Document:

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                                                                     EXHIBIT 4.1

DEL MONTE CORPORATION
AIAP DEFERRED COMPENSATION PLAN
EFFECTIVE JULY 1, 2000

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                                TABLE OF CONTENTS

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<S>     <C>                                                                               <C>
ARTICLE 1 Definitions.......................................................................1

ARTICLE 2 Selection/Enrollment/Eligibility..................................................5

        2.1    Selection by the Chief Executive Officer.....................................5

        2.2    Enrollment Requirements......................................................5

        2.3    Eligibility; Commencement of Participation...................................5

        2.4    Change of Participating Employer.............................................5

ARTICLE 3 Deferral Commitments/Vesting/Earnings Crediting...................................6

        3.1    Minimum and Maximum Deferral.................................................6

        3.2    Election to Defer; Effect of Election Form...................................6

        3.3    Withholding of Deferral Amounts..............................................6

        3.4    Participating Employer Matching Contributions................................6

        3.5    Vesting......................................................................6

        3.6    Value of Account Balances....................................................7

        3.7    Special Rule.................................................................7

        3.8    Source ......................................................................7

ARTICLE 4 Withdrawal Payouts................................................................8

        4.1    Withdrawal Payout; Suspensions for Unforeseeable Financial Emergencies.......8

        4.2    In-Service Payout Where No Unforeseeable Financial Emergencies...............8

ARTICLE 5 Retirement Benefit................................................................9

        5.1    Retirement Benefit...........................................................9

        5.2    Payment of Retirement Benefits...............................................9

        5.3    Death Prior to the Completion of Retirement Benefits.........................9

ARTICLE 6 Pre-Retirement Survivor Benefit..................................................10

        6.1    Pre-Retirement Survivor Benefit.............................................10
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DEL MONTE CORPORATION
AIAP DEFERRED COMPENSATION PLAN

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<S>     <C>                                                                               <C>
        6.2    Payment of Pre-Retirement Survivor Benefits.................................10

ARTICLE 7 Disability Benefit...............................................................11

        7.1    Disability Benefits.........................................................11

        7.2    Payment of Disability Benefit...............................................11

        7.3    Death Prior to Completion of Disability Benefits............................11

ARTICLE 8 Termination Benefit..............................................................12

        8.1    Termination Benefit.........................................................12

        8.2    Payment of Termination Benefit..............................................12

ARTICLE 9 Beneficiary Designation..........................................................13

        9.1    Beneficiary.................................................................13

        9.2    Beneficiary Designation; Change; Spousal Consent............................13

        9.3    Acknowledgment..............................................................13

        9.4    No Beneficiary Designation..................................................13

        9.5    Doubt as to Beneficiary.....................................................13

        9.6    Discharge of Obligations....................................................13

ARTICLE 10 Leave of Absence................................................................14

        10.1   Paid Leave of Absence.......................................................14

        10.2   Unpaid Leave of Absence.....................................................14

ARTICLE 11 Termination, Amendment or Modification..........................................15

        11.1   Termination.................................................................15

        11.2   Amendment...................................................................15

        11.3   Effect of Payment...........................................................15

ARTICLE 12 Administration..................................................................16

        12.1   Committee Duties............................................................16

        12.2   Agents .....................................................................16

        12.3   Binding Effect of Decisions.................................................16
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DEL MONTE CORPORATION
AIAP DEFERRED COMPENSATION PLAN

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<S>     <C>                                                                               <C>
        12.4   Indemnity of Committee......................................................16

        12.5   Participating Employer Information..........................................16

ARTICLE 13 Claims Procedures...............................................................17

        13.1   Presentation of Claim.......................................................17

        13.2   Notification of Decision....................................................17

        13.3   Review of a Denied Claim....................................................17

        13.4   Decision on Review..........................................................17

        13.5   Legal Action................................................................18

ARTICLE 14 Miscellaneous...................................................................19

        14.1   Unsecured General Creditor..................................................19

        14.2   Participating Employer's Liability..........................................19

        14.3   FICA and Other Taxes........................................................19

        14.4   Nonassignability............................................................19

        14.5   Coordination with Other Benefits............................................19

        14.6   Not a Contract of Employment................................................19

        14.7   Furnishing Information......................................................19

        14.8   Terms.......................................................................19

        14.9   Captions....................................................................20

        14.10  Governing Law...............................................................20

        14.11  Notice......................................................................20

        14.12  Successors..................................................................20

        14.13  Spouse's Interest...........................................................20

        14.14  Validity....................................................................20

        14.15  Incompetent.................................................................20

        14.16  Counterparts................................................................20
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                              DEL MONTE CORPORATION
                         AIAP DEFERRED COMPENSATION PLAN
                             EFFECTIVE JULY 1, 2000

                                     PURPOSE

          The purpose of this Plan is to provide specified benefits to a select
group of management or highly compensated employees who contribute materially to
the continued growth, development and future business success of Del Monte
Corporation, a New York corporation and its affiliates. The Plan is intended to
constitute an unfunded plan of deferred compensation for a select group of
management or highly compensated employees as described in ERISA Section 201(2).

                                    ARTICLE 1
                                   DEFINITIONS

               For purposes hereof, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:

1.1     "Account Balance" shall mean, with respect to a Participant, the number
        of Deferred Stock Units purchased by contributions to a Participant's
        Elective Deferral Account and Participating Employer Matching
        Contribution Account. This account shall be a bookkeeping entry only and
        shall be utilized solely as a device for the measurement and
        determination of the number of shares of Company Stock to be paid to or
        in respect of a Participant pursuant to the Plan.

1.2     "Annual Bonus" shall mean any compensation paid in respect of a Plan
        Year to a Participant under the Company's Annual Incentive Award Plan
        ("AIAP").

1.3     "Annual Deferral Amount" shall mean that portion of a Participant's
        Annual Bonus that a Participant elects to have and is deferred, in
        accordance with Article 3, for any one Plan Year.

1.4     "Beneficiary" shall mean one or more persons, trusts, estates or other
        entities, designated in accordance with Article 9, that are entitled to
        receive benefits under the Plan upon the death of a Participant.

1.5     "Beneficiary Designation Form" shall mean the form established from time
        to time by the Committee that a Participant completes, signs and returns
        to the Committee to designate one or more Beneficiaries.

1.6     "Board" shall mean the board of directors of the Company.

1.7     "Change in Control" shall mean the occurrence of one or more of the
        following events:

               (a) any sale, lease, exchange or other transfer (in one
               transaction or a series of related transactions) of all or
               substantially all of the assets of the Parent to any individual,
               partnership, corporation, limited liability company,
               unincorporated organization, trust or joint venture, or a
               governmental agency or political subdivision thereof (a "Person")
               or group of related Persons for purposes of Section 13(d) of the
               Securities Exchange Act of 1934, as amended (a "Group"), together
               with any Affiliates (as defined below) thereof other than to TPG
               Partners, L.P. ("TPG") or its Affiliates;

               (b) the approval by the holders of any and all shares, interests,
               participations or other equivalents (however designated and
               whether or not voting) of corporate stock, including each class
               of common stock and preferred stock of the Parent ("Capital
               Stock"), of any plan or proposal for the liquidation or
               dissolution of the Parent;

               (c) (i) any Person or Group (other than TPG or its Affiliates)
               shall become the owner, directly or indirectly, beneficially or
               of record, of shares representing more than 40% of the aggregate
               ordinary voting power represented by the issued and outstanding
               Capital Stock (the "Voting Stock") of the Parent and (ii) TPG and
               its Affiliates shall beneficially own, directly or indirectly,

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               in the aggregate a lesser percentage of the Voting Stock of the
               Parent than such other Person or Group; or

               (d) the replacement of a majority of the board of directors of
               the Parent over a two-year period from the directors who
               constituted the board of directors of the Parent at the beginning
               of such period, and such replacement shall not have been approved
               by a vote of at least a majority of the board of directors of the
               Parent then still in office who either were members of such board
               of directors was previously so approved or who were nominated by,
               or designees of TPG or its Affiliates.

               For purposes of this definition of "Change in Control",
               "Affiliate" shall mean, with respect to any specified Person, any
               other Person who directly or indirectly through one or more
               intermediaries controls, or is controlled by, or is under common
               control with, such specified Person. The term "control" means the
               possession, directly or indirectly, of the power to direct or
               cause the direction of the management and policies of a Person,
               whether through the ownership of voting securities, by contract
               or otherwise; and the terms "controlling" or "controlled" have
               meanings correlative of the foregoing.

1.8     "Claimant" shall have the meaning set forth in Section 13.1.

1.9     "Code" shall mean the Internal Revenue Code of 1986, as amended from
        time to time, and the regulations promulgated thereunder.

1.10    "Committee" shall mean the Del Monte Corporation Employee Benefits
        Committee appointed by the Board.

1.11    "Company" shall mean the Del Monte Corporation, a New York corporation.

1.12    "Company Stock" shall mean the shares of common stock of the Parent, par
        value $0.01 per share.

1.13    "Deferral Amount" shall mean the sum of all of a Participant's Annual
        Deferral Amounts.

1.14    "Deferred Stock Units" shall mean (a) with respect to a Participant's
        Deferral Amount, the number of stock units (including fractions thereof)
        obtained by dividing a Participant's Deferral Amount by the Fair Market
        Value of a share of Company Stock on the effective date of the
        Participant's deferral as set forth in Article 3 of the Plan, and (b)
        with respect to a Participating Employer Matching Contribution, the
        number of stock units (including fractions thereof) obtained by dividing
        the Participating Employer Matching Contribution by the Fair Market
        Value of a share of Company Stock on the effective date of the
        Participant's deferral as set forth in Article 3 of the Plan. Each
        Deferred Stock Unit will be credited with dividends and special
        distributions which will be converted into additional Deferred Stock
        Units as provided herein. With respect to the crediting of dividends and
        special distributions, Deferred Stock Units will not be entitled to
        voting rights. Each Deferred Stock Unit (or fractions thereof) will be
        converted into one (1) whole share of Company Stock upon the payment of
        any benefit under this Plan. No fractional shares of Company Stock will
        be issued under the Plan. If the calculation of the number of shares of
        Company Stock to be issued under the Plan results in fractional shares,
        then the number of shares of Company Stock will be rounded up to the
        nearest whole share of Company Stock.

1.15    "Disability" shall mean physical or mental disability as a result of
        which the Participant is unable to perform his duties with the
        Participating Employer on substantially a full-time basis for any period
        of six (6) consecutive months. Any dispute as to whether or not the
        Participant is so disabled shall be resolved by a physician reasonably
        acceptable to the Participant and the Participating Employer whose
        determination shall be final and binding upon both the Participant and
        the Participating Employer. Notwithstanding the foregoing provisions,
        "Disability" when used in connection with the termination of employment
        with the Participating Employer of a Participant who at the time of such
        termination is a party to a written employment or retention agreement
        with the Participating Employer, shall have the meaning assigned to such
        term in such agreement.

1.16    "Disability Benefit" shall mean a benefit set forth in Article 7.

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1.17    "Election Form" shall mean the form established from time to time by the
        Committee that a Participant completes, signs and returns to the
        Committee to make an election under the Plan.

1.18    "Elective Deferral Account" shall mean a Participant's Deferral Amount
        adjusted in accordance with Section 3.6 of the Plan, net of all
        distributions from such account. This account shall be a bookkeeping
        entry only maintained by the applicable Participating Employer and shall
        be utilized solely as a device for the measurement and determination of
        the number of shares of Company Stock to be paid to the Participant
        pursuant to the Plan. A Participant shall have a fully vested and
        nonforfeitable interest in this account at all times.

1.19    "Eligible Employee(s)" shall mean any employee of a Participating
        Employer who is at salary grade eighteen (18) and above.

1.20    "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
        as amended from time to time, and the regulations promulgated
        thereunder.

1.21    the "Fair Market Value" of a share of Company Stock with respect to any
        day shall be (a) the average of the high and low sales prices on such
        day of a share of Company Stock as reported on the principal securities
        exchange on which shares of Company Stock are then listed or admitted to
        trading, or (b) if not so reported, the average of the closing bid and
        ask prices on such day as reported on the National Association of
        Securities Dealers Automated Quotation System, or (c) if not so
        reported, as furnished by any member of the National Association of
        Securities Dealers, Inc. selected by the Committee. In the event that
        the price of a share of Company Stock shall not be so reported, the Fair
        Market Value of a share of Company Stock shall be determined by the
        Committee in its absolute discretion.

1.22    "Parent" shall mean the Del Monte Foods Company, a Delaware corporation.

1.23    "Participant" shall mean any employee with respect to each Participating
        Employer (a) who is selected to participate in the Plan, (b) who elects
        to participate in the Plan, (c) who signs a Plan Agreement, Election
        Form and Beneficiary Designation Form; (d) whose signed Plan Agreement,
        Election Form and Beneficiary Designation Form are accepted by the
        Committee, (e) who commences participation in the Plan, and (f) whose
        Plan Agreement has not terminated.

1.24    "Participating Employer" shall mean any affiliated company designated by
        the Company as a Participating Employer in Appendix A attached hereto.

1.25    "Participating Employer Matching Contribution" shall mean the annual
        Participating Employer contribution which matches a percentage of a
        Participant's Annual Deferral Amount as set forth in Section 3.4 of the
        Plan.

1.26    "Participating Employer Matching Contribution Account" shall mean a
        Participant's share of Participating Employer Matching Contributions
        adjusted in accordance with Section 3.6 of the Plan, net of all
        distributions from such account. This account shall be a bookkeeping
        entry only maintained by the applicable Participating Employer and shall
        be utilized solely as a device for the measurement and determination of
        the number of shares of Company Stock to be paid to the Participant
        pursuant to the Plan. A Participant's vested and nonforfeitable interest
        in each Participating Employer Matching Contribution credited to his or
        her account shall be determined in accordance with Section 3.5 of the
        Plan.

1.27    "Plan" shall mean the "Del Monte Corporation AIAP Deferred Compensation
        Plan", which shall be evidenced by this instrument and, with respect to
        each Participant, by his or her Plan Agreement, as each may be amended
        from time to time.

1.28    "Plan Agreement" shall mean a written agreement, as may be amended from
        time to time, which is entered into by and between a Participating
        Employer and the Participant. Each Plan Agreement executed by a
        Participant shall provide for the entire benefit to which such
        Participant is entitled to under the Plan with respect to such
        Participating Employer. The Plan Agreement bearing the latest date of
        acceptance by the Committee shall govern such entitlement and the
        Participating Employer's liability. Upon the complete

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        payment of the vested portion of a Participant's Account Balance, each
        individual's Plan Agreement and his or her status as a Participant shall
        terminate. The Plan Agreement may be amended by the written consent of
        both parties from time to time.

1.29    "Plan Year" shall mean the period beginning on July 1, 2000 and ending
        on June 30, 2001, and subsequent twelve (12) month periods.

1.30    "Pre-Retirement Survivor Benefit" shall mean the benefit set forth in
        Article 6.

1.31    "Retirement," "Retire," "Retires, or "Retired" shall mean severance from
        employment with all Participating Employers upon retirement under the
        Del Monte Corporation Retirement Plan for Salaried Employees.

1.32    "Retirement Benefit" shall mean the benefit set forth in Article 5.

1.33    "Termination Benefit" shall mean the benefit set forth in Article 8.

1.34    "Termination of Employment" shall mean the ceasing of employment with
        all Participating Employers, voluntarily or involuntarily, for any
        reason other than Retirement, Disability, death or an authorized leave
        of absence.

1.35    "Unforeseeable Financial Emergency" shall mean an unanticipated
        emergency that is caused by an event beyond the control of the
        Participant that would result in severe financial hardship to the
        Participant resulting from (a) a sudden and unexpected illness or
        accident of the Participant or a dependent of the Participant, (b) a
        loss of the Participant's property due to casualty, or (c) such other
        extraordinary and unforeseeable circumstances arising as a result of
        events beyond the control of the Participant, all as determined in the
        sole and absolute discretion of the Committee.

1.36    "Years of Service" shall mean a Plan Year throughout which a Participant
        is employed by any Participating Employer. A Participant shall not
        receive duplicative credit for any period in which he is employed by
        more than one Participating Employer.

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                                    ARTICLE 2
                        SELECTION/ENROLLMENT/ELIGIBILITY

2.1     SELECTION BY THE CHIEF EXECUTIVE OFFICER. Participation in the Plan
        shall be limited to Eligible Employees. From the foregoing, the Chief
        Executive Officer of the Company shall select, in his sole and absolute
        discretion, those who may participate in the Plan.

2.2     ENROLLMENT REQUIREMENTS. As a condition to participation, each selected
        employee shall complete, execute and return to the Committee within
        thirty (30) days of selection a Plan Agreement, an Election Form, and a
        Beneficiary Designation Form. In addition, the Committee shall establish
        from time to time such other enrollment requirements as it determines in
        its sole and absolute discretion are necessary.

2.3     ELIGIBILITY; COMMENCEMENT OF PARTICIPATION. Provided an employee
        selected to participate herein has met all enrollment requirements set
        forth herein and required by the Committee, including returning all
        required documents to the Committee within thirty (30) days of
        selection, that employee shall commence participation in the Plan upon
        the timely completion of those requirements and the Committee's
        acceptance of all submitted documents. If an employee fails to meet all
        such requirements within the required thirty (30) day period, that
        employee shall not be eligible to participate in the Plan until the
        first day of the Plan Year following the delivery to and acceptance by
        the Committee of the required documents.

2.4     CHANGE OF PARTICIPATING EMPLOYER. If a Participant moves from one
        Participating Employer to another during a Plan Year, he shall enter
        into a new Plan Agreement with the new Participating Employer and
        complete and submit other new enrollment materials; provided that he
        shall continue participation for the balance of the Plan Year at the
        same deferral level he elected effective the beginning of such year.

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                                    ARTICLE 3
                 DEFERRAL COMMITMENTS/VESTING/EARNINGS CREDITING

3.1     MINIMUM AND MAXIMUM DEFERRAL. On any day of the month in each June
        immediately prior to the beginning of each Plan Year, a Participant may
        elect to defer up to one hundred percent (100%) but not less than five
        percent (5%) of his or her Annual Bonus. No new Participants shall be
        allowed to make a deferral election after the beginning of a Plan Year.

3.2     ELECTION TO DEFER; EFFECT OF ELECTION FORM. In connection with a
        Participant's commencement of participation in the Plan, the Participant
        shall make a deferral election by delivering to the Committee a
        completed and signed Election Form, which election and form must be
        accepted by the Committee for a valid election to exist. For each
        succeeding Plan Year, a new Election Form must be delivered to the
        Committee, in accordance with its rules and procedures, before the end
        of the Plan Year preceding the Plan Year for which the election is made.
        If no Election Form is timely delivered for a Plan Year, no Annual
        Deferral Amount shall be withheld for that Plan Year.

3.3     WITHHOLDING OF DEFERRAL AMOUNTS. For each Plan Year, the Annual Bonus
        shall be withheld at the time the Annual Bonus is or otherwise would be
        paid to the Participant, even if that occurs after the end of the Plan
        Year. The Annual Deferral Amount shall be credited to a Participant's
        Elective Deferral Account at such time.

3.4     PARTICIPATING EMPLOYER MATCHING CONTRIBUTIONS. Each Participating
        Employer shall make matching contributions on behalf of its Participants
        in an amount not to exceed twenty-five percent (25%) of a Participant's
        Annual Deferral Amount. These matching contributions shall be credited
        to each a Participant's Participating Employer Matching Contribution
        Account on the same date and in the same manner as the Participant's
        Annual Deferral Amount as set forth in Section 3.3 above.

3.5     VESTING.

        (a)     ELECTIVE DEFERRAL ACCOUNT. A Participant shall at all times be
                one hundred percent (100%) vested in his or her Elective
                Deferral Account.

        (b)     PARTICIPATING EMPLOYER MATCHING CONTRIBUTIONS; CLASS YEAR
                VESTING. A Participant shall vest in the Participating Employer
                Matching Contribution for a Plan Year credited to his or her
                Participating Employer Matching Contribution Account as follows,
                based on full Years of Service completed measured from the
                beginning of such Plan Year:

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                       YEARS OF SERVICE              NONFORFEITABLE PERCENTAGE
                       ----------------              -------------------------

<S>                   <C>                            <C>
                      less than 1                              0%

                      1 but less than 2                       33.3%

                      2 but less than 3                       66.6%

                      3 or more                              100%
</TABLE>

                A Participant shall automatically become fully vested in all
                amounts credited to his or her Participating Employer Matching
                Contribution Account if he or she dies while employed by a
                Participating Employer.

        (c)     Notwithstanding anything to the contrary contained in this
                Section 3.5, in the event of a Change in Control, a Participant
                shall become one hundred percent (100%) vested (if not already
                vested in accordance with this Section 3.5) in all of the
                Participating Employer Matching Contributions credited to his or
                her Participating Employer Matching Contribution Account.

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3.6     VALUE OF ACCOUNT BALANCES. In accordance with, and subject to, the rules
        and procedures that are established from time to time by the Committee,
        in its sole discretion, the value of a Participant's Account Balance at
        any time and from time to time shall be based upon the increase or
        decrease in the Fair Market Value of Company Stock.

3.7     SPECIAL RULE. The Committee may, in its discretion, defer any amount
        payable hereunder, notwithstanding any other provision of this Plan or
        the terms of any Participant's election, to the earliest moment at which
        the tax deduction for the payment of such amount would not be disallowed
        under Code Section 162(m).

3.8     SOURCE. Any Company Stock payable hereunder shall be deemed the payment
        of stock bonuses pursuant to Section 9 of the Del Monte Foods Company
        1998 Stock Incentive Plan.

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                                    ARTICLE 4
                               WITHDRAWAL PAYOUTS

4.1     WITHDRAWAL PAYOUT; SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES.
        If the Participant experiences an Unforeseeable Financial Emergency, the
        Participant may petition the Committee to (a) suspend any deferrals
        required to be made by a Participant and/or (b) receive a partial or
        full payout from the Plan. The payout shall not exceed the lesser of the
        vested portion of the Participant's Account Balance, calculated as if
        such Participant were receiving a Termination Benefit, or the amount
        reasonably needed to satisfy the Unforeseeable Financial Emergency. If,
        subject to the sole discretion of the Committee, the petition for a
        suspension and/or payout is approved, suspension shall take effect upon
        the date of approval and any payout shall be made within thirty (30)
        days of the date of approval.

4.2     IN-SERVICE PAYOUT WHERE NO UNFORESEEABLE FINANCIAL EMERGENCIES. A
        Participant may elect, at any time prior to Retirement, to withdraw all
        of the vested portion of his or her Account Balance, calculated as if
        there had occurred a Termination of Employment as of the day of the
        election, less a withdrawal penalty equal to ten percent (10%) of such
        amount (the net amount shall be referred to as the "Withdrawal Amount").
        No partial withdrawals of the Withdrawal Amount shall be allowed. The
        Participant shall make this election by giving the Committee advance
        written notice of the election in a form determined from time to time by
        the Committee. The Participant shall be paid the Withdrawal Amount
        within thirty (30) days of his or her election. Once the Withdrawal
        Amount is paid, the Participant's participation in the Plan shall
        terminate and the Participant shall not be eligible to participate in
        the Plan until the beginning of the third Plan Year following the Plan
        Year in which the withdrawal under this Section 4.2 was made.

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                                    ARTICLE 5
                               RETIREMENT BENEFIT

5.1     RETIREMENT BENEFIT. A Participant who retires shall receive a Retirement
        Benefit equal to the vested portion of his or her Account Balance.

5.2     PAYMENT OF RETIREMENT BENEFITS. A Participant, in connection with his or
        her commencement of participation in the Plan, shall elect on an
        Election Form to receive the vested portion of his or her Account
        Balance as a Retirement Benefit payable in Company Stock either in a
        lump sum or in equal annual installments over a period of years. The
        installment payments shall commence no later than thirty (30) days from
        the date the Participant Retires and shall continue for a period not
        greater than fifteen (15) years after the Participant's Retirement. The
        Participant may change the length and/or the frequency of the payout by
        submitting a new Election Form to the Committee, provided that any such
        Election Form is submitted at least one (1) year prior to the
        Participant's Retirement. The Election Form most recently accepted by
        the Committee shall govern the payout of the Retirement Benefit.

5.3     DEATH PRIOR TO COMPLETION OF RETIREMENT BENEFITS. If a Participant dies
        after Retirement but before the Retirement Benefit is paid in full,
        unless upon the request of the Beneficiary, the Committee, in its sole
        discretion, provides for a lump sum payment, the Participant's unpaid
        Retirement Benefit shall continue and shall be paid to the Participant's
        Beneficiary for the remaining number of years in the installment period
        selected by the Participant; provided, however, if no Beneficiary is
        designated or in the event any such person is not then living, to his or
        her estate over the remaining number of years in the installment period
        and in the same amounts as that benefit would have been paid to the
        Participant had the Participant survived.

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                                    ARTICLE 6
                         PRE-RETIREMENT SURVIVOR BENEFIT

6.1     PRE-RETIREMENT SURVIVOR BENEFIT. If a Participant dies while employed by
        a Participating Employer but before he or she Retires, the Participant's
        Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the
        Participant's Account Balance.

6.2     PAYMENT OF PRE-RETIREMENT SURVIVOR BENEFITS. The Pre-Retirement Survivor
        Benefit shall be payable in Company Stock in a lump sum. The
        Pre-Retirement Survivor Benefit shall be made within thirty (30) days of
        the Committee's receipt of proof of the Participant's death.

                                       10
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                                    ARTICLE 7
                               DISABILITY BENEFIT

7.1     DISABILITY BENEFITS. If a Participant's employment with a Participating
        Employer terminates, prior to Retirement, by reason of Disability, then
        the Participant shall receive a Disability Benefit equal to the vested
        portion of his or her Account Balance.

7.2     PAYMENT OF DISABILITY BENEFIT. A Participant, in connection with his or
        her commencement of participation in the Plan, shall elect on an
        Election Form to receive the vested portion of his or her Account
        Balance as a Disability Benefit payable in Company Stock either in a
        lump sum or in equal annual installments over a period of years. The
        installment payments shall commence no later than thirty (30) days from
        the date the Participant becomes Disabled and shall continue for a
        period not greater than fifteen (15) years after the Participant's
        Disability. The Participant may change the length and/or the frequency
        of the payout by submitting a new Election Form to the Committee,
        provided that any such Election Form is submitted at least one (1) year
        prior to the Participant's Disability. The Election Form most recently
        accepted by the Committee shall govern the payout of the Disability
        Benefit.

7.3     DEATH PRIOR TO COMPLETION OF DISABILITY BENEFITS. If a Participant dies
        after Disability onset but before the Disability Benefit is paid in
        full, unless upon the request of the Beneficiary, the Committee, in its
        sole discretion, provides for a lump sum payment, the Participant's
        unpaid Disability Benefit payments shall continue and shall be paid to
        the Participant's Beneficiary for the remaining number of years in the
        installment period selected by the Participant; provided, however, if no
        Beneficiary is designated or, in the event any such person is not then
        living, to his or her estate over the remaining number of years and in
        the same amounts as that benefit would have been paid to the Participant
        had the Participant survived.

                                       11
<PAGE>   15

                                    ARTICLE 8
                               TERMINATION BENEFIT

8.1     TERMINATION BENEFIT. If a Participant experiences a Termination of
        Employment prior to his or her Retirement, Participant shall receive a
        benefit equal to the vested portion of the Participant's Account
        Balance.

8.2     PAYMENT OF TERMINATION BENEFIT. The Termination Benefit shall be payable
        in Company Stock in a lump sum. The Termination Benefit shall be made
        within thirty (30) days of a Participant's Termination of Employment.

                                       12
<PAGE>   16

                                    ARTICLE 9
                             BENEFICIARY DESIGNATION

9.1     BENEFICIARY. Each Participant shall have the right, at any time, to
        designate his or her Beneficiary (both primary as well as contingent) to
        receive any benefits payable under the Plan to a Beneficiary upon the
        death of a Participant and which shall apply to all Participating
        Employers. The Beneficiary designated under this Plan may be the same as
        or different from the beneficiary designation under any other plan of a
        Participating Employer in which the Participant participates.

9.2     BENEFICIARY DESIGNATION; CHANGE; SPOUSAL CONSENT. A Participant shall
        designate his or her Beneficiary by completing and signing the
        Beneficiary Designation Form, and returning it to the Committee or its
        designated agent. A Participant shall have the right to change a
        Beneficiary by completing, signing and otherwise complying with the
        terms of the Beneficiary Designation Form and the Committee's rules and
        procedures, as in effect from time to time. Where required by law or by
        the Committee, in its sole and absolute discretion, if the Participant
        names someone other than his or her spouse as a Beneficiary, a spousal
        consent, in the form designated by the Committee, must be signed by that
        Participant's spouse and returned to the Committee. Upon the acceptance
        by the Committee of a new Beneficiary Designation Form, all Beneficiary
        designations previously filed shall be cancelled. The Committee shall be
        entitled to rely on the last Beneficiary Designation Form filed by the
        Participant and accepted by the Committee prior to his or her death.

9.3     ACKNOWLEDGMENT. No designation or change in designation of a Beneficiary
        shall be effective until received, accepted and acknowledged in writing
        by the Committee or its designated agent.

9.4     NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
        Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above, or, if all
        designated Beneficiaries predecease the Participant or die prior to
        complete distribution of the Participant's benefits, then the
        Participant's designated Beneficiary shall be his or her surviving
        spouse. If the Participant has no surviving spouse, the benefits
        remaining under the Plan shall be paid to the Participant's estate.

9.5     DOUBT AS TO BENEFICIARY. If the Committee has any doubt as to the proper
        Beneficiary to receive payments pursuant to this Plan, the Committee
        shall have the right, exercisable in its sole and absolute discretion,
        to cause the Participating Employer to withhold such payments until this
        matter is resolved to the Committee's satisfaction.

9.6     DISCHARGE OF OBLIGATIONS. The payment of benefits under the Plan to a
        Beneficiary shall fully and completely discharge all Participating
        Employers and the Committee from all further obligations under this Plan
        with respect to the Participant, and that Participant's Plan Agreement
        shall terminate upon such full payment of benefits.

                                       13
<PAGE>   17

                                   ARTICLE 10
                                LEAVE OF ABSENCE

10.1    PAID LEAVE OF ABSENCE. If a Participant is authorized by a Participating
        Employer for any reason to take a paid leave of absence from the
        employment of the Participating Employer, the Participant shall continue
        to be considered actively employed by the Participating Employer and the
        Annual Deferral Amount shall be withheld during such paid leave of
        absence in accordance with Section 3.3 of the Plan.

10.2    UNPAID LEAVE OF ABSENCE. If a Participant is authorized by a
        Participating Employer for any reason to take an unpaid leave of absence
        from the employment of the Participating Employer, the Participant shall
        continue to be considered actively employed by the Participating
        Employer, but the Participant shall be excused from making deferrals
        until the date the Participant returns to paid employment status. If no
        election was made for the Plan Year in which the Participant returns to
        paid status, then no Annual Deferral Amount shall be withheld.

                                       14
<PAGE>   18

                                   ARTICLE 11
                     TERMINATION, AMENDMENT OR MODIFICATION

11.1    TERMINATION. The Board reserves the right to terminate the Plan at any
        time. Upon the termination of the Plan, the vested portion of a
        Participant's Account Balance shall be paid out as though the
        Participant had experienced a Termination of Employment on the date of
        Plan termination, or, if Plan termination occurs after the date upon
        which the Participant was eligible to Retire, the Participant had
        Retired on the date of Plan termination, or, if Plan termination occurs
        after the Participant Retired or incurred a Disability and commenced
        (but not completed) distribution hereunder, benefits shall continue to
        the Participant pursuant to the terms hereof without regard to the
        termination.

11.2    AMENDMENT. The Board may, at any time, amend or modify the Plan in whole
        or in part; provided, however, that no amendment or modification shall
        be effective to decrease the vested portion of a Participant's Account
        Balance, calculated as though the Participant had experienced a
        Termination of Employment as of the effective date of the amendment or
        modification, or, if the amendment or modification occurs after the date
        upon which the Participant was eligible to Retire, the Participant had
        Retired as of the effective date of the amendment or modification. In
        addition, no amendment or modification of the Plan shall affect the
        right of any Participant or Beneficiary who was eligible to or did
        Retire or incurred a Disability on or before the effective date of such
        amendment or modification to receive benefits in the manner he or she
        elected.

11.3    EFFECT OF PAYMENT. The full payment of the applicable benefit under
        Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all
        Participating Employers and the Committee for all obligations to a
        Participant under this Plan, and the Participant's Plan Agreement shall
        terminate.

                                       15
<PAGE>   19

                                   ARTICLE 12
                                 ADMINISTRATION

12.1    COMMITTEE DUTIES. This Plan shall be administered by the Committee. The
        Committee shall also have the discretion and authority to make, amend,
        interpret, and enforce all appropriate rules and regulations for the
        administration of this Plan and decide or resolve any and all questions
        including interpretations of this Plan, as may arise in connection with
        the Plan. Any Committee member must recuse himself or herself on any
        matter of personal interest to such member that comes before the
        Committee.

12.2    AGENTS. In the administration of this Plan, the Committee may, from time
        to time, employ agents and delegate to them such administrative duties
        as it sees fit and may from time to time consult with counsel who may be
        counsel to a Participating Employer.

12.3    BINDING EFFECT OF DECISIONS. The decision or action of the Committee
        with respect to any question arising out of or in connection with the
        administration, interpretation and application of the Plan and the rules
        and regulations promulgated hereunder shall be final and conclusive and
        binding upon all persons having any interest in the Plan.

12.4    INDEMNITY OF COMMITTEE. The Participating Employers shall jointly and
        severally indemnify and hold harmless the members of the Committee
        against any and all claims, losses, damages, expenses or liabilities
        arising from any action or failure to act with respect to this Plan,
        except in the case of willful misconduct by the Committee or any of its
        members.

12.5    PARTICIPATING EMPLOYER INFORMATION. To enable the Committee to perform
        its functions, the Participating Employers shall supply full and timely
        information to the Committee on all matters relating to the compensation
        of Participants, the date and circumstances of the Retirement,
        Disability, death or Termination of Employment of Participants, and such
        other pertinent information as the Committee may reasonably require.

                                       16
<PAGE>   20

                                   ARTICLE 13
                                CLAIMS PROCEDURES

13.1    PRESENTATION OF CLAIM. Any Participant or Beneficiary of a deceased
        Participant may deliver to the Committee a written claim for a
        determination with respect to the amounts distributable to such Claimant
        from the Plan. If such a claim relates to the contents of a notice
        received by the Claimant, the claim must be made within sixty (60) days
        after such notice was received by the Claimant. All other claims must be
        made within one hundred eight (180) days of the date on which the event
        that caused the claim to arise occurred. The claim must state with
        particularity the determination desired by the Claimant.

13.2    NOTIFICATION OF DECISION. The Committee shall consider a Claimant's
        claim within sixty (60) days of the making of the claim, and shall
        notify the Claimant in writing:

        (a)     that the Claimant's requested determination has been made, and
                that the claim has been allowed in full; or

        (b)     that the Committee has reached a conclusion contrary, in whole
                or in part, to the Claimant's requested determination, and such
                notice must set forth in a manner calculated to be understood by
                the Claimant:

                (i)     the specific reason(s) for the denial of the claim, or
                        any part of it;

                (ii)    specific reference(s) to pertinent provisions of the
                        Plan upon which such denial was based;

                (iii)   a description of any additional material or information
                        necessary for the Claimant to perfect the claim, and an
                        explanation of why such material or information is
                        necessary; and

                (iv)    an explanation of the claim review procedure set forth
                        in Section 13.3 below.

13.3    REVIEW OF A DENIED CLAIM. Within sixty (60) days after receiving a
        notice from the Committee that a claim has been denied, in whole or in
        part, a Claimant (or the Claimant's duly authorized representative) may
        file with the Committee a written request for a review of the denial of
        the claim. Thereafter, but not later than thirty (30) days after the
        review procedure begins, the Claimant (or the Claimant's duly authorized
        representative):

        (a)     may review pertinent documents;

        (b)     may submit written comments or other documents; and/or

        (c)     may request a hearing, which the Committee, in its sole
                discretion, may grant.

13.4    DECISION ON REVIEW. The Committee shall render its decision on review
        promptly, and not later than sixty (60) days after the filing of a
        written request for review of the denial, unless a hearing is held or
        other special circumstances require additional time, in which case the
        Committee's decision must be rendered within one hundred twenty (120)
        days after such date. Such decision must be written in a manner
        calculated to be understood by the Claimant, and it must contain:

        (a)     specific reasons for the decision;

        (b)     specific reference(s) to the pertinent Plan provisions upon
                which the decision was based; and

        (c)     such other matters as the Committee deems relevant.

                                       17
<PAGE>   21

13.5    LEGAL ACTION. A Claimant's compliance with the foregoing provisions of
        this Article 13 is a mandatory prerequisite to a Claimant's right to
        commence any legal action with respect to any claim for benefits under
        this Plan.

                                       18
<PAGE>   22

                                   ARTICLE 14
                                  MISCELLANEOUS

14.1    UNSECURED GENERAL CREDITOR. Participants and their Beneficiaries, heirs,
        successors and assigns shall have no legal or equitable right, interest
        or claim in any property or assets of any Participating Employer. Any
        and all of each Participating Employer's assets shall be, and remain,
        the general, unpledged and unrestricted assets of each Participating
        Employer. The applicable Participating Employer's obligation under the
        Plan shall be merely that of an unfunded and unsecured promise to pay
        money in the future with respect to its Participants.

14.2    PARTICIPATING EMPLOYER'S LIABILITY. The Participating Employer's
        liability for the payment of benefits shall be defined only by the Plan.
        The Participating Employer shall have no obligation to a Participant
        under the Plan except as expressly provided in the Plan.

14.3    FICA AND OTHER TAXES. The Participating Employer shall withhold an
        amount equal to the federal, state and local income taxes and other
        amounts required by law to be withheld by the Participating Employer
        with respect to any amounts deferred or benefits received under this
        Plan.

14.4    NONASSIGNABILITY. Neither a Participant nor any other person shall have
        any right to commute, sell, assign, transfer, pledge, anticipate,
        mortgage, or otherwise encumber, transfer, hypothecate or convey in
        advance of actual receipt, the amounts, if any, payable hereunder, or
        any part thereof, which are, and all rights to which are expressly
        declared to be unassignable and non-transferable. No part of the amounts
        payable shall, prior to actual payment, be subject to seizure or
        sequestration for the payment of any debts, judgments, alimony or
        separate maintenance owed by a Participant or any other person, nor be
        transferable by operation of law in the event of a Participant's or any
        other person's bankruptcy or insolvency.

14.5    COORDINATION WITH OTHER BENEFITS. The benefits provided for a
        Participant and Participant's Beneficiary under the Plan are in addition
        to any other benefits available to such Participant under any other plan
        or program for employees of each Participating Employer. The Plan shall
        supplement and shall not supersede, modify or amend any other such plan
        or program except as may otherwise be expressly provided.

14.6    NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan
        shall not be deemed to constitute a contract of employment between a
        Participating Employer and the Participant. Such employment is hereby
        acknowledged to be an "at will" employment relationship that can be
        terminated at any time for any reason, with or without cause, unless
        expressly provided in a written employment agreement. Nothing in this
        Plan shall be deemed to give a Participant the right to be retained in
        the service of a Participating Employer either as an employee or a
        director, or to interfere with the right of the a Participating Employer
        to discipline or discharge the Participant at any time.

14.7    FURNISHING INFORMATION. A Participant or his or her Beneficiary will
        cooperate with the Committee by furnishing any and all information
        requested by the Committee and take such other actions as may be
        requested in order to facilitate the administration of the Plan and the
        payments of benefits hereunder, including but not limited to taking such
        physical examinations as the Committee may deem necessary.

14.8    TERMS. Whenever any words are used herein in the singular or in the
        plural, they shall be construed as though they were used in the plural
        or the singular, as the case may be, in all cases where they would so
        apply. The masculine pronoun shall be deemed to include the feminine and
        vice versa, unless the context clearly indicates otherwise.

14.9    CAPTIONS. The captions of the articles, sections and paragraphs of this
        Plan are for convenience only and shall not control or affect the
        meaning or construction of any of its provisions.

14.10   GOVERNING LAW. Subject to ERISA, the provisions of this Plan shall be
        construed and interpreted according to the laws of the State of
        California.

                                       19
<PAGE>   23

14.11   NOTICE. Any notice or filing required or permitted to be given to the
        Committee under this Plan shall be sufficient if in writing and
        hand-delivered, or sent by registered or certified mail, to:

                       Chair, Del Monte Corporation Employee Benefits Committee
                       c/o Del Monte Corporation
                       One Market
                       P.O. Box 193575
                       San Francisco, CA 94119-3575

        Such notice shall be deemed given as of the date of delivery or, if
        delivery is made by mail, as of the date shown on the postmark on the
        receipt for registration or certification.

        Any notice or filing required or permitted to be given to a Participant
        under this Plan shall be sufficient if in writing and hand-delivered, or
        sent by mail, to the last known address of the Participant.

14.12   SUCCESSORS. The provisions of this Plan shall bind and inure to the
        benefit of the Participating Employers and their successors and assigns
        and the Participant, the Participant's Beneficiaries, and their
        permitted successors and assigns.

14.13   SPOUSE'S INTEREST. The interest in the benefits hereunder of a spouse of
        a Participant who has predeceased the Participant shall automatically
        pass to the Participant and shall not be transferable by such spouse in
        any manner, including but not limited to such spouse's will, nor shall
        such interest pass under the laws of intestate succession.

14.14   VALIDITY. In case any provision of this Plan shall be illegal or invalid
        for any reason, said illegality or invalidity shall not affect the
        remaining parts hereof, but this Plan shall be construed and enforced as
        if such illegal or invalid provision had never been inserted herein.

14.15   INCOMPETENT. If the Committee determines in its discretion that a
        benefit under this Plan is to be paid to a minor, a person declared
        incompetent or to a person incapable of handling the disposition of that
        person's property, the Committee may direct payment of such benefit to
        the guardian, legal representative or person having the care and custody
        of such minor, incompetent or incapable person. The Committee may
        require proof of minority, incompetency, incapacity or guardianship, as
        it may deem appropriate prior to distribution of the benefit. Any
        payment of a benefit shall be a payment for the account of the
        Participant and the Participant's Beneficiary, as the case may be, and
        shall be a complete discharge of any liability under the Plan for such
        payment amount.

14.16   COUNTERPARTS. This instrument may be executed in one or more
        counterparts each of which shall be legally binding and enforceable.

        IN WITNESS WHEREOF, the Company has executed this Plan document as of
______, 2000.

                               DEL MONTE CORPORATION, a New York corporation

                               By:
                                  ---------------------------------------------
                               Its:
                                   --------------------------------------------

                                       20
<PAGE>   24

                                   APPENDIX A

                             PARTICIPATING EMPLOYERS

                              Del Monte Corporation

                                       21<PAGE>   1
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

                                  EXHIBIT 10.1

                                SMT Series 2000-4

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
===================================================================================================================
                                            Certificate        Certificate        Beginning
                                              Class            Pass-Through      Certificate             Interest
     Class             CUSIP                Description            Rate            Balance             Distribution
===================================================================================================================
<S>                  <C>                    <C>                <C>              <C>                    <C>
       A             81743TAA6                  SEQ              6.50500%       373,618,253.27         2,025,322.28
       B             SMT00004B                  SUB              7.39500%         3,809,289.81            23,474.75
       C             SMT00004C                   IO              0.00000%                 0.00           246,849.52
     R-UT            SMT00004R                  RES              0.00000%                 0.00                 0.00
     R-LT            SMT0004RL                  RES              0.00000%                 0.00                 0.00
===================================================================================================================
Totals                                                                          377,427,543.08         2,295,646.55
===================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
========================================================================================================================
                                                 Current         Ending                                       Cumulative
                      Principal                 Realized       Certificate              Total                  Realized
     Class           Distribution                 Loss           Balance            Distribution                Losses
========================================================================================================================
<S>                  <C>                        <C>          <C>                    <C>                       <C>
       A             6,224,477.52                 0.00       367,393,775.75         8,249,799.80                 0.00
       B                     0.00                 0.00         3,809,289.81            23,474.75                 0.00
       C                     0.00                 0.00                 0.00           246,849.52                 0.00
     R-UT                    0.00                 0.00                 0.00                 0.00                 0.00
     R-LT                    0.00                 0.00                 0.00                 0.00                 0.00
========================================================================================================================
Totals               6,224,477.52                 0.00       371,203,065.56         8,520,124.07                 0.00
========================================================================================================================
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee

<PAGE>   2

Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

                                SMT Series 2000-4
                        Principal Distribution Statement

<TABLE>
<CAPTION>
===============================================================================================================
                                  Beginning                Scheduled      Unscheduled
            Original Face        Certificate               Principal       Principal
Class           Amount             Balance                Distribution    Distribution             Accretion
===============================================================================================================
<S>         <C>                 <C>                       <C>             <C>                      <C>
  A         377,119,000.00      373,618,253.27                0.00        6,224,477.52                0.00
  B           3,809,982.43        3,809,289.81                0.00                0.00                0.00
  C                   0.00                0.00                0.00                0.00                0.00
 R-UT                 0.00                0.00                0.00                0.00                0.00
 R-LT                 0.00                0.00                0.00                0.00                0.00
===============================================================================================================
Totals      380,928,982.43      377,427,543.08                0.00        6,224,477.52                0.00
===============================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=============================================================================================================
                                                         Ending                Ending
                     Realized     Total Principal      Certificate           Certificate      Total Principal
Class                 Loss(1)        Reduction           Balance             Percentage        Distribution
=============================================================================================================
<S>                  <C>          <C>                <C>                     <C>              <C>
  A                    0.00        6,224,477.52      367,393,775.75          0.97421179        6,224,477.52
  B                    0.00                0.00        3,809,289.81          0.99981821                0.00
  C                    0.00                0.00                0.00          0.00000000                0.00
 R-UT                  0.00                0.00                0.00          0.00000000                0.00
 R-LT                  0.00                0.00                0.00          0.00000000                0.00
=============================================================================================================
Totals                 0.00        6,224,477.52      371,203,065.56          0.97446790        6,224,477.52
=============================================================================================================
</TABLE>

(1)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   3
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

                                SMT Series 2000-4
                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
===============================================================================================
                                  Beginning         Scheduled     Unscheduled
            Original Face        Certificate        Principal      Principal
Class(2)        Amount             Balance         Distribution   Distribution     Accretion
===============================================================================================
<S>         <C>                  <C>               <C>            <C>              <C>
      A         377,119,000.00    990.71712979      0.00000000     16.50534054     0.00000000
      B           3,809,982.43    999.81820914      0.00000000      0.18179086     0.00000000
      C                   0.00      0.00000000      0.00000000      0.00000000     0.00000000
     R-UT                 0.00      0.00000000      0.00000000      0.00000000     0.00000000
     R-LT                 0.00      0.00000000      0.00000000      0.00000000     0.00000000
===============================================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================================
                                                   Ending            Ending
               Realized     Total Principal      Certificate      Certificate   Total Principal
Class(2)        Loss(3)        Reduction           Balance         Percentage    Distribution
===============================================================================================
<S>            <C>          <C>                <C>                <C>           <C>
      A        0.00000000     16.50534054       974.21178925       0.97421179    16.50534054
      B        0.00000000      0.00000000       999.81820914       0.99981821     0.18179086
      C        0.00000000      0.00000000         0.00000000       0.00000000     0.00000000
     R-UT      0.00000000      0.00000000         0.00000000       0.00000000     0.00000000
     R-LT      0.00000000      0.00000000         0.00000000       0.00000000     0.00000000
===============================================================================================
</TABLE>

(2)     All Denominations Are Per $1,000.

(3)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   4
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

                                SMT Series 2000-4
                         Interest Distribution Statement

<TABLE>
<CAPTION>
==========================================================================================================================
                                                   Beginning                      Payment of                     Non-
                                    Current       Certificate/       Current        Unpaid      Current       Supported
                Original Face      Certificate      Notional         Accrued       Interest     Interest      Interest
    Class           Amount            Rate          Balance          Interest      Shortfall    Shortfall     Shortfall
==========================================================================================================================
<S>            <C>                 <C>           <C>               <C>            <C>           <C>           <C>
      A        377,119,000.00       6.50500%     373,618,253.27    2,025,322.28       0.00         0.00          0.00
      B          3,809,982.43       7.39500%       3,809,289.81       23,474.75       0.00         0.00          0.00
      C                  0.00       0.00000%               0.00            0.00       0.00         0.00          0.00
    R-UT                 0.00       0.00000%               0.00            0.00       0.00         0.00          0.00
    R-LT                 0.00       0.00000%               0.00            0.00       0.00         0.00          0.00
==========================================================================================================================
Totals         380,928,982.43                                       2,048,797.03      0.00         0.00          0.00
==========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================================
                                                Remaining        Ending
                                  Total           Unpaid       Certificate/
                  Realized       Interest        Interest       Notional
    Class         Losses(4)    Distribution     Shortfall        Balance
===========================================================================
<S>               <C>          <C>              <C>          <C>
      A             0.00       2,025,322.28        0.00      367,393,775.75
      B             0.00          23,474.75        0.00        3,809,289.81
      C             0.00         246,849.52        0.00                0.00
    R-UT            0.00               0.00        0.00                0.00
    R-LT            0.00               0.00        0.00                0.00
===========================================================================
Totals              0.00       2,295,646.55        0.00
===========================================================================
</TABLE>

(4)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   5
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

                                SMT Series 2000-4
                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
==========================================================================================================================
                                                   Beginning                      Payment of                     Non-
                                    Current       Certificate/       Current        Unpaid      Current       Supported
                Original Face      Certificate      Notional         Accrued       Interest     Interest      Interest
    Class(5)        Amount            Rate          Balance          Interest      Shortfall    Shortfall     Shortfall
==========================================================================================================================
<S>            <C>                 <C>           <C>               <C>            <C>           <C>           <C>
     A        377,119,000.00        6.50500%     990.71712979       5.37051244    0.00000000    0.00000000    0.00000000
     B          3,809,982.43        7.39500%     999.81820914       6.16138012    0.00000000    0.00000000    0.00000000
     C                  0.00        0.00000%       0.00000000       0.00000000    0.00000000    0.00000000    0.00000000
   R-UT                 0.00        0.00000%       0.00000000       0.00000000    0.00000000    0.00000000    0.00000000
   R-LT                 0.00        0.00000%       0.00000000       0.00000000    0.00000000    0.00000000    0.00000000
==========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==========================================================================
                                               Remaining        Ending
                                 Total           Unpaid       Certificate/
                 Realized       Interest        Interest       Notional
    Class(5)     Losses(6)    Distribution     Shortfall        Balance
==========================================================================
<S>              <C>          <C>              <C>          <C>
     A           0.00000000    5.37051244     0.00000000      974.21178925
     B           0.00000000    6.16138012     0.00000000      999.81820914
     C           0.00000000    0.00000000     0.00000000        0.00000000
   R-UT          0.00000000    0.00000000     0.00000000        0.00000000
   R-LT          0.00000000    0.00000000     0.00000000        0.00000000
==========================================================================
</TABLE>

(5)     All Denominations Are Per $1,000.

(6)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   6
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

                                SMT Series 2000-4
                       Certificateholder Account Statement

<TABLE>
<CAPTION>
====================================================================

                        CERTIFICATE ACCOUNT

<S>                                                    <C>
Beginning Balance                                              0.00
Deposits
     Payments of Interest and Principal                8,436,609.93
     Liquidations, Insurance Proceeds, Reserve                10.76
     Funds
     Proceeds from Repurchased Loans                           0.00
     Other Amounts (Servicer Advances)                   241,572.40
     Realized Losses                                           0.00
                                                       ------------

Total Deposits                                         8,678,193.09

Withdrawals
     Reimbursement for Servicer Advances                       0.00
     Payment of Service Fee                              158,069.02
     Payment of Interest and Principal                 8,520,124.07
                                                       ------------

Total Withdrawals (Pool Distribution Amount)           8,678,193.09

Ending Balance                                                 0.00
                                                       ============
====================================================================
</TABLE>

<TABLE>
<CAPTION>
====================================================================================

                                  OTHER ACCOUNTS

                                 Beginning       Current      Current      Ending
        Account Type              Balance      Withdrawals    Deposits     Balance
------------------------------------------------------------------------------------
<S>                              <C>           <C>            <C>         <C>
Reserve Fund                     10,000.00        10.67        10.67      10,000.00
Financial Guaranty                    0.00         0.00         0.00           0.00
====================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================

              PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S>                                                              <C>
Total Prepayment/Curtailment Interest Shortfall                  0.00
Servicing Fee Support                                            0.00
                                                                 ----
Non-Supported Prepayment/Curtailment Interest Shortfall          0.00
                                                                 ====
======================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================

                           SERVICING FEES
<S>                                                        <C>
Gross Servicing Fee                                        117,263.31
Trustee Fee                                                  1,887.14
AMBAC Premium                                               38,918.57
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------

Net Servicing Fee                                          158,069.02
                                                           ==========
======================================================================
</TABLE>

<PAGE>   7
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

<TABLE>
<CAPTION>
==========================================================================

           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS

                                                 Percentage Delinquent
                                                        Based On
                                                 ------------------------
                    Current       Unpaid
                   Number Of     Principal         Number        Unpaid
                     Loans        Balance         of Loans       Balance
                   ---------   -------------      --------     ----------
<S>                <C>        <C>                 <C>          <C>
30 Days                85      38,488,309.33      9.593679%    10.368532%
60 Days                 3         502,625.22      0.338600%     0.135404%
90+ Days                0               0.00      0.000000%     0.000000%
Foreclosure             0               0.00      0.000000%     0.000000%
REO                     0               0.00      0.000000%     0.000000%
                       --      -------------      --------     ---------
Totals                 88      38,990,934.55      9.932280%    10.503937%
</TABLE>

Current Period Realized Loss - Includes Interest Shortfall          0.00
Cumulative Realized Losses - Includes Interest Shortfall            0.00
Current Period Class A Insufficient Funds                           0.00
Principal Balance of Contaminated Properties                        0.00
Periodic Advance                                              241,572.40
==========================================================================

<TABLE>
<CAPTION>
==========================================================================================================================
                     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
                 Original $       Original %        Current $         Current %      Current Class %    Next Prepayment %
<S>             <C>              <C>               <C>               <C>             <C>                <C>
 Class A        3,809,982.43     1.00018182%       3,809,289.81      1.02620106%        98.973799%           0.000000%
 Class B            0.00         0.00000000%           0.00          0.00000000%         1.026201%          100.000000%
 Class C            0.00         0.00000000%           0.00          0.00000000%         0.000000%           0.000000%

Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
===========================================================================================================================
</TABLE>
<PAGE>   8
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       30-Apr-2000              7485 New Horizon Way
Distribution Date: 22-May-2000              Frederick, MD  21703
                                            Telephone:        (301) 815-6600
                                            Facsimile:        (301) 846-8152

<TABLE>
<CAPTION>
===========================================================================================
                                   COLLATERAL STATEMENT

Collateral Description                                                           Mixed ARM
<S>                                                                         <C>
Weighted Average Gross Coupon                                                    7.801354%
Weighted Average Net Coupon                                                      7.422525%
Weighted Average Pass-Through Rate                                               0.000000%
Weighted Average Maturity (Stepdown Calculation)                                       286

Beginning Scheduled Collateral Loan Count                                              896
Number of Loans Paid in Full                                                            10
Ending Scheduled Collateral Loan Count                                                 886

Beginning Scheduled Collateral Balance                                      377,427,543.09
Ending Scheduled Collateral Balance                                         371,203,065.57
Ending Actual Collateral Balance at 31-Mar-2000                             371,209,295.96
Monthly P&I Constant                                                          2,453,135.74
Class A Optimal Amount                                                        8,288,718.37
Ending Scheduled Balance for Premium Loans                                  371,203,065.57

Required Overcollateralized Amount                                                    0.00
Overcollateralized Increase Amount                                                    0.00
Overcollateralized Reduction Amount                                                   0.00
Specified O/C Amount                                                          3,809,289.82
Overcollateralized Amount                                                     3,809,289.82
Overcollateralization Deficiency Amount                                               0.00
Base Overcollateralization Amount                                                     0.00
===========================================================================================
</TABLE>

<TABLE>
===========================================================================================
<S>                                                                           <C>
Serious Delinquencies                                                              0.0002%
Floor Amount                                                                  2,856,967.37
Excess Cash Flow Principal Amount (Current/Cumulative)                         0.00 / 0.00
Required Payment                                                                      0.00
Preference Amount                                                                     0.00
Alternate Certificate Rate Used?                                                        No
Specified OC                                                                  3,809,289.82
===========================================================================================
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]