction for any and all present or future taxes, levies,
imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, excluding (i) in the case of each Lender, each Issuer and the
Administrative Agent (A) taxes measured by its net income, and franchise taxes
imposed on it, and similar taxes imposed by the jurisdiction (or any political
subdivision thereof) under the laws of which such Lender, such Issuer or the
Administrative Agent (as the case may be) is organized and (B) any United
States withholding taxes payable with respect to payments under the Loan
Documents under laws (including any statute, treaty or regulation) in effect on
the Closing Date (or, in the case of (x) an Eligible Assignee, the date of the
Assignment and Acceptance, (y) a successor Administrative Agent, the date of
the appointment of such Administrative Agent, and (z) a successor Issuer, the
date such Issuer becomes an Issuer) applicable to such Lender, such Issuer or
the Administrative Agent, as the case may be, but not excluding any United
States withholding taxes payable as a result of any change in such laws
occurring after the Closing Date (or the date of such Assignment and Acceptance
or the date of such appointment of such Administrative Agent or the date such
Issuer becomes an Issuer) and (ii) in the case of each Lender or each Issuer,
taxes measured by its net income, and franchise taxes imposed on it as a result
of a present or former connection between such Lender or such Issuer (as the
case may be) and the jurisdiction of the Governmental Authority imposing such
tax or any taxing authority thereof or therein (all such non-excluded taxes,
levies, imposts, deductions, charges, withholdings and liabilities being
hereinafter referred to as “Taxes”). If any Taxes shall be required by law to
be deducted from or in respect of any sum payable under any Loan Document to
any Lender, any Issuer or the Administrative Agent (w) the sum payable shall be
increased as may be necessary so that, after making all required deductions
(including deductions applicable to additional sums payable under this Section
2.15, such Lender, such Issuer or the Administrative Agent (as the case may be)
receives an amount equal to the sum it would have received had no such
deductions been made, (x) the relevant Loan Party shall make such deductions,
(y) the relevant Loan Party shall pay the full amount deducted to the relevant
taxing authority or other authority in accordance with applicable law and (z)
the relevant Loan Party shall deliver to the Administrative Agent evidence of
such payment.

     (b) In addition, each Loan Party agrees to pay any present or future stamp
or documentary taxes or any other excise or property taxes, charges or similar
levies of the United States or any political subdivision thereof or any
applicable foreign jurisdiction, and all liabilities with respect thereto, in
each case arising from any payment made under any Loan Document or from the
execution, delivery or registration of, or otherwise with respect to, any Loan
Document (collectively, “Other Taxes”).

     (c) Each Loan Party shall, jointly and severally, indemnify each Lender,
each Issuer and the Administrative Agent for the full amount of Taxes and Other
Taxes (including any Taxes and Other Taxes imposed by any jurisdiction on
amounts payable under this Section 2.15) paid by such Lender, such Issuer or
the Administrative Agent (as the case may be) and any liability (including for
penalties, interest and expenses) arising therefrom or with respect thereto,
whether or not such Taxes or Other Taxes were correctly or legally asserted.
This

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indemnification shall be made within 30 days from the date such Lender,
such Issuer or the Administrative Agent (as the case may be) makes written
demand therefor.

     (d) Within 30 days after the date of any payment of Taxes or Other Taxes
by any Loan Party, the Borrower shall furnish to the Administrative Agent, at
its address referred to in Section 10.8 (Notices, Etc.), the original or a
certified copy of a receipt evidencing payment thereof.

     (e) Without prejudice to the survival of any other agreement of any Loan
Party hereunder or under the Guaranty, the agreements and obligations of such
Loan Party contained in this Section 2.15 shall survive the payment in full of
the Obligations.

     (f) (i) Each Non-U.S. Lender that is entitled at such time to an
exemption from United States withholding tax, or that is subject to such tax at
a reduced rate under an applicable tax treaty, shall (v) on or prior to the
Closing Date if such Non-U.S. Lender is a signatory hereto, (w) otherwise, on
or prior to the date of the Assignment and Acceptance pursuant to which such
Non-U.S. Lender becomes a Lender, Issuer or the Administrative Agent hereunder,
(x) on or prior to the date on which any such form or certification expires or
becomes obsolete, (y) after the occurrence of any event requiring a change in
the most recent form or certification previously delivered by it to the
Borrower and the Administrative Agent, and (z) from time to time if requested
by the Borrower or the Administrative Agent, provide the Administrative Agent
and the Borrower with two completed originals of each of the following, as
applicable: (i) Form W-8ECI (claiming exemption from U.S. withholding tax
because the income is effectively connected with a U.S. trade or business) or
any successor form; (ii) Form W-8BEN (claiming exemption from, or a reduction
of, U.S. withholding tax under an income tax treaty) or any successor form;
(iii) in the case of a Non-U.S. Lender claiming exemption under Sections 871(h)
or 881(c) of the Code, a Form W-8BEN (claiming exemption from U.S. withholding
tax under the portfolio interest exemption) or any successor form; or (iv) any
other applicable form, certificate or document prescribed by the IRS certifying
as to such Non-U.S. Lender’s entitlement to such exemption from United States
withholding tax or reduced rate with respect to all payments to be made to such
Non-U.S. Lender under the Loan Documents. Unless the Borrower and the
Administrative Agent have received forms or other documents satisfactory to
them indicating that payments under any Loan Document to or for a Non-U.S.
Lender are not subject to United States withholding tax or are subject to such
tax at a rate reduced by an applicable tax treaty, the Loan Parties and the
Administrative Agent shall withhold amounts required to be withheld by
applicable Requirements of Law from such payments at the applicable statutory
rate.

     (g) Any Lender claiming any additional amounts payable pursuant to this
Section 2.15 shall use its reasonable efforts (consistent with its internal
policies and Requirements of Law) to change the jurisdiction of its Applicable
Lending Office if the making of such a change would avoid the need for, or
reduce the amount of, any such additional amounts that would be payable or may
thereafter accrue and would not, in the sole determination of such Lender, be
otherwise disadvantageous to such Lender.

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ARTICLE III

CONDITIONS TO LOANS AND LETTERS OF CREDIT

     Section 3.1 Conditions Precedent to Initial Loans and Letters of Credit

     The obligation of each Lender to make the Loans requested to be made by it
on the Closing Date and the obligation of each Issuer to Issue Letters of
Credit on the Closing Date is subject to the satisfaction or due waiver in
accordance with Section 10.1 (Amendments, Waivers, Etc.) of each of the
following conditions precedent:

     (a) Certain Documents. The Administrative Agent shall have received on or
prior to the Closing Date (and, to the extent any Borrowing of any Eurodollar
Rate Loans is requested to be made on the Closing Date, in respect of the
Notice of Borrowing for such Eurodollar Rate Loans, at least three Business
Days prior to the Closing Date) each of the following, each dated the Closing
Date unless otherwise indicated or agreed to by the Administrative Agent, in
form and substance satisfactory to the Administrative Agent and in sufficient
copies for each Lender:

     (i) this Agreement, duly executed and delivered by the Borrower and,
for the account of each Lender requesting the same, a Note of the
Borrower conforming to the requirements set forth herein;

     (ii) the Guaranty, duly executed by each Subsidiary Guarantor;

     (iii) the Pledge and Security Agreement, duly executed by the
Borrower and each Subsidiary Guarantor, together with each of the
following: (A) evidence satisfactory to the Administrative Agent that,
upon the filing and recording of instruments delivered at the Closing,
the Administrative Agent (for the benefit of the Secured Parties) shall
have a valid and perfected first priority security interest in the
Collateral; (B) all certificates, instruments and other documents
representing all Pledged Stock being pledged pursuant to such Pledge and
Security Agreement and stock powers for such certificates, instruments
and other documents executed in blank; (C) all instruments representing
Pledged Debt Instruments being pledged pursuant to such Pledge and
Security Agreement duly endorsed in favor of the Administrative Agent or
in blank; provided, however, that any instruments representing Pledged
Debt Instruments set forth on Schedule 2 to the Pledge and Security
Agreement that have not been delivered by the Borrower on or before the
Closing Date shall be delivered by the Borrower to the Administrative
Agent not later than 60 days following the Closing Date (or by such later
date as may be agreed to by the Administrative Agent); and (D) Securities
Account Control Agreements duly executed by the appropriate Loan Party
and (1) all “securities intermediaries” (as defined in the UCC) with
respect to all Securities Accounts and securities entitlements of the
Borrower and each Subsidiary Guarantor and (2) all “commodities
intermediaries” (as defined in the UCC) with respect to all commodities
contracts and commodities accounts held by the Borrower and each
Subsidiary Guarantor;

     (iv) the Cayman Share Mortgage, along with certificates representing
all Pledged Stock being pledged thereunder and stock powers for such
certificates executed in blank;

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     (v) Mortgages and UCC fixture filings for all of the Real Properties
of the Loan Parties identified on Schedule 4.16 (Real Property) (except
as may be agreed to by the Administrative Agent), together with title
policies, surveys, opinion(s) of counsel and other supporting
documentation reasonably acceptable to the Administrative Agent;
provided, however, that the Borrower shall be required to deliver a
zoning verification letter in form and substance reasonably acceptable to
the Administrative Agent not later than 15 Business Days following the
Closing Date (or by such later date as may be agreed to by the
Administrative Agent);

     (vi) a favorable opinion of (A) Wilson Sonsini Goodrich & Rosati,
counsel to the Loan Parties, in substantially the form of Exhibit F (Form
of Opinion of Counsel for the Loan Parties), (B) counsel to the Loan
Parties in Arizona, in each case addressed to the Administrative Agent
and the Lenders and addressing such other matters as any Lender through
the Administrative Agent may reasonably request and (C) counsel to the
Administrative Agent as to the enforceability of this Agreement and the
other Loan Documents to be executed on the Closing Date;

     (vii) a copy of the articles or certificate of incorporation (or
equivalent Constituent Document) of each Loan Party, certified as of a
recent date by the Secretary of State of the state of organization of
such Loan Party, together with certificates of such official attesting to
the good standing of each such Loan Party;

     (viii) a certificate of the Secretary or an Assistant Secretary of
each Loan Party certifying (A) the names and true signatures of each
officer of such Loan Party that has been authorized to execute and
deliver any Loan Document or other document required hereunder to be
executed and delivered by or on behalf of such Loan Party, (B) the
by-laws (or equivalent Constituent Document) of such Loan Party as in
effect on the date of such certification, (C) the resolutions of such
Loan Party’s Board of Directors (or equivalent governing body) approving
and authorizing the execution, delivery and performance of this Agreement
and the other Loan Documents to which it is a party and (D) that there
have been no changes in the certificate of incorporation (or equivalent
Constituent Document) of such Loan Party from the certificate of
incorporation (or equivalent Constituent Document) delivered pursuant to
clause (vii) above;

     (ix) a certificate of a Responsible Officer to the effect that (A)
the condition set forth in Section 3.2(b) (Conditions Precedent to Each
Loan and Letter of Credit) has been satisfied and (B) no litigation not
listed on Schedule 4.6 (Litigation) shall have been commenced against any
Loan Party or any of its Subsidiaries that would have a Material Adverse
Effect;

     (x) evidence satisfactory to the Administrative Agent that the
insurance policies required by Section 6.4 (Maintenance of Insurance) and
any Collateral Document are in full force and effect, together with,
unless otherwise agreed by the Administrative Agent, endorsements naming
the Administrative Agent, on behalf of the Secured Parties, as an
additional insured or loss payee under all insurance policies to be
maintained with respect to the properties of the Borrower and each other
Loan Party;

     (xi) the Projections referred to in Section 4.4(b);

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     (xii) an A/R Test Certificate dated as of the Effective Date; and

     (xiii) such other certificates, documents, agreements and
information respecting any Loan Party as any Lender through the
Administrative Agent may reasonably request.

     (b) Fees and Expenses Paid. There shall have been paid to the
Administrative Agent, for the account of the Administrative Agent and the
Lenders, as applicable, all fees and expenses (including reasonable fees and
expenses of counsel) due and payable on or before the Closing Date (including
all such fees described in the Fee Letter).

     (c) Refinancing of Existing Credit Agreement. (i) All obligations under
the Existing Credit Agreement shall have been repaid in full, (ii) the Existing
Credit Agreement and all Loan Documents (as defined therein) and all Liens
thereunder shall have been terminated on terms satisfactory to the
Administrative Agent and (iii) the Administrative Agent shall have received a
payoff letter duly executed and delivered by the Borrower and the Existing
Agent or other evidence of such termination in each case in form and substance
satisfactory to the Administrative Agent.

     (d) Consents, Etc. Each of the Borrower and its Subsidiaries shall have
received all consents and authorizations required pursuant to any material
Contractual Obligation with any other Person and shall have obtained all
Permits of, and effected all notices to and filings with, any Governmental
Authority, in each case, as may be necessary to allow each of the Borrower and
its Subsidiaries lawfully (i) to execute, deliver and perform, in all material
respects, their respective obligations hereunder and under the Loan Documents
and the Related Documents to which each of them, respectively, is, or shall be,
a party and each other agreement or instrument to be executed and delivered by
each of them, respectively, pursuant thereto or in connection therewith and
(ii) to create and perfect the Liens on the Collateral to be owned by each of
them in the manner and for the purpose contemplated by the Loan Documents.

     Section 3.2 Conditions Precedent to Each Loan and Letter of Credit

     The obligation of each Lender on any date (including the Closing Date) to
make any Loan and of each Issuer on any date (including the Closing Date) to
Issue any Letter of Credit is subject to the satisfaction of each of the
following conditions precedent:

     (a) Request for Borrowing or Issuance of Letter of Credit. With respect
to any Loan, the Administrative Agent shall have received a duly executed
Notice of Borrowing and, with respect to any Letter of Credit, the
Administrative Agent and the Issuer shall have received a duly executed Letter
of Credit Request.

     (b) Representations and Warranties; No Defaults. The following statements
shall be true on the date of such Loan or Issuance, both before and after
giving effect thereto and, in the case of any Loan, to the application of the
proceeds thereof: (i) the representations and warranties set forth in Article
IV (Representations and Warranties) and in the other Loan Documents shall be
true and correct on and as of the Closing Date and shall be true and correct in
all material respects on and as of any such date after the Closing Date with
the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties shall have

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been true and correct in all material respects as of such earlier date;
and (ii) no Default or Event of Default shall have occurred and be continuing.

     (c) No Legal Impediments. The making of the Loans or the Issuance of such
Letter of Credit on such date does not violate any Requirement of Law on the
date of or immediately following such Loan or Issuance of such Letter of Credit
and is not enjoined, temporarily, preliminarily or permanently.

     (d) Maximum Credit. For each Revolving Loan or issuance or renewal of any
Letter of Credit, after giving effect to such Revolving Loan or issuance or
renewal of such Letter of Credit, the Revolving Credit Outstandings will not
exceed the Maximum Credit at such time (as evidenced by an updated A/R Test
Certificate, if necessary).

     (e) Additional Matters. The Administrative Agent shall have received such
additional documents, information and materials as any Lender, through the
Administrative Agent, may reasonably request.

Each submission by the Borrower to the Administrative Agent of a Notice of
Borrowing and the acceptance by the Borrower of the proceeds of each Loan
requested therein, and each submission by the Borrower to an Issuer of a Letter
of Credit Request, and the Issuance of each Letter of Credit requested therein,
shall be deemed to constitute a representation and warranty by the Borrower as
to the matters specified in clause (b) above on the date of the making of such
Loan or the Issuance of such Letter of Credit.

     Section 3.3 Determinations of Initial Borrowing Conditions. For purposes
of determining compliance with the conditions specified in Section 3.1
(Conditions Precedent to Initial Loans and Letters of Credit), each Lender
shall be deemed to have consented to, approved, accepted or be satisfied with,
each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to the Lenders unless an officer of
the Administrative Agent responsible for the transactions contemplated by the
Loan Documents shall have received notice from such Lender prior to the initial
Borrowing or Issuance or deemed Issuance hereunder specifying its objection
thereto and such Lender shall not have made available to the Administrative
Agent such Lender’s Ratable Portion of such Borrowing.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     To induce the Lenders, the Issuers and the Administrative Agent to enter
into this Agreement, the Borrower represents and warrants each of the following
to the Lenders, the Issuers and the Administrative Agent, on and as of the
Closing Date and after giving effect to the Acquisition and the making of the
Loans and the other financial accommodations on the Closing Date and on and as
of each date as required by Section 3.2(b) (Conditions Precedent to Each Loan
and Letter of Credit):

     Section 4.1 Corporate Existence; Compliance with Law. Each Loan Party and
each of its Subsidiaries (a) is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, (b) is duly
qualified to do business as a foreign entity and in good standing under the
laws of each jurisdiction where such qualification is necessary, except where
the failure to be so qualified or in good standing would not, in the aggregate,
have a

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Material Adverse Effect, (c) has all requisite power and authority and the
legal right to own, pledge, mortgage and operate its properties, to lease the
property it operates under lease and to conduct its business as now or
currently proposed to be conducted, (d) is in compliance with its Constituent
Documents, (e) is in compliance with all applicable Requirements of Law except
where the failure to be in compliance would not, in the aggregate, have a
Material Adverse Effect and (f) has all necessary Permits from or by, has made
all necessary filings with, and has given all necessary notices to, each
Governmental Authority having jurisdiction, to the extent required for such
ownership, operation and conduct, except for Permits or filings that can be
obtained or made by the taking of ministerial action to secure the grant or
transfer thereof or the failure to obtain or make would not, in the aggregate,
have a Material Adverse Effect.

     Section 4.2 Corporate Power; Authorization; Enforceable Obligations

     (a) The execution, delivery and performance by each Loan Party of the Loan
Documents to which it is a party and the consummation of the transactions
contemplated thereby: (i) are within such Loan Party’s corporate, limited
liability company, partnership or other powers; (ii) have been or, at the time
of delivery thereof pursuant to Article III (Conditions to Loans and Letters of
Credit) will have been duly authorized by all necessary action, including the
consent of shareholders, partners and members where required; (iii) do not and
will not (A) contravene such Loan Party’s or any of its Subsidiaries’
respective Constituent Documents, (B) violate any other Requirement of Law
applicable to such Loan Party, or any order or decree of any Governmental
Authority or arbitrator applicable to such Loan Party, (C) conflict with or
result in the breach of, or constitute a default under, or result in or permit
the termination or acceleration of, any Related Document or any other material
Contractual Obligation of such Loan Party or any of its Subsidiaries or (D)
result in the creation or imposition of any Lien upon any property of such Loan
Party or any of its Subsidiaries, other than those in favor of the Secured
Parties pursuant to the Collateral Documents; and (iv) do not require the
consent of, authorization by, approval of, notice to, or filing or registration
with, any Governmental Authority or any other Person, other than those listed
on Schedule 4.2 (Consents) and that have been or will be, prior to the Closing
Date, obtained or made, copies of which have been or will be delivered to the
Administrative Agent pursuant to Section 3.1 (Conditions Precedent to Initial
Loans and Letters of Credit), and each of which on the Closing Date will be in
full force and effect and, with respect to the Collateral, filings required to
perfect the Liens created by the Collateral Documents.

     (b) This Agreement has been, and each of the other Loan Documents will
have been upon delivery thereof pursuant to the terms of this Agreement, duly
executed and delivered by each Loan Party party thereto. This Agreement is,
and the other Loan Documents will be, when delivered hereunder, the legal,
valid and binding obligation of each Loan Party party thereto, enforceable
against such Loan Party in accordance with its terms.

     Section 4.3 Ownership of Subsidiaries. Set forth on Schedule 4.3
(Ownership of Subsidiaries) is a complete and accurate list showing, as of the
Closing Date, all Subsidiaries of the Borrower and, as to each such Subsidiary,
the jurisdiction of its organization, the number of shares of each class of
Stock authorized (if applicable), the number outstanding on the Closing Date
and the number and percentage of the outstanding shares of each such class
owned (directly or indirectly) by the Borrower. No Stock or any Subsidiary of
the Borrower is subject to any outstanding option, warrant, right of conversion
or purchase of any similar right. All of the outstanding Stock of each
Subsidiary of the Borrower owned (directly or indirectly) by the Borrower has
been validly issued, is fully paid and non-assessable (to the extent
applicable) and is owned by the Borrower or a Subsidiary of the Borrower, free
and clear of all Liens (other

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than the Lien in favor of the Secured Parties created pursuant to the
Pledge and Security Agreement), options, warrants, rights of conversion or
purchase or any similar rights. Neither the Borrower nor any such Subsidiary
is a party to, or has knowledge of, any agreement restricting the transfer or
hypothecation of any Stock of any such Subsidiary, other than the Loan
Documents. The Borrower does not own or hold, directly or indirectly, any
Stock of any Person other than such Subsidiaries and Investments permitted by
Section 7.3 (Investments).

     Section 4.4 Financial Statements

     (a) The Consolidated balance sheet of the Borrower and its Subsidiaries as
at December 31, 2003, and the related Consolidated statement of income and
Consolidated statement of cash flows of the Borrower and its Subsidiaries for
the Fiscal Year then ended, accompanied by an unqualified opinion of
PriceWaterhouseCoopers LLP, independent public accountants, and the
Consolidated balance sheet of the Borrower and its Subsidiaries as at December
31, 2003, and the related Consolidated statement of income and Consolidated
statement of cash flows of the Borrower and its Subsidiaries for the twelve
months then ended, duly certified by the chief financial officer of the
Borrower, copies of which have been furnished to each Lender, fairly present
the Consolidated financial condition of the Borrower and its Subsidiaries as at
such dates and the Consolidated results of operations of the Borrower and its
Subsidiaries for the periods ended on such dates, all in accordance with
generally accepted accounting principles applied on a consistent basis, and
since December 31, 2003, there has been no Material Adverse Change.

     (b) The Projections have been prepared by the Borrower in light of the
past operations of its business, and reflect projections for the three year
period beginning with the Fiscal Quarter ending June 30, 2004 on a Fiscal
Quarter by Fiscal Quarter basis thereafter. The Projections are based upon
estimates and assumptions stated therein, all of which the Borrower believes to
be reasonable and fair in light of current conditions and current facts known
to the Borrower and, as of the Closing Date, reflect the Borrower’s good faith
and reasonable estimates of the future financial performance of the Borrower
and its Subsidiaries and of the other information projected therein for the
periods set forth therein.

     Section 4.5 Solvency. Each Loan Party, individually and together with its
Subsidiaries, is Solvent.

     Section 4.6 Litigation. Except as set forth on Schedule 4.6 (Litigation),
there are no pending or, to the knowledge of the Borrower, threatened actions,
investigations or proceedings affecting the Borrower or any of its Subsidiaries
before any court, Governmental Authority or arbitrator other than those that,
in the aggregate, would not reasonably be expected to have a Material Adverse
Effect. The performance of any action by any Loan Party required or
contemplated by any Loan Document or any Related Document is not restrained or
enjoined (either temporarily, preliminarily or permanently).

     Section 4.7 Taxes. All federal, state, local and foreign income and
franchise and other material tax returns, reports and statements (collectively,
the “Tax Returns”) which, to the knowledge of the Borrower, are required to be
filed by the Borrower or any of its Tax Affiliates have been filed with the
appropriate Governmental Authorities in all jurisdictions in which such Tax
Returns are required to be filed, and all taxes, charges and other impositions
reflected therein or otherwise due and payable have been paid prior to the date
on which any fine, penalty, interest, late charge or loss may be added thereto
for non-payment thereof except where

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contested in good faith and by appropriate proceedings if adequate
reserves therefor have been established on the books of the Borrower or such
Tax Affiliate in conformity with GAAP.

     Section 4.8 Full Disclosure. The information prepared or furnished by or
on behalf of any Loan Party in connection with the negotiation of the Loan
Documents or pursuant to the terms of the Loan Documents 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 contained therein or herein not
misleading; provided, however, that to the extent that any such statement
constitutes a projection of future financial performance, such statement is
only represented and warranted hereby to have been made in good faith on the
basis of the assumptions stated therein, which assumptions were fair in the
light of conditions existing at the time of delivery of the information,
exhibit or report, and represented, at the time of delivery, the Borrower’s
best estimate of such future financial performance.

     Section 4.9 Margin Regulations. The Borrower is not engaged in the
business of extending credit for the purpose of purchasing or carrying margin
stock (within the meaning of Regulation U of the Federal Reserve Board), and no
proceeds of any Loan will be used to purchase or carry any such margin stock or
to extend credit to others for the purpose of purchasing or carrying any such
margin stock in contravention of Regulation T, U or X of the Federal Reserve
Board.

     Section 4.10 No Burdensome Restrictions; No Defaults. Neither any Loan
Party nor any of its Subsidiaries is a party to any indenture, loan or credit
agreement or any lease or other agreement or instrument or subject to any
charter or corporate restriction that would reasonably be expected to have a
Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is
in default under or with respect to any Contractual Obligation owed by it,
other than those defaults which in the aggregate would not have a Material
Adverse Effect. No Default or Event of Default has occurred and is continuing.

     Section 4.11 Investment Company Act; Public Utility Holding Company Act.
None of the Borrower nor any Subsidiary of the Borrower is (a) an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter”
for, an “investment company,” as such terms are defined in the Investment
Company Act of 1940, as amended or (b) a “holding company” or an “affiliate” of
a “holding company” or a “subsidiary company” of a “holding company,” as each
such term is defined and used in the Public Utility Holding Company Act of
1935, as amended.

     Section 4.12 Use of Proceeds. The proceeds of the Loans and the Letters
of Credit are being used by the Borrower (and, to the extent distributed to
them by the Borrower, each other Loan Party) solely for working capital and
general corporate purposes in compliance with all applicable Requirements of
Law.

     Section 4.13 Labor Matters. Neither the business nor the properties of
any Loan Party or any of its Subsidiaries are affected by any fire, explosion,
accident, strike, lockout or other labor dispute, drought, storm, hail,
earthquake, embargo, act of God or of the public enemy or other casualty
(whether or not covered by insurance) that could be reasonably likely to have a
Material Adverse Effect.

     Section 4.14 ERISA. Each employee benefit plan of the Borrower or any of
its Subsidiaries which is intended to qualify under Section 401 of the Code
does so qualify, and

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any trust created thereunder is exempt from tax under the provisions of
Section 501 of the Code, except where such failures in the aggregate would not
have a Material Adverse Effect. Each Title IV Plan is in compliance in all
material respects with applicable provisions of ERISA, the Code and other
Requirements of Law except for non-compliances that in the aggregate would not
have a Material Adverse Effect. There has been no, nor is there reasonably
expected to occur, any ERISA Event which would have a Material Adverse Effect.
None of the Borrower, any of the Borrower’s Subsidiaries or any ERISA Affiliate
would have any Withdrawal Liability as a result of a complete withdrawal as of
the date hereof from any Multiemployer Plan.

     Section 4.15 Environmental Matters. The operations of the Borrower and
each of its Subsidiaries have been and are in compliance with all Environmental
Laws, including obtaining and complying with all required environmental, health
and safety Permits, other than non-compliances that in the aggregate would not
have a Material Adverse Effect. None of the Borrower or any of its
Subsidiaries or any real property currently or, to the knowledge of the
Borrower, previously owned, operated or leased by or for the Borrower or any of
its Subsidiaries is subject to any pending or, to the knowledge of the
Borrower, threatened, claim, order, agreement, notice of violation, notice of
potential liability or is the subject of any pending or threatened proceeding
or governmental investigation under or pursuant to Environmental Laws other
than those that in the aggregate would not have a Material Adverse Effect.
None of the Borrower or any of its Subsidiaries is a treatment, storage or
disposal facility requiring a Part B permit under the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq., the regulations thereunder or any state
analog.

     Section 4.16 Title; Real Property; Leased Property. Set forth on Schedule
4.16(a) (Real Property) is a complete and accurate list of all real property
owned by any Loan Party or any of its Subsidiaries in the United States,
showing as of the date hereof the street address, county or other relevant
jurisdiction, state, record owner and book and estimated fair value thereof.
Each Loan Party or such Subsidiary has good, marketable and insurable fee
simple title to such real property, free and clear of all Liens, other than
Liens created or permitted by the Loan Documents. Set forth on Schedule
4.16(b) (Leased Property) is a complete and accurate list of all leases of real
property in the United States under which any Loan Party or any of its
Subsidiaries is the lessee, showing as of the date hereof the street address,
county or other relevant jurisdiction, state, lessor, lessee, expiration date
and annual rental cost thereof. Each such lease is the legal, valid and
binding obligation of the lessor thereof, enforceable in accordance with its
terms.

ARTICLE V

REPORTING COVENANTS

     The Borrower agrees with the Lenders, the Issuers and the Administrative
Agent to each of the following, as long as any Obligation or any Revolving
Credit Commitment remains outstanding and, in each case, unless the Requisite
Lenders otherwise consent in writing:

     Section 5.1 Financial Statements

     The Borrower shall furnish to the Administrative Agent (with sufficient
copies for each of the Lenders) each of the following:

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     (a) Quarterly Reports. Within 45 days after the end of each of the first
three Fiscal Quarters of each Fiscal Year, financial information regarding the
Borrower and its Subsidiaries consisting of Consolidated unaudited balance
sheets as of the close of such quarter and the related statements of income and
cash flow for such quarter and that portion of the Fiscal Year ending as of the
close of such quarter, setting forth in comparative form the figures for the
corresponding period in the prior year, in each case certified by a Responsible
Officer of the Borrower as fairly presenting the Consolidated financial
position of the Borrower and its Subsidiaries as at the dates indicated and the
results of their operations and cash flow for the periods indicated in
accordance with GAAP (subject to the absence of footnote disclosure and normal
year-end audit adjustments).

     (b) Annual Reports. Within 90 days after the end of each Fiscal Year,
financial information regarding the Borrower and its Subsidiaries consisting of
Consolidated and consolidating balance sheets of the Borrower and its
Subsidiaries as of the end of such year and related statements of income and
cash flows of the Borrower and its Subsidiaries for such Fiscal Year, all
prepared in conformity with GAAP and certified, in the case of such
Consolidated Financial Statements, without qualification as to the scope of the
audit or as to the Borrower being a going concern by the Borrower’s
Accountants, together with the report of such accounting firm stating that (i)
such Financial Statements fairly present the Consolidated financial position of
the Borrower and its Subsidiaries as at the dates indicated and the results of
their operations and cash flow for the periods indicated in conformity with
GAAP applied on a basis consistent with prior years (except for changes with
which the Borrower’s Accountants shall concur and that shall have been
disclosed in the notes to the Financial Statements) and (ii) the examination by
the Borrower’s Accountants in connection with such Consolidated Financial
Statements has been made in accordance with generally accepted auditing
standards, and accompanied by a certificate stating that in the course of the
regular audit of the business of the Borrower and its Subsidiaries such
accounting firm has obtained no knowledge that a Default or Event of Default
has occurred and is continuing, or, if in the opinion of such accounting firm,
a Default or Event of Default has occurred and is continuing, a statement as to
the nature thereof.

     (c) A/R Test Certificate. Within twenty Business Days after the end of
each month, an A/R Test Certificate as at the end of the previous month (which
shall include calculations showing compliance with the A/R Test), certified by
the chief financial officer of the Borrower; provided, however, that (i) the
Borrower may, in its discretion, voluntarily furnish to the Administrative
Agent an updated A/R Test Certificate, certified by the chief financial officer
of the Borrower, during the interim period before a new A/R Test Certificate is
required to be delivered under this clause (c) and (ii) at any time within 10
days after the Administrative Agent may reasonably request, the Borrower shall
furnish to the Administrative Agent an updated A/R Test Certificate, certified
by the chief financial officer of the Borrower.

     (d) Business Plan. Not later than 45 days prior to the end of each Fiscal
Year, and containing substantially the types of financial information contained
in the Projections, (i) the annual business plan of the Borrower and its
Subsidiaries for the next succeeding Fiscal Year approved by the chief
financial officer of the Borrower and reviewed by the Board of Directors of the
Borrower, (ii) forecasts prepared by management of the Borrower for each fiscal
month in the next succeeding Fiscal Year and (iii) forecasts prepared by
management of the Borrower for each of the succeeding Fiscal Years through the
Fiscal Year in which the Revolving Credit Termination Date is scheduled to
occur, including, in each instance described in

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clauses (ii) and (iii) above, a projected year-end Consolidated balance
sheet and income statement and statement of cash flows.

     Section 5.2 Default Notices. As soon as practicable, and in any event
within five Business Days after a Responsible Officer of any Loan Party has
actual knowledge of the existence of any Default, Event of Default or other
event having had a Material Adverse Effect or could reasonably be expected to
have a Material Adverse Change, the Borrower shall give the Administrative
Agent notice specifying the nature of such Default or Event of Default or other
event, including the anticipated effect thereof, which notice, if given by
telephone, shall be promptly confirmed in writing on the next Business Day.

     Section 5.3 Litigation. Promptly after the commencement thereof, the
Borrower shall give the Administrative Agent written notice of the commencement
of all actions, suits and proceedings before any domestic or foreign
Governmental Authority or arbitrator affecting the Borrower or any of
Subsidiary of the Borrower that (i) seeks injunctive or similar relief or (ii)
in the reasonable judgment of the Borrower or such Subsidiary, expose the
Borrower or such Subsidiary to liability in an amount aggregating $1,000,000 or
more or that, if adversely determined, would have a Material Adverse Effect.

     Section 5.4 SEC Filings; Press Releases. Promptly after the sending or
filing thereof, the Borrower shall send the Administrative Agent copies of the
Borrower’s reports on Form 10-K and Form 10-Q.

     Section 5.5 Insurance. As soon as available and in any event within 30
days after the end of each Fiscal Year, a report summarizing the insurance
coverage (specifying type, amount and carrier) in effect for the Borrower and
its Subsidiaries and containing such additional information as the
Administrative Agent, or any Lender through the Administrative Agent, may
reasonably specify.

     Section 5.6 ERISA Matters. The Borrower shall furnish the Administrative
Agent (with sufficient copies for each of the Lenders) each of the following:
(a) promptly and in any event within 30 days after the Borrower, any Subsidiary
of the Borrower or any ERISA Affiliate knows or has reason to know that any
ERISA Event has occurred, written notice describing such event; (b) promptly
and in any event within 10 days after the Borrower, any Subsidiary of the
Borrower or any ERISA Affiliate knows or has reason to know that a request for
a minimum funding waiver under Section 412 of the Code has been filed with
respect to any Title IV Plan or Multiemployer Plan, a written statement of a
Responsible Officer of the Borrower describing such ERISA Event or waiver
request and the action, if any, the Borrower, its Subsidiaries and ERISA
Affiliates propose to take with respect thereto and a copy of any notice filed
with the PBGC or the IRS pertaining thereto; and (c) simultaneously with the
date that the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate
files a notice of intent to terminate any Title IV Plan, if such termination
would require material additional contributions in order to be considered a
standard termination within the meaning of Section 4041(b) of ERISA, a copy of
each notice.

     Section 5.7 Environmental Matters. Promptly after the assertion or
occurrence thereof, the Borrower shall give the Administrative Agent notice of
the commencement of any judicial or administrative proceeding or investigation
alleging a violation of or liability under any Environmental Law against any
Loan Party or of any noncompliance by any Loan Party or any of its Subsidiaries
with any Environmental Law or permit, approval,

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identification number, license or other authorization required under any
Environmental Law that could reasonably be expected to (i) have a Material
Adverse Effect or (ii) cause any property described in the Mortgages to be
subject to any material restrictions on ownership, occupancy, use or
transferability under any Environmental Law.

     Section 5.8 Other Information. The Borrower shall provide the
Administrative Agent or any Lender with such other information respecting the
business, properties, condition, financial or otherwise, or operations of the
Borrower or any Subsidiary of the Borrower as the Administrative Agent or such
Lender through the Administrative Agent may from time to time reasonably
request.

ARTICLE VI

AFFIRMATIVE COVENANTS

     The Borrower agrees with the Lenders, the Issuers and the Administrative
Agent to each of the following, as long as any Obligation or any Revolving
Credit Commitment remains outstanding and, in each case, unless the Requisite
Lenders otherwise consent in writing:

     Section 6.1 Preservation of Corporate Existence, Etc. The Borrower shall,
and shall cause each of its Subsidiaries to, preserve and maintain its legal
existence, rights (charter and statutory) and franchises, except as permitted
by Section 7.4 (Sale of Assets) and 7.7 (Restriction on Fundamental Changes).

     Section 6.2 Compliance with Laws, Etc. The Borrower shall, and shall
cause each of its Subsidiaries to, comply with all applicable Requirements of
Law, Contractual Obligations and Permits, except where the failure so to comply
would not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

     Section 6.3 Payment of Taxes, Etc. The Borrower shall, and shall cause
each of its Subsidiaries to, pay and discharge before the same shall become
delinquent, all lawful and material governmental claims, taxes, assessments,
charges and levies, except where contested in good faith, by proper proceedings
and adequate reserves therefor have been established on the books of the
Borrower or the appropriate Subsidiary in conformity with GAAP.

     Section 6.4 Maintenance of Insurance. The Borrower shall maintain for,
itself, and shall cause to be maintained for each of its Subsidiaries,
insurance with responsible and reputable insurance companies or associations in
such amounts and covering such risks as is usually carried by companies engaged
in similar businesses and owning similar properties in the same general areas
in which the Borrower or such Subsidiary operates.

     Section 6.5 Keeping of Books. The Borrower shall, and shall cause each of
its Subsidiaries to, keep proper books of record and account, in which full and
correct entries shall be made in conformity with GAAP of all financial
transactions and the assets and business of the Borrower and each such
Subsidiary.

     Section 6.6 Maintenance of Properties, Etc. The Borrower shall, and shall
cause each of its Subsidiaries to, maintain and preserve, and cause each of its
Subsidiaries to maintain and preserve, all of its properties that are used or
useful in the conduct of its business in good working order and condition,
ordinary wear and tear excepted.

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     Section 6.7 Ledger. The Borrower shall maintain or cause to be maintained
at its address specified in Section 10.8 hereof a ledger or ledgers as
evidence of Indebtedness permitted pursuant to clause (f) of Section 7.1.

     Section 6.8 Environmental. The Borrower shall, and shall cause each of
its Subsidiaries to, comply in all material respects with Environmental Laws,
except where the failure to comply would not, in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Borrower shall, at its sole
cost and expense, upon receipt of any notification or otherwise obtaining
knowledge of any Release or other event that is reasonably likely to result in
the Borrower and its Subsidiaries incurring Environmental Liabilities and Costs
in excess of $1,000,000 in the aggregate with respect to that Release or other
event, (a) conduct, or pay for consultants to conduct, tests or assessments of
environmental conditions at such operations or properties, including the
investigation and testing of subsurface conditions and (b) take such Remedial
Action and undertake such investigation or other action as required by
Environmental Laws or as any Governmental Authority requires or as is
appropriate and consistent with good business practice to address the Release
or event and otherwise ensure compliance with Environmental Laws, except, with
respect to clauses (a) and (b), to the extent that the failure to do so would
not have, or could not reasonably be expected to have, a Material Adverse
Effect; provided, however, that neither the Borrower nor any of its
Subsidiaries shall be required to undertake any actions pursuant to this
Section 6.8 to the extent that its obligation to do so is being contested in
good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances.

     Section 6.9 Additional Collateral and Guaranties

     To the extent not delivered to the Administrative Agent on or before the
Closing Date (including in respect of after-acquired property and Persons that
become Wholly-Owned Subsidiaries of any Loan Party after the Closing Date), the
Borrower agrees promptly to do, or cause each of its Subsidiaries to do, each
of the following, unless otherwise agreed by the Administrative Agent:

     (a) deliver to the Administrative Agent such duly executed supplements and
amendments to the Guaranty, in each case in form and substance reasonably
satisfactory to the Administrative Agent and as the Administrative Agent deems
necessary or advisable in order to ensure that each Domestic Subsidiary that is
a Wholly-Owned Subsidiary of the Borrower (other than (i) Amkor Investment
Holdings, Co.; provided, that within sixty days following the Closing Date,
such Subsidiary shall have been dissolved or shall at all times thereafter have
total assets of less than $10,000 and (ii) any other Domestic Subsidiary which
has total assets of less than $10,000 and which, when taken together with all
other Wholly-Owned Subsidiaries that are Domestic Subsidiaries but are not
Subsidiary Guarantors, have total assets not exceeding $30,000 in the
aggregate) guaranties, as primary obligor and not as surety, the full and
punctual payment when due of the Obligations or any part thereof; provided,
however, in no event shall any Excluded Foreign Subsidiary be required to
guaranty the payment of the Obligations;

     (b) deliver to the Administrative Agent such duly-executed joinder and
amendments to the Pledge and Security Agreement and, if applicable, other
Collateral Documents, in each case in form and substance reasonably
satisfactory to the Administrative Agent and as the Administrative Agent deems
necessary or advisable in order to (i) effectively grant to the Administrative
Agent, for the benefit of the Secured Parties, a valid, perfected and
enforceable first-priority security interest in the Stock and Stock Equivalents
and other debt

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Securities of any Subsidiary of the Borrower that are owned by the
Borrower or any of its Subsidiaries and requested to be pledged by the
Administrative Agent and (ii) effectively grant to the Administrative Agent,
for the benefit of the Secured Parties, a valid, perfected and enforceable
first-priority security interest in all property interests and other assets of
any Loan Party; provided, however, in no event shall (x) any Loan Party or any
of its Subsidiaries be required to pledge in excess of 66% of the outstanding
Voting Stock of any Excluded Foreign Subsidiary or (y) any assets of any
Excluded Foreign Subsidiary be required to be pledged, unless the Borrower and
the Administrative Agent otherwise agree;

     (c) deliver to the Administrative Agent all certificates, instruments and
other documents representing all Pledged Stock, Pledged Debt Instruments and
all other Stock, Stock Equivalents and other debt Securities being pledged
pursuant to the joinders, amendments and foreign agreements executed pursuant
to clause (b) above, together with (i) in the case of certificated Pledged
Stock and other certificated Stock and Stock Equivalents, undated stock powers
endorsed in blank and (ii) in the case of Pledged Debt Instruments and other
certificated debt Securities, endorsed in blank, in each case executed and
delivered by a Responsible Officer of such Loan Party or such Subsidiary
thereof, as the case may be;

     (d) to take such other actions necessary or advisable to ensure the
validity or continuing validity of the guaranties required to be given pursuant
to clause (a) above or to create, maintain or perfect the security interest
required to be granted pursuant to clause (b) above, including the filing of
UCC financing statements in such jurisdictions as may be required by the
Collateral Documents or by law or as may be reasonably requested by the
Administrative Agent; and

     (e) if requested by the Administrative Agent, deliver to the
Administrative Agent legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent.

     (f) To the extent not previously delivered to the Administrative Agent,
upon written request of the Administrative Agent, the Borrower shall, and shall
cause each Subsidiary Guarantor to, execute and deliver to the Administrative
Agent, for the benefit of the Secured Parties, promptly and in any event not
later than 45 days after receipt of such notice (or, if such notice is given by
the Administrative Agent prior to the acquisition of such Real Property or
Lease, immediately upon such acquisition), a Mortgage on any Real Property or
Lease of the Borrower or such Subsidiary Guarantor, together with title
policies, surveys, opinion(s) of counsel and other supporting documentation
reasonably acceptable to the Administrative Agent.

     Section 6.10 Control Accounts

     (a) The Administrative Agent may establish one or more Cash Collateral
Accounts with such depositaries and Securities Intermediaries as it in its sole
discretion shall determine; provided, however, that no Cash Collateral Account
shall be established with respect to the assets of any Excluded Foreign
Subsidiary. The Borrower agrees that each such Cash Collateral Account shall
meet the requirements set forth in the definition of “Cash Collateral Account”.
Without limiting the foregoing, funds on deposit in any Cash Collateral
Account may be invested (but the Administrative Agent shall be under no
obligation to make any such investment) in Cash Equivalents at the direction of
the Administrative Agent and, except during the continuance of an Event of
Default, the Administrative Agent agrees with the Borrower to issue Entitlement
Orders for such investments in Cash Equivalents as requested by the Borrower;

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provided, however, that the Administrative Agent shall not have any
responsibility for, or bear any risk of loss of, any such investment or income
thereon. None of the Borrower, any Subsidiary of the Borrower or any other
Loan Party or Person claiming on behalf of or through the Borrower, any
Subsidiary of the Borrower or any other Loan Party shall have any right to
demand payment of any funds held in any Cash Collateral Account at any time
prior to the termination of all outstanding Letters of Credit and the payment
in full of all then outstanding and payable monetary Obligations.

     Section 6.11 Performance of Related Documents. The Borrower shall perform
and observe all of the terms and provisions of each Related Document to be
performed or observed by it, maintain each such Related Document in full force
and effect, enforce such Related Document in accordance with its terms and,
upon request of the Administrative Agent, make to each other party to each such
Related Document such demands and requests for information and reports or for
action as the Borrower or any of its Subsidiaries is entitled to make under
such Related Document.

     Section 6.12 Joint Ventures, Mergers, Acquisitions. Upon the
establishment of any joint venture, or upon the consummation of any merger or
acquisition transaction permitted pursuant to Section 7.7, the Borrower shall
notify the Administrative Agent of such transaction, and thereafter provide the
Administrative Agent with such information as the Administrative Agent may
reasonably request with respect thereto, including any memorandum of
understanding and joint venture agreement and any acquisition or merger
agreement prepared in connection therewith and any documents or instruments
relating to or evidencing the incurrence or assumption of Indebtedness by such
joint venture or any Subsidiary (including any Person which becomes a
Subsidiary) of the Borrower in connection with such transaction.

ARTICLE VII

NEGATIVE COVENANTS

     The Borrower agrees with the Lenders, the Issuers and the Administrative
Agent to each of the following, as long as any Obligation or any Commitment
remains outstanding and, in each case, unless the Requisite Lenders otherwise
consent in writing:

     Section 7.1 Indebtedness

     The Borrower shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly create, incur, assume or otherwise become or remain
directly or indirectly liable with respect to any Indebtedness except for the
following:

     (a) the Secured Obligations (other than in respect of Hedging Contracts
which are not permitted to be incurred pursuant to clause (g) below) and
Guaranty Obligations in respect thereof;

     (b) Indebtedness existing on the date of this Agreement and disclosed on
Schedule 7.1 (Existing Indebtedness);

     (c) Guaranty Obligations incurred by the Borrower or any Subsidiary
Guarantor in respect of (i) Indebtedness of the Borrower or any Subsidiary
Guarantor that is otherwise permitted by this Section 7.1 (other than clause
(a) above) and (ii) the obligations of

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any other Subsidiary or joint venture; provided that after giving effect
to the incurrence of such Guaranty Obligation, the Investment in such
Subsidiary or joint venture is otherwise permitted;

     (d) Capital Lease Obligations and purchase money Indebtedness incurred by
the Borrower or a Subsidiary of the Borrower to finance the acquisition of
fixed assets; provided, however, that the aggregate outstanding principal
amount of all such Capital Lease Obligations and purchase money Indebtedness
(including any refinancing thereof pursuant to clause (e) below) shall not
exceed $150,000,000 at any time;

     (e) Renewals, extensions, refinancings and refundings of Indebtedness
permitted by clause (b) or (d) above or this clause (e); provided, however,
that any such renewal, extension, refinancing or refunding is in an aggregate
principal amount not greater than the principal amount of, and is on terms no
less favorable to the Borrower or any Subsidiary of the Borrower obligated
thereunder, including as to weighted average maturity and final maturity, than
the Indebtedness being renewed, extended, refinanced or refunded;

     (f) Indebtedness arising from intercompany loans (i) from the Borrower to
any Subsidiary Guarantor, (ii) from any Subsidiary Guarantor to the Borrower or
any other Subsidiary Guarantor or (iii) as long as no Default or Event of
Default has occurred and is continuing or would result therefrom, from the
Borrower or any Subsidiary of the Borrower to any Subsidiary of the Borrower
that is not a Subsidiary Guarantor;

     (g) Obligations under Hedging Contracts permitted under Section 7.12 (No
Speculative Transactions) with an aggregate notional principal amount not to
exceed $400,000,000 at any time outstanding; provided that the aggregate
notional principal amount of Indebtedness in respect of interest rate future or
option contracts, currency future or option contracts shall not exceed
$100,000,000 at any time outstanding;

     (h) Solely with respect to the Borrower, unsecured Indebtedness not
otherwise permitted under this Section 7.1;

     (i) Indebtedness arising from the endorsement of negotiable instruments
for depositor collection or similar transactions in the ordinary course of
business;

     (j) Indebtedness of any Subsidiary that is not a Wholly-Owned Subsidiary
constituting an Investment under Section 7.3;

     (k) Indebtedness of any Person existing at the time such Person is merged
with or into the Borrower or any of its Subsidiaries, to the extent permitted
as a merger under Section 7.7 and an Investment under Section 7.3; provided,
that such Indebtedness is not incurred in connection with or in contemplation
of such merger; and

     (l) other Indebtedness; provided that the aggregate principal amount of
such other Indebtedness outstanding at any time does not exceed a principal
amount of $150,000,000.

     Section 7.2 Liens, Etc.

     The Borrower shall not, and shall not permit any of its Subsidiaries to,
create or suffer to exist, any Lien upon or with respect to any of their
respective properties or assets,

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whether now owned or hereafter acquired, or assign, or permit any of its
Subsidiaries to assign, any right to receive income, except for the following:

     (a) Liens created pursuant to the Loan Documents;

     (b) Liens existing on the date of this Agreement and disclosed on Schedule
7.2 (Existing Liens);

     (c) Customary Permitted Liens on the assets of the Borrower and the
Borrower’s Subsidiaries;

     (d) purchase money Liens granted by the Borrower or any of its
Subsidiaries (including the interest of a lessor under a Capital Lease and
purchase money Liens to which any property is subject at the time, on or after
the date hereof, of the Borrower’s or such Subsidiary’s acquisition thereof)
securing Indebtedness permitted under Section 7.1(d) (Indebtedness) and limited
in each case to the property purchased with the proceeds of such purchase money
Indebtedness or subject to such Capital Lease, and any accessions, additions,
parts, fixtures, improvements and attachments thereto and the proceeds thereof;

     (e) any Lien securing the renewal, extension, refinancing or refunding of
any Indebtedness secured by any Lien permitted by clause (b) or (d) above or
this clause (e) without any change in the assets subject to such Lien and to
the extent such renewal, extension, refinancing or refunding is permitted by
Section 7.1(e) (Indebtedness); and

     (f) Liens on assets other than Collateral which are not otherwise
permitted by the foregoing clauses of this Section 7.2 securing Indebtedness or
other liabilities of any Loan Party; provided, however, that the aggregate
outstanding amount of all such obligations and liabilities shall not exceed
$50,000,000 at any time.

     Section 7.3 Investments. The Borrower shall not, and shall not permit any
of its Subsidiaries to make or maintain, directly or indirectly, any Investment
unless, after giving effect thereto, no Default or Event of Default has
occurred and is continuing or would result from such Investment; provided,
however, that loans or advances to employees of the Borrower or any of its
Subsidiaries that would be in violation of Section 402 of the Sarbanes-Oxley
Act shall in no event be permitted hereunder.

     Section 7.4 Sale of Assets. The Borrower shall not, and shall not permit
any of its Subsidiaries to, sell, convey, transfer, lease or otherwise dispose
of, any of their respective assets or any interest therein (including the sale
or factoring at maturity or collection of any accounts) to any Person, or
permit or suffer any other Person to acquire any interest in any of their
respective assets or issue or sell any shares of their Stock or any Stock
Equivalents (any such disposition being an “Asset Sale”), unless (a) after
giving effect thereto, no Default or Event of Default has occurred and is
continuing or would result from the consummation of such Asset Sale and (b)
such Asset Sale is for Fair Market Value; provided, however, no such Asset Sale
shall be permitted pursuant to this Section 7.4 if it involves the disposition
of all or substantially all of the assets of the Borrower or any of its
Subsidiaries taken as a whole.

     Section 7.5 Restricted Payments. The Borrower shall not, and shall not
permit any of its Subsidiaries to, directly or indirectly, declare, order, pay,
make or set apart any

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sum for any Restricted Payment unless, after giving effect thereto, no
Default or Event of Default has occurred and is continuing or would result from
the making of such Restricted Payment.

     Section 7.6 Prepayment of Indebtedness; Modification of Related Documents.
The Borrower shall not, and shall not permit any of its Subsidiaries to,
prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner, any Indebtedness unless, after giving effect
thereto, no Default or Event of Default has occurred and is continuing or would
result from such payment; provided, however, that making any payment in
violation of any subordination terms of any Indebtedness shall in no event be
permitted hereunder. Except to the extent permitted by this Section 7.6 or by
Section 7.1(e), the Borrower shall not, and it shall not permit any of its
Subsidiaries to, consent to or accept or agree to any amendment, modification
or change to the subordination or any provisions or terms of any Related
Document that impairs, or could reasonably be expected to impair, the rights
and interests of any Agent, any Lender or Issuer.

     Section 7.7 Restriction on Fundamental Changes. The Borrower shall not,
and shall not permit any of its Subsidiaries to, (a) merge with any Person, (b)
consolidate with any Person, (c) acquire all or substantially all of the Stock
or Stock Equivalents of any Person or (d) acquire all or substantially all of
the assets of any Person or all or substantially all of the assets constituting
the business of a division, branch or other unit operation of any Person, (e)
enter into any joint venture or partnership with any Person or (f) acquire or
create any Subsidiary unless (i) after giving effect thereto, no Default or
Event of Default has occurred and is continuing or would result from such
transaction, (ii) in the cases of clauses (a) and (b), if the Borrower or a
Subsidiary Guarantor is a party to such transaction, after giving effect
thereto, the Borrower or a Subsidiary Guarantor, respectively, shall be the
surviving entity and (iii) (in the case of clause (c)) such acquisition is
consensual and shall have been approved by the board of directors (or the
equivalent governing body) of such Person and the representations and
warranties referred to in Section 3.2(b) would be true as though made on the
date of consummation of such acquisition. Notwithstanding anything in this
Section 7.7 to the contrary, any Subsidiary that is not a Subsidiary Guarantor
may merge or consolidate with any other Subsidiary that is not a Subsidiary
Guarantor so long as, after giving effect thereto, no Default or Event of
Default has occurred and is continuing or would result from such transaction.

     Section 7.8 Change in Nature of Business. The Borrower shall not, and
shall not permit any of its Subsidiaries to enter into any line of business
other than the line of business presently conducted by the Borrower and its
Subsidiaries and/or lines of business reasonably related or supplementary
thereto or reasonable extensions thereof, as determined by the board of
directors of the Borrower from time to time.

     Section 7.9 Limitations on Restrictions on Subsidiary Distributions; No
New Negative Pledge. Except pursuant to (a) the Loan Documents, (b) any
agreements or instruments evidencing Existing Indebtedness or Indebtedness
permitted under Section 7.1(e), Section 7.1(h) or, in the case of a merger not
involving the Borrower or any Subsidiary Guarantor, Section 7.1(k) (such
Indebtedness pursuant to Sections 7.1(h) or (k) not to contain restrictions on
subsidiary distributions or negative pledges which are more restrictive in any
material respect than the Loan Documents), (c) any agreements governing
purchase money Indebtedness or Capital Lease Obligations permitted by Section
7.1(b), (d) or (e) (Indebtedness) (in which latter case, any prohibition or
limitation shall only be effective against the assets financed thereby), (d)
any agreement for the sale of assets on arm’s length terms permitted by Section
7.4 solely to the extent that such agreement prohibits the transfer of the
assets subject

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thereto, (e) customary anti-assignment provisions contained in leases,
licenses and other contracts permitted under this Agreement which are entered
into on arm’s length terms in the ordinary course of business, and consistent
with the past practice, of the Borrower and its Subsidiaries, (f) any
encumbrance or restriction existing by virtue of or arising under, applicable
law, regulation, order, approval, license, permit or similar restriction, in
each case issued or imposed by a Governmental Authority, (g) agreements for the
sale of or other disposition of a Subsidiary other than a Subsidiary Guarantor
that restricts dividends, distributions, loans, advances or transfers by such
Subsidiary pending its sale or other disposition, (h) agreements entered into
with respect to Liens securing Indebtedness otherwise permitted to be incurred
pursuant to this Agreement that limit the right of the Company or any of its
Subsidiaries to dispose of the assets subject to such Lien, (i) agreements in
connection with joint ventures, partnerships, stock sales and other similar
agreements entered into in the ordinary course of business that restrict
dividends, distributions, loans, advances or transfers by the applicable joint
venture or partnership and (j) customary restrictions on cash or other deposits
or net worth maintenance requirements imposed by customers under contracts
entered into in the ordinary course of business, the Borrower shall not, and
shall not permit any of its Subsidiaries to, (x) agree to enter into or suffer
to exist or become effective any consensual encumbrance or restriction of any
kind on the ability of such Subsidiary to pay dividends or make any other
distribution or transfer of funds or assets or make loans or advances to or
other Investments in, or pay any Indebtedness owed to, the Borrower or any
other Subsidiary of the Borrower or (y) enter into or suffer to exist or become
effective any agreement prohibiting or limiting the ability of the Borrower or
any Subsidiary of the Borrower to create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, to secure the Obligations, including any agreement
requiring any other Indebtedness or Contractual Obligation to be equally and
ratably secured with the Obligations.

     Section 7.10 Modification of Constituent Documents. The Borrower shall
not, and shall not permit any of its Subsidiaries to, change its capital
structure (including in the terms of its outstanding Stock) or otherwise amend
its Constituent Documents, except for changes and amendments that do not
materially affect the rights and privileges of the Borrower or any Subsidiary
of the Borrower and do not materially and adversely affect the interests of the
Administrative Agent, the Lenders and the Issuers under the Loan Documents or
in the Collateral.

     Section 7.11 Transactions with Affiliates. The Borrower shall not, and
shall not permit any of its Subsidiaries to, except as otherwise expressly
permitted herein, engage in any transactions with any of their Affiliates on
terms that are not fair and reasonable or are less favorable to the Borrower or
such Subsidiary than the Borrower or such Subsidiary would have obtained in a
comparable arm’s-length transaction with a Person not an Affiliate; provided,
however, that the following items shall not be transactions with Affiliates
and, therefore, will not be subject to the provisions of this Section 7.11: (a)
any employment agreement or arrangement entered into by the Borrower or any of
its Subsidiaries or any employee benefit plan available to the employees of the
Borrower and its Subsidiaries generally, in each case in the ordinary course of
business and consistent with the past practice of the Borrower or such
Subsidiary; (b) transactions between or among the Borrower and/or its
Subsidiaries; (c) payment of reasonable directors fees to Persons who are not
otherwise Affiliates of the Borrower and indemnity provided on behalf of
officers, directors and employees of the Borrower or any of its Subsidiaries as
determined in good faith by the Board of Directors of the Borrower; (d) any
restricted payments that are permitted by Section 7.5 hereof.

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     Section 7.12 No Speculative Transactions. The Borrower shall not, and
shall not permit any of its Subsidiaries to, engage in any speculative
transaction or in any transaction involving Hedging Contracts except for the
sole purpose of hedging in the normal course of business and consistent with
industry practices.

ARTICLE VIII

EVENTS OF DEFAULT

     Section 8.1 Events of Default

     Each of the following events shall be an Event of Default:

     (a) the Borrower shall fail to pay any principal of any Loan or any
Reimbursement Obligation when the same becomes due and payable; or the Borrower
shall fail to pay any interest on any Loan, any fee under any of the Loan
Documents or any other Obligation and such non-payment continues for a period
of three Business Days after the due date therefor; or

     (b) any representation or warranty made or deemed made by any Loan Party
in any Loan Document or by any Loan Party (or any of its officers) in
connection with any Loan Document shall prove to have been incorrect in any
material respect when made or deemed made; or

     (c) any Loan Party shall fail to perform or observe (i) any term, covenant
or agreement contained in Section 5.1 (Financial Statements), Section 5.2
(Default Notices), 6.1 (Preservation of Corporate Existence, Etc), 6.9
(Additional Collateral and Guaranties) or Article VII (Negative Covenants) or
(ii) any other term, covenant or agreement contained in this Agreement or in
any other Loan Document if such failure under this clause (ii) shall remain
unremedied for 15 Business Days after the earlier of (A) the date on which a
Responsible Officer of the Borrower becomes aware of such failure and (B) the
date on which written notice thereof shall have been given to the Borrower by
the Administrative Agent or any Lender; or

     (d) (i) the Borrower or any of its Subsidiaries shall fail to make any
payment on any Indebtedness of the Borrower or any such Subsidiary (other than
the Obligations) or any Guaranty Obligation in respect of Indebtedness of any
other Person, and, in each case, such failure relates to Indebtedness having a
principal amount of $10,000,000 or more, when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise), (ii) any other default or other similar event shall occur or
similar condition shall exist under any agreement or instrument relating to any
such Indebtedness, if the effect of such event or condition is to accelerate,
or to permit the acceleration of, the maturity of such Indebtedness or (iii)
any such Indebtedness shall become or be declared to be due and payable, or be
required to be prepaid or repurchased (other than by a regularly scheduled
required prepayment), prior to the stated maturity thereof; or

     (e) (i) the Borrower or any of its Subsidiaries shall generally not pay
its debts as such debts become due, shall admit in writing its inability to pay
its debts generally or shall make a general assignment for the benefit of
creditors, (ii) any proceeding shall be instituted by or against the Borrower
or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or
seeking liquidation, winding up, reorganization, arrangement, adjustment,

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protection, relief or composition of it or its debts, under any
Requirement of Law relating to bankruptcy, insolvency or reorganization or
relief of debtors, or seeking the entry of an order for relief or the
appointment of a custodian, receiver, trustee or other similar official for it
or for any substantial part of its property; provided, however, that, in the
case of any such proceedings instituted against the Borrower or any of its
Subsidiaries (but not instituted by the Borrower or any of its Subsidiaries)
either such proceedings shall remain undismissed or unstayed for a period of 30
days or more or any action sought in such proceedings shall occur or (iii) the
Borrower or any of its Subsidiaries shall take any corporate action to
authorize any action set forth in clauses (i) and (ii) above; or

     (f) one or more judgments or orders (or other similar process) involving,
in the case of money judgments, an aggregate amount in excess of $10,000,000,
to the extent not covered by insurance, shall be rendered against any Loan
Party or any of its Subsidiaries and either (i) enforcement proceedings shall
have been commenced by any creditor upon such judgment or order or (ii) there
shall be any period of 15 consecutive Business Days during which a stay of
enforcement of such judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect; or

     (g) an ERISA Event shall occur and the amount of all liabilities and
deficiencies resulting therefrom, whether or not assessed, exceeds $10,000,000
in the aggregate; or

     (h) any provision of any Loan Document after delivery thereof shall for
any reason fail or cease to be valid and binding on, or enforceable against,
any Loan Party party thereto, or any Loan Party shall so state in writing; or

     (i) any Collateral Document shall for any reason fail or cease to create a
valid and enforceable Lien on any Collateral purported to be covered thereby
or, except as permitted by the Loan Documents, such Lien shall fail or cease to
be a perfected and first priority Lien, or any Loan Party shall so state in
writing; or

     (j) there shall occur any Change of Control.

     Section 8.2 Remedies. During the continuance of any Event of Default, the
Administrative Agent (a) may, and, at the request of the Requisite Lenders,
shall, by notice to the Borrower declare that all or any portion of the
Commitments be terminated, whereupon the obligation of each Lender to make any
Loan and each Issuer to Issue any Letter of Credit shall immediately terminate
and (b) may and, at the request of the Requisite Lenders, shall, by notice to
the Borrower, declare the Loans, all interest thereon and all other amounts and
Obligations payable under this Agreement to be forthwith due and payable,
whereupon the Loans, all such interest and all such amounts and Obligations
shall become and be forthwith due and payable, without presentment, demand,
protest or further notice of any kind, all of which are hereby expressly waived
by the Borrower; provided, however, that upon the occurrence of the Events of
Default specified in Section 8.1(e) (Events of Default), (x) the Commitments of
each Lender to make Loans and the commitments of each Lender and Issuer to
Issue or participate in Letters of Credit shall each automatically be
terminated and (y) the Loans, all such interest and all such amounts and
Obligations shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which are hereby
expressly waived by the Borrower. In addition to the remedies set forth above,
the Administrative Agent may

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exercise any remedies provided for by the Collateral Documents in
accordance with the terms thereof or any other remedies provided by applicable
law.

     Section 8.3 Actions in Respect of Letters of Credit. (a) If any Event of
Default shall have occurred and be continuing, the Administrative Agent may, or
shall at the request of the Requisite Lenders, irrespective of whether it is
taking any of the actions described in Section 8.1 or otherwise, make demand
upon the Borrower to, and forthwith upon such demand the Borrower will, pay to
the Administrative Agent in immediately available funds at the Administrative
Agent’s office referred to in Section 10.8 (Notices, Etc.), for deposit in a
Cash Collateral Account, the amount required so that, after such payment, the
aggregate funds on deposit in the Cash Collateral Accounts equals or exceeds
105% of the sum of all outstanding Letter of Credit Obligations.

     (b) Upon the Scheduled Termination Date or as and when required by Section
2.3(b) (Letters of Credit) or Section 2.8 (Mandatory Prepayments), the
Borrower shall pay to the Administrative Agent in immediately available funds
at the Administrative Agent’s office referred to in Section 10.8 (Notices,
Etc.), for deposit in a Cash Collateral Account, the amount required so that,
after such payment, the aggregate funds on deposit in the Cash Collateral
Accounts equals or exceeds 105% of the sum of all outstanding Letter of Credit
Obligations.

     (c) The Administrative Agent may, from time to time after funds are
deposited in any Cash Collateral Account, apply funds then held in such Cash
Collateral Account to the payment of any amounts, in accordance with Section
2.12(f) (Payments and Computations), as shall have become or shall become due
and payable by the Borrower to the Issuers or Lenders in respect of the Letter
of Credit Obligations. The Administrative Agent shall promptly give written
notice of any such application; provided, however, that the failure to give
such written notice shall not invalidate any such application.

ARTICLE IX

THE ADMINISTRATIVE AGENT; THE AGENTS

     Section 9.1 Authorization and Action. Each Lender and each Issuer hereby
appoints CNAI as the Administrative Agent hereunder and each Lender and each
Issuer authorizes the Administrative Agent to take such action as agent on its
behalf and to exercise such powers under this Agreement and the other Loan
Documents as are delegated to the Administrative Agent under such agreements
and to exercise such powers as are reasonably incidental thereto. Without
limiting the foregoing, each Lender and each Issuer hereby authorizes the
Administrative Agent to execute and deliver, and to perform its obligations
under, each of the Loan Documents to which the Administrative Agent is a party,
to exercise all rights, powers and remedies that the Administrative Agent may
have under such Loan Documents and, in the case of the Collateral Documents, to
act as agent for the Lenders, Issuers and the other Secured Parties under such
Collateral Documents. Each Lender and each Issuer hereby appoints (i) JPMorgan
Chase Bank as Syndication Agent and (ii) Merrill Lynch Capital Corporation as
Documentation Agent, and hereby authorizes each of them to act in their
respective capacity on behalf of such Lender and such Issuer in accordance with
the terms of this Agreement and the other Loan Documents. As to any matters
not expressly provided for by this Agreement and the other Loan Documents
(including enforcement or collection), the Administrative Agent shall not be
required to exercise any discretion or take any action, but shall be required
to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the

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Requisite Lenders, and such instructions shall be binding upon all Lenders
and each Issuer; provided, however, that the Administrative Agent shall not be
required to take any action that (i) the Administrative Agent in good faith
believes exposes it to personal liability unless the Administrative Agent
receives an indemnification satisfactory to it from the Lenders and the Issuers
with respect to such action or (ii) is contrary to this Agreement or applicable
law. The Administrative Agent agrees to give to each Lender and each Issuer
prompt notice of each notice given to it by any Loan Party pursuant to the
terms of this Agreement or the other Loan Documents. In performing its
functions and duties hereunder and under the other Loan Documents, the
Administrative Agent is acting solely on behalf of the Lenders and the Issuers
except to the limited extent provided in Section 2.6(b), and its duties are
entirely administrative in nature. The Administrative Agent does not assume
and shall not be deemed to have assumed any obligation other than as expressly
set forth herein and in the other Loan Documents or any other relationship as
the agent, fiduciary or trustee of or for any Lender, Issuer or holder of any
other Obligation. The Administrative Agent may perform any of its duties under
any Loan Document by or through its agents or employees. The Lead Arranger
shall have no obligations or duties whatsoever in such capacity under this
Agreement or any other Loan Document and shall incur no liability hereunder or
thereunder in such capacity. Notwithstanding anything to the contrary
contained in this Agreement, each of the Documentation Agent and the
Syndication Agent is a Lender designated as “Documentation Agent” or
“Syndication Agent”, as the case may be, for title purposes only and in such
capacity shall have no obligations or duties whatsoever under this Agreement or
any other Loan Document to any Loan Party, any Lender or any Issuer and shall
have no rights separate from its rights as a Lender except as expressly
provided in this Agreement.

     Section 9.2 Administrative Agent’s Reliance, Etc. None of the
Administrative Agent, any of its Affiliates or any of their respective
directors, officers, agents or employees shall be liable for any action taken
or omitted to be taken by it, him, her or them under or in connection with this
Agreement or the other Loan Documents, except for its, his, her or their own
gross negligence or willful misconduct. Without limiting the foregoing, the
Administrative Agent (a) may treat the payee of any Note as its holder until
such Note has been assigned in accordance with Section 2.6 (Evidence of Debt),
(b) may rely on the Register to the extent set forth in Section 10.2(c)
(Assignments and Participations), (c) may consult with legal counsel (including
counsel to the Borrower or any other Loan Party), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the
advice of such counsel, accountants or experts, (d) makes no warranty or
representation to any Lender or Issuer and shall not be responsible to any
Lender or Issuer for any statements, warranties or representations made by or
on behalf of the Borrower or any of its Subsidiaries in or in connection with
this Agreement or any other Loan Document, (e) shall not have any duty to
ascertain or to inquire either as to the performance or observance of any term,
covenant or condition of this Agreement or any other Loan Document, as to the
financial condition of any Loan Party or as to the existence or possible
existence of any Default or Event of Default, (f) shall not be responsible to
any Lender or Issuer for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the attachment, perfection or priority
of any Lien created or purported to be created under or in connection with,
this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto or thereto and (g) shall incur no liability under or
in respect of this Agreement or any other Loan Document by acting upon any
notice, consent, certificate or other instrument or writing (which writing may
be a telecopy or electronic mail) or any telephone message believed by it to be
genuine and signed or sent by the proper party or parties.

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     Section 9.3 Posting of Approved Electronic Communications. Each of the
Lenders, the Issuers and the Borrower agree, and the Borrower shall cause each
Subsidiary Guarantor to agree, that the Administrative Agent may, but shall not
be obligated to, make the Approved Electronic Communications available to the
Lenders and Issuers by posting such Approved Electronic Communications on
IntraLinksTM or a substantially similar electronic platform chosen by the
Administrative Agent to be its electronic transmission system (the “Approved
Electronic Platform”). Although the Approved Electronic Platform and its
primary web portal are secured with generally-applicable security procedures
and policies implemented or modified by the Administrative Agent from time to
time (including, as of the Closing Date, a dual firewall and a User ID/Password
Authorization System) and the Approved Electronic Platform is secured through a
single-user-per-deal authorization method whereby each user may access the
Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders,
the Issuers, and the Borrower acknowledges and agrees, and the Borrower shall
cause each Subsidiary Guarantor to acknowledge and agree, that the distribution
of material through an electronic medium is not necessarily secure and that
there are confidentiality and other risks associated with such distribution.
In consideration for the convenience and other benefits afforded by such
distribution and for the other consideration provided hereunder, the receipt
and sufficiency of which is hereby acknowledged, each of the Lenders, the
Issuers, and the Borrower hereby approves, and the Borrower shall cause each
Subsidiary Guarantor to approve, distribution of the Approved Electronic
Communications through the Approved Electronic Platform and understands and
assumes, and the Borrower shall cause each Subsidiary Guarantor to understand
and assume, the risks of such distribution. The Approved Electronic
Communications and the Approved Electronic Platform are provided “as is” and
“as available”. None of the Administrative Agent or any of its Affiliates or
any of their respective officers, directors, employees, agents, advisors or
representatives (the “Agent Affiliates”) warrant the accuracy, adequacy or
completeness of the Approved Electronic Communications and the Approved
Electronic Platform and each expressly disclaims liability for errors or
omissions in the Approved Electronic Communications and the Approved Electronic
Platform. No Warranty of any kind, express, implied or statutory (including,
without limitation, any warranty of merchantability, fitness for a particular
purpose, non-infringement of third party rights or freedom from viruses or
other code defects) is made by the agent affiliates in connection with the
approved electronic communications or the approved electronic platform. Each
of the Lenders, the Issuers, and the Borrower agree, and the Borrower shall
cause each Subsidiary Guarantor to agree, that the Administrative Agent may,
but (except as may be required by applicable law) shall not be obligated to,
store the Approved Electronic Communications on the Approved Electronic
Platform in accordance with the Administrative Agent’s generally-applicable
document retention procedures and policies.

     Section 9.4 The Agent as Lenders. With respect to its Ratable Portion,
each Agent that is a Lender shall have and may exercise the same rights and
powers hereunder and is subject to the same obligations and liabilities as and
to the extent set forth herein for any other Lender. The terms “Lenders”,
“Requisite Lenders” and any similar terms shall, unless the context clearly
otherwise indicates, include, without limitation, each Agent in its individual
capacity as a Lender or as one of the Requisite Lenders. Each Agent and each
of its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of banking, trust or other business with, any Loan Party as if such
Agent were not acting as Agent.

     Section 9.5 Lender Credit Decision. Each Lender and each Issuer
acknowledges that it shall, independently and without reliance upon any Agent
or any other Lender conduct its own independent investigation of the financial
condition and affairs of the

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Borrower and each other Loan Party in connection with the making and
continuance of the Loans and with the issuance of the Letters of Credit. Each
Lender and each Issuer also acknowledges that it shall, independently and
without reliance upon any Agent or any other Lender and based on such documents
and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under this Agreement and
other Loan Documents.

     Section 9.6 Indemnification. Each Lender agrees to indemnify the
Administrative Agent and each of its Affiliates, and each of their respective
directors, officers, employees, agents and advisors (to the extent not
reimbursed by the Borrower), from and against such Lender’s aggregate Ratable
Portion of any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements (including fees,
expenses and disbursements of financial and legal advisors) of any kind or
nature whatsoever that may be imposed on, incurred by, or asserted against, the
Administrative Agent or any of its Affiliates, directors, officers, employees,
agents and advisors in any way relating to or arising out of this Agreement or
the other Loan Documents or any action taken or omitted by the Administrative
Agent under this Agreement or the other Loan Documents; provided, however, that
no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from the Administrative Agent’s or such Affiliate’s
gross negligence or willful misconduct. Without limiting the foregoing, each
Lender agrees to reimburse the Administrative Agent promptly upon demand for
its ratable share of any out-of-pocket expenses (including fees, expenses and
disbursements of financial and legal advisors) incurred by the Administrative
Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of its rights or
responsibilities under, this Agreement or the other Loan Documents, to the
extent that the Administrative Agent is not reimbursed for such expenses by the
Borrower or another Loan Party.

     Section 9.7 Successor Administrative Agent. The Administrative Agent may
resign at any time by giving written notice thereof to the Lenders and the
Borrower. Upon any such resignation, the Requisite Lenders shall have the
right to appoint a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed by the Requisite Lenders, and
shall have accepted such appointment, within 30 days after the retiring
Administrative Agent’s giving of notice of resignation, then the retiring
Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, selected from among the Lenders. In either case, such
appointment shall be subject to the prior written approval of the Borrower
(which approval may not be unreasonably withheld and shall not be required upon
the occurrence and during the continuance of an Event of Default). Upon the
acceptance of any appointment as Administrative Agent by a successor
Administrative Agent, such successor Administrative Agent shall succeed to, and
become vested with, all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations under this Agreement and the other
Loan Documents. Prior to any retiring Administrative Agent’s resignation
hereunder as Administrative Agent, the retiring Administrative Agent shall take
such action as may be reasonably necessary to assign to the successor
Administrative Agent its rights as Administrative Agent under the Loan
Documents. After such resignation, the retiring Administrative Agent shall
continue to have the benefit of this Article IX as to any actions taken or
omitted to be taken by it while it was Administrative Agent under this
Agreement and the other Loan Documents.

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     Section 9.8 Release of Collateral and Subsidiary Guarantors. Each of the
Lenders and the Issuers hereby consents to the release and hereby directs, in
accordance with the terms hereof, the Administrative Agent to release (or, in
the case of clause (b) below, release or subordinate) any Lien held by the
Administrative Agent for the benefit of the Lenders and the Issuers against any
of the following: (a) all of the Collateral and all Loan Parties, upon
termination of the Commitments and payment and satisfaction in full of all
Loans, all Reimbursement Obligations and all other Obligations that the
Administrative Agent has been notified in writing are then due and payable
(and, in respect of contingent Letter of Credit Obligations, with respect to
which cash collateral has been deposited or a back-up letter of credit has been
issued, in either case in the appropriate currency and on terms satisfactory to
the Administrative Agent and the applicable Issuers); (b) any assets that are
subject to a Lien permitted by Section 7.2(d) or (e) (Liens, Etc.); and (c) any
part of the Collateral sold or disposed of by a Loan Party if such sale or
disposition is permitted by this Agreement (or permitted pursuant to a waiver
of or consent to a transaction otherwise prohibited by this Agreement) and,
where such sale or disposition is of a Subsidiary Guarantor, each of the
Lenders and the Issuers authorize the Administrative Agent to release such
Subsidiary Guarantor from its obligations under the Guaranty upon the
consummation of such sale or disposition. Each of the Lenders and the Issuers
hereby directs the Administrative Agent to execute and deliver or file such
termination and partial release statements and do such other things as are
necessary to release Liens to be released pursuant to this Section 9.8 promptly
upon the effectiveness of any such release.

     Section 9.9 Collateral Matters Relating to Related Obligations. The
benefit of the Loan Documents and of the provisions of this Agreement relating
to the Collateral shall extend to and be available in respect of any Secured
Obligation arising under any Hedging Contract or Cash Management Obligation or
that is otherwise owed to Persons other than the Administrative Agent, the
Lenders and the Issuers (collectively, “Related Obligations”) solely on the
condition and understanding, as among the Administrative Agent and all Secured
Parties, that (a) the Related Obligations shall be entitled to the benefit of
the Loan Documents and the Collateral to the extent expressly set forth in this
Agreement and the other Loan Documents and to such extent the Administrative
Agent shall hold, and have the right and power to act with respect to, the
Guaranty and the Collateral on behalf of and as agent for the holders of the
Related Obligations, but the Administrative Agent is otherwise acting solely as
agent for the Lenders and the Issuers and shall have no fiduciary duty, duty of
loyalty, duty of care, duty of disclosure or other obligation whatsoever to any
holder of Related Obligations, (b) all matters, acts and omissions relating in
any manner to the Guaranty, the Collateral, or the omission, creation,
perfection, priority, abandonment or release of any Lien, shall be governed
solely by the provisions of this Agreement and the other Loan Documents and no
separate Lien, right, power or remedy shall arise or exist in favor of any
Secured Party under any separate instrument or agreement or in respect of any
Related Obligation, (c) each Secured Party shall be bound by all actions taken
or omitted, in accordance with the provisions of this Agreement and the other
Loan Documents, by the Administrative Agent and the Requisite Lenders, each of
whom shall be entitled to act at its sole discretion and exclusively in its own
interest given its own Commitments and its own interest in the Loans, Letter of
Credit Obligations and other Obligations to it arising under this Agreement or
the other Loan Documents, without any duty or liability to any other Secured
Party or as to any Related Obligation and without regard to whether any Related
Obligation remains outstanding or is deprived of the benefit of the Collateral
or becomes unsecured or is otherwise affected or put in jeopardy thereby, (d)
no holder of Related Obligations and no other Secured Party (except the Agents,
the Lenders and the Issuers, to the extent set forth in this Agreement) shall
have any right to be notified of, or to direct, require or be

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heard with respect to, any action taken or omitted in respect of the
Collateral or under this Agreement or the Loan Documents and (e) no holder of
any Related Obligation shall exercise any right of setoff, banker’s lien or
similar right except to the extent provided in Section 10.6 (Right of Set-off)
and then only to the extent such right is exercised in compliance with Section
10.7 (Sharing of Payments, Etc.).

ARTICLE X

MISCELLANEOUS

     Section 10.1 Amendments, Waivers, Etc.

     (a) No amendment or waiver of any provision of this Agreement or any other
Loan Document nor consent to any departure by any Loan Party therefrom shall in
any event be effective unless the same shall be in writing and (x) in the case
of an amendment to cure any ambiguity, omission, defect or inconsistency,
signed by the Administrative Agent and the Borrower, (y) in the case of any
such waiver or consent, signed by the Requisite Lenders (or by the
Administrative Agent with the consent of the Requisite Lenders) and (z) in the
case of any other amendment, by the Requisite Lenders (or by the Administrative
Agent with the consent of the Requisite Lenders) and the Borrower, and then any
such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that (A) no amendment,
waiver or consent shall, unless in writing and signed by each Lender directly
affected thereby, in addition to the Requisite Lenders (or the Administrative
Agent with the consent thereof), do any of the following: (i) waive any
condition specified in Section 3.1 (Conditions Precedent to Initial Loans and
Letters of Credit) or 3.2(b) (Conditions Precedent to Each Loan and Letter of
Credit), except with respect to a condition based upon another provision
hereof, the waiver of which requires only the concurrence of the Requisite
Lenders and, in the case of the conditions specified in Section 3.1 (Conditions
Precedent to Initial Loans and Letters of Credit), subject to the provisions of
Section 3.3 (Determinations of Initial Borrowing Conditions); (ii) increase the
Revolving Credit Commitment of such Lender or subject such Lender to any
additional obligation; (iii) extend the scheduled final maturity of any Loan
owing to such Lender, or waive, reduce or postpone any scheduled date fixed for
the payment or reduction of principal or interest of any such Loan or fees
owing to such Lender (it being understood that Section 2.8 (Mandatory
Prepayments) does not provide for scheduled dates fixed for payment) or for the
reduction of such Lender’s Commitment; (iv) reduce, or release the Borrower
from its obligations to repay, the principal amount of any Loan or
Reimbursement Obligation owing to such Lender (other than by the payment or
prepayment thereof); (v) reduce the rate of interest on any Loan or
Reimbursement Obligation outstanding and owing to such Lender or any fee
payable hereunder to such Lender; (vi) postpone any scheduled date fixed for
payment of interest or fees owing to such Lender or waive any such payment;
(vii) change the aggregate Ratable Portions of Lenders required for any or all
Lenders to take any action hereunder; (viii) release all or substantially all
of the Collateral except as provided in Section 9.8 (Release of Collateral) or
release the Borrower from its payment obligation to such Lender under this
Agreement or the Notes owing to such Lender (if any) or release any Subsidiary
Guarantor from its obligations under the Guaranty except in connection with the
sale or other disposition of a Subsidiary Guarantor (or all or substantially
all of the assets thereof) permitted by this Agreement (or permitted pursuant
to a waiver or consent of a transaction otherwise prohibited by this
Agreement); or (ix) amend Section 9.8 (Release of Collateral), Section 10.7
(Sharing of Payments, Etc.), this Section 10.1 or either definition of the
terms “Requisite Lenders” or

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“Ratable Portion”; and (B) no amendment, waiver or consent shall, unless
in writing and signed by the Supermajority Lenders (or by the Administrative
Agent with the consent of the Supermajority Lenders), do any of the following:
(i) amend or otherwise modify the definition of the terms “A/R Test”, “Eligible
Receivables”, “Receivables”, “Change of Control”, “Eligible Assignee”; or (ii)
amend or otherwise modify Section 2.3(b) (Letters of Credit), Section 2.12
(Payments and Computations), Section 8.2 (Remedies) and Section 10.2
(Assignments and Participations); provided, further, that no amendment, waiver
or consent shall, unless in writing and signed by the Administrative Agent in
addition to the Lenders required above to take such action, affect the rights
or duties of the Administrative Agent under this Agreement or the other Loan
Documents; and provided, further, that the Administrative Agent may, with the
consent of the Borrower, amend, modify or supplement this Agreement to cure any
typographical error, defect or inconsistency, so long as such amendment,
modification or supplement does not adversely affect the rights of any Lender
or any Issuer.

     (b) The Administrative Agent may, but shall have no obligation to, with
the written concurrence of any Lender, execute amendments, modifications,
waivers or consents on behalf of such Lender. Any waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
it was given. No notice to or demand on the Borrower in any case shall entitle
the Borrower to any other or further notice or demand in similar or other
circumstances.

     Section 10.2 Assignments and Participations

     (a) Each Lender may sell, transfer, negotiate or assign to one or more
Eligible Assignees all or a portion of its rights and obligations hereunder
(including all of its rights and obligations with respect to the Revolving
Loans and the Letters of Credit); provided, however, that (i) if any such
assignment shall be of the assigning Lender’s Revolving Credit Outstandings and
Revolving Credit Commitments, such assignment shall cover the same percentage
of such Lender’s Revolving Credit Outstandings and Revolving Credit Commitment,
(ii) the aggregate amount being assigned pursuant to each such assignment
(determined as of the date of the Assignment and Acceptance with respect to
such assignment) shall in no event (if less than the Assignor’s entire
interest) be less than $1,000,000 or an integral multiple of $1,000,000 in
excess thereof, except, in either case, (A) with the consent of the Borrower
and the Administrative Agent or (B) if such assignment is being made to a
Lender or an Affiliate or Approved Fund of such Lender, and (iii) if such
Eligible Assignee is not, prior to the date of such assignment, a Lender or an
Affiliate or Approved Fund of a Lender, such assignment shall be subject to the
prior consent of the Administrative Agent and the Borrower (which consents
shall not be unreasonably withheld or delayed); provided, however, that
anything herein to the contrary notwithstanding, the Borrower shall not, at any
time, be obligated to make under Sections 2.14 (Capital Adequacy), or 2.15
(Taxes) to the Eligible Assignee any payment in excess of the amount that
Borrower would have been obligated to pay to such assigning Lender in respect
of such interest had such assignment not been made, and provided, further,
that, notwithstanding any other provision of this Section 10.2, the consent of
the Borrower shall not be required for any assignment occurring when any Event
of Default shall have occurred and be continuing.

     (b) The parties to each such assignment shall execute and deliver to the
Administrative Agent, for its acceptance and recording in the Register, an
Assignment and Acceptance, together with any Note (if the assigning Lender’s
Loans are evidenced by a Note) subject to such assignment. Upon the execution,
delivery, acceptance and recording in the Register of any Assignment and
Acceptance and the receipt by the Administrative Agent from the

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assignee of an assignment fee in the amount of $3,500 from and after the
effective date specified in such Assignment and Acceptance, (i) the assignee
thereunder shall become a party hereto and, to the extent that rights and
obligations under the Loan Documents have been assigned to such assignee
pursuant to such Assignment and Acceptance, have the rights and obligations of
a Lender, and if such Lender were an Issuer, of such Issuer hereunder and
thereunder, and (ii) the Notes (if any) corresponding to the Loans assigned
thereby shall be transferred to such assignee by notation in the Register and
(iii) the assignor thereunder shall, to the extent that rights and obligations
under this Agreement have been assigned by it pursuant to such Assignment and
Acceptance, relinquish its rights (except for those surviving the payment in
full of the Obligations) and be released from its obligations under the Loan
Documents, other than those relating to events or circumstances occurring prior
to such assignment (and, in the case of an Assignment and Acceptance covering
all or the remaining portion of an assigning Lender’s rights and obligations
under the Loan Documents, such Lender shall cease to be a party hereto).

     (c) The Administrative Agent shall maintain at its address referred to in
Section 10.8 (Notices, Etc.) a copy of each Assignment and Acceptance delivered
to and accepted by it and shall record in the Register the names and addresses
of the Lenders and Issuers and the principal amount of the Loans and
Reimbursement Obligations owing to each Lender from time to time and the
Revolving Credit Commitments of each Lender. Any assignment pursuant to this
Section 10.2 shall not be effective until such assignment is recorded in the
Register.

     (d) Upon its receipt of an Assignment and Acceptance executed by an
assigning Lender and an assignee, the Administrative Agent shall, if such
Assignment and Acceptance has been completed, (i) accept such Assignment and
Acceptance, (ii) record or cause to be recorded the information contained
therein in the Register and (iii) give prompt notice thereof to the Borrower.
Within five Business Days after its receipt of such notice, the Borrower, at
its own expense, shall, if requested by such assignee, execute and deliver to
the Administrative Agent new Notes to the order of such assignee in an amount
equal to the Commitments and Loans assumed by it pursuant to such Assignment
and Acceptance and, if the assigning Lender has surrendered any Note for
exchange in connection with the assignment and has retained Commitments or
Loans hereunder, new Notes to the order of the assigning Lender in an amount
equal to the Commitments and Loans retained by it hereunder. Such new Notes
shall be dated the same date as the surrendered Notes and be in substantially
the form of Exhibit B (Form of Revolving Credit Note).

     (e) In addition to the other assignment rights provided in this Section
10.2, each Lender may pledge or assign as collateral or otherwise, any of its
rights under this Agreement, whether now owned or hereafter acquired (including
rights to payments of principal or interest on the Loans), to (i) without
notice to or consent of the Administrative Agent or the Borrower, any Federal
Reserve Bank (pursuant to Regulation A of the Federal Reserve Board) and (ii)
without consent of the Administrative Agent or the Borrower, any holder of, or
trustee for the benefit of, the holders of such Lender’s Securities; provided,
however, that no such assignment or grant shall release such Lender from any of
its obligations hereunder or substitute such pledgee or assignee for such
Lender as a party hereto.

     (f) Each Lender may sell participations to one or more Persons in or to
all or a portion of its rights and obligations under the Loan Documents
(including all its rights and obligations with respect to the Revolving Loans
and Letters of Credit). The terms of such participation shall not, in any
event, require the participant’s consent to any amendments, waivers or other
modifications of any provision of any Loan Documents, the consent to any
departure by

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any Loan Party therefrom, or to the exercising or refraining from
exercising any powers or rights such Lender may have under or in respect of the
Loan Documents (including the right to enforce the obligations of the Loan
Parties), except if any such amendment, waiver or other modification or consent
would (i) reduce the amount, or postpone any date fixed for, any amount
(whether of principal, interest or fees) payable to such participant under the
Loan Documents, to which such participant would otherwise be entitled under
such participation or (ii) result in the release of all or substantially all of
the Collateral other than in accordance with Section 9.8 (Release of
Collateral). In the event of the sale of any participation by any Lender, (w)
such Lender’s obligations under the Loan Documents shall remain unchanged, (x)
such Lender shall remain solely responsible to the other parties for the
performance of such obligations, (y) such Lender shall remain the holder of
such Obligations for all purposes of this Agreement and (z) the Borrower, the
Administrative Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Each participant shall be entitled to the
benefits of Sections 2.14 (Capital Adequacy) and 2.15 (Taxes) and of Section
2.13(d) (Illegality) as if it were a Lender; provided, however, that anything
herein to the contrary notwithstanding, the Borrower shall not, at any time, be
obligated to make under Section 2.14 (Capital Adequacy), 2.15 (Taxes) or
2.13(d) (Illegality) to the participants in the rights and obligations of any
Lender (together with such Lender) any payment in excess of the amount the
Borrower would have been obligated to pay to such Lender in respect of such
interest had such participation not been sold and provided, further, that such
participant in the rights and obligations of such Lender shall have no right to
enforce any of the terms of this Agreement against the Borrower, the
Administrative Agent or the other Lenders.

     (g) Any Issuer may at any time assign its rights and obligations hereunder
to any other Lender by an instrument in form and substance satisfactory to the
Borrower, the Administrative Agent, such Issuer and such Lender, subject to the
provisions of Section 2.6(b) (Evidence of Debt) relating to notations of
transfer in the Register. If any Issuer ceases to be a Lender hereunder by
virtue of any assignment made pursuant to this Section 10.2, then, as of the
effective date of such cessation, such Issuer’s obligations to Issue Letters of
Credit pursuant to Section 2.3 (Letters of Credit) shall terminate and such
Issuer shall be an Issuer hereunder only with respect to outstanding Letters of
Credit issued prior to such date.

     Section 10.3 Costs and Expenses

     (a) The Borrower agrees upon demand to pay, or reimburse the
Administrative Agent for, all of the Administrative Agent’s reasonable internal
and external audit, legal, appraisal, valuation, filing, document duplication
and reproduction and investigation expenses and for all other reasonable
out-of-pocket costs and expenses of every type and nature (including the
reasonable fees, expenses and disbursements of the Administrative Agent’s
counsel, Weil, Gotshal & Manges LLP, local legal counsel, auditors,
accountants, appraisers, printers and insurance advisors, and other consultants
and agents) incurred by the Administrative Agent in connection with any of the
following: (i) the Administrative Agent’s audit and investigation of the
Borrower and its Subsidiaries in connection with the preparation, negotiation
or execution of any Loan Document or the Administrative Agent’s periodic audits
of the Borrower or any of its Subsidiaries, as the case may be, (ii) the
preparation, negotiation, execution or interpretation of this Agreement
(including, without limitation, the satisfaction or attempted satisfaction of
any condition set forth in Article III (Conditions to Loans and Letters of
Credit)), any Loan Document or any proposal letter or commitment letter issued
in connection therewith, or the making of the Loans hereunder, (iii) the
creation, perfection or protection of the

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Liens under any Loan Document (including any reasonable fees,
disbursements and expenses for local counsel in various jurisdictions), (iv)
the ongoing administration of this Agreement and the Loans, including
consultation with attorneys in connection therewith and with respect to the
Administrative Agent’s rights and responsibilities hereunder and under the
other Loan Documents, (v) the protection, collection or enforcement of any
Obligation or the enforcement of any Loan Document, (vi) the commencement,
defense or intervention in any court proceeding relating in any way to the
Obligations, any Loan Party, any of the Borrower’s Subsidiaries, the
Acquisition, the Related Documents, this Agreement or any other Loan Document,
(vii) the response to, and preparation for, any subpoena or request for
document production with which the Administrative Agent is served or deposition
or other proceeding in which the Administrative Agent is called to testify, in
each case, relating in any way to the Obligations, any Loan Party, any of the
Borrower’s Subsidiaries, the Acquisition, the Related Documents, this Agreement
or any other Loan Document or (viii) any amendment, consent, waiver,
assignment, restatement, or supplement to any Loan Document or the preparation,
negotiation and execution of the same.

     (b) The Borrower further agrees to pay or reimburse the each Agent, Lender
and Issuer upon demand for all out-of-pocket costs and expenses, including
reasonable attorneys’ fees (including allocated costs of internal counsel and
costs of settlement), incurred by such Agent, Lender or such Issuer in
connection with any of the following: (i) in enforcing any Loan Document or
Obligation or any security therefor or exercising or enforcing any other right
or remedy available by reason of an Event of Default, (ii) in connection with
any refinancing or restructuring of the credit arrangements provided hereunder
in the nature of a “work-out” or in any insolvency or bankruptcy proceeding,
(iii) in commencing, defending or intervening in any litigation or in filing a
petition, complaint, answer, motion or other pleadings in any legal proceeding
relating to the Obligations, any Loan Party, any of the Borrower’s Subsidiaries
and related to or arising out of the transactions contemplated hereby or by any
other Loan Document or Related Document or (iv) in taking any other action in
or with respect to any suit or proceeding (bankruptcy or otherwise) described
in clause (i), (ii) or (iii) above.

     Section 10.4 Indemnities

     (a) The Borrower agrees to indemnify and hold harmless each Agent, Lender
and Issuer (including each Person obligated on a Hedging Contract that is a
Loan Document if such Person was a Lender or Issuer at the time of it entered
into such Hedging Contract) and each of their respective Affiliates, and each
of the directors, officers, employees, agents, trustees, representatives,
attorneys, consultants and advisors of or to any of the foregoing (including
those retained in connection with the satisfaction or attempted satisfaction of
any condition set forth in Article III (Conditions to Loans and Letters of
Credit) (each such Person being an “Indemnitee”) from and against any and all
claims, damages, liabilities, obligations, losses, penalties, actions,
judgments, suits, costs, disbursements and expenses, joint or several, of any
kind or nature (including reasonable fees, disbursements and expenses of
financial and legal advisors to any such Indemnitee) that may be imposed on,
incurred by or asserted against any such Indemnitee in connection with or
arising out of any investigation, litigation or proceeding, whether or not such
investigation, litigation or proceeding is brought by any such Indemnitee or
any of its directors, security holders or creditors or any such Indemnitee,
director, security holder or creditor is a party thereto, whether direct,
indirect, or consequential and whether based on any federal, state or local law
or other statutory regulation, securities or commercial law or regulation, or
under common law or in equity, or on contract, tort or otherwise, in any manner
relating to or arising out of this Agreement, any other Loan Document, any
Obligation, any Letter of Credit,

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any Related Document, or any act, event or transaction related or
attendant to any thereof, or the use or intended use of the proceeds of the
Loans or Letters of Credit or in connection with any investigation of any
potential matter covered hereby (collectively, the “Indemnified Matters”);
provided, however, that the Borrower shall not have any liability under this
Section 10.4 to an Indemnitee with respect to any Indemnified Matter that has
resulted primarily from the gross negligence or willful misconduct of that
Indemnitee, as determined by a court of competent jurisdiction in a final
non-appealable judgment or order. Without limiting the foregoing, “Indemnified
Matters” include (i) all Environmental Liabilities and Costs arising from or
connected with the past, present or future operations of the Borrower or any of
its Subsidiaries involving any property subject to a Collateral Document, or
damage to real or personal property or natural resources or harm or injury
alleged to have resulted from any Release of Contaminants on, upon or into such
property or any contiguous real estate, (ii) any costs or liabilities incurred
in connection with any Remedial Action concerning the Borrower or any of its
Subsidiaries, (iii) any costs or liabilities incurred in connection with any
Environmental Lien and (iv) any costs or liabilities incurred in connection
with any other matter under any Environmental Law, including the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 (49 U.S.C. §
9601 et seq.) and applicable state property transfer laws, whether, with
respect to any such matter, such Indemnitee is a mortgagee pursuant to any
leasehold mortgage, a mortgagee in possession, the successor in interest to the
Borrower or any of its Subsidiaries, or the owner, lessee or operator of any
property of the Borrower or any of its Subsidiaries by virtue of foreclosure,
except, with respect to those matters referred to in clauses (i), (ii), (iii)
and (iv) above, to the extent (x) incurred following foreclosure by the
Administrative Agent, any Lender or any Issuer, or the Administrative Agent,
any Lender or any Issuer having become the successor in interest to the
Borrower or any of its Subsidiaries and (y) attributable solely to acts of the
Administrative Agent, such Lender or such Issuer or any agent on behalf of the
Administrative Agent, such Lender or such Issuer.

     (b) The Borrower shall indemnify the Administrative Agent, the Lenders and
each Issuer for, and hold the Administrative Agent, the Lenders and each Issuer
harmless from and against, any and all claims for brokerage commissions, fees
and other compensation made against the Administrative Agent, the Lenders and
the Issuers for any broker, finder or consultant with respect to any agreement,
arrangement or understanding made by or on behalf of any Loan Party or any of
its Subsidiaries in connection with the transactions contemplated by this
Agreement.

     (c) The Borrower, at the request of any Indemnitee, shall have the
obligation to defend against any investigation, litigation or proceeding or
requested Remedial Action, in each case contemplated in clause (a) above, and
the Borrower, in any event, may participate in the defense thereof with legal
counsel of the Borrower’s choice. In the event that such Indemnitee requests
the Borrower to defend against such investigation, litigation or proceeding or
requested Remedial Action, the Borrower shall promptly do so and such
Indemnitee shall have the right to have legal counsel of its choice participate
in such defense. No action taken by legal counsel chosen by such Indemnitee in
defending against any such investigation, litigation or proceeding or requested
Remedial Action, shall vitiate or in any way impair the Borrower’s obligation
and duty hereunder to indemnify and hold harmless such Indemnitee.

     (d) The Borrower agrees that any indemnification or other protection
provided to any Indemnitee pursuant to this Agreement (including pursuant to
this Section 10.4) or any other Loan Document shall (i) survive payment in full
of the Obligations and (ii) inure to

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the benefit of any Person that was at any time an Indemnitee under this
Agreement or any other Loan Document.

     Section 10.5 Limitation of Liability

     (a) The Borrower agrees that no Indemnitee shall have any liability
(whether in contract, tort or otherwise) to any Loan Party or any of their
respective Subsidiaries or any of their respective equity holders or creditors
for or in connection with the transactions contemplated hereby and in the other
Loan Documents and Related Documents, except to the extent such liability is
determined in a final non-appealable judgment by a court of competent
jurisdiction to have resulted primarily from such Indemnitee’s gross negligence
or willful misconduct. In no event, however, shall any Indemnitee be liable on
any theory of liability for any special, indirect, consequential or punitive
damages (including, without limitation, any loss of profits, business or
anticipated savings). Each of the Borrower hereby waives, releases and agrees
(each for itself and on behalf of its Subsidiaries) not to sue upon any such
claim for any special, indirect, consequential or punitive damages, whether or
not accrued and whether or not known or suspected to exist in its favor.

     (B) IN NO EVENT SHALL ANY AGENT AFFILIATE HAVE ANY LIABILITY TO ANY LOAN
PARTY, LENDER, ISSUER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR
EXPENSES (WHETHER IN TORT OR CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN
PARTY OR ANY AGENT AFFILIATE’S TRANSMISSION OF APPROVED ELECTRONIC
COMMUNICATIONS THROUGH THE INTERNET OR ANY USE OF THE APPROVED ELECTRONIC
PLATFORM, EXCEPT TO THE EXTENT SUCH LIABILITY OF ANY AGENT AFFILIATE IS FOUND
IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE
RESULTED PRIMARILY FORM SUCH AGENT AFFILIATE’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT.

     Section 10.6 Right of Set-off. Upon the occurrence and during the
continuance of any Event of Default each Lender and each Affiliate of a Lender
is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held and other
Indebtedness at any time owing by such Lender or its Affiliates to or for the
credit or the account of the Borrower against any and all of the Obligations
now or hereafter existing whether or not such Lender shall have made any demand
under this Agreement or any other Loan Document and even though such
Obligations may be unmatured. Each Lender agrees promptly to notify the
Borrower after any such set-off and application made by such Lender or its
Affiliates; provided, however, that the failure to give such notice shall not
affect the validity of such set-off and application. The rights of each Lender
under this Section 10.6 are in addition to the other rights and remedies
(including other rights of set-off) that such Lender may have.

     Section 10.7 Sharing of Payments, Etc.

     (a) If any Lender (directly or through an Affiliate thereof) obtains any
payment (whether voluntary, involuntary, through the exercise of any right of
set-off (including pursuant to Section 10.6 (Right of Set-off) or otherwise) of
the Loans owing to it, any interest thereon, fees in respect thereof or amounts
due pursuant to Section 10.3 (Costs and Expenses) or 10.4 (Indemnities) (other
than payments pursuant to Sections 2.13 (Special Provisions Governing
Eurodollar Rate Loans), 2.14 (Capital Adequacy) or 2.15 (Taxes) or otherwise
receives any

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Collateral or any “Proceeds” (as defined in the Pledge and Security
Agreement) of Collateral (other than payments pursuant to Sections 2.13
(Special Provisions Governing Eurodollar Rate Loans), 2.14 (Capital Adequacy)
or 2.15 (Taxes) (in each case, whether voluntary, involuntary, through the
exercise of any right of set-off or otherwise (including pursuant to Section
10.6 (Right of Set-off))) in excess of its Ratable Portion of all payments of
such Obligations obtained by all the Lenders, such Lender (a “Purchasing
Lender”) shall forthwith purchase from the other Lenders (each, a “Selling
Lender”) such participations in their Loans or other Obligations as shall be
necessary to cause such Purchasing Lender to share the excess payment ratably
with each of them.

     (b) If all or any portion of any payment received by a Purchasing Lender
is thereafter recovered from such Purchasing Lender, such purchase from each
Selling Lender shall be rescinded and such Selling Lender shall repay to the
Purchasing Lender the purchase price to the extent of such recovery together
with an amount equal to such Selling Lender’s ratable share (according to the
proportion of (i) the amount of such Selling Lender’s required repayment in
relation to (ii) the total amount so recovered from the Purchasing Lender) of
any interest or other amount paid or payable by the Purchasing Lender in
respect of the total amount so recovered.

     (c) The Borrower agrees that any Purchasing Lender so purchasing a
participation from a Selling Lender pursuant to this Section 10.7 may, to the
fullest extent permitted by law, exercise all its rights of payment (including
the right of set-off) with respect to such participation as fully as if such
Lender were the direct creditor of the Borrower in the amount of such
participation.

     Section 10.8 Notices, Etc.

     (a) Addresses for Notices. All notices, demands, requests, consents and
other communications provided for in this Agreement shall be given in writing,
or by any telecommunication device capable of creating a written record
(including electronic mail), and addressed to the party to be notified as
follows:

	(i)	 	if to the Borrower:
	 
	 	 	Amkor Technology, Inc.
	 	 	Goshen Corporate Park
	 	 	1345 Enterprise Drive
	 	 	West Chester, PA 19380
	 	 	Attention: Kenneth T. Joyce, Chief Financial Officer
	 	 	Telecopy no: 610-431-9967
	 	 	E-Mail Address: kjoyc@amkor.com

     (ii) if to any Lender, at its Domestic Lending Office specified
opposite its name on Schedule II (Applicable Lending Offices and
Addresses for Notices) or on the signature page of any applicable
Assignment and Acceptance;

     (iii) if to any Issuer, at the address set forth under its name on
Schedule II (Applicable Lending Offices and Addresses for Notices); and

     (iv) if to the Administrative Agent:

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	 	 	CITICORP NORTH AMERICA, INC.
	 	 	390 Greenwich Street
	 	 	New York, New York 10013
	 	 	Attention: Suzanne Crymes, Director
	 	 	Telecopy no: (212) 723-8547
	 	 	E-Mail Address: suzanne.crymes@citigroup.com
	 
	 	 	 
	 	 	     with a copy to:
	 	 	 
	 
	 	 	WEIL, GOTSHAL & MANGES LLP
	 	 	767 Fifth Avenue,
	 	 	New York, New York 10153-0119
	 	 	Attention: Daniel S. Dokos, Esq.
	 	 	Telecopy no: (212) 310-8007
	 	 	E-Mail Address: daniel.dokos@weil.com

or at such other address as shall be notified in writing (x) in the case of the
Borrower and the Administrative Agent, to the other parties and (y) in the case
of all other parties, to the Borrower and the Administrative Agent.

     (b) Effectiveness of Notices. All notices, demands, requests, consents
and other communications described in clause (a) above shall be effective (i)
if delivered by hand, including any overnight courier service, upon personal
delivery, (ii) if delivered by mail, when deposited in the mails, (iii) if
delivered by posting to an Approved Electronic Platform, an Internet website or
a similar telecommunication device requiring a user prior access to such
Approved Electronic Platform, website or other device, when such notice,
demand, request, consent and other communication shall have been made generally
available on such Approved Electronic Platform, Internet website or similar
device to the class of Person being notified (regardless of whether any such
Person must accomplish, and whether or not any such Person shall have
accomplished, any action prior to obtaining access to such items, including
registration, disclosure of contact information, compliance with a standard
user agreement or undertaking a duty of confidentiality) and (iv) if delivered
by electronic mail or any other telecommunications device, when transmitted to
an electronic mail address (or by another means of electronic delivery) as
provided in clause (a) above; provided, however, that notices and
communications to the Administrative Agent pursuant to Article II (The
Facility) or Article IX (The Administrative Agent) shall not be effective until
received by the Administrative Agent.

     (c) Use of Electronic Platform. Notwithstanding clauses (a) and (b) above
(unless the Administrative Agent requests that the provisions of clause (a) and
(b) above be followed) and any other provision in this Agreement or any other
Loan Document providing for the delivery of, any Approved Electronic
Communication by any other means, the Loan Parties shall deliver all Approved
Electronic Communications to the Administrative Agent by properly transmitting
such Approved Electronic Communications electronically (in a format acceptable
to the Administrative Agent) to oploanswebadmin@citigroup.com or such other
electronic mail address (or similar means of electronic delivery) as the
Administrative Agent may notify the Borrower. Nothing in this clause (c) shall
prejudice the right of the Administrative Agent or any Lender or Issuer to
deliver any Approved Electronic Communication to any Loan Party in any manner
authorized in this Agreement.

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     Section 10.9 No Waiver; Remedies. No failure on the part of any Lender,
Issuer or the Administrative Agent to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

     Section 10.10 Binding Effect. This Agreement shall become effective when
it shall have been executed by the Borrower and each Agent and when the
Administrative Agent shall have been notified by each Lender and Issuer that
such Lender or Issuer has executed it and thereafter shall be binding upon and
inure to the benefit of the Borrower, each Agent and each Lender and Issuer
and, in each case, their respective successors and assigns; provided, however,
that the Borrower shall not have the right to assign its rights hereunder or
any interest herein without the prior written consent of the Lenders.

     Section 10.11 Governing Law. This Agreement and the rights and
obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

     Section 10.12 Submission to Jurisdiction; Service of Process. Each of the
parties hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the nonexclusive jurisdiction of any New York State court or
federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or any of the other Loan Documents to which it is a
party, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in any
such New York State court or, to the extent permitted by law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that any party may otherwise
have to bring any action or proceeding relating to this Agreement or any of the
other Loan Documents in the courts of any jurisdiction. Each of the parties
hereto irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement or any of the other Loan Documents to which it is a
party in any New York State or federal court. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any
such court. The Borrower hereby irrevocably consents to the service of any and
all legal process, summons, notices and documents in any suit, action or
proceeding brought in the United States of America arising out of or in
connection with this Agreement or any other Loan Document by the mailing (by
registered or certified mail, postage prepaid) or delivering of a copy of such
process to the Borrower at its address specified in Section 10.8 (Notices,
Etc.). The Borrower agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

     Section 10.13 Waiver of Jury Trial. EACH OF THE AGENTS, THE LENDERS, THE
ISSUERS AND THE BORROWER IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.

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     Section 10.14 Marshaling; Payments Set Aside. None of the Administrative
Agent, any Lender or any Issuer shall be under any obligation to marshal any
assets in favor of the Borrower or any other party or against or in payment of
any or all of the Obligations. To the extent that the Borrower makes a payment
or payments to the Administrative Agent, the Lenders or the Issuers or any such
Person receives payment from the proceeds of the Collateral or exercise their
rights of setoff, and such payment or payments or the proceeds of such
enforcement or setoff or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid
to a trustee, receiver or any other party, then to the extent of such recovery,
the obligation or part thereof originally intended to be satisfied, and all
Liens, right and remedies therefor, shall be revived and continued in full
force and effect as if such payment had not been made or such enforcement or
setoff had not occurred.

     Section 10.15 Section Titles. The section titles contained in this
Agreement are and shall be without substantive meaning or content of any kind
whatsoever and are not a part of the agreement between the parties hereto,
except when used to reference a section. Any reference to the number of a
clause, sub-clause or subsection hereof immediately followed by a reference in
parenthesis to the title of the Section containing such clause, sub-clause or
subsection is a reference to such clause, sub-clause or subsection and not to
the entire Section; provided, however, that, in case of direct conflict between
the reference to the title and the reference to the number of such Section, the
reference to the title shall govern absent manifest error. If any reference to
the number of a Section (but not to any clause, sub-clause or subsection
thereof) is followed immediately by a reference in parenthesis to the title of
a Section, the title reference shall govern in case of direct conflict absent
manifest error.

     Section 10.16 Execution in Counterparts. This Agreement may be executed
in any number of counterparts and by different parties in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.
Signature pages may be detached from multiple separate counterparts and
attached to a single counterpart so that all signature pages are attached to
the same document. Delivery of an executed signature page of this Agreement by
facsimile transmission or by posting on the Approved Electronic Platform shall
be as effective as delivery of a manually executed counterpart hereof. A set
of the copies of this Agreement signed by all parties shall be lodged with the
Borrower and the Administrative Agent.

     Section 10.17 Entire Agreement. This Agreement, together with all of the
other Loan Documents and all certificates and documents delivered hereunder or
thereunder, embodies the entire agreement of the parties and supersedes all
prior agreements and understandings relating to the subject matter hereof. In
the event of any conflict between the terms of this Agreement and any other
Loan Document, the terms of this Agreement shall govern.

     Section 10.18 Confidentiality. Each Lender and the Administrative Agent
agree to use all reasonable efforts to keep information obtained by it pursuant
hereto and the other Loan Documents confidential in accordance with such
Lender’s or the Administrative Agent’s, as the case may be, customary practices
and agrees that it shall only use such information in connection with the
transactions contemplated by this Agreement and not disclose any such
information other than (a) to such Lender’s or the Administrative Agent’s, as
the case may be, employees, representatives and agents that are or are expected
to be involved in the evaluation of such information in connection with the
transactions contemplated by this Agreement and are advised of the confidential
nature of such information, (b) to the extent such information presently is or
hereafter becomes available to such Lender or the Administrative Agent, as the

71

 

CREDIT AGREEMENT

AMKOR TECHNOLOGY, INC.

case may be, on a non-confidential basis from a source other than the
Borrower or any other Loan Party, (c) to the extent disclosure is required by
law, regulation or judicial order or requested or required by bank regulators
or auditors or (d) to current or prospective assignees and participants of any
option described in Section 10.2(f) (Assignments and Participations),
contractual counterparties in any Hedging Contract permitted hereunder and to
their respective legal or financial advisors, in each case and to the extent
such assignees, participants, grantees or counterparties agree to be bound by,
and to cause their advisors to comply with, the provisions of this Section
10.18. Notwithstanding any other provision in this Agreement, the Borrower
hereby agrees that the Borrower (and its officers, directors, employees,
accountants, attorneys and other advisors) may disclose to any and all persons,
without limitation of any kind, the U.S. tax treatment and U.S. tax structure
of the Facility and the transactions contemplated hereby and all materials of
any kind (including opinions and other tax analyses) that are provided to each
of them relating to such U.S. tax treatment and U.S. tax structure.

[SIGNATURE PAGES FOLLOW]

72

 

     In Witness Whereof, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

	 	 	 	 	 
	 	AMKOR TECHNOLOGY, INC.

   as Borrower

 	 
	 	By:  	/s/ KENNETH JOYCE
 	 
	 	 	Name:  	Kenneth Joyce 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.,

   as Administrative Agent and Lender

 	 
	 	By:  	/s/ SUZANNE CRYMES
 	 
	 	 	Name:  	Suzanne Crymes 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK,

   as Syndication Agent and Lender

 	 
	 	By:  	/s/ WILLIAM RINDFUSS
 	 
	 	 	Name:  	William Rindfuss 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	MERRILL LYNCH CAPITAL CORPORATION,

   as Documentation Agent and Lender

 	 
	 	By:  	/s/ ANTHONY J. LAFAIRE
 	 
	 	 	Name:  	Anthony J. Lafaire 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	CITIBANK, N.A.,

   as Issuer

 	 
	 	By:  	/s/ SUZANNE CRYMES
 	 
	 	 	Name:  	Suzanne Crymes 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURE PAGE TO AMKOR TECHNOLOGY, INC. CREDIT AGREEMENT]

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